MIRA
INFORM REPORT
|
Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SWAM PNEUMATIES PRIVATE LIMITED |
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Registered
Office : |
112 Navjivan Vihar, New Delhi-110017 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.03.1978 |
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Com. Reg. No.: |
008921 |
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CIN No.: [Company Identification
No.] |
U74899DL1978PTC008921 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of a gamut of blowers and fans. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 320000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having satisfactory track. Trade relations are
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. The profit and loss of the company is not available. |
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 (GENERAL DETAILS)
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Name : |
Mr. Abhishek |
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Designation : |
Director |
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Contact No.: |
91-9810043887 |
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Date : |
28.02.2011 |
LOCATIONS
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Registered Office : |
112 Navjivan Vihar, New Delhi-110017, |
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Mobile No.: |
91-9810043887 (Mr. Abhishek) |
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E-Mail : |
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Area : |
2000 sq. ft. (Owned) |
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Factory: |
C-2, Sector-3, Gautam Budh Nagar, Noida-201301, |
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Tel. No.: |
91-120-2523633/2527610/2537282 |
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Fax No.: |
91-120-2443283 |
DIRECTORS
As on 21.08.2010
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Name : |
Mr. Sudershan Kumar Gambhir |
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Designation : |
Director |
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Date of Appointment : |
05.07.1978 |
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Name : |
Mr. Swarn Gambhir |
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Designation : |
Director |
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Date of Appointment : |
16.03.1978 |
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Name : |
Mr. Abhishek Gambhir |
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Designation : |
Director |
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Date of Appointment : |
30.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Swarn Gambhir |
|
126500 |
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Abhishek Gambhir |
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180000 |
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S.K. Gambhir |
|
640000 |
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Monica Gambhir |
|
84500 |
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Vens Raj Gambhir |
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1500 |
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Suderahan Gambhir |
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1500 |
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Raj Kapoor |
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6000 |
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Vertika Gambhir |
|
17500 |
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Baby Arushi Gambhir |
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12500 |
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Sanchit Gambhir |
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10000 |
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Total |
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1080000 |
As on 21.08.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
99.44 |
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Other
top fifty shareholders |
|
0.56 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a gamut of blowers and fans. |
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Products : |
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Exports : |
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Products : |
Rotary Piston Blowers, Rotary Piston Compressors, Process Gas Blowers,
Truck Blower |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
Cash Credit Rs.10.300 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Tiwari and Associates Chartered Accountant |
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Address : |
T-8, |
CAPITAL STRUCTURE
As on 21.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1080000 |
Equity Shares |
Rs.10/- each |
Rs.10.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.800 |
10.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.601 |
26.064 |
21.015 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.401 |
36.064 |
30.015 |
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LOAN FUNDS |
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1] Secured Loans |
23.768 |
15.701 |
19.765 |
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2] Unsecured Loans |
2.314 |
3.770 |
4.482 |
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TOTAL BORROWING |
26.082 |
19.471 |
24.247 |
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DEFERRED TAX LIABILITIES |
2.363 |
2.036 |
1.089 |
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TOTAL |
108.846 |
57.571 |
55.351 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
97.481 |
54.383 |
42.054 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.893
|
12.631 |
16.374 |
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Sundry Debtors |
49.227
|
34.240 |
22.423 |
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Cash & Bank Balances |
8.125
|
5.456 |
4.262 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.999
|
6.575 |
4.353 |
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Total
Current Assets |
75.244
|
58.902 |
47.412 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
57.395
|
53.555 |
33.797 |
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Provisions |
6.519
|
2.223 |
0.417 |
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Total
Current Liabilities |
63.914
|
55.778 |
34.214 |
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Net Current Assets |
11.330
|
3.124 |
13.198 |
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MISCELLANEOUS EXPENSES |
0.035 |
0.064 |
0.099 |
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TOTAL |
108.846 |
57.571 |
55.351 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
2.09 |
1.95 |
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Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.06 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90039751 |
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Corporate
identity number of the company |
U74899DL1978PTC008921 |
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Name of the
company |
SWAM PNEUMATIES PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in |
112 Navjivan Vihar, New Delhi-110017, |
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Type of charge |
Movable Property
(not being pledge) Others |
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Particular of charge
holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
(1) Letter
evidencing deposit of title deeds for extension of equitable mortgage(form-b) (2) Pledge /
hypothecation letter in respect of machines accepted as collateral security
for advances |
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Date of
instrument Creating the charge |
12.12.2008 |
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Amount secured by
the charge |
Rs.10.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At sb-3 (revised
sb-7) i.e. at 0.50 % below the rate
applicable as per CRA rating Terms of
Repayment As Per Sanction
Terms and / Or Existing Repayment
Schedule Margin Raw materials ,
stock in process , finished goods- 25 % LC / BG ( upto
Rs. 3.00 cr. and for a period of 12
months )- 10 % and beyond that - 15 % Book debts( cover
period 90 days) - 25 % Land and building / plant and machinery / EPC - 25 % Extent and
Operation of the charge The Company's
properties mentioned hereunder are mortgaged to collaterally secure the
following Credit Facilities granted by Bank to the Company: Term
Loan-1:Rs.1.300 Millions ; Term Loan-2:Rs2.900 Millions ; Open Term
Loan-1:Rs.0.900 Millions and Open Term Loan-2:Rs.4.200 Millions ;SLC for Purchase of New Vehicles-Rs.1.000
Millions [Total Outstanding Term Loans aggregating to
Rs.9.300 Millions ] Others Borrower has
undertaken that the said machines{point 14(2)} are the absolute property of
borrower and no person (which includes a Concern engaged in the business of
hire purchase) other than Bank has any lien thereon or interest therein and
further that the said machines have been installed in the Borrower’s premises
for the purpose of their business only and not with the intention of making
them permanent fixtures |
|
Short particulars
of the property charged |
(1)Eq. Mort. in
respect of co's following immovable properties:- (a)Factory land
and building situated at C-2, Sector-3, Noida (b)Factory land
and building situated at B-9, Sector-57, Noida (c)Three Flats
situated at C-266-A,Sector-19,C-106/6,Sector -31 and C-1/10, Sector-55,Noida together with all
building, structures, construction, fixtures now stands thereon (2)Pledge/ Hypo.
of all the plant and machinery installed at the borrower’s premises/godowns
or wherever else and /or in transit. |
|
Date of latest
modification prior to the present modification |
12.12.2008 |
|
Particulars of
the present modification |
The charge
against outstanding term loans aggregating to Rs.10.300 Millions ( As per
details In Point in 12(d) above) shall
now also be collaterally/additionally secured by way of Equitable Mortgage by
deposit of title deeds in respect of company's immovable properties and
pledge / hypothecation of machineries as per details mentioned in point 14
above. |
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
45 |
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.