MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SHELIK INDUSTRIES |
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Registered Office : |
2, Manik Baug, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1980 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer of Dyes, [Final Products ( XY Slide ) ] |
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 600000 |
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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 concern having satisfactory
track records. Partners are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings art usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2, Manik Baug, |
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Tel. No.: |
91-20-24352096 |
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Fax No.: |
91-20-24353808 |
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E-Mail : |
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Website : |
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Area : |
1250sq.fts |
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Location : |
Leased |
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PARTNERS
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Name : |
Mr. Sanjeev D. Sheth |
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Designation : |
Partner |
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Date of Birth/Age : |
52 Years |
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Qualification : |
Graduate (Packing |
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Experience : |
25 Years |
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Name : |
Mrs. Vandana S. Sheth |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Qualification : |
Post Graduate |
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Experience : |
20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dyes,[ Final Products ( XY Slide )] |
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Exports : |
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Products : |
Final Products |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
♦
Bharat Forge ♦
Mahindra and Mahindra ♦
Tata ACSI ♦
Whirlpool ♦
Cummins ♦
VIP ♦
MICO Bosch ♦
Tata Motors ♦
Birla Peruchini ♦
DGP Hinuday ♦
International Auto ♦
Bajaj Electrical Limited ♦
Philips ♦
Nexus ♦
Roofit ♦
KSB Pumps ♦
Kinetic Marshell |
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No. of Employees : |
45 |
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Bankers : |
Cosmos Co-Op Bank (Sch. Bank) Vittalwadi |
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Facilities : |
The concern enjoy Term Loans / CC Limits |
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Banking
Relations : |
Satisfactory |
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Auditor: |
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Name: |
Sharad Shah and Company Charatered Accountants |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.15.000 millions |
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Borrowed : |
- |
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Total : |
Rs.15.000 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 |
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PARTNERS FUNDS |
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1] Partners Capital |
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11.038 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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11.038 |
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LOAN FUNDS |
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1] Secured Loans |
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17.349 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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17.349 |
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DEFERRED TAX LIABILITIES |
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2.522 |
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TOTAL |
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30.909 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.350 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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2.794 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.068 |
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Sundry Debtors |
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3.361 |
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Cash & Bank Balances |
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0.072 |
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Other Current Assets |
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3.727 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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8.228 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.581 |
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Provisions |
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3.882 |
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Total
Current Liabilities |
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11.463 |
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Net Current Assets |
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(3.235) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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30.909 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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20.691 |
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Other Income |
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0.167 |
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Total Income |
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20.857 |
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Profit/(Loss) Before Tax |
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3.401 |
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Provision for Taxation |
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2.739 |
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Profit/(Loss) After Tax |
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0.662 |
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Expenditures : |
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Manufacturing Expenses |
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5.834 |
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Consumption of Material |
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4.725 |
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Administration / Selling / General Expenses |
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2.299 |
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Financial Charges |
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1.433 |
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Depreciation |
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2.506 |
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Remuneration to partners |
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0.650 |
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Total Expenditure |
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17.447 |
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Expected Sales (2007-08): Rs.50.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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3.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.61 |
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Current Ratio (Current Asset/Current Liability) |
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0.72 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Telco
- Bharat Forge,
Pune
- Tata Motors,
- Mahindra and
Mahindra,
- Godrej,
Mumbai
- BSL Forging
Limited,
Company Details:
Established in 1980 in industrial city of Pune, which is
rightly called 'The Detroit of India', Subject is Western India's one of the
most technologically advanced, independent tool and die making shop,
specializing in machining and manufacturing large size dies and molds.
Utilizing the very latest in CAD/CAM technology alongside the
traditional skills and expertise of their people, subject offers a state-of-art
services in design and manufacture of large size dies for Forging and Pressure
Die-casting, molds for Plastic, SMC and Thermoforming, tools for Sheet-Metal
Pressing, and Patterns for Foundry.
Manufacturing excellence, realistic costing and on-time
delivery are the features that Subject offers to any company want to outsource
the tools.
Over a period of time, taking into consideration the growing
requirement of the customers, subject has augmented its capacity by adding a
few large capacity CNC machines and handling facility to undertake machining of
heavy dies and components.
Spread over a shop floor area of 1000 M2, with connected load
in excess of 400 KVA, and backup generator of 125 KVA, subject is equipped to
cater to demanding needs of the customer.
SERVICES
♦
Dies
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Others
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.58 |
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1 |
Rs.81.89 |
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Euro |
1 |
Rs.55.29 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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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 |
YES |
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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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48 |
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
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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 |
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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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