MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BABA VISHWAKARMA ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
G – 3, Karam Pura, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.03.1999 |
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Com. Reg. No.: |
098964 |
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CIN No.: [Company
Identification No.] |
U29254DL1999PTC098964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTB00283D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Sugar Mill Machinery. |
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 35144 |
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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 records. 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 : |
G – 3, Karam Pura, |
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E-Mail : |
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Website : |
/DIRECTORS
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Name : |
Mr. Sunder Lal |
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Designation : |
Director |
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Address : |
KF – 27, Kavi Nagar, |
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Date of Birth/Age : |
17.08.1922 |
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Date of Appointment : |
23.03.1999 |
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Name : |
Mr. Jugal Kishore kamboj |
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Designation : |
Director |
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Address : |
KF – 27, Kavi Nagar, |
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Date of Birth/Age : |
26.11.1948 |
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Date of Appointment : |
23.03.1999 |
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Name : |
Mr. Anupam Kamboj |
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Designation : |
Director |
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Address : |
KF – 27, Kavi Nagar, |
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Date of Appointment : |
23.03.1999 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Shri Sunder Lal |
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12050 |
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Shri Jugal Kishore Kamboj |
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3540 |
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Shri Anupam Kamboj |
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5020 |
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Smt. Savita Kamboj |
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10 |
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Smt. Priyanka kamboj |
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10 |
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Category |
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Percentage of
Holding |
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Director of Relatives of Director |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sugar Mill Machinery |
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Products : |
Sugar Mill Machinery, Complete Mill House, Cane Preparation, Conveyor,
Complete Boiling House and Equipment, Fabricate Steel Vessels |
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GENERAL INFORMATION
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Bankers : |
State Bank of S.I.B. Branch,
Navyug Market, Centurion Bank of
Punjab Limited, B222-223, Sector
– 16, Noida – 201301, Uttar Pradesh |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anil Vaish and Company Chartered Accountants |
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Address : |
80, Navyug Market, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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63485 |
Equity Shares |
Rs.100/-
each |
Rs.6.348
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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6.349 |
2.063 |
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2] Share Application Money |
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0.260 |
1.194 |
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3] Reserves & Surplus |
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2.177 |
1.269 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.786 |
4.526 |
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LOAN FUNDS |
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1] Secured Loans |
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32.648 |
17.259 |
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2] Unsecured Loans |
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0.299 |
1.281 |
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TOTAL BORROWING |
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32.947 |
18.540 |
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DEFERRED TAX LIABILITIES |
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0.446 |
0.296 |
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TOTAL |
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42.179 |
23.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.037 |
8.028 |
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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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64.295 |
47.519 |
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Sundry Debtors |
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43.202 |
13.881 |
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Cash & Bank Balances |
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17.894 |
1.336 |
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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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15.082 |
5.569 |
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Total
Current Assets |
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140.473 |
68.305 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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109.697 |
52.831 |
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Provisions |
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0.690 |
0.140 |
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Total
Current Liabilities |
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110.387 |
52.971 |
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Net Current Assets |
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30.086 |
15.334 |
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MISCELLANEOUS EXPENSES |
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0.056 |
0.000 |
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TOTAL |
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42.179 |
23.362 |
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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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117.573 |
52.528 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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117.573 |
52.528 |
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Profit/(Loss) Before Tax |
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1.922 |
0.461 |
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Provision for Taxation |
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1.014 |
0.215 |
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Profit/(Loss) After Tax |
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0.908 |
0.246 |
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Total Expenditure |
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111.078 |
48.356 |
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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0.77 |
0.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.63 |
0.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.26 |
0.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.56 |
15.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.27 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Company Details:
Subject is a highly
recognized enterprise engaged as a manufacturer and exporter of premium quality
sugar machineries. Incorporated in the year 1962, they
have been playing an important role in the development of the country's sugar
industry by providing them machineries with unbeatable qualities like cost
effectiveness, durability and optimum level of performance. The company also
manufactures products as per the specifications and drawings of the customers
by utilizing its vast knowledge, experience and expertise which the company has
gained over the years.
The company is the leading manufacturer of the following product range:
- Complete Mill House on turnkey
up to 45" X 90" mill size having four, five or six roller mill
- Cane Preparation Devices: Fibrizor,
Shredder, Mincer, Preparator, Swing Knife Cutter, Leveller, Chopper, etc.
- Mill House: Head Stock, Crown Pinion, Coupling
Box, Tail Bar, Trash Turner Beam, Trash Plate, Bearing Housing, Top &
Side Cap
- Pressure Feeder: Toothed
Roller Pressure Feeder (TRPF), Grooved Roller Pressure Feeder (GRPF),
Light and Heavy Under Feed Rollers and Toothed Under Feed Rollers (TUFR)
- Conveyors: Cane Carrier, Rake Type Cane Carrier,
Rake Type Intermediate Carrier, Bagasse Carrier, etc.
- Complete Boiling House of all capacities
on turnkey basis
- Boiling House Equipment: Juice Heater,
Vacuum Pan, Semikestner, Evaporator Set, Vertical & Horizontal
Crystallizer
- Fabrication of Vessels: All types
of Stainless Steel, Mild Steel Fabrication as per clients' requirement.
Core Competency
At Baba
Vishwakarma Engineering Co. (P) Limited, they have earned a formidable reputation
for the quality of their products. The company adopts stringent quality control
measures and maintains a strict vigil of the entire production process. The
manufacturing premises are equipped with all the machines and equipment
required to manufacture quality products. The tool room possesses the latest
welding & assembly facilities, protective coating inspection & test
facilities, etc.
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Name of the company |
BABA VISHWAKARMA ENGINEERING COMPANY PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
07.01.2003 General Agreement
for the Grant of Medium Term Advances to Small Scale Industries and
Hypothecation of Moveable, Book-Debts and other Assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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 |
Hypothecation of all
present and future goods, Bad – Debts, Moveable and other Assets such as
outstanding monies, receivables, claims, bills, invoices, and present and
future machinery belonging to or in the possession or under the control of
the borrower where lying, stores and kept. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on Terms
loan shall be charged at the rate of 1.5% above SBAR subject to a minimum of
12.5% p.a. or at such other rate(s) as may be specified by the bank from time
to time Re-Payable in
equal quarterly installments of Rs.0.125 millions each, commencing from
01.04.2004 and so on till the entire terms loan is re-paid in full. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of S.I.B. Branch,
Navyug Market, |
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Corporate
identity number (CIN) Foreign company registration number |
U29254DL1999PTC098964 |
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Name of the
Company |
BABA VISHWAKARMA ENGINEERING COMPANY PRIVATE LIMITED |
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Address |
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This form is for |
Creation of
Charges |
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Type of Charge |
Book Debts,
Movable property (not being pledge), other |
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Particulars of
the charge holder |
Centurion Bank of
Punjab Limited, B222-223, Sector
– 16, Noida – 201301, Uttar Pradesh |
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Amount secured by
the charge |
Rs.136.000
millions |
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Brief of the
principal terms and conditions |
Rate if Interest Interest as per
bank norms Terms of
Repayments Payments as per
norms Margin Margin as per
bank norms Extent and
operation of the charge The charge
operation as continuing security inter alia, for the due repayment by the company
to the Bank to the extent of Rs.136.000 millions together with interest
additional interest, liquidated damages, premia on repayment costs, charges,
expenses and all other moneys payable by the company to the Bank in terms of
the loan agreements and bank norms from time to time. Property in Col. 14 is
hypothecation inter alia to the bank as and by way of first charge. Other Hypothecation of
entire chargeable current assets of the company including stocks and
receivable and first exclusive charge on fixed assets including plant and
machinery present and future is to secure the 1) CC Limit
Rs.35.000 millions 2) Terms Loan
Rs.46.000 millions 30 Bank Guarantee
Rs.50.000 millions and 4)Letter of
credit rs5.000 millions agreement of Hypothecation of Goods, Vehicles, Plant
and Machinery stocks and Book Debts date:25.01.2007 |
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Brif description
of the instrument modifying the charge under section |
Hypothecation of
entire chargeable current assets of the company including stocks and
receivables and first exclusive charge on fixed assets including Plant and
Machinery present and future. |
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.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
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 |
YES |
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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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