MIRA
INFORM REPORT
|
Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SANT VALVES PRIVATE LIMITED |
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Registered Office : |
G T Road, Bye Pass, Jalandhar-144004, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.11.1992 |
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Com. Reg. No.: |
16-12760 |
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CIN No.: [Company
Identification No.] |
U27202PB1992PTC012760 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS00272G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Valves, Cocks, Boiler Mountings, all kinds of Pipe
Fittings, Pipes and Pumps for Liquid, Steam. |
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 150000 |
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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.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajesh Kumar Rathour |
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Designation : |
Director |
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Contact No.: |
91-9814061478 |
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Date : |
30.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
G T Road, Bye Pass, Jalandhar-144004, Punjab, India |
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Tel. No.: |
91-181-5084693/ 94/ 95/ 2602522/ 2603074 |
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Mobile No.: |
91-9814061478 |
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Fax No.: |
91-181-2603308 / 5062270 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rup Singh Dhumal |
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Designation : |
Managing Director |
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Address : |
309/6-A, Central Town, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
02.02.1936 |
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Date of Appointment : |
24.11.1992 |
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Name : |
Mr. Sukh Ram |
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Designation : |
Director |
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Address : |
46-Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
11.11.1937 |
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Date of Appointment : |
24.11.1992 |
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Name : |
Mr. Rakesh Rathour |
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Designation : |
Director |
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Address : |
20- Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
28.05.1959 |
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Date of Appointment : |
24.11.1992 |
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Name : |
Mr. Rajesh Rathour |
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Designation : |
Director |
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Address : |
20- Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
20.04.1961 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Mukesh Rathour |
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Designation : |
Director |
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Address : |
48- Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
08.10.1967 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Naresh Kumar |
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Designation : |
Director |
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Address : |
62-Seth Hukum Chand Colony, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
06.01.1964 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Arun Singh Dhumal |
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Designation : |
Director |
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Address : |
309/6-A, Central Town, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
02.02.1936 |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mr. Pawan Sikka |
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Designation : |
Director |
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Address : |
449-Guru Teg Bahadur Nagar, Jalandhar-144004, Punjab, India |
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Date of Birth/Age : |
01.02.1958 |
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Date of Appointment : |
01.08.2004 |
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Name : |
Mr. Ganpat Rai |
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Designation : |
Director |
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Address : |
20, Deen Dayal, Upadhaya Nagar, Jalandhar-144004, Punjab, India |
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Date of Appointment : |
12.04.2005 |
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Name : |
Mr. Krishan Lal Sika |
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Designation : |
Director |
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Name : |
Mr. Birbal Dass |
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Designation : |
Director |
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Name : |
Mr. Lashkari Ram |
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Designation : |
Director |
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Name : |
Mr. Praveen Rathour |
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Designation : |
Director |
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Address : |
46, Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India |
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Date of Birth : |
30.04.1969 |
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Date of Appointment : |
01.04.2006 |
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Partnership held in partnership firm : |
S S Forgings G T Road, Bye Pass, Jalandhar-144004, Punjab, India |
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Name : |
Mr. Arvind Dhumal |
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Designation : |
Director |
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Address : |
309/6A, Central Town, Jalandhar-144004, Punjab, India, |
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Date of Birth : |
05.02.1970 |
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Date of Appointment : |
01.04.2006 |
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Partnership held in partnership firm : |
Crescent Engineering company, G T Road, Bye Pass, Jalandhar-144004,
Punjab, India |
KEY EXECUTIVES
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Name : |
Ms. Anju Bansal and Associates |
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Designation : |
Company Secretary |
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Mobile No.: |
91-9814032331 |
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E-Mail: |
anjucs2006@yahoo.co.in |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
No. of Shares |
|
Mr. Rup Singh Dhumal |
13500 |
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Mr. Sukh Ram |
16500 |
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Mr. Rakesh Rathour |
15000 |
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Mr. Rajesh Rathour |
15000 |
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Mr. Mukesh Rathour |
8430 |
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Mr. Naresh Kumar |
13875 |
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Mr. Rajkumar |
4338 |
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Mr. Arun Singh Dhumal |
4680 |
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Mr. Pawan Sikka |
14250 |
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Mr. Vikram Rathour |
9945 |
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Mr. Praveen Rathour |
6375 |
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Mr. Sunil Sikka |
6000 |
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Mr. Vijay Kumar Chouhan |
4500 |
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Mr. Paramjit Kumar |
9000 |
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Mr. Arvind Dhumal |
4500 |
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Mrs. Kavita Rathour |
4107 |
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Total |
150000 |
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Valves, Cocks, Boiler Mountings, all kinds of Pipe
Fittings, Pipes and Pumps for Liquid, Steam. |
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Products : |
v
Industrial valves and non-ferrous ingots in bronze v
Gunmetal v
Cast iron v
Cast steel and
forged steel v
Gunmetal gate
valves v
Bronze globe
steam stop valves v
Bronze safety
valves v
Bronze sleeve
packed water level gauge v
Bronze
fusible plug v
Bronze parallel
slide blow off valve v
Cast iron
accessible feed check valve v
Cast iron
y-type stainer
v
Cast iron
single post safety valve v
Cast iron
double post safety valve v
Cast iron
vertical inverted bucket type steam trap v
Cast iron
pulp valves-pillar type |
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Exports : |
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Countries : |
Australia, Srilanka, Egypt, South Africa |
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Imports : |
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Countries : |
China and Taiwan |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
400 |
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Bankers : |
· State Bank of India, Specialised Commercial Branch, Tanda Road, Jalandhar-144001, Punjab, India · ICICI Bank Limited · Small Industrial Development Bank, Upper Ground Floor, Hotel Center Point Building, BMC Chowk, Jalandhar – 144 001, Punjab, India · HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K Bhagat & Company Chartered Accountants |
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Address : |
16 Brij Nagar, Jalandhar-144001, Punjab, India |
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Tel No.: |
91-181-2282829 / 2212471 |
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Mobile No: |
91-9814203435 |
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Memberships : |
EEPC, AIVCMA, NICC AND ACCIP |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.729 |
15.593 |
11.901 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.729 |
30.593 |
26.901 |
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LOAN FUNDS |
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1] Secured Loans |
26.335 |
21.524 |
17.012 |
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2] Unsecured Loans |
48.016 |
45.253 |
42.866 |
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TOTAL BORROWING |
74.351 |
66.777 |
59.878 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.080 |
97.370 |
86.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.439 |
21.978 |
17.111 |
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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 |
32.937
|
34.632 |
48.669 |
|
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Sundry Debtors |
77.716
|
62.352 |
51.908 |
|
|
Cash & Bank Balances |
1.338
|
0.550 |
0.856 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
11.650
|
8.842 |
4.869 |
|
Total
Current Assets |
123.641
|
106.376 |
106.302 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
42.000
|
30.984 |
36.634 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
42.000
|
30.984 |
36.634 |
|
|
Net Current Assets |
81.641
|
75.392 |
69.668 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
110.080 |
97.370 |
86.779 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
185.243 |
148.453 |
115.140 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
185.243 |
148.453 |
115.140 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4.901 |
3.692 |
3.124 |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
4.901 |
3.692 |
3.124 |
|
|
|
|
|
|
Total Expenditure |
180.342 |
144.761 |
112.016 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.65
|
2.49 |
2.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
2.49 |
2.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
2.88 |
2.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.12 |
0.12 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.26
|
3.19 |
3.59 |
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Current Ratio (Current Asset/Current Liability) |
|
2.94
|
3.43 |
2.90 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U27202PB1992PTC012760 |
|
Name of the company |
SANT VALVES
PRIVATE LIMITED |
|
Address |
G T Road, Bye Pass, Jalandhar-144004, Punjab, India |
|
This Form is for |
Creation of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
|
Small Industrial Development Bank of India Address: Upper Ground Floor, Hotel Center Point Building, BMC Chowk ,
Jalandhar – 144 001, Punjab, India E-Mail; dinkar@sidbi.in |
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Nature or description of the instrument creating charge |
Agreement for term loan cum hypothecation |
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Date of the instrument creating charge |
18.05.2007 |
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Amount Secure by the charge |
Rs. 2.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest 11.75% p.a Terms of repayment: Repayable in 36 monthly installments, comprising the first 35 of Rs.
0.055 millions each and 36th and the last of Rs. 0.075 millions
commencing from the month subsequent to the date of first disbursement of the
loan. Margin: As per Agreement Extent and operation of the charge 100% |
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Short Particulars of the Property charged |
All computer, hardware, software CVT, Servers and other assets
acquired to be acquired by the borrower out of the loan together with all
spares, tools and accessories and whether installed or not and whether now
lying loose or in cases or which are now lying or stored in / about hereafter
from time to time during the continuance of security of theses present be
brought / stored in or about borrowers premises, factories, godowns. |
|
Corporation identity number or foreign company registrations number of the company |
U27202PB1992PTC012760 |
|
Name of the company |
SANT VALVES PRIVATE LIMITED |
|
Address |
G T Road, Bye Pass, Jalandhar-144004, Punjab, India |
|
This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Book debts Movable property |
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Particular of the charge holder |
State Bank of India, Specialised Commercial Branch, Tanda Road, Jalandhar-144001, Punjab |
|
Nature or description of the instrument creating charge |
Agreement of loan cum hypothecation |
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Date of the instrument creating charge |
06.10.2006 |
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Amount Secure by the charge |
Rs.36.500 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : 10.5% Terms of repayment Working capital repayable on demand Term loan repayable as per repayment schedule Margin : 25% on stocks, 50% on domestic receivables, 25% on letters of credit
and bank guarantee Extent and operation of the charge 100% |
|
Particulars of the Property charged |
Raw material, stock in process, finished goods, receivables and all
existing and future current assets of the company. Equitable mortgage of
factory land and building measuring 8 K 19 M in the name of Sant Brass Metal
works. |
TRADE REFERENCES:
· Reliance Industries
· Atomic Energy, Mumbai
Website Details:
Subject is an ISO 9001:2000 certified company, was founded in the year 1953 by the name of SANT BRASS METAL WORKS. They are a manufacturer and exporter of industrial valves and non-ferrous ingots. Their range of products includes gunmetal gate valve, bronze globe steam stop valve, bronze safety valve, bronze sleeve packed water level gauge, bronze fusible plug, bronze parallel slide blow off valve, cast iron accessible feed check valve, etc. Under the bright guidance and patronage of Thakur Ganpat Rai, the company achieved enormous success and took the shape of a Private. Limited. company in the year 1993.
Under the name of SANT GROUP OF INDUSTRIES they have a number of units in operation. They have two units manufacturing valves and cocks, four units for pipe fittings and one export unit dealing in hand tools. With towering success already in hand, they hope to grow and advance further as an entity.
Products
Subject is a renowned manufacturer and exporter of industrial valves and non-ferrous ingots in bronze, gunmetal, cast iron, cast steel and forged steel as tabulated below:
|
Gunmetal
gate valves |
Bronze
globe steam stop valves |
|
Bronze
safety valves |
Bronze
sleeve packed water level gauge |
|
Bronze
fusible plug |
Bronze
parallel slide blow off valve |
|
Cast
iron accessible feed check valve |
Cast iron y-type stainer |
|
Cast
iron single post safety valve |
Cast
iron double post safety valve |
|
Cast
iron vertical inverted bucket type steam trap |
Cast
iron pulp valves-pillar type |
Size/Type/Application
Their products are available in different pressure and temperature ratings and the size ranges from 8 mm to 200 mm. They are offered in screwed, socket welding and flanged end connections. Their products are recognized in the markets and are widely applicant in industries like Water, Power Plant, Textile Mills, Fertilizer Plants and Process Industries, etc.
Quality Control
They consistently follow adequate procedures and methods to offer products and services to the satisfaction of their customers. Their products are ISI marked and their company is ISO 9001:2000 certified. The steam valves they manufacture are approved under Boiler Regulations. Certifications from various quality regulatory bodies confirms the high quality levels of their products. Their quality objectives are:
To strive continuously for better product quality through
documented system and procedures. Manufacture
products which satisfy national and international standards.
Infrastructure
Their is a well equipped unit with all facilities for the
designing and manufacturing of valves as per the national and international
standards. Their staff is replete with able and qualified engineers and
personnels who manufacture quality products for the most demanding
applications. Their research and marketing departments work in coordination to
maintain the organization's unique position in the industry.
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.42.77 |
|
UK Pound |
1 |
Rs.84.33 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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/normal. |
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 |
|