MIRA
INFORM REPORT
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Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SWELORE ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
2109, Phase III, GIDC, Vatwa, Ahmedabad 382445, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.03.1981 |
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Com. Reg. No.: |
04-004202 |
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Capital Investment
/ Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U29199GJ1981PTC004202 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Metering Pumps, Dosing Pumps, Plunger Pumps and
Diaphragm Type Pumps. |
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No. of Employees
: |
150 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 141000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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.
INFORMATION PARTED BY
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Name : |
Mr. Chieantan R Gajjar |
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Designation : |
Director |
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Contact No. : |
91-79-25833003 |
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Date : |
24.08.2011 |
LOCATIONS
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Registered Office/Factory : |
2109, Phase III, GIDC, Vatwa, Ahmedabad - 382445, |
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Tel. No.: |
91-79-25833003 / 25891732 |
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Fax No.: |
91-79-25833337 / 25892449 |
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E-Mail : |
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Website : |
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Area : |
10,000 sq.ft |
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Location : |
Leased |
DIRECTORS
As on 21.09.2010
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Name : |
Mr. Hiren R Gajjar |
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Designation : |
Director |
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Address : |
16, Sanidya Bungalow, Krupesh CHS.Limited, On The Way To |
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Date of Birth/Age : |
28.11.1961 |
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Qualification : |
B Com |
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Date of Appointment : |
20.03.1981 |
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DIN : |
00257186 |
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Name : |
Mr. Chirantan R Gajjar |
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Designation : |
Director |
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Address : |
16, Satelite Society, |
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Date of Birth/Age : |
28.03.1979 |
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Qualification : |
B E Mechanical Engineer |
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Date of Appointment : |
20.03.1981 |
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DIN : |
00295126 |
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Name : |
Mr. Rohit R Gajjar |
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Designation : |
Director |
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Address : |
S7 – 42, Kalhaar Bungalow, Shilaj, Ahemdabad – 380058, |
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Date of Birth/Age : |
22.10.1952 |
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Date of Appointment : |
15.10.1986 |
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DIN : |
01569391 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2010
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Names of Shareholders |
No. of Shares |
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Mr. Hiren R Gajjar |
19575 |
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Mr. Chirantan R Gajjar |
5025 |
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Mr. Rohit R Gajjar |
15075 |
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Mrs. Sanyuktaben R Gajjar |
16275 |
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Mrs. Jeenal C Gajjar |
1500 |
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Mr. Royal H Gajjar |
2025 |
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Mrs. Rira H Gajjar |
19050 |
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Mr. Varsha R Gajjar |
18975 |
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Total |
97500 |
AS ON 21.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Metering Pumps, Dosing Pumps, Plunger Pumps and
Diaphragm Type Pumps. |
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Exports : |
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Products : |
Pumps |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS As on 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Metering Pump Simplex Pump and other Pump |
Nos. |
- |
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16827 |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 [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 : |
B A Pavagadhi and Company Chartered Accountant |
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Address : |
304-305, Sagun Complex, 93/B, Swastic Society, Near Xavier’s Ladies Hostel,
Navarangpura, Ahmedabad 380009, Gujarat, India |
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Associates/Subsidiaries : |
Hiro Nisha Systems Private Limited Address: 2112, Phase
III, GIDC, Vatva, Ahmedabad 382445, Activity: Manufacturer of
High Pressure Positive Displacment Triplex Plunger Pumps |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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297,500 |
Equity Shares |
Rs. 100 each |
Rs.29.750
millions |
|
2,500 |
12% Non Cumulative Redeemable Preference Shares |
Rs. 100 each |
Rs. 0.250 million |
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Total |
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Rs.30.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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97,500 |
Equity Shares |
Rs. 100 each |
Rs.9.750
millions |
|
2,500 |
12% Non Cumulative Redeemable Preference Shares |
Rs. 100 each |
Rs. 0.250
million |
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Total |
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Rs.10.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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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 |
10.000 |
10.000 |
6.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.381 |
13.758 |
15.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.381 |
23.758 |
21.980 |
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LOAN FUNDS |
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1] Secured Loans |
28.716 |
2.123 |
21.648 |
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2] Unsecured Loans |
22.775 |
13.007 |
9.684 |
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TOTAL BORROWING |
51.491 |
15.130 |
31.332 |
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DEFERRED TAX LIABILITIES |
0.225 |
0.287 |
0.394 |
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TOTAL |
87.097 |
39.175 |
53.706 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.530 |
22.234 |
13.306 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
9.993
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8.988
|
12.560 |
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Sundry Debtors |
97.962
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89.950
|
63.864 |
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Cash & Bank Balances |
60.735
|
26.575
|
6.666 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
23.866
|
15.672
|
9.035 |
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Total
Current Assets |
192.556
|
141.185 |
92.125 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
110.687
|
82.238
|
41.179 |
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Other Current Liabilities |
3.553
|
22.474
|
2.529 |
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Provisions |
23.943
|
19.532
|
8.017 |
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Total
Current Liabilities |
138.183
|
124.244
|
51.725 |
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Net Current Assets |
54.373
|
16.941
|
40.400 |
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MISCELLANEOUS EXPENSES |
0.194 |
0.000 |
0.000 |
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TOTAL |
87.097 |
39.175 |
53.706 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
415.600 |
257.974 |
190.789 |
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Other Income |
15.225 |
11.614 |
8.999 |
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TOTAL (A) |
430.825 |
269.588 |
199.788 |
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Less |
EXPENSES |
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Raw Material and Other Manufacturing Expenses |
303.938 |
186.958 |
146.476 |
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Salary, Wages and Other Benefits |
9.209 |
7.212 |
6.613 |
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Increase/(Decrease) in Finished Goods |
0.600 |
1.668 |
[1.428] |
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Administrative and Operative Expenses |
49.918 |
34.389 |
26.661 |
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Remuneration to directors |
22.930 |
11.833 |
3.968 |
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TOTAL (B) |
386.595 |
242.060 |
182.290 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44.230 |
27.528 |
17.498 |
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Less |
FINANCIAL
EXPENSES (D) |
5.386 |
3.489 |
3.996 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.844 |
24.039 |
13.502 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.971 |
2.434 |
2.417 |
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PROFIT BEFORE
TAX (E-F) (G) |
35.873 |
21.605 |
11.085 |
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Less |
TAX (H) |
12.807 |
8.385 |
4.354 |
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PROFIT AFTER TAX
(G-H) (I) |
23.066 |
13.220 |
6.731 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.116 |
0.988 |
2.094 |
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Surplus
Available for Appropriation |
23.182 |
14.208 |
8.825 |
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EARNINGS IN
FOREIGN CURRENCY |
5.054 |
7.445 |
3.274 |
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IMPORTS |
1.323 |
1.709 |
0.891 |
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Earnings Per
Share (Rs.) |
236.21 |
202.85 |
103.03 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
430.000 |
The above information has been parted by Mr. Chirantan Gajjar [Director].
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.35
|
4.90
|
3.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.63
|
8.37
|
5.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.94
|
13.22
|
10.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.01
|
0.91
|
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.36
|
5.87
|
3.78 |
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Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.14
|
1.78 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs. In
millions
|
Particular
|
31.03.2010
|
31.03.2009
|
31.03.2008 |
|
For Goods |
71.747
|
56.456
|
27.668 |
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For Labour Job |
6.123
|
5.467
|
4.063 |
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For Expenses |
32.817
|
20.315
|
9.448 |
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Total
|
110.687
|
82.238
|
41.179 |
OPERATION AND
PRODUCTION:
The company achieved sales of Rs. 415.600 millions (excluding excise duty)
as against the sales of Rs.257.974 millions for the year 2008-2009. during the
year the company has received historic orders on hand amounting to Rs.306.600
millions. The company has achieved sales of Rs.130.900 millions during the
current year. The directors of the company put their all efforts to increase
the sales during the current year.
Contingents
Liabilities :
(a) The Company has given Guarantees to State
Bank of India, Specialized Commercial Branch - Ahmedabad to cover the limit of Rs.14.000
millions availed by Hiro Nisha systems Private Limited.
(b) There may be a contingent liability In respect of the guarantee
given by the Bank to third parties on behalf of the Company Rs. 50.007 millions
which is net of Margin with the bank in the form of Term Deposits year Rs.
50.872 millions ).
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29199GJ1981PTC004202 |
|
Name of the
company |
SWELORE
ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Ahmedabad, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90103688 |
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Type of charge |
|
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Particular of
charge holder |
State Bank of India, Laghu Udhyog Branch, Opposite Gandhigram Railway
Station, Gandhigram, Ahmedabad 380009, Gujarat, India |
|
Nature of instrument
creating charge |
Memorandum
relating to deposit of title deeds for creation of further charge for term
loan/overall limit where the initial charge is created by way of mortgage by
deposit of title deeds,dated 30.10.2010. |
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Date of
instrument Creating the charge |
30.10.2010 |
|
Amount secured by
the charge |
Rs.100.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest @0.75% above SBAR,(SBAR=11.75%,wef 29.06.09) rising or falling
therewith on daily products with monthly rests. Present effective rate 12.50%
p.a. Terms of
Repayment - Working capital : Repayable on Demand. Margin – Raw materials
(Imported) - 25% Raw materials
(Indigenous) - 25% Stocks in
process - 40% Finished
goods - 40% Receivables (75
days) - 50% Bank
Guarantee - 25% Extent and
Operation of the charge - All immovable Assets mortgaged with the Bank shall
stand charged in favour of the Bank as a continuing security by way of First
Charge for the due repayment of all monies including enhanced limits. Others -
Individual limits within overall limit as under : (i) Demand cash credit (stks) -Rs.20.000 Millions (ii) DDP (Bills/cheque within DCC) -Rs.(4.000)
Millions (iii) Standby
line of credit - Rs.3.000 Millions (iv) Bank
Guarantee-Rs.77.000 Millions making overall
aggregate total credit facilities of Rs.100.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Leasehold land
bearing P.No.2109 (PH-III) together with factory building/shed standing thereon
situated in the GIDC Vatva Ind.Estate consisting of R.S.No.139,p within
village limit Ghodasar,Dist.A'bad Land bearing
P.No.2013 (PH-III) together with factory building/shed standing thereon
situated in the GIDC Vatva Ind.Estate consisting of R.S.No.139,p within
village limit Ghodasar,Dist.A'bad Leasehold land
bearing P.No.2010 (PH-III) together with factory building/shed standing
thereon situated in the GIDC Vatva Ind.Estate consisting of R.S.No.139,p
within village limit Ghodasar,Dist.A'bad |
|
Date of
instrument modifying the charge |
25.07.2010 |
|
Particulars of
the present modification |
The Company has
mortgaged immovable properties belonging to the Company in favour of the Bank
to secure the credit facilities of Rs.100.000 Millions as under (i) Demand
cash credit (stks)-Rs.20.000 Millions (ii) DDP (Bills/cheque within DCC) -
Rs.(4.000) Millions (iii) Standby line of credit - Rs.3.000 Millions (iv)
Bank Guarantee-Rs.77.000 Millions, Now the amount of charge on immovable
properties/assets extend to aggregate of Rs.100.000 Millions |
FORM 8
|
Corporate
identity number of the company |
U29199GJ1981PTC004202 |
|
Name of the
company |
SWELORE ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2109, Phase III, GIDC, Vatwa, Ahmedabad 382445, |
|
This form is for |
Modification of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Laghu Udhyog Branch, Opposite Gandhigram Railway
Station, Gandhigram, Ahmedabad 380009, Gujarat, India Email: sbi.03993@sbi.co.in |
|
Nature of
instrument creating charge |
(a) Supplemental
agreement of loan cum Hypothecation (SME-4),dated 25.07.2010. (b) Letter of
arrangement |
|
Date of
instrument Creating the charge |
25.07.2010 |
|
Amount secured by
the charge |
Rs. 100.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest @0.75%
above SBAR,(SBAR=11.75%,wef 29.06.09) rising or falling therewith on daily
products with monthly rests. Present effective rate 12.50% p.a. Terms of repayment Working capital :
Repayable on Demand. Margin Raw materials
(Imported) - 25% Raw materials
(Indigenous) - 25% Stocks in
process - 40% Finished
goods - 40% Receivables (75
days) - 50% Bank
Guarantee - 25% Extent and operation of the charge The existing
credit facilities enhanced from Rs.75.000 millions to Rs.100.000 millions
secured by first charge against hypothecation of entire stocks of RM, SIP,
FG, Consumable stores and spares, Book debts / Receivables, other current
assets and all plant and machineries including spares, tool parts,
accessories, furniture and fixtures, equipments, computers etc of the
company. Other terms and Conditions as per letter of arrangement enclosed
herewith. Other Individual limits
within overall limit as under : (i) Demand cash credit (stks) -Rs.20.000 millions (ii) DDP (Bills/cheque within DCC) -Rs.(4.000)
millions (iii) Standby
line of credit - Rs.3.000 millions (iv) Bank
Guarantee-Rs.77.000 millions making overall
aggregate total credit facilities of Rs. 100.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of entire
stocks of RM, SIP, FG, Consumable stores and spares, Book debts/Receivables
and other current assets of the company. Hypothecation all
plant & machineries including spares, tool parts, accessories, furniture
and fixtures, equipments, computers etc of the company. |
|
Date of
instrument modifying the charge |
29.01.2009 |
|
Particulars of
the present modification |
The earlier
charge (ID No.90103688) modified on dated 29.01.2009 for Rs.75.000 millions
is now being further modified and enhanced to Rs.100.000 millions by sanction
of additional Bank Guarantee of Rs.25.000 millions. The credit facilities
secured as under : (i) Demand cash
credit (stks)-Rs.20.000 millions (ii) DDP (Bills/cheque within DCC) -
Rs.(4.000) millions (iii) Standby
line of credit - Rs.3.000 millions (iv) Bank
Guarantee-Rs.77.000 millions ,Now the amount of charge on movable assets
extend to aggregate of Rs.100.000 millions |
FIXED ASSETS:
- Leasehold land
- Factory buildings
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Vehicles
- Books and Periodical
- Cycle
- Vehicles
- Electrical Installations
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.46.12 |
|
|
1 |
Rs.75.51 |
|
Euro |
1 |
Rs.66.52 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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.