MIRA
INFORM REPORT
|
Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STANFAB ENGINEERING PRIVATE LIMITED |
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Registered Office : |
860/2/A, GIDC, Makarpura, Vadodara – 390010, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.06.1995 |
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Com. Reg. No.: |
04 - 26437 |
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CIN No.: [Company
Identification No.] |
U65910GJ1995PTC026437 |
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TAN No.: [Tax
Deduction and Collection Account No.] |
BRDS02213B |
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PAN No.: [Permanent
Account No.] |
AACCS9808B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Expansion Metallic Bellows and Flexible
Hoses. |
RATING and
COMMENTS
|
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 22205 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rama |
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Date : |
02.07.2008 |
LOCATIONS
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Registered Office : |
860/2/A, GIDC, Makarpura, Vadodara – 390010, Gujarat, India |
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Tel. No.: |
91-265-2652698 |
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Mobile No.: |
91-9824057079 |
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Fax No.: |
91-265-2645891 |
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E-Mail : |
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Website : |
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Area : |
900 Sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Mohan Prasadilal Sharma |
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Designation : |
Managing Director |
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Address : |
402, Matruashish, 02, Alkapuri Society, Baroda – 390021, Gujarat,
India |
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Date of Birth/Age : |
60 Years |
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Qualification : |
B.E. |
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Name : |
Mr. Kartik Sharma |
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Designation : |
Director |
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Address : |
402, Matruashish, 02, Alkapuri Society, Baroda – 390021, Gujarat,
India |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Mechanical Engineer |
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Name : |
Mrs. Bharti M. Sharma |
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Designation : |
Director |
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Address : |
402, Matruashish, 02, Alkapuri Society, Baroda – 390021, Gujarat,
India |
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Name : |
Ms. Alokika M. Sharma |
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Designation : |
Director |
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Address : |
402, Matruashish, 02, Alkapuri Society, Baroda – 390021, Gujarat,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Mohan Prasadilal Sharma |
27000 |
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Mr. Kartik Sharma |
10000 |
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Mrs. Bharti M. Sharma |
10000 |
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Ms. Alokika M. Sharma |
3000 |
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Total |
50000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors. |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Expansion Metallic Bellows and Flexible
Hoses. |
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Exports : |
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Products : |
v Metallic Bellows v Flexible Hoses. |
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Countries : |
v Singapore v Nepal v Kenya v Taiwan v West Africa v Bangaladesh v Oman |
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Terms : |
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Selling : |
L/C, Credit ( 30 days) |
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Purchasing : |
L/C, Cash and Credit ( 30 days) |
GENERAL
INFORMATION
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Customers : |
v
Retailers Chemical/Fertilizer/Agro Chemicals v Sterlite
Industries (India) Limited v Industrial
Manufacturers, Reliance Industries Limited v Vam Organic
Chemicals Limited v Vam Organic
Chemicals Limited v Enpro Speciality
Chemicals Limited v Oswal Chemicals
and Fertilizers Limited v National Rayon
Corp. Limited v Hi-Tech Carbon. v Indo Nippon
Chemicals Limited v Hindustan Ciba
Geigy Limited v Alkyl Amines
Chemicals Limited v Metrochem
Industries Limited v Birla Copper. v Shriram Alkali
and Chemicals v Larsen and Toubro
Limited v Madras Cement
Limited v Vikram Projects
Limited v Diamond Cements. v Loesche India
Private Limited v Dalmia Cement
(Bharat) Limited. v The Associated
Cement Company Limited v DSM Sugar
Asmoli. v Vasantdada
Shetkari Shakari Sakhar Karkhana Limited v Indushankar
Chini Udyog Limited v Everest Sugar
and Chemicals Company Limited v National Heavy
Eng. Co-operative Limited v Assam
Petrochemicals Limited v Indian
Petrochemicals Corporation Limited v Lloyds Steel
Industries Limited v Ispat Metallics
India Limited. v Birla Copper. v Gujarat Glass
Limited. v Bharat Heavy
Electricals Limited. v ABB Daimler-Benz
Transportation Limited. v Hivoltrans
Electricals Private. Limited. v L and T EPC
Power. v Gujarat
Electricity Board. v Automatic
Electric Limited. v Supernova
Engineers Limited. v H and R Johnson
(India) Limited. v EI.D. Parry
(India) Limited. v Microsynth
Fabrics (India) Limited. v Modern
Petrofils. v Saurashtra Paper
and Board Mills Limited. v J.K. Corp.
Limited. v Eastern Railway. v L and T Niro
Limited. v Furnace Fabrica
Limited v Techno-Engineers,
A/c v Spellbound
Engineering (India) Private. Limited. v Sarabhai
Machinery. v Empire Marines
Corporation, A/c. v FAG Precision
Bearing Limited v Wrigley India
Private. Limited v Newton
Engineering and Corporation Company Limited v Bharat Pumps and
Compressors Limited v Process Systems
and Equipment v Ennes Indutries v Parth Projects
and Constructions Private. Limited v Uhde India
Limited v MultiFab
(Gujarat) Private. Limited v Neotech
Equipments Private. Limited v Artson Engineers
Limited v HI-SPEED
Turbodrives v Steelco Gujarat
Limited v JVS Engineering
India Limited v Balaji Engg.
Corp v Vinayak Metal
Fabs v Pharma Lab Process Equipments v Suntrex
Engineering Private. Limited v ABS Industries
Limited v Solar Equipment
Industries Private. Limited v Precision Tools
Castings Limited v Gala Equipments
Limited v Tata Eng. and
Locomotive Company Limited v Parkaire
Engineering Company Limited v Toyo Engineering
Corp v Larsen and
Toubro Limited v L and T Niro
Limited v V.M. Salgaocar
and Brothers Limited v Ispat Industries
Limited. |
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No. of Employees : |
30 |
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Bankers : |
Canara Bank Alkapuri Branch, Opp. Express Hotel, R C Dutt Road, Vadodara – 390007,
Gujarat, India |
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Santlal Patel and Company Chartered Accountants |
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Address : |
432, Phoneix Complex, Near Suraj Plaza, Sayajigunj, Vadodara – 390005,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
50,000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves and Surplus |
3.941 |
2.415 |
2.140 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.441 |
2.915 |
2.640 |
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LOAN FUNDS |
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1] Secured Loans |
4.794 |
2.943 |
1.412 |
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2] Unsecured Loans |
0.339 |
0.339 |
0.340 |
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TOTAL BORROWING |
5.133 |
3.282 |
1.752 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.574 |
6.197 |
4.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.844 |
4.764 |
2.487 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS and ADVANCES |
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Inventories |
2.005
|
1.579 |
1.089 |
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Sundry Debtors |
8.735
|
1.692 |
3.836 |
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Cash and Bank Balances |
0.030
|
0.041 |
0.021 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans and Advances |
2.164
|
1.679 |
1.465 |
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Total
Current Assets |
12.934
|
4.991 |
6.411 |
|
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Less : CURRENT
LIABILITIES and PROVISIONS |
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Current Liabilities |
6.964
|
3.390 |
4.062 |
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Provisions |
1.241
|
0.169 |
0.444 |
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Total
Current Liabilities |
8.205
|
3.559 |
4.506 |
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Net Current Assets |
4.729
|
1.432 |
1.905 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.574 |
6.197 |
4.392 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover (Including Other Income) |
|
34.259 |
7.709 |
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Total Income |
|
34.259 |
7.709 |
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Profit/(Loss) Before Tax |
|
2.704 |
0.347 |
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Provision for Taxation |
|
1.144 |
0.084 |
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Profit/(Loss) After Tax |
|
1.560 |
0.263 |
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Expenditures : |
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Financial Charges |
|
0.350 |
0.146 |
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Depreciation and Amortization |
|
0.432 |
0.269 |
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Other Expenditure |
|
30.773 |
6.947 |
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Total Expenditure |
|
31.555 |
7.362 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.36
|
3.41 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
7.89
|
4.50 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.89
|
4.50 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.12 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.85
|
1.22 |
2.43 |
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Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.40 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v Hambolt – Delhi
v Loesche India Private Limited – Delhi
v Ambuja Cements – Rajasthan
Form 8
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90104623 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U65910GJ1995PTC026437 |
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Name of the company |
STANFAB ENGINEERING PRIVATE LIMITED |
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Address |
860/2/A, GIDC, Makarpura, Vadodara – 390010, Gujarat, India |
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Type of Charges |
v Book debts v Movable property (not being pledge) v Floating charge |
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Particular of the charge holder |
Name : Canara Bank Address: Alkapuri Branch, Opp. Express Hotel, R C Dutt Road, Alkapuri City : Vadodara State : Gujarat ISO country code : IN Pin code : 390007 e-mail ID: managermnorth0160@canarabank.co.in |
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Nature or description of the instrument creating or modifying the charge |
Supplemental common hypothecation agreement dated 15.02.2007 |
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Date of the instrument creating charge |
15.02.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 8.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 10.50% p.a. Terms of repayment On Demand Margin 30% Extent and operation of the charge The Cash Credit limits of Rs. 3.000 millions have been enhanced to Rs. 5.500 millions aggregating to total limit of Rs. 8.500 millions. |
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Short particulars of the Property charged |
Hypothecation of company’s stock of raw materials, stock in process and finished goods and also present and future book debts. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
13.02.2007 |
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Particulars of the present modification |
The charge which was extended to cover the aggregate limits of Rs. 6.000 millions against previous limits of Rs. 2.800 millions which was filed with the office of the registrar of companies, Gujarat and registered. By this modification the charge is now further extended to cover the total limits of Rs. 8.500 millions with the grant of additional (Cash Credit) facilities of Rs. 2.500 millions (i.e. The Cash Credit limits have been enhanced from Rs. 3.000 millions to Rs. 5.500 millions within Total Limits of Rs. 8.500 millions). |
Form 8
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Name of the company |
STANFAB ENGINEERING PRIVATE LIMITED |
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Presented By |
Mr. Mohan Sharma |
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1) Date and description of instrument creating the change |
Agreement of hypothecation dated 22.09.1995 and agreement regarding collateral security dated 22.09.1995 both constituting a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit facility of Rs. 1.200 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 |
1. Present and future stock of raw materials, goods in process, finished goods and articles such as M S Plates, Steel Bellows etc. together with all store components and spares situated or to be situated at the company’s Premises at 43/A, Saraswati Industrial; Estate, Opp. Chhani Takat Naka, Baroda including goods in transit. 2. All present and future book debts, outstanding money, bills receivables, claims, bills and other movables assets of company. 3. All plant and machinery, tools and accessories and motor vehicles, already purchases and/or to be purchased erected and/or to erected and/or in transist. As more particularly provided in the agreement of hypothecation and agreement regarding collect national security as enclosed herewith. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates as first in respect of stock of raw materials and book debts etc of the company as described at point no. 3 above, whereas as additional / collateral security for all plant and machinery as described at point no. 3 above to secure the due repayment of said cash credit facilities as granted by bank to the company. The company has undertaken to keep the hypothecated goods in marketable and in good condition at its own cost and to keep them insured adequately. The company shall maintain all times during the continuance of thius security a margin as stipulated by the bank from time to time. The company shall allow the Bank and its authorized agents to inspect the hypothecated goods stored at its premises and pertaining. Rate of interest: at 4.5% over and above RBI rate with minimum 16.5% |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Alkapuri Branch, Vadodara |
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6) Date and brief description of instrument modifying the charge |
1. Supplemental agreement dated 21.04.2003 2. Hypothecation agreement of goods and book debts dated 21.04.2003 3. Counter indemnity dated 21.04.2003 |
|
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. |
On 05.08.2002 the loan was increased from Rs. 1.200 millions to Rs. 1.500 millions and also additional bank guarantee facility of Rs. 0.500 million sanctioned totaling to Rs. 2.000 millions. Now the loan was increased from Rs. 1.500 millions to Rs. 3.000 millions and Guarantee facility was also increased from Rs. 0.500 million to Rs. 1.500 millions. Rate of Interest 3.75% over PLR sub limit of minimum 15% for loan and 16% for B.G. |
As Per Website Details
The Company
Subject is found half a decade back with a goal to provide complete solution
for modern day industry's piping problems. To meet the above goal Stanfab is engaged
in the designing and manufacturing of metallic bellows, expansion joints and
hose assemblies. Stanfab with its constant R and D, superior quality products,
on-time delivery, and quick after sales services has earned a reputation in the
industry for itself. Stanfab aims to be the most dynamic organisation in its
field to provide the best solutions to the changing needs of the industry it
serves. Stanfab's product are tailor made to cater the industries like Cement,
Steel, Fertilizers, Heavy Chemicals and Petrochemicals, Refineries, Process
Plants, Automobiles, Electricity, Diesel Exhaust Turbines etc.
The Management
Mr. Mohan Sharma, Managing Director have
the overall charge of Marketing, Design, Customer relation, Business policy,
Procurement, Co-ordination, General administration, Finance and Quality
assurance. Mr. Kartikeya Sharma, Director (Sales) is incharge of Sales and
heads the team of Sales Engineers. The company has a well-defined organisation
hierarchy to ensure a smooth functioning.
CMT REPORT
(Corruption, Money Laundering and 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 :
The 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.
The 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. 43.16 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 67.95 |
SCORE and 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 |
YES |
|
--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 and 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 and 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, they have no basis upon which to
recommend credit dealings |
No Rating |
|