MIRA
INFORM REPORT
|
Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
SAMIRI
FORGE PRIVATE LIMITED |
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Registered Office : |
Plot No. 52 & 53, GIDC, Chandisar - 385 210. Tal. Palanpur,
District - Banaskantha, District- Banas Kantha, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.08.1996 |
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Com. Reg. No.: |
04-030362 |
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CIN No.: [Company
Identification No.] |
U28999GJ1996PTC030362 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS09315F |
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PAN No.: [Permanent
Account No.] |
AAFCS5965G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
All Engineering and Manufacturer
Facility for General Forge, Forged Carbon Alloy and S.S. Forging, Fittings,
Diesel and Suto Engine Parts, Studs, Bolts, etc |
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
12884 |
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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 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
|
Registered Office/Factory : |
Plot No. 52 & 53, GIDC, Chandisar - 385 210. Tal. Palanpur,
District - Banaskantha, District- Banas Kantha, |
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Tel. No.: |
91-2742-283381 |
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Area : |
2000
Sq. ft |
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Location : |
Owned |
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Head
Office : |
13-A,
Dipti Dham, |
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Tel.
No.: |
91-22-25321675/25678924 |
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Fax
No.: |
91-22-258301983 |
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Administrative
Office : |
Plot No.C/8, Road No. 12, |
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Tel.
No.: |
91-22-25321675 |
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Fax
No.: |
91-22-25301983 |
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Area : |
800
Sq. ft |
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Location : |
Owned |
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Branches
: |
A-41, Road No. 12, |
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Tel.
No.: |
91-22-25824878/25804428 |
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Fax
No.: |
91-22-25801983 |
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Mobile.:
|
91-98210 86005/9322518931/9821324550 |
DIRECTORS
|
Name : |
Mr. Panchal Babulal Jaychand |
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Designation : |
Managing Director |
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Address : |
13-A, Dipti Dham, |
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Date of Birth/Age : |
01.03.1959 |
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Date of Appointment : |
01.08.1996 |
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Tel. No.: |
91-22-25321675/25678924 |
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Mobile.: |
91-9322518931, 9821324550 |
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Name : |
Mr. Panchal Dinesh Jaychand |
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Designation : |
Director |
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Address : |
13-A, Dipti Dham, |
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Date of Birth/Age : |
16.08.1969 |
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Date of Appointment : |
01.08.1996 |
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Name : |
Mrs. Panchal Manjula Natwarlal |
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Designation : |
Director |
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Address : |
C-502, Sita Vihar, Damini Estate, |
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Date of Birth/Age : |
10.07.1963 |
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Date of Appointment : |
01.08.1996 |
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Name : |
Mr. Panchal Natwarlal Jaychand |
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Designation : |
Director |
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Address : |
C-502, Sita Vihar, Damini Estate, |
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Date of Appointment : |
10.07.1999 |
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Name : |
Mr. Panchal Natwarlal Gulabchand |
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Designation : |
Director |
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Address : |
15, Joseph Apartment, Kishan Nagar-2, Thane - 400 604 |
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Date of Birth/Age : |
01.01.1960 |
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Date of Appointment : |
01.08.1996 to 03.07.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Panchal B. Jaychand |
16,500 |
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Mr. Panchal Manjulaben.N |
13613 |
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Mr. Panchal N. Gulabchand |
10 |
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Mr. Panchal D. Jaychand |
10616 |
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Mr. Panchal J. Malabhai |
27000 |
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Mr. Panchal Gangeeben Jayachand |
21000 |
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Mr. Panchal N. Jaychand |
40250 |
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Mr. Panchal Rekhaben Babubhai |
11996 |
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Mr. Panchal Savitaben N |
10 |
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Mr. Panchal Tribhuvandas B |
5000 |
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Mr. Panchal Vimlaben T |
5000 |
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Mr. Panchal Shrirambhai D |
5000 |
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Mr. Panchal Jaychand K |
9000 |
BUSINESS DETAILS
|
Line of Business : |
All Engineering and Manufacturer
Facility for General Forge, Forged Carbon Alloy and S.S. Forging, Fittings,
Diesel and Suto Engine Parts, Studs, Bolts, etc |
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Products : |
Stubbball Yoke, Journals, Flanges, End
Yoke, Sleeve Yoke, Gear Shafts, Worm , Drop Arm, Telco Nut, Telco Worm,
Single Double Sector Shaft, Elbow, Tee Fittings, Sliding Shaft, etc |
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Imports from : |
Europe & U.S.A |
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Terms : |
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Selling : |
L/c, Cash & Credit Up to 60-Days
Maximum |
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Purchasing : |
L/c, Cash & Credit Up to 45-Days
Maximum |
PRODUCTION
STATUS
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Particulars |
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Installed Capacity |
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General
Forge, Forged Carbon Alloy and S.S. Forging, Fittings, Diesel and Suto Engine
Parts, Studs, Bolts, etc |
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40.TPM |
GENERAL INFORMATION
|
Suppliers : |
v
Abbon v
Aasuri Steel Trading, Mumbai v
Bharat Steel Corporation,
Mumbai v
N.K. International, Mumbai v
Pooja Steels, Mumbai v
Matexim, Chennai |
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Customers : |
v
Hindustan Hardy Spicer Limited
v
XLO India Limited v
Mahindra Sona Limited v
Hytech Engineers Private
Limited v
Ralliwolf Limited v
Oxford Engineering Private
Limited v
Tag Engineering Private
Limited v
Samir Auto Limited |
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No. of Employees : |
41 |
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Bankers : |
v
HSBC
Bank, Mumbai v
Banaskantha Mercantile
Cooperative Bank Limited, Palanpur Branch, Palanpur-385 001 v Banaskantha District Cooperative Bank Limited, Palanpur Branch,
Palanpur-385 001. |
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Facilities : |
Banaskantha
Mercantile Cooperative Bank Limited – Credit Limit – Rs. 0.500 Millions Credit
Limits:
Rs.1.500 Millions Banaskantha
Mercantile Cooperative Bank Limited – Rs. 0.076 Millions Total
Indebtedness : 2.459 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Dinesh
Shah & Company Chartered
AccountantS |
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Address: |
C-34, Silver Arc, Ellisbridge, Ahmedabad-380 006 |
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Associates/Subsidiaries : |
v
Sree Samiri Engineers. v
Jay Engineers. v Samiri Equipments and Engineers Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
185975 |
Equity
shares |
Rs. 10/- Each |
Rs. 1.860 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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1] Share Capital |
|
1.860 |
1.860 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.361 |
1.118 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
3.221 |
2.978 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.267 |
1.140 |
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2] Unsecured Loans |
|
1.820 |
1.820 |
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TOTAL BORROWING |
|
3.087 |
2.960 |
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DEFERRED TAX LIABILITIES |
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0.167 |
0.268 |
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TOTAL |
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6.475 |
6.206 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.000 |
3.469 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
3.223 |
2.510 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.636 |
0.234 |
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Sundry Debtors |
|
13.266 |
12.845 |
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Cash & Bank Balances |
|
1.950 |
2.273 |
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Security deposit |
|
0.240 |
0.240 |
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Other Current Assets |
|
0.583 |
0.170 |
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Sundry receivable |
|
0.419 |
0.215 |
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Pre paid expenses |
|
0.012 |
0.002 |
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Total Current Assets |
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17.106 |
15.979 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry creditors |
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15.741 |
14.929 |
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Creditor for expenses |
|
1.020 |
0.795 |
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Provisions |
|
0.093 |
0.018 |
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Total Current Liabilities |
|
16.854 |
15.742 |
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Net Current Assets |
|
0.253 |
0.227 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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6.475 |
6.206 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
31.681 |
27.023 |
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Other Income |
|
0.240 |
(0.115) |
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Total
Income |
|
31.921 |
26.908 |
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Profit/(Loss) Before Tax |
|
0.225 |
0.355 |
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Provision for Taxation |
|
0.075 |
0.018 |
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Profit/(Loss) After Tax |
|
0.150 |
0.337 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
|
9.539 |
8.296 |
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Administrative Expenses |
|
1.976 |
1.176 |
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Raw Material Consumed |
|
19.165 |
16.255 |
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Directors remuneration |
|
0.439 |
0.244 |
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Payment to Auditors |
|
0.008 |
0.008 |
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Depreciation & Amortization |
|
0.569 |
0.572 |
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Total
Expenditure |
|
31.697 |
26.553 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.47
|
1.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.71
|
0.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.11
|
1.82 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.06
|
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.19
|
6.28 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.01
|
0.01 |
LOCAL AGENCY FURTHER INFORMATION
As
Per Website Details
Company
Profile
Subject was founded in the year 1996. They
had started with half ton capacity forging unit and have successfully expanded
to one ton capacity additional forging hammer. Since the time of their
inception they have been engaged in the manufacturing and supplying of forging
components to export agencies. They have now entered in to local automobile
industries. They have the capacity to manufacture and supply forged as well as
machined components with precision accuracy.
They are known as the precision forging manufacturer
and their company comprises of sound technical facilities and personnels. They
have the capacity to produce quality proven and ISO standards approved
products:
v
Carbon Steel Flanges
v
Alloy Steel Flanges
v
S.S. Flanges
v
Fittings
v
Automobile Parts
v
Stud & Bolts
v
Gear Shaft, Sliding Shaft
Quality Assurance Systems Every order goes
through a strict flow of production
v
Ordering and procuring of raw materials
v
Testing
v
Dies are inspected by taking out plaster cast.
v
Hot Control Inspection
v
Green Inspection for visual defects
v
Final Inspection before shipments
v
Final Inspection (Metalurgical) such as lab tests, heat treatment like
hardness, microstructure
v
Desposal of Scrap here rejected forging are reviewed and reworkable
forgings are segregated.
Company has three Sister Concerns
well-located at
v
Sree Samiri Engineers
v
Jay Engineers
v Samiri Equipments and Engineers
Private Limited
They have the following prestigious Clients
to:
v
Hindustan Hardy Spicer Limited
v
XLO India Limited
v
Mahindra Sona Limited
v
Hytech Engineers Private Limited
v
Ralliwolf Limited
v
Oxford Engineering Private Limited
v
Tag Engineering Private Limited
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.40.46 |
|
|
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.55.09 |
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 |
|