MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SINGHBHUM MACHINO METAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B-32, 2nd Phase, Industrial Area, Adityapur, Jamshedpur 832
109, Bihar |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
20.03.1997 |
|
|
|
|
Com. Reg. No.: |
7804 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999JH1997PTC007804 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RCHS00627E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCS3305F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Auto Component, Railway Spare Parts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 86000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Om Prakash Mohan Chopra |
|
Designation : |
Director |
|
Date : |
24.05.2008 |
LOCATIONS
|
Registered Office : |
B-32, 2nd Phase, Industrial Area, Adityapur, Jamshedpur 832
109, Bihar, India |
|
Tel. No.: |
91-657-2407464/ 2408232 |
|
Mobile No.: |
91-9431117517/ 9431117519 |
|
Fax No.: |
91-657-2203752 |
|
E-Mail : |
opchopra@singhbhummachinometal.com
manojchopra@singhbhummachinometal.com |
|
Website : |
|
|
Area : |
60000 sq. fts. |
|
Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Om Prakash Mohan Chopra |
|
Designation : |
Director |
|
Address : |
Nishant Vihar, Flat No. E-12, 14 Adityapur, Jamshedpur 831 013, Bihar,
India |
|
Date of Birth/Age : |
02.08.1954 |
|
Qualification : |
B. E. |
|
Date of Appointment : |
20.03.1997 |
|
|
|
|
Name : |
Mr. Manoj Mohan Chopra |
|
Designation : |
Director |
|
Address : |
Nishant Vihar, Flat No. E-12, 14 Adityapur, Jamshedpur 831 013, Bihar,
India |
|
Date of Birth/Age : |
15.02.1970 |
|
Qualification : |
B. E. |
|
Date of Appointment : |
30.09.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Directors or Relative of Directors |
|
45.29 |
|
Others |
|
54.71 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Component, Railway Spare Parts. |
|
|
|
|
Products : |
|
|
|
|
|
Imports : |
|
|
Products : |
Machine |
|
Countries : |
Korea |
|
|
|
|
Terms : |
|
|
Selling : |
Credit upto 30 days basis |
|
|
|
|
Purchasing : |
On 15 days Advance basis |
GENERAL
INFORMATION
|
Customers : |
OEM’s |
||||||||||
|
|
|
||||||||||
|
No. of Employees : |
About 150 |
||||||||||
|
|
|
||||||||||
|
Bankers : |
State Bank of India, SME Branch, Adityapur, Jamshedpur 831 013, Bihar,
India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok K. Kedia and Associates Chartered Accountants |
|
Address : |
Room No. 10, 1st Floor, Tiwary Bechar Complex, Bistupur,
Jamshedpur 831 001, Bihar, India |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1700000 |
Equity Shares |
Rs. 10/- each |
Rs. 17.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1424200 |
Equity Shares |
Rs. 10/- each |
Rs. 14.242 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.242 |
14.242 |
12.992 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.259 |
5.279 |
3.028 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21.501 |
19.521 |
16.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50.087 |
29.192 |
24.387 |
|
|
2] Unsecured Loans |
1.995 |
2.009 |
3.269 |
|
|
TOTAL BORROWING |
52.082 |
31.201 |
27.656 |
|
|
DEFERRED TAX LIABILITIES |
3.175 |
2.123 |
1.936 |
|
|
|
|
|
|
|
|
TOTAL |
76.758 |
52.845 |
45.612 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
54.028 |
30.261 |
28.949 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.300 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.319
|
12.212 |
9.805 |
|
|
Sundry Debtors |
7.545
|
7.878 |
6.259 |
|
|
Cash & Bank Balances |
0.236
|
0.229 |
0.037 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.548
|
7.734 |
5.168 |
|
Total
Current Assets |
36.648
|
28.053 |
21.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
13.453
|
4.932 |
4.511 |
|
|
Provisions |
1.182
|
0.789 |
0.303 |
|
Total
Current Liabilities |
14.635
|
5.721 |
4.814 |
|
|
Net Current Assets |
22.013
|
22.332 |
16.455 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.417 |
0.252 |
0.208 |
|
|
|
|
|
|
|
|
TOTAL |
76.758 |
52.845 |
45.612 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.25
|
3.00 |
3.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
4.90 |
4.42 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8
|
This form is for |
Modification of charge |
||||||||||||||||||
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
||||||||||||||||||
|
Charge Identification (ID) number of the charge to be modified |
80017558 |
||||||||||||||||||
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U99999JH1997PTC007804 |
||||||||||||||||||
|
Name of the company |
SINGHBHUM MACHINO METAL PRIVATE LIMITED |
||||||||||||||||||
|
Address |
B-32, 2nd Phase, Industrial Area, Adityapur, Jashedpur 832 109,
Bihar |
||||||||||||||||||
|
Type of Charges |
Immovable property, book debts, raw materials, stock in trade,
finished goods |
||||||||||||||||||
|
Whether consortium finance is involved |
No |
||||||||||||||||||
|
Whether joint charge involved |
No |
||||||||||||||||||
|
Number of charge holder(s) |
1 |
||||||||||||||||||
|
Particular of the charge holder |
State Bank of India SME Branch, Adityapur, Jamshedpur 831 013, Bihar, India |
||||||||||||||||||
|
Nature or description of the instrument creating or modifying the charge |
As per hypothecation deed dated 18.02.2008 against the stick, book debts and collateral security, immovable property in the name of the company. |
||||||||||||||||||
|
Date of the instrument creating charge |
18.02.2008 |
||||||||||||||||||
|
Whether charge created or modified outside India |
No |
||||||||||||||||||
|
Amount Secure by the charge |
Rs. 85.650 millions |
||||||||||||||||||
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Cash Credit (Stock)- 1.25% below SBAR Bill Discounting of Tata Motors – Nil Stand by line of credit – 1% above the rate of interest applicable to cash credit (stock) Corporate Term Loan – 1.25% above SBAR Term Loan I - @ SBAR, Term Loan 2 - @ 10% p.a. Term Loan 3-@ 1.25% above SBAR IPEN Term Loan @ 2% above SBAR Terms of repayment: cash credit on demand Stand by line of credit – on demand Corporate and other term loans – as per old charge Margin: Raw Material – domestic 25% Stock in process – 25% Finished goods – 25% Extent and operation of the charge: first charge over the raw materials, stock in process, finished goods, stock in transit and all other misc., current assets and receicables, Pledge of 30% promoters share in the company in banks favour Equitable mortgage over 2400 sq. ft. residential plot situated at Aditya Garden, Jamshedpur, Bihar 2nd charge over the residential property Plot No. 33 and 34, Aditya Garden. Mortgage over the 30000 sq. ft. new plot at A-32, 1st Phase, Industrial Area, Adityapur and B-32, 2md Phase, Industrial Area, Adityapur. |
||||||||||||||||||
|
Short particulars of the Property charged |
first charge over the raw materials, stock in process, finished goods, stock in transit and all other misc., current assets and receicables, Pledge of 30% promoters share in the company in banks favour Equitable mortgage over 2400 sq. ft. residential plot situated at Aditya Garden, Jamshedpur, Bihar 2nd charge over the residential property Plot No. 33 and 34, Aditya Garden. Mortgage over the 30000 sq. ft. new plot at A-32, 1st Phase, Industrial Area, Adityapur and B-32, 2md Phase, Industrial Area, Adityapur. |
||||||||||||||||||
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
||||||||||||||||||
|
Date of latest modification prior to the present modification |
07.07.1998 |
||||||||||||||||||
|
Particulars of the present modification |
|
Trade References:
- Tata Motors
- Railway (Government)
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|