MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SKY FORGE PRIVATE LIMITED |
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Registered Office : |
2nd Floor, N-22, Sriniwas Puri, New Delhi – 110065 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.09.1991 |
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Com. Reg. No.: |
55-45600 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PTC045600 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21265G |
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PAN No.: [Permanent
Account No.] |
AAACS1178G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of High Pressure Pipe Fittings and Flanges and
all types of Automobile Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track records. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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INFORMATION PARTED
BY
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Name : |
Mr. Kuldip Kumar Mendiratte |
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Designation : |
Account Manager |
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Contact No.: |
91-129-4154392 |
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Date : |
19.04.2008 |
LOCATIONS
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Registered Office : |
IInd Floor, N-22 Sriniwas Puri, New Delhi – 110 065, India |
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E-Mail : |
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Corporate Office : |
Bone Mill, Railway Crossing Sohna Road, Faridabad – 121 004, Haryana,
India |
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Tel. No.: |
91-129-4067528 / 4067530 / 4062897 / 4154392 |
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Mobile No.: |
91-9811211820 |
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Fax No.: |
91-129-4067529 |
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E-Mail : |
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Area : |
60-75 Sq. yds |
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Location : |
Rented |
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Factory : |
Unit II, Plot No. 17, Sector 25, Faridabad |
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Tel. No.: |
91-22-24062897 |
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Area : |
1000 Sq. yds |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. V K Pahuja |
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Designation : |
Director |
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Address: |
51/827, Jawahar Nagar, Palwal , India |
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Date of Birth/Age : |
05.01.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.09.1991 |
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Name : |
Mrs. Nandini Chug |
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Designation : |
Director |
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Address: |
108, Sector -15A, FBD , India |
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Date of Birth/Age : |
34 Years |
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Qualification : |
Graduate |
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Date of Appointment |
03.10.1992 |
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Name : |
Mrs. Saroj Bala |
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Designation : |
Director |
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Address: |
CA – 106, Tagore Garden, New Delhi, India |
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Date of Appointment : |
01.12.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Virendra Kumar Pahuja |
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1003 |
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Mrs. Sunita Pahuja |
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1 |
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Mrs. Saroj Bala |
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1000 |
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Mr. Ravinder Makkar |
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433 |
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Mrs. Nandini Chug |
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150 |
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Mr. S Gautam Khar Banda |
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1 |
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Mr. Dalip Kumar |
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1 |
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Mr. V K Pahuja – HUF |
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1 |
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Mr. Ravinder KM HUF |
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500 |
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Total |
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3090 |
(As on 31.03.2007):-
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of High Pressure Pipe Fittings and Flanges
and all types of Automobile Components. |
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Products : |
· High Pressure Pipe Fitting and Flanges · All types of Automobile Components |
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Terms : |
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Selling : |
Credit (60 – 90 days) |
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Purchasing : |
Credit (60 – 90 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
50 |
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Bankers : |
· Canara Bank · Axis Bank, Sector 7, Faridabad, India · State Bank of Patiala, Sec II, Faridabad · HDFC Bank · ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
R K Sindwania and Company Chartered Accountants |
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Address 1 : |
Faridabad – 121004, Haryana, India |
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Tel. No.: |
91-22-2418070 |
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Name 2 : |
Mr. Rakesh Kumar Sindwani Chartered Accountants |
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Address 2 : |
B -83, 1st Floor, Nehru Ground Floor, Faridabad – 121 001,
Haryana, India |
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Memberships : |
· Small Scale Industries · Federation of Indian Chambers of Commerce and Industry · Laghu Udyog Bharti |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3090 |
Equity Shares |
Rs. 100/- each |
Rs. 0.309
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.309 |
0.309 |
0.309 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.679 |
1.287 |
0.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.988 |
1.596 |
0.895 |
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LOAN FUNDS |
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1] Secured Loans |
0.158 |
0.403 |
0.627 |
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2] Unsecured Loans |
0.335 |
0.797 |
1.287 |
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TOTAL BORROWING |
0.493 |
1.200 |
1.914 |
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DEFERRED TAX LIABILITIES |
0.082 |
0.072 |
0.100 |
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TOTAL |
2.563 |
2.868 |
2.909 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.049 |
2.671 |
2.928 |
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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 |
10.595
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6.561 |
5.812 |
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Sundry Debtors |
6.343
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8.899 |
3.293 |
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Cash & Bank Balances |
0.708
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0.185 |
0.113 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.206
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0.910 |
1.149 |
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Total
Current Assets |
18.852
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16.555 |
10.367 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.338
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16.358 |
10.386 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
20.338
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16.358 |
10.386 |
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Net Current Assets |
[1.486]
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0.197 |
[0.019] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.563 |
2.868 |
2.909 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
43.251 |
36.549 |
38.544 |
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Other Income |
0.004 |
0.308 |
0.003 |
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Total Income |
43.255 |
36.857 |
38.547 |
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Profit/(Loss) Before Tax |
0.704 |
1.043 |
0.765 |
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Provision for Taxation |
0.312 |
0.342 |
0.347 |
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Profit/(Loss) After Tax |
0.392 |
0.701 |
0.418 |
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Expenditures : |
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Raw Material Consumed |
28.527 |
24.085 |
25.399 |
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Stores Consumed |
0.745 |
0.695 |
0.722 |
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Personnel Expenses |
0.732 |
0.650 |
0.413 |
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Manufacturing Expenses |
7.564 |
5.917 |
6.542 |
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Administrative and Selling Expenses |
4.370 |
3.404 |
3.718 |
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Financial Charges |
0.068 |
0.137 |
0.169 |
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Depreciation & Amortization |
0.545 |
0.488 |
0.353 |
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Other Expenditure |
0.000 |
0.438 |
0.466 |
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Total Expenditure |
42.551 |
35.814 |
37.782 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.91
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1.90 |
1.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.63
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2.85 |
1.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.07
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5.42 |
5.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.65 |
0.85 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.47
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11.75 |
13.74 |
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Current Ratio (Current Asset/Current Liability) |
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0.93
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1.01 |
0.99 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Haldiya Petro Chemicals, West Bengal, Kolkata
· Bhel Limited, Madhya Pradesh, India
· Indian Glysocks Limited, Kashipuri, Uttranchal
FORM 8:-
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Name of the
company |
SKY FORGE PRIVATE LIMITED |
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Presented By |
Mr. V K Pahujja
, Director |
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1) Date and
description of instrument creating the change |
Agreement for
hypothecation of stocks / Existing Machinery dated 06.01.1992 to secure ODBC
limit. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.350 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 |
Stock existing
mach and Bills |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 20.75% p.a |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of Patiala Sector II, Faridabad |
WEBSITE DETAILS:
Profile:
Incorporated in the
year 1991, Subject has brought together considerable expertise
and experience in the field of pipe and piping components to meet the
requirements of the diverse industries. They are one of the most reputed manufacturers and exporters of premium quality high pressure fittings, flanges and all types of automobile components. Backed by a team of excellent professionals
and an outstanding technical setup, they offer their products in variety of
dimensions, tolerances and specifications. Known for their precision and
perfection, their products are setting standards of quality and performance all
over the globe.
As an ISO 9001:2000 certified organization, they adhere to harsh and rigid
quality control measures at every level of their operation. They are a pool of
experts, experienced technocrats and innovative technologies to design world
class products for various engineering and automotive industries. Having years
of experience, their core values are innovation with continuous improvements.
Their reputation is based on quality, reliability, integrity, and complete
understanding of the market dynamics. They are a registered Small Scale Industry (SSI) unit and are a regular member of Federation of Indian Chambers of Commerce and
Industry (FICCI) and Laghu Udyog Bharti (LUB).
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.53 |
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UK Pound |
1 |
Rs.83.44 |
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Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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