MIRA
INFORM REPORT
|
Report Date : |
22.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIVAKAMI PRESSING PRIVATE LIMITED |
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Registered Office : |
No.6, Developed Plot Perungudi Industrial Estate, Perungudi, Chennai –
600 096, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.03.1998 |
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Com. Reg. No.: |
18-40144 |
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CIN No.: [Company
Identification No.] |
U74999TN 1998PTC040144 |
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IEC No : |
0496024311 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES05916B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Automobiles Components and Fabrications |
RATING &
COMMENTS
|
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 26000 |
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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 : |
Subject is a well established company having moderate track. It’s
payments are reported as slow but correct. Profit margin is low. Financial position is slightly moderate. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Darairaj |
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Designation : |
Chairman |
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Contact No.: |
91-9940053725 |
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Name : |
Mr. Venatesh |
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Designation : |
Director |
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Date : |
20.10.2008 |
LOCATIONS
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Registered Office/ Factory 1 : |
No.6, Developed Plot Perungudi Industrial Estate, Perungudi, Chennai –
600 096, Tamilnadu, India |
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Tel. No.: |
91-44-42152001 |
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Mobile No.: |
91-9940053725 |
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Fax No.: |
91-44-24961357 |
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E-Mail : |
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Website : |
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Area : |
15000 sq ft |
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Location : |
Owned |
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Factory 2 : |
Kara pakkoom Village, Chennai – 660 096 |
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Area : |
11000 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. V. Dorairaj |
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Designation : |
Chairman |
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Address : |
No.40, South Boag Road, T.Nagar, Chennai- 600 017 |
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Date of Birth/Age : |
16.07.1930 |
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Date of Appointment : |
19.03.1998 |
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Name : |
Mr. Venkatesh |
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Designation : |
Director |
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Address : |
No.40, South Boag Road, T.Nagar, Chennai- 600 017 |
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Date of Birth/Age : |
12.03.1957 |
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Date of Appointment : |
19.03.1998 |
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Name : |
Mr.Vaidyanathan |
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Designation : |
Director |
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Address : |
No.40, South Boag Road, T.Nagar, Chennai- 600 017 |
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Date of Birth/Age : |
21.01.1959 |
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Date of Appointment : |
19.03.1998 |
KEY EXECUTIVES
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Name : |
Mr. R Thamizhvanan |
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Designation : |
Company Secretary |
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Address : |
No.22, Old No.27, Flat No.C Vaidyaram Street, T Nagar Chennai – 600
017 |
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Phon No : |
91-44-24326484 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. V. Dorairaj |
|
71750 |
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Mr. Venkatesh |
|
117250 |
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Mr.Vaidyanathan |
|
117250 |
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Mr. D Gnesan |
|
8750 |
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Mr. V. Prasanth |
|
10000 |
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Total |
|
325000 |
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
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Directors or relatives of directors |
100 |
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Total |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Automobiles Components and Fabrications |
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Products : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days), Bank Guarantees |
GENERAL
INFORMATION
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Customers : |
OEm’s |
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No. of Employees : |
80 |
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Bankers : |
Axis Bank, Shastri Nagar, 18, Mahathma Gandhi Road, Shastri Nagar,
Chennai – 600 041, Tamilnadu, India Indian Bank |
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Facilities : |
Cash and Credit (Credit Limit Rs.10.000 Millions) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. Rangaswamy and company (B Ramani, Partner, Membership No. 19603) Chartered Accountant |
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Address : |
R.C. Towers-2nd Floor 82, Josier Street, Nungembakkam.
Chennai-600 034, Tamilnadu, India |
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Tel. No.: |
91-44-28215168/ 26281407 |
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Fax No.: |
91-44-28204716 |
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Associates/Subsidiaries : |
Shivshakti Auto Ancelories |
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Address : |
Karapakkam |
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Line of business : |
Manufacturer of Auto Components |
CAPITAL STRUCTURE
(As On 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
385000 |
Equity Shares |
Rs.10/- each |
Rs.3.850 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
325000 |
Equity Shares |
Rs.10/- each |
Rs.3.250
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 |
3.250 |
3.250 |
3.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.025 |
2.393 |
2.472 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.275 |
5.643 |
5.722 |
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LOAN FUNDS |
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1] Secured Loans |
14.575 |
15.637 |
9.251 |
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2] Unsecured Loans |
1.889 |
1.973 |
3.323 |
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TOTAL BORROWING |
16.464 |
17.610 |
12.574 |
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DEFERRED TAX LIABILITIES |
0.320 |
0.194 |
0.000 |
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TOTAL |
22.059 |
23.447 |
18.296 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.911 |
10.647 |
9.722 |
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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 |
0.039 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.449
|
10.368 |
6.535 |
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Sundry Debtors |
8.760
|
7.459 |
6.365 |
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Cash & Bank Balances |
0.046
|
0.104 |
0.146 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.784
|
2.703 |
2.107 |
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Total
Current Assets |
24.039
|
20.634 |
15.153 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.442
|
7.376 |
6.218 |
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Provisions |
0.449
|
0.458 |
0.400 |
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Total
Current Liabilities |
13.891
|
7.834 |
6.618 |
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Net Current Assets |
10.148
|
12.800 |
8.535 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.059 |
23.447 |
18.296 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
67.725 |
74.471 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
67.725 |
74.471 |
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Profit/(Loss) Before Tax |
|
(0.211) |
0.211 |
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Provision for Taxation |
|
0.157 |
0.290 |
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Profit/(Loss) After Tax |
|
(0.368) |
(0.079) |
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Expenditures : |
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Other Expenditure |
|
67.936 |
74.450 |
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Total Expenditure |
|
67.936 |
74.450 |
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Particulars |
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|
31.03.2008 |
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Sales Turnover |
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|
70.500 |
Expected Sales (2008-09) : Rs.70.500 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.54
|
0.10 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
0.31
|
0.28 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
0.67 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.75
|
4.50 |
3.35 |
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Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.61 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AADCS6346M XM001 |
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VAT / TIN :33340922811 |
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IEC Code :0496024311 |
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PAN / TAN :AADCS6346M |
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Bank Name : Axis Bank |
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Bank Address :M.G.Road, Shastri Nagar, Chennai – 600 0020 |
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Bank A/c. No.:082010300000879 |
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Account Since :3 Years |
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In case of any affiliations / memberships / certifications : |
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Name :ISO 9001:2000 |
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Expiry Date :10.01.2009 |
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Form 8
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Name of the company |
Sivakami Pressing Private Limited |
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Presented By |
Mr. D. Vaidyanathan, Director |
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1) Date and description of instrument creating the change |
06.07.2005 1. Declaration cum
confirmation deed executed on 06.07.2005 2. Letter of
arrangement – Cash credit advance dated 06.07.2005 3. Term Loan
agreement dated 06.07.2005 4. Agreement for
hypothecation of current assets dated 06.07.2005 5. Deed of
hypothecation of machinery and other movable fixed assets dated 06.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs.12.500 Millions Term Loan Rs.2.500 Millions Bank Rs.2.000 Millions Total Rs.17.000 Millons |
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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 |
Immovable
property in the registration sub-district of Neelankari to an extent of 0.421
acres of land situated in S. No.12/12 part, Seevaram Village, Tambaram
Taluka, Chinglepet District with plot no.6, Industrial Estate for electrical,
electronics and instruments industries, Perungudi, bounded on the North by
Plot No.5, South by Plot No.7, East by Plot No.31 and West by 40 feet road. Hypothecation of
all stock in trade both present and future consisting stock including raw
material, stock in process, cash and other current assets whatsoever, being movable
properties now or at any time hereafter belonging to the Borrowers and now or
at any time and from time to time hereafter stored or be stored or brought in
to or in the course of transits or at any premises and outstanding monies
receivable, claims and bills which are now due and owing or which may at any
time hereafter during the continuance of this security become due and owing
to the borrower. Hypothecation of
all the movable plant and machinery, furniture’s, fixtures, etc. both present
and future stored at or installed at Plot No.6, Developed Electrical
Industrial Estate, IT Highway, Perungudi, Chennai – 96 as continuing security
for the due repayment of the loan. |
|
4) List of the terms and conditions and extent and operation of the charge. |
Cash Credit : Rate of Interest:
BPLR (presently 12% p.a.) payable monthly. Margin : 25% on
stock and 40% on receivables Term Loan : Rate of Interest:
BPLR+0.70% (12.70% per annum) payable monthly. Period : 4 Years Repayment
Schedule: 48 monthly installment of Rs.0.066 Millions commencing from the end
of first month after initial disbursement. |
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5) Name and Address and description of the person entitled to the charge. |
Axis Bank 18, Mahathma
Gandhi Road, Shastri Nagar, Chennai – 600 041 |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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. |
Not Available |
Trade Reference
- Wheals India Limited
- Ashok Leylands Limited
As Per Websites
About Us
Incepted in the year
1978, Subject is a reckon name in manufacturing deep drawn and sheet metal pressings and fabrications with an ISO 9001 2000
certification.
They are equipped with strong infrastructure and a diligent team with whose
help they are able to carve a niche for their selves in this competitive
market. They have established mutually beneficial relationships with their client.
Product Profile
They are a reputed company engaged in manufacturing of deep drawn and
sheet metal pressings and fabrications as original equipment to leading
Automobile manufacturers. Their range includes Anti roll bar, cabin hold bracket, clutch and brake bracket, clutch
pedal, cylinder hold bracket, grease cup, heavy duty cross member, mud slingers
and mudguard bracket. .
Infrastructural Facility
They possess a production unit, which is backed by hi-tech
machines, latest technology and is committed to serve their valued customers;
their professionals are equipped with years of experience and related
training. Also have a well equipped tool room to manufacture pressed
tools.
|
No |
Description |
Capacity |
Qty |
|
1 |
Hydraulic Press with Deep Drawn Cushion |
200 T |
1 |
|
2 |
Hydraulic Press with Deep Drawn cushion |
100T |
1 |
|
3 |
Hydraulic Press with Deep Drawn cushion |
40 T |
1 |
|
4 |
Hydraulic Press |
40 T |
1 |
|
5 |
Power Press |
200 T |
2 |
|
6 |
Power Press |
75 T |
2 |
|
7 |
Power Press with pneumatic cushion |
75 T |
2 |
|
8 |
Power Press |
50 T |
2 |
|
9 |
Power Press |
30 T |
1 |
|
10 |
Shearing machine |
12 mm |
1 |
|
11 |
Shearing machine |
4mm |
1 |
|
12 |
Spot welding |
33 KVA |
1 |
|
13 |
MIG welding |
400 amps |
8 |
|
14 |
MIG welding |
600 amps |
1 |
|
15 |
MIG welding |
350 amps |
1 |
|
16 |
Powder Coating Unit |
|
1 |
|
17 |
Drilling Machines |
1" |
3 |
They are also in the
process of installing:
- Seven tank
Zinc Phospating plant with Over head crane
- A State of
the Art Conveyorised Automatic Powder Coating with A Zone Diesel fired
Oven.The Plant will have a auto feed facility with a vibratory sieve to
maintain a controled quality of the recycled powder. The ratio of virgin
powder to recycled powder is maintained by a PLC which plays a
decisive role with the finish quality.
- They are
installing a seven tank Zinc phospatimg plant with over head crane. The
effluent treatment plant with RO plant for recycling is as per
Pollution Norms.
Team
They have a team of efficient and sincere members who are engaged in
manufacturing a wide gamut of their items. They are well aware of the market
trends and it is owing to their knowledge of each product with utmost detail
they are able to meet their customers requirement
.
Their team comprises of:
- Quality
controllers
- Administrators
- Technocrats
- Designers
Quality Compliance
They are an ISO 9001:2000 certified
company and are committed to a well defined quality policy. To ensure optimum
quality in their range they have a team of quality controllers who passes
through stringent quality checks on the raw materials, and processing of their
range.
Their range is checked on the basis of following quality parameters:
- Dimensional
inspections
- Tolerance
- Dimensional
accuracy
- Finishing
Client Satisfaction
Client satisfaction is their primary goal and since their inception they
have maintained affable business relations with reputed companies . Their team
of diligent quality inspectors is engaged in checking their products from its
start to its perfect packing so that they can offer flawless products. With a
comprehensive range of items, premium quality and timely deliveries they have
earn accolades from their customers.
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.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
|