MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHIL ALLOYS AND MACHINE TOOLS PRIVATE LIMITED |
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Registered Office : |
8 – B, Industrial Estate, Batala– 143 505, District Gurdaspur, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1995 |
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Com. Reg. No.: |
16-016656 |
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CIN No.: [Company
Identification No.] |
U27107PB1995PTC016656 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Lathe Machines, CNC Lathe Machines, Vertical Turning
Lathe Machines |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 27000 |
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Status : |
Improving |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company. Its profitability is improving and expected to wipe off
previous losses soon. The management
parted general information but declined to part with latest financials. Trade
relations are fair. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravi Sharma |
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Designation : |
Accountant |
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Contact No.: |
91-9216241930 |
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Date : |
26.05.2008 |
LOCATIONS
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Registered Office / Factory 1 / Godown: |
8 – B, Industrial Estate, Batala– 143 505, Punjab, India |
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Tel. No.: |
91-1871-241925 / 26 / 320725 |
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Mobile No.: |
91-9417041925 |
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Fax No.: |
91-1871-241925 /26 |
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E-Mail : |
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Website: |
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Area : |
45000 sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Parmjit Singh Gill |
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Designation : |
Managing Director |
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Address: |
8 – B, Industrial Estate, Batala– 143 505, Punjab, India |
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Date of Birth/Age : |
39 Years |
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Qualification : |
B.E. |
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Experience : |
15 Years |
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Date of Appointment: |
22.06.1995 |
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Name : |
Mr. Santokh Singh |
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Designation : |
Director |
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Address: |
8 – B, Industrial Estate, Batala– 143 505, Punjab, India |
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Date of Birth/Age : |
70 Years |
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Qualification : |
S.S.C. |
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Experience : |
60 Years |
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Date of Appointment: |
22.06.1995 |
KEY EXECUTIVES
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Name : |
Anjum Goyal and Associates |
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Designation : |
Company Secretary |
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Address : |
1972 Lane No. 2, Bharat Nagar, Batala Road, Amritsar, Punjab, India |
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Tel. No.: |
91-9815203626 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2006]
|
Names of Shareholders |
|
No. of Shares |
|
Paramjit Singh Gill |
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156000 |
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Santokh Singh |
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60500 |
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Palwinder Kaur |
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9800 |
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Gurbhagwant Singh |
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18500 |
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Narinder Singh |
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100 |
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Anil Kumar |
|
100 |
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Bhan Singh |
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20000 |
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Amarjit Singh |
|
10000 |
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Harinder Kaur |
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35000 |
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Darshan Singh |
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5000 |
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Harpal Singh |
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12500 |
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Vasu Dev Singh |
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10000 |
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Jaswinder Kaur |
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5000 |
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Sumitar Kaur |
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10000 |
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Hardev Singh Johal |
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10000 |
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Surjit Kaur |
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5000 |
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Total |
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367500 |
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Equity Share
Break-up [As on 31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Lathe Machines, CNC Lathe Machines, Vertical Turning
Lathe Machines |
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Products : |
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Exports : |
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Countries : |
Europe |
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Imports : |
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Products : |
Components |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS
[As on 31.03.2006]
|
Particulars |
Unit |
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Actual
Production |
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Machines |
Nos. |
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10 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
110 |
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Bankers : |
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Facilities : |
Cash Credit Rs. 8.000 Millions from Canara Bank as per Hypothecation
agreement dated 05.03.2007 It is secured against Hypothecation of stocks such as raw material,
semi finished and finished goods, stores and spares lying in the factory premises
and in transit. It is further secured
by collateral security of machinery installed in the factory premises and
vehicles of the company. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anjan Bansal and Company Chartered Accountants |
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Address : |
12, Beco Complex, G. T. Road, Batala, Punjab 143505, India |
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Tel. No.: |
91-1871-243310 / 227310 |
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Associates/Subsidiaries : |
Address: Batala , Punjab, India Line of Business: Manufacturer, Exporter and Importer of Miscellaneous
goods and
Services
Address: Batala, Punjab Line of Business: Manufacturer, Exporter and Importer of Miscellaneous
goods
and Services |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
367500 |
Equity shares |
Rs. 10/-
each |
Rs. 3.675
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.675 |
3.675 |
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2] Share Application Money |
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2.380 |
1.380 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.626] |
[0.995] |
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NETWORTH |
|
5.429 |
4.060 |
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LOAN FUNDS |
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1] Secured Loans |
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6.595 |
6.888 |
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2] Unsecured Loans |
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8.258 |
4.808 |
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TOTAL BORROWING |
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14.853 |
11.696 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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20.282 |
15.756 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.133 |
3.679 |
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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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DEFERREX TAX ASSETS |
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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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27.445 |
15.344 |
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Sundry Debtors |
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0.425 |
1.562 |
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Cash & Bank Balances |
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2.609 |
0.321 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
4.599 |
0.815 |
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Total
Current Assets |
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35.078 |
18.042 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.929 |
5.967 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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17.929 |
5.967 |
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Net Current Assets |
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17.149 |
12.075 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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20.282 |
15.756 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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9.421 |
17.993 |
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Other Income |
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0.826 |
0.760 |
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Total Income |
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10.247 |
18.753 |
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Profit/(Loss) Before Tax |
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0.481 |
0.318 |
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Provision for Taxation |
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0.112 |
[0.326] |
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Profit/(Loss) After Tax |
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0.369 |
0.644 |
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Expenditures : |
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Cost of Goods Sold |
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7.500 |
15.722 |
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Administrative Expenses |
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0.819 |
0.584 |
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Financial Charges |
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1.008 |
1.230 |
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Depreciation & Amortization |
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0.439 |
0.899 |
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Total Expenditure |
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9.766 |
18.435 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.60 |
3.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.10 |
1.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.26 |
1.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.03 |
4.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.96 |
3.02 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- GGNP,
Vishakapatnam
- Boses Rex
Rotx, Bangalore
- Fanuc India
Limited
Fixed Assets
- Land
- Building
- Furniture
- Plant and
Machinery
- Pattens
- Tools and
Equipments
- Generator Set
- Electric
Fitting
- Pager
- Mobile
- Car
- Cycles
- EPABX/Telephones
- Fax Machine
- Water Filter
- Computers
- Air
Conditioners
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27107PB1995PTC016656 |
|
Name of the
company |
SAHIL ALLOYS AND
MACHINE TOOLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
8 – B, Industrial Estate, Batala– 143 505, District Gurdaspur, Punjab |
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Type of charge |
Others |
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Particular of charge
holder |
Canara Bank G.T. Road, Batala
143505, Punjab, India |
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Nature of
description of the instrument creating or modifying the charge |
Counter Indemnity
Bond dated 05.03.2007 and Collateral security Agreement dated 05.03.2007 |
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Date of instrument
Creating the charge |
05.03.2007 |
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Amount secured by
the charge |
Rs. 8.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest 12.25% p.a.
compounded monthly [b] Terms of
repayment Repayable on
completion of time limit of performance guarantee. [c] Margin 25% of amount of
Guarantee [d] Extent and
operation of the charge Extent and
operation of the charge 100% |
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Short particulars
of the property charged |
Counter Indemnity
of the company |
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Name of the company |
SAHIL ALLOYS AND
MACHINE TOOLS PRIVATE LIMITED |
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Presented By |
Paramjit Singh
Gill, Managing Director |
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1) Date and description of instrument creating the change |
Agreement dated 06.09.2000
for Guarantee Limit. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
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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 |
To secure with
the counter indemnity at the time of executing guarantee upto Rs. 1.000
Million |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 15% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Branch Manager Punjab National Bank, Industrial Estate, Batala |
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6) Date and brief description of instrument modifying the charge |
Fresh Agreement
dated 22.10.2005 for Guarantee limit. |
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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. |
Guarantee limit
increased to Rs. 5.000 Millions to execute guarantees to different parties
after taking 25% cash margin. The interest rate increased to 16% p.a. |
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. 42.63 |
|
UK Pound |
1 |
Rs. 83.40 |
|
Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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/normal. |
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 |
|