MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
SHRIDHAN AUTOMATION PRIVATE LIMITED |
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Formerly Known As : |
WELD MASTERS PRIVATE LIMITED |
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Registered Office : |
76, 8th |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.03.1999 |
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Com. Reg. No.: |
08-24882 |
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CIN No.: [Company
Identification No.] |
U74140KA1999PTC024882 |
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IEC No.: |
0704018250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRW00443C |
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PAN No.: [Permanent
Account No.] |
AAICS2464D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and Exporter of Magnetic Level
Sensor |
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 18000 |
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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 well established company having moderate track. Profit
margin is under severe pressure. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Krishna |
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Designation : |
Accountant |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
76, 8th Main, 4th Cross, J C Industrial Area, 2nd
Stage, Yelachena Hally, |
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Tel No.: |
91-80-26666254/ 26666255 |
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Fax No.: |
91-80-26666256 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Locations : |
Rented |
DIRECTORS
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Name : |
Mr. P.K. Rao |
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Designation : |
Chairman and Managing Director |
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Address : |
No. 432 B, Ideal Homes, 1 Phase Rajarajeshwar Nagar, |
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Date of Birth/Age : |
10.07.1929 |
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Date of Appointment : |
10.11.2001 |
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Name : |
Mrs. Champa G. Shenoy |
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Designation : |
Director |
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Address : |
No. 432 B, Ideal Homes, 1 Phase Rajarajeshwar Nagar, |
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Date of Birth/Age : |
03.03.1959 |
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Date of Appointment : |
10.11.2001 |
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Name : |
Mr. P Vinayaka Shenoy |
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Designation : |
Director |
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Address : |
No. 23, Mahalasa, 2nd Main Hari Nagar, Kothanur, |
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Date of Birth/Age : |
14.07.1964 |
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Date of Appointment : |
10.11.2001 |
KEY EXECUTIVE
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Name : |
Ms. Madhu Arora |
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Designation : |
Company Secretary |
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Address : |
S-8181, South Block, 8th Floor, Manipal Centre, |
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Tel No.: |
91-80-41136320 / 41141544 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 27.09.2007)
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Names of Shareholders |
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No. of Shares |
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P. K. Rao |
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14700 |
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Champa G. Shenoy |
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13100 |
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G. K. Shenoy |
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1330 |
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Bhagyalakshmi R. Rao |
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370 |
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Total |
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29500 |
(As on 30.09.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Magnetic Level Sensor |
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Products : |
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Exports : |
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Products : |
Magnetic Level Sensor |
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Countries : |
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Imports : |
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Products : |
Magnetic Level Sensor |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) TT |
GENERAL INFORMATION
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Customers : |
Manufacturer
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Suppliers : |
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No. of Employees : |
40 (Office – 10 and Factory – 30) |
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Bankers : |
²
Corporation
Bank 26, K H / Road,
Shanthinagar, E-Mail: tr_jairam@vsnl.net ²
State Bank of ²
ICICI Bank |
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Facilities : |
Over Draft –
Rs.1.500 Millions from Corporation Bank
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D.H. Prabhakar and Company Chartered Accountants |
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Address : |
No.76/45, 2nd Main, 41st Cross, 8th
Block, Jayanagar, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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29500 |
Equity Shares |
Rs.100/-
each |
Rs.2.950
millions |
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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 |
2.950 |
2.950 |
2.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.627 |
0.316 |
0.021 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.577 |
3.266 |
2.471 |
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LOAN FUNDS |
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1] Secured Loans |
3.684 |
3.194 |
1.551 |
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2] Unsecured Loans |
0.050 |
0.093 |
0.553 |
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TOTAL BORROWING |
3.734 |
3.287 |
2.104 |
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DEFERRED TAX LIABILITIES |
0.193 |
0.241 |
0.207 |
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TOTAL |
7.504 |
6.794 |
4.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.069 |
5.608 |
3.019 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.275 |
0.205 |
0.269 |
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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 |
2.809
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2.627 |
1.785 |
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Sundry Debtors |
2.294
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1.984 |
1.451 |
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Cash & Bank Balances |
0.092
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0.299 |
0.170 |
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Other Current Assets |
0.058
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0.058 |
0.027 |
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Loans & Advances |
0.221
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0.254 |
0.334 |
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Total
Current Assets |
5.474
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5.222 |
3.767 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.129
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4.159 |
2.175 |
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Provisions |
0.197
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0.099 |
0.120 |
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Total
Current Liabilities |
3.326
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4.258 |
2.295 |
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Net Current Assets |
2.148
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0.964 |
1.472 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.017 |
0.022 |
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TOTAL |
7.504 |
6.794 |
4.782 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97
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1.30 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.65
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1.22 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AAICS2464D XM 001 |
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VAT : 29900080609 |
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IEC Code : 0704018250 |
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PAN / TAN : AAICS2464D |
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Bank Name : Corporation
Bank |
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Bank Address : Shanti
Nagar Branch |
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Bank A/c. No.: CC –
01/8003 |
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Account Since : 15
years |
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In case of any affiliations / memberships / certifications
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Name : 9001:2000 |
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Type : TUV India
Limited |
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Expiry Date :
2010 |
Trade Reference:
- Bosch
Rexrotch India Private Limited – Ahmedabad
- Bosch Limited
-
Form 8;
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Name of the company |
SHRIDHAN AUTOMATION PRIVATE LIMITED |
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Presented
By |
Shridhan Automation Private Limited and Corporation Bank, |
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1) Date and description of instrument creating the change |
5.11.2004. Regn. On
3.12.2004 (D. No. 33) Common deed of hypothecation of movable / assets /
debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.600 millions CC – Rs.0.500
million Cheque
discounting (DBC) Rs.0.100 million TL – Rs.1.000 million |
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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 |
Hypothecation of
– One number AMPL
make slant bed CNC lathe of type spineer dot com CNC lathe with Sinumerik B02
D CNC system with necessary accessories and existing machineries as per list
attached to common deed of hypothecation. Stock consisting
of level switches, surge control system, stainless steel fabrications, raw
materials, semi finished products |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest- @ 11.5%p.a. for
term loan @11%p.a. for cash
credit Margin - @26.30% on
project cost for term loan @30% of stock for
cash credit Repayments – @60 EMI of
Rs.0.021 millions each for term loan |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank 26, |
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6) Date and brief description of instrument modifying the charge |
2.12.2005
(secured day of December, 2005) Common deed of
hypothecation of movable / assets / debts |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above, the
amount secured by charge stands enhanced from Rs.1.600 millions to Rs.3.820
millions (TL Rs.1.000
millions and CC Rs.0.500 million continued at existing level: Cheque discount
enhanced from Rs.0.100 million to Rs.0.200 million: TL Rs.1.700 millions:
demand loan Rs.0.200 million corp mobile limit Rs.0.220 million now
sanctioned) The company has
extended additional security of all machineries and materials both existing
and to be purchased in future and vehicles purchased for company use. Rate of interest
– 5.5% over and above bank’s PLR with minimum of 16% p a |
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Corporate
identity number (CIN) Foreign company registration number |
U74140KA1999PTC024882 |
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Name of the
Company |
SHRIDHAN AUTOMATION PRIVATE LIMITED |
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Address |
76, 8TH Main, 4th Cross, J C Industrial Area, 2nd
Stage, Yelachena Hally, |
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This form is for |
Modification of
charge |
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Type of Charge |
Book Debts and
movable property (not being pledge) |
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Particulars of
the charge holder |
Corporation Bank 26, K H / Road,
Shanthinagar, E-Mail: tr_jairam@vsnl.net |
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Amount secured by
the charge |
Rs.4.520 millions |
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Brief of the
principal terms and conditions |
Rate of Interest:
@11.5% p.a. Terms of
repayment: Running account,
repayable on demand Margin: Margin stock 25%,
book debts 50% Extent and
operation of the charge The charge shall
operate to the extent of Rs.4.520 millions plus interest, commission, costs,
expenses and other charge thereon. Others: The said amount of
Rs.4.520 millions comprises CC Rs.1.200 millions (enhanced from Rs.0.500
million): cheque discounting Rs.0.200 millions, TL Rs.1.000 million: DL
Rs.0.200 millions and Corp Mobile limit Rs.0.220 million continued at
existing level |
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Date of
Instrument modifying the charge |
19.12.2006 |
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Particular of the
present modification |
By the above the
credit limits enhanced from of Rs.3.820 millions to Rs.4.520 millions |
Website Details
Milestones:
- 1987- Shridhan
Activity of level switches starts
- 1989- Enters
project oriented tasks
- 1993-
Breakthrough into Export market
- 1998- Own
manufacturing unit established
- 2003- CNC
machines established for infrastructural leaf
- 2004- Private
limited status
- 2006- ISO
9001:2000 certification gained
- 2012-
Projecting to serve Industries world wide.
Profile
In 1987, a humble activity got initiated with a mission to
produce a Product range that could help in level monitoring & control of
liquid in a tank. A state of the art Product range termed "Magnetic level
switches" has many variants. These variants share the same common purpose
of sensing Levels of Liquid. Thus, this product was manufactured in countries
like
Finesse in design & reliability are critical success
factores for Level switches. A high need of Quality Engineers were required.
Company entered the market with one version of “Magnetic Level Switch”. From
then on company has been consistently performing in the market with a excellent
product range and service backup.
Company manufactures products that are customized to the
need of the customer. Different products have different dimensions, length and
physical features. Company has a team of qualified Engineers, Technicians and a
highly experienced work force in giving a superior product with high quality
standards. Company has come up in the market with a high degree of Team Effort.
Initially operation was started under the banner “Shridhan International” focusing
assembly type of operation by outsourcing most of the components. As demand
increased for company’s products, it was decided to have an inhouse fully
integarated manufacturing facility. Subject was incorporated in the year 1998.
Since then Company has become one stop shop for Magnetic Level Switches.
Consistent with high quality management philosophy, company managed to get its
ISO 9001-2000 certification in the year 2007.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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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 |
4 |
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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 |
YES |
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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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37 |
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 |
|
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 |
|
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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