MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAH PRECICAST PRIVATE LIMITED |
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Registered Office : |
E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra |
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Country : |
India |
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Financials (as on) : |
16.06.1997 |
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Date of Incorporation : |
31.03.2007 |
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Com. Reg. No.: |
11-108807 |
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CIN No.: [Company
Identification No.] |
U28910MH1997PTC108807 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPS05500F |
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PAN No.: [Permanent
Account No.] |
AAECS8077J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier of various types of Valve, Pump and General Engineering
Castings |
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 140000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. General
financial position is satisfactory. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra,
India |
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Tel. No.: |
91-233-2264484 / 2644845 / 2645611 / 2643932 |
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Fax No.: |
91-233-2645612 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Shirish Rasiklal Shah |
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Designation : |
Director |
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Address : |
R.L. 7, G Block, Behind Bajaj School, Chinchwad, Pune – 19,
Maharashtra, India |
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Date of Appointment : |
02.02.2005 |
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Name : |
Mr. Ashok Moreshwar Phadke |
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Designation : |
Director |
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Address : |
Topaz Society, Behind Mafatlal Bunglow, Shivaji Nagar, Pune,
Maharashtra, India |
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Date of Appointment : |
02.02.2005 |
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Name : |
Mrs. Sunita Nitin Shah |
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Designation : |
Director |
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Address : |
Venkatesh Tulsi Apartments, Opposite Trikoni Baug, Civil Hospital
Road, Sangli – 416 416, Maharashtra, India |
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Date of Appointment : |
02.02.2005 |
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Name : |
Mr. Nitin Rasiklal Shah |
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Designation : |
Managing Director |
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Address : |
Flat No. 2, Venkatesh Tulsi Apartments, Opposite Trikoni Baug, Civil
Hospital Road, Sangli – 416 416, Maharashtra, India |
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Date of Appointment : |
12.02.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment
(As on 23.09.2007)
|
Names of Allottees |
No. of Shares |
|
Sunita Nitin Shah |
490 |
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Total |
490 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of various types of Valve, Pump and General Engineering
Castings |
GENERAL
INFORMATION
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Customers : |
·
Klaus Union GMBH and Company KG. Germany ·
Klaus Union Engineering Private Limited India ·
Copes Vulcan – U. K. ·
KSB Pumps Limited ·
Virgo Engineers Limited ·
Crane Process Flow Technologies (I) Limited ·
Nirmal Industries ·
Uni Klinger Limited ·
Flowserve Microfinish Pumps Private Limited ·
CSI Group of Companies ·
Flowserve Microfinish Valves Private Limited |
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Bankers : |
Axis Bank Limited Trishul 3rd Floor, Opp. Samartheshwar Temple, Law Garden,
Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Prashant V Kulkarni Chartered Accountants |
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Address : |
Shri Vasudeo Chintan, Vishrambag, Sangli – 416 415, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
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 |
|
414510 |
Equity Shares |
Rs.10/- each |
Rs.4.145
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 |
4.145 |
4.145 |
4.145 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.971 |
4.944 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.527) |
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NETWORTH |
28.116 |
9.089 |
3.618 |
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LOAN FUNDS |
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1] Secured Loans |
35.044 |
7.636 |
9.752 |
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2] Unsecured Loans |
10.067 |
9.040 |
8.004 |
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TOTAL BORROWING |
45.111 |
16.676 |
17.756 |
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DEFERRED TAX LIABILITIES |
0.721 |
0.795 |
0.000 |
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TOTAL |
73.948 |
26.560 |
21.374 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.358 |
8.222 |
7.120 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.101 |
0.101 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
49.898
|
21.063 |
16.825 |
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Sundry Debtors |
40.533
|
19.687 |
19.424 |
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Cash & Bank Balances |
6.193
|
3.746 |
0.224 |
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Other Current Assets |
0.028
|
0.013 |
0.380 |
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Loans & Advances |
26.466
|
5.155 |
2.944 |
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Total
Current Assets |
123.118
|
49.664 |
39.797 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
47.439
|
26.570 |
24.566 |
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Provisions |
15.266
|
4.898 |
1.134 |
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Total
Current Liabilities |
62.705
|
31.468 |
25.700 |
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Net Current Assets |
60.413
|
18.196 |
14.097 |
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MISCELLANEOUS EXPENSES |
0.076 |
0.041 |
0.057 |
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TOTAL |
73.948 |
26.560 |
21.374 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
289.761 |
177.404 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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289.761 |
177.404 |
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Profit/(Loss) Before Tax |
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28.834 |
10.110 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
28.834 |
10.110 |
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Expenditures : |
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Depreciation & Amortization |
|
1.529 |
1.231 |
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Other Expenditure |
|
259.398 |
166.063 |
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Total Expenditure |
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260.927 |
167.294 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
9.95
|
5.70 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.95
|
5.70 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.13
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17.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
1.03
|
1.11 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.83
|
5.30 |
12.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.96
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1.58 |
1.55 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Address of the company has been shifted from A-22, Shri
Ram Apartment Opp. Ram Mandir, Nadives Road, Ichalkaranji – 416 115,
Maharashtra, India to the present address w.e.f. 22.01.2007.
Form No. 8
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Corporate
identity number of the company |
U28910MH1997PTC108807 |
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Name of the
company |
SHAH PRECICAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Any interest
in immovable property ·
Book debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
Axis Bank Limited Trishul 3rd Floor, Opp. Samartheshwar Temple, Law Garden,
Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Nature of
instrument creating charge |
1.
Letter of
Agreement – Cash Credit Advances 2.
Agreement
cum Indemnity for Export Credit 3.
Composite
Hypothecation Deed 4.
Deed of
Hypothecation of current assets (Stock and Book Debts) 5.
Deed of
Hypothecation of Book Debts All Agreements
constituting single charge. |
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Date of
instrument Creating the charge |
30.08.2007 |
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Amount secured by
the charge |
Rs.70.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 1.
For CC :
BPLR – 2.50% i.e. presently 12.50% p.a. payable monthly 2.
For EPC : Upto
120 days: BPLR – 4.50% i.e. presently 10.50% p.a. payable monthly. For 120
days: BPLR presently 15.00% p.a. payable monthly 3.
For FBD :
Upto 180 days: BPLR – 4.50% i.e. presently 10.50% p.a. payable upfront. For
more than 180 days overdues BPLR + 2% i.e. 17% p.a. payable upfront. RBI/Bank
guidelines shall be followed for overdue bills. ·
Terms of
repayment
·
Margin In case of CC : 25% In case of EPC : 10% ·
Extent and
operation of the charge The charge shall remain in operation until the full satisfaction of
principle loan amount, interest thereon, other charges and costs. |
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Particulars of
the property charged |
1.
All Current
Assets including stocks and book debts both present and future 2.
All the
fixed assets of the company both present and future and including present
land and building. |
|
Particulars of
the present modification |
Cash credit
facility has been increased from Rs.35.000 millions to Rs.70.000 millions
i.e. an enhancement of Rs.35.000 millions. Export packing
credit (EPC/PSC) facility has been increased from Rs.15.000 millions to
Rs.20.000 millions i.e. an enhancement of Rs.5.000 millions |
Web Details
Subject a jobbing steel
casting foundry was started in Feb 1998 on the foundation of commitment to supply
quality castings at competitive price.Though young in age, it uses the long
experience of its Promoters and Directors.
Strategically located at 400km south of Mumbai, the financial capital of India.It is easily accessible by
Road, Rail and Air. The dedication of our team drove us to develop complicated
and critical castings in various steel / Alloy Steel / Corrosion resistant
Stainless Steel grades including super duplex and high nickel alloys. The
success lies in the strong belief that Customer
Comes First and it is the prime job to keep him competitive.
They cater mainly to OEM's in Valve and Pump Industry.
With a installed capacity of 900 tonnes of casting per annum , they supply
castings from 5 kgs to 250 kgs single piece as per all international
specifications like ASTM, DIN, BS, JIS etc and to customers specification.
They endeavour to have a close rapport and
execellent relationship with our valued customers and the goal is to respond
quickly and professionally to all enquiries and requirements.
Timely supply of castings is a prime requisite in the operations.
They are already exporting castings to Germany and Italy and wish to reach more
places on the globe.
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
51 |
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 |
|