MIRA
INFORM REPORT
|
Report Date : |
08.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
POWERMECH
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Swastik
House, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
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|
|
Date of Incorporation : |
04.08.1987 |
|
|
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|
Com. Reg. No.: |
2705 |
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|
|
|
CIN No.: [Company
Identification No.] |
U00357JH1987PTC002705 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RCHP00204B |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business : |
Traders
of Solar Lantern, HT and Lt Motor, Light fitting and Cable, Fire Fighting
Equipments and Wireless Equipments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
10000 |
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|
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|
Status : |
Satisfactory
|
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|
|
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track records. Trade
relations are fair. Payments are reported as slow but correct. General
financial position is satisfactory. It can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Swastik
House, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India |
|
Tel. No.: |
91-651-2301921
/ 22 / 23 |
|
Mobile No.: |
91-9431100303
/ 9334424911 |
|
Fax No.: |
91-651-2301545 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Factory
1 : |
Swastik
Estate, Tatisilwai, Industrial Area, Phase-II, Ranchi - 835103, Jharkhand |
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|
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|
Branches
: |
B-4/45, First Floor, Safdarjung Enclave,
New Delhi – 110029, India Tel : - 91-11-41768211 / 12 19 AC Scheme 54, Vijay Nagar,
Indore-452001 B-10, Ashish Villa, Shri Ram Nagar,
Vidhan Sabha Road, Near T.V. Tower, Raipur (C.G) -492001 Gandhi Chowk, Upper Bazar, Ranchi –
834001, India Tel : - 91-651-2301921/ 22/ 23, 2317132/34 |
DIRECTORS
|
Name : |
Mr. H.
P. Sarawgi |
|
Designation : |
Director
|
|
Address : |
Swastik
House, Ranchi |
|
Date of Birth/Age : |
25.09.1931 |
|
Qualification : |
B.
Com. |
|
Experience : |
60
Years |
|
|
|
|
Name : |
Ms.
Renuka Sarawgi |
|
Designation : |
Director
|
|
Address : |
Swastik
House, Ranchi |
|
Date of Birth/Age : |
05.10.1934 |
|
Qualification : |
Matric
|
|
Experience : |
50
Years |
|
|
|
|
Name : |
Mr. B.
N. Sarawgi |
|
Designation : |
Director
|
|
Address : |
Swastik
House, Ranchi |
|
Date of Birth/Age : |
01.05.1952 |
|
Qualification : |
B.
Tech |
|
Experience : |
35
Years |
|
|
|
|
Name : |
Mr.
Binod Sarawgi |
|
Designation : |
Director |
|
Address : |
Swastik
House, Ranchi |
|
Date of Birth/Age : |
25.09.1954 |
|
Qualification : |
B. Com
|
|
Experience : |
33
Years |
|
|
|
|
Name : |
Mr.
Bijay Sarawgi |
|
Designation : |
Director
|
|
Address : |
Swastik
House, Ranchi |
|
Date of Birth/Age : |
12.07.1957 |
|
Qualification : |
B.
Com. |
|
Experience : |
30 Years
|
|
|
|
|
Name
: |
Mr.
Binay Sarawgi |
|
Designation
: |
Director
|
|
Address
: |
Swastik
House, Ranchi |
|
Date
of Birth/Age : |
25.04.1965 |
|
Qualification
: |
B.
Com. |
|
Experience
: |
25
Years |
|
|
|
|
Name
: |
Ms.
Leela Sarawgi |
|
Designation
: |
Director
|
|
Address
: |
Swastik
House, Ranchi |
|
Date
of Birth/Age : |
28.10.1966 |
|
Qualification
: |
B. Com
|
|
Experience
: |
20
Years |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Binod Sarawgi |
|
1000 |
|
Mr. B.
N. Sarawgi |
|
2800 |
|
Ms.
Renuka Sarawgi |
|
4600 |
|
Mr.
Bijay Sarawgi |
|
1500 |
|
Ms.
Sunita Sarawgi |
|
2300 |
|
Ms.
Leela Sarawgi |
|
1000 |
|
Mr.
Vrinda Sarawgi |
|
2500 |
BUSINESS DETAILS
|
Line of Business : |
Traders
of Solar Lantern, HT and Lt Motor, Light fitting and Cable, Fire Fighting
Equipments and Wireless Equipments |
|
|
|
|
Agencies Held : |
v
Crompton
Greaves v
Havells
India Private Limited v
General
Electronics v
Cease
Fire India Limited v
Eversafe
Marketing India Private Limited v
Arya
Communication v
Bharat
Electronics Limited v
Osram |
|
|
|
|
Terms : |
|
|
Selling : |
Credit
[30 days] |
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|
|
|
Purchasing : |
Credit
[30 days] |
GENERAL
INFORMATION
|
Customers : |
Government
Suppliers |
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|
|
|
No. of Employees : |
15 |
|
|
|
|
Bankers : |
UTI
Bank Limited Main
Road, Ranchi Credit
Limit : Rs. 10.000 Millions Bank
of India Albert
Ekka Chowk, Main Road, Ranchi – 834001, Jharkand, India Credit
Limit : Rs. 2.500 Millions |
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|
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
U
Narain and Company Chartered
Accountants 3rd
Floor, Commerce House, Line Tank Road, Ranchi |
|
Tel. No.: |
91-651-2209793 |
|
Fax No.: |
91-651-2315505 |
|
E-Mail : |
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|
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|
Group Companies : |
Swastik
Fruits Products Private Limited Swastik
House, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand Manufacturing
of Frooti Swastik
Aqua Private Limited Swastik
House, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand Manufacturing
of Bailly Mineral Water and Appy Fizz Apple Juice High
Point Rendel India Private Limited Swastik
House, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand Consultancy
STI
Marketing Private Limited Swastik
House, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand Trading
Swastik
Coke Private Limited Swastik
Forgings Private Limited Swastik
Global Private Limited Swastik
Overseas Private Limited Swastik
Softech Private Limited Swastik
Trades & Industries |
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|
|
|
Associates and Representatives
(India) : |
v
Ahamedabad
v
Bokaro
v
Bilaspur
v
Calcutta
v
Dhanbad
v
Hyderabad
v
Indore
v
Nagpur
v
New
Delhi v
Raipur
v
Singrauli
v Visakhapatnam |
|
|
|
|
Associates and Representatives
(Overseas) : |
v
Kiev,
Ukraine v
London,
United Kingdom v
Moscow,
Russia v Sydney,
Australia |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
20000 |
Equity
Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.000 |
2.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.744 |
0.411 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2.744 |
2.411 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.867 |
2.467 |
|
|
2] Unsecured Loans |
|
4.583 |
1.202 |
|
|
TOTAL BORROWING |
|
5.450 |
3.669 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
8.194 |
6.080 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.593 |
0.798 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
DEFERREX TAX ASSETS |
|
0.023 |
0.011 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.635 |
1.804 |
|
|
Sundry Debtors |
|
2.179 |
2.044 |
|
|
Cash & Bank Balances |
|
0.263 |
0.116 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
10.814 |
2.371 |
|
Total Current Assets |
|
14.891 |
6.335 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
7.109 |
1.022 |
|
|
Provisions |
|
0.204 |
0.042 |
|
Total Current Liabilities |
|
7.313 |
1.064 |
|
|
Net Current Assets |
|
7.578 |
5.271 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
8.194 |
6.080 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
25.956 |
2.781 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.066 |
0.524 |
|
Provision
for Taxation |
|
0.024 |
0.192 |
|
Profit/(Loss)
After Tax |
|
0.042 |
0.332 |
|
|
|
|
|
|
Total
Expenditure |
|
2.715 |
25.431 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.16 |
11.94 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
0.25 |
18.84 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.43 |
7.35 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.02 |
0.22 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
4.65 |
1.96 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.04 |
5.95 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
v
Bell
v
CG
v
Havells
v
Cease
Fire India Limited and Eversafe
v Arya Communication
v Jreda : Bimlendu Rai
v PTPS : S. D. Sharma
v TVNL : G. N. S. Munda
v NTPC : G. B. Satapathy
v CCL : B. K. Singh
v HEC : N. K. Jha
v Indal : Amit Sinha
v Bharat Refactories
The
Swastik Group renders
services in the form of Consultancy. Supply of Equipments and Spares, Erection and Commissioning and
operation in the following fields:
Mining
And Construction
Open
Cast Mining
v Hydraulic Excavators, Rope
Shovels , Blast Hole Drills, Loading Equipment, Rear End Dumpers, Draglines,
Bulldozers, Motor Graders etc.
v Coal and MineraI Preparation And
Benefication Plants & Material Handling Equipment.
v Pollution Control Equipment.
v
Complete
equipment for large Open-Pit Mining with annual productions of 10 million tons
by shovel-Hauler Process or semi-contineous process.
Underground
Mining
v Drilling, Loading, Man and
Material Transportation Equipments, Under Ground Support Vehicals.
v Complete projects for mining
(Minerals and metals)
Power
Plants
v MiniI/Micro Hydel Power Projects.
v Thermal Power Projects Upto 1000
MW.
v Hydel Power Projects upto 360 MW.
v Transmission & Distribution
Equipment.
Materials Handling and Reduction Equipments
v Cranes - EOT/HOT upto 250 MT
capacity
v Mobile Cranes - Tyre mounted and
crawler
v Port cranes (Luffing Cranes,
Container Handling Cranes)
v Barges, Sea going vessels
v
Crushers
& Grinders
Ferrous
& Non-Ferrous Metal Ferro- Alloys, Minerals and other metals
v
Aluminium, Brass, Copper, Chromium metal, Ferro-Silicon, Rolledproducts, Steel, Silicon metal etc.
Machine
Tools
v
Special
Purpose Machine Tools
v
Foundry
Equipments & Machines
v
Electrical, Pneumatic and Cordless Tools
Forgings & Castings
v
Forging
& Castings of Ferrous and Non Ferrous Metals, Mn Steel Casting,Liner Plates,
Rolls for Rolling Mills etc.
Export
v
Commodities
Tea, Spices, Jute, Processed Food (Veg. & Fruits), Rice, Fruit Pulp & Juice, Garments, Textiles, Cosmetics, Decorative Laminates, Marble,
Minerals, Granite (Polished and Unpolished) etc.
v
Ferrous
& Non-Ferrous Metals
v
Forgings
& Castings
v
Engineering
Products.
v
Material
Reduction Equipments.
v
Spares
for heavy earth moving machines.
General Trading
Bearings,
Cement, Ferrous &
Non-Ferrous Metals,
Gears and Speed Reducers,
Lubricants, Petroleum
Products, Rubber
Compounds and Chemicals,
Steel, Tyres and Tubes
etc.
Electrical
Equipments and Components
v
Transformers
v
Switchgears
v
Motors
v
Luminairs
v
LT
and HT Cables
Constultancy Services
They
Provide Engineering and Management consultancy Services for Infrastructure
Projects i,e . Roads, Bridges, Ports and Harbous, Water Treatment and Distribution, Sewage Treatment, Material Handling Plants, Railways, Urban Development etc.
Services
They at
Swastik aim to provide the most effective offer sales service for the
equipments sold by us through manufacturing plant trained personnel’s.
Services
The
Swastik Group renders services in the form of Consultancy. Supply of Equipments
and Spares, Erection and Commissioning and operation in the following fields:
v
Communication
v
Export
v
Forgings
& Castings
v
Ferrous
& Non-Ferrous Metals
v
General
Trading
v
Machine
Tools
v
Materials
Handling and Reduction Equipments
v
Minerals
and other metals
v
Mining
and Construction
v
Power
Plants
H. P. Sarawgi
Mr. H.P. Sarawgi, 74 years of age, started his own
business in the year 1962
in the name of Swastik Trades &
Industries with its head quarters at Ranchi. He has provided a dynamic
leadership during the last five decades. He has experience of more then 50 years in the business
of trading and manufacturing and is the Chairman of all the group companies.
B. N. Sarawgi
Mr. B. N. Sarawgi is B.E,
FIPE, FIE and since
1976 he is with the group as Senior Director. He has 30 years of experience in project
marketing. He has excelled as a consultant in engineering projects in the
Indian sub
continent.
Binod Sarawgi
Mr. Binod Sarawgi is B.Com,
LLB and is Director of the group company. He has experience of
more than 28 years in marketing and
administration. He is responsible for group activities in
mining and construction, power plants, electrical equipments and the export
business.
Bijay Sarawgi
Mr. Bijay Sarawgi is B.Sc
is having 25 years of experience
and is responsible for the group’s activity with Mining Industries. Besides
this, he also takes care of business activities attached with various other
organizations.
Binay Sarawgi
Mr.Binay Sarawgi is B.Sc
is having 22 years of
experience with the group and is responsible for the general
administration, finance and trading activities of the group Companies. He
is also responsible for the franchise units of Frooti, Appy Fizz and Bailey
mineral water.
Richa Sarawgi
Richa
Sarawgi has an MSc International Business Management degree with 6 months
experience in exports. Currently she is assisting in the infrastructure
projects at Madhya Pradesh and Chattisgarh.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.68 |
|
UK
Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.57.07 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|