MIRA
INFORM REPORT
|
Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MUNISH FORGE PRIVATE LIMITED |
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Registered Office : |
C-128, Focal Point, Ludhiana – 141 010, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.07.1986 |
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Com. Reg. No.: |
16-6950 |
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CIN No.: [Company
Identification No.] |
U28910PB1986PTC006950 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDM01577C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Scaffolding Systems and Fittings. |
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 480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Harinder Thakur, Finance Manager confirmed the details. Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Harinder Thakur |
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Designation : |
Head of Finance |
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Date : |
03.10.2008 |
LOCATIONS
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Registered Office : |
C-128, Focal Point, Ludhiana – 141 010, Punjab, India |
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Tel. No.: |
91-161-2671481 / 2671828 |
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Mobile No.: |
91-9855601031 |
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Fax No.: |
91-161-2671559 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. Yards |
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Location : |
Owned |
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Factory : |
Phase – VII, Focal Point, Lahore – 141 010, Punjab, India |
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Tel. No.: |
91-161-2671481 |
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Fax No.: |
91-161-2671559 |
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Area : |
4000 Sq. Yards |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Davinder Kumar Bhasin |
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Designation : |
Director |
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Address : |
6, Kabul Singh enclave South End, Aggar Nagar, Eight Burji Kothi, P.O.
Ayali Kalan, Ludhiana – 141 012, Punjab, India |
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Date of Birth/Age : |
04.11.1957 |
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Qualification : |
B.Com. |
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Date of Appointment : |
25.07.1986 |
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Name : |
Mr. Ashok Kumar Ojha |
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Designation : |
Director |
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Address : |
346, Street No. 1, Sunder Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
10.01.1957 |
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Date of Appointment : |
26.09.1988 |
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Name : |
Mr. Rahul Setia |
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Designation : |
Director |
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Address : |
Behind Aggar Nagar, Biji Ki Havelian, Ludhiana, Punjab, India |
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Date of Birth/Age : |
18.12.1980 |
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Date of Appointment : |
26.03.2002 |
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Name : |
Mr. Anirudh Panday |
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Designation : |
Director |
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Address : |
H. No. 711, Gobind Sar, Simlapuri, Ludhiana – 141 003, Punjab, India |
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Date of Birth/Age : |
26.01.1956 |
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Qualification : |
M.B.A. |
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Date of Appointment : |
12.02.2005 |
KEY EXECUTIVES
|
Name : |
Mr. H S Thukral |
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Designation : |
Vice President Global Marketing |
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Mobile No. : |
91-9814738110 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Davinder Kumar Bhasin |
270151 |
|
Minakshi Bhasin |
41125 |
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Gaisu Bhasin |
195 |
|
Yashik Bhasin Baby |
420 |
|
Satish Talwar |
5 |
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Ekta Puri Baby |
5 |
|
Geeta Puri |
5 |
|
Rakesh Puri |
5 |
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Dev Arjun Bhasin |
56000 |
|
Ashok Ojha |
25 |
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Anurudh Pandey |
10 |
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Arvinda Ghose |
10 |
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Bachitar Singh |
5 |
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Hari Singh |
5 |
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Rati Lal Varma |
5 |
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Total |
367971 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Scaffolding Systems and Fittings. |
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Products : |
·
Scaffolding Systems ·
Scaffolding Fittings ·
Flanges ·
Formwork ·
Ornamentals ·
Body Parts · Auto Parts ·
Insulator Hardware |
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Exports : |
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Products : |
Scaffolding Systems and Fittings |
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Countries : |
·
European Countries ·
Canada ·
Australia |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days / 60 days / 90 days) – T/T |
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Purchasing : |
L/C, Cash and Credit (30 days / 60 days / 90 days) – T/T |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
1500 |
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Bankers : |
State Bank of India Mclau State Bank of India, Focal Point, Ludhiana – 141 010, Punjab,
India |
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Facilities : |
C/C, O/D, L/C |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinay and Associates Chartered Accountants |
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Address : |
SCO 30, 2nd Floor, Feroze Gandhi Market, Ludhiana – 141
001, Punjab, India |
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Associates/Subsidiaries : |
·
Munish International ·
Munish Forge Private
Limited ·
Munish Manufacturing
Corporation ·
Dev Arjuna Cast and
Forge Private Limited ·
Dev Arjuna Enterprises
Private Limited ·
Munish Promoters and
Developers Private Limited |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
424000 |
Equity Shares |
Rs.100/- each |
Rs.42.400 millions |
|
1000 |
Preferences Shares |
Rs.100/- each |
Rs.0.100 million |
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Total |
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Rs.42.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
417971 |
Equity Shares |
Rs.100/-
each |
Rs.41.797
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
41.797 |
41.797 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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53.933 |
52.040 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
95.730 |
93.837 |
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LOAN FUNDS |
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1] Secured Loans |
|
114.477 |
113.681 |
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2] Unsecured Loans |
|
69.717 |
87.617 |
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TOTAL BORROWING |
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184.194 |
201.298 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
6.517 |
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TOTAL |
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279.924 |
301.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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131.446 |
132.315 |
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Capital work-in-progress |
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7.407 |
0.655 |
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INVESTMENT |
|
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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136.382 |
109.525 |
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Sundry Debtors |
|
84.997 |
115.381 |
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Cash & Bank Balances |
|
6.402 |
16.507 |
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Other Current Assets |
|
1.058 |
0.000 |
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Loans & Advances |
|
24.467 |
26.160 |
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Total
Current Assets |
|
253.306 |
267.573 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
102.785 |
97.884 |
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Provisions |
|
9.992 |
1.571 |
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Total
Current Liabilities |
|
112.777 |
99.455 |
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Net Current Assets |
|
140.529 |
168.118 |
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MISCELLANEOUS EXPENSES |
|
0.042 |
0.000 |
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Others |
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0.000 |
0.064 |
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TOTAL |
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279.924 |
301.652 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.10 |
3.21 |
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Current Ratio (Current Asset/Current Liability) |
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2.25 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
DLF, Delhi
·
Simplex Project Limited, Delhi
Form No. 8
|
Name of the company |
MUNISH FORGE PRIVATE LIMITED |
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Presented By |
Anirudh Pandey |
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1) Date and description of instrument creating the change |
Form C-2
Agreement of hypothecation dated 28.03.2002. Form C-5 letter
regarding grant individual limits. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.23.500 millions CC Rs.7.500
millions Bank Guarantee
Rs.1.500 millions Term Loan
Rs.14.500 millions |
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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 |
MTL :
Hypothecation of existing and proposed Plant and Machinery and other Fixed
Assets of the company lying at Factory premises and Equitable mortgage of
Land and Building situated at Awana, Near Agar Nagar and Factory Land and
Building situated at VIII, Gobindgarh, Phase Vii, Focal Point, Ludhiana C/C :
Hypothecation stock like M S Round Ingots and Forged goods lying in factory
premises, Bank Guarantee hypothecation of book dents and other assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% extent
of operation of 100% repayable on Demand State Bank of India, S.C.B. Focal
point, Ludhiana |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Mclau State Bank of India, Focal Point, Ludhiana – 141 010, Punjab,
India |
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6) Date and brief description of instrument modifying the charge |
Agreement of
hypothecation of Goods and Assets dated 08.04.2005. Form – C-1, C-2, C-3 and
C-5. |
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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. |
Cash Credit Limit
enhanced from Rs.7.500 millions to 20.000 millions vide agreement dated
08.01.2004 and further enhanced from Rs.20.000 millions to Rs.52.500 millions vide agreement dated
14.12.2004. Bank Guarantee
Limit enhanced from Rs.1.500 millions to 7.000 millions vide agreement dated
08.01.2004. The total Limits
sanctioned of Rs.59.500 millions. Now Adhoc (C/C)
limit of Rs.11.500 millions and SLC limit of Rs.8.500 millions have been
sanctioned vide agreement dated 08.04.2005 in addition to present limits
availed of Rs.59.500 millions. At present the total limits sanction
are of Rs.79.500 millions. Other terms and conditions remaining same. |
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Corporate
identity number of the company |
U28910PB1986PTC006950 |
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Name of the
company |
MUNISH FORGE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-128, Focal Point, Ludhiana – 141 010, Punjab, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Others o
Plant and
Machinery |
|
Particular of
charge holder |
State Bank of India Mclau State Bank of India, Focal Point, Ludhiana – 141 010, Punjab,
India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan for increase in the overall limit |
|
Date of
instrument Creating the charge |
16.02.2008 |
|
Amount secured by
the charge |
Rs.473.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 1% above SLC ·
Terms of
repayment On demand ·
Margin Stock 25% Book debts 40% Ic/bg 15% ·
Extent and
operation of the charge 100% |
|
Particulars of
the property charged |
Equitable
mortgage of factory land and building MSG. 24 Kanal (Approx 14375 Sq Yds.) in
the name of company situated at Gobindgarh, Adjoining Phase Vii, Focal Point,
Ludhiana |
|
Particulars of
the present modification |
Credit facilities
enhanced by Rs.25.000 millions with the sanction of SLC limit. Total
facilities to Munish Forge Private Limited now stand at Rs.195.400 millions
and that sanctioned to Munish International Private Limited at Rs.278.000
millions. Other terms and conditions remaining the same. |
Web Details
Profile
Established in 1996, subject
specializes in manufacturing of Scaffolding Systems and Fittings, Flanges,
Pressings and Closed Die Forgings. The plant is equipped with ultra modern
machinery, full fledged CNC tool room and a well stocked laboratory with a spectrometer
and tensile testing machine. The company is well equipped to manufacture
Scaffolding Systems and Fittings in compliance to the international standards.
Group Companies
Munish International
(Government of India Recognised Export House)
Munish International is the commercial wing of the Group. The prime
objective of the company is international marketing of its products and
services, at the doorsteps of its customers through a marketing network
including company's own offices and warehouses at strategic locations across
the globe.
Munish Manufacturing Corporation
Established in 1981, Munish Manufacturing Corporation specializes in
Closed Die Forgings. The Company has provided result-oriented solutions to
customer's specific needs and has matched the ever changing customer
requirements. Machined forgings are offered to the marketplace through our
inventory stocking program to assist our customers in better inventory
management as well as providing more timely deliveries.
Dev Arjuna Cast and Forge Private Limited
Established in 2001, Dev Arjuna Cast and Forge Private Limited is
specializes in SG/ Ductile Iron, Malleable Iron, Gray Iron and Steel Castings.
The Company has set-up a most modern Sand Plant and Moulding Machines of George
Fischer + Disa India Make, Induction Furnaces, Shell Core Shooters, CNC based
Pattern Shop, Heat Treatment, Machining, Painting and Plating facilities.
Dev Arjuna Enterprises Private Limited
Dev Arjuna Enterprises Private Limited was established in the year 2004.
This plant caters specifically to the processes of Hot Dip Galvanizing and
Electroplating with capabilities of exercising full control on thickness of
plating and other quality requirements. To ensure life expectancy, samples from
each lot are tested through in-house Salt Spray Testing equipment.
Munish Promoters and Developers Private Limited
Munish
and Developers Private Limited is the latest venture of
the Group in the real estate industry. This company is dedicated towards
bringing to people a whole new concept in living with its first offering called
Rajgadh Estates.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|