MIRA
INFORM REPORT
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Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE SIDDI VINAYAK FORGING PRIVATE LIMITED |
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Registered Office : |
Village Nangal Uparlatehsil, Nalagarh, Distt Solan, Himachal Pradesh,
173229. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.07.2003 |
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Com. Reg. No.: |
026231 |
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CIN No.: [Company
Identification No.] |
U27310HP2003PTC026231 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLS16245F |
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PAN No.: [Permanent
Account No.] |
AAICS8788C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing Activities |
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 69804 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 years old company having moderate track. Its
profitability is under severe pressure. It has some accumulated losses.
Payments Are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Village Nangal Uparlatehsil, Nalagarh, Distt Solan, Himachal Pradesh,
173229, India. |
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E-Mail : |
rohit2@rediffmail.com, vickyvishal@rediffmail.com |
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Factory 1 : |
Street 27, Achrol House, Civil Lines, Jaipur, Rajasthan, India. |
DIRECTORS
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Name : |
Mr. Rajesh Jain |
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Designation : |
Chairman Cum Managing Director |
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Address : |
27, Achrol House, Jaipur, Rajasthan. |
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Date of Birth/Age : |
12/10/1969 |
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Date of Appointment : |
28.07.2003 |
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Name : |
Ms. Saroj Jain |
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Designation : |
Director |
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Address : |
27, Achrol House, Jaipur, Rajasthan. |
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Date of Birth/Age : |
-- |
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Date of Appointment : |
28.07.2003 |
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Name : |
Mr. Nitin Jain |
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Designation : |
Director |
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Address : |
27, Achrol House, Jaipur, Rajasthan. |
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Date of Birth/Age : |
26/11/1973 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Bishan Goyal |
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Designation : |
Director |
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Address : |
PP-1, Maurya Enclave, Pitampura, Delhi, India – 110034. |
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Date of Birth/Age : |
27/05/1964 |
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Date of Appointment : |
01.01.2008 |
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Name : |
Mr. Gagan Goyal |
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Designation : |
Director |
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Address : |
PP-1, Maurya Enclave, Pitampura, Delhi, India – 110034. |
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Date of Birth/Age : |
03/01/1985 |
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Date of Appointment : |
01.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders ( As on 30.09.2005) |
No. of Shares |
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Rajesh Jain |
5,000 |
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Saroj Jain |
5,000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing Activities |
GENERAL
INFORMATION
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Bankers : |
Canara Bank, Sector 17-C, Chandigarh, 160017. |
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Small Industries Development Bank of India, SIDBI Tower, 15, Ashok Marg, Lucknow – 226001, Uttar Pradesh, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Babbar & Company, Chartered Accountant |
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Address : |
Parwanoo, Himachal Pradesh, 173229. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 16.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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160,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 16.000 million |
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Equity Share Breakup (Percentage of total equity)
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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 |
16.000 |
0.100 |
0.100 |
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2] Share Application Money |
5.200 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.749) |
(0.648) |
(0.209) |
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NETWORTH |
17.451 |
(0.548) |
(0.109) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
44.563 |
28.854 |
10.202 |
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TOTAL BORROWING |
44.563 |
28.854 |
10.202 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.014 |
28.306 |
10.093 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.529 |
16.771 |
5.681 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.119
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1.553 |
3.027 |
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Other Current Assets |
4.934
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4.934 |
1.215 |
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Loans & Advances |
3.135
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5.890 |
1.382 |
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Total
Current Assets |
8.188
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12.377 |
5.624 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1.674
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0.827 |
1.198 |
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Provisions |
0.029
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0.015 |
0.014 |
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Total
Current Liabilities |
1.703
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0.842 |
1.212 |
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Net Current Assets |
6.485
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11.535 |
4.412 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.014 |
28.306 |
10.093 |
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
0.09
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(1.53) |
(11.11) |
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Current Ratio (Current Asset/Current Liability) |
4.80
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14.69 |
4.64 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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This form is for |
Creation Of Charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U27310HP2003PTC026231 |
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Name of the company |
SHREE SIDDI VINAYAK FORGINS PRIVATE LIMITED |
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Address |
Village Nangal Uparlatehsil Nalagarh, Distt Solan, Himachal Pradesh, India. |
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Type of Charges |
· Immovable Property · Book Debts · Movable property (not being pledge) |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Particular of the charge holder |
Name : Canara Bank, Address : Sector 17-C, City : Chandigarh, Iso country code : IN, Pin code : 160017 E-mail ID : san1993@rediffmail.com |
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Nature or description of the instrument creating or modifying the charge |
Common Hypothecation Agreement Dated 01 June 2007. |
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Date of the instrument creating charge |
01/06/2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 67.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest OCC/OCBD – BPLR + 1.75% i.e. PREENTLY 15% Stand by term loan – BPLR + 1.00% i.e. Presently 14.25% (b)Terms of Repayment On Demand (c) Margin 40% (d) Extent and operation of the charge 100% |
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Name of the company |
Shree Siddi Vinayak Forging Pvt. Ltd. (here in after referred to as “The
Company”). |
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Presented By |
Shri Rajesh Jain, Director (Name and Designation of the official of
the Company). |
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1) Date and description of instrument creating the change |
On 1st day of December, 2005. Deed of Hypothecation executed by the Company in favour of Small Industries Development Bank of India (here in after referred to as “SIDBI”). A certified copy of the said Deed of Hypothecation is enclosed. On 1.12.2005 No investment was executed. Mortgage by deposit of title deeds with Small Industries Development Bank of India (SIDBI) was created by the Company in favour of SIDBI by was of first charge in respect of the immovable properties of the Company described in the schedule annexed here to as security, interalia, to secure the due repayment and discharge by the Company to SIDBI of its FINANCIAL ASSISTANCE / TERM LOAN of Rs. 35.500 millions together with interest, further interest, liquidated damages, Costs, charges, expenses and all other monies payable under the Loan Agreement(s), Letter(s), of Intent / terms of sanction as amended from time to time. On 1.12.2005 No instrument was executed. Mortgage by way of Constructive delivery of title deeds with Small Industries Development Bank of India (SIDBI) was created by the Company in favour of SIDBI in respect of the immovable properties of the company described in the schedule annexed here to as security, interalia, to secure the due repayment and discharge by Shree Siddi Vinayak Tor Pvt. Ltd. Together with interest, further interest, liquidated damages, costs, Charges, expenses and all other monies payable under the Loan Agreement(s) / Letter(s) of Intent / terms of sanction as amended from time to time. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loans of Rs. 35.500 millions to Shree Siddi Vinayak Forging Pvt. Ltd., and Rs 37.000 millions to Shree Siddi Vinayak Pvt. Ltd., under Direct Credit Scheme agreed to be lent and advanced by SIDBI together with interest, further interest, liquidated damages, Costs, Charges, expenses and all other moneys payable by the Company to SIDBI in terms of the Loan Agreements dated 01/12/2005 (here in after referred to as “Loan Agreements" |
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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 |
First Charge by way of hypothecation in favour of SIDBI of all the Company’s movables (save and except book debts) including plant & machinery, equipments, spares, tools, accessories etc. (Subject to prior charges created and/or to be created in favour of company’s bankers on the company’s stock of raw materials, semi finished and finished goods, consumable stores and such other movables as may be agreed to by SIDBI for securing and borrowings for working capital requirements in the ordinary course of business.) for the term loan of Rs. 35.500 millions to Shree Siddi Vinayak Forging Pvt. Ltd., and extension of such first charge by way of hypothecation in favour of SIDBI for the term loan of Rs. 37.000 millions to Shree Siddi Vinayak Pvt. Ltd., |
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. 40.12 |
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UK Pound |
1 |
Rs. 79.95 |
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Euro |
1 |
Rs. 62.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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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 |
3 |
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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 |
YES |
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TOTAL |
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28 |
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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