MIRA
INFORM REPORT
|
Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SCAN INDIA |
|
|
|
|
Registered Office : |
116, Guru Gobind Industrial Estate, Off. Western Express highway,
Goregaon (East), Mumbai – 400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1994 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AFQPM8782E |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer of HDPE Pipe and A. C. Pipes and Coating of HDPE on M.S.
Pipes |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established concern promoted by experienced, respectable
and resourceful promoters. Trade relations are fair. Business is active. No
complaints have been heard. It would advisable to take adequate securities while dealings with the
subject. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sudhir S. Mohandas |
|
Designation : |
Chief Executive Officer |
|
Date : |
09.12.2008 |
LOCATIONS
|
Registered Office : |
116, Guru Gobind Industrial Estate, Off. Western Express highway,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-26854945/ 26854348/ 40036340 |
|
Fax No.: |
91-22-26855180 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
700 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
C – 1/4 Swami Industrial Centre, Gaurai Pada, Vasai (East), District
Thane – 401208, India |
|
Tel. No.: |
91-95250-2023243/ 6511131 |
|
Fax No.: |
91-22-26855180 |
|
Area : |
5000 sq. ft. |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mrs. Chitra S. Mohandas |
|
Designation : |
Proprietor |
|
Address : |
A-5, Flying Carpet, Junction of 13th and 17th
Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1955 |
|
Qualification : |
B. A. |
|
Experience : |
14 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of HDPE Pipe and A. C. Pipes and Coating of HDPE on M.S.
Pipes |
|
|
|
|
Brand Name : |
SMOOTHFLOW |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (90 days) |
|
|
|
|
Purchasing : |
L/C, Cash (60 days) |
PRODUCTION STATUS (As on 31.03.2008)
|
Particulars |
|
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
HDPE Coated Mild Steel Pipes |
|
450 sq. mtr./day |
360 sq. mtr./
day |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
23 (Office – 12 and Factory – 11) |
|
|
|
|
Bankers : |
Maroal SME Branch, Bonanza Plaza, Andheri-Kurla Road, J. B. Nagar,
Andheri (East), Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
Rs.3.500 Millions (C.C. Facility) |
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Shirish Pandit Chartered Accountant |
|
Address : |
202, Apollo Complex, Parsi Panchayat Road, Opposite Divya Jyot,
Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel No.: |
91-22-28394453 |
|
Fax No.: |
91-22-28394453 |
|
Email : |
|
|
|
|
|
Name : |
K. R. Manik and Company Chartered Accountant |
|
Address : |
203, Natasha Garden, N. Dutta Road, Four Bunglows, Andheri (West),
Mumbai – 400053, Maharashtra, India |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.202.707 Millions |
|
Borrowed : |
- |
|
Total : |
Rs.202.707 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 |
202.707 |
203.232 |
3.751 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
202.707 |
203.232 |
3.751 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.416 |
9.247 |
5.034 |
|
|
2] Unsecured Loans |
10.749 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
21.165 |
9.247 |
5.034 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
223.872 |
212.479 |
8.785 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.206 |
8.870 |
8.435 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.351 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.790 |
4.078
|
0.000 |
|
|
Sundry Debtors |
1.841 |
5.075 |
3.086 |
|
|
Cash & Bank Balances |
1.899 |
0.579 |
0.463 |
|
|
Other Current Assets |
200.000 |
200.000 |
1.060 |
|
|
Loans & Advances |
0.211 |
0.465 |
1.211 |
|
Total
Current Assets |
219.741
|
210.197 |
5.820 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8.058 |
6.588 |
5.821 |
|
|
Provisions |
0.017 |
0.000 |
0.000 |
|
Total
Current Liabilities |
8.075 |
6.588 |
5.821 |
|
|
Net Current Assets |
211.666 |
203.609 |
(0.001) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
223.872 |
212.479 |
8.785 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
12.184 |
24.150 |
10.783 |
|
|
Other Income |
1.222 |
0.955 |
0.313 |
|
|
Total Income |
13.406 |
25.105 |
11.096 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.208 |
0.726 |
0.238 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.208 |
0.726 |
0.238 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
2.944 |
5.683 |
4.307 |
|
|
Miscellaneous Expenses |
0.010 |
0.043 |
0.031 |
|
|
Salaries, Wages, Bonus, etc. |
0.637 |
3.055 |
1.492 |
|
|
Interest |
0.339 |
1.229 |
0.413 |
|
|
Insurance Expenses |
0.035 |
0.034 |
0.086 |
|
|
Power and Fuel |
0.000 |
1.734 |
0.664 |
|
|
Depreciation & Amortization |
0.759 |
1.488 |
0.778 |
|
|
Other Expenditure |
8.474 |
11.113 |
3.087 |
|
Total Expenditure |
13.198 |
24.379 |
10.858 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.55
|
2.89 |
2.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.71
|
3.01 |
2.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.09
|
0.33 |
1.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
0.08 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
27.21
|
31.91 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
PROPOSAL FOR
RENEWAL AND ENHANCEMENT OF CREDIT FACILITIES :
Subject has started manufacturing of steel
reinforces polyethylene pipes with diameter of 300 mm to 2200 mm for pressure
and non-pressure applications in the month of November, 2005.
They submit herewith their proposal for
renewal and enhancement in their existing working capital limit to the extent
of Rs.6.800 Millions. The audited financial statement for March 2008,
provisional financial statement for September 2008 and proposal in CMA format
of bank is enclosed.
They are pleased to inform that they have
bagged orders Rs.70.600 Millions from their clients i.e.
Valsons
- Rs.31.697 Millions
Hi-Tech Engineers – Rs.26.310 Millions
Neev Infrastructure – Rs.6.384 Millions and
further order of
Hi-Tech Engineers – Rs.6.284 Millions (Copies
Enclosed)
Recently they received advances approx. 7.900
Millions from their various customers and deposited in the branch, out of which
a Rs.4.800 Millions cheque has been deposited on 24.11.2008.
The said orders are to be executed within 6
months preferably before march 2009 hence they are in immediate need of
additional working capital facilities. They have projected sales turnover of
Rs.55.008 Millions in the current financials year and they are confident to
achieve it since orders worth Rs.70.600 Millions are already received and they
have done sales turnover of Rs.8.252 Millions till October, 2008. They have
negotiating with few more clients and further orders worth Rs.25.000 Millions
to Rs,35.000 Millions are in pipeline.
During last financials year, they could not
achieve desired sales performance due to following reasons:-
REASON FOR LOWER
TURN OVER FOR 07-08
In the year 07-08 company was forced to switch
over single layer coating to 3 layer coating as mentioned below (under the
heading of manufacturing process) to meet the market demand of 3 layer coating.
Company had incurred a huge cost in developing the new process and consequently
could not accept or get orders in single layer coating due to this reason and
time consumed in year 07-08 the turnover was extremely low.
Moreover prices of the steel in the financial
year 2007-08 has gone up twofold which has prohibited many prospective
contractors to postpone their plans.
Relevant tests were carried on the new
technology and process successfully.
LATEST
MANUFACTURING PROCESS (3 LPE COATING)
Manufacturing process entail following
processes
-
Coating of HDPE with the help of powder
coating machine
The above was followed in the year 05-06,
06-07, thereafter the company adopted the latest development of PE coating on
MS Pipes which is known to be 3 Layer processes instead of single layer PE
Coating.
The 3 Layer polyethylene (3LP) coating
consists of following:
·
First Layer Fusion Bond Epoxy
·
Second Layer Polymer adhesive
·
Third Layer – Polyethylene
The above 3LP processes has been adopted by
companies like Welspun-Gujarat, P. S. L. India – Gujarat and Man Industries in
M. P., they have supplied this process to oil and gas Industries application
with only outer coating on steel pipes.
Subject has provides the 3 LP process
externally and internally which is mainly supplied to water supply Authorities
for portable water.
PRODUCT APPROVAL:
The product and company is registered with
major government department of Maharashtra, like Maharashtra Jeevan Pradhikaran
(Formaly known as Maharashtra Water Supply and Sewerage Board), MIDC, Bombay
Municipal Corporation and now in CIDCO.
The above Government bodies are their main
customers to whom they supply 3 LPE coated M S Pipes through their contractors,
who undertaken M S Coated Pipes Supply, laying and jointing contracts.
TECHNOLOGY
APPROVAL:
Their technology have been accepted by Saudi
Aramco, Sabic and Kuwait Oil Corporation for their Oil and Gas Pipe Coating.
Aramco Engineers have been suggesting various
civil construction company in UAE to set-up a coating plant based on their
technology.
Many of the companies from UAE are in touch
with us to set-up such plants in UAE they have also recently visited Bahrain
for discussion with some civil construction companies to set-up such plant in
Saudi.
AS REGARDS,
UNSECURED LOANS AVAILED BY THE CONCERN
Since, they had to convert their plant into
three layer coating plant (3 LPE) which not only facilitate external coating
but internal coating as well. They were confident about their technology. That
is the reason, they had to keep the plant going with the help of unsecured
loans. It would not be out of place to mention that though they have taken
loans from various sources, they have never defaulted on any repayments.
Confidence shown by the management on its technology has started them paying
with procurement of orders to the tune of Rs.70.000 Millions approx.
It may be observed from the provisional
balance sheet as on 30th September, 2008, they have infused to the
tune of Rs.8.586 Millions during last 6 month. C.A’s certificates certifying
the above is enclosed for the kind reference.
Thus it may be observed that they have already
initiated steps to improve Net Working Capital in the current financials year
and they assure that they shall maintain requisite Net Working Capital in the
current financials year.
The present market value of collateral
security offered to Bank is as under as per valuation report dated 16.10.2008
of Sunil Apte.
- Goregaon Gala – Rs.7.100 Millions (Gala no.116, 1st
Floor, Guru Gobind Singh Industrial. Premises CHS Limited., Off. Western
Express Highway, Goregaon (East), Mumbai – 400063.
- Dahisar Gala – Rs.13.540 Millions Godown No.14-A, J D Estate.
Pandurang Wadi Road, Mira Road East, District – Thane.
They, therefore, request to sanction following
credit facilities:
- Audited Balance-sheet for March 2008.
- Provision Balance Sheet for September 2008.
- CMA Data
- Copies of Orders on Hand
- Copies of valuation report dated 16.10.2008 of valuer Sunil Apte.
- A List of orders in pipeline
- CA certificates certifying capital infusion of Rs.8.586 Millions as
on 30.09.2008.
[RS. IN MILLIONS]
|
Name, Address
and PAN |
Loan Taken |
Max Amount O/s |
Repayment |
|
|
|
|
|
|
Mrs. Kosu X. Baptista (PAN: ABNPB 9267 E) Domnic House, Satelewadi, Giriz Tal and P O
Vasai, District Thane – 401201, India |
0.200 |
0.200 |
Nil |
|
|
|
|
|
|
Mr. Sudir Mohandas (PAN: AAHPM 7123 M) A/5, Flying Carpet, Junction of 13th
and 17th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
3.737 |
3.185 |
0.553 |
|
|
|
|
|
|
Mr. Aditya Mohandas (PAN: AHPPM 6280 A) A/5, Flying Carpet, Junction of 13th
and 17th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
2.684 |
2.133 |
0.551 |
|
|
|
|
|
|
Corporate Bank Sahar Plaza, SSI Branch, Marol, Andheri
(East), Mumbai, Maharashtra, India |
6.385 |
5.235 |
1.150 |
|
|
|
|
|
|
ICICI Bank Loan ICICI Bank Towers, Bandra Kurla Complex,
Mumbai – 400051, Maharashtra, India |
0.569 |
0.270 |
0.299 |
|
|
|
|
|
|
HDFC Bank (Car Loan) Trade Star Building, J B Nagar, Andheri
(East), Mumbai – 400059, Maharashtra, India |
0.257 |
0.154 |
0.103 |
|
|
|
|
|
|
ICICI Bank Car Loan ICICI Bank Tower, Bandra Kurla Complex,
Mumbai – 400051, Maharashtra, India |
0.621 |
0.435 |
0.186 |
|
|
|
|
|
|
CITI Bank P O Box 4830, Anna Salai P O, Chennai –
600002, India |
0.955 |
0.706 |
0.248 |
|
|
|
|
|
|
ABN Amro Bank Sahakar Bhavan, Nariman Point, Mumbai –
400021, Maharashtra, India |
0.701 |
0.681 |
0.020 |
|
|
|
|
|
|
Axis Bank 1st Floor, Janma Bhoomi Bhavan,
Janma Bhoomi Marg, Fort, Mumbai – 400001, Maharashtra, India |
1.402 |
1.317 |
0.086 |
|
|
|
|
|
|
Bar Clays Bank 601/603, Ceejay House, Shivasagar Estate,
Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
0.260 |
0.253 |
0.007 |
|
|
|
|
|
|
Centurian Bank HDFC Bank Limited Old Building, C Wing, 3rd floor,
26-A, Narayan Properties, Chandivali, Andheri (East), Mumbai – 400072,
Maharashtra, India |
1.000 |
0.922 |
0.078 |
|
|
|
|
|
|
Kotak Mahindra Personal Finance – Mumbai Vinay Bhavya
Complex, 5th Floor, 159-A, CST Road, Kalina, santacruz (East),
Mumbai – 400098, Maharashtra, India |
0.500 |
0.490 |
0.010 |
|
|
|
|
|
|
Reliance Capital Limited 3rd Floor, 570 Rectifier House,
Naigaum Cross Road, Wadala, Mumbai – 400031, Maharashtra, India |
0.950 |
0.895 |
0.055 |
|
|
|
|
|
|
Religare Finvest Limited Personal Loan department, Anant Karnekar
Marg, Bandra (East), Mumbai – 400061, Maharashtra, India |
0.600 |
0.561 |
0.039 |
VALUATION REPORT
IMMOVABLE PROPERTY
BELONGING TO MR. ADITYA S. MOHANDAS AND MRS. CITRA S MOHANDAS
|
Regarding |
Valuation of an Industrial Godown |
|
|
|
|
Name of the |
Mr. Aditya S. Mohandas Mrs. Citra S Mohandas |
|
|
|
|
Name of the Sellers |
M. S. Corporation |
|
|
|
|
Phone No. of Applicants |
26855180 |
|
|
|
|
Phone No. of Seller’s |
- |
|
|
|
|
Address of the Seller’s |
Virani Tower, Ground Floor, C – Wing, S. V.
Road, Dahisar (East), Mumbai – 400068, Maharashtra, India |
|
|
|
|
Address of the Applicants |
Flat No. A/5, Junction of 13th
and 17th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
|
|
|
Address of the Property |
Industrial Unit Godown No.14-A, J. D.
Estate, Pandurang Wadi Road, Mira Road, (East), District Thane, India |
|
|
|
|
Type of the Property |
Industrial Godown |
|
|
|
|
Requested By |
Mr. Aditya S. Mohandas |
|
|
|
|
Date of Inspection |
14.10.2008 |
|
|
|
|
Survey in presence of |
Mr. Deepak More |
|
|
|
|
Purpose of Valuation |
To ascertain fair market value of the
property |
|
|
|
|
Location |
Pandurang Wadi Road, Dahisar (East) |
|
|
|
|
Type of Locality |
Industrial Area |
|
|
|
|
Class |
Middle Class |
|
|
|
|
Nearest Station |
Mira Road (East) |
|
|
|
|
Distance From Station |
About 5.0 Kms. |
|
|
|
|
Civic Amenities |
Available Nearby |
|
|
|
|
Landmark |
Behind Samrat Hotel |
|
|
|
|
Building Details |
- |
|
|
|
|
Type of Land |
Non – Agricultural |
|
|
|
|
Plot Boundaries |
East – Garage West – Sagar Industrial Estate North – Industry South – Pandurang Wadi Road |
|
|
|
|
Type of occupation – Ownership/ Tenanted |
Ownership |
|
|
|
|
Type of Structure |
Load Bearing + A. C Sheet |
|
|
|
|
No. of Floors |
Ground Floor |
|
|
|
|
No. of Lifts |
Nil |
|
|
|
|
Godown Details |
- |
|
|
|
|
Floor |
Ground Floor |
|
|
|
|
Type of Godown |
Godown |
|
|
|
|
Saleable Area (B.U) |
2083 sq. ft (Built – up Area) |
|
|
|
|
Built up Area |
2083 sq. ft. |
|
|
|
|
Carpet Area |
1736 sq. ft. |
|
|
|
|
Completeness of project |
Complete |
|
|
|
|
Exterior |
Cement Paint |
|
|
|
|
Interior |
Flooring – Cement Concrete Height – 15 ft Doors – M. S. Rolling Shutters W. C. and Both attached -0 Indian Type W.C.
with Spartex Flooring Paint – Distemper |
|
|
|
|
Quality of Construction |
Good |
|
|
|
|
Under Construction |
No |
|
|
|
|
Complete |
Yes |
|
|
|
|
Age of the Property |
About 14 years |
|
|
|
|
Residual (Future) life |
About 26 years |
|
|
|
|
Industrial Building/ Complex of |
Individual Building |
|
|
|
|
Separete Compound Wall |
No |
|
|
|
|
Garden |
No |
|
|
|
|
Paving around the building/ chequered tiles |
Cement Concrete |
|
|
|
|
Car parking |
Open Space for Parking |
|
|
|
|
Maintenance/ First Impression |
Good |
|
|
|
|
Plans Approved By |
Details not available |
|
|
|
|
Society Registration No. |
No Yet Registered |
|
|
|
|
Property Tax |
Rs.8754/- P.A. Paid |
|
|
|
|
Water Availability |
Municipal Water |
|
|
|
|
Foundations |
Stone Wall |
|
|
|
|
Compliance to Sanctioned Plans |
Sanctioned Plans Not Made Available Hence
this cannot be ascertained |
|
|
|
|
Valuation Method |
Composite Rate Method |
|
|
|
|
Valuation |
- |
|
|
|
|
Current Fair Market Rate |
Rs.6500/- Per Sq. ft. on Built- up Area |
|
|
|
|
Current Fair Market Value |
2083 sq. ft. X 6500/- = Rs.13.540 Millions |
|
|
|
|
Distress Sale Value |
0.80 X Rs.13.540 Millions = Rs.10.832
Millions |
|
|
|
|
Basis for recommended Rate |
Market equity, Location and Type of Const.,
etc. |
|
|
|
|
Suggested sum assured for Fire Insurance
Cover |
Rs.1.450 Millions |
|
|
|
|
Special Feature that add to Value |
Nil |
|
|
|
|
Agreement |
Date: 25.09.1993 / Rs.0.477 Millions |
|
|
|
|
Remarks |
Nil |
|
|
|
|
Documents Seen |
Agreement Copy |
|
|
|
|
Registration Date |
22.11.2004 |
|
|
|
|
Registration No. |
09319-2004 with the office of sub Registrar
Thane – II |
|
|
|
|
Village |
Mira |
|
|
|
|
Registrar’s Value (Stamp Duty Purpose) |
Rs.6.192 Millions (Year 2008) |
|
|
|
|
Receipt No. |
9322 |
|
|
|
|
Agreement Between |
Seller – M. S. Corporation Purchaser – Mr. Aditya S. Mohandas Mr. Citra S. Mohandas |
|
|
|
|
Any Negative Features |
Nil |
|
Fair Market Value of The Property is
considered at Rs.13.540 Millions |
|
IMMOVABLE PROPERTY
BELONGING TO MR. SUDHIR S. MOHANDAS
|
Regarding |
Valuation of an Industrial Office |
|
|
|
|
Name of the Applicants |
Mr. Sudhir S. Mohandas |
|
|
|
|
Name of the Sellers |
Scan Engineering and Marketing Services
Private Limited |
|
|
|
|
Phone No. of Applicants |
9820123822 |
|
|
|
|
Phone No. of Seller’s |
- |
|
|
|
|
Address of the Seller’s |
- |
|
|
|
|
Address of the Applicants |
Flat No. A/5, Flying Carpet, 17th
Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
|
|
|
Address of the Property |
Gala No.116, 1st Floor, Scan
India, Guru Gobind Singh Industrial Premises CHS Limited Off Western Express
Highway, Goregaon (East), Mumbai – 400052, India |
|
|
|
|
Type of the Property |
Commercial Office |
|
|
|
|
Requested By |
Mr. Sudhir S. Mohandas |
|
|
|
|
Date of Inspection |
14.10.2008 |
|
|
|
|
Survey in presence of |
Mr. Sudhir S. Mohandas |
|
|
|
|
Purpose of Valuation |
To ascertain fair market value of the
property |
|
|
|
|
Location |
Off. Western Express Highway, Goregaon
(East) |
|
|
|
|
Type of Locality |
Industrial |
|
|
|
|
Class |
Middle Class |
|
|
|
|
Nearest Station |
Goregaon (East) |
|
|
|
|
Distance From Station |
About 4.0 Kms. |
|
|
|
|
Civic Amenities |
Available Nearby |
|
|
|
|
Landmark |
Guru Gobind Singh Industrial Estate |
|
|
|
|
Building Details |
- |
|
|
|
|
Type of Land |
Non – Agricultural |
|
|
|
|
Plot Boundaries |
East – Industrial Building West – Residential Chawl North – Industries South –Road |
|
|
|
|
Type of occupation – Ownership/ Tenanted |
Ownership |
|
|
|
|
Type of Structure |
RCC Frame + Brickwall Partitions |
|
|
|
|
No. of Floors |
G + 2 Upper Floor |
|
|
|
|
No. of Lifts |
1 No |
|
|
|
|
Office Details |
- |
|
|
|
|
Floor |
1st Floor |
|
|
|
|
Type of Office |
Company Office |
|
|
|
|
Saleable Area (B.U) |
710 sq. ft (Built – up Area) |
|
|
|
|
Built up Area |
710 sq. ft. |
|
|
|
|
Carpet Area |
592 sq. ft. |
|
|
|
|
Completeness of project |
Complete |
|
|
|
|
Exterior |
Cement Paint |
|
|
|
|
Interior |
Flooring – Mosaic Flooring Windows – Aluminium Sliding Windows Doors – M. S. Rolling Shutters and Glasses
Doors Paint – Acrylic |
|
|
|
|
Quality of Construction |
Good |
|
|
|
|
Under Construction |
No |
|
|
|
|
Complete |
Yes |
|
|
|
|
Age of the Property |
About 32 years |
|
|
|
|
Residual (Future) life |
About 20 years |
|
|
|
|
Industrial Building/ Complex of |
Individual Building |
|
|
|
|
Separete Compound Wall |
No |
|
|
|
|
Garden |
No |
|
|
|
|
Paving around the building/ chequered tiles |
Cement Concrete |
|
|
|
|
Car parking |
Open Space for Parking |
|
|
|
|
Maintenance/ First Impression |
Good |
|
|
|
|
Plans Approved By |
M. C. G. B. |
|
|
|
|
Society Registration No. |
BOM/ GEN/ 1048/ 22/ 03/ 1978 |
|
|
|
|
Property Tax |
Details Nor Available |
|
|
|
|
Water Availability |
Municipal Water |
|
|
|
|
Foundations |
Independent Footing |
|
|
|
|
Compliance to Sanctioned Plans |
Sanctioned Plans Not Made Available Hence
this cannot be ascertained |
|
|
|
|
Valuation Method |
Composite Rate Method |
|
|
|
|
Valuation |
- |
|
|
|
|
Current Fair Market Rate |
Rs.10000/- Per Sq. ft. on Built- up Area |
|
|
|
|
Current Fair Market Value |
710 sq. ft. X 10000/- = Rs.7.100 Millions |
|
|
|
|
Distress Sale Value |
0.80 X Rs.7.100 Millions = Rs.5.680 Millions |
|
|
|
|
Basis for recommended Rate |
Market equity, Location and Type of Const.,
etc. |
|
|
|
|
Suggested sum assured for Fire Insurance
Cover |
Rs.0.850 Million |
|
|
|
|
Special Feature that add to Value |
Nil |
|
|
|
|
Agreement |
Date: 12.09.2004 / Rs.0.275 Millions |
|
|
|
|
Remarks |
Nil |
|
|
|
|
Documents Seen |
Agreement Copy |
|
|
|
|
Registration Date |
05.10.2004 |
|
|
|
|
Registration No. |
9112-2004 with the office of sub Registrar
Borivali – II |
|
|
|
|
Village |
Goregaon |
|
|
|
|
Registrar’s Value (Stamp Duty Purpose) |
Rs.0.832 Millions (Year 2004) Rs.3.166Millions (Year 2008) |
|
|
|
|
Receipt No. |
9171 |
|
|
|
|
Agreement Between |
Seller – Scan Engineering and Marketing Purchaser – Mr. Sudhir S. Mohandas |
|
|
|
|
Any Negative Features |
Nil |
|
Fair Market Value of The Property is
considered at Rs.7.100 Millions |
|
OPERATING
STATEMENT
[RS IN MILLIONS]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
Estimated |
Projected |
|||
|
Gross
Sales |
|
|
|
|
|
|
Sales |
55.008 |
63.259 |
72.748 |
80.023 |
88.025 |
|
Total |
55.008 |
63.259 |
72.748 |
80.023 |
88.025 |
|
|
|
|
|
|
|
|
Less Excise Duty |
6.656 |
7.591 |
8.730 |
9.603 |
10.563 |
|
Net Sales |
48.352 |
55.668 |
64.018 |
70.420 |
77.462 |
|
|
|
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
- |
- |
- |
- |
- |
|
- |
|
|
|
|
|
|
Cost
of Sales |
|
|
|
|
|
|
Purchases and Site Expenses |
29.011 |
33.401 |
38.411 |
42.252 |
46.477 |
|
Fabrication Expenses |
0.200 |
0.250 |
0.500 |
0.600 |
7.00 |
|
Power and Fuel |
4.835 |
4.732 |
5.442 |
5.986 |
6.584 |
|
Direct labour [Factory Wages and Salaries] |
3.500 |
3.850 |
4.235 |
4.659 |
5.124 |
|
Other Manufacturer Expenses (Sales Tax) |
2.200 |
2.530 |
2.910 |
3.201 |
3.521 |
|
Depreciation |
1.664 |
1.474 |
1.310 |
1.168 |
1.043 |
|
Sub
– Total |
41.410 |
46.237 |
52.808 |
57.865 |
63.450 |
|
|
|
|
|
|
|
|
Add: Opening Stocks-in-process |
5.281 |
7.500 |
8.000 |
8.500 |
9.000 |
|
Sub
- total |
46.691 |
53.737 |
60.808 |
66.365 |
72.450 |
|
|
|
|
|
|
|
|
Deduct : Closing Stock – in – Process |
7.500 |
8.000 |
8.500 |
9.000 |
9.000 |
|
|
|
|
|
|
|
|
Cost of production |
39.191 |
45.737 |
52.308 |
57.365 |
63.450 |
|
|
|
|
|
|
|
|
Add : Opening Stock of finished goods |
- |
- |
- |
- |
- |
|
Sub
– total |
39.191 |
45.737 |
52.308 |
57.365 |
63.450 |
|
|
|
|
|
|
|
|
Deduct: Closing Stock – in - finished goods |
- |
- |
- |
- |
- |
|
Total
Cost of Sales |
39.191 |
45.737 |
52.308 |
57.365 |
63.450 |
|
|
|
|
|
|
|
|
Selling general and administrative expenses |
4.522 |
4.975 |
5.972 |
6.569 |
7.226 |
|
Sub –
Total |
43.714 |
50.712 |
58.280 |
63.934 |
70.676 |
|
|
|
|
|
|
|
|
Operation profit before interest |
4.638 |
4.957 |
5.739 |
6.486 |
6.786 |
|
|
|
|
|
|
|
|
Interest on Bank Loan |
2.238 |
1.977 |
1.889 |
1.800 |
1.730 |
|
Operating profit after interest |
2.401 |
2.979 |
3.850 |
4.686 |
5.056 |
|
|
|
|
|
|
|
|
Add : Other Income |
0.500 |
5.000 |
0.500 |
5.000 |
0.500 |
|
Sub
– Total [Income] |
0.500 |
5.000 |
0.500 |
5.000 |
0.500 |
|
|
|
|
|
|
|
|
Net of other non-operating income/ expenses |
0.500 |
5.000 |
0.500 |
5.000 |
0.500 |
|
Profit before tax |
2.901 |
3.479 |
4.350 |
5.186 |
5.556 |
|
Tax Paid |
0.725 |
0.870 |
1.087 |
1.296 |
1.389 |
|
|
|
|
|
|
|
|
Net
Profit |
2.175 |
2.609 |
3.262 |
3.889 |
4.167 |
|
|
|
|
|
|
|
|
Withdrawl By Proprietor |
0.300 |
0.400 |
0.500 |
0.600 |
0.700 |
|
|
|
|
|
|
|
|
Retained profit |
1.875 |
2.209 |
2.762 |
3.289 |
3.467 |
|
Retained profit / Net profit [%] |
86.21 |
84.67 |
84.67 |
84.57 |
83.20 |
ANALYSIS OF BALANCE
SHEET
[RS IN MILLIONS]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
Estimated |
Projected |
|||
|
CURRENT
LIABILITIES |
|
|
|||
|
Short – Term borrowings from banks [including bill
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
|
|
|
From Applicant Bank - Cash Credit From Corporation Bank |
6.094 |
6.594 |
7.094 |
7.594 |
8.094 |
|
|
|
|
|
|
|
|
From Other Banks |
0.262 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Sub
Total |
6.356 |
6.594 |
7.094 |
7.594 |
8.094 |
|
|
|
|
|
|
|
|
Short Term Borrowings from others |
- |
- |
- |
- |
- |
|
Sundry creditors [Trade] |
6.500 |
7.000 |
7.500 |
8.500 |
9.000 |
|
Other Advance against Order |
2.515 |
2.000 |
2.000 |
2.000 |
2.000 |
|
Provision for tax net |
- |
- |
- |
- |
- |
|
Dividend and Dividend Tax payable |
- |
- |
- |
- |
- |
|
Other statutory liabilities [due within one year] |
- |
- |
- |
- |
- |
|
Deposits/ Installments of term loans/ DPGs/ debentures,
etc [due within one year] |
- |
- |
- |
- |
- |
|
Other current liabilities and provisions [due within one
year] |
1.575 |
1.700 |
1.800 |
1.900 |
2.000 |
|
Sub
– Total |
10.590 |
10.700 |
11.300 |
12.400 |
13.000 |
|
|
|
|
|
|
|
|
Total Current Liabilities |
16.946 |
17.294 |
18.394 |
19.994 |
21.094 |
|
|
|
|
|
|
|
|
Debentures [not maturing within one year] |
- |
- |
- |
- |
- |
|
Preference Shares [Redeemable after one year] |
- |
- |
- |
- |
- |
|
Term loans [excluding installments payable within
one year] |
4.235 |
3.235 |
2.235 |
1.235 |
- |
|
Lease Charge of Car |
0.467 |
0.311 |
0.156 |
- |
- |
|
New Term Loan |
|
|
|
|
|
|
Deferred Payment Credit [Excluding installments due within
one year] |
- |
- |
- |
- |
- |
|
Term deposit [repayable after one year] |
- |
- |
- |
- |
- |
|
Other Term Liabilities |
|
|
|
|
|
|
Loans From Other |
8.000 |
8.000 |
8.000 |
8.000 |
8.000 |
|
Loans From Banks |
0.497 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Total
Term Liabilities |
13.199 |
11.546 |
10.391 |
9.235 |
8.000 |
|
|
|
|
|
|
|
|
Total
Outside Liabilities |
30.145 |
28.840 |
28.785 |
29.229 |
29.094 |
|
|
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
|
Proprietor’s Capital Account |
211.311 |
213.520 |
216.782 |
220.671 |
224.838 |
|
Surplus [+] or deficit [-] in Profit and Loss Account |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Net worth |
211.311 |
213.520 |
216.782 |
220.671 |
224.838 |
|
|
|
|
|
|
|
|
Total
Liabilities |
241.456 |
242.360 |
245.568 |
249.901 |
253.932 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
2.055 |
2.175 |
2.215 |
2.415 |
2.895 |
|
Investments [Other than long term investments] Government
and other Trustee securities |
- |
- |
- |
- |
- |
|
Fixed deposit with bank |
- |
- |
- |
- |
- |
|
Deposits |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Receivables other than deferred and exports [Including
bills purchased and discounted by banks] |
11.718 |
13.278 |
17.055 |
21.656 |
26.050 |
|
Export receivables [Including bills purchased / discounted
by banks] |
- |
- |
- |
- |
- |
|
Installments of Deferred receivables [due within one
year] |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Inventory |
|
|
|
|
|
|
I] Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
|
|
Imported |
- |
- |
- |
- |
- |
|
Indigenous |
- |
- |
- |
- |
- |
|
Stock – in – process |
7.500 |
8.000 |
8.500 |
9.000 |
9.000 |
|
Finished Goods |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Advances to suppliers of Raw Materials and Stores/
Spares |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Other current assets (Specify Major Item) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Advance to Staff and Loans and Advances Earnest Money
Deposit |
0.218 |
0.300 |
0.400 |
0.500 |
0.600 |
|
Total
Current Assets |
21.491 |
23.753 |
28.170 |
33.571 |
38.546 |
|
|
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
|
Gross Block (Land and Building, Machinery, Work in
process) |
16.727 |
16.727 |
16.727 |
16.727 |
16.727 |
|
Depreciation to date |
1.664 |
3.138 |
4.448 |
5.616 |
6.659 |
|
|
|
|
|
|
|
|
NET
BLOCK |
15.064 |
13.590 |
12.279 |
11.112 |
10.068 |
|
|
|
|
|
|
|
|
New
Process Development Expenses
|
4.518 |
4.518 |
4.518 |
4.518 |
4.518 |
|
|
|
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
|
|
|
Investments/ book/ debts/ advances/ deposits which are not
Current Assts |
0.383 |
0.500 |
0.600 |
0.700 |
0.800 |
|
|
|
|
|
|
|
|
Investments in Subsidiary companies / affiliates |
- |
- |
- |
- |
- |
|
Others companies / affiliates |
- |
- |
- |
- |
- |
|
Advances to suppliers of capital goods and contractors |
- |
- |
- |
- |
- |
|
Deferred receivables [maturity exceeding one year] |
- |
- |
- |
- |
- |
|
Others |
- |
- |
- |
- |
- |
|
Non consumables Stores and Spares |
- |
- |
- |
- |
- |
|
Other non – current assets including dues from directors |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Total
Other Non – Current Assets |
4.901 |
5.018 |
5.118 |
5.218 |
5.318 |
|
|
|
|
|
|
|
|
Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful debts Not provided for etc.] |
200.000 |
200.000 |
200.000 |
200.000 |
200.000 |
|
|
|
|
|
|
|
|
Total
Assets |
241.456 |
242.361 |
245.568 |
249.900 |
253.932 |
|
Tangible
Net Worth |
11.311 |
13.520 |
16.782 |
20.671 |
24.838 |
|
|
|
|
|
|
|
|
Net
Working Capital |
4.545 |
6.459 |
9.776 |
13.577 |
17.452 |
|
|
|
|
|
|
|
|
Current Ratio |
0.127 |
0.137 |
0.153 |
0.168 |
0.183 |
|
Total Outside Liabilities/ Tangible Net Worth |
0.267 |
0.213 |
0.172 |
0.141 |
0.117 |
|
|
|
|
|
|
|
|
Additional Information |
|
|
|
|
|
|
Arrears of Depreciation |
- |
- |
- |
- |
- |
|
Contingent Liabilities |
- |
- |
- |
- |
- |
|
Arrears of Cumulative Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gratuity Liability not provided for |
Gratuity |
Gratuity |
Gratuity |
Gratuity |
Gratuity |
|
Disputed excise/ Customs/ Tax Liability |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Other Liability not Provided for |
- |
- |
- |
- |
- |
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
[RS IN MILLIONS]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
Estimated |
Projected |
|||
|
CURRENT
ASSETS |
|
|
|||
|
Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
|
|
Imported (Months Consumption) |
- |
- |
- |
- |
- |
|
Indigenous (Months Consumption) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Other consumable spares, Excluding those included in 1
above |
|
|
|
|
|
|
Imported (Months Consumption) |
- |
- |
- |
- |
- |
|
Indigenous (Months Consumption) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Stock – in – process (Months cost of Production) |
7.500 |
8.000 |
8.500 |
9.000 |
9.000 |
|
|
|
|
|
|
|
|
Finished Goods (Months cost of Sales) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Receivable other than export and deferred receivable
(Including bills purchased and discounted by bankers) (Months domestic Sales: Excluding deferred payment sales) |
11.718 |
13.278 |
17.055 |
21.656 |
26.050 |
|
|
|
|
|
|
|
|
Export receivable (Including bills purchased and
discounted) (Months Export Sales) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Advances to suppliers of Raw Materials and Stores/ Spares,
Consumable ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Other current assets (Including Cash and Bank Balance and
Deferred Receivables due within one year) (Earnest Deposit) |
2.055 |
2.175 |
2.215 |
2.415 |
2.895 |
|
|
|
|
|
|
|
|
VAT Credit Available |
|
|
|
|
|
|
Loans and Advances |
0.218 |
0.300 |
0.400 |
0.500 |
0.600 |
|
|
|
|
|
|
|
|
Total Current Assets |
21.491 |
23.753 |
28.170 |
33.571 |
38.546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Other than Bank Borrowings for Working Capital) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Creditors for purchases of raw materials, Stores and
Consumable Spares |
6.500 |
7.000 |
7.500 |
8.500 |
9.000 |
|
|
|
|
|
|
|
|
Advances from Customers For Equipment |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Statutory Liability Taxes |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Other Current Liabilities (Specify Major Item) |
1.575 |
1.700 |
1.800 |
1.900 |
2.000 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Unsecured Loans |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Installments of TL, DPG, |
- |
- |
- |
- |
- |
|
Debentures, Public Deposits |
- |
- |
- |
- |
- |
|
Dividend Payable |
- |
- |
- |
- |
- |
|
Advance Against Order |
2.515 |
2.000 |
2.000 |
2.000 |
2.000 |
|
|
|
|
|
|
|
|
Total |
10.590 |
10.700 |
11.300 |
12.400 |
13.000 |
MEDICAL
PROJECTS
[RS IN MILLIONS]
|
Particulars |
2009 |
2009 |
2010 |
|
|
Estimated |
Estimated |
Projected |
|
Gross
Sales |
|
|
|
|
Sales |
55.000 |
55.000 |
63.250 |
|
Total |
55.000 |
55.000 |
63.250 |
|
|
|
|
|
|
Less Excise Duty |
3.300 |
3.300 |
3.795 |
|
Net Sales |
51.700 |
51.700 |
59.455 |
|
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
- |
- |
- |
|
- |
|
|
|
|
Cost
of Sales |
|
|
|
|
Purchases and Site Expenses |
33.000 |
33.000 |
37.950 |
|
Fabrication Expenses |
|
|
|
|
Power and Fuel |
0.650 |
0.650 |
0.715 |
|
Direct labour [Factory Wages and Salaries] |
6.413 |
6.413 |
- |
|
Other Manufacturer Expenses (Sales Tax) |
0.586 |
2.750 |
3.025 |
|
Depreciation |
- |
1.748 |
- |
|
Sub
– Total |
40.649 |
44.561 |
41.690 |
|
|
|
|
|
|
Add: Opening Stocks-in-process |
5.281 |
5.281 |
7.500 |
|
Sub
- total |
45.930 |
49.842 |
49.190 |
|
|
|
|
|
|
Deduct : Closing Stock – in – Process |
7.500 |
7.500 |
8.628 |
|
|
|
|
|
|
Cost of production |
38.430 |
42.342 |
40.562 |
|
|
|
|
|
|
Add : Opening Stock of finished goods |
- |
- |
- |
|
Sub
– total |
38.430 |
42.342 |
40.562 |
|
|
|
|
|
|
Deduct: Closing Stock – in - finished goods |
- |
- |
- |
|
Total
Cost of Sales |
38.430 |
42.342 |
40.562 |
|
|
|
|
|
|
Selling general and administrative expenses |
4.198 |
4.505 |
4.101 |
|
Sub
– Total |
42.628 |
46.846 |
44.663 |
|
|
|
|
|
|
Operation profit before interest |
9.072 |
4.854 |
14.792 |
|
|
|
|
|
|
Interest on Bank Loan |
# VALUE |
1.665 |
- |
|
Operating profit after interest |
# VALUE |
3.189 |
14.792 |
|
|
|
|
|
|
Add : Other Income |
0.955 |
0.000 |
0.000 |
|
Sub
– Total [Income] |
0.955 |
0.000 |
0.000 |
|
|
|
|
|
|
Deduct other
non-operating income/ expenses |
- |
- |
- |
|
|
|
|
|
|
Loss on sale of assets |
- |
- |
- |
|
Sub
- Total |
- |
- |
- |
|
|
|
|
|
|
Net of Other non-operating Income/ Expenses |
- |
- |
- |
|
|
|
|
|
|
Profit before tax |
# VALUE |
3.189 |
14.792 |
|
Tax Paid |
# VALUE |
0.478 |
2.219 |
|
|
|
|
|
|
Net Profit
|
#
VALUE |
2.710 |
12.573 |
|
|
|
|
|
|
Withdrawl By Proprietor |
- |
- |
- |
|
|
|
|
|
|
Retained profit |
#
VALUE |
2.710 |
12.573 |
|
Retained profit / Net profit [%] |
#
VALUE |
100.00 |
100.00 |
INTERESTS STATEMENT
|
Name
of the Bank |
Working Capital |
Term Loan |
Total |
Rate of Interests |
Interests |
|
|
|
|
|
|
|
|
Corporation Bank |
6.500 |
5.000 |
11.500 |
14% |
1.610 |
|
Other Bank |
0.262 |
0.964 |
1.226 |
14% |
0.172 |
|
Car Lease |
0.000 |
0.467 |
0.467 |
12% |
0.056 |
|
Individuals |
0.000 |
8.000 |
- |
5% |
0.400 |
|
Total
2009 |
6.762 |
14.431 |
13.193 |
0.45 |
2.238 |
|
|
|
|
|
|
|
|
Corporation Bank |
7.000 |
4.000 |
11.000 |
14% |
1.540 |
|
Car Lease |
- |
0.312 |
0.312 |
12% |
0.037 |
|
Individuals |
- |
8.000 |
- |
5% |
0.400 |
|
Total
2010 |
7.000 |
12.312 |
11.312 |
0.31 |
1.977 |
|
|
|
|
|
|
|
|
Corporation Bank |
7.500 |
3.000 |
10.500 |
14% |
1.470 |
|
Car Lease |
- |
0.157 |
0.157 |
12% |
0.019 |
|
Individuals |
- |
8.000 |
- |
5% |
0.400 |
|
Total
2010 |
7.500 |
11.157 |
10.657 |
0.31 |
1.889 |
|
|
|
|
|
|
|
|
Corporation Bank |
8.000 |
2.000 |
10.000 |
14% |
1.400 |
|
Car Lease |
- |
0.002 |
0.02 |
12% |
0.000 |
|
Individuals |
- |
8.000 |
- |
5% |
0.400 |
|
Total
2010 |
8.000 |
10.002 |
10.002 |
0.31 |
1.800 |
|
|
|
|
|
|
|
|
Corporation Bank |
8.500 |
1.000 |
9.500 |
14% |
1.330 |
|
Car Lease |
- |
- |
- |
- |
- |
|
Individuals |
- |
8.000 |
- |
5% |
0.400 |
|
Total
2010 |
8.500 |
9.000 |
9.500 |
0.19 |
1.730 |
FIXED ASSETS:
- Air Conditioners
- Computers
- Fax Machine
- Furniture and Fixture
- Motor Car
- Office Equipment
- Plant and Machinery
- Printer
- Refrigerator
- Mobile Phone
WEBSITE DETAILS:
PROFILE:
Subject has been engineering and contracting company started in
1994. They have been involved in installation and commissioning of Large
Diameter HDPE pipeline projects for water supply sewerage and effluent disposal
schemes.
Subject has always been focused on piping business & piping
solutions. They have represented many Foreign & Indian Pipe Companies, for
marketing their pipes in specialized project of Effluent Disposal Piping, No
Dig Piping Solutions, Online Repair Solutions to leaking pipes & joints.
Subject has always been dealing with Government Projects, which
are generally large projects.
Subject has been working for the past 3 to 4 years on the
development, and has a patent for
internal & external coating of polyethylene on m. s. pipes.
They have started the new division
for manufacturing of “Smoothflow Pipes”
which are Steel Reinforced Polyethylene Pipes. These pipes are manufactured
from 350 mm to 2200 mm diameter for pressure and non-pressure applications.
These mild steel pipes are coated internally and externally with 3LPE.
Subject has developed a special bonding
system for adequate bonding between 3 Layer High Density polyethylene and mild
steel pipes.
MAJOR CUSTOMERS FOR THIS
PRODUCT ARE:
- Water Supply Board
- Municipal Bodies and Industrial Development Corporation
- Private Contractors
Subject presently has concentrated in its Home State and are now
in a process of expanding its marketing activities in other States as well.
Subject also proposes to enter the Saudi, U.A.E and other neighboring countries
for exports.
“SMOOTHFLOW PIPES” Standards:
- HDPE COATING on Mild Steel Pipes are as per NACE Standards
RP0185-96 or DIN 30670.
- The M.S. Pipes are supplied as per Standards IS 3589 – 2001.
- Working pressure class available in minimum 8 kg/cm2 and above
ACHIEVEMENTS:
Subject has been accredited with ISO 9001-2000 from UK UKAS
certification body.
Internal & External PE Coating
on Mild Steel/RCC pipes is an innovation which is been recognized by Government
of India and Patent to this effect is been given to the Company.
They have conducted various test
on their product from in VJTI/UDCT which are reputed Government recognized
organizations which have got excellent results.
MIDC, which is India’s premier
Industrial Development Corporation has accepted their product and are using it
for all their upcoming projects.
They have been given a 'Award For Excellence” from Good
Governance India- Delhi.
They are currently manufacturing
1800mm diameter pipes with 3 mm PE Coating externally 2 KMS long which is one
of the largest diameter PE Coated Mild Steel Pipe in India.
INTERNAL
AND EXTERNAL COATING OF POLYETHYLENE ON M.S. PIPES
Subjects have
developed a powder coating process where 3 layer polyethylene can be applied both
internally and externally on Mild Steel Pipes.
This system provides excellent adhesion to the pipe surface
with inherent shear resistance properties, impact and cathodic disbondment
resistance and very low moisture permeability. The selected materials allow for
operating temperatures up to 85oC and installation temperatures down
to -50oC.
In typical three-layer systems, the polyethylene layer is
applied by side extrusion for large diameter pipes and by crosshead extrusion
for smaller diameter pipes. However, the problem with extrusion on large
diameter pipes with raised spiral or longitudinal welds is poor coverage of the
welds especially where the profile is pronounced. There is the tendency to
form voids at the welds neck area which produces pinholes and entraps
water during the cooling stage. Rollers have been used to compress the
molten polyethylene around the weld seam with some success in longitudinal
welds.
There is also a reduction of coating thickness at the top of
the weld, which results in increased material usage to achieve the minimum
required coating thickness. Powder coating avoids these problems.
SCAN MULTI-LAYER COATINGS OFFER
- Optimization by combining favourable properties of different
coating materials, and
- Functional separation of performance such as corrosion protection
and protection against mechanical damage.
Three layer pipeline coatings utilize a layer of FBE, a
polyolefin outer layer and an adhesive tie layer. FBE is selected because of
its excellent adhesion to steel and their cathodic disbondment resistance. This
is achieved because of the strong polar molecular structure, which is also
responsible for its high moisture absorption. Polyolefins are very non-polar,
and thus have low moisture absorption and good electrical insulation
properties. Interlayer adhesion is attained with a chemically modified
polyolefin material with polar end groups, which can form linkages between the
non-polar polyolefin and the polar FBE, "The Polyolifin Adhesive and
Polyethylene are similar to each other and intermingle easily to provide
excellent adhesion and inherritent shear resistance properties". Thus
multi-layer system can offer excellent adhesion and corrosion properties as
well as resistance to mechanical damage.
TYPICAL PRODUCT PROPERTIES
PROPERTY: 3LPE
Minimum Pipe Diameter: 350 mm (12”)
Maximum Pipe Diameter: 2200 mm (86”)
Minimum Pipe Length: 6 m
Maximum Pipe Length: 8 m
Minimum Recommended Operating Temperature: -40°C (-40°F)
Maximum Recommended Operating Temperature: 85°C (185°F)
CORROSION
RESISTANCE
Plain mild steel pipes are manufactured with corrosion resistance coatings
which are factory applied. These coatings are seldom effective in preventing the
long-term corrosion and optimistic life span of these pipes is around 20 to 30
years.
Smooth flow Pipes with its polyethylene layers firmly bonded
to the mild steel has virtually no corrosion whatsoever and the client can
safely expect a life of more than 50 years with efficient and trouble free
service.
Polyethylene is a very inert material and it prevents steel
from various types of corrosion such as:
Pitting corrosion, crevice corrosion, galvanic corrosion,
oxygen concentration cell, cavitations.
ASSURED
PERFORMANCE UNDER ANY WORKING CONDITIONS
Smooth flow pipes have a working temperature range between
30o to 50 o C any working environment thus making it a suitable pipe for many
applications.
Pipe is tested to 75% of its yield stress value and hence
gives assured performance without any adverse effects on its structure or
shape.
HIGH
IMPACT RESISTANCE & DUCTILITY
Smooth flow pipes are manufactured from highly ductile steel
and hence have the ability to withstand shocks from water hammer, pressure
surges and surface vibrations from vehicular traffic.
Designed with a factor of safety of 3.5 on working pressure.
LOCAL
DEFORMATION PREVENTS BRITTLE FAILURE.
Localized deformation is a property of steel on account of
its high ductility, whereby when a high localized point load of large magnitude
falls on the steel it gets deformed at the point of application of the load
thus preventing total ring buckling and /or cracking as evident in brittle
pipes like cast iron, psc and asbestos cement.
LOW FRICTIONAL CO
EFFICIENT
The frictional lead loss depends upon the Hazen Williams coefficient or ‘C’
value of the pipe. Smooth flow pipes have a ‘C’ value of 150 and it says
constant as there is little or no abrasion of polyethylene whether in sewage or
water supply.
Lower pumping costs hence significant energy savings through
out the life of pipeline compared to other conventional pipes.
Less frictional losses because of high 'C' value compared to
other pipes.
Smaller diameters can be used for same discharge because of
higher 'C' value.
ABRASION
RESISTANCE
Polyethylene has got the highest abrasion resistance amongst all pipe
materials.
Polyethylene inner lining has got good abrasion resistance
in carrying various fluids.
BONDING
The external HDPE coating and the internal HDPE lining is bonded to the Mild
Steel Surface with the help of adhesives.
Steel reinforced HDPE pipes have the polyethylene firmly
bonded to the steel surface on the outside and inside of the pipe. This helps in
protecting the steel from corrosion, encrustation and provides a very smooth
surface.
HIGH DIMENSIONAL
STABILITY
Smooth flow pipes are manufactured by a very flexible and highly mechanized
process which allows for minimum tolerance and hence greater dimensional
stability. Accurate thickness of coatings and linings can be obtained as per
customer specifications.
LONG LIFE SPAN
Smooth flow pipes have a service life of more than 50-75
years.
The coating stays integral to the pipe throughout its life span
unlike most of the other coatings in which cracking, peeling and scraping is
evident after 4 to 5 years service.
EASE IN LOCATION
Another great feature of smooth flow pipes is that it is easy to locate buried pipes.
A lot of money is spend when location non metallic pipes like psc, grp, hdpe
etc. by random excavation and in the process damaging roads and other
installations like cable conduits, gas lines etc. Smooth flow pipes can be
accurately located by ordinary magnetic locating equipments.
ADVANTAGE:
"SMOOTHFLOW"
Pipes are polyethylene (fusion-bonded) coated & lined Mild Steel pipes
which are permanenently free of corrosion, encrustation & water
contamination. The advantages are as follow:
- Life span of "SMOOTHFLOW"
PE coated pipes will be 2 to 3 times higher than that of normal M. S.
Pipes.
- Any other type of
anti-corrosive coat have life span of 4 to 5 years only;
"SMOOTHFLOW" HDPE coating & lining is a permanent life time
coat.
- Since the internal PE coating
thickness does not exceed more than 2 mm, effective internal diameter of
the coated pipe does not change.
- "SMOOTHFLOW"
pipes have C-value of 150 and thus major savings on pumping cost and added
carrying capacity.
- Prevents internal &
external pipe corrosion.
- Will not contaminate
water.
- Easy & quick to
repair.
- Suitable for conditions
where stray currents are prevalent.
- Due to HDPE coating,
encrustation is avoided.
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 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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
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 |
NO |
|
--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 |
|