MIRA
INFORM REPORT
|
Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
SEA-BIRD ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 329, Shiv Complex, Ground Floor, B/H Bank of |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.01.1995 |
|
|
|
|
Com. Reg. No.: |
04-24059 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29199GJ1995PTC024059 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Fabricators of HDPE/PP Storage tank. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 3000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
- |
|
|
|
|
Comments : |
Subject is a pretty old company having moderate track. Its
profitability is low. Trade relations are fair. Scale of activity is limited.
Payments are reported as slow at times. The company can be considered for small to mediocre business dealings.
|
INFORMATION PARTED BY
|
Name : |
Mr. Vishal |
|
Designation : |
Director |
|
Contact No.: |
91-9898522217 |
|
Date : |
25.10.2008 |
LOCATIONS
|
Registered Office : |
Plot No. 329, Shiv Complex, Ground Floor, B/H Bank of India, Sector –
16, Gandhinagar – 382 016, Gujarat, India |
|
Tel. No.: |
91-79-23246415 / 23229325 |
|
Mobile No.: |
91-9898522217 |
|
Fax No.: |
91-79-23246415 |
|
E-Mail : |
|
|
Area : |
900 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 20, B/H GEB, Sector 30, Industrial Area, Gandhinagar – 23030,
Gujarat, India |
|
Tel. No.: |
91-79-23261107 |
DIRECTORS
|
Name : |
Mr. Madhusudan B Sheth |
|
Designation : |
Director |
|
Address : |
Plot No. 631, Sector No. 8B, Gandhinagar – 382 008, Gujarat, India |
|
Date of Birth/Age : |
21.06.1950 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
03.01.1995 |
|
|
|
|
Name : |
Mr. Vishal M Sheth |
|
Designation : |
Director |
|
Address : |
Plot No. 631, Sector No. 8B, Gandhinagar – 382 008, Gujarat, India |
|
Date of Birth/Age : |
17.04.1983 |
|
Qualification : |
MBA |
|
Date of Appointment : |
18.04.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)(
|
Names of Shareholders |
No. of Shares |
|
Madhusudan B Sheth |
1810 |
|
Vishal M Sheth |
5000 |
|
|
|
|
Total |
6810 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or Relative of director |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Fabricators of HDPE/PP Storage tank. |
|
|
|
|
Products : |
·
HDPE/PP Spiral Tanks: Capacity ranging from 500
ltr- 40,000 ltrs to be used as storage tanks/reaction vessels having
accessories like baffles, HDPE Cooling coil, Dip pipe, stuffing box etc. ·
Pickling tanks: HDPE/PP open rectangular tanks
upto 15 mts length for acid pickling and washing. ·
Scrubbers: HDPE/PP scrubbers as per customer's
designs. ·
HDPE/PP Lining on M.S. Agitators. HDPE/PP lining
inside/outside M.S pipes to be used as dip pipes. ·
Any fabricated item of HDPE/PP as per customers
requirement. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash – Advance Cash |
|
|
|
|
Purchasing : |
Cash – Advance Cash |
GENERAL INFORMATION
|
Suppliers : |
·
Ashirvad Traders ·
Mandhana Polymers Private Limited ·
Perfect Packing and Gasket ·
Sangir Plastic Private Limited ·
Shital Polyblock Industries ·
Vijay Mulchandani ·
Varrsana Ispat Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
End Users |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
15 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Bank of India Gandhinagar Brabch Sector 16, Gh-4, Near Patnagar Yojana Bhavan, Gandhinagar – 382 016,
Gujarat, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Sudhir N Doshi and Company Chartered Accountants |
|
Address : |
22, Empire Tower, 2nd Floor, Near Associated Pterol, C G
Road, Ahmedabad – 380 006, Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
Vishal Marketing |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13000 |
Equity Shares |
Rs.100/- each |
Rs.1.300 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6810 |
Equity Shares |
Rs.100/- each |
Rs.0.681
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.681 |
0.681 |
0.681 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.006) |
(0.136) |
(0.174) |
|
|
NETWORTH |
0.675 |
0.545 |
0.507 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.263 |
0.767 |
0.362 |
|
|
2] Unsecured Loans |
1.619 |
0.593 |
0.764 |
|
|
TOTAL BORROWING |
1.882 |
1.360 |
1.126 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2.557 |
1.905 |
1.633 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.194 |
0.228 |
0.294 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.022 |
0.030 |
0.101 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.461
|
1.013 |
0.708 |
|
|
Sundry Debtors |
1.534
|
0.523 |
0.748 |
|
|
Cash & Bank Balances |
0.079
|
0.175 |
0.086 |
|
|
Other Current Assets |
0.008
|
0.007 |
0.006 |
|
|
Loans & Advances |
0.030
|
0.037 |
0.031 |
|
Total
Current Assets |
3.112
|
1.755 |
1.579 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.688
|
0.095 |
0.303 |
|
|
Provisions |
0.089
|
0.020 |
0.047 |
|
Total
Current Liabilities |
0.777
|
0.115 |
0.350 |
|
|
Net Current Assets |
2.335
|
1.640 |
1.229 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.006 |
0.007 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
2.557 |
1.905 |
1.633 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
2.467 |
2.150 |
|
|
Other Income |
|
0.407 |
0.909 |
|
|
Total Income |
|
2.874 |
3.059 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.186 |
0.135 |
|
|
Provision for Taxation |
|
0.056 |
0.097 |
|
|
Profit/(Loss) After Tax |
|
0.130 |
0.038 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
1.098 |
0.330 |
|
|
Commission Expenses |
|
0.110 |
0.000 |
|
|
Transport Expenses |
|
0.069 |
0.120 |
|
|
Gujarat Sales Tax / Vat |
|
0.039 |
0.097 |
|
|
Central Sales Tax |
|
0.007 |
0.010 |
|
|
Production Incentive |
|
0.060 |
0.053 |
|
|
Factory Rent |
|
0.048 |
0.048 |
|
|
Factory Expenses |
|
0.020 |
0.043 |
|
|
Factory Electric Expenses |
|
0.036 |
0.030 |
|
|
Factory Bonus |
|
0.030 |
0.028 |
|
|
Labour Expenses |
|
0.000 |
0.020 |
|
|
Tools Repairing Expenses |
|
0.008 |
0.007 |
|
|
Factory Water Expenses |
|
0.004 |
0.004 |
|
|
Other Expenditure |
|
1.159 |
2.134 |
|
Total Expenditure |
|
2.688 |
2.924 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.52
|
1.24 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.54
|
6.28 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.63
|
6.81 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.25 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.94
|
2.71 |
2.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.01
|
15.26 |
4.51 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Koplee Pharma
·
Cadila Pharmaceuticals
·
Ion Exchange India
Limited
Form No. 8
|
Corporate
identity number of the company |
U29199GJ1995PTC024059 |
|
Name of the
company |
SEA-BIRD ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 329, Shiv Complex, Ground Floor, B/H Bank of India, Sector –
16, Gandhinagar – 382 016, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of India Gandhinagar Brabch Sector 16, Gh-4, Near Patnagar Yojana Bhavan, Gandhinagar – 382 016,
Gujarat, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Stocks executed by the Company to secure the
Cash Credit limits of Rs.0.800 million dated 4th August, 2008. |
|
Date of
instrument Creating the charge |
04.08.2008 |
|
Amount secured by
the charge |
Rs.0.800 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest 1.00% below BOI BPLR minimum 13.00% per annum on monthly rests basis
or such other rates as may be prescribed by the Bank from time to time. ·
Terms
of repayment On Demand / Annual Review ·
Margin Cash Credit – Stocks – 25.00% ·
Extent
and operation of the charge First and Exclusive Hypothecation charge on movable properties of the
company being stocks to secure the Cash Credit limits of Rs.0.800 million
alongwith the interest, additional interest, penal interest costs, charges,
commission and all other amount due to the Bank from time to time of what so
ever nature. |
|
Particulars of
the property charged |
All stocks of tangible
movable assets and in particular all stocks of HDPE pipes of diff. sizes and
gages, HDPE Sheets, Fittings, PP Sheets, HDPE Bends, HDPE Tee, PP Granuls,
HDPE Granuls, HDPE Sleeves etc situated at Factory premises at Plot No. 20,
near GTS, B/H, Hero Honda Show Room, Sector 30, Gandhinagar – 382 030 and /or
in transit and / or situated else where. |
|
Particulars of
the present modification |
Bank has modified
and revised the total aggregate cash credit limits to the tune of Rs.0.800
million. Thus, first and exclusive Hypo. Charge on stocks will operate for
Rs.0.800 million with effect from 4th August, 2008. |
Fixed Assets
·
Motor Car
·
Tools
·
Mobile Phone
Web Details
Profile
Beginning
our journey in 1995 as a distributor of HDPE pipes subject, later diversified
our operations to include the manufacture of HDPE/PP Spiral tanks from HDPE/PP
sleeve. Today with over a decade of experience in this field, they have come to
be recognized as one of the leading manufacturers of pickling tanks, spiral
tanks, etc. in the area of the expertise.
Salient Features
·
Wide temperature range: -40 degree C to +80 degree
C for HDPE & upto +100 degree C for PP.
·
Resistant to UV radiation, so can be safely
installed outside.
·
Resistant to abrasion, so ideal for handling
slurries and pastes.
·
Non toxic, non-absorbent and does not promote
bacterial growth.
·
Lightweight with hardly any installation cost.
·
Accessories like flanged inlet and outlets, manhole
with cover, valve, sight glasses can be provided.
·
Open tank and tank with conical bottom can be
manufactured and Baffles and HDPE coils can be provided.
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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|