MIRA
INFORM REPORT
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Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAH ELECTRONICS AND ELECTRICALS |
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Registered Office : |
Unit No.16, Veena Dalvi Industrial Estate, Opp. Oshiwara Post Office,
S.V. Road, Jogeshwari (West), Mumbai – 400 102, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1960 |
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PAN No.: [Permanent
Account No.] |
AAQFS6626L |
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Legal Form : |
Partnership concern with an unlimited liability of the partner. |
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Line of Business : |
Manufacturer, Supplier and Exporter of World Wide Instrumentation and Electrical
Panel Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 205 |
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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 an established concern having satisfactory track. Trade relations
are fair. Business is active. No complaints have been heard. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sandeep Shah |
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Designation : |
Partner |
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Date : |
06.12.2008 |
LOCATIONS
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Registered Office/Factory : |
Unit No.16, Veena Dalvi Industrial Estate, Opp Oshiwara Post Office,
S.V. Road, Jogeshwari (West), Mumbai – 400 102, India. |
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Tel. No.: |
91-22-26780924 |
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Mobile No.: |
91-9967642914 (Mr. Jimit Shah) |
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Fax No.: |
91-22-66954779 |
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E-Mail : |
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Website : |
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Area : |
800 Sq.ft. |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Sandeep K. Shah |
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Designation : |
Partner |
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Address : |
St. Mary Road, Vile Parle (West), Mumbai – 400 056. |
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Date of Birth/Age : |
41 Years |
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Qualification : |
Under Graduate |
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Experience: |
21 Years |
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Name : |
Mr. Jimit K. Shah |
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Designation : |
Partner |
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Address : |
B-104, Bhagyodaya Building. |
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Date of Birth/Age : |
39 Years |
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Qualification : |
B E |
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Experience : |
19 Yaers |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of World Wide Instrumentation and
Electrical Panel Components. |
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Products : |
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Brand Names : |
‘H K’ and ‘JETEK’ |
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Exports : |
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Products : |
Electrical Panel Components (through agencies) |
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Countries : |
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Terms : |
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Selling : |
Against Advance / Credit (45 days) |
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Purchasing : |
On Credit / Depends |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 10 |
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Bankers : |
Bank of Baroda, Vile Parle (West) |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
A.C. Javeri and Company |
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Chartered Accountant |
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Address : |
Masjid Bander |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Capital Account:
Mr. Jimit K. Shah – 0.070
Mr. Sandeep K. Shah – (0.29)
Total 0.041
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.041 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.041 |
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LOAN FUNDS |
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1] Secured Loans |
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0.649 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.649 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.690 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.675 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.001 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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1.272 |
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Cash & Bank Balances |
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0.711 |
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Other Current Assets |
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0.200 |
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Loans & Advances |
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0.763 |
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Total
Current Assets |
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2.946 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.028 |
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Provisions |
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2.904 |
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Total
Current Liabilities |
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2.932 |
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Net Current Assets |
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0.014 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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0.690 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover |
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6.557 |
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Other Income |
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0.000 |
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Total Income |
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6.557 |
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Profit for the Year |
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0.931 |
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Expenditures : |
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Cost of Goods Sold |
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4.814 |
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Manufacturing Expenses |
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0.131 |
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Administrative Expenses |
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0.053 |
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Raw Material Consumed |
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0.005 |
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Interest |
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0.044 |
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Insurance Expenses |
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0.009 |
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Depreciation & Amortization |
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0.170 |
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Other Expenditure |
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0.189 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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14.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
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14.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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31.59 |
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Return on Investment (ROI) (PBT/Networth) |
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23.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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73.3 |
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Current Ratio (Current Asset/Current Liability) |
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1.01 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Cintex Industrial Corporation – Mumbai
- Medica Instrumentation manufacturing Company – Mumbai
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Additional
Requirement of Indiamart for Trust-Seal |
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VAT / TIN : 27150034640 |
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IEC Code : In Process |
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PAN / TAN : AAQFS6626L |
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Bank Name : Bank of Baroda |
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Bank Address : Vile Parle (West) |
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Bank A/c. No.: 04200200001166 |
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Account Since : 10 Years |
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In case of any affiliations / memberships / certifications : |
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Type : In Process |
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AS PER WEBSITE:
ABOUT COMPANY:
Established in the
year 1960, they are the leading manufacturer, supplier and exporter of world
class instrumentation and electrical products like thermocouples, temperature
sensors, thermocouple heads, stainless steel flanges, resistance temperature
detectors, thermocouple ceramic terminal blocks, resistance temperature
detectors, thermocouple assemblies, thermocouple brass parts and many more.
Made from best raw materials like PVC, Copper, Teflon, Asbestos company
designed products have high efficiency and require less maintenance.
At Shah Electronics and Electrical company business is based on superior
product engineering, automated production, customized products and stringent
quality inspection before dispatch and exceptional after sales service. Over the
years of company inception, they are one of the few names to have grown to meet
the new challenges of the market through continuous process improvements. They
encourage teamwork and performance based success and also strive to improve
company operation based performance. Today, company products are widely
appreciated and find their application in many industries like scientific
instruments, measuring instruments, oven furnace manufacturers, home
appliances, chemicals, castings, heat treatment, pharmaceuticals, control
panels, heating equipment etc.
PRODUCTION UNIT:
They have a well equipped production unit
provided with state of the art machines that is best suited for the
manufacturing of durable and quality instrumentation and electrical panel components.
Company production unit is modernized with the extensive use of contemporary
machines making company products technologically superior to those of company
competitors.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.85 |
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Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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