MIRA
INFORM REPORT
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Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
Cooperative House, 3rd Floor, Near |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.09.2008 |
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Com. Reg. No.: |
04-055127 |
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CIN No.: [Company Identification
No.] |
U29130GJ2008PTC055127 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of An Italian Automotive and Industrial Appliance |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Yet to commence business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between BELFIN SAP, As per Available details of 2010, the company has not commenced its commercial
production. Payment term are not known. The company can be considered for business dealings on secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Ms. Harsha / Ms. Kavita / Mr. Desai |
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Designation : |
Accounts Department |
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Date : |
27.01.2011 |
LOCATIONS
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Registered Office : |
Cooperative House, 3rd Floor, Near |
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Tel. No.: |
91-265-2323256 / 2323598 |
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Fax No.: |
91-265-2339291 |
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E-Mail : |
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Website : |
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Factory : |
Block No.735, 736, 739, NH.8, |
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Jaimin Patel |
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Designation : |
Director |
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Address : |
Shyam Butt Bunglow, Behind Vaikunth, Society, |
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Date of Appointment : |
26/09/2008 |
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Name : |
Mr. Hemal Patel |
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Designation : |
Director |
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Address : |
No.45, Pashabhai, Patel park,Race, |
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Date of Appointment : |
26/09/2008 |
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Name : |
Mr. Rita Bellazzi |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
20/12/2008 |
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Name : |
Mr. Sergio Bellazzi |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
20/12/2008 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Belfin SPA |
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1828946 |
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Mr. Jaimin Girish Patel |
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165450 |
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Hemal Rameshchandra Patel |
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102450 |
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Shyam Management Services Private Limited, |
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800500 |
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Shyam Marketing Private Limited, |
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195000 |
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Mr. Mukesh G Desai joint Kasmira M Desai |
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57500 |
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Mr. Nitin J Mankad joint With Minakshi N Mankad |
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20000 |
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Mr. Rachit N Mankad joint With Esha R Mankad |
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5000 |
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Mr. Sanjay J Mankad joint With Vaishali S Mankad |
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25500 |
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Mrs. Vaishali S Mankad joint With Mr. Sanjay J Mankad |
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47000 |
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Mr. Bipin C Mankad joint With Mrs. Cima B Mankad |
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51500 |
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Mr. Rachit N Mankad joint With Minakshi N Mankad and Eisha Sarkar |
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15000 |
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Minakshi N Mankad joint With Mr. Nitin J Mankad and Riddhi Mankad |
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37500 |
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Mr. Nitin J Mankad joint With Minakshi N Mankad and Riddhi Mankad |
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10000 |
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Mr. Jaimin Patel joint With Amrita Patel |
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75000 |
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Shyam Industries Limited, |
|
88553 |
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Bipin Mankad |
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8500 |
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Bina Mankad joint With Bipin Mankad, |
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15000 |
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Nihar Desai joint With Kashmira Desai |
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12500 |
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Total |
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3560899 |
AS ON 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
51.36 |
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Bodies corporate |
30.45 |
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Directors or relatives of Directors |
9.64 |
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Other top fifty shareholders |
8.55 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of An Italian Automotive and Industrial Appliance. |
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Production Status As on : 31.03.2010
|
Class of Goods |
Units |
Licensed Capacity |
Installed Capacity |
Production (In No.) |
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Coiler Springs |
(MT) |
2400 |
2400 |
2144 |
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Total |
(MT) |
2400 |
2400 |
2144 |
GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
Note : Term Loan is secured by equitable mortgage of plat and Machinery, Land
and Factory. Working capital loan is secured by tangible assets of directors
and their relatives.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.C. Mehta and Company Chartered Accountant |
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Address : |
2nd Floor Meghdhanush, Race Course, Vaodadara – 390007, |
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91-265-2341626 / 3086400 |
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Fax No.: |
91-265-3086444 / 455 / 466 |
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E-Mail : |
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Website : |
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Holding Company : |
Belfin Spa – |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
45,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
35,60,899 |
Equity Shares |
Rs.10/- each |
Rs. 35.608 Millions |
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|
Note : Of the above 18,28,946 shares are held by the
Holding company, Belfin S.P.A. w.e.f. 30th August 2009)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
35.608 |
0.100 |
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2] Share Application Money |
|
0.000 |
20.387 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(4.815) |
(1.129) |
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NETWORTH |
|
30.793 |
19.358 |
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LOAN FUNDS |
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1] Secured Loans |
|
67.370 |
0.247 |
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2] Unsecured Loans |
|
1.359 |
2.232 |
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TOTAL BORROWING |
|
68.729 |
2.479 |
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DEFERRED TAX LIABILITIES |
|
7.650 |
0.000 |
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TOTAL |
|
107.172 |
21.837 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
93.689 |
17.853 |
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Capital work-in-progress |
|
6.597 |
4.172 |
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INVESTMENT |
|
0.250 |
0.250 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
2.617
|
0.000 |
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Sundry Debtors |
|
0.000
|
0.000 |
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Cash & Bank Balances |
|
0.397
|
0.038 |
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Other Current Assets |
|
1.144
|
0.001 |
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Loans & Advances |
|
5.982
|
0.050 |
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Total
Current Assets |
|
10.140 |
0.089 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
4.804 |
0.192 |
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Other Current Liabilities |
|
2.417
|
0.327 |
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Provisions |
|
0.000
|
0.008 |
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Total
Current Liabilities |
|
7.221 |
0.527 |
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Net Current Assets |
|
2.919 |
(0.438) |
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MISCELLANEOUS EXPENSES |
|
3.717 |
0.000 |
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TOTAL |
|
107.172 |
21.837 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
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Income |
|
0.000 |
Nil |
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Other Income |
|
1.288 |
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TOTAL |
|
1.288 |
Nil |
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|
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Less |
EXPENSES |
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|
|
|
|
|
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Manufacturing and other expenses |
|
0.006 |
0.003 |
|
|
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Employees Cost |
|
1.798 |
0.304 |
|
|
|
Administration and Other Expenses |
|
2.565 |
0.632 |
|
|
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Selling and Distribution Expenses |
|
0.131 |
0.106 |
|
|
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TOTAL |
|
4.500 |
1.045 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, AND TAX |
|
(3.212) |
(1.045) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
0.473 |
0.076 |
|
|
|
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PROFIT BEFORE
TAX |
|
(3.685) |
(1.121) |
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|
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|
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Less |
TAX |
|
-- |
0.008 |
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PROFIT AFTER TAX |
|
(3.685) |
(1.129) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(1.129) |
-- |
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|
BALANCE CARRIED
TO THE B/S |
|
(4.815) |
(1.129) |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
|
0.990 |
Nil |
|
|
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Capital Goods |
|
11.715 |
Nil |
|
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TOTAL IMPORTS |
|
12.705 |
Nil
|
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|
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|
|
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|
Earnings Per
Share (Rs.) |
|
(1.37) |
(334.64) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(286.10) |
-- |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(3.54) |
(6.24) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.11) |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.46 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.40 |
0.16 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs. In Millions)
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
4.804 |
0.192 |
|
|
|
|
|
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Total |
|
4.804 |
0.192 |
Fixed Assets :
- Land
- Buildings
- Plant and machinery
- Office Equipments
- Furniture and Fixtures
- Computer
Financial Performance :
The company has not commenced its commercial
production during the year under review, the income recorded for Rs. 1.288 was
due to the interest income and exchange gain. Net loss for the year ended 31st
March, 2010 increased to Rs. 3.685 from Rs. 1.129 in the previous year.
Form : 8
|
Corporate
identity number of the company |
U29130GJ2008PTC055127 |
|
Name of the
company |
CIMA SHYAM
SPRINGS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Cooperative
House, 3rd Floor, Near Manisha Cross Road, Old Padra Road, Vadodara – 390015,
Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
Instrument
Relating to Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
30/08/2010 |
|
Amount secured by
the charge |
Rs. 90.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 1% above BPLR
i.e. 13% p.a. with monthly rest subject to change in BPL from time to time Terms of repayment : 1.For cash
credit( hypothecation of stock cum Book Debts)-12 months 2.For Inland/
foreign Letter of credit( DP/DA- 90 days)-12 months 3. For Term Loan
(for procurement of plant & Machineries)-78 months including moratorium
period of 18 months subject to annual review. Repayment to
commence after 18 months from date of first disbursement. repayment in 60
installments, First- 59 installments of Rs.1.080 millions and last of
Rs.104.400 millions Interest to be paid separately on monthly rests. Margin : 30% on Factory
land, Building/ Civil Construction 25% on Plant
& Machinery 25% on Stock/
Book Debts 25% cash margin
at the time of opening of LC. Extent and operation of the charge : The Charge is
modified to secure the due repayment of the credit facilities of Rs. 90.000
millions. Term Loan- 65.000
millions Cash Credit- 15.000 millions
Inland/Foreign
letter of credit- 10.000 millions Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Particulars of
the present modification |
Vide this
Instrument Relating to Deposit of Title Deeds the existing limit is secured
by additional immovable properties as mentioned above |
As Per Website Details :
About The Belfin Group :
Subject is a joint venture between BELFIN SPA, an Italian
Automotive and Industrial Appliance Manufacturer and Shyam Industries Ltd. a leading
manufacturer of Auto Components in
Worldwide Customer Base :
The Belfin Group of companies is a leading Worldwide
manufacturer of specialized clamps, fasteners, shock-absorbers, springs
supplying a diverse range of industrial and automotive markets worldwide. Working
to the highest quality assurance accreditations, the Belfin Group utilizes
comprehensive customized design and test facilities to produce products of the
highest precision and quality.
About Shyam Industries Limited :
Shyam Industries Limited (SIL) is one of the leading
manufacturers of automobile leaf springs located in the western region of
Shyam Industries has been awarded ISO/TS 16949:2002 certificate by TUV
for the quality systems followed in the manufacturing of the springs. SIL
markets include
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] 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. 45.74 |
|
|
1 |
Rs. 72.73 |
|
Euro |
1 |
Rs. 62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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 CREDI1T 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.