MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SILVERLINE METAL ENGINEERING PRIVATE LIMITED |
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Registered Office : |
R-649, TTC Industrial Area, MIDC, Rabale, Thane Belapur Road, Navi
Mumbai – 400 701, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.01.1994 |
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Com. Reg. No.: |
11-76312 |
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CIN No.: [Company
Identification No.] |
U27200MH1994PTC076312 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS40709E |
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PAN No.: [Permanent
Account No.] |
AACCS3451L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Crane Components and Fabricated Parts |
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 46000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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. No complaints have been
heard from market sources. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Prakash Patil |
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Designation : |
Plant Incharge |
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Contact No.: |
91-9326222000 |
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Date : |
01.12.2008 |
LOCATIONS
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Registered Office/Factory : |
R-649, TTC Industrial Area, MIDC, Rabale, Thane Belapur Road, Navi
Mumbai – 400 701, Maharashtra, India |
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Tel. No.: |
91-22-27601296 / 27697189 / 27661296 |
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Mobile No.: |
91-9322653752 / 9323819897 / 9326222000 |
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Fax No.: |
91-22-27694311 |
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E-Mail : |
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Website : |
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Area : |
3500 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Gut No. 72, Farola, Aurangabad Paithan Road,
Paithan, Aurangabad, Maharashtra, India |
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Tel. No.: |
91-2431-251056 |
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Mobile No.: |
91-9326251056 |
DIRECTORS
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Name : |
Mr. Chandrakant Ram Naik |
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Designation : |
Director |
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Address : |
B/2, 1002, Lok Everest, Mulund (West), Mumbai – 400 080, Maharashtra,
India |
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Date of Birth/Age : |
02.01.1954 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. Ram Mahadu Naik |
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Designation : |
Director |
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Address : |
354/H, Choukshi Building, Ranadeh Road, Vithalwadi, Dadar (West),
Mumbai – 400 028, Maharashtra, India |
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Date of Birth/Age : |
25.11.1925 |
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Date of Appointment : |
15.02.1999 |
KEY EXECUTIVES
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Name : |
Mr. B R Naik |
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Designation : |
Marketing Manager |
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Name : |
Mr. Feroz Khan |
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Designation : |
Works Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2008)
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Names of Shareholders |
No. of Shares |
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Chandrakant Ram Naik |
176500 |
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Sarika Chandrakant Naik |
53400 |
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Sabira Chandrakant Naik |
100 |
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Total |
230000 |
Equity Share Breakup (Percentage of Total Equity)
(As on 29.09.2008)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Crane Components and Fabricated Parts |
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Products : |
·
Plate Water
Evaporator Part of Refrigerator ·
Adjuster and Triangle
(Safety Belt) Part of Automobile ·
Body Supports
Part of Washing Machine ·
Electronic
Typewrite Parts ·
WMW High
Speed Press ·
Panel Front
Part of Refrigerator ·
Automobile
Body Parts ·
Typewriter
Parts ·
Rotor
Stampings |
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Exports : |
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Products : |
·
Crane Components ·
Fabricated Parts |
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Countries : |
·
Dubai ·
USA |
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Imports : |
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Products : |
·
Raw Material ·
Finished Goods |
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Countries : |
Dubai |
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Terms : |
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Selling : |
Credit (40 days) |
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Purchasing : |
Credit (30 days / 60 days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Abanaki Corporation (USA) ·
Alhatboor Industries (UAE) ·
Videocon Industries Limited (Refrigerator
Division, Washing Machine Division, AirConditioner) ·
Sovereign Tech. ·
Western Engineering Resourses Private
Limited ·
Cadbury India Limited ·
Bond Safety Belts ·
Bajaj Ventures Limited (Hand Tools Division)
·
Vossloh Schwabe India Private Limited ·
M R Spares ·
Nirmal Traders |
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No. of Employees : |
43 (In Office 2, In Factory 17 and In Branches 24) |
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Bankers : |
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Punjab National Bank M G Road, Napada, Thane (West), Thane –
400 602, Maharashtra, India ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mantri Ranjan and Associates Chartered Accountants |
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Address : |
29, Sita Vihar Damani Estate, L B S Marg, Thane – 400 602,
Maharashtra, India |
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Associates/Subsidiaries : |
Silverline LLC Private Limited, Dubai Line of Business
:
Fabrication |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
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 |
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230000 |
Equity Shares |
Rs.10/- each |
Rs.2.300
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.300 |
2.300 |
2.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.995 |
5.481 |
5.037 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.295 |
7.781 |
7.337 |
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LOAN FUNDS |
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1] Secured Loans |
1.456 |
0.783 |
2.583 |
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2] Unsecured Loans |
0.590 |
1.696 |
2.293 |
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TOTAL BORROWING |
2.046 |
2.479 |
4.876 |
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DEFERRED TAX LIABILITIES |
0.212 |
0.278 |
0.361 |
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TOTAL |
11.553 |
10.538 |
12.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.807 |
9.725 |
10.284 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.238 |
0.074 |
0.071 |
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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 |
2.361
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3.636 |
2.868 |
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Sundry Debtors |
4.495
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7.295 |
5.427 |
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Cash & Bank Balances |
0.081
|
0.224 |
0.034 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.218
|
0.667 |
0.522 |
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Total
Current Assets |
8.155
|
11.822 |
8.851 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.829
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10.410 |
5.790 |
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Provisions |
0.834
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0.704 |
0.890 |
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Total
Current Liabilities |
6.663
|
11.114 |
6.680 |
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Net Current Assets |
1.492
|
0.708 |
2.171 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.031 |
0.048 |
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TOTAL |
11.553 |
10.538 |
12.574 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.94
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1.75 |
1.58 |
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Current Ratio (Current Asset/Current Liability) |
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1.22
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1.06 |
1.33 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been from shifted 4 Silvester House, Dsouzawadi, Wagle Industrial
Estate, Thane (West) – 400 604, Maharashtra, India to the present address
w.e.f. 25.07.2007.
Trade References
·
Videocon, Aurangabad
·
Abanaki Corporation, USA
Form No. 8
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Name of the company |
SILVERLINE METAL ENGINEERING PRIVATE LIMITED |
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Presented By |
Jointly by
Company and Charge Holder |
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1) Date and description of instrument creating the change |
Dated 06.11.1995 1.
Cash Credit
(Hypothecation) Agreement on PNB – 146 (H) 2.
Term Loan
(Hypothecation) Agreement on PNB – 576 3.
Agreement
Charging all that machinery, plant, engines, machinery on non-judical of
Rs.50 4.
Agreement of
hypothecation of Book Debts on PNB – 516 (H) (All dated
06.11.1995 and constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.700 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 |
1.
Stock-in-trade,
Raw Material of CRCA Sheets, Finished Goods, Packing Materials and other
movable steels in the factory 2.
250
Hydraulic press of Electro Pneumatic make valued at Rs.2.200 millions. Co 2
welding machine of 400 AMPS of Advani Derlikon make valued at Rs.0.120
million. 3.
Book Debts
arising out of sales of goods not to exceed to 60 days of reputed
companies. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
The entire
stocks to be hypothecated and the company to submit statement of stocks every
month. ·
The entire
stock of machinery to be hypothecated to the Bank; to be insured at
Borrower’s cost with agreed clause; ·
Party to
submit monthly statement of book debts to the bank ·
The loan to
be collaterally secured by Equitable Mortgage of land and building at Plot
No. 649 TTC, Rabale, New Bombay. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank M G Road, Napada, Thane (West), Thane – 400 602, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of
Goods and Book Debts to secure Cash credit Facility dated 26.07.2005 |
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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 06.11.1995 for Rs.2.700 millions registered on 26.06.1997 vide serial
No.08 1st
Modification dated 27.12.2001 for the reduction of limit from Rs.2.700
millions to Rs.2.200 millions registered on 01.02.2002 vide serial No. 33 2nd
Modification dated 09.06.2003 for Rs.7.500 millions registered on 26.06.2003
Doc No. 39 By this
modification (3rd Modification) Now the total
limit are as follows Rs. in millions C C Hyp-Stock 1.500 C C Hyp-Book
Debts 2.500 Ceiling of
1+2 = 3.500 Term Loan –
II = 4.500 millions (Old limit registered previously) Total 8.000 millions Security Continued
security as earlier registered by original charge and by modifications Terms and conditions ROI 11.75%,
Margin – Stock 25%, Book Debts 40% |
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Corporate
identity number of the company |
U27200MH1994PTC076312 |
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Name of the
company |
SILVERLINE METAL ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
4 Silvester
House, Dsouzawadi, Wagle Industrial Estate, Thane (West) – 400 604,
Maharashtra, India |
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This form is for |
Modification of
charge |
|
Type of charge |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Punjab National Bank M G Road, Napada, Thane (West), Thane – 400 602, Maharashtra, India |
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Amount secured by
the charge |
Rs.2.700 millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
The entire
stock to be hypothecated and the company to submit statement of stock every
month ·
The entire
stock of machinery to be hypothecated to the Bank; to be insured at
borrower’s cost with agreed clause ·
Party to
submit monthly statement of book debts to the Bank ·
The loan to
be coaterally secured by equitable mortgage of land and building at Plot No.
649, TTC Rabale, New Bombay |
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Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Plant and
Machinery ·
Stock in
trade ·
Book debts |
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Particulars of
the property charged |
First charge (Present
and future) ·
Hypothecation
of all stocks ·
Hypothecation
of Book debts ·
Hypothecation
of all plant and machinery ·
EMG of land
and building at Plot No. 649. TTC, Rabale, Navi Mumbai ·
EMG of
factory sed at Gut No. 72, Falore Shivar, Aurangabad |
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Charge
identification number of the charge to be modified |
90145878 |
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Brief description
of the instrument modifying the charge under section 135 |
·
Hypothecation
of goods and book debts to secure C.C. ·
Draft Letter
of continuity ·
Draft Letter
of Continuity (All the above
agreement constitute a single charge) |
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Date of
instrument modifying the charge |
18.07.2006 |
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Particulars of
the present modification |
Limit = 10.500
millions – (C.C. 6.000 millions (Sub limit 3.000 millions B.D.) and T.L. – II
– 4.500 millions), Const. security as given by original charge and by
modification and conditions. |
Fixed Assets
·
Land
·
Factory Building
·
Office Equipment
·
EPABX
·
Plant and Machinery
·
Air Conditioner
·
Mobile Phones
·
Fax Machine
·
Furniture and Fixtures
·
Bi-Cycle
·
Motor Car
·
Scooter
·
Digital Camera
·
Computer
·
Lap Top
·
Watercooler
Web Details
They are introduce themselves as an organization managed by Qualified
Professionals and Experienced Engineers with expertise in the field of
Fabrication and Assembly. They also manufacture Tools, Dies, Sheet Metal
components and Electrical Stampings. Subject
has been promoted by experienced technocrats and has put an all out
efforts and succeeded in achieving totals satisfaction of its reputed clients.
It took root in the year 1994, for fabrication and assembly of Wind Electricity
Generator for providing energy through non-conventional source to the
satisfaction of M/s. BONUS ENERGY A/s. of Denmark.
A highly sophisticated plant staffed by experienced and qualified team,
trained under the guidelines of Danish Engineers, has been set up. The single
Governing Theme since the inception of the company is Total Quality Management
right from installing the most modern machinery and equipments to the ruthless
quality control method, they are working towards a single goal i.e. Quality.
Hence all the stages of Fabrication and Assembly are carefully planned and
closely monitored. They have qualified welders who are exposed to third party
inspectors through NDT.
They have established strong business relations with OEM Clients
manufacturing Home Appliances, Typewriters, Automobile, Wind Electricity
Generator, Machinery Manufacturers and other Engineering Industries. They have
manufacturing setup in India and also in U.A.E
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.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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 |
YES |
|
--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 |
|