MIRA
INFORM REPORT
|
Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHREE SATYA MINERALS PRIVATE LIMITED |
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Registered Office : |
9 B Shree Krupa Anand Vihar CHS, 19th Road Khar West,
Mumbai – 400 052, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.02.1996 |
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Com. Reg. No.: |
11-97694 |
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CIN No.: [Company
Identification No.] |
U51909MH1996PTC097694 |
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` |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37187D |
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PAN No.: [Permanent
Account No.] |
AABCS4070 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Resin Coated Sand. |
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 20100 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
9 B Shree Krupa Anand Vihar CHS, 19th Road Khar West,
Mumbai – 400 052, Maharashtra, India |
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Tel. No.: |
91-22-24072650 / 26051048 / 26054383 |
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Fax No.: |
91-22-24044828 / 26486952 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Satish S Janwalikar |
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Designation : |
Director |
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Address : |
Shree Kripa, 9/B, Anand Vihar CHS, Khar (West), Mumbai – 400 052, Maharashtra,
India |
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Date of Birth/Age : |
06.03.1957 |
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Date of Appointment : |
27.02.1996 |
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Name : |
Mrs. Rashmi Janwalikar |
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Designation : |
Director |
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Address : |
Shree Kripa, 9/B, Anand Vihar CHS, Khar (West), Mumbai – 400 052, Maharashtra,
India |
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Date of Birth/Age : |
08.11.1965 |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mr. Sudama Janwaliakr |
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Designation : |
Director |
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Address : |
Shree Kripa, 9/B, Anand Vihar CHS, Khar (West), Mumbai – 400 052, Maharashtra,
India |
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Date of Birth/Age : |
13.06.1923 |
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Date of Appointment : |
27.02.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Mr. Sudama Janwalikar |
|
1010 |
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Mr. Satish Janwalikar |
|
1760 |
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Mrs. Rashmi Janwalikar |
|
1000 |
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Total
|
3770 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Resin Coated Sand. |
GENERAL
INFORMATION
|
Bankers : |
· United Bank of India Address: 1st Floor, Danda Road, Khar West, Mumbai – 400
052, Maharashtra, India · HDFC Bank Limited Address: HDFC Bank
Houses Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sanjay Shah Chartered Accountants |
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Address : |
309, Rajgir Sadan, 3rd Floor, Laxmi Baug, Opposite Sion
Railway Station, Sion, Mumbai – 400 022, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity shares |
Rs. 100/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3770 |
Equity shares |
Rs. 100/-
each |
Rs. 0.377
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.377 |
0.377 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
4.648 |
3.198 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.025 |
3.575 |
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LOAN FUNDS |
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1] Secured Loans |
|
10.091 |
11.954 |
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2] Unsecured Loans |
|
14.033 |
4.554 |
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TOTAL BORROWING |
|
24.124 |
16.508 |
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DEFERRED TAX LIABILITIES |
|
0.066 |
0.105 |
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TOTAL |
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29.215 |
20.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.921 |
5.242 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.050 |
0.050 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.854 |
2.088 |
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Sundry Debtors |
|
20.665 |
17.004 |
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Cash & Bank Balances |
|
1.026 |
0.705 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3.667 |
3.760 |
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Total
Current Assets |
|
28.212 |
23.557 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.487 |
6.499 |
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Provisions |
|
2.481 |
2.163 |
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Total
Current Liabilities |
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6.968 |
8.662 |
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Net Current Assets |
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21.244 |
14.895 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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29.215 |
20.188 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
69.339 |
52.870 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
69.339 |
52.870 |
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Profit/(Loss) Before Tax |
|
3.741 |
3.275 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.741 |
3.275 |
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Expenditures : |
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Interest |
|
1.575 |
0.878 |
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Depreciation & Amortization |
|
1.331 |
0.816 |
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Other Expenditure |
|
62.691 |
47.881 |
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Total Expenditure |
|
65.597 |
49.575 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
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5.39 |
6.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.39 |
6.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.35 |
11.37 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.74 |
0.92 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
6.18 |
7.04 |
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Current Ratio (Current Asset/Current Liability) |
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|
4.04 |
2.72 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
SHREE SATYA MINERALS PRIVATE LIMITED |
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Presented
By |
United Bank of
India, Khar (West), Mumbai – 400 052, Maharashtra, India |
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1) Date and description
of instrument creating the change |
· Hypothecation of goods agreement dated 24.03.2003 · Hypothecation of Debts and movable Assets Agreement dated 24.03.2003 · Hypothecation of Movable Plant and machinery Agreement dated 24.03.2003 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 1.401
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
· Hypothecation of stocks of raw materials goods in process and finished goods · Hypothecation of book debts not over 90 days · Assignment of LIC policies worth Rs. 0.396 million of surrender value · Term Deposit Receipt of Rs. 0.005 million pledge in favour of the bank. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The charge is to secure advance facilities
granted by the bank. Margin 25% on stocks and 405 on Book
debts. |
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5) Name and
Address and description of the person entitled to the charge. |
United Bank of India Address: 1st Floor, Danda Road,
Khar West, Mumbai – 400 052, Maharashtra, India |
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6) Date and brief description of instrument
modifying the charge |
Agreement hypothecation
of goods dated August 25, 2003. Agreement of hypothecation of Debts and
movable Assets dated August 25, 2003. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
By present
modification the overdraft / cash credit limit increased to Rs. 2.500
millions. |
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Corporation identity number or foreign company registrations number of
the company |
U51909MH1996PTC097694 |
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Name of the company |
SHREE SATYA MINERALS PRIVATE LIMITED |
|
Address |
9 B Shree Krupa Anand Vihar CHS, 19th Road Khar West,
Mumbai – 400 052, Maharashtra, India |
|
This Form is for |
Creation of charge |
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Type of Charges |
· Book Debts · Movable Property · Floating Charge |
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Particular of the charge holder
|
HDFC Bank Limited Address: HDFC Bank Houses Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India Email Id: siva.subramaniam@hdfcbank.com
CIN : L65920MH1994PLC080618 |
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Nature or description of the instrument creating charge |
Letter of Hypothecation |
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Date of the instrument creating charge |
21.02.2007 |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Interest at the rate may be communicated by the bank from time to
time. Terms of Repayment: On demand Margin: Borrower shall at all times during the continuance of this security
maintain the said debts of a sufficient amount to provide the margin of
security as may from time to time advised by the bank Extent and operation of the
charge: Hypothecation by way of first charge on Company’s Stock , book debts,
etc to secure as a continuing security for repayment of all monies now or at
any time to time due or may become due owing by the borrower to the bank. |
|
Short particulars of the Property charged |
Hypothecation by way first charge on: All the stock in trade both present and future consisting of raw
materials, goods in process of manufacturing and other merchandises, fixed assets
and whatsoever being movable properties now or at any time hereafter
belonging to us or at our disposal and now or at any time and from time to
time from time to time hereafter stored or to be stored or brought into or
upon or in course of transit. |
WEBSITE DETAILS:-
HISTORY:-
Shree Minerals Products was established in the year 1977 as
a small scale unit to manufacture Resin Coated Sand (RCS) for the Foundry
Industry. This quality conscious and enterprising unit is now a partnership
firm headed
by Mr. Satish Janwalikar. The high quality RCS, produced and supplied by them
has immensely benefited Indian foundries in the last few decades.
This unit was established at Pirangut, Pune dist. in December 2002 to
manufacture RCS by intermediate Hot Coating Process.
Shree Satya Silica Private Limited the sand is worked in their Dorr Oliver sand
washing and grading Plant. This plant is equipped with the pioneering
world famous engineering industry M/s. Dorr Oliver sand washing and grading
mechanism plant, which is a fully automated plant and the grading is done by
Jet-Sizer.
Experience
Mr. Sudama Janwalikar:
Their Senior Director Mr. Sudama Janwalikar has been dealing in raw
Silica Sand for more than 50 years now and has very good experience about the
quality and types of sand available from different mines in India and their
blending together to make raw sand suitable for the manufacture of Resin Coated
Sand for various applications and alloys to produce quality castings.
The Largest Manufacturer of Resin Coated Sand in India.
Its capability comprises of Shree
Mineral Products located in Digha Town, Navi Mumbai, and the company is located in Pirangut
Dist., Pune and Shree Satya Silica
Private Limited, Phondaghat, Ratnagiri District and Lakshmi Shell Industries, Gokul
Shirgaon, Kolhapur.
Highlights of their Silica Sand
· Silica content in their sand > 99%
· Silica Sand is clay free.
· 70% to 80% of the sand grains are rounded and rest are sub-angular.
Highlights of Resin Coated Sand
· Their RCS by intermediate is produced by intermediate not coating process.
· C.T.S. is 30 to 35% higher than H.T.S.
· Sand has very good flowability.
· Cold Bending Strength is 65% to 75 % higher than Hot Bending Strength.
· They can give RCS from 40 AFS to 120 AFS.
· Their RCS has good collapsibility even for Aluminium casting.
· There is through curing of the cores.
· Special RCS with C.T.S. 70% to 80% higher than H.T.S.
· They can give 80% to 90% of RCS in 3 sieves distribution for better Surface finish and improved collapsibility.
Capacity
At present they have a capacity of RCS 1500 tons /month and to be
augmented 3000 tons/month in the near future. Currently they are supplying
about 1200 tons/month of RCS. The washing capacity is 80 Tons/shift.
Laboratory Facilities
Well equipped lab to check all critical properties of incoming raw
materials and finished products. As well as Hot Bending and Cold Bending
strengths are tested on George Fischer Universal Testing Machine. Dietert Hot
Tensile Testing Machine and Dilatometer for checking expansion of RCS.
COMPANY PROFILE
Shree Minerals Products was established in the year 1977 as a small scale
unit to manufacture Resin Coated Sand (RCS) for the Foundry Industry. This
quality conscious and enterprising unit is now a partnership firm headed by Mr.
Satish Janwalikar. The high quality RCS, produced and supplied by them has
immensely benefited Indian foundries in the last few decades. They have also
developed import substitute RCS for Steel and Alloy Steel Foundries who used to
import the same from England and Spain.
Shree Satya Minerals Private Limited was established at Pirangut, Pune
dist. in December 2002 to manufacture RCS by intermediate Hot Coating Process.
This is fully automatic unit with PLC controls and bucket conveyor systems. The
sand is dried by LPG gas which does not contaminate the sand like other fuels.
The plant is equipped with Elektromag
sand separator machine. All exports of RCS are done from this unit
Shree Satya Silica Private Limited
All the sand is worked in their Dorr Oliver sand washing and grading
Plant.
This plant is equipped with the pioneering world famous engineering
industry M/s. Dorr Oliver sand washing and grading mechanism plant, which is a
fully automated plant and the grading is done by Jet-Sizer. The capacity of
this plant to wash sand is 80 tons/shift. This plant is located in the
Phondaghat region, which is surrounded by silica deposits where SiO2 contents
are greater than 99%, which can be used for Glass and Foundry Industry.
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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.87 |
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 |
|