MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHEETAL RUBBER PRODUCTS PRIVATE LIMITED |
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Formerly Known As : |
SHEETAL ENTERPRISES |
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Registered Office : |
Plot No. J-395, MIDC, Bhosari, Pune-411 026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
25 – 17854 |
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CIN No.: [Company
Identification No.] |
U25191PN2006PTC017854 |
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IEC No.: |
3106004185 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES17814G |
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PAN No.: [Permanent
Account No.] |
AAICS8559B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Radiator Hoses, Engine Hoses, Oil
Resistant, Air Filler Hose, Turbocharger Hoses, CAC Hoses, Vacuum Hoses,
Black Hoses, Silicon Hoses and Fuel Hoses, Rubber Hoses |
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 4948 |
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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 : |
The company has shown sales of Rs. 77.000 Millions in 2006-07 against
nil in previous year. It has shown small profit. The company’s trade relations are fair. It’s payments are slow but
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Gajkumar Doshi |
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Designation : |
General Manager – Commercial |
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Contact No.: |
91- 9890306401 |
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Date : |
18.08.2008 |
LOCATIONS
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Registered Office / Factory: |
Plot No. J-395, MIDC, Bhosari, Pune-411 026, Maharashtra, India |
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Tel. No.: |
91-20-27121388 / 27122244 |
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Mobile No.: |
91-9890055353 / 9226557106 |
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Fax No.: |
91-20-27122794 |
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E-Mail : |
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Website : |
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Area : |
30000 Sq. fts. |
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Location: |
Leased |
DIRECTORS
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Name : |
Mr. Goyal Sushil K. |
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Designation : |
Director |
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Address : |
100/19, GIFT, Salisbury Park, Gidney Park, Pune-411 037 |
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Date of Birth/Age : |
04.05.1962 |
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Qualification : |
D. Pharma |
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Experience : |
25 years |
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Name : |
Mr. Goyal Suraj S. |
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Designation : |
Director |
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Address : |
100/19, GIFT, Salisbury Park, Gidney Park, Pune-411 037 |
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Date of Birth/ Age: |
26.031983 |
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Qualification : |
Diploma in Engineer |
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Experience : |
4 years |
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Name : |
Mrs. Goyal Meena S. |
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Designation : |
Director |
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Address : |
100/19, GIFT, Gidney Park, Salisbury Park, Pune-411 037 |
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Date of Birth / Age : |
10.10.1961 |
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Qualification : |
SSC |
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Experience : |
7 years |
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Name : |
Mr. Agarwal Sagar R. |
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Designation : |
Director |
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Address : |
602, 100/36, Gidney Park, Allance Blossoms, Salisbury Park, Pune-411
037 |
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Date of Birth/ Age: |
03.10.1980 |
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Qualification : |
B.E. |
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Experience : |
8 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Goyal Sushil K. |
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50000 |
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Mr. Goyal Suraj S. |
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1000 |
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Mrs. Goyal Meena S. |
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1000 |
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Total |
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52000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Sushil Goyal |
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97 |
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Suraj Goyal |
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1 |
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Sagar Agarwal |
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1 |
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Meena Goyal |
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1 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Radiator Hoses, Engine Hoses, Oil
Resistant, Air Filler Hose, Turbocharger Hoses, CAC Hoses, Vacuum Hoses,
Brake Hoses, Silicon Hoses and Fuel Hoses. |
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Products : |
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Exports : |
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Products : |
All types of Hoses |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe and United State |
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Terms : |
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Selling : |
L/C, Cash, Credit (45-60 days) and T.T |
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Purchasing : |
Credit [60 days] and L/C |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Extruder Hoses |
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Tons / Monthly |
80.00 |
16.00 |
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Silicone Hoses |
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Tons / Monthly |
20.00 |
4.00 |
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Fuel Tubes |
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Tons / Monthly |
10.00 |
0.30 |
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Moulded Hoses |
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Tons / Monthly |
7.00 |
1.40 |
GENERAL
INFORMATION
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Customers : |
OEM’s
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No. of Employees : |
175 [In Office 25 + In Factory 150] |
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Bankers : |
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Facilities : |
CC Limit Rs. 1.300 Millions
and Term Loan Rs. 1.900 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.S. Khot and Company Chartered Accountants |
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Address : |
Office No. 25, A Wing, 1st Floor, Jewel of Pimpari,
Pune-411018, Maharashtra, India |
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Mobile No.: |
91-9822069029 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- Each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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95000 |
Equity Shares |
Rs.10/- Each |
Rs.0.950
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
SUMMERISED
DETAILS:
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Particulars |
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31.03.2008 |
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Share Capital |
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0.950 |
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Reserves |
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2.592 |
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Secured Loans |
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12.962 |
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Unsecured Loans |
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3.638 |
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Fixed Asset |
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20.404 |
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Investment |
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0.450 |
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Inventories |
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6.737 |
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Sundry Debtors |
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8.385 |
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Cash and Bank Balance |
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1.332 |
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Other Current Assets |
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0.198 |
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Loans and Advances |
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3.606 |
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Miscellaneous Expenses |
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0.020 |
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 |
0.950 |
0.520 |
0.520 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.288 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.032) |
[0.016] |
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NETWORTH |
1.238 |
0.488 |
0.504 |
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LOAN FUNDS |
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1] Secured Loans |
15.518 |
0.000 |
0.000 |
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2] Unsecured Loans |
3.873 |
0.045 |
0.035 |
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TOTAL BORROWING |
19.391 |
0.045 |
0.035 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.629 |
0.533 |
0.539 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.942 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.599 |
0.000 |
0.000 |
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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 |
8.163 |
0.000 |
0.000 |
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Sundry Debtors |
5.822 |
0.000 |
0.000 |
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Cash & Bank Balances |
2.447 |
0.000 |
0.018 |
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Other Current Assets |
0.482 |
0.000 |
0.000 |
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Loans & Advances |
1.559 |
0.000 |
0.500 |
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Total
Current Assets |
18.473 |
0.000 |
0.518 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.840 |
0.000 |
0.014 |
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Provisions |
3.573 |
0.000 |
0.000 |
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Total
Current Liabilities |
18.413 |
0.000 |
0.014 |
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Net Current Assets |
0.060 |
0.498 |
0.504 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.035 |
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Preliminary Expenses |
0.028 |
0.035 |
0.000 |
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TOTAL |
20.629 |
0.533 |
0.539 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
84.544 |
76.953 |
28.494 |
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Other Income |
0.268 |
0.133 |
0.000 |
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Total Income |
84.812 |
77.086 |
28.494 |
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Profit/(Loss) Before Tax |
3.202 |
0.874 |
(0.016) |
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Provision for Taxation |
0.898 |
0.554 |
-- |
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Profit/(Loss) After Tax |
2.304 |
0.320 |
(0.016) |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
0.779 |
0.000 |
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Imports : |
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Total Imports |
NA |
0.000 |
15.635 |
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Expenditures : |
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Cost of Material Consumed |
0.000 |
49.737 |
0.000 |
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Manufacturing Expenses |
18.400 |
13.778 |
0.000 |
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Administrative Expenses |
.3.644 |
8.408 |
0.000 |
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Depreciation |
3.743 |
4.288 |
0.000 |
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Interest |
2.721 |
0.000 |
0.000 |
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Other Expenditure |
55.802 |
0.000 |
0.000 |
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Total Expenditure |
81.610 |
76.211 |
16.173 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.72 |
0.41 |
(0.05) |
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Net Profit Margin (PBT/Sales) |
(%) |
3.79 |
1.13 |
(0.05) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
4.73 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.70 |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
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NA |
14.88 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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NA |
0.00 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Details |
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Existence Verification |
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Name |
SHEETAL RUBBER PRODUCTS PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited Liability Company |
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Income Tax Registration |
AAICS8559B |
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Central Sales Tax Registration |
27870522 |
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VAT/ TIN Registration |
278705202251 V |
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Excise Registration |
AAICS8559BXM001 |
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Import Export Code |
3106004185 |
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Name of Bank |
HDFC Bank |
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Current Account Number |
0070430002609 |
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Credibility Factors |
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Years of Establishment |
03.04.2003 |
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Turn Over |
(07-08) Rs. 110.000 Millions |
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Turn Over Year |
(08-09) Rs. 180.000 Millions |
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Standards & Certifications |
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Quality Management Systems |
ISO/ TS – 16949-2002 |
Trade References:
- Tata Motors
- Kirloskar Oil
Engineers Private Limited
- Tata Tolto
Radiator
- B. P.
Chemicals
- K. K.
Enterprises
- Vishwaraj
- Avik Polymer
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U25191PN2006PTC017854 |
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Name of the
company |
SHEETAL RUBBER PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. J-395, MIDC, Bhosari, Pune-411 026, Maharashtra, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
Pune People’s Co-Operative Bank Limited, 606, Sadashiv Peth Branch,
Pune-411030, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation, Agreement of Hypothecation of Book Debts both constituting
Single Charge. |
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Date of
instrument Creating the charge |
29.03.2008 |
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Amount secured by
the charge |
Rs. 3.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12% p.a. with
Quarterly rests Terms of
Repayment On Demand Margin 30% Extent and
Operation of the charge Charge operates
to the extent of monies borrowed and interest outstanding |
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Short particulars
of the property charged |
Stock, Plant and
Machinery and Book Debts |
Note:
Subject was previously known as Sheetal Enterprises and was converted into
a Private Limited Company on 10.03.2006.
As per Web Details:
Profile
Incepted in the year 1993, subject is a well established
manufacturer, exporter and supplier of multi-purpose rubber products that find application
in automobile, engineering and pharmaceutical industries. Their range of
superior quality products has enabled them to achieve the trust of some of the
leading players in the allied industries such as Tata Motors, Kirloskar Oil
Engines, Eaton and many more.
They are led by their mentor Mr. Suraj. S. Goyal, whose
in-depth industrial experience has enabled them to carve a niche for themselves
in the domestic and international market. With his extensive production
knowledge, they have achieved an annual turnover of approximately Rs. 250.00
Millions and further, they intend to grow through constant up-gradation in
their spectrum of rubber products.
Additionally, they conduct business with complete honesty,
loyalty and integrity. They encourage and support their business associates and
employees to meet their full potential. Further, they satisfy the unique
requirements of the clients through continuous improvement.
Mission
/ Vision
They envision becoming the leading OEM manufacturer of rubber
products that are supplied to all tiers I and II traders. Further, they strive
to emerge as a reckoned name in manufacturing technically superior rubber
products that are committed to maintain quality in their existing range of
products.
Product
The wide range of rubber products are manufactured from
superior quality raw materials that are procured from reliable vendors. The
range includes elastomer extruded hoses, molded hoses, silicone hoses, fuel
tubes / hoses, assembly and branch hoses and wire-reinforced hoses. These
products are known for the following salient features:
- Perfect tensile strength
- Close manufacturing tolerance.
- Suitable hardness
- Uniformity in shape & finish
- Oil resistance
- Water resistance
- Fire retardant
The range of above mentioned automotive rubber products find application in
automobile, engineering, air condition, refrigeration, petroleum and aviation
industry for vibration control, sealing, flow technology, heat / electrical
insulation, flexibility and dust proof covering.
Infrastructure
They own a sophisticated infrastructure setup which has
allowed them to execute customized orders as per the client’s specifications.
The infrastructure is characterized by ultra-modern machinery, different process
departments and a dynamic environment. The manufacturing unit is spread over an
area of 50,000 sq ft with advanced machinery such as:
- Dispersion Kneader to Internal Mixer & Stock Blenders.
- Hot Feed, Cold Feed and Co-Extrusion Extruders.
- Autoclave Vulcanisers (Direct & Indirect Steam Type).
- Compression Moulding, Transfer Moulding machines.
- Knitting / Braiding Machine.
- Automatic Hose Cutting, Cleaning and Ink
- Jet Printing Machine.
In addition to the above mentioned machinery, they have a
fully integrated world class tool room that comprises of:
- Pipe Bending Machine.
- Surface Grinding Machine.
- Vertical Milling CNC Machine (VMC).
- CNC Lathe
They have different process departments that include management department,
quality department and manufacturing department.
This allows streamlined management of products’ manufacturing process and
ensures their impeccable quality.
Team
The team of experts has played a crucial role in the success
of the company. They work with an objective to become an internationally
acclaimed and knowledge based organization, for which they are consistently
engaged in a process of learning to unleash their creativity and talent. The
team consists of number of professional experts who are highly skilled and
possess technical credentials in their allied field of work. Some of the
skilled members of the team include:
- Engineer
- Rubber Technologists.
- Marketing Associates.
- Quality Analysts.
- Administrative Personnel.
- Sales Employees.
Together, the manpower works hard to accomplish the goal of acquiring highest
level of customer satisfaction. Further, they also conduct regular training
sessions for the team to enhance their interpersonal skills and maximum
customer satisfaction.
Quality
They are an ISO/TS 16949: 2002 organization and hence they
ensure that all the rubber products guarantee zero defects. In order to
manufacture superior quality rubber components, they procure different grades
of rubber from reliable vendors who test it on different parameters. Further
they are equipped with a sophisticated testing and validation facility that
helps them to cater the clients with technically superior products.
Some of the testing equipment includes:
- Burst Pressure Test Machine (Horizontal) with Hydraulic Testing
Facility
upto 150 Bar pressure. - With temperature upto 90°C of water for Hydraulic Testing.
- Ozone Test Chamber.
- Universal Tensile Testing Machines.
- Load capacity of 200 kg to 5000 kg.
- Moving Die Rheometer (MDR) used for testing rubber property,
vulcanization characteristics.
- Heating Ovens.
- Temperature upto 400°C.
- Polymer identification concept (Used for reverse engineering).
- Chillers for Cold Flexibility Test.
- Minimum Temperature of -40°C.
Research &
Development
The Research & Development team is an integral part of
the organization. They are continuously engaged in handling research and
development to keep them abreast with the different technological modifications
in the realm of activities. These professionals also suggest diverse methods
that help them to improve range of products and infrastructural requirements.
They conduct regular research on the latest industrial and market development
so as to improve the existing range of products. The R&D experts check the
feasibility of the information and recommend the most beneficial and efficient
information which can be utilized for:
- Technological Advancement.
- Innovative method for producing rubber components.
- Latest Infrastructural Updates.
Clientele
They work consistently to offer superior quality rubber
products as per the requirement of the customers. They have earned immense
repute and trust of clients with the sound products in the domestic as well as
international markets. They strive to retain old clients as well as develop
cordial relations with the new ones in order to expand the horizons. They
ensure active involvement and progress towards environmental friendly processes
that reflect the belief in contributing to the society and promoting
development of the nation.
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. 46.63 |
|
UK Pound |
1 |
Rs. 83.76 |
|
Euro |
1 |
Rs. 66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|