MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOLITAIRE ENGINEERS |
|
|
|
|
Registered
Office : |
Gat No.669, 670, Kudalwadi, Pune – 412114, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.12.2004 |
|
|
|
|
IEC No.: |
3108015303 |
|
|
|
|
PAN No.: [Permanent Account No.] |
ABEFS2360J |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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|
|
|
Line of Business
: |
Manufacturer of Bevel Gears and Bevel Pinion, Turn Cage of Needle
Roller Bearing. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject seems to be established concern in its field. Trade relations
are reported as fair. Networth statement and valuation report provided seems
to be satisfactory. No complaints have been heard from indirect or market
sources. It would be advisable to take adequate securities while dealing with
the subject. |
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 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shripad Patil |
|
Designation : |
Partner |
|
Date : |
09.02.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.669, 670, Kudalwadi, Pune – 412114, |
|
E-Mail : |
|
|
Location : |
Owned |
PARTNERS
|
Mr. Shripad Vitthal
Patil |
|
|
Designation : |
Partner |
|
Address : |
Shree Swami Samarth Colony, Bh. Jasnani Constro Tapkir Nagar,
Kalewadi, Pune – 411017, |
|
Date of Birth/Age : |
02.06.1973 |
|
Qualification : |
DME |
|
Experience : |
16 years |
|
|
|
|
Name : |
Mr. Vikas Ramchandra Patil |
|
Designation : |
Partner |
|
Address : |
533/3044, Akshay Society, Sant Tukaramnagar, Pimpri, Pune – 411018, |
|
Date of Birth/Age : |
18.07.1970 |
|
Qualification : |
BE Tech |
|
Experience : |
19 years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2010)
|
Names of Shareholders |
|
Percentage |
|
|
|
|
|
Shripad Vitthal Patil |
|
50% |
|
Vikas Ramchandra Patil |
|
50% |
|
|
|
|
|
Total |
|
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bevel Gears and Bevel Pinion, Turn Cage of Needle
Roller Bearing. |
|
|
|
|
Agencies Held : |
· Sona Okegawa Precision Forging Limited Bhosari MIDC, Pimpri, Pune, · Hitech Rolling Balls Private Limited Chakan, MIDC, Pune, · ISMT Limited Ahmedabad MIDC, |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
|
|
|
|
Purchasing : |
Credit (60 days) |
PRODUCTION STATUS
|
Particulars |
|
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Bevel Gears and Bevel Pinion |
|
50000 Pairs/
Month |
40000 Pairs/
Month |
|
Turrn Cage of Needle Roller Bearing |
|
3000 Pcs/ Month |
2000 Pcs/ Month |
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
OEM’s |
|
|
|
|
No. of Employees : |
17 (Office – 03, Factory – 14) |
|
|
|
|
Bankers : |
· Corporation Bank
· Palus Sahakari Bank Limited A/p Bambavade, Tal Palus, District |
|
|
|
|
Facilities : |
Term Loan – Rs.1.200 Million from Palus Sahakari Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Raj Kishor and Associates Chartered Accountant |
CAPITAL STRUCTURE
PARTNER’S
CAPITAL ACCOUNT
|
Particulars |
31.03.2010 (Rs. In Millions) |
|
|
|
|
|
|
Mr. Shripad
Patil |
1.890 |
|
|
Mr. Vikas Patil |
1.707 |
|
|
|
|
3.597 |
|
|
|
|
|
Total |
|
3.597 |
------------------------------------------------------------------------------------------------------------------------------
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 |
3.597 |
2.766 |
1.899 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.597 |
2.766 |
1.899 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.506 |
2.672 |
3.714 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.506 |
2.672 |
3.714 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.103 |
5.438 |
5.613 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.295 |
3.869 |
4.150 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.782 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.487
|
0.255 |
0.148 |
|
|
Sundry Debtors |
0.740
|
0.371 |
0.538 |
|
|
Cash & Bank Balances |
0.014
|
0.035 |
0.145 |
|
|
Other Current Assets |
0.057
|
0.950 |
0.850 |
|
|
Loans & Advances |
0.000
|
0.160 |
0.000 |
|
Total
Current Assets |
1.298
|
1.771 |
1.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.271
|
0.170 |
0.145 |
|
|
Other Current Liabilities |
(0.042)
|
0.000 |
0.000 |
|
|
Provisions |
0.043
|
0.032 |
0.073 |
|
Total
Current Liabilities |
0.272
|
0.202 |
0.218 |
|
|
Net Current Assets |
1.026
|
1.569 |
1.463 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.103 |
5.438 |
5.613 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3.353 |
2.754 |
2.578 |
|
|
|
Other Income |
0.040 |
0.000 |
0.000 |
|
|
|
TOTAL |
3.393 |
2.754 |
2.578 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
0.557 |
0.081 |
0.547 |
|
|
|
Computer Maintenance |
0.066 |
0.000 |
0.000 |
|
|
|
MSEDCL |
0.198 |
0.000 |
0.000 |
|
|
|
Salary and Wages |
0.678 |
0.742 |
0.429 |
|
|
|
Interests on Loans |
0.425 |
0.508 |
0.165 |
|
|
|
Interests to Partners |
0.332 |
0.228 |
0.077 |
|
|
|
Partners Remunerations |
0.399 |
0.166 |
0.176 |
|
|
|
Pravin Mistry (Shop Rent) |
0.105 |
0.062 |
0.025 |
|
|
|
Professional Fees |
0.017 |
0.013 |
0.000 |
|
|
|
Telephone and |
0.019 |
0.039 |
0.033 |
|
|
|
Other Expenses |
0.085 |
0.372 |
0.726 |
|
|
|
TOTAL |
2.881 |
2.211 |
2.178 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.512 |
0.543 |
0.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.396 |
0.423 |
0.268 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
0.116 |
0.120 |
0.132 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.42
|
4.36 |
5.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.46
|
4.36 |
5.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.07
|
2.13 |
2.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.04 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
1.04 |
2.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.77
|
8.77 |
7.71 |
LOCAL AGENCY FURTHER INFORMATION
PROFIT AND LOSS ACCOUNTS
(RS.
IN MILLIONS)
|
Particular |
31-03-2011 |
31-03-2012 |
31-03-2013 |
31-03-2014 |
31-03-2015 |
|
|
(PROJECTIONS) |
||||
|
Actual duration of Accounting Period (months) |
12.00 |
12.00 |
12.00 |
12.00 |
12.00 |
|
|
|
|
|
|
|
|
Capacity Utilization |
|
|
|
|
|
|
Gross Sales – Domestic |
5.300 |
6.560 |
7.216 |
7.938 |
8.731 |
|
Gross Sales – Export |
-- |
-- |
-- |
-- |
-- |
|
Gross Sales – Total |
5.300 |
6.560 |
7.216 |
7.938 |
8.731 |
|
|
|
|
|
|
|
|
Less Excise Duty |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Net Sales |
5.300 |
6.560 |
7.216 |
7.938 |
8.731 |
|
|
|
|
|
|
|
|
% age rise / fall in net sales as compared to the previous year |
-- |
23.77 |
10.00 |
10.01 |
9.99 |
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
Export Incentives |
-- |
-- |
-- |
-- |
-- |
|
Others |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Other Operating Income - Total |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Total Operating Income |
53.00 |
65.60 |
72.16 |
79.38 |
87.31 |
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
|
|
Raw Materials Consumed: |
|
|
|
|
|
|
- Imported |
-- |
-- |
-- |
-- |
-- |
|
-Indigenous |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Stores Consumed |
0.927 |
1.008 |
1.221 |
1.321 |
1.475 |
|
|
|
|
|
|
|
|
Power and Fuel |
0.386 |
0.421 |
0.422 |
0.562 |
0.663 |
|
|
|
|
|
|
|
|
Direct Labour and Wages |
0.513 |
0.566 |
0.633 |
0.797 |
0.931 |
|
|
|
|
|
|
|
|
Other Mfg Expenses |
0.232 |
0.244 |
0.301 |
0.410 |
0.497 |
|
|
|
|
|
|
|
|
Depreciation |
1.182 |
1.810 |
1.632 |
1.525 |
1.644 |
|
|
|
|
|
|
|
|
Sub Total |
3.240 |
4.049 |
4.209 |
4.615 |
5.210 |
|
|
|
|
|
|
|
|
(Inc)/ Dec in WIP |
-- |
-- |
-- |
-- |
-- |
|
(Inc)/Dec in FG |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Total Cost of Sales |
3.240 |
4.049 |
4.209 |
4.615 |
5.210 |
|
|
|
|
|
|
|
|
Selling, General and Administration Exp |
0.130 |
0.142 |
0.201 |
0.298 |
0.364 |
|
|
|
|
|
|
|
|
Operating Profit before Interest |
1.930 |
2.369 |
2.806 |
3.025 |
3.157 |
|
|
|
|
|
|
|
|
Interest: |
|
|
|
|
|
|
- on working capital |
0.399 |
0.658 |
0.996 |
1.095 |
1.158 |
|
- on Term Loans |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
Sub - Total |
0.741 |
1.110 |
1.327 |
1.328 |
1.283 |
|
|
|
|
|
|
|
|
Operating Profit After Interest |
1.189 |
1.259 |
1.479 |
1.697 |
1.874 |
|
|
|
|
|
|
|
|
Non-Operating Income |
-- |
-- |
-- |
-- |
-- |
|
Non-Operating Expenses |
0.672 |
0.697 |
0.805 |
0.878 |
0.976 |
|
|
|
|
|
|
|
|
Net of Non-Operating Income and Expenses |
(0.672) |
(0.697) |
(0.805) |
(0.878) |
(0.976) |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.517 |
0.562 |
0.674 |
0.819 |
0.898 |
|
|
|
|
|
|
|
|
Provision for taxation: |
|
|
|
|
|
|
Tax provision Current |
0.219 |
0.226 |
0.262 |
0.285 |
0.317 |
|
Tax provision Deferred |
-- |
-- |
-- |
-- |
-- |
|
Sub Total |
0.219
|
0.226
|
0.262
|
0.285
|
0.317
|
|
|
|
|
|
|
|
|
Profit After Tax |
0.298 |
0.336 |
0.412 |
0.534 |
0.581 |
|
|
|
|
|
|
|
|
Dividend |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Cash Profit |
1.480 |
2.146 |
2.044 |
2.059 |
2.225 |
|
|
|
|
|
|
|
|
Cash Profit plus Interest on Term Loan (A) |
1.822 |
2.598 |
2.375 |
2.292 |
2.350 |
|
|
|
|
|
|
|
|
Installments due under Term Loans: |
|
|
|
|
|
|
- Existing Term Loans |
-- |
-- |
-- |
-- |
-- |
|
- Proposed Term Loans |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Interest on Term Loans |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
|
|
|
|
|
|
|
Sub – Total (B) |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
|
|
|
|
|
|
|
DSCR A / B |
5.33 |
5.75 |
7.18 |
9.84 |
18.80 |
------------------------------------------------------------------------------------------------------------------------------
PROJECTED
CASH FLOW STATEMENT
(RS.
IN MILLIONS)
|
Projected Cash Flow Statement |
31-03-2012 |
31-03-2013 |
31-03-2014 |
31-03-2015 |
|
|
(PROJECTIONS) |
|||
|
Sources of Cash |
|
|
|
|
|
Profit before interest and tax less adjustments for non-cash revenues |
1.672 |
2.001 |
2.147 |
2.181 |
|
Depreciation |
1.810 |
1.632 |
1.525 |
1.644 |
|
Preliminary expenses written off |
|
|
|
|
|
Loss on sale of Fixed Assets |
|
|
|
|
|
Issue of Equity Shares |
0.000 |
0.000 |
0.000 |
0.000 |
|
Issue of Preference Shares |
0.000 |
0.000 |
0.000 |
0.000 |
|
Issue of Debentures |
0.000 |
0.000 |
0.000 |
0.000 |
|
Raising of Long term loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
Raising of other Long term unsecured loans / deposits etc |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in Current Liabilities |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in Current Assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in Short term borrowings |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in non-current assets / investments |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Sub – Total (A) |
3.482 |
3.633 |
3.672 |
3.825 |
|
|
|
|
|
|
|
Increase in Deferred Tax Liability |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Applications of Cash |
|
|
|
|
|
Redemption of redeemable Preference Shares |
0.000 |
0.000 |
0.000 |
0.000 |
|
Redemption of Debentures |
0.000 |
0.000 |
0.000 |
0.000 |
|
Repayment of Long Term Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
Repayment of long term unsecured loans / deposits etc |
0.000 |
0.000 |
0.000 |
0.000 |
|
Purchase of Fixed Assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in Current Liabilities |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in Current Assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in non-current assets / investments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Interest paid |
1.110 |
1.327 |
1.328 |
1.283 |
|
Tax paid |
0.226 |
0.262 |
0.285 |
0.317 |
|
Dividend paid |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Sub – Total ( B) |
1.336 |
1.589 |
1.613 |
1.600 |
|
|
|
|
|
|
|
Net Surplus ( A – B ) |
(1.336) |
2.044 |
2.059 |
2.225 |
|
|
|
|
|
|
|
Opening Cash balance |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Closing Cash balance |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Decrease in Deferred Tax Liability |
0.000 |
0.000 |
0.000 |
0.000 |
------------------------------------------------------------------------------------------------------------------------------
BUSINESS
PROJECTIONS AND DSCR (COMPANY ONLY)
(RS. IN MILLIONS)
|
Particulars |
31.03.2011 |
31-03-2012 |
31-03-2013 |
31-03-2014 |
31-03-2015 |
|
|
(PROJECTIONS) |
||||
|
Capacity Utilisation (%) |
|
|
|
|
|
|
Net Sales |
5.300 |
6.560 |
7.216 |
7.938 |
8.731 |
|
PAT |
0.298 |
0.336 |
0.412 |
0.534 |
0.581 |
|
Cash Profit |
1.480 |
2.146 |
2.044 |
2.059 |
2.225 |
|
Add: Interest on TL |
3.42 |
4.52 |
3.31 |
2.33 |
1.25 |
|
Total (A) |
1.822 |
2.598 |
2.375 |
2.292 |
2.350 |
|
|
|
|
|
|
|
|
Instalments due under TLs |
|
|
|
|
|
|
- Existing TLs |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
- Proposed TLs |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Interest on TLs |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
Total (B) |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
|
|
|
|
|
|
|
DSCR (A/B) |
5.33 |
5.75 |
7.18 |
9.84 |
18.80 |
|
|
|
|
|
|
|
|
Average DSCR |
-- |
|
|
|
|
------------------------------------------------------------------------------------------------------------------------------
DSCR
SCENARIOS FOR A COMPANY
(AS
DISTINGUISHED FROM A PROJECT)
(RS. IN MILLIONS)
|
Particulars |
31.03.2011 |
31-03-2012 |
31-03-2013 |
31-03-2014 |
31-03-2015 |
|
|
(PROJECTIONS) |
||||
|
Scenario for a fall in Total Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
% fall in revenue |
|
|
|
|
|
|
Total Operating Income (shocked downwards) |
5.300 |
6.560 |
7.216 |
7.938 |
8.731 |
|
Cost of Sales + SGA |
3.370 |
4.191 |
4.410 |
4.913 |
5.574 |
|
Operating Profit before Interest |
1.930 |
2.369 |
2.806 |
3.025 |
3.157 |
|
Interest |
0.741 |
1.110 |
1.327 |
1.328 |
1.283 |
|
Operating Profit after Interest |
1.189 |
1.259 |
1.479 |
1.697 |
1.874 |
|
Net of non operating income/ expenses |
(0.672) |
(0.697) |
(0.805) |
(0.878) |
(0.976) |
|
Profit before tax |
0.517 |
0.562 |
0.674 |
0.819 |
0.898 |
|
Provision for Tax |
0.219 |
0.226 |
0.262 |
0.285 |
0.317 |
|
PAT |
0.298 |
0.336 |
0.412 |
0.534 |
0.581 |
|
PAT + Interest+ Dep |
1.822 |
2.598 |
2.375 |
2.292 |
2.350 |
|
Installments of Term Loans/ Deferred payment credits/ Debentures/
deposits (due within one year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Interest |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
|
|
|
|
|
|
|
DSCR (for a fall in Op Rev) |
5.33 |
5.75 |
7.18 |
9.84 |
18.80 |
|
|
|
|
|
|
|
|
Average DSCR |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
Installments on term loan + Int on T.L |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
|
|
|
|
|
|
|
Scenario for a rise in operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
% rise in Op Expenses |
|
|
|
|
|
|
Total Operating Income |
5.300 |
6.560 |
7.216 |
7.938 |
8.731 |
|
Cost of Sales + SGA (shocked upwards) |
3.370 |
4.191 |
4.410 |
4.913 |
5.574 |
|
Operating Profit before Interest |
1.930 |
2.369 |
2.806 |
3.025 |
3.157 |
|
Interest |
0.741 |
1.110 |
1.327 |
1.328 |
1.283 |
|
Operating Profit after Interest |
1.189 |
1.259 |
1.479 |
1.697 |
1.874 |
|
Net of non operating income/ expenses |
(0.672) |
(0.697) |
(0.805) |
(0.878) |
(0.976) |
|
Profit before tax |
0.517 |
0.562 |
0.674 |
0.819 |
0.898 |
|
Provision for tax |
0.219 |
0.226 |
0.262 |
0.285 |
0.317 |
|
PAT |
0.298 |
0.336 |
0.412 |
0.534 |
0.581 |
|
PAT +int on T.L +dep |
1.822 |
2.598 |
2.375 |
2.292 |
2.350 |
|
Installments of Term Loans/ Deferred payment credits/ Debentures/
deposits (due within one year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Interest |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
|
|
|
|
|
|
|
|
DSCR (for a rise in Op Expense) |
5.33 |
5.75 |
7.18 |
9.84 |
18.80 |
|
|
|
|
|
|
|
|
Average DSCR |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
Installments on T.L + interest on T.L |
0.342 |
0.452 |
0.331 |
0.233 |
0.125 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
|
|
(PROJECTION) |
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
|
(months’ consumption) |
0.00 |
0.00 |
|
|
|
|
|
Stock in Process |
0.502 |
0.535 |
|
(months’ cost of production) |
1.86 |
1.59 |
|
|
|
|
|
Finished Goods |
0.000 |
0.000 |
|
(months’ cost of sales) |
0.00 |
0.00 |
|
|
|
|
|
Receivables – Domestic |
0.890 |
0.920 |
|
(months’ sales) |
2.02 |
1.68 |
|
|
|
|
|
Receivables – Export |
0.000 |
0.000 |
|
(months’ sales) |
0.00 |
0.00 |
|
|
|
|
|
Other Current Assets |
0.136 |
0.165 |
|
|
|
|
|
TOTAL CURRENT
ASSETS (A) |
1.528 |
1.620 |
|
|
|
|
|
Sundry Creditors (Amt) |
0.627 |
0.666 |
|
(months’ purchases) |
0.00 |
0.00 |
|
|
|
|
|
Other Current Liabilities (Amt) |
0.000 |
0.000 |
|
|
|
|
|
TOTAL CURRENT
LIABILITIES (Other than Bank
Borrowings) (B) |
0.627 |
0.666 |
------------------------------------------------------------------------------------------------------------------------------
CALCULATION
OF PERMISSABLE BANK FINANCE
(PBF
METHOD)
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
|
|
(PROJECTION) |
|
|
|
|
|
|
Working Capital Gap - A |
0.901 |
0.954 |
|
|
|
|
|
Minimum stipulated NWC (20% of A excluding export receivables) -
B |
0.306 |
0.324 |
|
|
|
|
|
Net Working Capital (Actual / Projected) - C |
0.901 |
0.954 |
|
|
|
|
|
Permissible Bank FinancePBF(A – B) or (A-C) whichever is lower |
0.000 |
0.000 |
|
|
|
|
|
Net Working Capital to Total Current Assets (%) |
58.97 |
58.89 |
|
|
|
|
|
Bank Finance to Total Current Assets (%) |
0.00 |
0.00 |
|
|
|
|
|
Sundry Creditors to Total Current Assets (%) |
41.03 |
41.11 |
|
|
|
|
|
Other Current Liability to Total Current Assets (%) |
0.00 |
0.00 |
|
|
|
|
|
Inventory to Net Sales (days) |
34.57 |
29.77 |
|
|
|
|
|
Receivables to Gross Sales (days) |
61.29 |
51.19 |
|
|
|
|
|
Sundry Creditors to Purchases of raw materials and spares (days) |
246.88 |
241.16 |
CALCULATION
OF PERMISSABLE BANK FINANCE
(PROJECTED
TURNOVER METHOD)
|
Particulars |
31.03.2011 |
31.03.2012 |
|
|
(PROJECTION) |
|
|
|
|
|
|
1) Projected turnover for the year |
5.300 |
6.560 |
|
|
|
|
|
2) Gross Working Capital (25% of the projected turnover) |
1.325 |
1.640 |
|
|
|
|
|
3) Borrowers margin (min of 20% of GWC or projected NWC whichever is
higher) |
0.901 |
0.954 |
|
|
|
|
|
4) Permissible Bank Finance (2-3) |
0.424 |
0.686 |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NAME
OF THE APPLICANT: MR. SHRIPAD VITHAL PATIL
NAME
OF THE CO-APPLICANT: MR. VIKAS RAMCHANDRA PATIL
(RS.
IN MILLIONS)
IMMOVABLE
PROPERTY
|
Address of the property with survey No./
Door No. etc. |
S. No.49/4 + 5, Sajjangadh
Colony, Rahatani, Kalewadi |
S. No.49/4 + 5,
Sajjangadh Colony, Rahatani, Kalewadi |
|
|
|
|
|
Description: Land/ Site/ Building |
|
Agricultural
Land /Building / |
|
|
|
|
|
Whether Freehold/ Leasehold |
Freehold |
Freehold |
|
|
|
|
|
Type of Property |
Residential /
Industrial/ Agricultural (Grapes) |
Residential /
Industrial/ Agricultural (Grapes) |
|
|
|
|
|
Area/ Extent of Land |
1000 sq. ft. (4
Acers) |
1000 sq. ft. (5
Acres) |
|
|
|
|
|
Mortgaged for availing loan if any, details there of |
Agricultural
Land Mortgage for Palus Sahakari Bank Limited |
Agricultural
Land Mortgage for Palus Sahakari Bank Limited |
|
|
|
|
|
Present Market/ Assessed
value |
Rs.4.400 Millions |
Rs.4.400 Millions |
INVESTMENT
IN BUSINESS CAPITAL
|
Name of the Company/ firm/ concern in Which
Investment is made |
Solitaire
Engineer’s, Kudalwadi |
Solitaire
Engineer’s, Kudalwadi |
|
|
|
|
|
Date of Investment |
28.12.2004 |
28.12.2004 |
|
|
|
|
|
Present Value of
Investment |
Rs.1.400 Millions |
Rs.1.400 Millions |
DEPOSIT
HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.
|
Name of the Bank/ company where deposits are
held |
Palus Sahakari
Bank Limited Sangli DCC Bank
Limited |
Palus Sahakari
Bank Limited Postal FD |
|
|
|
|
|
Date of Deposits |
Years 2005 |
17.08.2009/
27.02.2007 |
|
|
|
|
|
Nature of Deposits |
Fixed Deposit |
Fixed Deposits |
|
|
|
|
|
Present Value of
Deposits |
Rs.0.160 Million |
Rs.0.125 Million |
SHARES/
DEBENTURE/ MUTUAL FUNDS/ UNITS ETC.
|
Description |
Palus Sahakari
Bank Limited Tasgao Arban
Bank Limited |
Palus Sahakari
Bank Limited |
|
|
|
|
|
Date of Purchases |
Year 2006 |
Year 2000 |
|
|
|
|
|
Face Value |
0.076 |
0.005 |
|
|
|
|
|
Present Value |
0.076 |
0.005 |
LIFE
INSURANCE POLICY
|
Policy Numbers |
940041774 |
-- |
|
|
|
|
|
Date of Policy |
16.03.2004 |
-- |
|
|
|
|
|
Type of Policy |
Jivan Mitra (21
years) |
-- |
|
|
|
|
|
Annual Premium |
0.006 |
-- |
|
|
|
|
|
Sum Assured |
0.259 |
-- |
|
|
|
|
|
Surrender Value |
0.030 |
-- |
VEHICLES
OWNED
|
Model/ Make |
Hero Honda
Splender |
Hero Honda
Splender |
|
|
|
|
|
Date of Purchases |
18.05.2007 |
04.06.2001 |
|
|
|
|
|
Present Market
Value |
0.030 |
0.025 |
OTHER
ASSETS
|
Cash in hand |
0.025 |
0.030 |
|
|
|
|
|
Jewellery |
0.300 |
0.800 |
|
|
|
|
|
Plant and Machinery |
1.900 |
1.900 |
|
|
|
|
|
Other Assets if any |
0.190 |
0.170 |
|
|
|
|
|
Total Value of
Assets |
2.415 |
2.900 |
|
TOTAL ASSETS |
RS.8.511 MILLIONS |
RS.8.855 MILLIONS |
LIABILITIES
FURNISH LOANS
AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AN OTHER BORROWINGS
|
Name of the Banks/ Institution |
Palus Sahakari
Bank Limited Citi Bank Shiba Kuries
Limited |
Palus Sahakari
Bank Limited Citi Bank Shiba Kuries
Limited |
|
|
|
|
|
Nature / Type of Loan |
Term Loans Personal Chit Fund |
Term Loans Personal Chit Fund |
|
|
|
|
|
Date of Loans |
21.01.2010/ Feb
2008 |
21.01.2010/ Feb
2008 |
|
|
|
|
|
Amount of Loan Availed |
0.727 |
0.727 |
|
|
|
|
|
Amount of
Outstanding (Total
Liabilities) |
0.727 |
0.727 |
|
NET WORTH |
RS.7.784 MILLIONS |
RS.8.128 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
|
Name of the Owner |
Solitaire Engineers (Mr. Vikas Patil and Mr. Shripad Patil) |
|
|
|
|
Purpose of Valuation |
Loan proposal with corporation Bank, Branch: |
|
|
|
|
Location of the property |
Plot at Gat No.669 and 670, Kudalwadi, Pimpri – |
|
|
|
|
Nearby Landmark |
Near Jadhav Vadi |
|
|
|
|
Boundaries |
East: By 12 mtr. Road West: By Part of Gat No.670 South: By North: By Property of Mr. Mane |
|
|
|
|
Brief
Description of the Property |
|
|
Nature and Locality |
This Property is in the form of Plot, situated in middle class
locality in Industrial Area |
|
Tenure |
Freehold |
|
Proximity of Civic Amenities |
Within 1-2 km Range of the Property |
|
Potential Hazards (If any) |
Not Anticipated |
|
Area of Plot |
1] Documented area of Gat No.669 = 1085 sft. 2] Documented area of Gat No.670 = 4422
sft. Total documented area of Plot = 5507 sft. |
|
|
|
|
Value of Land |
Documented area of Plots – 5507 sft. Rate adopted = Rs.750/- per sft. Hence Value = 5507 x 750.00 = Rs.4.130 Millions |
|
|
|
|
Fair Market Value |
Rs.4.130 Millions |
|
|
|
|
Govt. Guideline Rate |
For Stamp Duty Purpose the Government of Maharashtra has fixed the
rate plot in this area is Rs.1,470/- sqm. |
------------------------------------------------------------------------------------------------------------------------------
VALUATION OF MACHINERY
GAT
NO. 671, KUDALWADI, NEAR DECK COMPANY, KUDALWADI, CHIKHALI,
|
BRIEF
DESCRIPTION |
FAIR MARKET VALUE (RS. IN MILLIONS) |
|
|
|
|
CNC Turning Centre: Make : LMV Model : LL2oTL3 Cap. : Max. turning dia 265 mm Max. turning length 310 mm Admit bet centre 420 mm Hollow spindle ID 51 mm Spindle power 7.511KW Controller Fanuc Oi mate TC 8 station turret. Reported year: 2007 |
1.800 |
|
|
|
|
CNC Turning
Centre: Make: KGAI Model : TU-15 Cap. : Max.
turning dia 265 mm Max. turning
length 510 mm Admit bet centre
620 mm Hollow spindle
ID 41 mm Spindle power 9/15
KW Controller Fanuc
OT 12 station
turret. Reported year:
1998 |
1.250 |
|
|
|
|
CNC Turning Centre: Make : Ace Mcromatic Model : Jobber Cap. : Max. turning dia 290 mm Max. turning length 400 mm Admit bet centre 400 mm Hollow spindle ID 41 mm Spindle power 7.5/11 KW Controller Fanuc Oi mate TC 8 station turret. Reported year: 2004 |
1.000 |
|
|
|
|
Conventional lathe: Make : Sagar, Length: 7.5 Chuck, dia 250 mm Centre height: 12” With hydraulic power pack with drilling
attachment. Reported year: 1998 |
0.120 |
|
|
|
|
Conventional lathe: Make: Victor, Length: 7.5 Chuck, dia 250 mm Centre height: 12” Reported year : 2005 |
0.090 |
|
|
|
|
Conventional lathe: Make : Victor, Length: 5.5 Chuck, dia 250 mm Centre height: 12” Reported year: 2006 |
0.080 |
|
|
|
|
Conventional lathe: Make : Victor, Length : 4.5 Chuck, dia 250 mm Centre height: 12” Reported year: 2006 |
0.060 |
|
|
|
|
Air Compressor: Screw — CPM-7 Make: Reported year: 2008 |
0.175 |
|
|
|
|
Bench Grounder: Make : Elmark, Bhosari Reported year: 2005 |
0.003 |
|
|
|
|
TOTAL |
RS.4.578 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
TRADE REFERENCE:
§
Sona Okegawa Precision Forging Limited
Address: Bhosari, MIDC, Pune – 411026,
Contact Person: Mr. Ajit Parikh (General Manager)
Mobile No.: 91-9325078996
§
Hitech Rolling Balls
Private Limited
Nanekarwadi, Chakan, Pune,
Contact Person: Mr. Urs Mangunath (Manager
Purchase)
Mobile No.: 91-9373314856
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 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.45.45 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.61.43 |
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.