MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOHONI METAL CRAFT PRIVATE LIMITED |
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Registered Office : |
1 Sterling Apartments, Dahanu Road (East), Thane – 401 602,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.07.1992 |
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Com. Reg. No.: |
11-67532 |
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CIN No.: [Company
Identification No.] |
U99999MH1992PTC067532 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES19030E / MUMS38462E |
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PAN No.: [Permanent
Account No.] |
AACHS4789Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Importers of Steel Strips, Brass Strips and Tin Plated Strips of Sheet
Metal. |
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 68808 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1 Sterling Apartments, Dahanu Road (East), Thane – 401 602,
Maharashtra, India |
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Tel. No.: |
91-2528-22859 |
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E-Mail : |
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Corporate Office : |
Plot No. 1302, GIDC, Umbergaon
– 396 171, India |
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Tel. No.: |
91-260-2563049 |
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Fax No.: |
91-260-2563048 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dilip Shrikrishna Sohoni |
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Designation : |
Director |
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Address : |
1 Sterling Apartments, Dahanu Road (East), Thane – 401 602,
Maharashtra, India |
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Date of Birth/Age : |
15.11.1949 |
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Date of Appointment : |
03.07.1992 |
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Name : |
Mrs. Rajani Shrikrishna Sohoni |
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Designation : |
Director |
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Address : |
10, Gurukripa Apartments, N C Kelkar Road, Mumbai – 400 028,
Maharashtra |
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Date of Birth/Age : |
04.02.1929 |
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Date of Appointment : |
03.07.1992 |
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Name : |
Mrs. Sujata Dilip Sohoni |
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Designation : |
Director |
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Address : |
1 Sterling Apartments, Dahanu Road (East), Thane – 401 602,
Maharashtra, India |
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Date of Birth/Age : |
01.10.1975 |
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Date of Appointment : |
01.10.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Rajani Sohoni |
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2550 |
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Mr. Dillip Sohoni |
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5000 |
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Mrs. Sandhiya Sohoni |
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800 |
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Mr. Abhijit Sohoni |
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940 |
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Mrs. Sujata Sohoni |
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450 |
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Ms. Sangita Save |
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250 |
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Total
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9990 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
97.50 |
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2 |
Others |
2.50 |
BUSINESS DETAILS
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Line of Business : |
Importers of Steel Strips, Brass Strips and Tin Plated Strips Of Sheet
Metal. |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
State bank of India Address: GIDC Estate Branch, Umbergaon, Valsad – 396 171, Gujarat Email ID: sbi.09306@sbi.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raman S Shah and Company Chartered Accountants |
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Address : |
Sam Plaza , “A” Wing, 2nd Floor, Dahanu Road, Thane – 401
602, Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 100/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
9990 |
Equity shares |
Rs. 100/-
each |
Rs. 0.999
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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999.000 |
876.000 |
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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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16203.000 |
15479.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17202.000 |
16355.000 |
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LOAN FUNDS |
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1] Secured Loans |
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213.000 |
265.000 |
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2] Unsecured Loans |
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11237.000 |
9902.000 |
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TOTAL BORROWING |
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11450.000 |
10167.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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28652.000 |
26522.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16211.000 |
17185.000 |
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Capital work-in-progress |
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201.000 |
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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19608.000 |
12850.000 |
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Sundry Debtors |
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15920.000 |
14675.000 |
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Cash & Bank Balances |
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1456.000 |
933.000 |
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Other Current Assets |
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3156.000 |
2248.000 |
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Loans & Advances |
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413.000 |
313.000 |
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Total
Current Assets |
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40553.000 |
31019.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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26942.000 |
20756.000 |
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Provisions |
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1371.000 |
926.000 |
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Total
Current Liabilities |
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28313.000 |
21682.000 |
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Net Current Assets |
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12240.000 |
9337.000 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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28652.000 |
26522.000 |
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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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94172.000 |
89181.000 |
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Other Income |
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114.000 |
365.000 |
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Total Income |
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94286.000 |
89546.000 |
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Profit/(Loss) Before Tax |
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2985.000 |
3039.000 |
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Provision for Taxation |
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1118.000 |
1142.000 |
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Profit/(Loss) After Tax |
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1867.000 |
1897.000 |
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Export value |
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3329.000 |
0.000 |
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Expenditures : |
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Raw Material Consumed |
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65206.000 |
60046.000 |
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Salaries, Wages, Bonus, etc. |
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5273.000 |
5082.000 |
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Managerial Remuneration |
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1774.000 |
1536.000 |
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Payment to Auditors |
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35.000 |
35.000 |
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Interest |
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3008.000 |
2558.000 |
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Insurance Expenses |
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212.000 |
206.000 |
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Power & Fuel |
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5972.000 |
5139.000 |
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Other Expenditure |
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13150.000 |
11905.000 |
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Total Expenditure |
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94630.000 |
86507.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.98 |
2.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.16 |
3.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.24 |
6.30 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.31 |
1.94 |
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Current Ratio (Current Asset/Current Liability) |
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1.43 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U99999MH1992PTC067532 |
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Name of the company |
SOHONI METAL CRAFT
PRIVATE LIMITED |
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Address |
1 Sterling Apartments, Dahanu Road (East), Thane – 401 602,
Maharashtra |
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This Form is for |
Immovable property |
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Type of Charges |
Modification of charge |
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Particular of the charge holder
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State bank of India Address: GIDC Estate Branch, Umbergaon, Valsad – 396 171, Gujarat Email ID: sbi.09306@sbi.co.in
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Nature or description of the instrument creating charge |
Memorandum for recording extension of mortgage by deposit of title
deeds |
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Date of the instrument creating charge |
08.03.2007 |
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Amount Secure by the charge |
Rs. 22.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest: Cash credit 12.5% Stand by letter of credit 13.5% Terms of repayment: Repayable on Demand Margin: As prescribed by bank Extent and operation of the
charge First and exclusive charge in favour of the bank |
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Short particulars of the Property
charged |
All piece and parcel of land known as plot No. 1302, GIDC, Umbergaon
Together with the buildings and others structures, erections and Godown and
other things permanently attached to the earth |
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Particulars of the present modification |
Original charge modified from time to time lastly modified on
13.10.2005 is no further modified vide this supplemental deed. Now the
company is sanctioned additional C.C of Rs. 2.000 millions , EPC Rs. 1.500
millions (within the limit of CC) stand by L/C Rs. 0.350 millions making
total charge of Rs. 22.500 millions |
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Name of the
company |
SOHONI METAL CRAFT PRIVATE LIMITED |
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Presented
By |
Mr. Dilip S
Sohoni (managing Director) |
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1) Date and description
of instrument creating the change |
10.03.2004,
General agreement for the grant of small industrial advances and
hypothecation of movables, book debts and other assets (Working Capital
Finance) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 12.000
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 |
Hypothecation charge
of all present and future goods, book debts, movable and other assets of the
company including title to goods and other assets such as outstanding monies
receivable, claims, bills, invoices, documents, etc. and the present and
future machinery of the Company belonging to or in the possession of the
Company wherever situated including all such goods, machinery, movables, and
other assets as may be in course of shipment, transit or deliver. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Cash credit (hypothecation of Stocks and
receivables) limit of Rs. 8.000 millions Letter of credit Limit of Rs. 4.000
millions Secured by : hypothecation of stocks and
receivables of the Company Hypothecation of plant and machinery of the
unit Rate of interest 0.25% over SBAR at
present 10.50% p.a with monthly rests. Amount repayable on demand Terms and conditions As P[ER Sanction
letter No. ADV/ MISC/2004 dated 23.02.2004 |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India, GIDC Estate Branch,
Umbergaon – 396 171 |
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6) Date and brief description of instrument
modifying the charge |
07.05.2005.
Supplemental General Agreement for the grant of Small Industrial Advances and
hypothecation of goods, Book debts, and other assets (Working Capital
Finance) |
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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.
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Bank Charge of
hypothecation modified as the Company sanctioned enhancement in credit limits
as follows:-
Part allocation of cash credit Limit of Rs.
1.5000 millions out of the total cash Credit Limit of Rs. 11.0000 millions
permitted at our Shivaji Park Branch, Dadar, Mumbai Terms and conditions
as per sanction letter No. GIDC/ UMB/ADV/2005-06/ dated 15.04.2005 |
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CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.33 |
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UK Pound |
1 |
Rs.81.75 |
|
Euro |
1 |
Rs.57.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
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
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|