MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERLING ABRASIVE LIMITED |
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Registered Office : |
Plot No. 45/ 46, G.I.D.C. Industrial Estate, Odhav Road, Ahmedabad –
382 415, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.07.1979 |
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Com. Reg. No.: |
04-003467 |
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Capital
Investment / Paid-up Capital : |
Rs.9.000 Millions |
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|
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CIN No.: [Company
Identification No.] |
U29259GJ1979PLC003467 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00471C |
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PAN No.: [Permanent
Account No.] |
AACCS1266P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Grinding
Wheels. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 689572 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered/ Head Office : |
Plot No. 45/ 46, G.I.D.C. Industrial Estate, Odhav Road, Ahmedabad –
382 415, Gujarat, India |
|
Tel. No.: |
91-79-22870905/ 22870907/
30911595/ 30911655/ 31042346 (Sales) |
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Fax No.: |
91-79-22974102 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at:
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DIRECTORS
As on : 07.06.2010
|
Name : |
Mr. R.
Srinivasan |
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Designation : |
Director |
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Address : |
"DHANYA",
126, |
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Date of Birth/Age : |
10.09.1941 |
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Date of Appointment : |
22.04.2009 |
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|
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|
Name : |
Mr. Nirav N.
Parikh |
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Designation : |
Managing
Director |
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Address : |
"Viral"
1278, Near |
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Date of Birth/Age : |
25.02.1966 |
|
Date of Appointment : |
01.07.2005 |
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|
Name : |
Mr. Nitin S.
Parikh |
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Designation : |
Whole Time Director |
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Address : |
"Viral"
1278, Near |
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Date of Birth/Age : |
30.03.1940 |
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Date of Appointment : |
27.07.1979 |
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|
|
|
Name : |
Mr. K.
Srinivasan |
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Designation : |
Director |
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Address : |
34/4, |
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Date of Birth/Age : |
22.11.1957 |
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Date of Appointment : |
11.12.2001 |
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|
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|
Name : |
Mr. N. Kishore |
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Designation : |
Director |
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Address : |
34/3, |
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Date of Birth/Age : |
03.10.1953 |
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Date of Appointment : |
01.07.2005 |
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|
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|
Name : |
Mr. Sudhir I.
Nanavati |
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Designation : |
Director |
|
Address : |
'ARCHIT", |
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Date of Birth/Age : |
29.09.1947 |
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Date of Appointment : |
27.07.1979 |
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|
|
|
Name : |
Mr. V. Ramesh |
|
Designation : |
Director |
|
Address : |
S-Block, Old
N0.55, New No.17, 20th Street, Anna Nagar, Chennai - 600 040, |
|
Date of Birth/Age : |
16.07.1957 |
|
Date of Appointment : |
17.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nitinbhai S. Parikh |
|
7494 |
|
Nirav Nitin Parikh |
|
10000 |
|
Deval Nitin Parikh |
|
1000 |
|
Payal Nitin Parikh |
|
1250 |
|
Viralben Nitinbhai Parikh |
|
1250 |
|
Radhe Investment Private Limited, |
|
6 |
|
Ashaben Nitinbhai Parikh |
|
15000 |
|
Carborundum Universal Limited, India |
|
54000 |
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Total |
|
90000 |
As on 07.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
60.00 |
|
Directors
or relatives of directors |
|
40.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Installed
Capacity (Tons)
|
Actual
Production (Pieces)
|
|
Grinding Wheels |
2800 |
591144 |
GENERAL INFORMATION
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Customers : |
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Bankers : |
State Bank of |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
J.T. Shah and Company Chartered Accountants |
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Address : |
201, 202 Lalita Complex, 352/3 Rasal Marg, Navrangpura, Ahmedabad – 380
009, |
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Tel. No.: |
91-79-26444420/ 26444430/ 26444440 |
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Fax No.: |
91-79-26560440 |
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E-Mail : |
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Holding Company : |
Carborundum Universal Limited CIN No.: L29224TN1954PLC000318 |
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Associates : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000
millions |
|
|
|
|
|
Note:-
Out of the above 75000
shares of Rs.100/- each were issued as fully paid up Bonus Shares by
capitalization of General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
163.393 |
129.129 |
107.602 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
172.393 |
138.129 |
116.602 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
3.966 |
34.479 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
3.966 |
34.479 |
|
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DEFERRED TAX LIABILITIES |
9.945 |
7.644 |
8.534 |
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|
|
|
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|
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TOTAL |
182.338 |
149.739 |
159.615 |
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
98.038 |
87.078 |
87.124 |
|
|
Capital work-in-progress |
0.737 |
0.909 |
0.256 |
|
|
|
|
|
|
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INVESTMENT |
15.067 |
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 |
|
|
|
|
|
|
Inventories |
47.651
|
42.448
|
41.081 |
|
|
Sundry Debtors |
63.245
|
55.047
|
59.122 |
|
|
Cash & Bank Balances |
8.381
|
1.426
|
7.443 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
11.159
|
4.780
|
11.045 |
|
Total
Current Assets |
130.436
|
103.701
|
118.691 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.562
|
23.298
|
30.799 |
|
|
Current Liabilities |
2.389
|
2.858
|
2.495 |
|
|
Provisions |
20.989
|
15.793
|
13.162 |
|
Total
Current Liabilities |
61.940
|
41.949
|
46.456 |
|
|
Net Current Assets |
68.496
|
61.752
|
72.235 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
182.338 |
149.739 |
159.615 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
317.521 |
285.959 |
235.004 |
|
|
|
Other Income |
3.999 |
4.202 |
2.534 |
|
|
|
TOTAL (A) |
321.520 |
290.161 |
237.538 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
92.028 |
92.629 |
73.525 |
|
|
|
Purchases of Finished Goods |
1.456 |
2.285 |
0.710 |
|
|
|
Increase/(Decrease) in Finished Goods |
(2.740) |
(1.179) |
(9.847) |
|
|
|
Employees Cost |
38.067 |
35.463 |
32.090 |
|
|
|
Other Costs |
103.329 |
93.999 |
86.470 |
|
|
|
TOTAL (B) |
232.140 |
223.197 |
182.948 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
89.380 |
66.964 |
54.590 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.319 |
3.496 |
3.104 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
89.061 |
63.468 |
51.486 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.821 |
5.451 |
4.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
83.240 |
58.017 |
47.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
27.765 |
20.476 |
17.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
55.475 |
37.541 |
30.059 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.838 |
16.090 |
14.194 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
25.000 |
20.000 |
15.000 |
|
|
|
Dividend |
18.000 |
13.500 |
11.250 |
|
|
|
Tax on Dividend |
2.990 |
2.293 |
1.913 |
|
|
BALANCE CARRIED
TO THE B/S |
27.324 |
17.838 |
16.090 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
70.216 |
74.856 |
46.154 |
|
|
TOTAL EARNINGS |
70.216 |
74.856 |
46.154 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.141 |
17.276 |
9.701 |
|
|
|
Stores & Spares |
0.472 |
0.633 |
0.584 |
|
|
|
Capital Goods |
0.718 |
0.000 |
2.238 |
|
|
|
Others |
0.000 |
0.047 |
0.000 |
|
|
TOTAL IMPORTS |
17.331 |
17.956 |
12.523 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
616.38 |
417.12 |
333.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.25
|
12.95
|
12.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.21
|
20.29
|
20.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.43
|
30.41
|
22.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.42
|
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.33
|
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.47
|
2.55 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE:
The Company's net
sales at Rs.317.500 millions represents a 11% increase over the previous year
sales of Rs.286.000 millions. The profit from operations at Rs.83.200 millions
has increased by 43% during the current year.
OPERATIONS REVIEW
|
Particulars |
31.03.2010 (Rs. in
millions) |
31.03.2009 (Rs. in
millions) |
|
Sales - Domestic |
238.741 |
204.303 |
|
Sales - Exports |
78.780 |
81.656 |
|
Net Sales |
317.521 |
285.959 |
Domestic Sales grew
16.85% and Export Sales reduced by 3.50%.The increased growth in the company’s
product, market and customer initiatives resulted in overall expansion of the
market for the company’s products. The company has planned to increase its
market share in most of its product lines. Sales growth was driven by good
order inflow from all customer segments.
The manufacturing
team supported the marketing efforts ably by ensuring product availability and
meeting stiff delivery schedules.
Investments for
scaling up and upgrading production facilities were undertaken across all
business segments. A total Capital Expenditure of Rs.17.024 millions was
incurred during the year taking the total investment in Capital expenditure
during the last 3 years to Rs.54.190 millions.
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90107641 |
|
Corporate
identity number of the company |
U29259GJ1979PLC003467 |
|
Name of the
company |
STERLING ABRASIVES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 45/ 46, G.I.D.C. Industrial Estate, Odhav Road, Ahmedabad –
382 415, Gujarat, India |
|
Type of charge |
Immovable
Property Floating Charge |
|
Particular of charge
holder |
State Bank of E-Mail: bimal.k@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan- cum- Hypothecation and Deposit of Title Deed Creating
Equitable Mortgage on Immovable Properties. |
|
Date of
instrument Creating the charge |
30/03/2009 |
|
Amount secured by
the charge |
Rs.44.630
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
0.25 Above SBAR Terms of
Repayment: Payable on demand Margin: Raw Material
25%, SIP - 40%, FG - 30 %, Receivable (Cover Period 90 Days) - 50%, LC - 25%,
EPC - 10%. Extent and
Operation of the charge: Floating charge on movable assets, plant
machineries, stock, raw material, finished goods, semi finished goods, and
immovable property of the company. |
|
Short particulars
of the property charged |
All that pieces
or parcel of leasehold land bearing Plot Nos. 45&46 Admeasuring 6967 Sq.
Mts. in the Odhav Industrial Estate of revenue Survey No.552,535,536 AND 537
within the village limits of Mouje Odhav, City Taluka in the registration
District of Ahmedabad and Sub District of Ahmedabad - 7 together with
superstructure Amdeasuring 3483.50 Sq. Mts. standing thereto and floating
chrge on movable assets, plant and machinery, book debts, finished goods,
semi finished goods, raw material etc. |
|
Date of latest
modification prior to the present modification |
23/09/2006 |
|
Particulars of
the present modification |
Cash Credit limit
enhanced upto 30.000 millions inclusive of EPC of Rs.15.000 millions, there
is no change in term loan, the LC limit enhanced from Rs.2.500 millions to
Rs.5.000 millions, and credit exposure limit is to the extent of Rs.1.130
millions, total charge is as under. CC Limit
Rs.30.000 millions + term loan Rs.8.500 millions + LC Rs.5.000 millions +
credit exposure Rs.1.130 millions. |
Contingent
liabilities in respect of:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
1. Disputed
demand of Income Tax and T.D.S. [Against which
the company has paid Rs.2.426 millions as under Protest] |
8.921 |
|
2. Disputed
Demand of Sales Tax [Against which
the company has paid Rs.0.538 million] |
2.275 |
|
3. Disputed
Demand of ESI [Against which
the company has paid Rs.0.040 million] |
0.603 |
|
4. Disputed demand of Central Excise [Against which
the company has paid Rs.0.160 million under Protest] |
0.376 |
|
5. Estimated
amount of Contracts remaining to be executed on Capital account |
3.779 |
|
6. Disputed
demand of Water Tax |
Nil |
|
7. Employees demands pending before labour court |
Amount Not
ascertainable |
FIXED ASSETS:
- Land –
Leasehold
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
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.45.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.