MIRA
INFORM REPORT
|
Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SANJAY FORGE PRIVATE LIMITED |
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Registered Office : |
Sea Shell Bunglow, Gr. Floor, Seven Bunglow, Versova, Andheri (W),
Mumbai – 400 061, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
053680 |
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CIN No.: [Company
Identification No.] |
U28910MH1989PTC053680 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS28285F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Exporter of forged & hollow
pipes fitting & Flanges under strict inspection of the trained technical
team. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 14148 |
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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. Anil Dhanania |
|
Designation : |
Director |
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Contact No.: |
91-9819723812 |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office : |
Sea Shell Bunglow, Gr. Floor, Seven Bunglow, Versova, Andheri (W),
Mumbai – 400 061, Maharashtra |
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Tel. No.: |
91-22-26312215 |
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Website : |
http://www.sanjayforge.com |
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Area : |
6000 Sq. ft. |
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Location : |
Owned |
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Factory 1 : |
6 No. Khadak Street, Near Satkar Hotel, Masjid Bunder, Mumbai – 400
009, Maharashtra, India |
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Tel. No.: |
91-22-66394013 |
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Fax No.: |
91-22-23478263 / 66159073 |
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E-Mail : |
sanforge@vsnl.com |
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Factory 2 : |
Bail Bazar, Kurla |
DIRECTORS
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Name : |
Mrs. Ramkali Dhanania |
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Designation : |
Director |
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Address : |
701-702, Seashell Bunglow, Seven Bunglows, Varsova Road, Andheri (W),
Mumbai – 400 061. India |
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Date of Birth/Age : |
15.08.1952 |
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Date of Appointment : |
28.08.1989 |
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Name : |
Mr. Amit Dhanania |
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Designation : |
Director |
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Address : |
701-702, Seashell Bunglow, Seven Bunglows, Varsova Road, Andheri (W),
Mumbai – 400 061. India |
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Date of Birth/Age : |
29.12.1975 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mrs. Harsha Dhanania |
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Designation : |
Director |
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Address : |
701-702, Seashell Bunglow, Seven Bunglows, Varsova Road, Andheri (W),
Mumbai – 400 061. India |
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Date of Birth/Age : |
02.03.1973 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mrs. Rikku Dhanania |
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Designation : |
Director |
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Address : |
701-702, Seashell Bunglow, Seven Bunglows, Varsova Road, Andheri (W),
Mumbai – 400 061. India |
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Date of Birth/Age : |
14.06.1972 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Anil Dhanania |
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Designation : |
Director |
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Address : |
701-702, Seashell Bunglow, Seven Bunglows, Varsova Road, Andheri (W),
Mumbai – 400 061. India |
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Date of Birth/Age : |
25.11.1971 |
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Qualificatin : |
Graduate |
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Date of Appointment : |
18.08.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 08.08.2005)
|
Names of Shareholders |
No. of Shares |
|
Mrs. Ramkali Dhanania |
4330 |
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Mr. Pitamberlal Dhanania |
655 |
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Mr. Amit Dhanania |
5180 |
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Mr. Anil Dhanania |
1956 |
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Mrs. Harsha A. Dhanania |
1253 |
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Ms. Ashalata P. Dhanania |
4030 |
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Mr. Sanjay Dhanania |
5236 |
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Mrs. Rikku Dhanania |
1930 |
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Total |
24570 |
Equity share breakup (percentage of total equity)
|
As on 30.09.2007 |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of forged & hollow
pipes fitting & Flanges under strict inspection of the trained technical
team. |
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Products : |
Alloy Steel Forged/Welded Pipe Fittings Alloy Steel Caps Carbon Steel Forged Pipe Fittings Orifice Plate & Flanges |
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Exports : |
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Products : |
Pipe Fittings |
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Countries : |
·
Europe ·
USA ·
Latin America |
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Imports : |
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Products : |
Pipe Fittings |
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Countries : |
·
Japan ·
Taiwan ·
USA |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
46 |
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Bankers : |
Bank of Baroda Bhat Bazaar Branch, 413, Sayed Mukhi Street, Mumbai – 400 009,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
J Gandhi and Company Chartered Accountants 53, 2nd Floor, Balkrishna Krupa, 45/49, Babu Genu Road,
Kalbadevi, Mumbai – 400 002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
|
|
Total |
|
Rs. 2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24570 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.457
millions |
|
|
Total |
|
Rs. 2.457 millions |
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 |
2.457 |
2.457 |
2.457 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.080 |
0.886 |
0.750 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.537 |
3.343 |
3.207 |
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LOAN FUNDS |
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1] Secured Loans |
1.568 |
1.567 |
2.073 |
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2] Unsecured Loans |
2.196 |
3.205 |
1.433 |
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TOTAL BORROWING |
3.764 |
4.772 |
3.506 |
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DEFERRED TAX LIABILITIES |
0.023 |
0.023 |
0.000 |
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TOTAL |
7.324 |
8.138 |
6.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.182 |
0.173 |
0.207 |
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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 & ADVANCES |
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Inventories |
1.880
|
0.000 |
0.000 |
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Sundry Debtors |
13.663
|
10.926 |
10.142 |
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Cash & Bank Balances |
0.094
|
0.035 |
0.181 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.620
|
1.869 |
0.138 |
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Total
Current Assets |
16.257
|
12.830 |
10.461 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.860
|
4.537 |
3.772 |
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Provisions |
0.255
|
0.328 |
0.183 |
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Total
Current Liabilities |
9.115
|
4.865 |
3.955 |
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Net Current Assets |
7.142
|
7.965 |
6.506 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.324 |
8.138 |
6.713 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
29.682 |
22.124 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
29.682 |
22.124 |
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Profit/(Loss) Before Tax |
|
0.336 |
0.243 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.336 |
0.243 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
0.492 |
0.943 |
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Expenditures : |
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Interest |
|
0.393 |
0.323 |
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Depreciation & Amortization |
|
0.058 |
0.034 |
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Other Expenditure |
|
28.895 |
21.524 |
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Total Expenditure |
|
29.346 |
21.881 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.13
|
1.10 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.13
|
1.10 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.04
|
1.87 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.64
|
2.88 |
2.33 |
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Current Ratio (Current Asset/Current Liability) |
|
1.78
|
2.64 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
IOCL
·
HPCL
·
Reliance Industries
·
ONGC
Form No.8
|
Name of the company |
SANJAY FORGE PRIVATE LIMITED |
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Presented By |
SANJAY FORGE PRIVATE LIMITED Bank of Baroda, Bhat Bazar Branch, Mumbai – 400 009. |
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1) Date and description of instrument creating the change |
23rd
December, 2000 Instrument of
hypothecation of Book Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.100
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 |
Book debts in respect
of Supplies made to various Government. Departments or Limited Companies etc.
as evidenced by supply bills / receipted challans/ receipted monies deposited
with the Bank from time to time and also the book debts which may at any time
during the continuance of this Security becoming qwing to the borrower in the
course of the business by any person firm company or body corporate. |
||||||||||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Interest:
16% p.a. with Quarterly rest ·
Margin: 40% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Bhat Bazar
Branch, Mumbai – 400 009. |
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6) Date and brief description of instrument modifying the charge |
SANJAY FORGE PRIVATE LIMITED
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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. |
N.A. |
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Corporate
identity number (CIN) Foreign company registration number |
U28910MH1989PTC053680 |
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Name of the Company
|
SANJAY FORGE PRIVATE LIMITED |
|
Address |
Sea Shell
Bunglow, Gr. Floor, Seven Bunglow, Versova, Andheri, Mumbai – 400 061,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
·
Book Debts ·
Movable
Property |
|
Particulars of
the charge holder |
Bank of Baroda Bhat Bazar
Branch, 413, Sayed Mukhi
Street, Mumbai – 400 009, Maharashtra,
India |
|
Amount secured by
the charge |
Rs. 13 millions |
|
Brief of the
principal terms and conditions |
Rate of Interest 2.50% over BPLR
i.e. 15.75% P.A. on Cash Credit (Hypo. Of Stocks and Book Debts.) Terms of
repayment On Demand Margin 25% on Stocks 40% on Book Debts Extent and
operation of the charge The charge is created
to secure Cash Credit (Hypn. of Stocks and Book Debts) facility of Rs. 8.000
millions and Inland/ Foreign LC (Sight) facility of Rs. 5.000 millions
aggregating to Rs. 13.000 millions together with interest, interest tax,
further interest, additional interest, penal interest, commission fees, cost,
charges and expenses incurred or to be incurred by the Bank till date of
payment. |
|
Description of
the property charged indicating |
All stocks of
RMs, WIP, SFGs and FGs such as Stainless Steel Pipes and other fitting items,
packing materials. All the present
and future book debts. All the tangible
movable machinery and plant. |
|
Date of
Instrument |
14.11.2007 |
|
Particular of the
present modification |
The charge is
increased upto Rs. 13.000 millions to cover Cash Credit (Hypn. of Stocks and
Book Debts) facility of Rs. 8.000 millions and Inland/Foreign LC (Sight)
facility of Rs. 5.000 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 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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
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 |
|