MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHAYBURG VALVES PRIVATE LIMITED |
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Registered
Office : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.05.2008 |
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Com. Reg. No.: |
11-182305 |
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Capital Investment
/ Paid-up Capital : |
Rs. 9.560 millions |
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CIN No.: [Company Identification
No.] |
U27201MH2008PTC182305 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Steel Valves. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track. There appears
some losses being incurred by the company in the current year i. e. 2009-10.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings with some caution. |
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
|
Name : |
Mr. Anant |
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Designation : |
Commercial Manager |
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Contact No.: |
91-22-21642626 |
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Date : |
08.07.2011 |
LOCATIONS
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Registered Office : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
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Tel. No.: |
91-22-21642626 |
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Fax No.: |
91-22-21645454 |
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E-Mail : |
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Website : |
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Business Office : |
1002, 360, Degree Business Park, LBS Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
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Factory 1 : |
Plot No 176-186, Paiki B/1, Ajantha Industrial Estate, Vasna, Iyava
Sanand, Ahmedabad-382170, Gujarat, India |
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Tel. No.: |
91-2717-294530 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Ms. Smita Ramesh Shetty |
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Designation : |
Director |
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Address : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
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Date of Appointment : |
16.05.2008 |
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DIN No : |
00743291 |
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Name : |
Mr. Sagar Ramesh Shetty |
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Designation : |
Director |
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Address : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
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Date of Appointment : |
16.05.2008 |
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DIN No : |
02139996 |
KEY EXECUTIVES
|
Name : |
Mr. Anant |
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Designation : |
Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Smita Ramesh Shetty |
685000 |
|
Sagar Ramesh Shetty |
50000 |
|
Shri Sai Shraddha Enginerring Private Limited, India |
221000 |
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|
|
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Total |
956000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
23.12 |
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Directors or relatives of Directors |
76.88 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Valves. |
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Exports : |
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Products : |
·
Valves |
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Countries : |
·
All over the world |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Oil and Natural Gas Corporation of India ·
GAIL India Limited ·
Mecon Limited ·
Gujarat State Petronet Limited ·
Bhagyanagar Gas Limited ·
Gujarat Gas Corporation Limited ·
India Oiltanking Limited ·
Punj Lioyd Limited ·
Elster Instromet India private Limited ·
Utkal Alumina International Limited, Aditya Biral ·
Petroleum Development of Oman ·
Global Flow Technologies ·
Oman Refinery ·
Enermech Limited, UK ·
Silver Line Services Limited, Africa ·
Zytech Global Industries, USA |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
Vijaya Bank, Industrial Finance Branch, Kamadhenu
Complex, Opposite Polytechnic, Ambavadi, Ahmadabad-380015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sunil Sandeep and Company Chartered Accountant |
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Address : |
306, President House, Opposite C N Vidhyalaya, Ambawadi,
Ahmadabad-380006, Gujarat, India |
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Tel No.: |
91-79-30027422 / 23 |
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Email : |
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PAN No.: |
ACXPC6559M |
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Associates/Subsidiaries : |
·
Steel Strong Valves Private limited ·
Steel Strong International |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
956000 |
Equity Shares |
Rs.10/- each |
Rs. 9.560
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
9.560 |
7.350 |
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2] Share Application Money |
|
2.650 |
0.000 |
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3] Reserves & Surplus |
|
31.585 |
0.021 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
43.795 |
7.371 |
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LOAN FUNDS |
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1] Secured Loans |
|
45.004 |
14.607 |
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2] Unsecured Loans |
|
0.150 |
5.075 |
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TOTAL BORROWING |
|
45.154 |
19.682 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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88.949 |
27.053 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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72.209 |
29.164 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
2.101 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
16.064 |
1.728 |
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Sundry Debtors |
|
10.432 |
1.258 |
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Cash & Bank Balances |
|
0.580 |
0.687 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
5.807 |
2.882 |
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Total
Current Assets |
|
32.883 |
6.555 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
16.839 |
3.507 |
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Other Current Liabilities |
|
1.959 |
5.790 |
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Provisions |
|
0.401 |
0.012 |
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Total
Current Liabilities |
|
19.199 |
9.309 |
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Net Current Assets |
|
13.684 |
(2.754) |
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MISCELLANEOUS EXPENSES |
|
0.955 |
0.643 |
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TOTAL |
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88.949 |
27.0543 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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INCOME FROM
OPERATION |
|
32.092 |
1.849 |
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PROFIT BEFORE
TAX |
|
(7.003) |
0.034 |
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Less |
TAX |
|
(2.101) |
0.012 |
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PROFIT AFTER TAX
|
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(4.902) |
0.022 |
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Earnings Per
Share (Rs.) |
|
(5.13) |
0.03 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
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(21.82) |
1.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(6.53) |
0.10 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.16) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.47 |
3.93 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.71 |
0.70 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
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|
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Creditors for Raw Material |
|
15.500 |
3.507 |
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Creditors for Expenses |
|
1.339 |
0.000 |
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Total |
|
16.839 |
3.507 |
OPERATIONS:
During the year the company has started the commercial operation of its Unit
at Ahmadabad. In the first year of operations, the company has stabilized the
production and is gradually increasing the operating capacity. The sales has
increased during the year to Rs. 32.092 millions in 2009-10 with a loss of Rs.
7.003 millions.
Looking at the growth prospectus and the directors are hopeful to
operate the unit at higher capacity leading to economies of scale and higher
operating profit. The directors are hopeful about profitability of the unit in
the year 2010-11.
FORM 8
|
Corporate
identity number of the company |
U27201MH2008PTC182305 |
|
Name of the
company |
SHAYBURG
VALVES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Vijaya Bank, Industrial Finance Branch, Kamadhenu Complex, Opposite
Polytechnic, Ambavadi, Ahmadabad-380015, Gujarat, India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement dated 23-03-2010 |
|
Date of
instrument Creating the charge |
23.03.2010 |
|
Amount secured by
the charge |
Rs. 13.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR
+ 1.00 % i.e. 13.25 % (floating) Rate
of additional interest in case of default - 2 % Terms of
repayment 57
monthly installments to commence after initial moratorium of 3 months from
the date of draw down. Interest to be serviced separately as and when
debited. Margin 25 % Extent and
operation of the charge All the
securities described in column no. 15 have been charged to bank to secure its
Secured Loan of Rs.13.500 millions together with interest and all other
moneys payable by the Company to the Lender. |
|
Short particulars
of the property charged (Including location of the property) |
First
charge by way of hypothecation of machinery, office equipments, computer
system to be acquired out of term loan more particularly described in the
agreement. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Import Machinery
·
Electrical Installation
·
Computer
·
Office Equipments
·
Furniture and Fixtures
·
Maruti Alto Car
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.