MIRA
INFORM REPORT
|
Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONIL VALVES PRIVATE LIMITED |
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Registered
Office : |
21/1-D Shanker Tekrudhyog Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.02.1988 |
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Com. Reg. No.: |
010376 |
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CIN No.: [Company Identification
No.] |
U92120GJ1988PTC010376 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS02441F |
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PAN No.: [Permanent Account No.] |
AACCS9884M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bicycle Tube Valves and Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s profitability
is low. There appears huge accumulated losses recorded by the company.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sonil Shah |
|
Designation : |
Director |
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Contact No.: |
91-9898012203 |
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Date : |
29.04.2011 |
LOCATIONS
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Registered Office /Factory: |
21/1-D Shanker Tekrudhyog Nagar, |
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Tel. No.: |
91-288-2560102 |
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Mobile No.: |
91-9898012203 (Mr. Sonil R Shah) |
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Fax No.: |
91-288-2560101 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Ramnikal K Shah |
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Designation : |
Director |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Sonil R Shah |
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Designation : |
Director |
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Date of Appointment : |
18.02.1988 |
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Name : |
Mr. Hasmukh V Shah |
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Designation : |
Director |
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Date of Appointment : |
01.03.1993 |
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Name : |
Mr. Ratilal V Shah |
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Designation : |
Director |
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Date of Appointment : |
01.03.1993 |
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Name : |
Mr. Bipinchandra M Shah |
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Designation : |
Director |
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Date of Appointment : |
01.03.1993 |
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Name : |
Mr. Dineshchandra M Shah |
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Designation : |
Director |
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Date of Appointment : |
01.03.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ramnikal K Shah |
7000 |
|
Sonil R Shah |
6200 |
|
Lilavantiben R Shah |
200 |
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Minakshi S Shah |
200 |
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Himesh R Shah |
200 |
|
Rupal
Himeshkumar Shah |
200 |
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Dhirajlal
Mulchand Shah |
2000 |
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Dineshchandra
Mulchand Shah |
2000 |
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Bipinchandra
Mulchand Shah |
2000 |
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Pushpaben
Dhirajlal Shah |
200 |
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Mrudulaben
Dineshchandra Shah |
200 |
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Anjanaben
Bipinchandra Shah |
200 |
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Rakesh
Dineshchandra Shah |
700 |
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Dhaval
Bipinchandra Shah |
700 |
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Dhirajlal
Mulchand Shah (H.U.F.) |
2000 |
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Dineshchandra
Mulchand Shah (H.U.F) |
2000 |
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Bipinchandra
Mulchand Shah (H.U.F.) |
2000 |
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Sobhag
Virchand Shah |
200 |
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Ratilal
Virchand Shah |
2000 |
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Hasmukh
Virchand Shah |
2000 |
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Anila Ratilal Shah |
2000 |
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Kusum
Hasmukh Shoh |
200 |
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Premal
Ratilal Shah |
200 |
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Tejas
Ratilal Shah |
1700 |
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Akshay
Hasmukh Shah |
1700 |
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Ratilal
Virchand Shah (H.U.F.) |
2000 |
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Hasmukh
virchand Shah(H.U.F) |
2000 |
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Total |
42000 |
AS ON 28.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bicycle Tube Valves and Parts |
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Terms : |
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Selling : |
Cash, Credit (30-60-90 Days) |
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Purchasing : |
Cash, Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
25 Approximately |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
D S Varia and Company Chartered Accountant |
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Address : |
18/19 Modern Market, Ground Floor, Near Amber Talkies, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
90000 |
Equity Shares |
Rs. 10 each |
Rs.0.900 million |
|
10000 |
Preference Shares |
Rs. 10 each |
Rs. 0.100 million |
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|
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
42000 |
Equity Shares |
Rs. 10 each |
Rs. 0.420 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.420 |
0.420 |
0.420 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
1.064 |
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4] (Accumulated Losses) |
(1.418) |
(1.515) |
0.000 |
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NETWORTH |
(0.998) |
(1.095) |
1.484 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.007 |
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2] Unsecured Loans |
26.470 |
27.701 |
22.172 |
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TOTAL BORROWING |
26.470 |
27.701 |
22.179 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.472 |
26.606 |
23.663 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.481 |
1.298 |
1.539 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003
|
0.003 |
0.002 |
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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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|
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Inventories |
8.371
|
5.421 |
4.516 |
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Sundry Debtors |
9.361
|
20.404 |
19.115 |
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Cash & Bank Balances |
3.665
|
0.175 |
4.458 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
5.953
|
3.525 |
3.749 |
|
Total
Current Assets |
27.350
|
29.525 |
31.838 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
2.708
|
3.556 |
9.005 |
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
0.654
|
0.664 |
0.711 |
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Total
Current Liabilities |
3.362
|
4.220 |
9.716 |
|
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Net Current Assets |
23.988
|
25.305 |
22.122 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.472 |
26.606 |
23.663 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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|
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|
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Sales |
71.160 |
49.653 |
69.959 |
|
|
|
Other Income |
0.022 |
0.270 |
0.000 |
|
|
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TOTAL (A) |
71.182 |
49.923 |
69.959 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
13.989 |
(2.830) |
|
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Material Consumption |
47.154 |
44.874 |
69.113 |
|
|
|
Manufacturing Expenses |
3.382 |
3.977 |
|
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Administrative Expenses |
2.773 |
2.926 |
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TOTAL (B) |
67.298 |
48.947 |
69.113 |
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.884 |
0.976 |
0.846 |
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Less |
FINANCIAL
EXPENSES (D) |
3.420 |
3.243 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.464 |
(2.267) |
0.846 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.349 |
0.288 |
0.189 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.115 |
(2.555) |
0.657 |
|
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|
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|
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Less |
TAX (H) |
0.018 |
0.025 |
0.200 |
|
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PROFIT AFTER TAX
(G-H) (I) |
0.097 |
(2.580) |
0.457 |
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|
Earnings Per
Share (Rs.) |
2.32 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.13
|
(5.16) |
0.65 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.16
|
(5.14) |
0.93 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40
|
(8.28) |
1.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
2.33 |
0.44 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(29.89)
|
(29.15) |
21.49 |
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|
Current Ratio (Current Asset/Current Liability) |
|
8.13
|
6.99 |
3.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
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|
Sundry Creditors |
2.708
|
3.556 |
9.005 |
TRADE REFERENCE:
- Ralson (
- Ashok Plastic
Works
FIXED ASSETS:
- Air
Conditioner
- Bajaj Super
- Calculator
- Close Circuit
T V
- New Computer
- Computer
Printer
- Cycle
- Electrical
Instrument
- Electrical
Fittings
- Furniture
- Generator
- Hero Honda
Pleasure
- Honda Activa
- New Honda
Active
- Maruti Van
- Metal
Detector
- Mobile Phone
- Paper Shreder
Machine
- Plant and
Machinery
- Radio
- Scanner
- Scoter
- Software
- Tap Recorder
FORM 8
|
Corporate
identity number of the company |
U92120GJ1988PTC010376 |
|
Name of the
company |
SONIL VALVES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
21/1-D Shanker Tekrudhyog Nagar, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
State Bank of Saurashtra, Digvijay Plot Branch, Digvijay Plot, Email: jam.dgpb@sbs.co.in |
|
Nature of
instrument creating charge |
General agreement
for the grant of small industrial advances and hypothecation of movables,
book debts and other assets |
|
Date of
instrument Creating the charge |
28.09.2006 |
|
Amount secured by
the charge |
Rs. 2.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest original :- 17.75
% per annum with qly. rests This modification
:- 11.75 % p.a. Terms of repayment To be renewed every
year (yearly review) Margin 25 % Extent and operation of the charge The charge
extends to cover entire amount of Rs. 2.000 millions for securing repayment
thereof. Other Not Applicable |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
goods, stocks, book debts, movables and other assets. |
|
Date of
instrument modifying the charge |
17.03.1997 |
|
Particulars of
the present modification |
CC Hypothecation Limit
Enhanced From Rs. 0.700 million To Rs. 2.000 millions. New Rate Of
Interest Is 11.75% P.A. Margin 25% Company Extends
Charge To Cover Entire Limit Of Rs. 2.000 millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
16 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.