MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
INDO SHELL CAST PRIVATE LIMITED |
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Registered Office : |
A – 14, SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.07.1987 |
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Com. Reg. No.: |
18-2013 |
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CIN No.: [Company
Identification No.] |
U27310TZ1987PTC002013 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBI03283A |
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PAN No.: [Permanent
Account No.] |
AAAC14299N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of S. G. Iron and Grey Iron Casting using shell Moulding |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 358000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track records. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
A – 14, SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu |
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Tel. No.: |
91-422-3041600/ 2679049 |
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Fax No.: |
91-422-3041616/ 2673899 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. S V Jagadesan |
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Designation : |
Director |
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Address : |
No. 70 Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu |
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Date of Birth/Age : |
16.06.1946 |
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Date of Appointment : |
21.07.1987 |
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Name : |
Mr. J Pushpaveni |
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Designation : |
Director |
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Address : |
No. 83 Om Sakthi Nagar, Rananathapuram, Coimbatore – 641045, Tamilnadu
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Date of Birth/Age : |
16.09.1951 |
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Date of Appointment : |
22.02.2001 |
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Name : |
Mr. J Ramprakash |
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Designation : |
Director |
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Address : |
1/11, F/2 Desika Road, Mylapore, Chennai – 600004, Tamilnadu |
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Date of Birth/Age : |
29.01.1977 |
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Date of Appointment : |
22.02.2001 |
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Name : |
Mr. J Ganesh Kumar |
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Designation : |
Director |
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Address : |
No. 70 Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu |
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Date of Birth/Age : |
28.08.1972 |
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Date of Appointment : |
22.02.2001 |
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Name : |
Mr. D Svsila |
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Designation : |
Director |
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Address : |
No. 70 Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu |
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Date of Birth/Age : |
25.05.1951 |
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Date of Appointment : |
28.03.2001 |
KEY EXECUTIVES
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Name : |
Mr. C Thirumurthy |
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Designation : |
Company Secretary |
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Address : |
37A, GKS Nagar, Pappanaickenpalayam, Coimbatore-641037 |
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Tel. No.: |
91-422-2213429 |
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Mobile No: |
91-9843096789/ 9843019809 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (30.07.2005) |
No. of Shares |
|
Mr. S V Jagadesan |
20000 |
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Ms. D Vyjayanthi |
5000 |
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Ms. J Pushpaveni |
20000 |
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Mr. J Ramprakash |
10000 |
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Mr. J Ganesh Kumar |
10000 |
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Mr. D Susila |
5000 |
31.03.2006
Directors or Relative of Director – 100%
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of S. G. Iron and Grey Iron Casting using shell Moulding |
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Products : |
S. G. Iron and Grey Iron Casting |
GENERAL INFORMATION
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Customer |
v Bajaj Auto
Limited v Rexroth Bosch
Group v Rane v Volvo v TRW v Maruti v Tafe v Sai v TVS v Vickers v Hindustan
Transmission v Ashok Leyland v Godrej |
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No. of Employees : |
About 150 |
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Bankers : |
Global Trade Finance Private Limited, 6th Floor,
Metropolitan Building – Kurla Complex, Bandra (East), Mumbai – 400051 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
VKS Aiyer & Company Chartered Accountant |
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Address : |
31, Subramaniam Road, R S Puram, Coimbatore – 641002 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Unique Shell Mould India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs. 100/- Each |
Rs. 7.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000 |
Equity Shares |
Rs. 100/- Each |
Rs. 7.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.000 |
5.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
82.543 |
70.236 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
89.543 |
75.236 |
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LOAN FUNDS |
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1] Secured Loans |
|
155.529 |
99.476 |
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2] Unsecured Loans |
|
0.154 |
1.452 |
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TOTAL BORROWING |
|
155.683 |
100.928 |
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DEFERRED TAX LIABILITIES |
|
22.931 |
17.555 |
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TOTAL |
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268.157 |
193.719 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
152.834 |
123.495 |
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Capital work-in-progress |
|
9.169 |
0.000 |
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INVESTMENT |
|
2.588 |
0.244 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.440
|
20.994 |
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Sundry Debtors |
|
153.894
|
115.238 |
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Cash & Bank Balances |
|
10.712
|
14.285 |
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Other Current Assets |
|
0.683
|
0.602 |
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Loans & Advances |
|
57.628
|
37.065 |
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Total
Current Assets |
|
256.357
|
188.184 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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134.256
|
101.706 |
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Provisions |
|
18.535
|
16.498 |
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Total
Current Liabilities |
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152.791
|
118.204 |
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Net Current Assets |
|
103.566
|
69.980 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
|
268.157 |
193.719 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Total Income |
|
630.710 |
NA |
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Profit/(Loss) Before Tax |
|
27.252 |
35.691 |
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Provision for Taxation |
|
10.993 |
12.724 |
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Profit/(Loss) After Tax |
|
16.259 |
22.967 |
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Total Earnings |
|
157.861 |
138.459 |
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Total Imports |
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10.635 |
18.971 |
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Expenditures : |
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Interest |
|
13.780 |
12.081 |
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Depreciation & Amortization |
|
17.830 |
15.000 |
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Other Expenditure |
|
571.848 |
0.000 |
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Total Expenditure |
|
603.458 |
27.081 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.58 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.32 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.66 |
11.45 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.30 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.44 |
2.91 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.67 |
1.59 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
INDO SHELL CAST PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Deed of Assignment of Receivables dated 25.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 91.900 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
In consideration of Global Trade finance Private Limited making available
to the assignor factoring facility, the assignor assigns absolutely as a
first propriety assignment if any now due and subsequently to become due in
respect of such exiting or future receivable
|
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Terms and conditions as agreed in the deed of assignment of receivable
read with the terms mentioned in the section letter issued by global trade
finance private limited from time to time
|
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5) Name and Address and description of the person entitled to the
charge. |
Global Trade Finance Private Limited, 6th Floor,
Metropolitan Building – Kurla Complex, Bandra (East), Mumbai – 400051 |
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Applicable |
As per website details
Indo Shell Cast - manufacturing S.G.Iron and Grey Iron
Castings using shell moulding, has a history of continuous improvement. A
concept that has given it a past that it can be proud of and a future it can
look forward to with confidence.
The vision of Promoter and Managing Director that an illustrious
organisation should emerge is realised through his hard work and commitment.
Today, Indo Shell Cast Private Limited, an ISO/TS 16949-2002 (E) certified
company is having 30 years of casting experience in Shell Moulded S.G.Iron
Castings, Shell Moulded Grey Iron Castings, High, Low Pressure and Gravity Die
Castings and exports to leading International Industrial giants.
As part of the
diversifying plans in related areas, Unique Shell Mould India Private Limited –
Sister Concern, was founded in 1983 in response to the growing demand for
quality aluminium castings with a focus on emerging technologies that meet
client requirements.
A diverse and
well-structured group that strives to produce quality products that conform to
the standards, that would satisfy both domestic and international markets while
emphasizing on efficiency in every facet of the operation from manufacturing to
marketing.
v
The Surface finish and dimensional accuracy of the shell-moulded casting
is superior to the conventional green sand mould castings. They are one of the
few foundries certified with ISO /TS 16949 -2002 (E) quality system in India
v
They are one of the foundries practicing ISO/TS-16949 2002 (E) quality
system in India. They carry out APQP, FMEA, CONTROL PLAN & CCONTINIOUS
IMPROVEMENT for all the items
v
They have a strong metallurgical base and experience. Their
metallurgical quality of their S.G.Iron has been very much acclaimed by their
over seas customers
Products
Customised Product Range
With the most advanced dual zee track medium
induction furnace, Indo shell cast is making a head way in the manufacture of
S. G. Iron (Ductile Iron) and hydraulic grey iron castings made in shell
moulds. It has also specialized in developing Special Grades of S. G. Iron with
assured impact property at subzero temperature, (DIN 1693, Grade GGG 40.3) and
for pressure valve applications, ASTM - 395, Grade - 60 - 40 - 18. A.D.I., High
silicon Moly S. G. Iron, C. G. Iron and Malleable Iron are the other special
metals perfected by Indo Shell Cast.
Highlights
With a weight range of casting from 50 Gms to 15 Kg's, their current
annual production is around 7700 tons of Grey Iron and S. G. Iron Castings.
Molten metal production is around 19500 tons per annum
The overall size range of the product is 250 x 250 x 150 mm. Since they
are having machining capacity (CNC Laths and vertical milling center), they are
supplying parts fully machined and ready for use in assembled conditions.
They are familiar with the following Quality Standards and they are tirelessly
updating ourselves with the latest Quality requirements.
Their understanding and application of Quality Standards include:
APQP, FMEA, CONTROL PLANS, STATISTICAL TECHNIQUES, 5S, MISTAKE PROOFING, BENCH
MARKING, RE-ENGINEERING & SIX SIGMA STUDIES.
Unique Shell Mould
India Private Limited
Unique Shell Mould India Private Limited was founded in 1983 in response
to the growing demand for quality castings with a focus on emerging
technologies that meet client requirements. Today, they are one of the leading
manufacturers of Non-Ferrous Castings - Aluminium alloy castings by Pressure
die, Low-pressure die and Gravity die casting process.
Unique Shell Mould India Private Limited is lead by experienced technocrats
with more than 30 years of sound understanding and exposure. Their expertise
and professionalism earned us the assistance and support from Tamil Nadu Small
Industries Development Corporation and State Bank of India.
The development through CAD CAM Route of Tool and Pattern making shorten the
prototype development period and first time acceptance is assured.
They have a strong metallurgical base and experience. The metallurgical quality
of their aluminium has been very much acclaimed by their over seas customers.
PRODUCT MIX:
Non-ferrous Castings – Aluminium Alloy Castings
Pressure die-casting - wheel Hubs, Brake Shoes, Adaptor Disc Brake and
Housing Rollers for two wheelers
Drive End Brackets for four wheelers
Gravity die-castings
Manifolds, Handle
Holders, Upper Brackets, Master cylinders and Body calipers (Disc Brake),
Cylinder heads for two wheelers.
Inter coolers and
center coolers for compressors.
Housing and cover
for fuel pump in four wheelers.
Shell Mould
Casting
Gun metal Bushes
for Connecting Rods of compressors. Gun metal Body and Brass spindle mixed Shut
off Valve assemblies and Non-Return Valve assemblies Phosphor Bronze bearing
Bushes.
Facilities
Available
|
1 |
HMT 250D Pressure Die Casting
Machine |
3 No's. |
|
2 |
Gravity Die Casting Machine |
7 No's. |
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3 |
Low Pressure Die casting Machine. |
2 No's. |
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4 |
Electronic Spark Erosion Machine |
2 No's. |
|
5 |
HMT Milling Machine with DRO
Attachment |
4 No's. |
|
6 |
Radial Drilling Machine |
1 No's. |
|
7 |
Core Shooter Machines |
2 No's. |
|
8 |
Shell Molding Furnace |
3 No's. |
|
9 |
Silt Electrical Aluminum Melting
Furnace |
4 No's. |
|
10 |
Shot Blast Machine |
1 No's. |
|
11 |
Crucible Furnace |
6 No's. |
|
12 |
Spectrometer |
1 No's. |
|
13 |
Pyrometer for molten metal
temperature measurement |
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14 |
In house facilities for tool and die
making |
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15 |
Vertical Machining Center (VMC) |
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Awards and
Certification
Here are some achievements and milestones for Indo Shell Cast
2004
Sidha steel
award "Best Foundry Executive" from M/s Sidha steel (P) Limited. for
the year 2004
2003
Approval from Iveco – Italy
Best supplier award from Rane TRW Steering
systems Limited
Narashiman
Award from Indian Institute of foundry men for Best Modernised foundry
the Year 2003
2002
Approved from Cummins – USA, Sauer Danfoss-
USA, FMC- USA
Lakshman Kirloskar’s “Foundry of the Year
2002” from Indian Institute of Foundry men
Best SSI Unit
for the Year 2002 from NIQR (National Institution for Quality and Reliability)
2000
Indian
National Award for “Best Entrepreneur for the Year
1999
Approval from Trelleborg Automotive U.K
Approval from VOLVO Sweden to Produce Safety
Critical Parts
Self Certification Award from Sundaram
Clayton Limited (Deming’s Award winner)
1996 – 1997
Best Performance Award From Hindustan Motors
Limited for the Year
1992
Productivity
Award from Indian Institute of Foundry men – Coimbatore Chapter
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|