MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHRADHA FORGE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
G-508, GIDC, Lodhika Industrial Estate, Kalawad Road, Village: Metoda,
Taluka Lodhika, Rajkot – 360021, Gujarat. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
16.02.1993 |
|
|
|
|
Com. Reg. No.: |
04-018981 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28910GJ1993PTC018981 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTS00697E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAIFS5358P |
|
|
|
|
Legal Form : |
Private limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Forging Items. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9790 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established Company having moderate track records.
Financial position is moderate having Suspencial accumulated losses. It’s
payment are reported as slow and delayed. The Company can be considered for any business dealings on safe and secured
trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
G-508, GIDC, Lodhika Industrial Estate, Kalawad Road, Village: Metoda,
Taluka Lodhika, Rajkot – 360021, Gujarat, India |
|
Tel. No.: |
91-2827-287227 |
|
Fax No.: |
91-2827-287227 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Patel Jayendra Dhanji bhai |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
901, Satyam Shivam Sundaram Apartment, University Road, Rajkot,
Gujarat, 360005. |
|
Date of Birth/Age : |
11.07.1949 |
|
Date of Appointment : |
16.02.1993 |
|
|
|
|
Name : |
Mr. Vrajlal Nanji Bhai Sherasiya |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.03.1961 |
|
Date of Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Gunvant Bhai Nanji Bhai Sherasiya |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.06.1963 |
|
Date of Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Haresh Bhai Duda Bhai Sarkhedi |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.04.1960 |
|
Date of Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Pravin Bhai Nanji Bhai Sherasiya |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.02.1966 |
|
Date of Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Paresh Kumar Manilal Ghodasara |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.10.1966 |
|
Date of Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Amit Devendra Kumar Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.06.1984 |
|
Date of Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Patel Kirit Kumar Dhanji Bhai |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
22, Ajay Apartment, DR. Yagnik Road, Rajkot, Gujarat, 360001. |
|
Date of Birth/Age : |
17.07.1954 |
|
Date of Appointment : |
16.02.1993 |
|
|
|
|
Name : |
Mr. Patel Umesh (Vishal) Natwarlal |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
22, Ajay Apartment, DR. Yagnik Road, Rajkot, Gujarat, 360001. |
|
Date of Birth/Age : |
02.11.1974 |
|
Date of Appointment : |
16.02.1993 |
|
|
|
|
Name : |
Mr. Mayur Kumar Jayendra Bhai Patel |
|
Designation : |
Director |
|
Address : |
Dhanvilla, 1-Shree Ram Park, B/H, central School, Kalawad Road,
Rajkot, Gujarat, India 360005. |
|
Date of Birth/Age : |
16.10.1979 |
|
Date of Appointment : |
01.09.2005 |
|
Resignation Date : |
01.09.2007 |
|
|
|
|
Name : |
Mr. Umesh Natwarlal Patel |
|
Designation : |
Director |
|
Address : |
22, Ajay Apartment, DR. Yagnik Road, Rajkot, Gujarat, 360001. |
|
Date of Birth/Age : |
02/11/1974 |
|
Date of Appointment : |
16.02.1993 |
|
Resignation Date : |
01.09.2007 |
KEY EXECUTIVES
|
Name : |
Mrs. Priti S. Doshi |
|
Designation : |
Company Secretary |
|
Mobile No.: |
91-9824248580 |
|
Tel No.: |
91-281-2453482 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders As on 31.03.2007 |
No. of Shares |
|
Haresh Kumar DudaBhai Sarkhedi |
19700 |
|
Vrajlal NanjiBhai Sherasiya |
25700 |
|
GunvantBhai Nanji Bhai Sherasiya |
20300 |
|
Labhuben Nanjibhai Sherasiya |
7100 |
|
Pravin Bhai NanjiBhai Sherasiya |
19300 |
|
Paresh Kumar Manilal Ghodasara |
54300 |
|
DevendraBhai Patel |
41300 |
|
Bhavnaben DevendraBhai Patel |
14000 |
|
Amit DevendraBhai Patel |
14000 |
|
Rashilaben HareshBhai Sarkhedi |
7500 |
|
Mansi HareshBhai Sark |
7500 |
|
Bhartiben Vrajlal Sherasiya |
2500 |
|
Meenaben GunvantBhai Sherasiya |
7500 |
|
Nanjibhai Jivrajbhai Sherasiya |
13600 |
|
Bhavnaben Pravinbhai Sherasiya |
8500 |
|
Rekhaben Pareshbhai Ghodasara |
15100 |
|
|
|
|
Total |
277900 |
(As ob 31.03.2007)
|
Category |
Percentage |
|
Directors or
relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Forging Items. |
|
|
|
|
Products : |
·
Pinion ·
Spine Sleeve ·
Cluster Gear Shaft ·
Pin for rear Axle ·
Types of Speed Gear Wheel ·
Leading Link (LH & RH) ·
Reverse Gear Sprocket ·
Driver ·
Clutch Center ·
E.G.C. Lever ·
Pin for rear Axle ·
Corner Cap etc Round Jobs ·
Diamond Tools ·
Wide Range of Flanges ·
Hydraulic Units Spares ·
Forged Gears Blanks ·
Any type of Round Job Forging as per Drawing or Sample. |
GENERAL
INFORMATION
|
No. of Employees : |
82 People |
|
|
|
|
Bankers : |
· Bank of India, Kalawad
Road Branch, Rajkot 360 005, Gujarat, · The Co-Operative
Bank of Rajkot Limited. · Bank of Baroda,
MG Road, Rajkot 380001, Gujarat, India. |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M N. Manvar and Company Chartered Accountant |
|
Address : |
504, Star Plaza, Near Circuit House, Pulchhab Chowk, Rajkot, Gujarat,
360001. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 10/- Each |
Rs. 3.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
277500 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.775
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
2.775 |
2.775 |
|
|
2] Share Application Money |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.626 |
2.626 |
|
|
4] (Accumulated Losses) |
(3.443) |
(2.356) |
|
|
NETWORTH |
1.958 |
3.045 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
6.254 |
3.996 |
|
|
2] Unsecured Loans |
8.422 |
8.139 |
|
|
TOTAL BORROWING |
14.676 |
12.135 |
|
|
DEFERRED TAX LIABILITIES |
2.157 |
3.181 |
|
|
|
|
|
|
|
TOTAL |
18.791 |
18.361 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.657 |
10.803 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
0.982 |
1.111 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
4.029
|
4.736 |
|
|
Sundry Debtors |
2.753
|
1.900 |
|
|
Cash & Bank Balances |
0.200
|
0.193 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
Loans & Advances |
0.533
|
1.157 |
|
Total
Current Assets |
7.515
|
7.986 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
0.124
|
1.387 |
|
|
Provisions |
0.239
|
0.152 |
|
Total
Current Liabilities |
0.363
|
1.539 |
|
|
Net Current Assets |
7.152
|
6.447 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
18.791 |
18.361 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
37.261 |
40.129 |
29.927 |
|
|
Other Income |
0.024 |
0.186 |
0.347 |
|
|
Total Income |
37.285 |
40.315 |
30.274 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(1.081) |
0.133 |
0.386 |
|
|
Provision for Taxation |
0.006 |
0.022 |
0.000 |
|
|
Profit/(Loss) After Tax |
(1.087) |
0.111 |
0.386 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Financial Charges |
1.437 |
0.588 |
0.000 |
|
|
Depreciation & Amortization |
0.752 |
0.737 |
0.668 |
|
|
Change in Stock |
0.360 |
0.567 |
1.238 |
|
|
Other Expenditure |
35.817 |
39.424 |
31.230 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
(2.91)
|
0.27 |
1.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.90)
|
0.33 |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.90)
|
0.32 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.04 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.50 |
NA |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
20.70
|
5.19 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
This form is for |
Creation of Charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U28910GJ1993PTC018981 |
|
Name of the company |
SHRADHA FORGE PRIVATE LIMITED |
|
Address |
1/3, Amrut Commercial Centre Sardar Nagar, Main Road, Rajkot, Gujarat, India. |
|
Type of Charges |
· Book Debts · Movable Property (Not being Pledge) · Others |
|
Particular of the charge holder |
Name : Bank of India Address : Kalawad Road Branch, City : Rajkot, State : Gujarat, ISO Country Code : India, Pin Code : 360005 E-mail ID : boikalawadrd@sancharnet.in |
|
Nature or description of the instrument creating or modifying the charge |
Hypothecation Cum Loan Agreement |
|
Date of the instrument creating charge |
13.10.2006 |
|
Amount Secure by the charge |
Rs. 9.544 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest 12.25% P.A. (b) Terms of Repayment (A) Term Loan:- 48 Monthly Installments of Rs. 43000/- Each Together with the Interest as D when Charged. (B) Cash Credit:- On Demand and Subject to Annual Review. (c) Margin CC :- Stock = 25% BD = 40% Term Loan = 25% (d) Extent and Operation of the Charge The Charge Operates to Create Security over Properties for Securing Repayment of Entire Finance of Rs. 95.440 millions together with all Interests, Costs, and Expenses. (e) Others (A) Bifurcation of Total Finance of Rs. 9.544 millions Term Loan CC (Stock) Rs. 6.000 millions CC (BD) Rs. 4.000 millions But Maximum CC Allowed Rs. 7.500 millions All Properties to be kept Fully Insured. |
|
Short particulars of the Property charged |
As Per Attachment |
|
Name of the
company |
SHRADHA FORGE PRIVATE LIMITED |
|
Presented By |
Shree Jayendrabhai Patel Director |
|
1) Date and description of instrument creating the change |
Memorandum of Equitable Mortgage Limited 25.09.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 25.000 millions |
|
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 |
Factory Building and Plant and Machinery situated at G – 508, G. I. D. C. Lodhika Villa : Metoda, Dist : Rajkot. |
|
4) Gist of the terms and conditions and extent and Operation of the charge. |
(1) Interest 15.50 P.A. (2) Margin 20.00 |
|
5) Name and Address and description of the person entitled to the charge. |
The Co –Operative Bank of Rajkot Limited Panchanath Plot, Main Branch, Rajkot. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.86 |
|
UK Pound |
1 |
Rs. 83.58 |
|
Euro |
1 |
Rs. 66.17 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
13 |
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 |
|