MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SWIFTS PRIVATE LIMITED |
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Registered
Office : |
B–82, M.I.D.C., Ambad, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.04.1955 |
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Com. Reg. No.: |
11-009519 |
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Capital
Investment / Paid-up Capital : |
Rs.16.921
millions |
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CIN No.: [Company Identification
No.] |
U74999MH1955PTC009519 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKS02209E MUMS37202E |
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PAN No.: [Permanent Account No.] |
AACCS1657A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Sheet Fed Offset Printing Machine,
Polythene Offset Printing Machine and Variable Data Printing Machine. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 136000 |
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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. Profitability
of the company is under pressure. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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 |
LOCATIONS
|
Registered Office/ Factory : |
B–82, M.I.D.C., Ambad, |
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Tel. No.: |
91-253-2383482/ 2382482 |
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Fax No.: |
91-253-2381582 |
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E-Mail : |
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Website : |
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Mumbai Office : |
Marathe Udyog Bhavan, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400
025, |
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Tel. No.: |
91-22-24301342/ 2089/ 2453 |
|
Fax No.: |
91-22-24379868/ 24379863 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Yeshwant Suresh Marathe |
|
Designation : |
Chairman |
|
Address : |
206, Veer Savarkar Marg, Citizen Cooperative Housing Society, Mahim,
Mumbai – 400 016, |
|
Date of Birth/Age : |
01.12.1960 |
|
Date of Appointment : |
24.02.2000 |
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DIN No.: |
00015240 |
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Name : |
Mr. Vasant Suresh Marathe |
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Designation : |
Managing Director |
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Address : |
Flat No.1,
Kamalvihar Apartments, |
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Date of Birth/Age : |
16.03.1963 |
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Date of Appointment : |
01.04.1995 |
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DIN No.: |
00015228 |
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Name : |
Mrs. Sulabha Suresh Marathe |
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Designation : |
Director |
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Address : |
206, Veer Savarkar
Marg, Citizen Cooperative Housing Society, Mahim, Mumbai – 400 016, |
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Date of Birth/Age : |
21.10.1941 |
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Date of Appointment : |
27.06.1970 |
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DIN No.: |
00015215 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sulabha Suresh Marathe |
|
259995 |
|
Aditi Yeshwant Marathe |
|
137995 |
|
Yeshwant Marathe Jt. Aditi |
|
140000 |
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Vasant Marathe Swati |
|
46900 |
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S.S. Patankar |
|
1 |
|
Vasantee Dixit |
|
1 |
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Sujata Sukumar Joshi |
|
1 |
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Sujata S. Abhyankar |
|
1 |
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Vimal C. Joshi |
|
1 |
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Sunita R. Bhave |
|
1 |
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Yogini N. Bhave |
|
1 |
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Ramchandra V. Bhave |
|
1 |
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Binaifer K. Dalal |
|
1 |
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Smita D. Patwardhan (N) |
|
1 |
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Swati Dixit |
|
1 |
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Dandekar Leela |
|
1 |
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Kulkarni Abhay |
|
1 |
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Kulkarni Vandana |
|
1 |
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Pote Bhau G. |
|
1 |
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Barve Veena P. |
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1 |
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Bhide Shrikant |
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1 |
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Gogte Suresh |
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1 |
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K.F. Doshi |
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1 |
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Patankar Nandini S. |
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1 |
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Vasant Suresh Marathe |
|
525545 |
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Yeshwant Suresh Marathe |
|
436646 |
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Swati Vasant Marathe |
|
144995 |
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Vaijayanti Jagannath Parab |
|
1 |
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Madhavi Sitaram Kamble |
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1 |
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Sitaram Gopal Kamble |
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1 |
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Rukmini Baban Sanas |
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1 |
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Total |
|
1692100 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
27.76 |
|
Directors
or relatives of directors |
|
72.24 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Sheet Fed Offset Printing Machine,
Polythene Offset Printing Machine and Variable Data Printing Machine. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Saraswat Co-Operative Bank Limited, Gala No.1 and
2, Suyojit Trade Centre, v
The Saraswat Co-Operative Bank Limited, Worli Branch,
Mumbai – 400 018, v
The N.K.G.S.B. Co-Operative Bank Limited v
Janata Sahakari Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Govilkar and Associates Chartered Accountants |
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Address : |
5/6, Patel Pride, |
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PAN No.: |
AAOFC9465K |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1692100 |
Equity Shares |
Rs.10/- each |
Rs.16.921
millions |
|
|
|
|
|
(Includes issue of
Bonus Shares by way of Capitalisation of Revaluation Reserve of Rs.12.000
millions)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.921 |
16.921 |
16.921 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.162 |
8.332 |
12.182 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
34.083 |
25.253 |
29.103 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
10.639 |
13.305 |
24.803 |
|
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2] Unsecured Loans |
25.769 |
24.222 |
29.131 |
|
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TOTAL BORROWING |
36.408 |
37.527 |
53.934 |
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DEFERRED TAX LIABILITIES |
5.469 |
5.469 |
5.469 |
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TOTAL |
75.960 |
68.249 |
88.506 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.341 |
38.105 |
37.686 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.096 |
0.096 |
0.096 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.039
|
25.562 |
25.612 |
|
|
Sundry Debtors |
31.983
|
35.440 |
41.338 |
|
|
Cash & Bank Balances |
1.104
|
0.737 |
1.868 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.434
|
4.564 |
4.953 |
|
Total
Current Assets |
65.560
|
66.303 |
73.771 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.869
|
22.093 |
26.608 |
|
|
Other Current Liabilities |
(1.288)
|
17.531 |
(0.203) |
|
|
Provisions |
0.000
|
0.175 |
0.177 |
|
Total
Current Liabilities |
21.581
|
39.799 |
26.582 |
|
|
Net Current Assets |
43.979
|
26.504 |
47.189 |
|
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|
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MISCELLANEOUS EXPENSES |
3.544 |
3.544 |
3.535 |
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|
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TOTAL |
75.960 |
68.249 |
88.506 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Turnover |
89.810 |
77.400 |
102.200 |
|
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|
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PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.923 |
4.432 |
9.923 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
3.577 |
3.583 |
5.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
0.346 |
0.849 |
4.653 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.991 |
4.085 |
4.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(3.645) |
(3.236) |
0.552 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.203 |
(0.088) |
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|
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|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(3.645) |
(3.439) |
0.640 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.068 |
3.507 |
3.278 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
(0.174) |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
(3.403) |
0.068 |
NA |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.214 |
25.676 |
|
|
TOTAL EARNINGS |
0.000 |
0.214 |
25.676 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.15) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.88)
|
(3.10) |
0.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.13) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
3.06 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.04
|
1.67 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Marathe Udyog Bhavan, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, Maharashtra to the present address w.e.f. 30.09.2005.
REVIEW OF
OPERATIONS:
During the year, due to cost cuttings and for administrative
conveniences, the registered office of the company was shifted from Mumbai to
Nashik.
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74999MH1955PTC009519 |
|
Name of the
company |
SWIFTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B–82, M.I.D.C., Ambad, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Saraswat
Co-Operative Bank Limited, Gala No.1 and 2, Suyojit Trade Centre, E-Mail: incharge_nasik@saraswatbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movable Property (packing credit) dated 12th
September, 2007. |
|
Date of
instrument Creating the charge |
12.09.2007 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest on the
packing credit facility will be charged at 8.00% p.a. and 15% over and above
120 days or as per the directives from reserve bank of Terms of
Repayment: Packing credit
advance disbursed against a specific order will have to be liquidated through
export proceeds of same order. However, repayment against proceeds of other
export orders will be allowed where the running accounts have been permitted
by the bank in advance. Packing credit
advance should be liquidated within a maximum period of 90 days from the date
of disbursement or earlier as per terms of supply of each export order against
which the packing credit is drawn, as per sanction letter. Extent and
Operation of the charge: Hypothecation by
way of first charge on the tangible movable property of the Company including
material and stock of the Company, wherever situated, against the export
orders received by the Company. |
|
Short particulars
of the property charged |
Hypothecation of
all the tangible movable property of Company including material and stock of
the Company, wherever situated, against the export orders received by the
Company. |
FIXED ASSETS
v
Goodwill
v
Land
v
v
Office Premises
v
Plant and Machinery
v
Furniture and Fixtures
v
Vehicles
v
Electrical Fittings
v
Typewriter
v
Equipments
v
Tools, Patterns, Jigs and Fixtures
v
Technical Know-how
v
Construction (WIP)
v
Payroll Software
WEBSITE DETAILS:
PROFILE
The beginning of the flourishing dream, Swift, was done by an exemplary visionary Late Appasaheb Marathe, back in 1955. He shared a vision with those who walked with him on his chosen path. He dreamt to make Swift a leading supplier for equipments in the printing industry by continuously improving his products and services.
After Appasaheb, his son Late Suresh Marathe drove the company to newer
heights through his incomparable competency and dynamism, and eventually, Swift
became a name amongst the top industries in the arena.
Since the last five decades, the journey that started with the mission
of supplying innovative services and products to the printing industry, to help
widen its customer base through proper management systems has been growing
consistently for the last five decades. With many outlets and a 30% share in
the market, Swift has become a principal manufacturer in printing machines in
the country.
Swift always strives to provide continuous improvements in existing
products and maintain a rapid frequency in the launch of new innovative ideas,
to commit ourselves to excellence, and give the work a highly service-oriented
outlook to help secure the customers trust.
MILESTONES
They have passed many milestones in the memorable journey.
• In 1963, Swift shifted to its independent premises at Marathe Udyog
Bhavan at Prabhadevi, the foundation stone of the journey.
• In 1972, they manufactured the first offset printing Swift 150.
• This work was considered so pioneering that in 1979, the Government of
India honoured the company by awarding Swifts the prestigious President’s
Import Substitution Award.
• In 1985, Swift set up a world class manufacturing unit at Nashik, 180
kms from Mumbai, in North-west Maharashtra.
• In 1995, they allied with a renowned American printing brand, AM
MULTIGRAPHICS USA.
• This alliance proved fruitful and initiated the joint production of
Multilith 1250 machines in
• In the year 2000, they entered another alliance with Rotaprint
They also obtained the ISO-9000-2000 certification.
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.45.25 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.