MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SNOWTECH EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
NEERAJ ELECTRICAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
W-453, R Block, TTC Industrial Area, MIDC Rabale, Navi Mumabi-400701,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
25.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-93063 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31300MH1995PTC093063 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS51651F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Agitation Equipment Systems and Mixing Equipment
systems. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 530 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company but in absence of financials,
difficult to assess its performance and financial status. The company is poor in corporate governance as it has not filed financials
since incorporations. Initially, the company can be considered for any business dealings on
safe and secured trade terms and conditions only. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Sharma |
|
Designation : |
Director |
|
Date : |
06.09.2008 |
LOCATIONS
|
Registered Office/ Factory : |
W-453, R Block, TTC Industrial Area, MIDC Rabale, Navi Mumabi-400701,
Maharashtra, India |
|
Fax No.: |
91-22-27602157/ 27605119 |
|
E-Mail : |
snowtech@vsnl.com |
|
Website : |
|
|
|
|
|
Sales Office : |
1-Neelkamal, Co-operative Housing Society Plot No. 17, Sector-5, Navi
Mumabi, Mumbai-400701, Maharashtra, India |
|
Area : |
800 sq ft ( Owned) |
|
|
|
|
Corporate Office : |
2, Archana Co-operative Housing Society, Sea Sector-4, Vashi, Navi
Mumbai, Mumabi-400703, Maharashtra, India |
|
Tel. No.: |
91-22-27602157 |
|
Fax No.: |
91-22-27605119 |
|
E-Mail : |
|
|
Website: |
|
|
Area : |
500 sq. mtr (Owned) |
|
|
|
|
Branches : |
Located at:- Angarnath |
|
Area : |
1500 Sq ft ( Owned) |
DIRECTORS
|
Name : |
Mr. Deepak Shankar Sawant |
|
Designation : |
Director |
|
Address : |
2, Archana Cooprative Housing Society Sector- 4, Vashi New Mumbai,
Navi Mumbai, Mumbai-400703, Maharasthra, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
M.E |
|
Date of Appointment : |
15.01.1999 |
|
|
|
|
Name : |
Mrs. Sahama Deepak Sawant |
|
Designation : |
Director |
|
Address : |
2, Archana Cooprative Housing Society Sector- 4, Vashi New Mumbai,
Navi Mumbai, Mumbai-400703, Maharasthra, India |
|
Date of Birth/Age : |
14.05.1968 |
|
Qualification : |
M.D (Doctor) |
|
Date of Appointment : |
15.01.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Deepak Sawant |
|
7350 |
|
Shama Sawant |
|
2650 |
|
Total |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agitation Equipment Systems and Mixing Equipment
systems. |
|
|
|
|
Products and Services : |
|
|
|
|
|
Exports : |
|
|
Countries : |
Sri Lanka, U.S,A and China |
|
|
|
|
Imports : |
|
|
Countries : |
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit ( 30 days) T.T |
|
|
|
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
Customers : |
End users |
|
|
|
|
No. of Employees : |
39 ( Office 5, Factory 30) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Niranjan Kumar Agarwal Chartered Accountant |
|
Address : |
15, Ravikiran, Ahshiwara Link Road, Near Monginies Andheri (West),
Mumbai-400053, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Ultimate Technique Address: B-2, Suman Chembur |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
The Company’s Last available financial is enclosed herewith.
Management denied financial details however parted business details.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.006 |
0.003 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.106 |
0.103 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.415 |
0.420 |
|
|
TOTAL BORROWING |
|
0.415 |
0.420 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.521 |
0.523 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.448 |
0.448 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.023 |
0.024 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
0.023 |
0.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.002 |
0.001 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.002 |
0.001 |
|
|
Net Current Assets |
|
0.021 |
0.023 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.052 |
0.052 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.521 |
0.522 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
0.060 |
0.060 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
0.060 |
0.060 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.005 |
0.005 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.005 |
0.005 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Other Expenditure |
|
0.055 |
0.055 |
|
Total Expenditure |
|
0.055 |
0.055 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
8.33 |
8.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
8.33 |
8.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.15 |
1.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.93 |
4.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
11.50 |
24.00 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Glexo
- Pedilite
- Godrej
AS PER WEBSITE
Profile:
Subject, a sister concern of ULTIMATE TECHNICS (established in 1984), was
formed with the primary objective of providing much needed support facility to
their enterprising clients who wanted to engage themselves in research &
development of new processes / products.
Subject was incorporated in the year 1996.
Over the years, SNOWTECH has gained a firm foothold in the area of
turnkey pilot / process plant systems and chemical process equipments by
delivering products, which meet the high quality and safety standards of all
demanding clients.
SNOWTECH, where client’s problems are always taken as a challenge, gives
only best possible solutions in the form of simple but efficient hardware .
At present, Subject has several clients in india and abroad relying on
their honest efforts to strive for excellence.
Subject, builds efficient & cost effective turnkey pilot / process
plant systems, chemical equipments required for mixing and evaporation /
distillation / Solvent drying special fabricated equipments for process
Industry.
SNOWTECH has full fledged pilot facility for carrying out pilot plant
trials whenever necessary.
During last 12 years they have handled plethora of products like
oleoresins, herbal extracts, petroleum bottoms, silicon oils, fine chemicals,
drug intermediates and pesticides.
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 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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
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 |
|