MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHASHWAT SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B 703, Krishna Towers, Satelite, Ahmedabad 380 015, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
27.02.2002 |
|
|
|
|
Com. Reg. No.: |
04 40516 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28133GJ2002PTC040516 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS03383C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Hydraulic and Pneumatic Cylinders, Power Pack
Solutions. |
RATING &
COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 2935 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company meeting its smaller commitments
timeously. Trade relations are fair. Scale of activity is limited. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajan Shah |
|
Designation : |
Accountant |
|
Contact No.: |
91-9924080082 |
|
Date : |
16.07.2008 |
LOCATIONS
|
Registered Office : |
B 703, Krishna Towers, Satelite, Ahmedabad 380 015, Gujarat, India |
|
Tel. No.: |
91-79-65214825 |
|
Mobile No.: |
91-9824039374 |
|
Fax No.: |
91-79-26765650 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 704, GIDC, Degham Gandhinagar |
|
Tel No.: |
91-9924139376 |
DIRECTORS
|
Name : |
Mr. Amit Parikh |
|
Designation : |
Director |
|
Address : |
14, Panchagnini Society, Satelite, Ahmedabad 380015, Gujarat, India |
|
Date of Appointment : |
27.02.2002 |
|
|
|
|
Name : |
Mrs. Veena Subhash Parikh |
|
Designation : |
Director |
|
Address : |
805, Annal Towerm Navrangpura, Ahmedabad 380015, Gujarat, India |
|
Date of Birth/Age : |
29.12.1959 |
|
Date of Appointment : |
27.02.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Amit Parikh |
5000 |
|
Mrs. Veena Subhash Parikh |
5000 |
|
Total |
10000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hydraulic and Pneumatic Cylinders, Power Pack
Solutions. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
Customers : |
Manufacturer |
|
|
|
|
No. of Employees : |
Total: 40 (Office: 10, Factory : 30) |
|
|
|
|
Bankers : |
v Kotak Mahindra
Bank Navrangpura, Ahmedabad 380015, Gujarat, India v ABN Amro Bank v Centurian Bank
of Punjab Limited v Citi Bank v HDFC Banl v HSBC Bank v ICICI Bank v Standard
Chartered Bank |
|
|
|
|
Auditors : |
|
|
Name : |
Jashmin V Shah and Company Chartered Accountants B 401, 4th Floor, Ashoka Chambers, Mithakhali Six Roads,
Ahmedabad 380006, Gujarat, India Mr. Nikhil Goyal Chartered Accountants 806, P B Parekh Tower, Diwan Ballubhai Road, Ahmedabad 380022,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity shares |
Rs. 10/- each |
Rs. 0.600 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.487 |
0.067 |
0.041 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.587 |
0.167 |
0.141 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.636 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.573 |
0.831 |
0.432 |
|
|
TOTAL BORROWING |
5.209 |
0.831 |
0.432 |
|
|
DEFERRED TAX LIABILITIES |
0.159 |
0.056 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5.955 |
1.054 |
0.573 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.510 |
0.949 |
0.718 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.414
|
0.197 |
0.071 |
|
|
Sundry Debtors |
0.435
|
0.701 |
0.899 |
|
|
Cash & Bank Balances |
1.011
|
0.038 |
0.008 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.590
|
0.177 |
0.128 |
|
Total
Current Assets |
2.450
|
1.113 |
1.106 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1.900
|
0.993 |
1.255 |
|
|
Provisions |
0.110
|
0.022 |
0.003 |
|
Total
Current Liabilities |
2.010
|
1.015 |
1.258 |
|
|
Net Current Assets |
0.440
|
0.098 |
(0.152) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.006 |
0.007 |
|
|
|
|
|
|
|
|
TOTAL |
5.955 |
1.054 |
0.573 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
9.602 |
5.279 |
|
|
Total Income |
|
9.602 |
5.279 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.635 |
0.123 |
|
|
Provision for Taxation |
|
0.215 |
0.097 |
|
|
Profit/(Loss) After Tax |
|
0.420 |
0.026 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
(0.359) |
(0.012) |
|
|
Financial Charges |
|
0.358 |
0.040 |
|
|
Depreciation & Amortization |
|
0.132 |
0.061 |
|
|
Other Expenditure |
|
8.836 |
5.070 |
|
Total Expenditure |
|
8.967 |
5.156 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.37
|
0.49 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.61
|
2.33 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.61
|
2.33 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.08
|
0.74 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.42
|
6.08 |
8.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.10 |
0.88 |
LOCAL AGENCY
FURTHER INFORMATION
Trust Seal Acceptance Chart
|
Parameters |
Details |
|
Existence Verification |
|
|
Name |
SHASHWAT SYSTEMS PRIVATE LIMITED |
|
|
|
|
Statutory Approvals |
|
|
Income Tax Registration |
AACCS2125P |
|
VAT / TIN Registration |
24037301634 |
|
Import Export Code |
0808004905 |
|
Name of Bank |
Kotak Mahindra Bank |
|
Current Account Number |
08122000005531 |
|
|
|
|
Trade Affiliations |
|
|
SSI Registration |
24 006 12 - 00409 |
|
|
|
|
Standards and Certifications |
ISO QMS/ C0630/ 0591till dated 10.11.2009 |
As Per Website Details
Profile
The Company was
incorporated in 2002 with a vision to become the preferred supplier
for quality hydraulic cylinders and power pack solutions that meets the
customer's demands at the minimum cost and lead time. They manufacture a
variety of standard and custom built cylinders for industries like steel mills,
presses, machine tools and also for Original Equipment Manufacturers of
material handling, road construction, car carriers, drill rigs, fork lifts /
stackers, tractors etc,.
The core inputs for the plants are super
finished cylinder tubes and highly reliable sealing systems from reputed
manufacturer like B+S MARKEL, ECONOMAS, Standard ISO range of bore and rod
sizes with mounting styles confirming to ISO / DIN specifications makes the
products highly reliable, adaptable and field serviceable.
All critical components like glands, pistons
and end caps are CNC machined to ensure high quality. MIG welding with
hydraulic rotary manipulator and assembly of standard components in clean
environment makes the manufacturing process simple and reliable. 100% test for
proof, drag and cycle tests make the product quality and reliability,
comparable to global standards.
They manufacture variety of standard and custom built cylinders. They have to the credit more than 3000 Validated andProven, Hydraulic Cylinder Designs Working in various critical applications
Product
Range
SS-CS :- Compact Series-160Bar (welded type)
SS-TT :-
Tie rod Type Series- 160Bar
SS-MD :-
Mill Duty Series (Bolted Type)-160 Bar
SS-HD :-
Heavy Duty Series (250 Bar)
Special /
Custom Designed Cylinders
Manufacturing
Range:
Cylinder Bore 32mm Id
to 900 mm Id
Stroke 10 mm to 7000
mm Length
Pressure up to 600
Bar
Rotary Actuators up to 6000 Kg-M Torque & 365Deg Rotation
Mill Duty Series
Cylinders are of Bolted type, Medium Pressure 160 bar series, Double Acting
with mounting
dimensions conforming
to ISO 6020-1 Medium Series.
Selection of Cylinder Size:-
The cylinder size Selection
to be based on Axial Pulling / Pushing Load.
Rod selection to be based on Buckling load / Tensile Load.
Note:-
The Radial Load caused due to
misalignment of Cylinder and Rod mounting should not exceed 0.5% of Axial
pulling load.
Construction:-
End cap and Gland Bolted to
Cylinder tube flanges.
Mounting Components bolted to End cap / Gland or Welded to tube / End cap.
Available Size in MD type:-
Bore :- 40, 50, 63,
80, 100, 125, 160, 200, 250, 320, 400, 500.
Rod :- As per
requirement
Stroke:- 7000 mm.
Available
Mounting styles as per SS-MD-xxx Catalogue:-
Front Circular
Flange- MF3
Rear Circular Flange
MF4
Rear Welded Male
Clevis MP3
Rear Detachable Male
Clevis MP4
Rear Welded Male
Clevis with Spherical Plain Bearing (ES /DO Series) MP5
Rear Detachable Male
Clevis with Spherical Plain Bearing (ES /DO Series) MP6
Foot Lug (Side Lug )
Mounting MS2
Intermediate Trunnion
(Male) Mounting MT4
Note:-
Rod end Eye upon request as per
YS-CS-Rod Eye Catalogue.
Pressure:-
160 bar Max. Working pressure.
210 bar Test
pressure
Speed:-
0.1 M/ sec Max. For Non
Cushioned Cylinders.
0.5 M/Sec Max. For
Fixed / Adjustable Cushioned cylinders.
Temperature Range :-
+20 deg C to +80deg C
Max Ambient. 180deg C Upon request
Fluid Medium Recommended:-
Mineral oil HLP Grade
-ISO VG 32/46/68 (Oil Purity -NAS Level 9)
Cushioning:-
Standard:-Both end Non
Cushioned.
Fixed and
Adjustable Cushioning Available on request.
Duty Condition:-
Medium Duty cycle
Indoor application.
Application:-
Steel Mill.
Tyre Curing Machine,
Hydraulic Press
Industrial and
Process Applications
Sealing:-
Imported NBR Seals used (Merkel
/ Bushak+Shamban / Eq Make).
Compact Piston Seal
& Rod U cup seal
Low friction seals upon request
Chevron V Packing
(NBR/Viton) upon request
Metal Wiper / Viton
wiper upon request
Piston Rod:-
En8/C45 Normalized
Material is used.
En19 / En 24 /
Stainless steel upon request
Hard chrome plated
to 25 micron thick. 50 Micron upon request
Hardening &
Tempering / Induction Hardening upon request
Tube:-
Cold Drawn St52 Grade Tubes
sourced from reputed sources up to 200 Bore.
Hot Drawn St52 /
ASTM A 106 Gr B / ASTM A 53 above 200Bore
Cast Steel tubes
available for large bores
Advantages of Mill Duty
Cylinder:-
Ease of Servicing and
Maintainability. Bolted construction enables to replace the seals without
dismantling the cylinder barrel from the equipment by opening the gland and
removing the piston rod assembly.
Multiple Mounting options. Conversion of Front Flange to Rear Flange, Foot lug,
Detachable clevis is possible.
Adjustable cushioning
valve with integrated reverse check option.
Rotation of Port on
both sides by 90, 180, 270 deg independently with respect to mounting is
possible.
Rear Detachable Clevis
with Spherical Bearing / GM Bush is possible.
Chevron V Packing
Sealing System with metallic Bearing (Gun Metal / Phosphor Bronze) is possible.
Large size SAE Flange
Port possible.
No Special tools are
required to dismantle and assemble the cylinder.
Greater life
expectancy.
Recommended for Iron
& Steel Industry.
Standard Painting:-
One coat of Red oxide
and two coat of Black / p.u.
Final Inspection and
Testing:-
Visual Inspection
Dimensional
Inspection
Drag Pressure
testing
Proof Pressure
testing (1.3 times the Max. Working Pressure)
Cycle Testing (10
Cycles STD)
Surface Roughness
inspection of Bore and Rod
Plating thickness
inspection
Note:-
Raw Material Test
Certificates such as Chemical, Physical and Ultrasonic / X-Ray / Gamma Ray
testing upon request.
Markings:-
Year of Manufacturing,
Month of Manufacturing and Serial Number will be punched on the Cylinder as
YF-YY-
MM-XXXX.
Warning Stickers will be pasted on the Cylinder.
Operation and
Maintenance Manual can be supplied upon request.
Packing :-
Cylinder Ports will
be closed with Plastic caps.
Rust Preventive oil
will be applied on Threads and machined surfaces.
Cylinder will be
covered with bubble sheet and Packed in the wooden Box.
Note:-
Other Special type cylinders
with specific applications are available upon request.
Types of Cylinders
Packing :-
Cylinder Ports will
be closed with Plastic caps.
Rust Preventive oil
will be applied on Threads and machined surfaces.
Cylinder will be
covered with bubble sheet and Packed in the wooden Box.
Note:-
Other Special type cylinders with specific applications are available
upon request.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
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 companys 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. 42.94 |
|
UK Pound |
1 |
Rs. 85.78 |
|
Euro |
1 |
Rs. 68.01 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
36 |
This score serves as a reference to assess SCs 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, they have no basis upon which to
recommend credit dealings |
No Rating |
|