MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE CONVEYOR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
912, Vishal Towers, District Centre, Janakpuri, New Delhi – 110 058 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.11.1991 |
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Com. Reg. No.: |
046351 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PTC046351 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS23876G |
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PAN No.: [Permanent
Account No.] |
AAACS3148N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Material Handling and Mineral processing Equipment, Systems and Components. |
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 103000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Clear |
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Litigation : |
No complaints |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are active. No complaints have been heard from market
sources. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
912, Vishal Towers, District Centre, Janakpuri, New Delhi – 110 058,
India |
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Tel. No.: |
91-11-25547822 – 3 – 4 |
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Fax No.: |
91-11-25547821 |
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E-Mail : |
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Website : |
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Factory 1 : |
775-776, MIE, Bahadurgarh,
District– Jhajjar, Haryana (India) |
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Factory 2: |
2422, MIE, Bahadurgarh,
District – Jhajjar, Haryana (India) |
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Factory 3: |
Plot No-64, Sector – 16,
HSIIDC, Bahadurgarh, Haryana (India) |
DIRECTORS
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Name : |
Mr. Vijay Shankar Madan |
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Designation : |
Director |
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Address : |
131, Ambika Vihar, Outer Ring Road, New Delhi – 110 063, India |
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Date of Birth/Age : |
18.07.1957 |
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Date of Appointment : |
11.11.1991 |
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Name : |
Mrs. Renu Madan |
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Designation : |
Director |
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Address : |
131, Ambika Vihar, Outer Ring Road, New Delhi – 110 063, India |
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Date of Birth/Age : |
06.09.1959 |
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Date of Appointment : |
23.01.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
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Names of Shareholders |
No. of Shares |
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V.S. Madan |
45680 |
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Vinita Ahuja |
20 |
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Renu Madan |
13140 |
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Vimal Piplani |
100 |
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Piplani Lal Harbans |
100 |
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Satish Kumar Khanna |
3000 |
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Yamaha Fiance Limited |
5000 |
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Partanchya Finance |
3000 |
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Vayunanda Finance Company Private Limited |
5000 |
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Ketki India Limited |
4000 |
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PSC Holding Private Limited |
3000 |
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Direct Sales Private Limited |
10150 |
As on 28.09.2007
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Material Handling and Mineral processing Equipment, Systems and Components. |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Narain Sethi Ahuja and Associates Chartered Accountants |
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Address : |
407, Kundan Bhawan, Commercial Complex, Azadpur, Delhi – 110 033,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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170310 |
Equity Shares |
Rs.100/-
each |
Rs.17.031
millions |
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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 |
17.031 |
17.031 |
12.446 |
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2] Share Application Money |
1.563 |
0.976 |
4.585 |
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3] Reserves & Surplus |
2.000 |
0.625 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.681) |
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NETWORTH |
20.594 |
18.632 |
16.350 |
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LOAN FUNDS |
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1] Secured Loans |
29.157 |
21.042 |
18.677 |
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2] Unsecured Loans |
2.006 |
1.467 |
7.787 |
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TOTAL BORROWING |
31.163 |
22.509 |
26.464 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.757 |
41.141 |
42.814 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.341 |
4.101 |
4.548 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.696 |
0.360 |
0.000 |
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DEFERREX TAX ASSETS |
0.107 |
0.060 |
0.027 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.122
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44.822 |
32.200 |
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Sundry Debtors |
31.142
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30.253 |
32.816 |
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Cash & Bank Balances |
0.723
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0.928 |
0.267 |
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Other Current Assets |
0.274
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4.007 |
6.999 |
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Loans & Advances |
1.672
|
0.611 |
0.528 |
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Total
Current Assets |
96.933
|
80.621 |
72.810 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
54.120
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43.068 |
34.273 |
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Provisions |
1.243
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1.000 |
0.335 |
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Total
Current Liabilities |
55.363
|
44.068 |
34.608 |
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Net Current Assets |
41.570
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36.553 |
38.202 |
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MISCELLANEOUS EXPENSES |
0.043 |
0.067 |
0.037 |
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TOTAL |
51.757 |
41.141 |
42.814 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
120.191 |
67.492 |
85.818 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
120.191 |
67.492 |
85.818 |
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Profit/(Loss) Before Tax |
2.711 |
2.280 |
3.869 |
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Provision for Taxation |
1.243 |
1.000 |
0.335 |
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Profit/(Loss) After Tax |
1.468 |
1.280 |
3.534 |
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Expenditures : |
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Interest & Depreciation |
5.327 |
3.588 |
3.522 |
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Other Expenditure |
112.153 |
61.624 |
78.427 |
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Total Expenditure |
117.480 |
65.212 |
81.949 |
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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 |
(%) |
1.22
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1.90 |
4.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.26
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3.38 |
4.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.53
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2.68 |
5.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.12 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.20
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3.57 |
3.74 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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1.83 |
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
SHREE CONVEYOR SYSTEMS PRIVATE LIMITED |
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Presented By |
Oriental Bank of Commerce and Shree Conveyor Systems Private Limited |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds dated 28.01.1993 registered on 14.10.1993. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 million
as per various credit facilities allowed vide charge registered on
14.10.1993. Modified to Rs.0.650 million vide charge dated 19.02.1994
registered on 22.04.1994; Modified to Rs.3.200 millions vide charge dated
29.03.1996 registered on 22.08.1996 modified to Rs.3.950 millions on
29.08.1996, modified to 3.760 millions vide charge 17.02.1997 registered on
26.03.1997; modified to Rs.7.085 millions vide charge dated 14.08.1997
registered on 19.09.1997, modified to
6.950 millions vide charge dated 17.10.1998 registered on 29.04.1999;
modified to Rs.13.458 millions vide charge dated 03.03.1999 registered on
29.04.1999; modified to Rs.14.458 millions vide charge dated 10.07.1999
registered on 09.08.1999 modified to Rs.9.700 millions vide charge dated
28.08.2k registered on 25.09.2k; modified to Rs.11.700 millions vide charge
dated 04.05.2001 18.06.2002 registered on 20.06.2002, modified to Rs.16.000
millions vide charge dated 24.01.2004;
registered on 20.02.2004; modified to Rs.20.500 millions vide charge
dated 06.05.2004 registered on 03.06.2004. Modified to
35.700 millions vide charge dated 14.08.2004 registered on 10.09.2004. |
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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 |
i) First charge
on property at plot no.775, measuring 257.14 sq yqrds, phase – I, MIE,
Bahadurgarh District Rohatak, in the name of company. ii) First charge
on property at plot no.786, measuring 257.14 sq yards phase – I, MIE,
Bahadurgarh District Rohatak, in the name of company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As collateral
security for various credit facilities sanctioned to the company |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, B/O Azad Pur, Delhi |
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6) Date and brief description of instrument modifying the charge |
08.10.2005,
Letter/ memorandum of Deposit of Title Deeds in LTR-21. |
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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. |
Properties
secured as collateral security for various credit facilities sanctioned to
the company being modified from Rs.35.700 millions to Rs.61.000 millions as per
detail given hereunder:- i)
First charge
on property at plot no.786, measuring 257.14 sq yards phase – I, MIE,
Bahadurgarh District Rohatak, in the name of company. ii)
Facilities
Modified from Rs.35.700 millions to Rs.61.000 millions:- Cash Credit (Hypothecation)
– Rs.5.000 millions Demand loan (W.
Capital) – Rs.25.000 millions Letter of Credit
(inland/ foreign) - Rs.1.000 millions Bank Guarantee
(financial/ Perf.) – Rs.30.000 millions
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80020167 |
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Corporate
identity number of the company |
U74899DL1991PTC046351 |
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Name of the
company |
SHREE CONVEYOR SYSTEMS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
912, Vishal Towers, District Centre, Janakpuri, New Delhi – 110 058 |
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Type of charge |
Book Debts Others (Present
and Future Fixed Assets Stock Book Recievable) |
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Particular of
charge holder |
Oriental Bank of Commerce, Azad Pur, Delhi – 110 033, India E-Mail: satishjain35@yahoo.com |
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Nature of
description of the instrument creating or modifying the charge |
Lon Doc 13 Supplemental
Agreement for Rs.59.000 millions |
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Date of
instrument Creating the charge |
14.07.2008 |
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Amount secured by
the charge |
Rs.59.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13.25% Terms of
Repayment: Repayable on demand Margin: 25% Extent and
Operation of the charge: 100% |
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Short particulars
of the property charged |
Property no.786,
Phase – I, MIE, Bahadurgarh District Rohatak, |
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Date of latest modification
prior to the present modification |
31.01.2007 |
OPERATION AND
FUTURE PROSPECTS:
During the year, the company achieved the sales target although there
was delay in receiving and executing the orders. Moreover, due to shortage of finance
and delay in further finance by Banks, the sales could not be affected within
this year. However, the company has sufficient confirmed orders in hand and
sales are likely to achieve the targets in the coming years. Even the enquiries
solicited by customers are showing appreciable improvements as there is
buoyancy in the economy. The company is planning to expand and diversify the
business.
WEBSITE DETAILS:
COMPANY:
- One of India’s manufacturers of Material Handling and Mineral processing Equipment, Systems and Components.
- An ISO 9001: 2000 certified Company.
- Established in 1991, with a successful track record of providing cost-effective superior quality solution for leading Indian and international clients, including the Tata Group and the Birla Group.
- A management team with over 80 years of combined experience in the Material Handling System under the leadership of the founder Mr. V.S.Madan.
- Manufacturing facility at Bahadurgarh-Haryana Industrial Area, on Delhi border.
REFERENCES:
Associated Cement Company Limited (ACC)
Balrampur Chini Mill Limited
Bharat Heavy Electrical Limited (BHEL)
Bihar Sponge Iron Limited
Binani Cement Limited
Birla Corporation Limited
Century Pulp and Paper Limited
Dalmia Cement (Bharat) Limited
Eastern Steels and Power Limited
Global Coal and Mining Private Limited
GMR Industries Limited
ITC Limited
Visa Steel Limited
IST Limited
Grasim Industries Limited
Tata Projects Limited
HINDALCO
INDAL
Jaiprakash Industries
JINDAL Group
J.K.Industries
Mormugao Port Trust
Shree Cement Limited
Sokhi International (K) Limited Kenya
TATA Group
Voltas Limited
Tata Metalics Limited
Sirpu Paper Mill Limited
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.49.84 |
|
UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
|