MIRA
INFORM REPORT
|
Report Date : |
22nd
January, 2007 |
IDENTIFICATION DETAILS
|
Name : |
PUSHP
FORGINGS PRIVATE LIMITED |
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Registered Office : |
G-63-64,
Badharna Industrial Area, V K I Area Extension, Jaipur
– 302 013, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.09.2002 |
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Com. Reg. No.: |
17-17803 |
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CIN No.: [Company
Identification No.] |
U29130RJ2002PTC017803 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRP01631A
/ JPRP01632B |
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PAN No.: [Permanent
Account No.] |
ABEPM3979K |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business of manufacturing, trading, dealing, marketing,
importing, exporting, converting, chemically treating, synthesising, fabricating,
repairing, assembling, processing and casting of all kinds of forgings ball
rollers, ball bearings, roller bearings, niddle roller bearings, taper roller
bearings, bearing rings, bearing housing and all other items of allied nature
and all sorts of parts, spears, accessories and fittings thereof. |
RATING & COMMENTS
|
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
75000 |
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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 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 : |
G-63-64,
Badharna Industrial Area, V K I Area Extension, Jaipur
– 302 013, |
|
Tel. No.: |
91-141-2460208/
2460901/ 2460321/ 2460921 |
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Fax No.: |
91-141-2261511 |
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Old/
Head Office : |
F-393A,
Road No. 9F2, Vishwakarma Industrial Area, Jaipur, |
DIRECTORS
|
Name : |
Mr.
Surendra Chandra Mathur |
|
Designation : |
Director
|
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Address : |
101,
Gokul Apartments, E-3/A, |
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Date of Birth/Age : |
02.10.1948 |
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Date of Appointment : |
10.09.2002 |
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Name : |
Mr.
Ram Swaroop Jangid |
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Designation : |
Director
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Address : |
238-239,
Path No. 1, Vijay Bari, DKB, Jaipur, |
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Date of Birth/Age : |
07.01.1960 |
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Date of Appointment : |
10.09.2002 |
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Name : |
Mr.
Sunil Kumar Agrawal |
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Designation : |
Director
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Address : |
106,
AWHO Colony, Amba Bari, Jaipur, |
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Date of Birth/Age : |
30.07.1966 |
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Date of Appointment : |
10.09.2002 |
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Name : |
Mr.
Ram Sahai Jangid |
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Designation : |
Director
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Address : |
238-239,
Path No. 1, Vijay Bari, DKB, Jaipur, |
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Date of Birth/Age : |
15.10.1951 |
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Date of Appointment : |
16.11.2002 |
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Name : |
Mr.
Narendra Chandra Mathur |
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Designation : |
Director
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Address : |
101,
Chhatra Chhaya Apartments, Mangal Marg, Bapu Nagar, Jaipur, |
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Date of Birth/Age : |
03.01.1946 |
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Date of Appointment : |
16.11.2002 |
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Name : |
Mr.
Anil Kumar Agrawal |
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Designation : |
Director
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Address : |
106,
AWHO Colony, Amba Bari, Jaipur, |
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Date of Birth/Age : |
08.12.1962 |
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Date of Appointment : |
16.11.2002 |
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Name : |
Mrs.
Anita Poddar |
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Designation : |
Additional
Director |
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Address : |
Gokul
Apartments, E-3/A, |
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Date of Birth/Age : |
20.08.1966 |
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Date of Appointment : |
02.01.2006 |
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MAJOR SHAREHOLDERS
As on 10.08.2006
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
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Mr.
Surendra Chandra Mathur |
|
53331 |
|
Mr.
Ram Swaroop Jangid |
|
75834 |
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Mr.
Sunil Kumar Agrawal |
|
28333 |
|
Mr.
Ram Sahai Jangid |
|
50000 |
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Mr.
Lal Chandra Jangid |
|
50000 |
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Mr.
Sobhag Mal Jangid |
|
14400 |
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Mr.
Anil Kumar Agrawal |
|
45000 |
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Mr.
Narendra Chandra Mathur |
|
72500 |
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Mrs.
Bimla Devi Agrawal |
|
10800 |
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Mr.
Sant Kumar Satsangi |
|
10800 |
|
Supersonic
Turners Private Limited |
|
669000 |
|
Mr.
Deependra Pareek |
|
20000 |
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Mrs.
Anita Poddar |
|
100000 |
|
Flex
Mercantile ( |
|
100000 |
|
Umang
Credit Capital Limited |
|
200000 |
|
Mr.
Updesh Gupta |
|
1 |
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Mr.
Rajendra Prasad Agarwal |
|
1 |
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Total |
|
1500000 |
As on 08.12.2006
|
Names
of Shareholders |
|
No. of Shares |
|
|
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|
|
Supersonic
Turners Private Limited |
|
24286 |
|
Mrs.
Anita Poddar |
|
71429 |
|
Mr.
Shankar Poddar |
|
4285 |
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Total |
|
100000 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business of manufacturing, trading, dealing, marketing,
importing, exporting, converting, chemically treating, synthesising,
fabricating, repairing, assembling, processing and casting of all kinds of
forgings ball rollers, ball bearings, roller bearings, niddle roller
bearings, taper roller bearings, bearing rings, bearing housing and all other
items of allied nature and all sorts of parts, spears, accessories and
fittings thereof. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
-- |
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Bankers : |
State
Bank of VKI
Area, Jaipur, |
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Banking Relations : |
Satisfactory
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Auditors : |
G K
Mittal and Associates Mr.
Neeraj Kumar Mathur Chartered
Accountants |
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Address : |
G-1,
R-20, Yudhishter Marg, C Scheme, Jaipur – 302 005, |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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|
1500000 |
Equity
Shares |
Rs. 10/- |
Rs. 15.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity
Shares |
Rs. 10/- |
Rs. 15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
15.000 |
15.000 |
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2] Reserves & Surplus |
|
4.449 |
0.141 |
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NETWORTH |
|
19.449 |
15.141 |
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LOAN FUNDS |
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1] Secured Loans |
|
46.496 |
34.137 |
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2] Unsecured Loans |
|
27.334 |
28.745 |
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TOTAL BORROWING |
|
73.830 |
62.882 |
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TOTAL |
|
93.279 |
78.023 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
42.060 |
40.694 |
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Capital work-in-progress |
|
0.009 |
0.000 |
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INVESTMENT |
|
1.050 |
2.498 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
55.695 |
32.932 |
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Sundry Debtors |
|
55.074 |
30.093 |
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Cash & Bank Balances |
|
1.591 |
0.048 |
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Loans & Advances |
|
8.682 |
3.522 |
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Total Current Assets |
|
121.042 |
66.595 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
71.084 |
32.012 |
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|
Provisions |
|
0.000 |
0.012 |
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Total Current Liabilities |
|
71.084 |
32.024 |
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Net Current Assets |
|
49.958 |
34.571 |
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MISCELLANEOUS EXPENSES |
|
0.202 |
0.260 |
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TOTAL |
|
93.279 |
78.023 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
183.987 |
82.035 |
|
|
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Profit/(Loss)
Before Tax |
|
60.117 |
16.862 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
60.117 |
16.862 |
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|
|
|
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Total
Expenditure |
|
123.870 |
65.173 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
32.67 |
20.55 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
32.67 |
20.55 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
36.62 |
15.35 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
3.09 |
1.11 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
8.45 |
7.27 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.70 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
The
Company registered office was changed from F-393A, Road No. 9F2, Vishwakarma
Industrial Area, Jaipur,
Bankers
Charges Report as per Registry
Name of the Company : Pushp Forgings Private
Limited
Presented by : -- State Bank of
Company
|
1.
Date and description of the instrument creating
or evidencing the charge |
All agreements
dated 11.09.2003 1.
Agreement of loan for overall limit. 2.
Agreement of hypothecation of goods and assets 3.
Agreement for pledge of goods and assets 4.
Letter regarding the grant of individual limit within the overall limit 5.
Deed of Guarantee for overall limit |
||||||||
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2.
Amount secured by the charge /amount owing on security of the charge |
a. CC
(hypothecation) : Rs. 7.800 millions -- CC
(Book Debts within CC Hypothecation)
: Rs. 1.800 millions b. TLC
for Raw Material : Rs. 5.000 millions c. FLC
for CG (one time) : Rs. 1.500 millions |
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be given
|
For CC
Limit: Hypothecation
of company raw material, stock in process, finished goods and semi finished
goods, spears, book debts and other current assets present and future. For
ILC: Company
DD/ Invoices and Documents of title of goods (RRS, mtrS, Bill of lading
covering procurement of raw material) and extension of first paripassu
hypothecation charge on company’s entire current assets. |
||||||||
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4.
Gist of the terms and conditions and extent and operation of the charge. |
For
CC: Interest
: 12.60% p.a. Margin
: 25% on raw material , 30% on stock in process, 35% on finished goods , 50%
on store and consumables and book debts upto 15 days. Repayable
: on demand |
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5.
Names, address and description of the persons entitled to charge |
State
Bank of |
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6.
Date and brief description of instrument modifying the charge |
All
agreement dated 11.11.2004 1. supplemental agreement of loan for
increasing in the overall limit 2. supplemental of agreement of
hypothecation of goods and assets for increase in the overall limit 3. Letter regarding the grant of
individual limits within the overall limit 4. Memorandum of Entry 5. supplemental deed of guarantee for
increase in overall limit of Pee Tee Turners Limited 6. Memorandum of Entry of Pee Tee Turners
Limited |
||||||||
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
1. The
overall existing limit have been modified to Rs. 20.000 millions as under
2.
First charge by the way of hypothecation of all stock of raw material, stock
in process, semi finished and finished goods such as forge turning rings,
steel bar, rods, tubes, transit, packing material, consumables stores and
spears, all present and future book debts, outstanding monies, receivables,
claims, bills/ invoices accompanied with RRs/ MTRs or approved transport
companies duly singend against IPLR risk, all present and future movable
plant and machinery, all other current and fixed assets of the company to
covered the modified limit of Rs. 20.000 millions 3.
Equitable mortgage by way of 1st charge extended on all immovable
and fixed assets of the company comprising factory land, building, fixed
plant and machinery, present and future, situated at Plot Nos. 63-64 and 64A,
VKI Area Extension, Jaipur, Rajasthan, India to cover the modified limit of
Rs. 20.000 millions 4.
Corporate Guarantee and equitable mortgage extended by Pee Tee Turners
Limited in favour of State Bank of Bikaner and Jaipur, VKI Area, Jaipur, in
respects of its all immovable and
fixed assets comprising factory land and building, fixed plant and machinery,
present and future situated at E-245 A, VKI Area, Jaipur to secure the above
enhanced working capital limits granted to the company, amounting to Rs.
20.000 millions and interest thereon. This
is in additin to fresh term loan of Rs. 6.000 millions and existing loan of
Rs. 18.700 millions 5.
Interest 10.75% p.a. with monthly rests, subject to change fro time to time. 6.
Margin 25% on raw material, 30% on stock in process , 35% on finished goods
and 50% on book debts 7.
Other terms and conditions remain unchanged. |
Name of the Company : Pushp Forgings Private
Limited
Presented by : -- State Bank of
|
1.
Date and description of the instrument creating
or evidencing the charge |
All
agreement dated 11.11.2004 1. supplemental agreement of loan for
increasing in the overall limit 2. supplemental of agreement of
hypothecation of goods and assets for increase in the overall limit 3. Letter regarding the grant of
individual limits within the overall limit 4. Memorandum of Entry 5. supplemental deed of guarantee for
increase in overall limit of Pee Tee Turners Limited 6. Memorandum of Entry of Pee Tee Turners
Limited |
|
2.
Amount secured by the charge /amount owing on security of the charge |
Rs.
6.000 millions Term
Loan |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be given
|
1.
First charge by way of hypothecation of all present and future plant,
machinery, furnitures, fixtures, tools, accessories, office equipments,
vehicles, stores and spears, all other miscellaneous fixed and current assets
of the company,. 2. Equitable mortgage by way of 1st
charge extended on all immovable and fixed assets of the company comprising
factory land, building, fixed plant and machinery, present and future,
situated at Plot Nos. 63-64 and 64A, VKI Area Extension, Jaipur, Rajasthan,
India. 3.
Corporate Guarantee and equitable mortgage extended by Pee Tee Turners
Limited in favour of State Bank of Bikaner and Jaipur, VKI Area, Jaipur, in
respects of its all immovable and
fixed assets comprising factory land and building, fixed plant and machinery,
present and future situated at E-245 A, VKI Area, Jaipur to secure the above
enhanced working capital limits granted to the company, amounting to Rs.
20.000 millions and interest thereon. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
: 10.75% p.a. with monthly rests subject to change from time to time. Margin
: 25% on plant and machinery, and 40% on building and civil constructions. Repayable
: in 24 quarterly instalments of Rs. 0.250 millions each, first instalments
due on 11.11.2005 |
|
5.
Names, address and description of the persons entitled to charge |
State
Bank of |
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6.
Date and brief description of instrument modifying the charge |
N A |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
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 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.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|