MIRA
INFORM REPORT
|
Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SINGHAL POWER PRESSES PRIVATE LIMITED |
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Registered Office : |
202, 2nd Floor, Karma Stambh,
Industrial Estate, Opposite MTNL Office, LBS Marg, Vikhroli (West),
Mumbai-400083, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.06.1989 |
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Com. Reg. No.: |
11-52008 |
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CIN No.: [Company
Identification No.] |
U29290MH1989PTC052008 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38886B |
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PAN No.: [Permanent
Account No.] |
AAACS5264P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of sheet metal
machinery |
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 |
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Maximum Credit Limit : |
USD 90000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Head
Office : |
202, 2nd Floor, Karma Stambh,
Industrial Estate, Opposite MTNL Office, LBS Marg, Vikhroli (West),
Mumbai-400083, Maharashtra, India |
|
Tel. No.: |
91-22-5969651 / 52 / 53 / 5969718 / 19
/ 20 |
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Fax No.: |
91-22-5798809 / 22969652 |
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E-Mail : |
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Website : |
http://www.sewpresses.com/ |
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Factory 1 : |
NH 8B, Opposite Field Marshal School, Shapar,
District Rajkot |
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Tel. No.: |
91-2827-52358 |
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Fax No.: |
91-2827-53278 |
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E-Mail : |
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Sales Offices : |
Located at :
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DIRECTORS
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Name : |
Mr. Gajindersingh Isharsingh Chawala |
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Designation : |
Chairman cum Managing Director |
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Address : |
23-24, Eden Roc, Union Park, Pali Hill, Bandra [West], Mumbai, Maharashtra,
India |
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Date of Birth/Age : |
09.07.1959 |
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Date of Appointment : |
02.06.1989 |
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Name : |
Mr. Prashant Narendrakumar Bansal |
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Designation : |
Director |
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Address : |
Ambey 54-B-7, Panchsheel Society, Rajkot - 360001, Gujarat, India |
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Date of Birth/Age : |
17.03.1976 |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. Ajit Singh Ishar Singh Chawla |
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Designation : |
Director |
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Address : |
203, Hill N Sea, 2nd Floor, Pali Hill, Bandra [West],
Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
19.09.1957 |
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Date of Appointment : |
01.11.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Gajinder Singh Chawla |
|
2715 |
|
Harbans Kaur Chawla |
|
2000 |
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Gajindra Sing Chawla Guardian of Ekta G Chawla |
|
3800 |
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Ravinder Singh Chawla Guardian of Esha R Chawla |
|
3850 |
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Ravinder Singh Chawla Guardian of Master Ranjit |
|
5010 |
|
Ravinder Singh Chawla |
|
2725 |
|
Ishar Sing Chawla [HUF] |
|
1350 |
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Ishar Sing Chawla |
|
4250 |
|
Prasant Bansal |
|
11300 |
|
Pankaj Bansal |
|
2000 |
|
R S Chawla – HUF |
|
500 |
|
A. S. Chawla – HUF |
|
500 |
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Total |
|
40000 |
|
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|
|
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of sheet metal
machines. |
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Products : |
POWER PRESSES
Cross Shaft-SX Series High Speed-HSD Series Ring Frame (Hybrid Frame)-SXR Series Gap Frame-Sumo Series Straight Sided Cross Shaft Pillar Press Double Column-SDU Series Knuckle Joint Power Press Gap Frame-SI Series YSD NC/CNC Hydraulic Pressbrakes YSD NC/CNC Hydraulic Guillotine Shearing
Machines |
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Brand : |
SEW |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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Bankers : |
-
Punjab and Sind Bank, Bangalore
-
Punjab and Sind Bank, Rajkot -
Punjab and Sind Bank, Chennai -
Punjab and Sind Bank, Fort -
ICICI Bank -
Punjab and
Sind Bank, Vikhroli [West], Mumbai – 400083, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehra and Sharma Associates Chartered Accountants |
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Address : |
503, Om Niketan, Vithal Bhai Patel Road, Andheri [West], Mumbai –
400058, Maharashtra, India |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.516 |
8.737 |
2.656 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22.516 |
12.737 |
6.656 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.168 |
7.844 |
7.270 |
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2] Unsecured Loans |
0.639 |
7.284 |
12.152 |
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TOTAL BORROWING |
16.807 |
15.128 |
19.422 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
39.323 |
27.865 |
26.078 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.750 |
16.010 |
14.755 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.313
|
24.086 |
21.106 |
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|
Sundry Debtors |
6.986
|
9.167 |
6.953 |
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|
Cash & Bank Balances |
3.609
|
1.417 |
1.031 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.186
|
3.137 |
2.103 |
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Total
Current Assets |
49.094
|
37.807 |
31.193 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
34.971
|
25.952 |
19.397 |
|
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Provisions |
6.550
|
0.000 |
0.473 |
|
Total
Current Liabilities |
41.521
|
25.952 |
19.870 |
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Net Current Assets |
7.573
|
11.855 |
11.323 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39.323 |
27.865 |
26.078 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
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Sales Turnover |
|
|
66.620 |
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Total Income |
|
|
66.620 |
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Profit/(Loss) Before Tax |
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|
0.504 |
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Provision for Taxation |
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|
-- |
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Profit/(Loss) After Tax |
|
|
0.504 |
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Expenditures : |
|
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Stores and Spares / Fuel and gas |
|
|
1.188 |
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Printing and Stationery |
|
|
0.188 |
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Salary and Bonus |
|
|
3.358 |
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Audit Fee |
|
|
0.005 |
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Electricity Charges |
|
|
1.033 |
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Advertisement |
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|
0.311 |
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Bank Charges |
|
|
0.397 |
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Laboratory Expenses |
|
|
0.002 |
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Depreciation Charges |
|
|
3.231 |
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Other Expenditure |
|
|
56.403 |
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Total Expenditure |
|
|
66.116 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
1.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.59
|
3.23 |
5.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.46 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80030798 |
|
Corporate
identity number of the company |
U29290MH1989PTC052008 |
|
Name of the
company |
SINGHAL POWER PRESSES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
202, 2nd Floor, Karma
Stambh, Industrial Estate, Opposite MTNL Office, LBS Marg, Vikhroli (West),
Mumbai-400083, Maharashtra, India |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Punjab and Sind
Bank, Vikhroli [West], Mumbai – 400083, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds by constructive delivery |
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Date of
instrument Creating the charge |
07.05.2007 |
|
Amount secured by
the charge |
Rs. 58.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent operation
of the charge Security to cover
the principal amount together with interest, cost, charges and expenses Others Security to cover
the facilities granted to the company and machinery and spares at follows : -
Facilities
granted to company Rs. 6.500 Millions -
Facilities
granted to machinery and spares : Rs. 51.500 Millions |
|
Short particulars
of the property charged |
Immovable property
of the company viz. land admg. 2485 sq. yards [2077.87 sq. mtrs.] of
Industrial Plot Nos. 2 and 3 of Revenue Survey No. 249, paikee of Village
Shapar, Taluka Kotdasangani, District Rajkot, Gujarat |
|
Particulars of
the present modification |
The total amount
secured stands enhanced from Rs. 6.500 Millions to Rs. 58.000 Millions
consequent to sanction of facilities aggregating Rs. 51.500 Millions to
Machinery and Spares |
FIXED ASSETS
- Scooter Bajaj
Super
- Building
- Car
- Computer
- Cycle
- Design
- Electrical
Installation
- Electrical
Equipment
- Fax
- Furniture and
Fixture
- Generator
- Land
- Motor Cycle
- Office
Equipment
- Pattern
- Plant
Machinery
- Air
Conditioner
- Car Assent
- Hero Honda
- Tea Maker
AS PER WEBSITE
Singhal Power Presses was started in 1960 on a modest scale at Aligarh, and is known today amongst the best known manufacturers of sheet metal machines.
The plant was shifted in 1990 to Rajkot (Gujarat), where an ultra modern factory was built with all modern machines and facilities installed.
Their products marketed under the brand of 'SEW', are in operation in every sector of industry and with over 10,000 machines working satisfactorily, is today a major name to reckon with. Machines are regularly exported to various countries. Their constant efforts to offer products with best possible technology, performance, dependable delivery schedule, after sales service and their customer's trust has been the key feature to their success.
It will be their continuous endeavor to upgrade their products in this ever growing and demanding sheet metal industry.
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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|