MIRA
INFORM REPORT
|
Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
STANDARD RING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A- 75 / 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
22.12.1988 |
|
|
|
|
Com. Reg. No.: |
034350 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1988PTC034350 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21619D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and exporter of all types of springs, piston rings,
non-magnetic rings. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
A- 75 / 1, |
|
Tel. No.: |
91-11-27436934 / 27219670 |
|
Fax No.: |
91-11-27229670 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Arvind Kumar Jain |
|
Designation : |
Director |
|
Address : |
R – 560, New Rajinder Nagar, |
|
Mobile No.: |
91-9810192279, 9811047788 |
|
Date of Birth/Age : |
09.03.1953 |
|
Date of Appointment : |
08.09.1989 |
|
|
|
|
Name : |
Mrs. Jaimala Jain |
|
Designation : |
Director |
|
Address : |
R – 560, New Rajinder Nagar, |
|
Date of Birth/Age : |
01.01.1933 |
|
Date of Appointment : |
08.08.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Arvind Kumar Jain |
|
590 |
|
Mr. Suresh Jain |
|
560 |
|
Mrs. Jaimala Jain |
|
500 |
|
M/s. Popia Agencies Private Limited |
|
2000 |
|
M/s. Archies Consultants Private Limited |
|
1350 |
|
Total |
|
5000 |
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
33.00 |
|
Other top fifty (50) shareholders (other than listed above) |
|
67.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of all types of springs, piston rings,
non-magnetic rings. |
|
|
|
|
Products : |
v
Compression Springs v
Smal;l springs v
Torzan Springs v
Wire Forming Springs v
Non-magnetic Alfin Rings v
Steel Oil Rings v
Cast Iron Rings v
Oil Rings v
Pistons etc. |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Subhash C Jain and Company Chartered Accountants |
|
Address : |
5A / 12, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.572 |
0.482 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.072 |
0.982 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.225 |
0.000 |
|
|
2] Unsecured Loans |
|
0.684 |
0.770 |
|
|
TOTAL BORROWING |
|
0.909 |
0.770 |
|
|
DEFERRED TAX LIABILITIES |
|
0.031 |
0.044 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.011 |
1.796 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.675 |
0.821 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.952 |
1.721 |
|
|
Sundry Debtors |
|
2.353 |
1.011 |
|
|
Cash & Bank Balances |
|
0.112 |
0.031 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.360 |
0.098 |
|
Total
Current Assets |
|
3.777 |
2.861 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
3.297 |
1.837 |
|
|
Provisions |
|
0.142 |
0.049 |
|
Total
Current Liabilities |
|
3.439 |
1.886 |
|
|
Net Current Assets |
|
0.337 |
0.975 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.011 |
1.796 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover (Estimated) |
|
5.000 |
3.000 |
sKEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.10 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.06 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
STANDARD RING PRIVATE LIMITED |
|
Presented By |
Mr. Arvind Kumar
Jain, Director and Shri. S K Kapoor, Branch Manager, State Bank of |
|
1) Date and description of instrument creating the change |
Agreement for the
grant of small Industrial Advances dated 19.08.1997 (registered on 19.08.1997
and modified on 02.12.1999) (registered on 03.01.2000) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.100 million
dated 19.08.1997 Rs. 0.200
millions dated 02.12.1999 |
|
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 |
Hypothecation of
stocks of raw materials of Rings, stock in process and finished Goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 10.25
% per annum. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief description of instrument modifying the charge |
Agreement for
grant of small Industrial Advances dated 19.07.2004 |
|
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. |
Enhancement of working
capital limit from Rs. 0.200 millions to Rs. 0.400 million. |
|
Corporate
identity number (CIN) Foreign company registration number |
U74899DL1988PTC034350 |
|
Name of the
Company |
STANDARD RING PRIVATE LIMITED |
|
Address |
A- 75 / 1, |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
v
Mortgage
of conditional sale v
Equitable
mortgage or mortgage of property by depositing the title deeds v
Hypothecation |
|
Whether consortium
finance is involved |
No |
|
Particulars of
the charge holder |
State bank of E-mail: www.cdhankar@yahoo.com |
|
Amount secured by
the charge |
Rs. 0.400 million |
|
Description of
the property charged indicating whether it is a charge on |
v
Immovable
Properties v
Stock
in trade v
Book
debts |
|
Particular of the
property charged |
Hypothecation of stock
and colletro security officers. 560 New Rajinder Nagar, |
Website details attached
Subject was incepted in 1974. Since then, it has
risen to become one of the largest manufacturer and exporter of all types of springs, pistons, piston rings, non-magnetic
alfin rings etc. Today, the company boasts of a state-of-the-art
manufacturing infrastructure which is able to create almost flawless springs,
pistons, piston rings etc. Their product range includes:
- Compression
Springs,
- Small
Springs,
- Torzan
Springs,
- Wire Forming
Springs,
- Non-magnetic
Alfin Rings,
- Steel Oil
Rings,
- Cast Iron
Rings,
- Oil Rings,
- Pistons etc.
The whole manufacturing process takes place under the strict supervision
of qualified engineers and quality control personnel. They exercise stringent
quality and durability checks on all their products at all stages of
production. Their R&D department is constantly involved in creating new
products to suit the increasing demands of the modern times.
The quality of their products and services has been certified by ISO 9000. They are counted among the
best manufacturers of high-quality springs, pistons, piston rings etc. Their
dedication towards quality and timely delivery has given them the extra edge over
their competitors. They have the required experience, skill, and infrastructure
and most importantly will to create products according to the clients'
specifications. They are catering to a vast clientele in Indian as well as
foreign markets.
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. 40.91 |
|
|
1 |
Rs. 80.46 |
|
Euro |
1 |
Rs. 54.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|