MIRA
INFORM REPORT
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Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHAPE ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Plot No.17, Sector- 2, II E Sidcul, Haridwar – 249403, Uttarakhand |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.11.1984 |
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Com. Reg. No.: |
20-006817 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U32109UR1984PTC006817 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRTS01911A |
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PAN No.: [Permanent Account No.] |
AACCS2775D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Equipment for Power Plant |
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No. of Employees
: |
280 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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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 250000 |
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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. The
company is progressing well. Trade relations are reported as fair. Business
is active. Payments are reported to be 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. Amit |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9927643322 |
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Date : |
05.12.2011 |
LOCATIONS
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Registered Office : |
Plot No.17, Sector- 2, II E Sidcul, Haridwar – 249403, |
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Tel. No.: |
91-120-4322560 |
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Mobile No.: |
91-9927643322 (Mr. Amit) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
142, 2nd Floor, |
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Factory : |
C-2 Industrial Area,
Bahadrabad, |
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Tel. No.: |
91-1334-230401 / 231831 |
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Fax No.: |
91-1334-231106 |
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E-Mail : |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Sudhir Kumar Jain |
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Designation : |
Director |
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Address : |
Railway Road, Jwalapur, Haridwar – 249407, |
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Date of Birth/Age : |
20.11.1949 |
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Date of Appointment : |
05.12.1997 |
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DIN No.: |
00881280 |
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Name : |
Mr. Saurabh Jain |
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Designation : |
Director |
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Address : |
Railway Road, Jwalapur, Haridwar – 249407, |
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Date of Birth/Age : |
15.04.1975 |
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Date of Appointment : |
10.06.2008 |
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DIN No.: |
02239420 |
KEY EXECUTIVES
|
Name : |
Mr. Amit |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sudhir Kumar Jain |
|
26670 |
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Saurabh Jain |
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19230 |
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Sarlesh Jain |
|
3600 |
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Pawan Kumar Jain |
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2700 |
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Pawan Kumar Jain and Sons |
|
1600 |
|
Asheesh Pawanjai |
|
700 |
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Sudhir Kumar Jain and Sons |
|
400 |
|
Shail Jain |
|
100 |
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Total |
|
55000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
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 Equipment for Power Plant |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Welspun Corporation Limited |
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Customers : |
End Users
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No. of Employees : |
280 (Approximately) (In Office + In Factory) |
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Bankers : |
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Facilities : |
Cash Credit : Rs.65.000
Millions (From
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.D. Mehta and Associates Chartered Accountants |
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Address : |
Chowk Bazar, Jwalapur – 249407, |
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PAN.: |
AFUPM6846H |
CAPITAL STRUCTURE
As on 31.09.2010
|
No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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55000 |
Equity Shares |
Rs.10/- each |
Rs.5.500
Millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
59.811 |
16.838 |
10.118 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.811 |
18.838 |
12.118 |
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LOAN FUNDS |
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1] Secured Loans |
17.055 |
13.435 |
11.982 |
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2] Unsecured Loans |
3.475 |
3.780 |
4.172 |
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TOTAL BORROWING |
20.530 |
17.215 |
16.154 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
82.341 |
36.053 |
28.272 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.326 |
14.547 |
13.001 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.550 |
0.364 |
0.443 |
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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 |
16.673
|
11.893 |
7.910 |
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Sundry Debtors |
49.121
|
29.173 |
9.816 |
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Cash & Bank Balances |
0.969
|
0.481 |
0.482 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.809
|
2.944 |
2.209 |
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Total
Current Assets |
75.572
|
44.491 |
20.417 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.805
|
21.992
|
5.006 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.302
|
1.357 |
0.583 |
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Total
Current Liabilities |
24.107
|
23.349 |
5.589 |
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Net Current Assets |
51.465
|
21.142 |
14.828 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
82.341 |
36.053 |
28.272 |
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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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Turnover |
171.465 |
82.492 |
29.864 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.255 |
8.570 |
3.894 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.783 |
1.850 |
1.465 |
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PROFIT BEFORE
TAX |
41.472 |
6.720 |
2.429 |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
41.472 |
6.720 |
2.429 |
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Earnings Per
Share (Rs.) |
2073.60 |
336.00 |
121.45 |
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Particulars |
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|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
200.000 |
Expected Sales (2011-2012) : Rs.280.000 Millions
The above information has been parted by Mr. Amit.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
24.19
|
8.15 |
8.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
39.54
|
11.38 |
7.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.67
|
0.36 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.72
|
2.15 |
1.79 |
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Current Ratio (Current Asset/Current Liability) |
|
3.13
|
1.91 |
3.65 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last one years |
Yes |
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12) Profitability for last one years |
Yes |
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13) Reasons for variation <> 20% |
No |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
REVIEW OF
OPERATIONS
Fabrication Plant:
This
year company's revenue more than doubled over last year. It is inline with
projections made last year. All the revenue is from single customer i.e. BHEL
Haridwar. In addition more and more orders that we are getting from BHEL
involve sourcing of steel by us. To meet this need, the company has developed
good business relations with couple of steel dealers in
The company made
major investments in upgrading its fabrication plant. New plate bending machine
was purchased from Himalaya Machinery Baroda. A new CNC plate cutting machine
was purchased from Messers Germany. Also the stress relieving furnace was
commissioned during this year.
Machining Plant: Mr. P. K. Jain has
completed the registration of machining plant under the name of M-Tech with
different departments. Shape Engineering has sold the horizontal boring machine
to M-Tech as decided by the board. The legal process for transfer of land to
M-Tech has been approved by UPSIDC. It is expected to be completed before the
end of the year.
FUTURE OUTLOOK
The company has
order of 1000-1500 metric ton of fabricated assemblies to be delivered in
financial year 2010-11. In board's opinion, the current facility has reached its
optimum capacity. Further enhancement of production from this facility will
only be in small increments. With this in mind, the company has bought 2
additional plots of industrial land for further expansion. In one of the new
plant, machining facilities will be developed. The company has already ordered
a horizontal milling machine from Nicolas Correa,
FINANCIAL RESULTS
The company has shown good results during the year ended 31.03.2010 and
expects to perform its best in time to come. No doubt the coming years may be
challenging but the market is teeming with opportunities too. The company has
chalked out its key strategies and hence expects more rewarding and creditable
performance in the coming year.
TRADE REFERENCES:
- Welspun
Corporation Limited
- L and T
FORM 8:
|
Corporate
identity number of the company |
U32109UR1984PTC006817 |
|
Name of the
company |
SHAPE ENGINEERING
COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.17, Sector- 2, II E Sidcul, Haridwar – 249403, E- Mail : contact@shapelimited.com
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10253572 |
|
Type of charge |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Others (all type of stocks and other
current assets) |
|
Particular of
charge holder |
Punjab and National Bank, Ahmedpur Branch, Ranipur More, Haridwar –
249401, E-mail : bo1496@pnb.co.in |
|
Nature of
instrument creating charge |
1. Hypothecation
of assets to secure term loans 2. Hypothecation
of movable assets forming part of fixed/block assets 3. Hypothecation
of current assets 4. Letter of
continuity |
|
Date of
instrument Creating the charge |
18.07.2011 |
|
Amount secured by
the charge |
Rs.15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 14.00% i.e. BASE RATE
+ TP + 3.50% Terms of repayment Repayable in 48
monthly installment of Rs.0.312 Million plus interest due Margin 25% Extent and operation of the charge On whole amount
and till the repayment of total loan |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
mortgage of land and building situated at Plot No.-17, Sector-2, II E,
Sidcul, Haridwar – 249403, Uttarakhand,
India Equitable
mortgage of land and building situated at C-2, Bahadrabad Industrial Area,
Haridwar – 249402, |
|
Particulars of
the present modification |
Term loan of
Rs.15.000 Millions by way of reduction of limit from Rs.50.000 Millions |
FIXED ASEETS:
- Land
- Building
- Furniture
- Office Equipment
- Plant and Machinery
- Vehicle
- Computer
- Generator
- EPABX System
- Tube Well
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.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.