MIRA
INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHOEI FINISHING PRIVATE LIMITED |
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Registered
Office : |
Gate No.118, Alandi-Markal Road, Village Dhangore, Tal-Khed, Khed –
412105, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
03.10.1991 |
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Com. Reg. No.: |
11- 063457 |
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Capital
Investment / Paid-up Capital : |
Rs.6.570 Millions |
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CIN No.: [Company Identification
No.] |
U29296MH1991PTC063457 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNES09119F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial Furnaces |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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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 120000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
to be dip in the turnover and profitability of the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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 – 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 |
|
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. Purnik |
|
Designation : |
HR Department |
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Date : |
10.06.2011 |
LOCATIONS
|
Registered Office / Factory : |
Gate No.118, Alandi-Markal Road, Village Dhangore, Tal-Khed, Khed –
412105, Maharashtra, India |
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Tel. No.: |
91-2135-662900 |
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Fax No.: |
91-2135-232017 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Vijay Ambadas Sarode |
|
Designation : |
Director |
|
Address : |
Flat No.1, Sarala Camelia S.No. 132/1, Cosmopolitin Co - Op Soc. ITI
Road, Aundh, Pune, 411007, India |
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Date of Birth/Age : |
11/03/1947 |
|
Date of Appointment : |
03/10/1991 |
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Din No.: |
00107838 |
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Name : |
Mr. Chandrakant Sadashiv Kale |
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Designation : |
Director |
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Address : |
92, Sadashanti, Dhanukar Colony, Kothrud, Pune – 411029, India |
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Date of Birth/Age : |
04/09/1947 |
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Date of Appointment : |
21/12/1992 |
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Din No.: |
01631281 |
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Name : |
Mr. Tsuyoshi Kajitani |
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Designation : |
Director |
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Address : |
C – 194, 3 Yamatehigashi 2 – Chome, Kayotanabe – Shi, Kyoto, Japan |
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Date of Birth/Age : |
27/07/1945 |
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Date of Appointment : |
28/09/2005 |
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Name : |
Mr. Santosh Ganesh Mulay |
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Designation : |
Director |
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Address : |
Anuradha, 104/4, Bharti Niwas Colony, Erandwana, Pune – 411004,
India |
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Date of Birth/Age : |
11/03/1947 |
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Date of Ceasing : |
09/01/2010 |
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Date of Appointment : |
01/01/2006 |
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Din No.: |
00290453 |
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Name : |
Mr. Yashwant Shridhar Kulkarni |
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Designation : |
Director |
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Address : |
Hridhar Smruti 66 Ashok Nagar, Shivajinagar, Pune, 41100, India |
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Date of Birth/Age : |
10/09/1952 |
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Date of Appointment : |
20/06/2010 |
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Din No.: |
02921756 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Ambadas Sarode |
|
407010 |
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Vijay Sarode (HUF) |
|
85740 |
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Chandrakant Sadashiv Kal |
|
32850 |
|
Shoei Mfg Company Limited, Japan |
|
131400 |
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Total |
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657000 |
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 |
20.00 |
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Directors or relatives of Directors |
80.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Furnaces |
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Product : |
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Terms : |
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Purchasing : |
Depends |
GENERAL INFORMATION
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Customers : |
Industries |
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No. of Employees : |
30 (Approximately ) |
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Bankers : |
The Cosmos
Co-Operative Bank Limited ( Alandi Branch ), 269/270, Shaniwar Peth , Pune –
411030, Maharashtra, India |
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Facilities : |
Note : 1.
The term Loan is secured by mortgage of Company’s
immovable property and first charge by way of hypothecation of all movable
properties of the company including plant and machinery, machinery spares,
tools and accessories both present and future. 2.
Working Capital Loan is secured by first charge
by way of hypothecation of whole of stock of raw materials, consumables, work
in progress, finished goods, book debts. 3.
The bank loan are guaranteed by the directors in
their personal capacities. |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Suryakant M Shah and Company Chartered Accountant |
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Address : |
39-40, Chitrashala Bhavan 354 Narayan Peth, Laxmi Road, Pune – 411030,
Maharashtra, India |
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Tel. No.: |
91-22-24450280 / 24461660 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
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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|
|
|
|
|
657000 |
Equity Shares |
Rs.10/- each |
Rs.6.570
Millions |
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Note :
1. During the financial year 2006-07 the company subdivided the equity
shares of Rs. 100 each into ten shares of Rs. 10 each.
2. 328500 Equity Shares of Rs. 10 each issued as bonus shares during the
financial year 2006-07 by capitalization of accumulated profits.
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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|
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|
1] Share Capital |
6.570 |
6.570 |
6.570 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.492 |
45.935 |
16.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.062 |
52.505 |
22.830 |
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LOAN FUNDS |
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1] Secured Loans |
24.768 |
46.127 |
60.922 |
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2] Unsecured Loans |
6.798 |
7.601 |
7.654 |
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TOTAL BORROWING |
31.566 |
53.728 |
68.576 |
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DEFERRED TAX LIABILITIES |
3.805 |
4.065 |
3.464 |
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TOTAL |
64.433 |
110.298 |
94.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.491 |
63.603 |
39.351 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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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|
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|
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Inventories |
23.395
|
16.999 |
58.295 |
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|
Sundry Debtors |
16.635
|
34.033 |
15.946 |
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Cash & Bank Balances |
5.043
|
12.414 |
13.315 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.476
|
18.799 |
17.533 |
|
Total
Current Assets |
60.549
|
82.245 |
105.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Other Current Liabilities |
20.383
|
23.343 |
39.689 |
|
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Provisions |
12.340
|
12.340 |
10.036 |
|
Total
Current Liabilities |
32.723
|
35.683 |
49.725 |
|
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Net Current Assets |
27.826
|
46.562 |
55.364 |
|
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MISCELLANEOUS EXPENSES |
0.016 |
0.033 |
0.055 |
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TOTAL |
64.433 |
110.298 |
94.870 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
50.038 |
184.988 |
113.923 |
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Other Income |
4.663 |
5.249 |
1.969 |
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TOTAL |
54.701 |
190.237 |
115.892 |
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Less |
EXPENSES |
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Administrative Expenses |
|
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|
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Advertising Expenses |
|
175.717 |
100.474 |
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Interest |
|
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TOTAL |
55.721 |
175.717 |
100.474 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
14.520 |
15.418 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
2.703 |
2.090 |
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PROFIT BEFORE
TAX |
(1.020) |
11.817 |
13.328 |
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Less |
TAX |
0.260 |
4.825 |
7.118 |
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PROFIT AFTER TAX
|
(0.760) |
6.992 |
6.210 |
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EARNINGS IN
FOREIGN CURRENCY |
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Consulting Engineering Charges |
-- |
6.210 |
NA |
|
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TOTAL EARNINGS |
-- |
6.210 |
NA
|
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|
Earnings Per
Share (Rs.) |
Nil
|
17.90 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
200.000 |
|
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|
The above information has been parted by Mr. Puranik.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.38)
|
3.67 |
5.35 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(2.03)
|
6.38 |
11.69 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.05)
|
8.10 |
9.22 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.22 |
0.58 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
1.70 |
5.18 |
|
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|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
2.30 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
FORM : 8
|
Corporate identity number of the company |
U29296MH1991PTC063457 |
|
Name of the company |
SHOEI FINISHING PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Gate No.118,
Alandi-Markel Road, Village Dhangore, Tal-Khed, Khed – 412105, Maharashtra,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
The Cosmos Co-Operative Bank Limited (
Alandi Branch ), 269/270, Shaniwar Peth , Pune – 411030, Maharashtra, India |
|
Nature of instrument creating charge |
Composite Deed of Further Charge And
Hypothecation Dated 09.08.2010 |
|
Date of instrument Creating the charge |
09.08.2010 |
|
Amount secured by the charge |
Rs. 10.500 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest S
Per Credit Rating At Present 13.50% P.A Terms
of repayment Period- 60 Months Margin 25% In Banks Favour Extent
and operation of the charge The Charge Shall Continue To Operate Until
The Full Repayment of Loan By The Company Other
Facility - Term Loan (Machinery): Rs.
10.500 millions Given To Rising Sun Die Castings Private Limited |
|
Short particulars of the property charged
(Including location of the property) |
Gat No. 118 Hissa No. 2A village Dhanore
Tal. Khed Dist Pune and As More Particularly Described in Schedule I of The
Composite deed. |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipments
·
Computers
·
Vehicles
·
Furniture and Fixtures
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. 44.93 |
|
|
1 |
Rs. 72.42 |
|
Euro |
1 |
Rs. 63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.