MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SHIVAJI ROLLER FLOUR MILLS PRIVATE LIMITED |
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Registered Office : |
48, T. T. C. Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.01.1973 |
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Com. Reg. No.: |
11-16230 |
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CIN No.: [Company
Identification No.] |
U15311MH1973PTC016230 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36491A MUMS40057D |
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PAN No.: [Permanent
Account No.] |
AABC56027P AABCS6027P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Wheat Products and Gluten Washer Machine |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 156432 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
48, T. T. C. Industrial Area, |
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Tel. No.: |
91-22-22873636 |
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Fax No.: |
91-22-22020065 |
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Administrative Office : |
43 / 44 – C, Mittal Tower, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-22873636 / 37 |
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Fax No.: |
91-22-22020065 |
DIRECTORS
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Name : |
Mr. Bilasrai Goyal |
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Designation : |
Chairman |
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Address : |
106 / 107, Panchsheel, |
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Date of Birth/Age : |
14.03.1940 |
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Date of Appointment : |
37.04.1983 |
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Name : |
Mr. Ajay Goyal |
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Designation : |
Vice Chairman |
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Address : |
106 / 107, Panchsheel, |
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Date of Birth/Age : |
30.09.1964 |
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Date of Appointment : |
26.12.1985 |
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Name : |
MR. Krishna Bihari Mishra |
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Designation : |
Director |
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Address : |
105, Bindal HSG Society, Sector 9, Airole, Navi Mumbai - 400701 |
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Date of Birth/Age : |
27.07.1949 |
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Date of Appointment : |
01.05.1998 |
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Name : |
Mr. Rajendra Kumar Sharma |
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Designation : |
Director |
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Address : |
A / 7, Kirtikar Co-Op HSG Society, Makhmali Talao, |
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Date of Birth/Age : |
23.08.1945 |
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Date of Appointment : |
01.09.1998 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Bilasrai Goyal |
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20400 |
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Mrs. Sumitra Devi Goyal |
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15000 |
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Mr. Goyal Ajay |
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23810 |
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Mrs. Sonia Goyal |
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40000 |
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Mr. Ajay Goyal |
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38600 |
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Mr. Bilasrai, Goyal Joint Mr.
Sumitradevi Goyal |
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26700 |
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Mrs. Sumitradevi Goyal , Joint Bilasrai Goyal |
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50330 |
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Mr. Bilasrai Goyal (HUF) (S) – Joint Sumitradevi Goyal |
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85500 |
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Mrs. Mehak Goyal, joint Mrs. Sonia Goyal |
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32400 |
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Category |
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Percentage of
Holding |
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Directors or relatives or directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wheat Products and Gluten Washer Machine |
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Products : |
ł Flour ł Rava ł
Maida |
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GENERAL INFORMATION
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Bankers : |
ł Oriental Bank of Commerce Mandvi Branch, AGH Chambers, 379 / 381,
400009, E-Mail: avmcompanysecretaries@gmail.com ł
State Bank of ł
HSBC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Jain and Company Chartered Accountants |
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Address : |
301 – B, Niranjan, 99, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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499500 |
Equity Shares |
Rs.10/- each |
Rs.4.995
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.995 |
4.995 |
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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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34.113 |
33.859 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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39.108 |
38.854 |
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LOAN FUNDS |
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1] Secured Loans |
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25.453 |
26.618 |
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2] Unsecured Loans |
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30.209 |
33.095 |
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TOTAL BORROWING |
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55.662 |
59.713 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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94.770 |
98.567 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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38.695 |
39.520 |
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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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0.675 |
0.675 |
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DEFERREX TAX ASSETS |
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0.268 |
0.232 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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24.276 |
26.224 |
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Cash & Bank Balances |
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8.847 |
7.105 |
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Other Current Assets |
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31.574 |
40.150 |
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Loans & Advances |
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10.273 |
7.928 |
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Total
Current Assets |
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74.970 |
81.407 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.975 |
22.310 |
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Provisions |
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2.013 |
1.107 |
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Total
Current Liabilities |
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19.988 |
23.417 |
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Net Current Assets |
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54.982 |
57.990 |
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MISCELLANEOUS EXPENSES |
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0.150 |
0.150 |
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TOTAL |
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94.770 |
98.567 |
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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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509.750 |
518.521 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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509.750 |
518.521 |
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Profit/(Loss) Before Tax |
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0.315 |
0.133 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.315 |
0.133 |
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Expenditures : |
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Interest |
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0.020 |
0.022 |
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Depreciation & Amortization |
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1.338 |
1.407 |
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Other Expenditure |
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508.077 |
516.959 |
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Total Expenditure |
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509.435 |
518.388 |
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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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0.06 |
0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.06 |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.27 |
0.10 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.51 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
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3.75 |
3.47 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
SHIVAJI ROLLER FLOUR MILLS PRIVATE LIMITED |
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Presented
By |
Shri Ajay Goyal –
Director |
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1) Date and description of instrument creating the change |
1. Packing redit
agreement dt. 23rd January |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000
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 |
a) hypothecation
of stocks of wheat and wheat products such as Maida, Rawa, Atta etc b) Charge on
bills purchased / discounted for collection together with railway receipt,
delivery orders, bills of lading or other documents of title to goods |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Security to
secure PC limit of Rs.10.000 millions and BP / BD limit of Rs.10.000 millions 2) Interest on PC
limit @13%p.a. or such other rate as may be fixed from time to time by the
bank 3) Margin on
stock – 25% 4) Security also
to secure interest, cost, expensed, charges etc. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce Mandvi
Branch, AGH Chambers, 379 / 381, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate identity
number (CIN) Foreign company registration number |
U15311MH1973PTC016230 |
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Name of the
Company |
SHIVAJI ROLLER FLOUR MILLS PRIVATE LIMITED |
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Address |
48, T. T. C. Industrial Area, |
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This form is for |
Modification of Charges |
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Type of Charge |
Any interest in
immovable property, Book debts, movable property (not being pledge) and
others |
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Particulars of
the charge holder |
Oriental Bank of Commerce Mandvi
Branch, AGH Chambers, 379 / 381, E-Mail: avmcompanysecretaries@gmail.com |
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Amount secured by
the charge |
Rs.150.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest Interest rate, as
per the loaning agreement executed by the borrower company with the bank from
time to time Terms of
Repayments Repayment as per
the loaning agreement executed by the borrower company with the bank from
time to time Margin Margin rate, as
per the loaning agreement executed by the borrower company with the bank from
time to time Extent and
operation of the charge At the request of
the borrowers company the bank has enhanced overall banking limits from
Rs.115.000 millions to Rs.150.000 millions against hypothecation of stocks of
wheat and other raw materials, stock in process, finished goods and mortgage
of property situated at Plot No. 48, T. T. C. Industrial Area, The charge stands modified from Rs.115.000 millions to Rs.150.000 millions |
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Date of latest
modification prior to the present modification |
25.09.2006 |
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Particular of the
present modification |
At the request of
the borrowers company the bank has enhanced overall banking limits from
Rs.115.000 millions to Rs.150.000 millions against hypothecation of stocks of
wheat and other raw materials, stock in process, finished goods and mortgage
of property situated at Plot No. 48, T. T. C. Industrial Area, The charge stands modified from Rs.115.000 millions to
Rs.150.000 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.39.73 |
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|
1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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57 |
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 |
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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 |
|
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. |
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 |
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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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