MIRA INFORM REPORT

 

 

 

Report Date :

08.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SHETH FABRICATORS PRIVATE LIMITED

 

 

Registered Office :

12,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

18.06.1993

 

 

Com. Reg. No.:

11-072469

 

 

CIN No.:

[Company Identification No.]

U45200MH1993PTC072469

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS17590G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Suppliers, Exporters and Traders of Steel Doors

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 130000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Its payments are reported as slow but correct.

 

The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

12,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Tel. No.:

91-22-27605742

E-Mail :

sfpl@mtnl.net.in

Website :

http://www.sfpl.co.in

 

 

Corporate Office :

A-513, Arenja Corner, Sect 17, Vashi, Navi Mumbai - 400 703, Maharashtra, India

Tel. No.:

91-22- 56146400           

Fax No.:

91-22- 27894418

E-Mail :

sales@sfpl.co.in

sfpl@vsnl.com

 

 

Factory :

R-676, TTC Industrial Area, MIDC, Behind Pipe Line, Revale, Navi Mumbai – 400 701, Maharashtra, India

Tel. No.:

91-22-27605742/ 43

Fax No.:

91-22-27694376

E-Mail :

rajiv@sfpl.co.in

 

 

DIRECTORS

 

Name :

Mr. Dolatrai B. Sheth

Designation :

Director

Address :

10,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

12.03.1937

Date of Appointment :

01.04.1994

DIN or Income-tax PAN :

00097417

 

 

Name :

Mr. Tushar D. Sheth

Designation :

Director

Address :

12,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

05.01.1967

Date of Appointment :

18.06.1993

DIN or Income-tax PAN :

00097257

 

 

Name :

Mrs. Jilan T. Sheth

Designation :

Director

Address :

12,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

13.06.1971

Date of Appointment :

18.06.1993

DIN or Income-tax PAN :

00096794

 

 

Name :

Mr. Chetan D. Sheth

Designation :

Managing Director

Address :

11,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

12.07.1963

Date of Appointment :

01.04.1994

DIN or Income-tax PAN :

00097299

 

 

Name :

Mr. Rajiv D. Sheth

Designation :

Director

Address :

12,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

27.12.1964

Date of Appointment :

01.04.1994

DIN or Income-tax PAN :

00097361

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2008

 

Names of Shareholders

No. of Shares

Tushar D. Sheth

23320

Jilan T. Sheth

2960

Dolatrai B. Sheth

2890

Chandrabhaga D. Sheth

15750

Chetan D. Sheth

20620

Neepa C. Sheth

1840

Rajiv D. Sheth

19670

Falguni R. Sheth

2110

Munjal C. Sheth

655

Dolatrai B. Sheth (HUF)

6570

Pramodrai Mehta

10

Chetan D. Sheth (HUF)

1800

Rajiv D. Sheth (HUF)

1200

Deep R. Sheth

605

Total

100000

 

As on 30.09.2008

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Suppliers, Exporters and Traders of Steel Doors

 

 

Products :
  • Doors with vision panel         
  • Safety door                          
  • Emergency door with panic bar  
  • Fire exit door
  • Door with double vision panel     
  • Bi-Parting sliding door

 

Item Code No. (ITC Code)

 

8431

Product Description

Lift Parts Sheet Metal Fabrication

Item Code No. (ITC Code)

8538

Product Description

Switchboard Parts

 

 

GENERAL INFORMATION

 

No. of Employees :

120

 

 

Bankers :

The Saraswat Co-Operative Bank Limited, Madhushree, Plot No.85, Sector-17, Vashi, Navi Mumbai – 400 703, Maharashtra, India

 

 

Facilities :

Secured Loans :

 

 

As on 31.03.2008

Rs. in Millions

Loans for Property, Vehicle and Equipments

(for security (a) note given below)

10.708

Working Capital Finance from banks

(For security see note (b) below)

22.570

Total

33.278

 

Note:

  1. Secured by hypothecation of specific assets/ vehicle purchased.
  2. Secured against (i) first charge by hypothecation of Inventory and receivables and (ii) personal
  3. These loans are further secured by equitable mortgage of Factory Land and Building.

 

Unsecured Loans :

 

 

As on 31.03.2008

Rs. in Millions

From Shareholders and Directors

12.004

Total

12.004

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors 1 :

 

Name :

Chetan Joshi and Company

Chartered Accountants

Address :

Chandravilas Building, Tapal Naka, Panvel, District Raighad, Navi Mumbai – 410 206, Maharashtra, India

 

 

Auditors 2 :

 

Name :

Jayesh Sanghrajka and Company

Chartered Accountants

Address :

405-408, Hind Rajasthan Centre, D.S. Phalke Road, Dadar (East), Mumbai – 400 014, Maharashtra, India

 

 

Associates/Subsidiaries :

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- each

Rs.10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- each

Rs.10.000 millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2008

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.000

10.000

10.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

16.008

15.440

13.211

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

26.008

25.440

23.211

LOAN FUNDS

 

 

 

1] Secured Loans

33.278

41.671

33.457

2] Unsecured Loans

12.004

11.174

11.174

TOTAL BORROWING

45.282

52.845

44.631

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

71.290

78.285

67.842

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

33.222

36.685

39.290

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.025

0.025

0.025

DEFERREX TAX ASSETS

1.344

1.105

0.866

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
42.301

37.380

33.483

 

Sundry Debtors
22.084

20.737

13.477

 

Cash & Bank Balances
0.451

3.916

2.413

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
2.764

4.495

2.708

Total Current Assets
67.600

66.528

52.081

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
29.795

24.597

23.154

 

Provisions
1.106

1.461

1.265

Total Current Liabilities
30.901

26.058

24.420

Net Current Assets
36.699

40.470

27.661

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

71.290

78.285

67.842

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

105.850

92.620

Other Income

 

0.036

1.005

Total Income

 

105.886

93.625

 

 

 

 

Profit/(Loss) Before Tax

 

1.384

2.663

Provision for Taxation

 

0.816

0.434

Profit/(Loss) After Tax

 

0.568

2.229

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

0.562

1.398

Total Earnings

 

0.562

1.398

 

 

 

 

Expenditures :

 

 

 

 

Manufacturing Expenses

 

14.917

11.668

 

Raw Material Consumed

 

60.724

55.254

 

Employees Cost

 

6.817

7.120

 

Establishment and other Expenses

 

10.350

7.891

 

Increase/(Decrease) in Finished Goods

 

1.377

(0.816)

 

Finance Charges

 

5.617

4.723

 

Depreciation & Amortization

 

4.700

5.122

Total Expenditure

 

104.502

90.962

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2008

31.03.2007

31.03.2006

PAT / Total Income

(%)
0.54

2.38

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.31

2.88

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.37

2.58

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.05

0.10

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.93

3.10

2.97

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.19

2.55

2.13

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

SHETH FABRICATORS PRIVATE LIMITED

Presented By

The Saraswat Co-Operative Bank Limited, Vashi Branch

1) Date and description of instrument creating the change

Agreement for Bank Guarantee dated 25.06.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.500 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 by way of first charge:

(i) All the stocks of raw materials, consumables, tools, packing materials, electrical items, stocks of the company

(ii) All the Book Debts outstanding, monies, receivables, claims and bills which were then due and or at any time thereafter became due and or at any time thereafter became due and owing to the Borrower in the course of business of the Borrower by any person, firm, company or by Government or any local or Public Body or Authority; AND

(iii) All the plant and machinery and also furniture, fixtures and electrical installations.

 

Belonging at Borrower’s place of Business at R-476, TTC Industrial Area, MIDC, Rebale, Navi Mumbai, Maharashtra.

4) Gist of the terms and conditions and extent and operation of the charge.

Repayment: On demand by the Bank

5) Name and Address and description of the person entitled to the charge.

The Saraswat Co-Operative Bank Limited, Madhushree, Plot No.85, Sector-17, Vashi, Navi Mumbai – 400 703, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

Not Applicable

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.

Not Applicable

 

 

This form is for

Creation of charge

Corporate identity number of the company

U45200MH1993PTC072469

Name of the company

SHETH FABRICATORS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

12,  Bhatruchaya,  83A, Gokhale Road, Vile Parle East, Mumbai – 400 057, Maharashtra, India

Type of charge

Book Debts

Movable Property

Particular of charge holder

The Saraswat Co-Operative Bank Limited, Madhushree, Plot No.85, Sector-17, Vashi, Navi Mumbai – 400 703, Maharashtra, India

E-Mail: incharge_vashi@saraswatbank.com

Nature of description of the instrument creating or modifying the charge

Agreement of Hypothecation of Movable Property

Date of instrument Creating the charge

14.02.2007

Amount secured by the charge

Rs.2.425 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest: 12% per annum or at such rate, as may, from time to time, be fixed by the Bank, in conformity with the instructions issued by Reserve Bank of India. Interest payable at monthly rests.

 

Terms of Repayment: Term loan V of Rs.2.425 millions is to be repaid in 59 monthly installments of Rs.0.041 million and one installment of Rs.0.006 million with no moratorium period.

 

Margin:

1. Imported Machinery: 25%

2. Indigenous Machinery: 30%

3. Other Fixed Assets: 40%

 

Extent and Operation of the charge: The charge is created to secure Term Loan V of Rs.2.425 millions advanced / to be advanced to the company, together with interest, outstanding interest, penal interest, costs, charges etc., due to the Bank.

 

Others:

  1. Own stake to be brought in first
  2. Charge to be Registered with ROC

Short particulars of the property charged
  1. All the Plant and Machinery, Tangible movable property, (both present and future) lying at R-696, TTC Industrial Area, Rebale, or at residence at Vashi.
  2. First Charge on all the Book Debts, Outstanding, Monies Receivables, (both present and future) Promissory Notes or Bills of Exchange.

 

FIXED ASSETS:

 

WEBSITE DETAILS:

Our product range can be easily divided into 4 specialities:

1. Doorz of Steel for the Pharmaceutical industry

2. Doorz of Steel for Fire Escape

3. Doorz of Steel for Lifts

4. Doorz of Steel for heightened Safety & Security of Homes and Offices.

 

 

 

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.49.69

UK Pound

1

Rs.72.96

Euro

1

Rs.63.46

 

 

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

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

 

40

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions