MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SANT VALVES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.1992 |
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Com. Reg. No.: |
16-12760 |
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CIN No.: [Company
Identification No.] |
U27202PB1992PTC012760 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS00272G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Valves, Cocks, Boiler Mountings, all kinds of Pipe
Fittings, Pipes and Pumps for Liquid, Steam. |
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 122000 |
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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 : |
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Tel. No.: |
91-181-5084693/ 94/ 95/ 2602522/ 2603074 |
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Mobile No.: |
91-9814061478 |
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Fax No.: |
91-181-2603308 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rup Singh Dhumal |
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Designation : |
Managing Director |
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Address : |
309/6-A, |
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Date of Birth/Age : |
02.02.1936 |
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Date of Appointment : |
24.11.1992 |
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Name : |
Mr. Sukh Ram |
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Designation : |
Director |
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Address : |
46-Deen Dayal Upadhaya Nagar, Jalandhar |
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Date of Birth/Age : |
11.11.1937 |
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Date of Appointment : |
24.11.1992 |
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Name : |
Mr. Rakesh Rathour |
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Designation : |
Director |
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Address : |
20- Deen Dayal Upadhaya Nagar, Jalandhar |
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Date of Birth/Age : |
28.05.1959 |
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Date of Appointment : |
24.11.1992 |
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Name : |
Mr. Rajesh Rathour |
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Designation : |
Director |
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Address : |
20- Deen Dayal Upadhaya Nagar, Jalandhar |
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Date of Birth/Age : |
20.04.1961 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Mukesh Rathour |
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Designation : |
Director |
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Address : |
48- Deen Dayal Upadhaya Nagar, Jalandhar |
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Date of Birth/Age : |
08.10.1967 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Naresh Kumar |
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Designation : |
Director |
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Address : |
62-Seth Hukum Chand Colony, Jalandhar |
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Date of Birth/Age : |
06.01.1964 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Arun Singh Dhumal |
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Designation : |
Director |
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Address : |
309/6-A, |
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Date of Birth/Age : |
02.02.1936 |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mr. Pawan Sikka |
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Designation : |
Director |
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Address : |
449-Guru Teg Bahadur Nagar, Jalandhar |
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Date of Birth/Age : |
01.02.1958 |
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Date of Appointment : |
01.08.2004 |
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Name : |
Mr. Ganpat Rai |
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Designation : |
Director |
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Address : |
20, Deen Dayal, Upadhaya Nagar, Jalandhar |
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Date of Appointment : |
12.04.2005 |
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Name : |
Mr. Krishan Lal Sika |
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Designation : |
Director |
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Name : |
Mr. Birbal Dass |
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Designation : |
Director |
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Name : |
Mr. Lashkari Ram |
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Designation : |
Director |
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Name : |
Mr. Praveen Rathour |
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Designation : |
Director |
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Address : |
46, Deen Dayal Upadhaya Nagar, Jalandhar, |
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Date of Birth : |
30.04.1969 |
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Date of Appointment : |
01.04.2006 |
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Partnership held in partnership firm : |
S S Forgings |
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Name : |
Mr. Arvind Dhumal |
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Designation : |
Director |
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Address : |
309/6A, |
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Date of Birth : |
05.02.1970 |
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Date of Appointment : |
01.04.2006 |
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Partnership held in partnership firm : |
Crescent Engineering company, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Rup Singh Dhumal |
18000 |
12.00 |
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Mr. Sukh Ram |
16500 |
11.00 |
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Mr. Rakesh Rathour |
15000 |
10.00 |
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Mr. Rajesh Rathour |
15000 |
10.00 |
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Mr. Mukesh Rathour |
8430 |
5.62 |
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Mr. Naresh Kumar |
13875 |
9.25 |
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Mr. Rajkumar |
8445 |
5.63 |
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Mr. Arun Singh Dhumal |
4680 |
3.12 |
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Mr. Pawan Sikka |
14250 |
9.50 |
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Mr. Vikram Rathour |
9945 |
6.63 |
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Mr. Praveen Rathour |
6375 |
4.25 |
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Mr. Sunil Sikka |
6000 |
4.00 |
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Mr. Vijay Kumar Chouhan |
4500 |
3.00 |
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Mr. Paramjit Kumar |
9000 |
6.00 |
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Total |
15000000 |
100.00 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Valves, Cocks, Boiler Mountings, all kinds of Pipe
Fittings, Pipes and Pumps for Liquid, Steam. |
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Products : |
v
Industrial valves and non-ferrous ingots in bronze v
Gunmetal v
Cast
iron v
Cast
steel and forged steel v
Gunmetal
gate valves v
Bronze
globe steam stop valves v
Bronze
safety valves v
Bronze
sleeve packed water level gauge v
Bronze
fusible plug v
Bronze
parallel slide blow off valve v
Cast
iron accessible feed check valve v
Cast
iron y-type stainer
v
Cast
iron single post safety valve v
Cast
iron double post safety valve v
Cast
iron vertical inverted bucket type steam trap v
Cast
iron pulp valves-pillar type |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
400 |
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Bankers : |
State
Bank of |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
K Bhagat & Company Chartered Accountants |
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Address : |
Jalandhar-144001, |
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Memberships : |
EEPC, AIVCMA, NICC AND ACCIP |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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15.000 |
15.000 |
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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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15.593 |
11.901 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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30.593 |
26.901 |
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LOAN FUNDS |
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1] Secured Loans |
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21.524 |
17.012 |
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2] Unsecured Loans |
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45.253 |
42.866 |
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TOTAL BORROWING |
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66.777 |
59.878 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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97.370 |
86.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.978 |
17.111 |
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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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Inventories |
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34.632 |
48.669 |
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Sundry Debtors |
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62.352 |
51.908 |
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Cash & Bank Balances |
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0.550 |
0.856 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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8.842 |
4.869 |
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Total
Current Assets |
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106.376 |
106.302 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.984 |
36.634 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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30.984 |
36.634 |
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Net Current Assets |
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75.392 |
69.668 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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97.370 |
86.779 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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200.000 |
150.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.19 |
3.59 |
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Current Ratio (Current Asset/Current Liability) |
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3.43 |
2.90 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
SANT VALVES
PRIVATE LIMITED |
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Presented By |
Mr. R S Dhumal, Managing
Director |
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1) Date and description of instrument creating the change |
General agreement for the grant of Small Industrial Advances and Hypothecation of movables, book debts and other assets (working capital finance) dated 06.08.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.500 millions on 06.08.1993 enhanced to Rs.10.500 millions on 23.04.1996 restructured on 02.04.2002 enhanced to Rs.11.500 millions on 27.01.2003 now enhanced to Rs.15.500 millions on 06.09.2005. |
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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 company and all the present and future machinery of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on demand Extent of operation -100% Rate of interest – 13.25% |
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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 |
General agreement for the grant of small industrial advances dated 06.09.2005. Ancillary agreement No.1 Ancillary agreement No.2 Ancillary agreement No.3 Ancillary agreement No.6 |
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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. |
Limits enhanced form Rs.10.500 millions to Rs.11.500 millions on 27.01.2003 Regd. On 25.02.2003. Now limit further enhanced from 11.500 millions to Rs.15.500 millions on 06.09.2005. Rate of interest reduced from 13.25% to 12.25% p.a. |
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Corporation identity number or foreign company registrations number of the company |
U27202PB1992PTC012760 |
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Name of the company |
SANT VALVES PRIVATE LIMITED |
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Address |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Book debts Movable property |
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Particular of the charge holder |
State
Bank of |
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Nature or description of the instrument creating charge |
Agreement of loan cum hypothecation |
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Date of the instrument creating charge |
06.10.2006 |
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Amount Secure by the charge |
Rs.36.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : 10.5% Terms of repayment Working capital repayable on demand Term loan repayable as per repayment schedule Margin : 25% on stocks, 50% on domestic receivables, 25% on letters of credit
and bank guarantee Extent and operation of the charge 100% |
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Particulars of the Property charged |
Raw material, stock in process, finished goods, receivables and all
existing and future current assets of the company. Equitable mortgage of
factory land and building measuring 8 K 19 M in the name of Sant Brass Metal
works. |
Website Details :
Subject is an ISO 9001:2000 certified company, was founded in the year 1953 by the name of SANT BRASS METAL WORKS. They are a manufacturer and exporter of industrial valves and non-ferrous ingots. Their range of products includes gunmetal gate valve, bronze globe steam stop valve, bronze safety valve, bronze sleeve packed water level gauge, bronze fusible plug, bronze parallel slide blow off valve, cast iron accessible feed check valve, etc. Under the bright guidance and patronage of Thakur Ganpat Rai, the company achieved enormous success and took the shape of a Pvt. Ltd. company in the year 1993.
Under the name of SANT GROUP OF INDUSTRIES they have a number of units in operation. They have two units manufacturing valves and cocks, four units for pipe fittings and one export unit dealing in hand tools. With towering success already in hand, they hope to grow and advance further as an entity.
Products
Subject is a renowned manufacturer and exporter of industrial valves and
non-ferrous ingots in bronze, gunmetal, cast iron, cast steel and forged steel
as tabulated below:
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Gunmetal
gate valves |
Bronze
globe steam stop valves |
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Bronze
safety valves |
Bronze
sleeve packed water level gauge |
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Bronze
fusible plug |
Bronze
parallel slide blow off valve |
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Cast
iron accessible feed check valve |
Cast iron y-type stainer |
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Cast
iron single post safety valve |
Cast
iron double post safety valve |
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Cast
iron vertical inverted bucket type steam trap |
Cast
iron pulp valves-pillar type |
Size/Type/Application
Their products are available in different pressure and temperature ratings and
the size ranges from 8 mm to 200 mm. They are offered in screwed, socket
welding and flanged end connections. Their products are recognized in the
markets and are widely applicant in industries like Water, Power Plant, Textile
Mills, Fertilizer Plants and Process Industries, etc.
Quality Control
They consistently follow adequate procedures and methods to offer products and
services to the satisfaction of their customers. Their products are ISI
marked and their company is ISO 9001:2000 certified. The steam valves they
manufacture are approved under Boiler Regulations. Certifications from various
quality regulatory bodies confirms the high quality levels of their products.
Their quality objectives are:
To strive continuously for better product quality through
documented system and procedures
Manufacture products which satisfy national and
international standards.
Infrastructure
Theirs is a well equipped unit with all facilities for the designing and
manufacturing of valves as per the national and international standards. Their
staff is replete with able and qualified engineers and personnels who
manufacture quality products for the most demanding applications. Their
research and marketing departments work in coordination to maintain the
organization's unique position in the industry.
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.40.47 |
|
|
1 |
Rs.80.28 |
|
Euro |
1 |
Rs.54.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
|
|
--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 |
|
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
|
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 |
|