MIRA INFORM REPORT

 

 

Report Date :

18.08.2007

 

IDENTIFICATION DETAILS

 

Name :

SWASTIK POWER ELECTRONICS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Building No. 5, Gala No. 1 to 4, Dharani Arcade, Anjur Phata, District Thane 421 302, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

09.09.2002

 

 

CIN No.:

[Company Identification No.]

31909MH2002PTC137121

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNES08891B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter dealings in power solutions.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 12680

 

 

Status :

Mediocre

 

 

Payment Behaviour :

Slow But Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The company has substantial loans from it’s bankers. Trade relations are fair. Payments are reported as slow but correct.

However the company can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Building No. 5, Gala No. 1 to 4, Dharani Arcade, Anjur Phata, District Thane 421 302, Maharashtra, India

Tel. No.:

91-2522-2782000 / 279000

Fax No.:

91-2522-279881

E-Mail :

swastikpw@rediffmail.com

 

 

Head Office :

237 / 238, Telipada, Agra Road, Bhiwandi, Thane 421 302, Maharashtra, India

Tel. No.:

91-2522-278000

Fax No.:

91-2522-279555

 

 

DIRECTORS

 

Name :

Mr. Shyam Amare

Designation :

Director

Address :

269, Mayuresh Darshan Apartment, Opposite Bhimeshwar Temple, Brahminali, Bhiwandi, Thane 421 302, Mahrashtra, India

Date of Birth/Age :

22.08.1968

Date of Appointment :

09.09.2002

 

 

Name :

Mr. Prashant Amare

Designation :

Director

Address :

269, Mayuresh Darshan Apartment, Opposite Bhimeshwar Temple, Brahminali, Bhiwandi, Thane 421 302, Mahrashtra, India

Date of Birth/Age :

10.10.1969

Date of Appointment :

09.09.2002

 

 

Name :

Mrs. Chhaya Amare

Designation :

Director

Address :

269, Mayuresh Darshan Apartment, Opposite Bhimeshwar Temple, Brahminali, Bhiwandi, Thane 421 302, Mahrashtra, India

Date of Birth/Age :

26.01.1974

Date of Appointment :

01.05.2005

 

 

Name :

Mrs Jyoti Amare

Designation :

Director

Address :

269, Mayuresh Darshan Apartment, Opposite Bhimeshwar Temple, Brahminali, Bhiwandi, Thane 421 302, Mahrashtra, India

Date of Birth/Age :

30.11.1973

Date of Appointment :

01.05.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Shyam Amare

 

10000

Mr. Prashant Amare

 

10000

Total

 

20000

 

Equity shares breakup (percentage of total equity)

S. No.

Category

Percentage

1

Directors or relatives of directors

100.00

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter dealings in power solutions.

 

 

GENERAL INFORMATION

 

Customers :

1.
 

All India Radio, Ahmednagar

2.
 

Balaji Hospital, Virar 

3.
 

Bhabha Research Center, Mumbai 

4.
 

Cadbury India Private Limited

5.
 

Chitle Dairy, Pune

6.
 

Controllers Quality Association for Defense, Ahmednagar

7.
 

Crompton Greaves, Ahmednagar

8.
 

Dabhol Power Divison, Dabhol

9.
 

Esijeet Pharmaceutical Limited Taloja

10.
 

Mauli Agro Products Limited, Ahemdnagar

11.
 

Panchavati Hotel, Nashik

12.
 

Pepsico India Holding Limited, Roha

13.
 

The Executive Engineer, (Hydro Electrical Project), Shahapur

14.
 

Vehicle Research & Development Centre (VRD), Ahemdnagar

15.
 

Win-Web Network, Kalyan

16.
 

Shree Nityanand Pharmacy, Vasai

17.
 

Elegant Tours & Travels, Nalasopara

 

 

Bankers :

Dombivali Nagari Sahakari Bank Limited

186, Bharai Building, Padma Nagar, Bhiwandi, Thane 421 301, Maharashtra, India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S V Mohile and Associates

Chartered Accountants

Address :

Mangal Murti, Ram Maruti Road (Estn), Thane 400 602, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

150000

Equity shares

Rs. 10/- each

Rs. 1.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

150000

Equity shares

Rs. 10/- each

Rs. 1.500 millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.500

1.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

1.670

0.428

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

3.170

1.928

LOAN FUNDS

 

 

 

1] Secured Loans

 

6.572

5.079

2] Unsecured Loans

 

0.530

1.431

TOTAL BORROWING

 

7.102

6.510

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

10.272

8.438

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

5.150

5.284

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.488

0.234

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

5.249

3.394

 

Sundry Debtors
 

8.264

3.738

 

Cash & Bank Balances
 

0.302

0.074

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

1.063

0.333

Total Current Assets
 

14.878

7.539

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

9.448

4.593

 

Provisions
 

0.844

0.107

Total Current Liabilities
 

10.292

4.700

Net Current Assets
 

4.586

2.839

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.048

0.081

 

 

 

 

TOTAL

 

10.272

8.438

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover (Estimated)

 

15.000

9.000

Total Income

 

15.000

9.000

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.48

5.81

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.44

1.60

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Corporation identity number or foreign company registrations number of the company 

31909MH2002PTC137121

Name of the company

SWASTIK POWER ELECTRONICS (INDIA) PRIVATE LIMITED

Address

Building No. 5, Gala No. 1 to 4, Dharani Arcade, Anjur Phata, District Thane 421 302, Maharashtra, India

This Form is for

Creation of charge

Type of Charges

Movable property (not being pledge)

Particular of the charge holder 

Dombivali Nagari Sahakari Bank Limited

186, Bharai Building, Padma Nagar, Bhiwandi, Thane 421 301, Maharashtra, India

Nature or description of the instrument creating charge  

Hypothecation of Tangible Moveable property

Date of the instrument creating charge

01.03.2007

Amount Secure by the charge

Rs. 1.200 millions

Brief of the principal terms and conditions and extent and operation of the charge

a)       Rate of Interest:

Rate of interest is @ 13.50% p a

b)       Terms of Repayment:

Repayable in 60 Equarted Monthly Installments of Rs. 0.028 millions each

 

c)       Margin:

Margin 25%

 

d)       Extent and operation of the charge:

Charge by way hypothecation of plant and machineries. Furnitures and fixtures in favour of the bank.

Description of the property charge whether it is a charge on

NA

Modification charge

Charge identification number of the charge to be modified

NA

Date of instrument modifying the charge

NA

Particulars of the Property charged  

Hypothecation of Plant and Machineries, Furnitures and Fixtures present and future.

 

 

 

Name of the company

SWASTIK POWER ELECTRONICS (INDIA) PRIVATE LIMITED

Presented By

MR. MILIND LIMAYE (BRANCH MANAGER D N S B)

1) Date and description of instrument creating the change

Agreement for assignment takeover of business dt. 15.05.2003

Declaration of indent dt. 15.05.2003

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.000 millions

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

Date of acquisition of property 15.05.2003

All stock of raw material, semi finished and finished goods, all products, goods any and every tangible moveable property in or about borrowers premises, godowns.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of interest :

15%

 

Margin

30%

Charge to cover all outstanding sums, interests, costs and charges payable by the company to the bank.

5) Name and Address and description of the person entitled to the charge.

Dombivali Nagari Sahakari Bank Limited

Bhiwandi Branch, Bhiwandi 

6) Date  and brief description of instrument modifying the charge

 

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.

By way of first modification on 22.03.2004 registered on 22.04.2004 wide Sr. No. 12 term loan of Rs. 2.411 millions , 0.334 millions and 0.255 millions was granted in addition to existing CC Limit of Rs. 2.000 millions . Similarly equitable cortgage of commercial galas / godowns no 1 2 3 4  in Dharani Arcade, Bhiwandi was registered.

By way of second modification on 25.03.2004 all present and future furniture and fixtures and electrical installations were hypothecated for therm loan II of Rs. 0.334 millions

By way of fourth modification on 02.02.2005 registered on 17.06.2005 wide Sr. No. B 16 Cash credit limit was enhanced from Rs. 2.000 millions to Rs. 3.000 millions against all present and future stock and book debts as particularly described in the instrument.

Rate of interest:

13.50%

By way of fifth modification on 15.06.2005 charge on commercial galas / godowns no 1 2 3 4  in Dharani Arcade, Bhiwandi was extended by Rs. 1.000 millions to Rs. 6.000 millions

The present total charge is as under

 

Particulars

Old Limit

(Rs. In Millions)

New Limit

(Rs. In Millions)

Cash credit

2.000

3.000

Term loan I

2.411

2.411

Term loan II

0.334

0.334

Term loan III

0.255

0.255

Total

5.000

6.000

 

 

 

Company Profile:

 

Subject, is a dedicated  company towards for power failure/power fluctuation.Their range of products includes Inverter, UPS and Stabilizers.They are in the business of power solution for more than 8 years.They are ISO-9000 certified company. They have established dealer network in throughout Maharashtra and part of Gujarat. They have satisfied customer base of more than 10,000 nos.

 

 

 

 

 

 

 

 

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.41.57

UK Pound

1

Rs.87.14

Euro

1

Rs.55.74

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

37

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions