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MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
STAR-MECH CONTROL ( |
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Registered Office : |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.04.1994 |
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Com Reg. No. |
077723 |
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CIN No.: [Company
Identification No.] |
U74999MH1994 PTC077723 |
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Legal Form : |
Subject is Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Distributor of a variety of flow control products. |
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 30020 |
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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 reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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Tel. No.: |
91-20-26816420 / 26876140 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. fts |
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Location : |
Owned |
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Factory 1 : |
Plot No. 110, S. No. – 54, Swami Vivekanand Co-Op, Industrial Estate
Limited, Pune, |
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Tel. No.: |
91-20-26970109 |
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Area : |
10000 sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Uttam Jadhav |
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Designation : |
Director |
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Address : |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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Date of Birth/Age : |
11.08.1949 |
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Date of Appointment : |
15.04.1994 |
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Name : |
Mrs. Sushila Uttam Jadhav |
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Designation : |
Director |
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Address : |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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Date of Birth/Age : |
15.08.52 |
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Date of Appointment : |
15.04.1994 |
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Name : |
Miss Vaishali Uttam Jadhav |
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Designation : |
Director |
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Address : |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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Date of Birth/Age : |
06.02.1974 |
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Date of Appointment : |
15.04.1994 |
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Name : |
Mr. Jayantilal Keshvaji Kakkad |
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Designation : |
Director |
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Address : |
221, Solapur BAzar, Pune – 411001, |
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Date of Appointment : |
27.08.1997 |
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Name : |
Miss Vrushali Uttam Jadhav |
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Designation : |
Director |
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Address : |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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Date of Birth/Age : |
06.02.1978 |
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Date of Appointment : |
21.01.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Uttam Jadhav |
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3720 |
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Mrs. Sushila Uttam Jadhav |
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750 |
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Miss Vaishali Uttam Jadhav |
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250 |
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Mr. Jayantilal Keshvaji Kakkad |
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50 |
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Miss Vrushali Uttam Jadhav |
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2000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and distributer of a variety of flow control products. |
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Products : |
NIC Code Name
33122
Supply meters for electricity, water or gas
Plate Assembly
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GENERAL INFORMATION
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No. of Employees : |
40 (15 in Office, 25 in Factory) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B.D. Thorat & Company Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Share |
Rs.100/- Each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Share |
Rs.100/- Each |
Rs.2.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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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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3.515 |
3.489 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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5] Profit and Loss A/c |
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1.990 |
0.000 |
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NETWORTH |
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7.505 |
5.489 |
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LOAN FUNDS |
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1] Secured Loans |
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1.351 |
1.004 |
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2] Unsecured Loans |
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4.335 |
3.245 |
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3] Bank OCC A/C (Bank OD A/c) |
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3.834 |
3.773 |
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TOTAL BORROWING |
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9.520 |
8.022 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.025 |
13.511 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.247 |
4.851 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Deposits (Asset) |
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1.271 |
1.271 |
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Sundry Debtors |
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13.252 |
9.861 |
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Cash in hand |
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(0.050) |
0.071 |
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Bank Accounts |
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0.020 |
0.084 |
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Loans & Advances |
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0.905 |
0.559 |
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Closing Stock |
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3.864 |
2.372 |
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Total
Current Assets |
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19.262 |
14.218 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.571 |
5.558 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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8.571 |
5.558 |
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Net Current Assets |
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10.691 |
8.660 |
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MISCELLANEOUS EXPENSES |
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0.087 |
0.000 |
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TOTAL |
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17.025 |
13.511 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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30.848 |
26.060 |
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Other Income |
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0.319 |
0.106 |
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Total Income |
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31.167 |
26.166 |
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Profit/(Loss) Before Tax |
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1.990 |
1.415 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.990 |
1.415 |
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Expenditures : |
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Dr. Cr. W. Off. |
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0.000 |
0.029 |
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Manufacturing Expenses |
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23.690 |
17.358 |
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Administrative Expenses |
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2.405 |
3.654 |
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Financial expenses |
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1.016 |
1.084 |
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Marketing and selling expenses |
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0.036 |
0.409 |
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Staff remuneration and benefits |
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2.274 |
1.047 |
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Business promotion |
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0.013 |
0.000 |
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Industrial labour welfare fund |
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0.008 |
0.000 |
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Mortgage charges |
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0.011 |
0.000 |
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Payment to Auditors |
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0.540 |
0.412 |
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Processing fess of Bank |
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0.019 |
0.000 |
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Repairs and maintenance (factory building) |
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0.129 |
0.034 |
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Repairs and maintenance machinery |
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0.076 |
0.000 |
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Site visit charges |
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0.013 |
0.000 |
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Subcrition and periodical |
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0.003 |
0.000 |
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Traveling and conveyance |
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0.420 |
0.000 |
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Vat audit fees |
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0.017 |
0.000 |
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Total Expenditure |
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30.671 |
24.028 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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6.38 |
5.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.45 |
5.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.80 |
7.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.41 |
2.47 |
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Current Ratio (Current Asset/Current Liability) |
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2.24 |
2.55 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
STAR-MECH CONTROL ( |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of medium term advance to small scale industries and
hypothecation of movables, book debts and other assets b. Ancillary
Agreement ‘A’ Both the above
agmt’s are dt. 30.08.2003 and executed for the creation of a single charge. |
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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 |
All present and
future goods, book debts, movables and other assets of the borrower including
documents of title to goods and other assets, such as outstanding money,
receivable, claims, bills, invoices, documents contracts, engagement,
securities, investments, rights and the present and all future machinery. As
further security belong to the borrower and be lying in or about the factory
premise in S. No. 54, plot No. 110, Swami Vivekanand Industrial Co-Op-
Society Ltd. Hadpsar, Pne 28 Machinery such as
: Driling Machine, Kirloskar Ent – 355, Grand Tools, Computer, Fax Machine,
Grinder KPT. Etc. list attached herewith |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : SBMTI with
a min of 12.10 P.a. Margin :
Machinery 25 Repayment : 60
monthly installments of Rs.0.025 million each the first of which installment
paid on the day of Jan, 2004 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A. |
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Corporate
identity number (CIN) Foreign company registration number |
U74999MH1994PTC077723 |
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Name of the Company
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STAR-MECH CONTROL ( |
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Address |
Sushilottam, 29/3A/3, Sasane Nagar, Hadapsar, Pune – 411 028, |
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This form is for |
Modification of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of the
charge holder |
State Bank of Address : City : Pune State : Pin Code : 411004 Email ID :
ksaraf@vsnl.net |
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Amount secured by
the charge |
Rs.2.000 millions
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Brief of the
principal terms and conditions |
ROI : 1.5% over
the SBIAR with a minimum of 14.5% P.A. Effective rate 14.79 % P.A.W.Q.R. Margin : Raw
Material : 25 % Stock In Process : 25 % Book Debts 40 % Letter of Credit 25% |
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Description of
the property charged indicating |
Plant and
Machinery Stock in Trade Book Debts B) All present
and future goods, book debts, movables and other assets of the borrower
including documents of title to goods and other assets, such as outstanding
money, receivable, claims, bills, invoices, documents contracts, engagement,
securities, investments, rights and the present and all future machinery, Raw
Materials, Stock in Process, Book Debts, Letter of Credit and Guarantees. |
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Modification of
Charges |
90088177 |
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Brief description
of the instrument modifying the charge under section |
Supplemental
Agreement of Loan-cum-Hypothecation. |
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Date of
Instrument |
17.07.2006 |
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Particular of the
present modification |
Now by this modification
the limit Increased from Rs. 7.500 millions to Rs. 10.500 millions. Details
of enhanced facilities (As per Annexure ) |
Web Details Attached:
Home Founded in 1985 by Mr.
U.S. Jadhav, STAR-MECH is known as an innovative
leader specializing in the engineering, design, manufacturing and distribution
of a variety of flow control products.
The company provides
extensive engineering support for product selection and application to its
customers. STAR-MECH believes very strongly in the quality and reliability of
its products, as well as being responsive to its customer's needs.
A highly qualified team of
sales, engineering & manufacturing specialist committed towards maintaining
the highest level of quality, product design & production are an
uncountable asset of the company.
In house gravometric flow
calibration lab further adds to accuracy of our products.
STAR-MECH has been appreciated from time to time for its
valuable contribution to the process industry by various government,
multi-nationals and private sector organizations.
Services
We provide calibration of flow sensors as per ISO 4185 standard by
weighing method. We also offer consultation for design, development &
installation of flow meters.
CONSULTANT FIRMS: -
1. Jacobs H & G limited, Mumbai
2. Mecon,
3. Uhde India Limited, Mumbai
4. Tata Consulting Limited, Mumbai & Bangalore
5. NTPC,
6. Tecnimont ICB Limited, Mumbai
7. Engineers India Limited,
8. F.E.D.O., Cohin
9. Kaverner Powergas (I) Limited, Pune, Mumbai
GOVERNMENT ORGANISATION: -
1. Bhabha Atomic
2.
3. Nuclear Power Corporation of India., Kota & Kakarpada
4. Indian Aluminium Company Limited, Belguam
POWER PLANT: -
1. Tata Power Company, Mumbai
2. Jojobera Power Plant, Tatanagar
3. Jyoti Bio Gas Energy Power Plant,
4.
5.
6. Lanco Kondapalli Power Plant, Kondapalli
7. J.I.C.P.L., Bharuch
8. NTPC,
PAPER AND PULP INDUSTRY: -
1. The West Coast Paper Mills Limited, Dandeli
2. Khanna Paper Mill Pvt. Limited,
3. The Central Pulp & Paper Mills Limited,
4. Pudumjee Pulp & Paper Mills Limited, Pune
FERTILISER INDUSTRY: -
1. Rashtriya Chemicals & Fertilisers Limited, Mumbai
2. Madras Fertiliser & Chemicals Limited,
3. Oswal Chemicals & Fertiliser Limited, Paradeep
4. Gujarat Narmada Valley Fert.Company Limited, Bharuch
CEMENT INDUSTRY: -
1. L & T Limited, Mumbai
2. Priyadarshini Cement Limited,
3. Deccan Cement Limited,
4. The Associates Cement Company Limited, Pune & Mumbai
5. Shree Vishnu Cement Limited,
CHEMICAL &
PHARMACEUTICAL INDUSTRY: -
1. Bayer India Limited, Thane
2. Grasim Industries Limited, Harihar
3. Herdillia Chemical Limited, Mumbai
4. Tata Chemicals Limited, Mithapur
5. Vinyl Chemicals Limited, Mahad
STEEL & FERROUS
INDUSTRY: -
1. Tata Iron & Steel Company Limited,
2. Kirloskar Ferrous Ind. Limited, Hospet
3. Ispat Ind.Limited, Raigad
4. Jindal Strips Limited, Hisar
5. Sunflag Iron & Steel Company Limited,
SUGAR MACHINERY
MANUFACTURER: -
1. ISGEC John Thompson., Noida
2. Walchandnagar Ind, Limited, Walchandnagar
3. Krupp Industries Limited, Pune
INSTRUMENTATION &
PROJECT INDUSTRY: -
1. Forbes Marshall Arca Limited, Pune
2. Tata Honeywell Limited, Pune
3. Themax Limited, Pune
4. Fisher Rosemount (I) Limited, Mumbai
5. Siemens Limited, New Delhi & Mumbai
6. Yokogawa Blue Star Limited,
7. L& T Limited, Mumbai
PETROCHEMICAL INDUSTRIES: -
1. Reliance Industries Limited, Hazira
2. Bharat Petroleum Corporation Limited, Mahul
3. Indian Oil Corporation Limited, Panipat
4. Indian Petrochemicals Corporation Limited, Nagothane
5. Cochin Refineries 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.40.38 |
|
|
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 |
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 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--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 |
|