MIRA
INFORM REPORT
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Report Date : |
06.08.2007 |
IDENTIFICATION DETAILS
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Name : |
C S FORGINGS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.09.1995 |
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Com. Reg. No.: |
017035 |
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CIN No.: [Company
Identification No.] |
U27104PB1995PTC017035 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLC10826E |
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PAN No.: [Permanent
Account No.] |
AAACC6948E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Forged Rolls in
All En Series, Shafts, Gears, Blocks And Light/Heavy Forgings Upto 8 M.T. |
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 68672 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having steady business and
average financial position. Trade relations are fair. Payments are reported
as slow but correct. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-1765-255308 / 258229 / 256220 |
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Mobile No.: |
91-9814219829 (Mr. Jaswinder Singh) 9 1-9814014629 (Mr. Jagmail
Singh) |
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Fax No.: |
91-1765-255687 / 2556816 |
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E-Mail : |
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Website: |
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Works : |
Vill. Kumbh, |
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Tel. No.: |
91-1765-556220 / 558429 |
DIRECTORS
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Name : |
Mr. Chanan Singh Matharoo |
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Designation : |
Director |
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Address : |
W. No. 8, |
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Date of Appointment : |
15.09.1995 |
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Name : |
Mr. Jaswinder Singh |
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Designation : |
Director |
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Address : |
W. No. 8, |
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Date of Appointment : |
15.09.1995 |
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Name : |
Mr. Ajmer Singh |
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Designation : |
Director |
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Address : |
W. No. 8, |
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Date of Appointment : |
15.09.1995 |
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Name : |
Mr. Gurjinder Singh |
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Designation : |
Director |
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Address : |
Guru Harkrishan Nagar, Khanna – 141401, |
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Date of Appointment : |
29.08.1997 |
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Name : |
Mr. Bakam Singh |
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Designation : |
Director |
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Address : |
Guru Harkrishan Nagar, Khanna – 141401, |
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Date of Appointment : |
29.08.1997 |
KEY EXECUTIVES
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Name : |
Mr. Ashok K Singla and Associates |
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Designation : |
Company Secretaries |
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Address : |
B – XX – 1374 Krishna Nagar, Ghumar Mandi, |
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Tel No. : |
91-161-2403315 |
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91-9316917930 |
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E - Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Chanan Singh Matharoo |
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1600 |
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Mr. Jaswinder Singh |
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1100 |
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Mr. Ajmer Singh |
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11100 |
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Mr. Amar Kaur |
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20700 |
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Mr. Baljeet Kaur |
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11300 |
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Mr. Karanvir Singh |
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8900 |
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Mr. Bakhbir Kaur |
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3200 |
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32000 |
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Category |
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Percentage of
Holding |
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Director or Relative of directors |
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100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Forged Rolls in All En Series, Shafts,
Gears, Blocks And Light/Heavy Forgings Upto 8 M.T. |
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Products : |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees: |
120 |
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Bankers : |
♠
Central
Bank of Mandi Gobindgarh ♠
ICIC
Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil K. Aggarwal and Associates Chartered Accountants |
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Address : |
Loha Bazar, Mandi Gobindgarh – 147301, |
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Group Companies : |
˛ National Iron & Steel Industries Manufacturers & Exporters Of Chilled & Alloy Chilled
(Solid/Barrel) Rolls ˛ Prince Steel Industries - Manufacturers & Exporters Of Chilled & Alloy Chilled
(Solid/Barrel) Rolls ˛ Amar Forgings - Manufacturers
& Exporters Of Forged Rolls In All En Series, Shafts, Gears, Blocks And
Light/Heavy Forgings Upto 8 M.T. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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162500 |
Equity Shares |
Rs.10/- each |
Rs.1.625
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.625 |
1.625 |
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2] Share Application Money |
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4.511 |
4.511 |
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3] Reserves & Surplus |
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11.032 |
7.160 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.168 |
13.296 |
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LOAN FUNDS |
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1] Secured Loans |
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0.985 |
1.449 |
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2] Unsecured Loans |
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4.286 |
6.867 |
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TOTAL BORROWING |
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5.271 |
8.316 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.439 |
21.612 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.223 |
2.184 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.969 |
9.244 |
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Sundry Debtors |
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10.095 |
12.871 |
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Cash & Bank Balances |
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0.716 |
0.816 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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16.234 |
3.906 |
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Total
Current Assets |
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35.014 |
26.837 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.241 |
4.914 |
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Provisions |
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3.557 |
2.497 |
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Total
Current Liabilities |
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14.798 |
7.411 |
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Net Current Assets |
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20.216 |
19.426 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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22.439 |
21.612 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover |
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116.315 |
110.600 |
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Other Income |
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Total Income |
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116.315 |
110.600 |
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Profit/(Loss) Before Tax |
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5.314 |
2.673 |
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Provision for Taxation |
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1.442 |
1.023 |
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Profit/(Loss) After Tax |
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3.872 |
1.650 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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110.668 |
107.400 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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0.333 |
0.527 |
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Total Expenditure |
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111.001 |
107.927 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.32 |
1.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.56 |
2.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.27 |
9.21 |
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Return on Investment (ROI) (PBT/Networth) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.86 |
0.55 |
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Current Ratio (Current Asset/Current Liability) |
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2.36 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
C.S. FORGINGS
PRIVATE LIMITED |
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Presented By |
Mr. Jaswinder
Singh |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation to secure demand cash credit against goods dt.13.05.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
Hypothecation of
stocks i.e. Fruited Ingots, Bloom, Kulfi, Heavy and Light Billets, Heavy and
Light Ingots and Finished Goods etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Extent and
Operation of charge 100% 2) Repayable on
demand 3) Rate of
Interest: 18.75% 4) Margin: 25% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of Mandi Gobindgarh |
Website Details Attached
Company Details:
Subject started in the year 1984 with an aim to offer cost effective and
impeccable quality products and services that can truly serve the purpose of
customers to enhance their profitability. Since their inception, they have
grown tremendously to entrench ourselves as the most authentic manufacturer and
exporter of Clear Chill Roll Alloys, Clear Chill Roll, Indefinite Chill Roll, High
Alloys Rolls, Hollow Chill Roll, M.S. Shaft Carter Rolls, Indefinite Chill
Roll, Low Alloys, Work Rolls, Backup Rolls, Skin Pass Rolls and Other Rolls. They have notched
up the patronage of their worldwide customers, owing to their high
quality standards, cost down production techniques, excellent pro-active
services and streamlined production process. They believe in long-term-supply
relationships through dependable and timely delivery of products to the
customers. They also lay emphasis on the minutest details and offer customized
products as per the specific requirement of the customers. Their qualified and
experienced teams of technocrats, supervisors, technicians and sales executives
have always been the pillars of their strength. With the passage of time, they
have further established their self as the most preferred company with sound
management, infrastructure and technical workforce.
Their Quality
Quality and perfection are the cornerstone of their mission. Quality
parameters are designed to subscribe to International Standards and the
products are subjected to stringent tests to ensure their efficiency and
effectiveness in any condition. Their team of quality control inspectors
maintains a strict vigilance on each and every manufacturing stage, from the
procurement of the raw materials to the dispatch of the finished products. All
the products thus manufactured are subjected to various tests in order to
enhance and monitor their performance. Their research and development
department constantly update them with the changing trends in market and
technology.
Their
Infrastructure
- Their state
of the art infrastructure is empowered with requisite technology and
superb working environment.
- Their team
comprises of a pool of astute, dexterous technocrats, business oriented
professionals, diligent workers and quality conscious management.
- Their
in-house manufacturing unit is armored with the ultra modern machineries, which
yield excellent results at low maintenance cost
- Their wide
network of distributors and suppliers and excellent transport facilities
ensure the customers of safe, smooth and prompt delivery of products
- Their modern
and spacious warehouse has the capability to store large volumes of order.
An Overview:
NATIONAL ROLLS promoted by S. Chanan Singh Mathroo, Senior Vice - President, All India Steel
Re-Rollers Association and self made Industrialist came into existence in 1984
at MANDI GOBINDGARH, (Punjab) "STEEL TOWN" of Asia, on National Highway between
Amritsar and Delhi.
Originally, NATIONAL ROLLS has
one unit titled National iron & Steel Industries but due to massive
expansion, revamping & modernization in the re-rolling industry, the single
unit was not able to meet high demand of rolls, then the promoters
established another unit namely PRINCE
STEEL INDUSTRIES with induction of Art of Technology.
Fine tuned to Industry requirements NATIONAL ROLLS have been able to innovate & supply efficient
productive solutions tailored to customers needs.
Both the units of NATIONAL ROLLS
have command over major share of domestic market. With a view to meet the
requirement of Re - rolling Industry.
NATIONAL ROLLS established a
Forging Plant namely C.S. Forgings Pvt.
Ltd. fully equipped with precision machine tools, in house testing
facilities at Village Kumbh, Amloh Road, MANDI GOBINDGARH, which is serving re - rolling industry to its
entire satisfaction by competing market.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.36 |
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1 |
Rs.82.18 |
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Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
43 |
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 |
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