MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAHIL ALLOYS AND MACHINE TOOLS PRIVATE LIMITED |
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Registered Office : |
8 – B, Industrial Estate, Batala– 143 505, District Gurdaspur, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1995 |
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Com. Reg. No.: |
16-016656 |
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CIN No.: [Company
Identification No.] |
U27107PB1995PTC016656 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Lathe Machines, CNC Lathe Machines, Vertical Turning
Lathe Machines |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 21000 |
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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 seems to be well-established and reputed company. Company’s financials
are missing with the Government department and the management failed to
update with latest financials despite several follow-ups. Payments are reported to be usually correct and as per commitments as
per market sources. The company can be considered for small business dealings at usual
trade terms and condition initially in view of non-availability of
financials. |
LOCATIONS
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Registered Office / Factory 1 / Godown: |
8 – B, Industrial Estate, Batala– 143 505, |
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Tel. No.: |
91-1871-241925 / 26 / 320725 |
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Mobile No.: |
91-9417041925 |
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Fax No.: |
91-1871-241925 |
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E-Mail : |
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Website: |
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Area : |
45000 sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Parmjit Singh Gill |
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Designation : |
Managing Director |
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Address: |
8-B, Industrial Estate, Batala, |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Post Graduate (Engg.) |
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Experience : |
15 Years |
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Date of Appointment: |
22.06.1995 |
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Name : |
Mr. Santokh Singh |
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Designation : |
Director |
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Address: |
8-B, Industrial Estate, Batala, |
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Date of Birth/Age : |
84 Years |
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Qualification : |
Under Graduate |
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Experience : |
60 Years |
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Date of Appointment: |
22.06.1995 |
KEY EXECUTIVES
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Name : |
Anjum Goyal and Associates |
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Designation : |
Company Secretary |
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Address: |
1972 Lane No. 2, Bharat Nagar, |
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Mobile No.: |
91-9815203626 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Paramjit Singh Gill |
156000 |
42.45 |
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Mr. Santokh Singh |
60500 |
16.46 |
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Ms. Palwinder Kaur |
9800 |
2.67 |
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Mr. Gurbhagwant Singh |
18500 |
5.03 |
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Mr. Narinder Pal Singh |
100 |
0.03 |
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Mr. Anil Kumar |
100 |
0.03 |
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Mr. Bhan Singh |
20000 |
5.44 |
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Mr. Amarjit Singh |
10000 |
2.72 |
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Ms. Harinder Kaur |
365000 |
9.52 |
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Mr. Darshan Singh |
5000 |
1.36 |
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Mr. Harpal Singh |
12500 |
3.40 |
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Mr. Vasu Dev singh |
10000 |
2.72 |
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Ms. Jaswinder Kaur |
5000 |
1.36 |
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Ms. Sumitar Kaur |
10000 |
2.72 |
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Mr. Hardev Singh Johal |
10000 |
2.72 |
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Ms. Surjit Kaur |
5000 |
1.36 |
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Total |
367500 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Lathe Machines, CNC Lathe Machines, Vertical Turning
Lathe Machines |
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Products : |
Lathe
Machines v
CNC Vertical Turning Lathe Machines v
Vertical Turning Lathe machines v
CNC Special Purpose Lathe v
CNC Lathe Machines v
Center Lathe Machines v
Precision Lathe Machines v
CNC Metal Spinning Lathe v
CNC Metal Working Lathe Other Machines v Lathe Drilling
Machines v Radial Drilling
Machines v Planners v Oil Country
lathe v Cl Casting
Machines |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (30-90 days) |
PRODUCTION STATUS
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Products |
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Unit |
Actual
Production |
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31.03.2006 |
31.03.2005 |
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Machines |
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10 |
10 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
90 |
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Bankers : |
v Canara Bank v Punjab National
Bank Industrial Estate, Batala, |
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Facilities : |
Cash Credit: Rs. 8.000 millions from Canara Bank as per Hypothecation
Agreement dated 05.03.2007 It is secured against Hypothecation of stocks such as Raw Materials,
semi-finished and finished goods, store and spares lying in the factory
premises and in transit. It is further secured by collateral security of
Machinery installed in the factory premises and vehicles of the Company. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anjan Bansal and Company Chartered Accountants |
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Address : |
12, Friends Market, BECO Complex, |
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Tel. No.: |
91-1871-243310, 227310 |
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Associates/Subsidiaries : |
Address: Batala , Line of Business: Manufacturer, Exporter
and Importer of Miscellaneous goods and Services
Address: Batala, Line of Business: Manufacturer, Exporter
and Importer of Miscellaneous goods and Services |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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367500 |
Equity shares |
Rs. 10.00
each |
Rs. 3.675
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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3.675 |
3.675 |
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2] Share Application Money |
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2.380 |
1.380 |
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3] Reserves & Surplus |
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(0.626) |
(0.995) |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.429 |
4.060 |
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LOAN FUNDS |
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1] Secured Loans |
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6.595 |
6.888 |
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2] Unsecured Loans |
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8.259 |
4.809 |
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TOTAL BORROWING |
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14.854 |
11.697 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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20.283 |
15.757 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.133 |
3.678 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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27.445 |
15.345 |
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Sundry Debtors |
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0.425 |
1.562 |
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Cash & Bank Balances |
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2.610 |
0.322 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.600 |
0.815 |
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Total
Current Assets |
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35.080 |
18.044 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.930 |
5.967 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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17.930 |
5.967 |
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Net Current Assets |
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17.150 |
12.077 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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20.283 |
15.757 |
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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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9.421 |
17.993 |
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Other Income |
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0.826 |
0.760 |
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Total Income |
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10.247 |
18.753 |
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Profit/(Loss) Before Tax |
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0.481 |
0.318 |
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Provision for Taxation |
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0.112 |
(0.326) |
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Profit/(Loss) After Tax |
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0.369 |
0.644 |
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Expenditures : |
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Cost of Goods Sold |
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7.500 |
15.722 |
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Administrative and Other Expenses |
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0.819 |
0.584 |
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Financial Charges |
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1.008 |
1.230 |
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Depreciation |
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0.439 |
.899 |
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Total
Expenditure |
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9.766 |
18.435 |
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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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3.60 |
3.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.11 |
1.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.97 |
2.96 |
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Return on Investment (ROI) (PBT/Networth) |
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6.80 |
15.86 |
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Current Ratio |
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1.96 |
3.02 |
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Quick Ratio |
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0.43 |
0.45 |
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Debt Equity Ratio |
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2.74 |
2.88 |
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Current Liabilities / Networth |
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3.30 |
1.47 |
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Fixed Assets / Networth |
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0.58 |
0.91 |
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Average Collection Days |
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16.47 |
31.69 |
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Account Receivables turnover |
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22.17 |
11.52 |
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Inventory Turnover |
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0.34 |
1.17 |
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Asset Turnover |
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3.01 |
4.89 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
GGNP,
Fixed Assets
v
Land
v
Building
v
Furniture
v
Plant and Machinery
v
Pattens
v
Tools and Equipments
v
Generator Set
v
Electric Fitting
v
Pager
v
Car
v
Cycles
v
EPABX / Telephones
v
Fax Machine
v
Water Filter
v
Computers
v
Air Conditioners
As Per Website Details:
Subject was established
in the year 1960. After reaching landmark of being only known for their graded
casting, are today virtually known to produce CNC Lathe Machines, Vertical CNC Lathe Machines, Radial Drilling
Machines, Plano Milling Machines, high grade, medium/large heavy duty Lathes,
Facing Lathes, Boring Machines, Planers, Plano-O-Miller and SPM's.
Besides, using quality Input materials, we follow strict Quality Control
methods, such as stress relieving, ultra sonic testing, metallurgical. Balances
proper hardening of gears to name a few.
These machines are used for proof and finish machining of rolls for
rolling/sugar Mills, Cement Plants Paper Plants & Heavy Industries. These
Lathes possess rigidity which, in conjunction has sufficient power drive to
enable carbide tipped tool to be used to their full capacity. These are usually
equipped with several carriages and special steady rests which allow the mating
rolls to be set up. There is also a provision for Electric drive of Feed gear
boxes in addition to the standard manual process, If required. The type of
casting used is Grey Iron All sting as per IS-210 Grade-20/25 with brinnel
hardness 180/210 stress relieved On the sliding surface we can provide
antifriction, material to minimize wear and tear.
STANDARD ACCESSORIES
- One Ram Head On Cross Rail
- 4 Jaw Chucks
- Automatic Lifting & Lowering Of
Cross Rail
- Lubrication System On All Sliding Ways
- Centralized Control Station With
Interlocked Electrical Control Panel
- A Set Of Service Tools
SPECIAL ACCESSORIES
- Additional Ram Head On Cross Rail
- Turret Head On Cross. Rail
- Threading Head On Cross Rail
- Side Ram Head
- Milling Attachment
- Coolant System
- Slotting Attachment On Cross Rail
- Anti-Friction Material Coating On
Sliding Surfaces
- Cnc Compatible
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.40.88 |
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1 |
Rs.82.58 |
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Euro |
1 |
Rs.55.79 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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36 |
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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
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