MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUWINKA ENGINEERING PRIVATE LIMITED |
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Registered Office : |
R – 803, TTC Industrial Area, Rabale Thane, Belapur Road, Navi Mumbai
– 400701, Maharashtra, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.09.2004 |
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Com. Reg. No.: |
113496 |
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CIN No.: [Company
Identification No.] |
U28920MH2004PTC113496 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS23448F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Engineering Goods and Equipments |
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 : |
USD58000 |
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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 : |
R – 803, TTC Industrial Area, Rabale Thane, Belapur Road, Navi Mumbai
– 400701, Maharashtra, India. |
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Tel. No.: |
91-22-7692812/13/14 |
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Fax No.: |
91-22-7901941 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jasani Dhirajlal Jaysukhlal |
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Designation : |
Director |
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Address : |
902, |
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Date of Birth/Age : |
01.05.1949 |
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Date of Appointment : |
30.06.2001 |
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Name : |
Mr. Jasani Bhikhabhai Chiman |
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Designation : |
Director |
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Address : |
402, Hari Appartment, Near Hanuman Chowk, Mulund (E), Mumbai – 400081,
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Date of Birth/Age : |
01.06.1962 |
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Date of Appointment : |
05.04.1998 |
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Name : |
Mr. Jasani Jaysukhlal Rajiv |
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Designation : |
Director |
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Address : |
603, Kailash Residency, 7, |
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Date of Birth/Age : |
10.06.1976 |
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Date of Appointment : |
16.10.2004 |
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Name : |
Mr. Jasani Jaysukhlal Viren |
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Designation : |
Director |
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Address : |
602, , Kailash Residency, 7, |
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Date of Birth/Age : |
27.03.1979 |
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Date of Appointment : |
16.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Jasani Dhirajlal Jaysukhlal |
35498 |
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Jasani Bhikhabhai Chiman |
35500 |
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Sanghavi Devchand Shailesh |
1 |
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Beriwal Rajkumar Birendra |
1 |
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Total |
71000 |
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Equity Shares Breakup
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Engineering Goods and Equipments |
GENERAL INFORMATION
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Bankers : |
The North
Kanara.G.S.B. Co- Operative Bank Limited, Dindoshi Branch, Mumbai - 400097 |
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Facilities : |
Credit Limit of Rs.
2.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
VSP and Company Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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71000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.710 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.100 |
7.100 |
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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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7.515 |
5.703 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.615 |
12.803 |
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LOAN FUNDS |
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1] Secured Loans |
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4.292 |
2.013 |
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2] Unsecured Loans |
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24.173 |
10.068 |
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TOTAL BORROWING |
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28.465 |
12.081 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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43.080 |
24.884 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.439 |
10.504 |
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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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0.172 |
0.120 |
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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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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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38.333 |
22.912 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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13.871 |
8.661 |
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Net Current Assets |
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24.462 |
14.251 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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43.080 |
24.884 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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108.693 |
56.367 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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108.693 |
56.367 |
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Profit/(Loss) Before Tax |
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2.448 |
(3.661) |
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Provision for Taxation |
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0.693 |
(0.779) |
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Profit/(Loss) After Tax |
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1.755 |
(4.440) |
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Total Expenditure |
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106.245 |
60.018 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.61 |
(7.88) |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.25 |
(68.21) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.30 |
(10.92) |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
(0.29) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.90 |
1.62 |
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Current Ratio (Current Asset/Current Liability) |
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2.76 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SUWINKA ENGINEERING PRIVATE LIMITED |
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Presented By |
N.K.G.S.B. Co-
Operative Bank Limited, Dindoshi Branch, Mumbai - 400097 |
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1) Date and description of instrument creating the change |
Agreement dated 20.03.2003
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
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 |
All the movable
plant and machinery, spares, implements, electrical installation, furniture
and fixtures, office equipments both present and future, of the borrower. All present and
future, stock of raw material such as CRC sheets, S.S. sheets etc., stock in
process, finish stock of goods and movable property of any kind, of the
borrower. All the present
and future, book debts, outstanding bills, monies receivable those in action
and claims, contracts investment and all sums due to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure cash
credit facility granted by the bank of the borrower. Rate of Interest
- @ 2% over Bank rate or minimum of 14&p.a. at quarterly rests. Margin – 25% |
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5) Name and Address and description of the person entitled to the charge. |
The North Kanara
G.S.B. Co-Op. Bank Limited, Dindoshi Branch, Mumbai – 400097 dated 20.03.2003 |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of Movable Machinery Hypothecation of Stock Hypothecation of
Book Debts |
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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. |
By this
modification, the securities mentioned in column No. 3, hereinabove, shall
now hold good to secure the due repayment of cash credit facilities
aggregating Rs. 4.500 Millions, granted by the Bank to the borrower. Hence,
the charge has been enhanced to Rs. 3.500 Millions to Rs. 4.500 Millions. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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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43 |
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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