MIRA INFORM
REPORT
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Report
Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SHOGINI TECHNOARTS PRIVATE LIMITED |
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Registered
Office : |
Gat No.788, Khed Shivapur, Taluka Haveli, District Pune-412205, |
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Country
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
23.08.1982 |
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Com.
Reg. No.: |
11-28059 |
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CIN
No.: [Company
Identification No.] |
U32104PN1982PTC028059 |
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Legal
Form : |
Private limited liability company. |
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Line
of Business : |
Manufacturer of Printed Circuit Boards. |
RATING
& COMMENTS
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MIRA’s
Rating : |
Ba |
RATING
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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
437000 |
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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 company having fine track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions.
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LOCATIONS
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Registered
Office/ Head
Office : |
Gat No.788, Khed Shivapur, Taluka Haveli,
District Pune-412205, |
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Tel.
No.: |
91-20-24333015 |
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E-Mail
: |
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Website
: |
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Area : |
50000 sq. ft. |
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Cad centre: |
209/1, Shivganga, |
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Tel.
No.: |
91-20-22534281/22533015 |
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Head
Office : |
720/19, Navi Peth, "Kamala" Off. L.
B. Shastri Marg, Opp. Bank of Maharashtra, Pune - 411 030, |
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Tel.
No.: |
91–20-24336971 / 24336311 |
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Fax
No.: |
91-20-24338984 |
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E-Mail
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Area : |
1800 sq. ft. |
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Location : |
Owned – Commercial Area |
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Branches
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Mumbai
Ř B5, Ground Floor, (East), Mumbai - 400
014, Tel. No.
91-22-24145686/1435 Fax No. 91-22-2415435 Ř 458, Tel. No.
91-22-27898872 Fax No. 91-22-27898871 E-Mail: shogini@im.eth.net Contact Person: Mr.
Mohan Karandikar / Mr. Vishwesh Lele.
>
Mr. N. Jayaprakash
Tel. No. 91-80-25735759
E-Mail: jayapraksh63@hotmail.com
>
Mr. Uday Khardekar
Tel. No. 91-40-27077294/27078202
E-Mail: udyudyog@hd2.dot.net.in
Ř Mr. Amit Agrawal Tel.
No. 91-11-22231868 E-Mail: amit_pcb@vsnl.com
Ř Mr. Ajit Agarwal Tel.
No. 91-120-24773741/24771468
E-Mail: ajit_pcbdesign@id.eth.net |
DIRECTORS
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Name : |
Mr. Vijay Mukund Athavale |
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Designation
: |
Chairman and Managing Director |
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Address
: |
Flat No. 788, Khed Shivapur, Taluka Haveli, District Pune, |
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Date
of Birth/Age : |
49 years |
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Qualification
: |
B. Tech, (Elect.) |
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Experience
: |
23 years |
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Date
of Appointment : |
23.02.1982 |
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Name : |
Mr.Vinayak Vishnu Athavale |
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Designation
: |
Director – Technical and Marketing |
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Address
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677, Sadashiv Peth, Pune –411030, |
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Date
of Appointment : |
23.08.1982 |
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Name : |
Mr. Abhijit Shrinivas Tamhankar |
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Designation
: |
Director – Technical and EDP |
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Address
: |
999-B, Mayuresh Society, Phathak Baug, Rajendra Nagar, Pune –
411030, |
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Date
of Appointment : |
01.01.1996 |
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Name : |
Mrs. Geeta A. Tamhankar |
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Designation
: |
Director- Technical and Designing |
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Address
: |
999-B, Mayuresh Society, Phathak Baug, Rajendra Nagar, Pune –
411030, |
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Date
of Appointment : |
01.07.1998 |
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Name : |
Mr. Rhushikesh Ravikiran Modak |
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Designation
: |
Director – Technical and Production |
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Address
: |
19, Vivek Society, Padmavati, Pune – 411009, |
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Date
of Appointment : |
28.03.2001 |
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Name : |
Mrs. Seema R. Modak |
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Designation
: |
Director –Commercial |
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Address
: |
19, Vivek Society, Padmavati, Pune – 411009, |
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Date
of Appointment : |
01.01.2002 |
MAJOR
SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Vijay Athawale and Mrs. Vibhavari Athavle |
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219349 |
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Mr. Vinayak Athavale and Mrs. Deepa Athavale |
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500 |
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Mrs. Vibhavari Athavale and Mr. Vijay Athavale |
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59850 |
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Mrs. Gauri Behere and Mr. Vinayak Behere |
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100 |
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Mr. Vithal Ranade and Mrs. Madhuri Ranade |
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50 |
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Mrs. Prabha Bapat and Mr. Anand Bapat |
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100 |
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Mr. Shamkant Sathe and Mrs. Swati Sathe |
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50 |
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Mrs. Swati Sathe and Mr. Shamkant Sathe |
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50 |
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Mr. Achyut G Karandikar |
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500 |
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Mrs. Rajana R Sonar |
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100 |
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Mrs. Vibhavari V Athavale |
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1000 |
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Mrs. Geeta Tamhankar and Mr. Abhijit Tamhankar |
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1000 |
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Mrs. Sampada Parsekar |
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100 |
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Mrs.
Seema Modak and Mr. Rishikesh Modak |
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15601 |
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Mrs. Deepa
Athavale and Mr. Vinayak Athavale |
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350 |
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Mrs.
Geeta Tamhankar and Mr. Abhijit Tamhankar |
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500 |
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Mr.
Abhijit Tamhankar and Mrs. Geeta Tamhankar |
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500 |
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Mr.
Rishikesh Modak and Mrs. Seema Modak |
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5500 |
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Mr.
Shamkant Sathe |
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150 |
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Mrs.
Geeta Tamhankar and Mr. Abhijit Tamhankar |
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20550 |
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Mrs.
Vibhavari Athavale |
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7500 |
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Total |
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333400 |
As on 31.03.2006
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Names of Shareholders |
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No. of Shares |
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Directors or their reltives |
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99.64 |
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Other top 50 shareholders |
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0.36 |
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Total |
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100.00 |
BUSINESS
DETAILS
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Line
of Business : |
Manufacturer of Printed Circuit Boards. |
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Products
: |
Product
Description: Printed Circuit Boards ITC Code No: 8534.00 |
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Brand Names
: |
“SHOGINI” |
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Exports
to : |
W. Europe |
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Imports
from : |
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Terms
: |
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Selling : |
Contract (30 days), Cash and L/C |
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Purchasing : |
Contract (30 days), Cash and L/C |
GENERAL
INFORMATION
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Suppliers
: |
Ř Electric Corporation Ř Mishra Datu Nigam Limited, Ř Gar Plastics Limited, Pune |
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Customers
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Ř Tata keltron Limited, Ř Barron International Limited, Ř Viedecon International Limited, Ř Avil circuit products Ř Ř SLN Technology private Limited Ř Aerotech Engineering Company Ř Quality Machine Tools Ř VIP Traders Ř Pioneed Industry Ř Indian Telephone Industries
Limited Ř Department of Telecommunication |
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No. of
Employees : |
126 |
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Bankers
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Ř
Shree Sharada Sahakari Bank Limited Pune, (Loan Rs. 1.975 millions dated 01/10/1997) Ř
Janata Sahakari Bank Limited Bhor Branch, Taluka Velha, District Pune, (Loan Rs. 12.500 millions dated 17/11/2001) Ř The Vishweshwar
Sahakari Bank Limited Vijayhagar Branch, Pune (Loan Rs. 10.000 millions dated 20/05/2000) Ř Indusind Bank Limited (Loan Rs. 4.000 millions dated 03/02/2000) Ř Bank of Pune 411030 Ř
The Saraswat Co-operative Bank Limited Ř State Bank of |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
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S L Apte & Company Chartered Accountants |
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Address
: |
S No.16/10, Kothrud, Pune-411038, |
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Associates/Subsidiaries
: |
Venus Insulators (Private) Limited |
CAPITAL
STRUCTURE
Authorised
Capital :
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No. of
Shares |
Type |
Value |
Amount |
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495000 |
Equity Shares |
Rs. 100/- each |
Rs. 49.500 millions |
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5000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.500 millions |
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Total |
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Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
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333400 |
Equity Shares |
Rs. 100/- each |
Rs. 33.340 millions |
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200 |
Preference Shares |
Rs. 100/- each |
Rs. 0.020 millions |
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Total |
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Rs. 33.360 millions |
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FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
46.990 |
33.360 |
33.340 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
62.362 |
50.183 |
33.584 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
109.352 |
83.543 |
66.924 |
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LOAN
FUNDS |
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1]
Secured Loans |
193.033 |
151.559 |
114.859 |
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2]
Unsecured Loans |
54.164 |
53.502 |
46.595 |
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TOTAL
BORROWING
|
247.197 |
205.061 |
161.454 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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356.549 |
288.604 |
228.378 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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163.556 |
130.711 |
108.287 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.400 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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72.236
|
72.730
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Sundry Debtors
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117.643
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95.599
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Cash & Bank Balances
|
55.985
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24.907
|
190.206 |
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Other Current Assets
|
12.643
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13.497
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Loans & Advances
|
46.274
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33.465
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Total Current Assets
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304.781
|
240.198
|
190.206 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
58.918
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45.452
|
70.615 |
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Provisions
|
53.270
|
37.353 |
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Total Current Liabilities
|
112.188
|
82.805
|
70.615 |
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Net
Current Assets
|
192.593
|
157.393
|
119.591 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
356.549 |
288.604 |
228.378 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
377.422 |
277.876 |
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Profit/(Loss) Before Tax
|
|
29.444 |
21.355 |
Provision for Taxation
|
|
10.992 |
7.725 |
Profit/(Loss) After Tax
|
|
18.452 |
13.630 |
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Export Value
|
|
4.910 |
1.133 |
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Import Value
|
|
143.670 |
105.485 |
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Total Expenditure
|
|
347.977 |
256.521 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
4.89
|
4.91 |
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
7.80
|
7.69 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
7.94
|
7.15 |
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Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
0.35
|
0.32 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
3.29
|
3.47
|
3.47 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.72
|
2.90
|
2.69 |
LOCAL
AGENCY FURTHER INFORMATION
Business :
Subject is engaged in the manufacture of high
density fine line printed circuit Boards.
The product range includes single, double and multi-layer PCB’s with
solder mask over bare copper, liquid solder mask, photo imagible solder mask,
hot air leveling, nickel, silver and
gold plating, CNC routing, bare board testing etc. PCB’s can be providing in
any material as per your requirement i.e. FR2, FR3, FR4 etc. Apart from “UL”
approval, company is approved by CACT, C-Date of Appointment, III, RDSO etc.
Production is done against specific orders. Imports Industrial Laminates Film, inks etc. for captive use. Shogini’s plant has been approved by Indian telephone Industrial Limited and Department of Telecommunication. The plant is fitted with 12 Nos. CNC drilling machines and Universal BBT. Company has an in house professional CAD facility.
Fixed Assets
Ř Land
Ř Building
Ř Plant and Machinery
Ř Computer
Ř Furniture
Ř Office Equipments
Ř Water supply Equipments
Ř Vehicles
Ř Live Stock
Ř Building WIP
Ř
Ř Flat at Katraj
Subject is the 5th largest PCB Manufacturer in
The company appears to the doing well and it has good
customer support.
Considered goods for normal business engagements.
Review of operations
The financial year under report, has been a fruitful one.
Deposit tough competition the company could achieve the set targets. The sales
and other income of the company was Rs. 377.422 millions and against Rs.
277.876 millions of the previous year registering a remarkable growth.
The profit for the year after Taxation was Rs. 18.452
millions as compared to Rs. 13.630 millions of the previous year. Resulting in
an increase of about 35.40 % mainly because of the saving made by the company
in the other areas.
Dividend
The directors of the company are happy to recommend Dividend
@ 5 % i.e. Rs. 5/- per share on the Equity shares of the company aggregating to
Rs. 1.667 millions
The same will be paid to those shareholders whose names
appear on the Register of Members of the date of this Annual General meeting.
The Directors also recommended the Dividend @ 15 % i.e. Rs.
15/- per preference Shares on pro rata basis from the date of allotments. The
Shareholders are requested to approve the same.
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1) Date and description of instrument creating the change |
No Instrument was executed. Mortgage by Deposit for original Title Deeds dated 30th
April, 2002 |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Total Limit Rs. 78.500 millions as described below : 3
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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 that piece and parcel of land admeasuring about 30
Areas out of Bat No 788 totally admeasuring about 96 Areas of Mourhe khed
Shivapur, Taluka Havelu, district Pune, together with all easement rights
annexed to the said land and together with all buildings, sheds, units etc.
constructed thereon, together with all fixtures and furniture and fittings in
the said premises and bounded as mentioned in the Deed of Mortgage by deposit
of Title Deeds. All that piece and parcel of land admeasuring about 41
Areas out of the Gat No 755 of Mouje Khed Shivapur, Taluka Havelu, district
Pune, together with all easement rights annexed to the said land and together
with all buildings, sheds, units etc. constructed thereon, together with all
fixtures and furniture and fittings in the said premises and bounded as
mentioned in the Deed of Mortgage by deposit of Title Deeds. All that piece and parcel of property being three Floored
building bearing property no. 382 admeasuring 7182 sq. fts. Property bearing
No. 407 admeasuring about 473 sq. fts. Property bearing No. 407A admeasuring
about 182 sq. Property bearing No. 407B admeasuring about 198 sq. Property
bearing No. 407C admeasuring about 117 sq. Property bearing No. 407C/1
admeasuring about 2142 sq. Property bearing No. 407D admeasuring about 64 sq.
Property bearing No. 407F admeasuring about 195 sq. thus total properties
admeasuring about 9324 sq. ft. and Shed construction of about 181 sq. ft. and
other construction is on a land out of gat no 755 of Mouje Khed Shivapur
Taluka Havelu, district Pune, together with all easement rights title and
interest of Shogini technoarts Private Limited and together with All fixtures
and furniture and fittings in the said premises and bounded as mentioned in
the Deed of Mortgage by deposit of Title Deeds. All that piece and parcel of office No. 458 admeasuring
about 525 sq. ft. on the second floor of “D” wing of building constructed on
Plot No 80 and 81 at district Busienss center, Vashi new Bombay, together
with all essementary rights annexed to the said premises and together with
all fixtures, furniture and fittings in the said premises. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Terms and Conditions ad per agreement |
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5) Name and Address and description of the person entitled
to the charge. |
The Saraswat Co – Operative bank Limited Karve road Branch Pune
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6) Date and brief description
of instrument modifying the charge |
Agreement of Hypothecation of Movable property dated
21/12/2004 for Term loan of Rs. 7.000 millions Agreement of Hypothecation faor Additional Advances dated
21/12/2004 for cash credit facility of Rs. 80.000 millions Both the Agreements dated 21st December, 2004
modifying a Single Charge. |
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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. |
Modification No 1 By executing the Agreements dated 29th May,
2002 additional Security as detailed below was provided in favour of the
Bank, to secure the Total Limit of the Rs. 78.500 millions Hypothecation in favour of the
Plant and Machinery, furniture and Fixture, stock Work in progress, finished
goods tangible Movable Property belonging to the company and lying and being
at the company premises at Gat No 755 and 788 Khed Shivapur, Taluka Haveli,
Pune of elsewhere. Hypothecation by way of first charge on all the Book
Debts, Outstanding, Money, receivables, claims and bills. Other Terms and Conditions: Interest : 15 % per annum or such other rate as may be
fixed by the bank from time to time. Margin 30 % for Cash Credit 30 % for term Loan 20 % for Letter of Credit 10 % for Bank Guarantee Repayment Cash credit : on Demand Term loan : Repayments by way of monthly Installment The said modification is
Registered with the Registrar is companies vide Register No 221 and
222 dated 9th july, 2002 Modification No 2 By executing the documents dated 18th June 2003
the cash credit Limit which was earlier of Rs. 48.500 million was enhanced to
Rs. 52.500 millions and thus the said charge of Rs. 78.500 millions stands increased
to Rs. 82.500 millions as compared below:
Other Terms and Conditions: Interest : 13 % per annum Repayment : On Demand Security : The security providing in favour of the Bank on 29th
May, 2002 i.e. at the time of earlier modification by the way of
Hypothecation on all the tangible and movable property of the company shall
extend to the said enhanced limit. The said modification is
Registered with the Registrar is companies vide Register No 248 and
249 dated 21st July, 2003 Modification No 3 By executing the documents dated 28th September
2004 the cash credit Limit which was earlier of Rs. 52.500 million was
enhanced to Rs. 57.500 millions and thus the said charge of Rs. 82.500
millions stands increased to Rs. 87.500 millions as compared below:
Other Terms and Conditions: Interest : 11.50 % per annum Repayment : On Demand Security : The security providing in favour of the Bank on 18th
June 2003 i.e. at the time of earlier modification by the way of
Hypothecation on all the tangible and movable property of the company shall
extend to the said enhanced limit. The said modification is Registered with the Registrar is companies
vide Register No 272 and 273 dated 30th November, 2004 Modification No 4 By executing the documents dated 5th November,
2004 the cash credit Limit which was earlier of Rs. 57.500 million was
enhanced to Rs. 67.500 millions and thus the said charge of Rs. 87.500
millions stands increased to Rs. 97.500 millions as compared below:
Other Terms and Conditions: Interest : 11.50 % per annum Repayment : On Demand Security : The security providing in favour of the Bank on 18th
June 2003 i.e. at the time of earlier modification by the way of Hypothecation
on all the tangible and movable property of the company shall extend to the
said enhanced limit. The said modification is
Registered with the Registrar is companies vide Register No 274 and
275 dated 9th December, 2004. Modification No 4 By executing the Mortgage by deposit of Title Deed sand
Agreement of Hypothecation of Movable
Property both dated 17th December 2004 the said charges is further
modification for enhancement of Credit facilities as detailed below.
Term Loan (II) of
Rs. 20.000 millions comprises of Two parts part of Rs. 13.000 millions
against the Building and part B of Rs. 7.000 millions against the
Hypothecation of Movable Property. For the aforesaid Modification of Credit facilities the
company has given the following properties as the security: Mortgage by deposit of Title Deeds of the following
Immovable Properties of the Company: All that piece and parcel of land admeasuring about 84
Areas out of gat no 755 of Mouje Khed Shivapur Taluka Havelu, district Pune,
together with all easement rights title and interest of Shogini technoarts
Private Limited and together with All fixtures and furniture and fittings all
Plant and Machinery belonging to the
company in the sai premises including Temancy Rights in the said Land and in
the said Building etc. on the said land by rirture of lease agreement dated
15/04/2000 with Shri Vijay Mukund Athavale an boughded as mentioned in the
Deed of Morgate by Deposit of Title Deeds. All that piece and parcel of land admeasuring about 30
Areas out of gat no 788 totally admeasuring about 30 areas of Mouje Khed
Shivapur Taluka Haveli, district Pune, together with all easement rights
title and interest of Shogini technoarts Private Limited and together with
All fixtures and furniture and fittings in the said premises and bounded as
mentioned in the Deed of Mortgage by deposit of Title Deeds. All that piece and parcel of land admeasuring about 41 Areas
out of gat no 755 of Mouje Khed Shivapur Taluka Haveli, district Pune,
together with all easement rights title and interest of Shogini technoarts
Private Limited and together with All fixtures and furniture and fittings in
the said premises and bounded as mentioned in the Deed of Mortgage by deposit
of Title Deeds. All that piece and parcel of property being three Floored
building bearing property no. 382 admeasuring 7182 sq. fts. Property bearing
No. 407 admeasuring about 473 sq. fts. Property bearing No. 407A admeasuring
about 182 sq. Property bearing No. 407B admeasuring about 198 sq. Property
bearing No. 407C admeasuring about 117 sq. Property bearing No. 407C/1
admeasuring about 2142 sq. Property bearing No. 407D admeasuring about 64 sq.
Property bearing No. 407F admeasuring about 195 sq. thus total properties
admeasuring about 9324 sq. ft. and Shed construction of about 181 sq. ft. and
other construction is on a land out of gat no 755 of Mouje Khed Shivapur
Taluka Havelu, district Pune, together with all easement rights title and
interest of Shogini technoarts Private Limited and together with All fixtures
and furniture and fittings in the said premises. All that piece and parcel of office No. 458 admeasuring
about 525 sq. ft. on the second floor of “D” wing of building constructed on
Plot No 80 and 81 at district Busienss center, Vashi new Bombay, together
with all essementary rights annexed to the said premises and together with
all fixtures, furniture and fittings in the said premises. For the term Loan of Rs. 40.000 millions Hypothecation by way of first charge on all the Book
Debts, Outstanding, Money, receivables, claims and bills. Other Terms and Conditions: Term Loan of Rs. 40.000 millions Interest : 11.00 %
Per Annum Margin Drawal against the said account not to exceed 75 % The charges on earlier term Loan of Rs. 10.000 and
guarantee limit of Rs. 5.000 millions as mentioned in the earlier
modification no 4. dated 5th November, 2004 remains unaltered and
will continued as it is. Present Modification By executing the agreement of hypothecation of movable
property dated 21/12/2004 for term loan of Rs. 7.000 millions and agreement
of hypothecation for additional advanced dated 21.12.2004 for cash credit
said credit facilities are further modification to provided additional
security by way of hypothecation as under : Term loan of Rs. 7.000 millions Security : Hypothecation by way of first charge on all the Book
Debts, Outstanding, Money, receivables, claims and bills. Cash credit facility of Rs. 80.000 millions Security : Hypothecation of the all tangible movable property
pertaining to the business of the company shall extend to the said enhanced
limit Repayment : On demand Interest : 11 % P A |
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1) Date and description of instrument creating the change |
No Instrument was executed. Mortgage by Deposit for original Title Deeds dated 30th
April, 2002 |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Total Limit Rs. 78.500 millions as described below : 3
|
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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 that piece and parcel of land admeasuring about 30
Areas out of Bat No 788 totally admeasuring about 96 Areas of Mourhe khed
Shivapur, Taluka Havelu, district Pune, together with all easement rights
annexed to the said land and together with all buildings, sheds, units etc.
constructed thereon, together with all fixtures and furniture and fittings in
the said premises and bounded as mentioned in the Deed of Mortgage by deposit
of Title Deeds. All that piece and parcel of land admeasuring about 41
Areas out of the Gat No 755 of Mouje Khed Shivapur, Taluka Havelu, district
Pune, together with all easement rights annexed to the said land and together
with all buildings, sheds, units etc. constructed thereon, together with all
fixtures and furniture and fittings in the said premises and bounded as
mentioned in the Deed of Mortgage by deposit of Title Deeds. All that piece and parcel of property being three Floored
building bearing property no. 382 admeasuring 7182 sq. fts. Property bearing
No. 407 admeasuring about 473 sq. fts. Property bearing No. 407A admeasuring
about 182 sq. Property bearing No. 407B admeasuring about 198 sq. Property
bearing No. 407C admeasuring about 117 sq. Property bearing No. 407C/1
admeasuring about 2142 sq. Property bearing No. 407D admeasuring about 64 sq.
Property bearing No. 407F admeasuring about 195 sq. thus total properties admeasuring
about 9324 sq. ft. and Shed construction of about 181 sq. ft. and other
construction is on a land out of gat no 755 of Mouje Khed Shivapur Taluka
Havelu, district Pune, together with all easement rights title and interest
of Shogini technoarts Private Limited and together with All fixtures and
furniture and fittings in the said premises and bounded as mentioned in the
Deed of Mortgage by deposit of Title Deeds. All that piece and parcel of office No. 458 admeasuring
about 525 sq. ft. on the second floor of “D” wing of building constructed on
Plot No 80 and 81 at district Business center, Vashi new Bombay, together
with all essementary rights annexed to the said premises and together with
all fixtures, furniture and fittings in the said premises. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Terms and Conditions ad per agreement |
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5) Name and Address and description of the person entitled
to the charge. |
The Saraswat Co – Operative bank Limited Karve road Branch Pune
|
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6) Date and brief
description of instrument modifying the charge |
Agreement of Hypothecation of Movable property dated
21/12/2004 for Term loan of Rs. 7.000 millions Agreement of Hypothecation faor Additional Advances dated 21/12/2004
for cash credit facility of Rs. 80.000 millions Both the Agreements dated 21st December, 2004
modifying a Single Charge. |
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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. |
Modification No 1 By executing the Agreements dated 29th May,
2002 additional Security as detailed below was provided in favour of the
Bank, to secure the Total Limit of the Rs. 78.500 millions Hypothecation in favour of the
Plant and Machinery, furniture and Fixture, stock Work in progress, finished
goods tangible Movable Property belonging to the company and lying and being
at the company premises at Gat No 755 and 788 Khed Shivapur, Taluka Haveli,
Pune of elsewhere. Hypothecation by way of first charge on all the Book
Debts, Outstanding, Money, receivables, claims and bills. Other Terms and Conditions: Interest : 15 % per annum or such other rate as may be
fixed by the bank from time to time. Margin 30 % for Cash Credit 30 % for term Loan 20 % for Letter of Credit 10 % for Bank Guarantee Repayment Cash credit : on Demand Term loan : Repayments by way of monthly Installment The said modification is
Registered with the Registrar is companies vide Register No 221 and
222 dated 9th july, 2002 Modification No 2 By executing the documents dated 18th June 2003
the cash credit Limit which was earlier of Rs. 48.500 million was enhanced to
Rs. 52.500 millions and thus the said charge of Rs. 78.500 millions stands
increased to Rs. 82.500 millions as compared below:
Other Terms and Conditions: Interest : 13 % per annum Repayment : On Demand Security : The security providing in favour of the Bank on 29th
May, 2002 i.e. at the time of earlier modification by the way of Hypothecation
on all the tangible and movable property of the company shall extend to the
said enhanced limit. The said modification is
Registered with the Registrar is companies vide Register No 248 and
249 dated 21st July, 2003 Modification No 3 By executing the documents dated 28th September
2004 the cash credit Limit which was earlier of Rs. 52.500 million was
enhanced to Rs. 57.500 millions and thus the said charge of Rs. 82.500
millions stands increased to Rs. 87.500 millions as compared below:
Other Terms and Conditions: Interest : 11.50 % per annum Repayment : On Demand Security : The security providing in favour of the Bank on 18th
June 2003 i.e. at the time of earlier modification by the way of
Hypothecation on all the tangible and movable property of the company shall
extend to the said enhanced limit. |
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1) Date and description of instrument creating the change |
General Agreement for the grant of medium term advances to
small scale industries and hypothecation of movable, Book debts and other
assets dated 12/08/1983 |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 0.025 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 movable, Book debts and other assets
whether present or future with restrictions against the creation of any further charges thereon for all
indebtedness and liabilities of the company to the bank by way of term loan
present and future the present loan having been determined at Rs. 0.025
millions |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
In consideration of the agreement on the part of the state
bank to grant the loan the company further agrees that all present and future
goods book debts movable and other assets of the company including documents
of title to goods and other assets such as outstanding money, Book Debts,
Outstanding, Money, receivables, claims and bills, invoice documents
contactor engagements investment and rights and the present machinery and all
further machinery belonging to or in the process of the under possession of
the company or of the bank or of any third party whether in India or else
where throughout the world shall stand hypothecation to the bank by way of
first charge as security for payment and discharged by the company to the
bank of a sum of Rs. 0.025 millions
|
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5) Name and Address and description of the person entitled
to the charge. |
State Bank of |
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6) Date and brief
description of instrument modifying the charge |
Not applicable |
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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. |
Not applicable |
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1) Date and description of instrument creating the change |
Deed of Hypothecation dated 25th june 1934 with
Vidya Sahakari Bank Limited, |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 0.080 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 |
Matador Model No F 307 Minibus with om S16 Havious RT.
Registration No . of the value of Rs. 0.114 millions |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Margin of 30 and between the market value of securities
and the balance due to the bank Interest at the rate of 3 % over Bank rate with a minimum
of 18 % per annum |
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5) Name and Address and description of the person entitled
to the charge. |
Vidya Sahakari Bank Limited, |
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6) Date and brief
description of instrument modifying the charge |
Not applicable |
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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. |
Not applicable |
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1) Date and description of instrument creating the change |
Hypothecation of Good and Book Debts to secure cash credit
facility 22/11/1986 |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 0.275 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 indigenous raw material semi finished
good, finished goods and receivable outstanding from time to time. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Rate of interest :
15.5 % P A Margin : 30 % |
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5) Name and Address and description of the person entitled
to the charge. |
Bank of Pune – 411004 |
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6) Date and brief
description of instrument modifying the charge |
Hypothecation of goods and Book debts to secure Cash-
Credit facility dated 4th May 1989 |
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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. |
Original charge of Rs. 0.275 millions dated 22/11/86 modified
to Rs. 1.625 millions dated 1/10/87 now modified by Rs. 0.775 millions making
in all Rs. 0.240 millions on the following revised terms and conditions: Security : Hypothecation of Indigenous Raw- Material, Semi finished
and finished goods and receivable outstanding upto 90 days. Margin : 30 % in Bank favour Rate of Interest : 6 ˝ % over Bank Rate minimum 15 ˝ P A with quarterly
rests. |
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1) Date and description of instrument creating the change |
22/11/86 Hypothecation of Machinery |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 0.200 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 such as Drilling, PVC, Tanks Etching
Machine as mentioned over |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Rate of Interest : 13.5 % P A Margin : 25 % Repayment : Rs 0.005 Millions per months plus interest as
and when applied the entire loan to be repaid on demand when called for. |
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5) Name and Address and description of the person entitled
to the charge. |
Bank of Pune – 411004 |
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6) Date and brief
description of instrument modifying the charge |
Not applicable |
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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. |
Not applicable |
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1) Date and description of instrument creating the change |
No Instrument was executed. Mortgage by Deposit for original Title Deeds dated 30th
April, 2002 |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Total Limit Rs. 78.500 millions as described below : 3
|
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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 that piece and parcel of land admeasuring about 30
Areas out of Bat No 788 totally admeasuring about 96 Areas of Mourhe khed
Shivapur, Taluka Havelu, district Pune. All that piece and parcel of land admeasuring about 41
Areas out of the Gat No 755 of Mouje Khed Shivapur, Taluka Havelu, district
Pune. All that piece and parcel of property being three Floored
building bearing property no. 382 admeasuring 7182 sq. fts. Property bearing No.
407 admeasuring about 473 sq. fts. Property bearing No. 407A admeasuring
about 182 sq. Property bearing No. 407B admeasuring about 198 sq. Property
bearing No. 407C admeasuring about 117 sq. Property bearing No. 407C/1
admeasuring about 2142 sq. Property bearing No. 407D admeasuring about 64 sq.
Property bearing No. 407F admeasuring about 195 sq. thus total properties
admeasuring about 9324 sq. ft. and Shed construction of about 181 sq. ft. and
other construction is on a land out of gat no 755 of Mouje Khed Shivapur
Taluka Havelu, district Pune, together with all easement rights title and
interest of Shogini technoarts Private Limited and together with All fixtures
and furniture and fittings in the said premises. All that piece and parcel of office No. 458 admeasuring
about 525 sq. ft. on the second floor of “D” wing of building constructed on
Plot No 80 and 81 at district Busienss center, Vashi new |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Terms and Conditions ad per agreement |
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5) Name and Address and description of the person entitled
to the charge. |
The Saraswat Co – Operative bank Limited Karve road Branch Pune
|
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6) Date and brief
description of instrument modifying the charge |
Not applicable |
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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. |
Not applicable |
|
Corporation identity number or foreign company
registrations number of the company |
U32104PN1982PTC028059 |
|
Name of the company |
SHOGINI TECHNOARTS PRIVATE LIMITED |
|
Address |
Gat No.788, Khed Shivapur, Tal Haveli,
District Pune-412205, |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Saraswat Co-operative Bank Limited |
|
Nature or description of the instrument creating
charge |
Agreement of hypothecation of
vehicle |
|
Date of the instrument creating charge |
09.08.2006 |
|
Amount Secure by the charge |
Rs.0.456 millions |
|
Brief of the principal terms and conditions and extent and
operation of the charge |
Rate of interest : 9% p.a. Repayment : 48 monthly
installments of Rs.0.011 millions |
|
Description of the property charge whether it is a charge
on |
Vehicles |
|
Particulars of the Property charged |
Hypothecation of maxx pick up van |
Website Details :
Subject was established in 1979 with the aim of producing
professional grade Printed Circuit Boards. The Company has registered a consistent
growth over the years and it is now a well-established organisation, ranked
among the top five PCB manufacturers in
The factory is located 23 Kms from Pune (
They produce 100,000 sq. Meters of PCBs per annum with the
help of state of the art technology and modern production equipments. They have
a well organised sales network all over
Printed Circuit Boards manufactured by Shogini are being
used in:-
Telecommunication
Power Electronics
Process Control
Office Automation Systems
Automobiles
Energy Meters etc.
Products :
Single, two, four and six
layer PCBs of the following specifications –
v SMOBC-HAL-PISM finishes.
v Lead-Free HAL solder.
v Selective OSP finish for single
sided PCBs.
v Electroless Nickel and immerson
Gold.
v Selective electroplated Nickel and
Gold plating.
v Conductive carbon for keys &
jumpers.
v PCB thickness – 0.8 mm / 1.6mm / 2.4mm
/ 3.2mm.
v Copper clad thickness – 18 / 35 / 70
micron.
v Base laminates - FR-2 / CEM1 / FR-4.
v CNC routing / V-grooving for panels.
Services
Subject has separate prototype PCB Shop to take care of Fast
Turn-around R&D requirements. The shop is well equipped with all modern
equipments from Laser Photo Plotter to Flying Probe Bare Board Tester
Subject has ENGINEERING section to convert Gerber data into
photo-tools & make panels suitable to Production. The section is equipped
with laser photoplotter,
NEW DEVELOPMENTS:
Subject has developed Lead-Free finishes to comply with RoHS
rules and regulations. Subject offers Lead-Free HASL finish for double sided
& multilayered PCBs & OSP for single sided PCBs.
Future Plans:
8/10/12 layers PCB.
PCBs with Blind & Burried Via holes.
Impedence controlled PCBs.
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. 40.57 |
|
|
1 |
Rs. 80.64 |
|
Euro |
1 |
Rs. 54.57 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
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 |