MIRA
INFORM REPORT
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Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHIVANG
TREXIM PRIVATE LIMITED |
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Registered Office : |
3,
Satyanarayan Temple Road, Salkia, Howrah – 711106, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.11.1996 |
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Com. Reg. No.: |
21-81979 |
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CIN No.: [Company
Identification No.] |
U51909WB1996PLC081976 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS12448C |
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PAN No.: [Permanent
Account No.] |
AADCS6969P |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on all or any of the business as timber merchants, saw mill proprietors
and timber grower, and to buy, sell grow prepare for market, manipulate,
import, export and deal in timber, logs and woods of all kinds and any goods
and articles in the manufacture of which timber or wood is either wholly or
party used in any form and to act as manufacturers of any articles in which
timber and wood is used. |
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
500000 |
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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 experience 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 : |
3,
Satyanarayan Temple Road, Salkia, Howrah – 711106, West Bengal, India |
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Tel. No.: |
91-33-26540617
/ 26545958 |
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Fax No.: |
91-33-26546998 |
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E-Mail : |
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Factory : |
No. 38
GT Road, Belurmath, Howrah – 711202, West Bengal, India |
DIRECTORS
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Name : |
Mr.
Asim Singh |
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Designation : |
Director
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Address : |
34,
Peary Mohan Mukherjee St. Belurmath, Howrah – 711202, West Bengal, India |
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Date of Birth/Age : |
06.05.1965 |
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Date of Appointment : |
07.11.1996 |
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PAN No. : |
ANUPS5460P |
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Name : |
Ms.
Poonam Singh |
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Designation : |
Director
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Address : |
34,
Peary Mohan Mukherjee St. Belurmath, Howrah – 711202, West Bengal, India |
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Date of Birth/Age : |
14.05.1967 |
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Date of Appointment : |
29.05.1999 |
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PAN No. : |
ALCPS8866M |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Asim Singh |
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100 |
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Bhagwan
Lal Patel |
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100 |
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Total |
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200 |
BUSINESS DETAILS
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Line of Business : |
To
carry on all or any of the business as timber merchants, saw mill proprietors
and timber grower, and to buy, sell grow prepare for market, manipulate,
import, export and deal in timber, logs and woods of all kinds and any goods
and articles in the manufacture of which timber or wood is either wholly or
party used in any form and to act as manufacturers of any articles in which
timber and wood is used. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About
500 |
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Bankers : |
Andhra
Bank, Jodhpur
Park Branch 1/392,
Gariahat Road [South], Kolkata - 700068 |
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Banking Relations : |
Satisfactory
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Auditors : |
Shyamsukha
Amit and Associates Chartered
Accountants 19
Ganesh Chandra Avenue, Second Floor, Premier House, Suite No. 7, Kolkata –
700013, West Bengal, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1475000 |
Equity
Shares |
Rs. 10/- each |
Rs. 14.750 Millions |
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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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14.750 |
10.760 |
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2] Share Application Money |
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0.200 |
0.150 |
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3] Reserves & Surplus |
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116.078 |
69.801 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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131.028 |
80.711 |
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LOAN FUNDS |
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1] Secured Loans |
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58.910 |
54.332 |
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2] Unsecured Loans |
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5.949 |
6.055 |
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TOTAL BORROWING |
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64.859 |
60.387 |
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DEFERRED TAX LIABILITIES |
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0.850 |
0.985 |
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TOTAL |
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196.737 |
142.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.617 |
18.426 |
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Capital work-in-progress |
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0.778 |
0.067 |
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INVESTMENT |
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28.500 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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138.418 |
46.296 |
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Sundry Debtors |
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201.535 |
217.861 |
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Cash & Bank Balances |
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33.562 |
53.062 |
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Loans & Advances |
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45.721 |
6.403 |
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Total Current Assets |
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419.236 |
323.622 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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259.935 |
196.167 |
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Provisions |
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8.460 |
3.868 |
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Total Current Liabilities |
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268.395 |
200.035 |
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Net Current Assets |
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150.841 |
123.587 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.003 |
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TOTAL |
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196.737 |
142.083 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
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774.620 |
560.017 |
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Profit/(Loss)
Before Tax |
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15.392 |
11.158 |
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Provision
for Taxation |
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5.025 |
3.640 |
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Profit/(Loss)
After Tax |
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10.367 |
7.518 |
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Total
Expenditure |
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759.229 |
548.859 |
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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1.34 |
1.34 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.99 |
1.99 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.53 |
3.26 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.12 |
0.14 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.54 |
3.23 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.56 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
SHIVANG TREXIM PRIVATE LIMITED |
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Presented By |
Andhra Bank, Jodhpur Park Branch, 1/392,
Gariahat Road [South], Kolkata – 700068 |
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Date and description of instrument creating the change |
Agreement
of Hypothecation of Goods and Assets vide composite agreement and other
documents dated 16.08.2004 in the office of Andhra Bank, Jodhpur Park Branch,
1/392, Gariahat Road [South], Kolkata – 700068 for creation of charges and
composite agreement and other documents dated 05.01.2005 for Mortgage by
deposit of title deeds made by the company. |
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Amount secured by the charge/amount owing on the securities of charge |
Rs.
170.000 Millions
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Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All
present and future goods book debts and all other movable assets of the
borrower including documents of title to the goods, outstanding moneys
receivable by way of cash assistance and cash incentives under the cash
incentives scheme or any other scheme
claims including claims by way of refund of customs duties under the Duty
Drawback Credit invoices documents contracts insurance policies, guarantees,
engagements, securities investments and right and the present machinery and all
future machinery belonging to or in possession or under the control of the
borrower wherever lying stored and kept and whether in possession of the
borrower or of the bank or of any third party whether in India or elsewhere
throughout the world and all present and future immovable properties.
Equitable mortgage of the company’s property by deposit of title deeds
measuring 528.75 decimal together with shed, building and structures lying
and situated at Mouza Dirhanga comprised in Dag Nos. 3482, 3579, 3577, 3580,
3553, 3261, 3578, 3553, 4547, 4672, 5053, 4663, 3502, 5821, 4807, 4808 &
5814 |
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Gist of the terms and conditions and extent and operation of the charge. |
The
Borrower shall not do or allow anything which may prejudice the security and
shall comply with the terms and conditions of the agreements. The bank
reserve the right to charge the interest, commission, discount, costs and
charge at such rates as may be determined by the Bank from time to time
accounting to banking norms and RBI Guidelines, the present rate of Interest
being – For CC @ 12.25 % Margin
: 25 %
of Raw Materials, stock in process and finished goods, and 50 % of Book Debts / Receivables |
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Name and Address and description of the person entitled to the charge. |
Andhra
Bank, Jodhpur
Park Branch 1/392,
Gariahat Road [South], Kolkata - 700068 |
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Date and brief description of instrument modifying the charge |
Composite
agreement and other documents dated 11.08.2005, modifying the charge against
sanction letter No. 1186/1/ADHOC/32 Dated 08.08.2005 for an additional Adhoc
Limit of 50.000 Millions |
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Particulars of modifications already registered / filed in the office of Registrar of companies 05.01.2005 |
Composite
agreement and other documents dated Mortgage
by deposit of title deeds made by the authorized director of the company on
05.01.2005 |
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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
this modification the limit of the borrower has been increased against
sanction of an additional Adhoc limit of 50.000 millions, on one time basis
for an period of not exceeding 120 days, the total limit of the borrower
stands comprised as follows : Rs.
170.000 Millions + Rs. 50.000 Millions = Rs. 220.000 Million s In Millions
The
interest rate appcable on CC limit has revised as upto Rs. 20.000 Millions @
12.25 % p.a. as per the regular sanction and on above of Rs. 20.000 Millions
on additional Adhoc CC limit the same will be @ 13.25 % p.a. The
cash margin requirement for the additional Adhoc LC limit of Rs. 45.000
Millions will be 35 %. All
other terms and conditions of the regular sanction remaining same. |
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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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.16 |
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UK
Pound |
1 |
Rs.86.00 |
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Euro |
1 |
Rs.57.56 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
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52 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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