MIRA
INFORM REPORT
|
Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
SAMIRI EQUIPMENTS
AND ENGINEERS PRIVATE LIMITED |
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Registered Office : |
C – 502, Sita
Vihar, Damani Estate Navpada, Thane – 400602, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.10.2002 |
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Com. Reg. No.: |
11-137694 |
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CIN No.: [Company
Identification No.] |
U74210MH2002PTC137694 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES09107A |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturing of
Fabrication and Engineering Works. |
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 2000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track records. Trade relations
are fair. General financial position is satisfactory. 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 : |
C – 502, Sita
Vihar, Damani Estate Navpada, Thane – 400602, |
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Tel. No.: |
91-22-25821675 /
23427775 |
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Mobile No.: |
91-9322518931 / 9821324550 |
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Fax No.: |
91-22-25804428 |
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E-Mail : |
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Corporate Office / Factory : |
A – 41, Road No. 12,
Wagle Industrial Estate, Thane – 400604, Maharashtra, India |
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Tel. No.: |
91-22-25804428 /
25824878 / 25821675 |
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Fax No.: |
91-22-25801983 |
DIRECTORS
|
Name : |
Mr. Natwar J.
Panchal |
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Designation : |
Managing
Director |
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Address : |
C – 502, Sita Vihar, Damani Estate, Navpada, Thane, |
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Name : |
Mr. Dinesh J.
Panchal |
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Designation : |
Director |
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Address : |
C – 502, Sita Vihar, Damani Estate, Navpada, Thane, |
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Name : |
Mr. Paresha D.
Panchal |
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Designation : |
Director |
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Address : |
C – 502, Sita Vihar, Damani Estate, Navpada, Thane, |
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Name : |
Ms. Rekha J.
Panchal |
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Designation : |
Director |
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Address : |
C – 502, Sita Vihar, Damani Estate, Navpada, Thane, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Paresha D.
Panchal |
|
2500 |
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Dinesh J. Panchal
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2500 |
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Rekha J. Panchal |
|
2500 |
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Natwar J. Panchal
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|
2500 |
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Total |
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10000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
Fabrication and Engineering Works |
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Products : |
Precision
machinery of Automotive components, Assemblies, Rolling Mills, Forgings
components and Fabrications. |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
·
Lad
Engineering ·
Hardware
Services ·
Kumar
Enterprises ·
H.
Shivdas Engineering Works ·
Sparyan
India Private Limited ·
Reliance
Engineering Works |
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|
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Customers : |
·
Bradmg
of ·
Flat products
Equipment Limited ·
Electro
pneumatic and Hydraulic Limited |
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No. of Employees : |
60 |
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Bankers : |
Thane Janata
Sahakari Bank Limited Wagle Estate
Branch, Madhukar Bhavan, Wagle Estate, Thane – 400604 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Jayesh R. Shah
and Associates Chartered
Accountants |
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Address : |
315 / 21,
Siddhivinayak Co-operative Housing Society, Hingwalal Lane, Ghatkopar (East),
Mumbai – 400077, |
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Memberships : |
SSI, TSSIA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.577 |
0.300 |
0.077 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.677 |
0.400 |
0.177 |
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LOAN FUNDS |
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1] Secured Loans |
1.938 |
0.349 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.275 |
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TOTAL BORROWING |
1.938 |
0.349 |
3.275 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
2.615 |
0.749 |
3.452 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.274 |
5.053 |
3.696 |
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Capital work-in-progress |
0.000 |
0.000 |
1.135 |
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INVESTMENT |
3.176 |
1.501 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.006
|
0.346 |
0.528 |
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Sundry Debtors |
12.432
|
1.733 |
3.695 |
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Cash & Bank Balances |
0.048
|
0.795 |
0.205 |
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Other Current Assets |
1.250
|
0.223 |
0.000 |
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Loans & Advances |
0.057
|
0.000 |
0.038 |
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Total
Current Assets |
15.793
|
3.097 |
4.466 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.504
|
8.309 |
5.859 |
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Provisions |
1.131
|
0.604 |
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Total
Current Liabilities |
21.635
|
8.913 |
5.859 |
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Net Current Assets |
[5.842]
|
[5.816] |
(1.393) |
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MISCELLANEOUS EXPENSES |
0.007 |
0.011 |
0.014 |
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TOTAL |
2.615 |
0.749 |
3.452 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
23.984 |
15.772 |
10.398 |
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Profit/(Loss) Before Tax |
0.557 |
0.351 |
0.133 |
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Provision for Taxation |
0.000 |
0.128 |
-- |
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Profit/(Loss) After Tax |
0.557 |
0.223 |
0.133 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
20.343 |
13.120 |
0.000 |
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Administrative Expenses |
2.234 |
1.629 |
0.000 |
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Preliminary expenses w/off |
0.003 |
0.003 |
0.000 |
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Director Remuneration |
0.600 |
0.420 |
0.000 |
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Depreciation & Amortization |
0.246 |
0.067 |
0.069 |
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Other expenditure |
0.000 |
0.000 |
10.723 |
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Total
Expenditure |
|
23.427 |
15.240 |
10.792 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.32
|
1.41 |
1.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.32
|
2.23 |
1.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.64
|
4.31 |
1.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.82
|
0.88 |
0.75 |
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Debt Equity Ratio (Total Liability/Networth) |
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34.82
|
23.06 |
51.60 |
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Current Ratio (Current Asset/Current Liability) |
|
0.73
|
0.35 |
0.76 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
·
Factory
Gala
·
Machinery
The sales of the
company were indicators of good performance of the company. The profit of the
company and were considering various steps to develop new lines in production
as well as trying to diversify the activities. The directors were hopeful a
good prospects of the company.
The company had
accepted any fixed deposit from the public and shareholders.
|
Name of the company |
SAMIRI EQUIPMENTS AND ENGINEERS PRIVATE
LIMITED |
|
Presented
By |
SAMIRI
EQUIPMENTS AND ENGINEERS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation of Goods, Plant and Machinery and Debts dated 21/09/2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock and Book debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
One Time project Interest Margin : 30 % Rate of Interest : ELR + 1 % p.a. i.e. @ 12.50 % p.a. At monthly Rest Period upto 31.01.2005 |
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5) Name and Address and description of the person entitled to the charge. |
Thane Janata
Sahakari Bank Limited Wagle Estate
Branch, Madhukar Bhavan, Wagle Estate, Thane – 400604 |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) 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. |
NA |
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U74210MH2002PTC137694 |
|
Name of the company |
SAMIRI EQUIPMENTS
AND ENGINEERS PRIVATE LIMITED |
|
Address |
C – 502, Sita
Vihar, Damani Estate Navpada, Thane – 400602, |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Thane Janata
Sahakari Bank Limited Wagle Estate
Branch, Madhukar Bhavan, Wagle Estate, Thane – 400604 |
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Nature or description of the instrument creating charge |
Hypothecation of Tangible Movable Machinery and Plant |
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Date of the instrument creating charge |
03.07.2006 |
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Amount Secure by the charge |
Rs. 2.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Period 61 months, 60 EMI Rs. 0.045 (Monthly Rest), Margin 15 %, Interest Rate 12.50 % p.a. (at monthly rest) i.e. @ 50 % p.a. above PLR. |
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Description of the property charge whether it is a charge on |
Plant and Machinery |
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Particulars of the Property charged |
All present and future plant and machinery including machinery mentioned in list attached to the hypothecation of tangible movable machinery and plant dated 03.07.2006. |
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As per Website
Incorporated in the year 1984, they are a reputed manufacturer and exporter by the name of 'Samiri Equipments & Parts'. i Since the beginning, their sole aim has always remained to be primarily engaged in the manufacturing of all types of precision machinery of Automotive components, Assemblies, Rolling Mills, Forging components and Fabrications. Owing to the wide range of products manufactured and the standard of quality maintained by their highly proficient team of engineers and the entire management, they have been able to achieve fast growth and a well established name for their self in the relevant market. They also offer their profound maintenance services for the Cement Plant. Their company is capable of being categorized as one of the best and reliable source for the production of such product range.
They are widely involved in the entire production process and services of the following:
v
All types of Shaft, Gear Shaft & Cylinder
Manufacturers
v
Injection Molding Machine parts, clamps
v
Rolling Mill parts, roller holders, rollers,
outboard assy
v
Shearing and coil car, pinch roll assembly
v
All type of Automobile Parts & General
Fabrication
v Chocks, seal end plates, end covers, end plate etc.
They undertake jobs on the basis of procured raw material which has the correct Mill Test certificate. They review this certificate before starting to work on the process. This process is known as 'blank identification'. In case the client is unable to furnish the material test certificate then they conduct all the necessary tests such as physical, chemical and ultrasonic testing to check whether the material is in accordance with the specifications required. The finished product is delivered or dispatched at supplier's premises as per the finalized terms and conditions.
They have three sister concerns -Sree Samiri Engineers,
Jay Engineers and Samiri Forge Private Limited Their production
unit is located at a central location in a well-known industrial area. They
have a plot area of nearly 3000 square feet and have state-of-the-art
facilities such as well-equipped technical capabilities. Quality products are
the hallmark of the company. They have further plans to grow by increasing
their infrastructural set up in the near future in order to enhance the
satisfaction of growing customers around the country.
They, at Samiri Equipments & Parts, are determined
solely for total customer satisfaction by offering quality at its best. They
are confident and ensure to maintain the same always.
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.40.38 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.55.56 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|