MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
STANDARD COMBINES PRIVATE LIMITED |
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Registered Office : |
Standard Chowk, Barnala -
148101, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.03.1999 |
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Com. Reg. No.: |
22397 |
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CIN No.: [Company
Identification No.] |
U29211PB1999PTC022397 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLS13222G |
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PAN No.: [Permanent
Account No.] |
AAFCS4440L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Tractor, Combine Harvester, Cranes, Three
and Four Wheeler, Scooter and Electrical Cars. |
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 310000 |
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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 / Factory : |
Standard Chowk, Barnala -
148101, |
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Tel. No.: |
91-1679-237981 / 243633 / 242233
/ 238454 / 241533 |
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Fax No.: |
91-1679-237833 / 243733 / 230833
/242933 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Nachattar Singh |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Joginder Singh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Prashar |
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Designation : |
Marketing Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Tractor, Combine Harvester, Cranes, Three
and Four Wheeler, Scooter and Electrical Cars. |
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Products : |
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Brand Names : |
‘STANDARD’ |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rakesh Bansal and Associates Chartered Accountants |
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Address : |
SCF # 9, Near LIC of |
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Tel. No.: |
91-1679-238085 / 230485 |
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Memberships : |
EEPC |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400060 |
Equity Shares |
Rs. 100/- each |
Rs. 40.006
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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40.006 |
15.006 |
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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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37.638 |
16.254 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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77.644 |
31.260 |
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LOAN FUNDS |
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1] Secured Loans |
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158.448 |
79.590 |
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2] Unsecured Loans |
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1.151 |
0.426 |
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TOTAL BORROWING |
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159.599 |
80.016 |
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DEFERRED TAX LIABILITIES |
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11.575 |
7.942 |
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TOTAL |
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248.818 |
119.218 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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205.412 |
135.544 |
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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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176.524 |
117.891 |
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Sundry Debtors |
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122.805 |
73.652 |
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Cash & Bank Balances |
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43.498 |
8.589 |
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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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57.724 |
37.500 |
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Total
Current Assets |
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400.551 |
237.632 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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357.189 |
254.010 |
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Provisions |
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Total
Current Liabilities |
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357.189 |
254.010 |
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Net Current Assets |
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43.362 |
[16.378] |
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MISCELLANEOUS EXPENSES |
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0.044 |
0.052 |
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TOTAL |
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248.818 |
119.218 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1362.674 |
1032.157 |
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Profit/(Loss) Before Tax |
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34.713 |
18.098 |
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Provision for Taxation |
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13.329 |
6.652 |
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Profit/(Loss) After Tax |
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21.384 |
11.446 |
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Earnings in Foreign Currency : |
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Total Earnings |
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15.827 |
0.777 |
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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1.57 |
1.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.55 |
1.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.73 |
4.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.45 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.66 |
10.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.12 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Audio Player
- Air
Conditioner
- Bajaj Sunny
- Building
- Car
- Crane
- Cycles
- Fans
- Fax Machines
- Furniture
- H. M. Crane
- JCB
- Jeep
- KTS System
- Land
- Machinery
- Phones
- Refrigerator
- Scooter
- Tata Sumo
- Telephone
- Television
- Tools
- Truck
- Water Cooler
- Water Filter
- Weighing
Scalar
- Computer
- Electrical
Equipments
- Generator
- Pattern and
Dies
Future Outlook
The company has managed to earn an amount of Rs. 21.384 Millions as profit
after tax and an amount of Rs. 31.153 Millions of cash profits in the current
year as compared to Rs. 11.446 Millions and Rs. 17.944 Millions respectively
during the corresponding previous year. The directors are planning to diversify
the are of business of the company in other auto equipments. Hence the
directors are confident of performing much better in the future to come.
As per website
Profile
Standard Tractors is a sibling
company of the well-known manufacturing company ‘Standard Combines Private
Limited’, which is one of the leading manufacturers of self-propelled and
tractor-driven combines (Combine Harvesters) since 1975. The Standard Group of
Companies, created and led by Sardar Nachhattar Singh, is serving the farmers
by manufacturing and providing various types of high quality agricultural
machinery over last two decades. The parent organization M/S Standard Combines
Private Limited is a company incorporated under the ‘Companies Act 1956’ with
Registrar of Companies Jallandhar vides Registration No. 16-22397 of 1999. The
Registered Office of the company is situated at Standard Chowk, Barnala -
148101,
In ‘Standard Tractors’, tractors
are being manufactured in the range of 35, 45, 50, 60, and 75 hp, since FY 2000,
with respective model names: Standard 335,
Standard 345, Standard 450, Standard 460, and Standard 475. Engines for
all these tractor models, except the last one, are manufactured within the
plant as ‘Standard Engines’, in specific names – SE 335, SE 345, SE 450 and SE
460, respectively. All the above-mentioned models of Standard Engines have
shown compliance to the TREM-III emission norms, as have been verified by the
ARAI. However, two new variants of tractor of 35 hp (Standard 335-I) and 45 hp
(Standard 345-I), equipped with famous Perkins engines (assembled within the
Standard Tractors plant), and two completely new models of tractor of 30 hp
(Standard 330) and 40 hp (Standard 340) are on the verge to be launched.
Besides these, three 3-wheelers (two passenger-carriers and one cargo), one
4-wheeler (cargo), a crane, an electric 3-wheeled mini-car, and two 2-wheelers
(scooters) are either in the process of development or on the verge of launch
from the Standard Tractor Division.
Below is given an enumeration of
the products of Standard Combines Private Limited and its sibling companies.
1.Tractor-driven harvester
combines: The most popular model is ‘TSC 513. Another model is C-412. The
company (Standard Combines) is producing around 800 nos. per annum. These are
sold within
2.Self-propelled harvester
combines: Standard Combines is producing around 500 nos. per annum. These are
sold within
3.Self-propelled straw reaper: The
only model is C-417. The company (Standard Combines) has produced and sold few
units and is ready to manufacture more as per demand
4.Tractors: Standard Tractors is
now manufacturing 7 models (mentioned earlier), around 5000 nos. per annum.
Exporting to South African countries.
5.Three-wheelers/ four-wheelers:
Based on three models of 3-wheelers – two passenger carriers (‘Standard Leader’
and ‘Standard NS-38’) and one cargo (Standard Sharp), and one model of
4-wheeler (Standard NS-49), Standard Tractors will start mass production soon,
initially 100 nos. per annum per model.
6.Cranes: A model of hydraulic
mobile crane (HMC 9000) is under final stage of processing for ARAI approval.
They will start its mass production soon, initially 60 nos. per annum.
7.Front-loader and excavator: The
Company is producing few nos. per annum, in response to demand.
8.Electric mini car: A 4-seater
3-wheeled battery-and-motor operated mini car will be produced. It is in the
advanced stage of development in Standard Tractors.
9.Scooters and Motorcycles: One
scooter model has already been developed and plans for developing a series of
motorcycle models are on. However, the 2-wheelers would be produced under next
product expansion scheme.
It would be worthwhile to mention
that besides the Tractor division and the Combine Division, The Standard Group
is opening a new venture – the Engine Division, wherein primarily two models of
engines – SE 335 and SE 347.5 will be manufactured, with an initial target of
300 engines per month for each of the two models. Sardar Nachhattar Singh will
be the MD of the Engine Division. Under his initiative, an effort is underway
to make collaboration with the famous Polish company “EKO Diesels” for
manufacturing the basic Perkins engines in joint venture.
Sardar Nachhattar Singh is the
founder Chairman of the Standard Combines Private Limited and Managing Director
of the ‘Standard Tractors’ Division. He comes of a Sikh Ramgarhia family which
hails from a small village named Handiaya of Tehsil Barnala, Distt. Sangrur, in
The Standard Group of Companies,
created and guided by Sardar Nachhattar Singh, is well-known in
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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