MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ISHMEET FORGINGS PRIVATE LIMITED |
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Formerly Known As : |
RAGHBIR GEARS PRIVATE LIMITED |
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Registered Office : |
595/8, Campa Cola Factory Road, Dhandari Kalan, Ludhiana – 141010,
Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.09.1993 |
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Com. Reg. No.: |
16-13700 |
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CIN No.: [Company
Identification No.] |
U28910PB1993PTC013700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDI00311D |
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PAN No.: [Permanent
Account No.] |
AAACI9819E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Steel Forgings and Auto Parts |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 45000 |
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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 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 : |
595/8, Campa Cola Factory Road, Dhandari Kalan, Ludhiana – 141010,
Punjab, India |
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Tel. No.: |
91-161-2510151 / 2511151 |
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Fax No.: |
91-161-5013752 |
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E-Mail : |
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Website : |
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Factory : |
Dhandari Railway Station Road, Dhandari Kalan, G. T. Road, Ludhianan –
141010, Punjab, India |
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Tel. No.: |
91-161-5089965 / 5089966 |
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Fax No.: |
91-161-5013752 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raghbir Singh |
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Designation : |
Director |
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Address : |
340 Kidwai Nagar, Ludhiana, Punjab |
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Date of Birth/Age : |
01.11.1952 |
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Date of Appointment : |
09.09.1993 |
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Name : |
Mr. Jaswinder Kaur |
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Designation : |
Director |
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Address : |
340 Kidwai Nagar, Ludhiana, Punjab |
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Date of Appointment : |
13.04.2001 |
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Name : |
Mr. Swarn Kaur |
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Designation : |
Director |
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Address : |
340 Kidwai Nagar, Ludhiana, Punjab |
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Date of Appointment : |
13.04.2001 |
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Name : |
Mr. Prabhjot Singh |
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Designation : |
Director |
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Address : |
595/8, Campa Cola, Factory Road, Dhandari kalan, G. T. Road, Ludhiana,
Punjab, India |
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Date of Birth/Age : |
18.10.1975 |
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Date of Appointment : |
05.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Raghbir Singh |
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5800 |
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Ranjit Singh |
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1700 |
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Amrik Singh and Sons – HUF |
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1290 |
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Baljit Kaur |
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1180 |
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Daljit Kaur |
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1200 |
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Dhiraj Kumar and Company |
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1190 |
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Gopal Singh |
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1400 |
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Gopal Singh and Sons HUF |
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1790 |
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Tajinder Singh |
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1990 |
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Satnam Kaur |
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2490 |
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Ranjit Singh and Sons HUF |
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2400 |
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Mohinder Kaur |
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2190 |
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Kartar Kaur |
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2250 |
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Jaspal kaur |
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2180 |
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Jaswinder Kaur |
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1190 |
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Shamma Mehta |
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3110 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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86.00 |
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Other top fifty shareholders |
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14.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Forgings and Auto Parts |
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Export to : |
Europe, Africa and Middle East |
GENERAL
INFORMATION
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Bankers : |
Indian Overseas Bank,
Main Branch, Katchery Road, Ludhiana – 141001, Punjab, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Arora Vohra and Company Chartered Accountants |
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Address : |
Adj. Kandu Tower, G. T. Road, Miller Ganj, Ludhiana – 141003, Punjab,
India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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48500 |
Equity Shares |
Rs. 100/- each |
Rs. 4.850
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.850 |
4.850 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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6.496 |
3.538 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.346 |
8.388 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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47.827 |
27.202 |
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TOTAL BORROWING |
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47.827 |
27.202 |
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DEFERRED TAX LIABILITIES |
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11.709 |
10.020 |
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TOTAL |
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70.882 |
45.610 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.451 |
18.950 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.516 |
14.794 |
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Sundry Debtors |
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23.650 |
15.057 |
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Cash & Bank Balances |
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3.563 |
9.883 |
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Other Current Assets |
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0.530 |
0.530 |
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Loans & Advances |
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3.507 |
3.219 |
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Total
Current Assets |
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59.766 |
43.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.901 |
16.379 |
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Provisions |
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0.438 |
0.449 |
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Total
Current Liabilities |
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23.339 |
16.828 |
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Net Current Assets |
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36.427 |
26.655 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.005 |
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TOTAL |
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70.882 |
45.610 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.27 |
5.25 |
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Current Ratio (Current Asset/Current Liability) |
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2.56 |
2.58 |
LOCAL AGENCY
FURTHER INFORMATION
The name of the company was changed from ‘RAGHBIR GEARS PRIVATE LIMITED’
to the present with effect from 10th April 2001
Bankers Charges
Report as per Registry
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Name of the company |
ISHMEET FORGINGS
PRIVATE LIMITED |
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Presented By |
Raghbir Singh, Director |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation for securing machinery / vehicles / goods / book debts dated
24.05.2002, 27.12.2002, 30.06.2003 Dated 26.05.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loan for
Building Rs. 0.750 Million for Machinery Rs. 5.250 Millions Total term loan
Rs. 6.000 Millions. Cash Credit Hypothecation 2.800 Million aggregate Rs.
8.800 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 |
Term loan will be
primarily secured by hypothecation of building, Plant and Machinery proposed to
be constructed / purchased under term loan CC Hypothecation
limit will be primarily secured by hypothecation of fully paid up stock of
raw materials, stock in process and finished goods and receivables. The entire
advance will be collaterally secured by e.m. of land in the name of company
at 595/8, Dhandari Kalan, Ludhiana measuring 2500.67 sq. yards. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
15.5 % p.a. chargeable as per banks guidelines in force from time to time.
Term loan repayable in 21 quarterly installment of Rs. 0.222 Million Margin
25 % for machinery 50 % building and
25 % for CC Limit Extent of operation 100 %
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank, Main Branch, Katchery Road, Ludhiana
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6) Date and brief description of instrument modifying the charge |
Letter of
Hypothecation for securing machinery / vehicles / goods / book debts dated
12.01.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Limit increased
from Rs. 12.178 Millions to Rs. 13.378 Millions. Adhoc limit of Rs. 1.200
Millions given HCC Rs. 6.000
Millions to Rs. 7.200 Millions LC Rs. 2.500 Millions sublimit of CC Existing
Term Loan Rs. 1.288 Millions Existing Term
Loan Rs. 4.890 Millions |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90180798 |
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Corporate
identity number of the company |
U28910PB1993PTC013700 |
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Name of the
company |
ISHMEET FORGINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
595/8, Campa Cola Factory Road, Dhandari Kalan, Ludhiana – 141010,
Punjab, India |
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Type of charge |
1)
Immovable
Property 2)
Book Debts 3)
Movable
Property |
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Particular of
charge holder |
Indian Overseas
Bank Main Branch Katchery Road,
Ludhiana – 141001, Punjab, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation for securing machinery / vehicles / goods / book debts |
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Date of
instrument Creating the charge |
07.11.2006 |
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Amount secured by
the charge |
Rs. 37.880
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.5 % p.a. Terms of
Repayment Cash Credit limit
– Repayment on Demand, Term Loan in monthly installment A S Fixed and
Mentioned in Sanctioned Letter Margin 25 % for
machinery 50 % for Building
25 % for Cash
Credit Limit Extent and
Operation of the charge 100 % Others Charge was
created on 24.05.2002 for Rs. 8.800 millions and modified thereafter on
30.06.2003 for Rs. 9.900 millions, 26.05.2004 for Rs. 12.100 Millions
12.01.2005 for Rs. 13.300 Millions; 29.08.2005 for Rs. 17.800 Millions and
last on 28.03.2006 for Rs. 34.800 Millions
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Short particulars
of the property charged |
Hypothecation of
Stock of Raw Materials, Stock and Finished Goods Hypothecation of
Book Debts Hypothecation of
all type of plant and machinery Documents to title
to goods and accepted hundies Equitable
mortgage of land and building in the name of the company situated at 595/8,
Dhandari Kalan Kudhiana Measuring 2500.67 sq. yards. |
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Date of latest
modification prior to the present modification |
28.03.2006 |
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Particulars of
the present modification |
Limit Increased
from Rs. 34.880 Millions to 37.880 Millions as Cash Credit increased from Rs.
20.000 Millions to Rs. 23.000 Millions LC Term Loan Rs. 3.363 Millions Term Loan Rs.
0.851 Millions Term Loan Rs.
2.766 Millions Term Loan Rs.
7.900 Millions |
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.39.65 |
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UK Pound |
1 |
Rs.77.84 |
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Euro |
1 |
Rs.57.78 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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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 |
NO |
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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 |
|
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 |
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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 |
|
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 |
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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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