MIRA
INFORM REPORT
|
Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SWASTIKA CASTAL LIMITED |
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Registered Office : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.06.1996 |
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Com. Reg. No.: |
21-79995 |
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CIN No.: [Company
Identification No.] |
U27101WB1996PLC079995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS07630A |
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|
Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Casting for Switchgear, manufacturers, diesel engines, compressor manufacturers,
railways equipment manufacturers, automobile industry, insulator
manufacturers etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 77000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are reported as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
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Tel. No.: |
91-33-22342245 / 2246 / 1717 |
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Fax No.: |
91-33-22215552 |
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E-Mail : |
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Corporate Office : |
Block 535, Vamardi Road, Village Kandari, Taluka Karjan, Vadodara –
391 210, Gujarat, India |
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Tel. No.: |
91-266-6232481 |
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Fax No.: |
91-266-2324182 |
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Telefax : |
91-266-6233178 |
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E-Mail : |
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Unit I : |
Swastik Metcast Private Limited 8/1A, Nutanpara Road, Liluah, Howrah – 711 204, India |
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Telefax No.: |
91-33-26455429 / 26455379 |
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Unit II : |
Swastik Metcast Private Limited 24, B T Road, Kamarhaty, Kolkata – 700 058, India |
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Tel. No.: |
91-33-2583 9131 / 2523 1110 |
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Fax No.: |
91-33-2523-1060 |
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Metal Forms : |
10/1, Mail Road, Dum Dum, Kolkata – 700 080, West Bengal, India |
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Tel. No.: |
91-33-2559 6029 |
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Fax No.: |
91-33-2549 6509 |
DIRECTORS
|
Name : |
Mr. Gopal Shree Sharda |
|
Designation : |
Director |
|
Address : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
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Date of Birth/Age : |
04.06.1931 |
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Date of Appointment : |
10.06.1996 |
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Election Commission Identity Card No. |
WB/23/148-162086 |
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|
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Name : |
Mr. Shiv Kumar Sharda |
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Designation : |
Director |
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Address : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
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Date of Birth/Age : |
15.03.1942 |
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Date of Appointment : |
10.06.1996 |
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Election Commission Identity Card No. |
JNN 0933716 |
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Name : |
Mr. Anup Sharda |
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Designation : |
Director |
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Address : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
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Date of Birth/Age : |
19.09.1957 |
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Date of Appointment : |
10.06.1996 |
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Election Commission Identity Card No. |
WB/123/148-162090 |
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|
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Name : |
Mr. Aloke Sharda |
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Designation : |
Director |
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Address : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
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Date of Birth/Age : |
06.08.1955 |
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Date of Appointment : |
10.06.1996 |
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|
|
|
Name : |
Mr. Sushil Kumar Sharda |
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Designation : |
Director |
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Address : |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
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Date of Birth/Age : |
03.01.1949 |
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Date of Appointment : |
10.06.1996 |
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|
|
|
Name : |
Mr. Varun Sharda |
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Designation : |
Additional Director |
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Address : |
4, Turf Road, Flat No. 1B, Kolkata – 700 025, West Bengal, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allottees
(As on 27.03.2007)
|
Names of Allottees |
No. of Shares |
|
Kanyu Commercial Private Limited |
30000 |
|
Rajnish Goods Private Limited |
34000 |
|
Nilima Distributors Private Limited |
60000 |
|
|
|
|
Total |
124000 |
(As on 01.11.2007)
|
Names of Allottees |
No. of Shares |
|
VKJ Trexim Private Limited |
20000 |
|
Kirti Goods Private Limited |
20000 |
|
Anupriya Vinmay Private Limited |
10000 |
|
Nilima Goods Private Limited |
18500 |
|
|
|
|
Total |
68500 |
Equity shares Breakup (percentage of total equity)
(As on 28.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
25.97 |
|
Directors or relatives of Director |
72.45 |
|
Other top fifty (50) shareholders |
1.58 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Casting for Switchgear, manufacturers, diesel engines, compressor
manufacturers, railways equipment manufacturers, automobile industry,
insulator manufacturers etc. |
|
|
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|
Products : |
·
Sand Casting ·
Gravity Die
Casting ·
Horizontal
and Vertical Centrifugal Casting ·
Pressure Die
Casting ·
Forging |
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Exports : |
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Countries : |
·
Europe ·
Japan ·
U.S.A. |
GENERAL
INFORMATION
|
No. of Employees : |
About 150 |
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Bankers : |
State Bank of India Makarpura Industrial Estate Branch, Makarpura, Vadodara – 390 010,
Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Dinesh C Jain Chartered Accountants |
|
Address : |
74-76, Gayatri Chamber, Near Rajpath Hotel, Baroda – 390 005, Gujarat,
India |
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|
|
|
Associates/Subsidiaries : |
Swastik Metcast Private Limited |
CAPITAL STRUCTURE
(As on 28.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
631500 |
Equity Shares |
Rs.10/- each |
Rs.6.315
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.315 |
4.675 |
4.675 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.078 |
1.974 |
1.489 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.393 |
6.649 |
6.164 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.634 |
16.934 |
9.449 |
|
|
2] Unsecured Loans |
4.096 |
4.454 |
3.932 |
|
|
TOTAL BORROWING |
19.730 |
21.388 |
13.381 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
35.123 |
28.037 |
19.545 |
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.831 |
12.058 |
5.562 |
|
|
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 |
|
|
|
|
|
|
Inventories |
12.551
|
7.860 |
5.165 |
|
|
Sundry Debtors |
18.921
|
14.145 |
14.306 |
|
|
Cash & Bank Balances |
0.690
|
0.097 |
0.263 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.731
|
3.474 |
4.516 |
|
Total
Current Assets |
35.893
|
25.576 |
24.250 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
11.258
|
9.055 |
9.408 |
|
|
Provisions |
1.343
|
0.572 |
0.918 |
|
Total
Current Liabilities |
12.601
|
9.627 |
10.326 |
|
|
Net Current Assets |
23.292
|
15.949 |
13.924 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.030 |
0.059 |
|
|
|
|
|
|
|
|
TOTAL |
35.123 |
28.037 |
19.545 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
76.039 |
54.541 |
|
|
Other Income |
|
5.200 |
2.819 |
|
|
Total Income |
|
81.239 |
57.360 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.846 |
0.519 |
|
|
Provision for Taxation |
|
0.278 |
0.326 |
|
|
Profit/(Loss) After Tax |
|
0.568 |
0.193 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
48.586 |
31.733 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.863 |
0.752 |
|
|
Payment to Auditors |
|
0.022 |
0.022 |
|
|
Interest |
|
3.657 |
2.069 |
|
|
Insurance Expenses |
|
0.065 |
0.040 |
|
|
Depreciation & Amortization |
|
1.444 |
1.084 |
|
|
Other Expenditure |
|
25.756 |
21.141 |
|
Total Expenditure |
|
80.393 |
56.841 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.70
|
0.34 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.11
|
0.95 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.77
|
1.38 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
4.66 |
3.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.66 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
SWASTIKA CASTAL LIMITED |
|
Presented By |
Mr. Anup Sharda,
Director |
|
1) Date and description of instrument creating the change |
·
General
Agreement for the grant of Medium Term Advances to Small Scale Industries and
Hypothecation of Movables, Book Debts and other Assets dated 29th
August, 2005. ·
Ancillary
Agreement for Medium Term Loan against Pledge of Movables Machineries dated
29th August. 2005. (Both Agreements
constitutes a single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.5.200 millions |
|
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
/ Pledge of Machinery to be procured out of this term loan. ·
Hypothecation
of all present and future goods, book debts, movables and other assets of the
Company including document of title to goods and other assets such as
outstanding moneys, receivables, claims, bills, invoices, documents,
contracts, engagements, securities, investments and rights and the
present and future machinery
belonging to or in possession of the Company, wherever lying, store or kept,
whether in India or elsewhere, whether in transit or in course of shipment or
delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Interest at the
rate of 0.75% p.a. above the State Bank of India Advances rate with a minimum
of 11% p.a. rising and falling therewith, calculated on daily basis. Repayment The Company shall
repay the said loan amount to the Bank by equal monthly installments of
Rs.0.072 million each. Margin In the ratio of
30:70 and the aggregate value of the Bank’s contribution not to exceed
Rs.3.600 millions |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India SPL SSI Branch, Makarpura Industrial Estate Branch, Makarpura, Vadodara – 390 010,
Gujarat, India |
|
6) Date and brief description of instrument modifying the charge |
NIL |
|
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. |
NIL |
|
Corporate
identity number of the company |
U27101WB1996PLC079995 |
|
Name of the
company |
SWASTIKA CASTAL LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
117A, Chittaranjan Avenue, Kolkata – 700 073, West Bengal, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Others |
|
Particular of
charge holder |
State Bank of India Makarpura Industrial Estate Branch, Makarpura, Vadodara – 390 010, Gujarat,
India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of loan cum hypothecation Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced limits
and / or creation of equitable mortgage on additional properties for existing
limits and enhanced limits and additional facilities. |
|
Date of
instrument Creating the charge |
21.05.2008 |
|
Amount secured by
the charge |
Rs.49.961
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit : 1.00% over SBAR effective rate 13.75% New T/L : 2.00% above SBAR Existing T/L : 0.75% Above SBAR ·
Terms of
repayment 53+1 installments of Rs.0.315 million and last Installment of Rs.0.305
million, at monthly rests ·
Margin As per Agreement ·
Extent and
operation of the charge Cash Credit : Rs.20.000 millions T/L Existing : 2.961 millions (O/S) New T/L : Rs.17.000 millions NFB : 10.000 millions |
|
Particulars of
the property charged |
1.
Factory Land
and Building : Block No. 35 Vill. Kandari Taluka Karjan 2.
Flat No. 2/A
II Floor, At 4 Turf Road, Kolkata 3.
Flat No. 2/B
II Floor, At 4 Turf Road, Kolkata 4.
Hypothecation
of Stocks and Book Debts |
History
Founded in 1959, Swastik Group started Aluiminium Allo
Foundary in 1967 by accepting a challenge to develop a crucial Armament store
as import substitution, at a juncture when indigeneous knowhow was not available.
Since then following the same pattern, Swastik has developed numerous castings
as import substitution in almost all existing Aluiminium alloys in different
tempers successfully and satisfied technical requirement of its customers.
Facilities
Melting
·
Bale out Furnance
·
Reverberatory Furnance
B.Fettling
·
Pneumatic Tools
·
Electrical Tools
·
Presses
·
Sand/Shot Blasting (outstanding)
Heat Treatment
·
Solution Treatment Furnance
·
Precipitation/Ageing Furnance
Machining
·
Proof Machining
·
Finish Machining
·
Bar Feed Machining
Surface Treatment
·
Sulphuric Acid Anodising
·
Chromatising
·
Passivation and Phosphating
Quality Assurance
·
Pressure Testing
·
Dye Penetration
·
Optical Pyrometer
·
Digital Pyrometer
·
Mould Hardness Testers
·
Breakdown Test for Anodising
Profile
Established in 1959, Swastika Group commenced operations with a
Steel Re-Rolling Mill. The Group diversified into aluminium castings by setting
up a foundry in 1967,which was a very unique concept at that time.
Presently the group has 4 bases with most advanced machining, inspection
and testing facilities in India which is backed with an efficient team of
metallurgists and engineers. The group is manufacturing various types of
casting in different processes like centrifugal, sand, gravity and pressure
die-casting.
The Group now supplies the casting as original equipments (ready to use
component) to reputed Companies in India and also exports to Europe, Japan and
The U.S.A.
The Chairman of the Group, Mr. S.G. Sharda has an experience of over 50
years in the industry and is a seasoned entrepreneur. The group under his
leadership continuously strives to become a total solution provider, while
respecting its most valued asset: the employees. Most of the companies in the
group have been accorded ISO certifications.
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.43.73 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|