MIRA
INFORM REPORT
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Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SATELITE FORGING PRIVATE LIMITED |
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Registered Office : |
Neel House, Lado Sarai, Opposite Qutab Minar, New Delhi – 110 030 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.05.2006 |
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Com. Reg. No.: |
149224 |
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CIN No.: [Company
Identification No.] |
U70109DL2006PTC149224 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKS10614C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Forging Components and Machine. |
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. |
Small |
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Maximum Credit Limit : |
USD 130000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and had not commenced commercial operations
till 31.03.2007. It seems to have recently commenced operations. The company
has been successful in obtaining good amount of loans from its banker. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Umesh Tayal |
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Contact No.: |
91-9873232214 |
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Date : |
10.06.2008 |
LOCATIONS
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Registered Office : |
Neel House, Lado Sarai, Opposite Qutab Minar, New Delhi – 110 030,
India |
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Tel. No.: |
91-11-26427104 |
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Fax No.: |
91-11-26427110 |
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E-Mail : |
corp@jbm.co.in |
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Factory : |
Bhaskusla, Near Sector – 7, Phase – II, IMT Manesar, Gurgaon – 122
505, Haryana, India |
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Tel. No.: |
91-9999319809 / 95124-2291859 / 60 |
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Fax No.: |
91-9999319809 |
DIRECTORS
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Name : |
Mr. Rajesh Goenka |
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Designation : |
Director |
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Address : |
158-D J and K Pocket, Dilshad Garden, Delhi – 110 095, India |
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Date of Birth/Age : |
17.07.1964 |
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Date of Appointment : |
29.05.2006 |
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Name : |
Mr. Vijay Mohan Brij |
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Designation : |
Director |
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Address : |
H No. 1143, Sector – 55, Faridabad – 121 001, Haryana, India |
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Date of Birth/Age : |
15.01.1966 |
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Date of Appointment : |
29.05.2006 |
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Name : |
Mr. Kunal Bhadoo |
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Designation : |
Director |
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Address : |
100 Aspen green, Sector – 50, Gurgaon – 122 001, Haryana, India |
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Date of Birth/Age : |
27.08.1978 |
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Date of Appointment : |
14.05.2007 |
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Name : |
Mrs. Anjali Bhadoo |
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Designation : |
Director |
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Date of Birth/Age : |
16.03.1980 |
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Date of Appointment : |
14.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Zeal Impex and Traders Private Limited |
5000 |
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Amity Infotech Private Limited |
5000 |
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Total |
10000 |
Equity share breakup (percentage of total equity)
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As on 25.11.2007 |
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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 of Forging Components and Machine. |
GENERAL
INFORMATION
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Bankers : |
·
ABN Amro Bank N.V. Hansalya Building, 15 Barakhamba Road, New
Delhi – 110 001, India ·
Bank of Rajasthan ·
Standard Chartered Bank ·
Canara Bank |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Atul and Rajinder Chartered Accountants 201, Sita Ram Mansion, 718, Main Joshi Road, Karol Bagh, New Delhi –
110 005, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
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Total |
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Rs. 100.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
million |
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Total |
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Rs. 0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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25.825 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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25.925 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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25.925 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.993 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.094 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.094 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.043 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.043 |
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Net Current Assets |
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0.051 |
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MISCELLANEOUS EXPENSES |
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0.019 |
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Expenditure incurred during construction period |
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1.862 |
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TOTAL |
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25.925 |
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PROFIT & LOSS
ACCOUNT
(Since the SC was in project stage till March 31, 2007, no P and L account
has been prepared. The subject has incurred an amount of Rs. 1.896 millions as
preliminary and pre-operative expenses till 31 Mar 2007.)
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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0.000 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.000 |
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Expenditure incurred during Construction
Period |
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Salary and Welfare |
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0.569 |
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Travelling and Conveyance |
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0.395 |
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Communication Expenses |
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0.008 |
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Printing and Stationery |
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0.002 |
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Rates and Taxes |
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0.003 |
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Legal and Professional Fee |
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0.863 |
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Auditors and Remuneration |
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0.015 |
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Interest Paid |
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0.001 |
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Depreciation |
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0.004 |
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Miscellaneous Expenses |
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0.002 |
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Total Expenditure |
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1.862 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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- |
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Current Ratio (Current Asset/Current Liability) |
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2.19 |
LOCAL AGENCY
FURTHER INFORMATION
Business
The SC was engaged in the business of infrastructure, building and construction activities.
The subject has started manufacturing of automotive compenents, forging etc.
The subject had
established its manufacturing facility at Village Baskusla, IMT Manesar,
Gurgaon. The SC has incurred Rs. 23.951 millions as capital expenditure on this
facility as on March 31, 2007.
Form No. 8
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Corporate
identity number (CIN) Foreign company registration number |
U70109DL2006PTC149224 |
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Name of the
Company |
SATELITE FORGING PRIVATE LIMITED |
|
Address |
Neel House, Lado Sarai, Opposite Qutab Minar, New Delhi – 110 030,
India |
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This form is for |
Creation of
charge |
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Type of Charge |
Immovable property |
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Particulars of
the charge holder |
ABN Amro Bank N.V. Hansalya Building, 15 Barakhamba Road, New Delhi – 110 001, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
Entry and Declaration |
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Date of the instrument
creating or modifying the charge |
10.10.2007 |
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Amount secured by
the charge |
Rs. 340.500
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest As per Bank rule from
time to time Terms of
repayment Term Loan:
Repayable in 16 equal quarterly installments starting from 15th
month from 30.10.2007, Od: Repayable on demand, STPLR/FCNR (B) Loans: Maximum
6 months, BD: Maximum 120 days, LC – validity / Usance maximum 3 months each
and BG maximum 1 year including claim period. Margin As prescribed by
Bank Extent and
operation of the charge The charge
operates as security as first exclusive charge in favour of ABN Amro Bank Others This is to secure
following limits aggregating Rs. 340.50 millions 1.
Term Loan of
Rs. 203 million 2.
Overdraft/Short
term PLR loan / FCNR (B) Loan / Bills Discounting Rs. 25 million 3.
Letter of
Credit / Guarantee (Sub limit of 2) Rs. 10 million and 4.
OBSI Rs.
112.50 million |
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Short particulars
of the property charged (including location of the property) |
Equitable
mortgage by deposit of title deeds of Imm. Prop. of the Company particularly
land and building located at Plot of Land admeasuring 56 Kanal 14 Marlas
situated at Village Banskusla Near Sec.7, PH-II, IMT Manesar, Gurgaon-122505
(Described in second Schd. Together with building and other structures, fixed
plant and machinery, fixtures and fittings, constructed/ installed or to be
constructed/installed thereon. |
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.42.87 |
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UK Pound |
1 |
Rs.83.41 |
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Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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TOTAL |
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26 |
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 |
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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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