MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWASTIK LLOYDS ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Rangwala Building, 58 Islampura Street, Near Alankar Cinema
, Mumbai - 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.12.1997 |
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Com. Reg. No.: |
11-112416 |
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CIN No.: [Company
Identification No.] |
U99999MH1997PTC112416 |
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IEC No.: |
0300027435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS43412F |
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PAN No.: [Permanent
Account No.] |
AAECS 0781R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Buttweld Pipe Fittings and L.R. Bends |
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 65000 |
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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. Trade relations are fair. Business is active. Payments are reported as
usual trade terms and conditions. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Nilesh M. Sanghvi |
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Designation : |
Director |
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Contact No.: |
91- 9820007728 |
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Date : |
31.03.2008 |
LOCATIONS
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Registered Office : |
Rangwala Building, 58 Islampura Street, Near Alankar Cinema , Mumbai - 400 004, Maharashtra, India |
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Tel. No.: |
91-22- 2386 0222 / 2386 0223 / 2384 0656 / 66362117 / 66362118 / 26362117 / 23887601 [R] |
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Mobile No.: |
Mr. Mafatlal R. Sanghvi
- 9820184428 / 9321160105 |
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Fax No.: |
91 - 22 - 2380 5017 / 23860227 |
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E-Mail : |
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Website : |
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Area : |
600 Sq.Mtrs |
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Factory 1 : |
Plot No.L-109, M.I.D.C Taloja Industrial Area, Tal : Panvel, Dist. Raigad-410208, Navi Mumbai, Maharashtra. |
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Tel. No.: |
2740 2777 / 2740 2778 / 2740 2779 / 27410423 |
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Fax No.: |
0091-22 - 2740 2457 |
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E-Mail : |
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Area : |
800 Sq.M/Covered:500 Sq.M: Uncovered:300 Sq.M. |
DIRECTORS
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Name : |
Mr. Mafatlal Rupaji Sanghvi |
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Designation : |
Managing Director |
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Address : |
F – 16, 2nd Floor Youjna Building, Girgaon, C.H.S. Limited,
S. V. P. Road, Mumbai – 400004, Maharashtra, India |
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Date of Birth/Age : |
01.08.1954 |
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Qualification : |
H.S. C. |
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Date of Appointment : |
11.12.1997 |
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Name : |
Mr. Nilesh M. Sanghvi |
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Designation : |
Director |
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Address : |
Youjna Building, Room No. 16, 2nd Floor, Sikka Nagar,
Girgaon, C.H.S. Limited, S. V. P. Road, Mumbai – 400004, Maharashtra,
India |
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Date of Birth/Age : |
21.02.1987 |
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Qualification : |
Under DMS |
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Date of Appointment : |
30.11.2005 |
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Name : |
Mr. Mahendrakumar Mangilal Sanghvi |
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Designation : |
Director |
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Address : |
7B / 17, Navjivan C. H. S. Limited, Lamington Road, Mumbai – 400008,
Maharashtra, India |
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Date of Birth/Age : |
29.11.1971 |
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Date of Appointment : |
11.12.1997 |
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Name : |
Mr. B. S. Rao |
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Designation : |
Director |
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Date of Birth/Age : |
65 Years |
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Qualification : |
B. E. Mec Engineering |
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Name : |
Mr. Pravin Tayji |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Qualification : |
MBA – Marketing |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mafatlal R Sanghvi |
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220000 |
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Mahendrakumar M Sanghvi |
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100 |
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Chunilal C Sheth |
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100 |
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Dhanpat C Sheth |
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100 |
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Mafatlal R Sanghvi – HUF |
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75500 |
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Kamlaben M Sanghvi |
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126200 |
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Nilesh M Sanghvi |
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78000 |
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Total |
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500000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Buttweld Pipe Fittings and L.R. Bends |
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Products : |
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Exports : |
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Countries : |
Gulf Countries |
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Imports : |
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Products : |
Raw Materials [Pipes] |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit [30 days] |
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Purchasing : |
Cash / Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
150 |
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Bankers : |
Bank of Baroda, Gulalwadi
Branch, Mumbai- 400004 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. G. Jain and Company Chartered Accountants |
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Address : |
213, Kakad Market, 2nd Floor, 36 Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.163 |
8.278 |
5.212 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.163 |
13.278 |
10.212 |
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LOAN FUNDS |
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1] Secured Loans |
9.120 |
13.327 |
7.355 |
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2] Unsecured Loans |
14.968 |
15.910 |
15.853 |
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TOTAL BORROWING |
24.088 |
29.237 |
23.208 |
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DEFERRED TAX LIABILITIES |
0.499 |
0.509 |
0.589 |
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TOTAL |
40.750 |
43.024 |
34.009 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.196 |
14.810 |
10.480 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
7.308
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9.211 |
8.000 |
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Sundry Debtors |
82.517
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54.250 |
45.900 |
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Cash & Bank Balances |
8.490
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3.015 |
10.917 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
10.598
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7.832 |
5.404 |
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Total
Current Assets |
108.913
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74.308 |
70.221 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
84.512
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43.895 |
45.101 |
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Provisions |
2.850
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2.205 |
1.600 |
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Total
Current Liabilities |
87.362
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46.100 |
46.701 |
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Net Current Assets |
21.551
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28.208 |
23.520 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.006 |
0.009 |
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TOTAL |
40.750 |
43.024 |
34.009 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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269.326 |
175.775 |
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Other Income |
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0.489 |
0.656 |
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Total Income |
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269.815 |
176.431 |
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Profit/(Loss) Before Tax |
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4.822 |
3.908 |
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Provision for Taxation |
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1.860 |
0.900 |
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Profit/(Loss) After Tax |
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2.962 |
3.008 |
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Expenditures : |
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Purchases made for re-sale |
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60.353 |
39.480 |
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Manufacturing and Other Expenses |
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195.971 |
128.874 |
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Depreciation |
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2.455 |
1.997 |
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Interest and Financial Charges |
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3.865 |
3.021 |
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Write off – Preliminary Expenses |
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0.003 |
0.003 |
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Increase/(Decrease) in Finished Goods |
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2.346 |
[0.852] |
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Total Expenditure |
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264.993 |
172.523 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.10
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1.70 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.79
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2.22 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.76
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4.39 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.29 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.90
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5.67 |
6.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.25
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1.61 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Bhushan Tower and Steel Limited
[Kolkata]
- Reliance Industry [Mumbai]
- VEM India Limited [Delhi]
Bankers Charges
Report as per Registry
|
Name of the company |
SWASTIK LLOYDS
ENGINEERING PRIVATE LIMITED |
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Presented By |
SWASTIK LLOYDS
ENGINEERING PRIVATE LIMITED and Bank of Baroda, Gulalwadi Branch, Mumbai- 400004 |
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1) Date and description of instrument creating the change |
17.07.2003 Composite
Hypothcaiton Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
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 |
The whole of the
Borrower’s stocks, both present and future and including but without pre to
the generality of the foregoing words, all stocks of raw materials, work in
process semi finished goods and finished goods such as stainless steel,
copper alloys, pipe setting etc, packing materials and stores, etc, whatsever
and wheresoever situated and / or in transit whether now belonging to or that
may at any time during the continuance of this security belong to the
borrower or that may be held by any party anywhere to the order and
disposition of the borrower. All the present
and future Book debts, outstanding monies receivables, claims, bills,
contracts, engagements and securities which are now due and owing or which
may at any time hereafter during the continuance of this security become due
and owing to the borrower in the course of its business by any person, firm,
company or body corporate or by the Government of India or ay State
Government or Indian Railway or any Government or Indian Railways or any
government department or office or any Municipal or Local or public or Semi
Government body or authority wharsoever including those relating to the
assets leased out and / or given or hire purchase basis. All the tangible
moveable machinery and plant and cranes, boats and crafts and the vehicles of
the borrower together with spares, tools and accessories and other moveable,
both present and future and the furniture fixtures, and the furniture fixture
and fittings and office equipment whether installed or not and whether lying
loose or in cases which are now lying or stored in or about or shall be
brought into or be stored or be in or upon or about the borrowers premises
and Godown or wherever else the same may be or be held any party to the order
or disposition of the borrower
relating or pertaining to the borrower’s works at Mumbai |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is
created to secure Cash Credit [Hyp] Facility with
sub-limit : Bills Purchases / Bills Discounting Facility of
Rs.1.000 Million Interest : 3 %
OPLR Margin 30 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Gulalwadi
Branch, Mumbai- 400004 |
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6) Date and brief description of instrument modifying the charge |
02.02.2005 Composite
Hypothecation Agreement |
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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
dated 17.07.2003 for Rs. 4.000 Millions by the present modification charge
increased from Rs. 4.000 Millions to Rs. 9.000 Millions covering following
facilities Rs in Millions
Rs. 9.000
Millions secured by stock book debts and plant and machinery. |
AS PER WEBSITE
PROFILE
|
S.S.I.
Permanent |
111280756
DATED 26.03.1999 |
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ISO
Certification |
Documentation
process and training is in progress. Accredition expected shortly |
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Excise
Regn. No. |
C.EX/TAL.DN./R-VI/46/99-2000
DATED 15.07.1999 |
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New
Excise Regn. No. |
AAECS0781
RXM001 DATED 05.12.2001 |
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C.S.T.
No. |
400004/C/13212
W.E.F. 15.05.1998 |
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M.S.T.
No |
400004/S/14438
W.E.F. 15.05.1998 |
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P.F.
Regn No.. |
MH-VS/115096 |
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ESIS
Regn. NO. |
31-43717-101 |
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Work
Contact Regn. No. |
M.S.T.W.C.R.C.-400004/00/10-00897 |
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E.E.P.C.
Regn. No. |
RCMC:B:MFGY:3076:2002-2003 |
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Indian
Merchants |
REGISTERED
FROM 07.01.2003 |
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Power |
SANCTIONED:100H.P.
/ EXISTING:52H.P. / |
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Clearance
Letter |
LETTER
NO. MPC/SRO/NM/II/TB-15 DATED 22.12.1997 |
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Activity |
Manufacturing of Pipe Fittings in Stainless Steel, Alloy Steel, Carbon Steel, L.T.C.S., Inconel, Monel, Aluminium and Nickel Alloys Metals with all inhouse facilities and fabrication of Spool Pieces and Erection of Pipes, Fittings, Flanges & Valves Etc.
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EXPORT
ORDERS EXECUTED AND CURRENTLY IN HAND
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Name
Of Client |
Item
Description |
Inspection
By |
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Inma
Steel Fabricators Company Limited |
Pipes
Sa 312 Tp-304 |
Document |
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Nassar Hussain Hardware |
Swrf Flange Monel, |
Document |
|
Pipeline
Supply Company L.L.C |
A
312 Tp-316l Pipes, |
Document |
|
Drilling
Equipments & |
Seamless
Bends |
Tuv
India Limited |
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Trans World Oil Sources Company(Twos) |
Flanges A182 F 316l |
Document |
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Alexandaria Carbon Black CompanyS.A.E. |
S.S. 316 And |
Document |
PRODUCT RANGE & SPECIFICATIONS
|
Titanium Pipe Fitting |
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Products |
Pipes, Pipe Fittings like Elbow, Tee, Reducer,
Stub End, Collars, Weldolet, Spray Nozzle, Flanges, LR Bends |
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Specification |
Titanium commercially pure Grade 1 &
2, confirming to ASTM B-337 Gr.2 / ASTM B-265 Gr.2 / ASTM B-363 Gr.WPT2 |
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Client |
The Andhra Pradesh Paper Mills Limited, The
West Coast Paper Mills Limited |
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Inspection |
Inspection by M/s. Germanischer Lloyds
Industrial Services India Private Limited |
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Fabrication & Erection |
At site M/s.Andhra Pradesh Paper Mills
Limited under Inspection by ANDRITZ / EKA / SPB / APPM |
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9042 SM06-254 Pipe Fittings |
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Products |
Pipes, Pipe Fittings like Elbow, Tee,
Reducer, Stub End, Collars, Weldolet, |
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Specification |
High Alloy Austenitic SM06-254-EN No.1.4529/As
per UNS S31250, UNS S31254, UNS S31256 |
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Client |
Hindalco Industries Limited-Dahej,
Monsanto DMCC-Mumbai, The APPM Limited |
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Inspection |
Inspection by BVIS, TUV & Other TPI |
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Fabrication & |
At site M/s.Andhra Pradesh Paper Mills |
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Duplex Pipe Fittings |
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Products |
Pipes, Pipe Fittings like Elbow, Tee, |
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Specification |
Duplex SS (BE.03-ASTM A790, A815-S31803 /
WP410,ASTM A744, |
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Client |
M/s. Mangalore Chemicals & Fertilizers
Limited, Reliance Industries Limited Vatech Wabag Limited, Sneha Engineering
Private Limited |
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Inspection |
MCF-Mangalore, Tata Projects Limited &
Client |
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Fabrication & |
They do Fabrication, Spool Pieces as per
Drawing & Erection at site |
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Cupro Nickel Pipe Fittings |
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Products |
Pipes, Pipe Fittings like Elbow, Tee,
Reducer, Stub End, Flanges, Fabrication as per Drawing, LR Bends |
|
Specification |
90/10 CuNi UNS C 70600, 70/30 CuNi UNS
C71500 conforming to NES 779 part III |
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Client |
M/s.Mazagaon Dock Limited, Mumbai |
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Inspection |
D.G.Q.A, Indian Register of Shipping |
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Other Activities |
They do Fabrication, Spool Pieces as per
Drawing & Erection at site |
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Inconel & Monel Pipe
Fitting |
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Products |
Pipes, Pipe Fittings like Elbow, Tee,
Reducer, Stub End, Flanges, Fabrication as per Drawing, LR Bends |
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Specification |
Inconel 600/601/625-SB 366, ASTM |
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Client |
Numaligarh Refinery, Narmada Chematur Petrochemicals - Bharuch, Naseer
Hussain - Abu Dhabi |
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Inspection |
BVIS / TUV / TOYO |
|
Fabrication |
They manufacture & Supplied Monel
Lining Flanges & Elbow to Numakigarh Refinery |
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Nickel Pipe Fittings |
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Products |
Pipes, Pipe Fittings like Elbow, Tee, Reducer, Stub End, Flanges,
Fabrication as per Drawing, LR Bends |
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Specification |
Nickel 200 UNS NO2200 & |
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Client |
Narmada Chembur, Coen Bharat, Gujarat
Alkalies |
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Inspection |
BVIS / CLIENT |
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.40.02 |
|
UK Pound |
1 |
Rs.79.44 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|