MIRA
INFORM REPORT
|
Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWASTIC DRILING COMPANY LIMITED |
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Registered Office : |
2760/7, Hamilton Road, Delhi – 110 006 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.05.1995 |
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Com. Reg. No.: |
55-68209 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC068209 |
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IEC No.: |
0597063842 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS23879C |
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PAN No.: [Permanent
Account No.] |
AABCS7194P |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers, Exporters and Importers of various Mining and Quarry
Equipments. |
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 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Financial position of the company can be regarded as moderate. 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. Gaurav Jain |
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Designation : |
Director |
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Date : |
10.10.2008 |
LOCATIONS
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Registered Office : |
2760/7, Hamilton Road, Delhi – 110 006, India |
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Tel. No.: |
91-11-23971165 |
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Fax No.: |
91-11-23927644 |
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E-Mail : |
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Website : |
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Area : |
100 Sq. Yards |
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Location : |
Owned |
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Administrative Office : |
2778/8, Hamilton Road, Mori Gate, New Delhi – 110 006, Delhi, India |
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Tel. No.: |
91-11-23912048 / 23927644 / 23971165 |
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Fax No.: |
91-11-23927644 |
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E-Mail : |
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Area : |
100 Sq. Yards |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Anil Kumar Jain |
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Designation : |
Director |
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Address : |
168, State Bank Colony, Delhi – 110 007, India |
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Date of Birth/Age : |
23.06.1956 |
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Tel No.: |
91-11-2912048 |
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Date of Appointment : |
04.05.1995 |
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Name : |
Mr. Gaurav Jain |
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Designation : |
Director |
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Address : |
31-D, Rajpur Road, Delhi – 110 054, India |
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Date of Birth/Age : |
08.11.1978 |
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Qualification : |
M.Com. |
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Date of Appointment : |
07.12.2004 |
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Name : |
Mr. Satish Kumar Jain |
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Designation : |
Director |
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Address : |
31-D, Rajpur Road, Delhi – 110 054, India |
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Date of Birth/Age : |
15.04.1953 |
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Qualification : |
B.Com. |
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Tel No.: |
91-11-2912048 |
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Date of Appointment : |
04.05.1995 |
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Name : |
Mrs. Gunmala Jain |
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Designation : |
Director |
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Address : |
31-D, Rajpur Road, Delhi – 110 054, India |
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Date of Birth/Age : |
08.11.1936 |
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Date of Appointment : |
04.05.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.07.2005)
|
Names of Shareholders |
No. of Shares |
|
Satish Kumar Jain |
109488 |
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Anil Kumar Jain |
5501 |
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Gunmala Jain |
5501 |
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Sunita Jain |
5001 |
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Nisha Jain |
15000 |
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Gaurav Jain |
5000 |
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Amita Jain |
5000 |
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Sunil Jain |
5000 |
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Sonal Jain |
5000 |
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Punit Jain |
5000 |
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Sushil Jain |
10000 |
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Renu Jain |
10000 |
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Jatin Jain |
5000 |
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Abhishek Jain |
5000 |
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Sushma Jain |
10000 |
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Rahul Jain |
5000 |
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Shweta Jain |
5000 |
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Ankur Jain |
5000 |
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Total |
220491 |
Equity shares Breakup (percentage of total equity)
(As on 11.08.2007)
|
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 : |
Manufacturers, Exporters and Importers of various Mining and Quarry
Equipments. |
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Products : |
·
Rock Drill
/ Jack Hammer ·
Concrete Breaker ·
Air Compressors ·
Drilling Accessories ·
Coal Drill Bits and Rods ·
Tractor Spare Parts |
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Brand Names : |
Drillman |
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Exports : |
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Countries : |
·
South America ·
Middle East |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
L/C – T/T |
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Purchasing : |
T/T |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
50 |
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Bankers : |
Central Bank of India Mori Gate Branch |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Naresh K Gupta and Company Chartered Accountants |
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Address : |
209, 7/28, Vardaan House, Ansari Road, Daryaganj, Delhi – 110 002,
India |
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Associates/Subsidiaries : |
Gaurav Entrerprise Address : 2778/8, Hamilton
Road, Mori Gate, New Delhi – 110 006, Delhi, India Line of Business
:
Manufacturer of Air Compressor spare parts. |
CAPITAL STRUCTURE
(As on 11.08.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
286491 |
Equity Shares |
Rs.10/- each |
Rs.2.865
millions |
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 |
2.865 |
2.865 |
2.205 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.466 |
0.249 |
0.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.331 |
3.114 |
2.435 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.574 |
0.438 |
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2] Unsecured Loans |
2.072 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.072 |
0.574 |
0.438 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.403 |
3.688 |
2.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.736 |
0.766 |
0.727 |
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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 |
0.020 |
0.020 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.213
|
2.684 |
0.968 |
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Sundry Debtors |
2.932
|
1.942 |
1.322 |
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Cash & Bank Balances |
0.011
|
0.067 |
0.798 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.362
|
0.458 |
0.733 |
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Total
Current Assets |
5.518
|
5.151 |
3.821 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.703
|
2.097 |
1.585 |
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Provisions |
0.168
|
0.152 |
0.090 |
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Total
Current Liabilities |
2.871
|
2.249 |
1.675 |
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Net Current Assets |
2.647
|
2.902 |
2.146 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.403 |
3.688 |
2.873 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
21.355 |
12.256 |
10.275 |
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Other Income |
0.000 |
0.000 |
0.010 |
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Total Income |
21.355 |
12.256 |
10.285 |
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Profit/(Loss) Before Tax |
0.632 |
0.295 |
0.268 |
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Provision for Taxation |
0.248 |
0.140 |
0.116 |
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Profit/(Loss) After Tax |
0.384 |
0.155 |
0.152 |
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Earnings in Foreign Currency : |
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Sale of goods traded |
4.497 |
1.075 |
0.000 |
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Total Earnings |
4.497 |
1.075 |
0.000 |
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Expenditures : |
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Purchases made for re-sale |
18.280 |
9.929 |
8.540 |
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Salaries, Wages, Bonus, etc. |
0.972 |
0.864 |
0.131 |
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Managerial Remuneration |
0.000 |
0.000 |
0.540 |
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Payment to Auditors |
0.017 |
0.017 |
0.010 |
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Interest |
0.128 |
0.031 |
0.054 |
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Power & Fuel |
0.077 |
0.091 |
0.000 |
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Depreciation & Amortization |
0.285 |
0.164 |
0.000 |
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Other Expenditure |
0.964 |
0.865 |
0.742 |
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Total Expenditure |
20.723 |
11.961 |
10.017 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.80
|
1.26 |
1.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.96
|
2.41 |
2.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.66
|
4.99 |
5.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
|
0.09 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.48
|
0.91 |
0.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.92
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2.29 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : -- |
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Excise Registration No.: -- |
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VAT / TIN : 07360181470 |
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IEC Code : 0597063842 |
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PAN / TAN : AABCS7194P |
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Bank Name : Central Bank of India |
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Bank Address : Mori Gate Branch |
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Bank A/c. No.: 1131164474 |
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Account Since : 1995 |
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In case of any affiliations / memberships / certifications : |
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Name : ISO |
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Type : 9001:2000 |
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Expiry Date : 12th August, 2010 |
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Web Details
Profile
Subject is an ISO 9001:2000 certified manufacturer and exporter of
various mining and quarry equipment in India. The company has made its mark as
a reliable manufacturer of high quality and scientifically engineered
equipment. The products, under the brand name "DRILLMAN", have
a strong presence in the domestic as well as international market. Since its
establishment it has constantly redefined and mastered its core competencies
through continuous customer feedback, innovation and hard work. This has helped
the company build a strong brand name and achieve a high acceptance rate in
private sector and government organizations like Coal India. The company
manufactures the following items at its facility.
·
Pneumatic Jack Hammer
·
Handheld Rock Drills
·
Integral Drill Steel
·
Coal Drill Rods
·
Tractor Spare Parts
·
Concrete / Pavement Breaker
·
Rock Drill Spares
·
Air Compressors
·
Coal Drill Bits
·
Gudgeon / Piston Pins
Subject has facilities in Chattisgarh, New
Delhi and Punjab. In India we cover almost all the markets with customers in
all the major states. Internationally, they have customers base in Europe,
South America and Middle East.
Quality Policy
Subject would strive to achieve Total Customer Satisfaction by providing
excellent quality products, timely delivery along with competitive price by
making continual improvements in our Quality management System."
Back Ground
Subject was founded in 1988 with the establishment of its brand
"DRILLMAN". It is a subsidiary of Jain Agro Corporation, a company
started in 1972 for manufacturing and trading of tractor replacement parts.
Hence, Subject still mentions tractors spare parts in its product portfolio.
Under their brand name "DRILLMAN", company started to
manufacture spares parts for various rock drilling tools and Air compressors.
Later it developed its own rock drilling machine, concrete breaker and range of
reciprocating air compressors.
More recently subject has acquired a unit in Punjab to diversify into
manufacturing of coal mining equipment like coal drill rods and bits. This has
helped the company in enhancing its product range to a wider spectrum of
products, giving it an opportunity to grow in the coal sector.
With its strong focus on customer satisfaction, Subject has emerged in the
recent years as a supplier of high quality mining and quarry equipment.
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] 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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
29 |
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 |
|