MIRA
INFORM REPORT
|
Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SHEFA ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
D – 188, Sarita Vihar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
17.07.1982 |
|
|
|
|
Com. Reg. No.: |
55-14048 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1982PTC014048 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22975B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACS0922N |
|
|
|
|
Legal Form : |
Private Limited Liability Company.
|
|
|
|
|
Line of Business : |
Manufacture of process
equipment all kinds of heavy / small process machinery & equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 28000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
D – 188, Sarita Vihar, |
|
|
|
|
Factory 1 : |
D-7, Site-IV, Sahibabad Industrial Area, |
|
Tel. No.: |
91-120-2896070 / 2897025 |
|
Mobile No.: |
91-9810013092 |
|
Fax No.: |
91-120-2897122 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Ashok Kumar Chopra |
|
Designation : |
Director |
|
Address : |
H. No. 502, Rattan Jyoti Apartments, Plot No. 20 Vaishali Sector - 4, |
|
Date of Birth/Age : |
05.05.1952 |
|
Date of Appointment : |
09.10.1995 |
|
|
|
|
Name : |
Mr. Neerja Chopra |
|
Designation : |
Director |
|
Address : |
H. No. 502, Rattan Jyoti Apartments, Plot No. 20 Vaishali Sector - 4, |
|
Date of Birth/Age : |
31.12.1983 |
|
Date of Appointment : |
01.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar Chopra |
|
3519 |
|
A K Chopra and Sons |
|
20 |
|
Chitra Chopra |
|
2038 |
|
Total |
|
5577 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Directors of relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of process
equipment all kinds of heavy / small process machinery & equipments. |
||||||||
|
|
|
||||||||
|
Products : |
DRYERS & FILTERS: Fluid Bed Dryer, Pedal Dryer, Tumbler Dryer, Air/Gas Dryers.
Rotary Vacuum Dryer, Nutche Filter, Filter Press, Candle Filter, Leaf Filter,
Pressure Filter. PHARMACEUTICAL/CHEMICAL
PLANTS: All types of Reactors and
Mixers-high speed and low speed, Formaldehyde & Hexamine Production
Plants, Operation Theatre Equipment, PSA Nitrogen Plants, Underground and
elevated storage facility for HSD, Solvents, CO2/N2/O2 and Class A/B/C
Phenol/Formaldehyde/ Ropaque Polymer Liquids as per CCE/SMPV (U) rules,
Mobile tankers with loading and dispensing facility. All types of Heat
Exchangers, after coolers, intercoolers, Gas Storage Systems etc. etc.. VESSELS/TANKS: All types of Pressure Vessels, Cryogenic and Storage
tanks/ mobile tanks, Tankers, Incinerators etc. CONVEYORS: All types of solid conveying systems, Centrifuge with
Automatic Scraping and Conveying systems, Electronic Weighing, Batching and
Conveying system with belt conveyor/ screw conveyor, bucket elevator, ladder,
Vibratory Sieve with PLC system for solid / Powder / resign / paint and
solvents. SURFACE FINSHING SYSTEMS: Components De-greasing Machines, Washing Machines,
Metal polishing Machines. OTHER PLANTS Effluent Treatment Plants,
Ventilation Nozzles for Underground Railway Stations, Train Washing Plants,
Lifting Jacks, Mobile jacks, Boogie Washing Plants |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Gupta and Associates Chartered Accountants |
|
Address : |
95, 2nd Floor, Wazir Nagar, Kotla Mubarakpur, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5577 |
Equity Shares |
Rs. 100/- each |
Rs. 0.558
Millions |
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 |
|
0.558 |
0.558 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.487 |
5.501 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
7.045 |
6.059 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
5.057 |
4.705 |
|
|
2] Unsecured Loans |
|
3.101 |
3.409 |
|
|
TOTAL BORROWING |
|
8.158 |
8.114 |
|
|
DEFERRED TAX LIABILITIES |
|
0.240 |
0.321 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.443 |
14.494 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.394 |
3.316 |
|
|
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 |
|
16.084 |
16.750 |
|
|
Sundry Debtors |
|
7.163 |
8.398 |
|
|
Cash & Bank Balances |
|
3.167 |
3.046 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
13.946 |
14.327 |
|
Total
Current Assets |
|
40.360 |
42.521 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
28.726 |
30.613 |
|
|
Provisions |
|
0.585 |
0.730 |
|
Total
Current Liabilities |
|
29.311 |
31.343 |
|
|
Net Current Assets |
|
11.049 |
11.178 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.443 |
14.494 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [Estimated] |
|
100.000 |
NA |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.32 |
6.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.38 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Name of the company |
SHEFA ENGINEERS
PRIVATE LIMITED |
|
Presented By |
Company and
State Bank of |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreement dated 12.05.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.200
Millions |
|
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 |
The whole of the
borrower’s stocks whether raw or in process of manufacture and all articles
to be manufactured the reform, stored or to be stored at borrower’s Godown
factory or premises. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Payable on
demand. The above is to secure BG facility. |
|
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 |
NA |
|
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 |
AS PER WEBSITE
Profile
Subject are an established ISO-9001:2000 Organization specialized in the design and
manufacture of process equipment all
kinds of heavy / small process machinery & equipments since last two
and half decades. Through the combination of their design and engineering
skills, their own manufacturing and fabrication facilities, careful selection
of their supply partners and commitment from their people they have attained
new heights of success.
They are also an Engineering Agency Management house dealing with some major
PSUs and Private Sector giants for their requirements in small and heavy
machines. They represent principals within country and globally to follow up
their offers against their tenders submitted to a successful realization.
By knowing the customers actual requirements, they, in coordination with the
OEMs, design the equipment as required. In past they represented the MNC,
Mechan Limited (
They concentrate in following areas:
Manpower & Activities
Their experienced sales / services engineers and technicians
provide alround support in project preparation, execution of the project as
well as operational know-how of plants. They offer turnkey projects, upgrades
and reconstruction of plants for the clients who want complete solutions.
Their team consists of professional engineers who are brilliant in their
respective fields, assisted by highly skilled & versatile supervisors &
technicians, supported by an advanced Quality Assurance & Control
Department as well as, a well-equipped Design & Drawing Department.
A team of qualified engineers and welding technologists work exclusively on
developing and establishing welding procedures to meet the code and other
special requirements of their clients. They at present has a suite of qualified
welding procedures that utilize MIG, TIG, SAW, Electro slag Strip Cladding,
Narrow Gap SAW, Plasma Arc and Pulsed TIG procedures. The majority of their
procedures are qualified to Quality and ASME requirements. Their workforce is
qualified for handling the following materials.
Duplex Stainless Steel
Stainless Steel
Carbon Steel
Aluminum
Low Alloy Steel
Chrome Moly Steel
Quality Control
They maintain a separate Quality Control department to look
after the various aspects of quality as per the latest and Modern Quality Assurance
Program. The Quality aspect is maintained right from Design and Engineering
stage up to the erection and commissioning stage.
They have their own full-fledged Design and Engineering Department under
Director (Engineering) supported by Chief Engineers Mechanical, Electrical and
Process. The in-house facilities for all required disciplines of engineering
help in close co-ordination for the expeditious design of the plant and the
projects are developed from conception to completion. The latest technologies
based on the extensive feed back data available from various executed projects
are incorporated in the products for better operation and maintenance of the
plants.
Workshops
They have their own fabrication divisions near
The core of their business lies in the area of 'specialized welding' and
workshop fabrication. Their specialties lie in the area of mechanical
fabrication of a variety of mechanical equipment. The workshops facilities
include covered areas, one of which is often dedicated to stainless steel and
duplex stainless steel welding. The shops are equipped with Separate Tool room
with latest Machines, overhead cranes, mobile cranes, rollers, rotators,
cutters and welding machines to service the operation.
Structural Steel Work
RTU Maintenance, Specialized Engineering, Mechanical Construction Engineering Procurement Construction (EPC), Operation and Maintenance of RO Plants.
They also manufacture miscellaneous fabricated equipments as
per the customers Drawings.
In addition to above they also Design/Manufacture plants for:
Sodium dichromate, Sodium Chromate & Potassium,
Neutralization/Utilization of Chromium Wastes, Chromic Acid Anhydride
Production, Basic Chromium Sulphate Production, Distilled furfurals Alcohol,
Blowing Agents, Formaldehde & Hexamine plant, Molding Powder i.e. Melamine
phenol formaldehyde, Urea formaldehyde.
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.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
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 |
|