MIRA
INFORM REPORT
|
Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SMITA CONDUCTORS LIMITED |
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Registered
Office : |
1402/ 03, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.04.1971 |
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Com. Reg. No.: |
11-015121 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
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CIN No.: [Company Identification
No.] |
U32104MH1971PLC015121 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS35548C |
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PAN No.: [Permanent Account No.] |
AAACS5379K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of A.A.C. and A.C.S.R. Conductors. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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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 2489000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vimal Chaudiwala |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-22868640 |
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Date : |
21.05.2011 |
LOCATIONS
|
Registered/ Corporate Office : |
1402/ 03, |
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Tel. No.: |
91-22-22871059/ 22820240 (5 Lines)/ 61588300 |
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Fax No.: |
91-22-22875380 |
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E-Mail : |
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Website : |
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Area : |
4500 sq ft |
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Location : |
Owned |
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Factory 1 : |
Vithalwadi, |
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E-Mail : |
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Area : |
10000 sq ft |
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Location : |
Owned |
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Factory 2 : |
Survey No.8, Village Khutali, |
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Tel. No.: |
91-260-2677640 |
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Fax No.: |
91-260-2677641 |
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Factory 3 : |
Kot, Arya Nagar, |
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Tel. No.: |
91-120-2861130/ 2861131 |
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Fax No.: |
91-120-2861132 |
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E-Mail : |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Bharatkumar Taparia |
|
Designation : |
Director |
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Address : |
68A, Rungta House, |
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Date of Birth/Age : |
05.08.1946 |
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Date of Appointment : |
22.04.1971 |
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Name : |
Mr. Himmatmal Rajmal Jain |
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Designation : |
Director |
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Address : |
502, Bhanu Vinayak, |
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Date of Birth/Age : |
10.07.1944 |
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Date of Appointment : |
02.11.1996 |
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Name : |
Mr. Veerendraraj Prakashraj Singhvi |
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Designation : |
Director |
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Address : |
16, Nanda Deep, Tai Pingle Chowk, |
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Date of Birth/Age : |
28.06.1954 |
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Date of Appointment : |
11.09.2009 |
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Name : |
Mr. Shyam Malpani |
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Designation : |
Director |
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Address : |
701, Karan, 7th Floor, Plot No. 117, Lokhandwala Complex,
Andheri (West), Mumbai-400 053, |
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Date of Birth/Age : |
19.03.1959 |
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Date of Appointment : |
11.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Vimal Chaudiwala |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Taparia Investments Private Limited, |
|
740000 |
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Devashish Investments Private Limited , |
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740000 |
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Narendra Udyog Private Limited , |
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40000 |
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Aditi Holdings Private Limited , |
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480000 |
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Total
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|
2000000 |
As on 30.08.2010
|
Equity Share Breakup |
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Percentage of Holding |
|
Category |
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|
Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of A.A.C. and A.C.S.R. Conductors. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60/ 90 days) |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Conductors |
M. Tons |
31500 |
21518 |
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GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Karnavat and Company Chartered Accountants |
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Address : |
2 A, Kitab Mahal, 192, |
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Tel. No.: |
91-22-40666666 (30 Lines) |
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Fax No.: |
91-22-40666660 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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|
Of the above shares 1950000 shares are allotted as fully paid up Bonus
Shares by capitalization of reserves in earlier years.
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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
602.360 |
361.350 |
284.259 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
622.360 |
381.350 |
304.259 |
|
|
LOAN FUNDS |
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|
|
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1] Secured Loans |
63.577 |
4.073 |
46.545 |
|
|
2] Unsecured Loans |
0.000 |
16.000 |
0.000 |
|
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TOTAL BORROWING |
63.577 |
20.073 |
46.545 |
|
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DEFERRED TAX LIABILITIES |
7.791 |
4.106 |
3.426 |
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TOTAL |
693.728 |
405.529 |
354.230 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
111.728 |
59.729 |
47.612 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
209.993 |
195.347 |
193.159 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
269.145
|
95.995
|
122.507 |
|
|
Sundry Debtors |
203.664
|
141.767
|
172.961 |
|
|
Cash & Bank Balances |
543.208
|
370.316
|
22.291 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
98.016
|
128.907
|
58.878 |
|
Total
Current Assets |
1114.033
|
736.985
|
376.637 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
547.652
|
|
263.178 |
|
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Other Current Liabilities |
193.018
|
444.473
|
|
|
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Provisions |
1.356
|
1.729
|
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Total
Current Liabilities |
742.026
|
586.532
|
263.178 |
|
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Net Current Assets |
372.007
|
150.453
|
113.459 |
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|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
693.728 |
405.529 |
354.230 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
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|
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Net Sales |
2496.682 |
1049.576 |
1070.653 |
|
|
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Other Income |
57.160 |
20.664 |
63.551 |
|
|
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Share of Profit from Partnership Firm |
0.427 |
2.636 |
0.014 |
|
|
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TOTAL (A) |
2554.269 |
1072.876 |
1134.218 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Raw Material Consumed |
1980.795 |
804.100 |
933.089 |
|
|
|
Increase/(Decrease) in Finished Goods Stock |
(49.201) |
1.589 |
(24.301) |
|
|
|
Manufacturing and Operating Expenses |
91.656 |
45.627 |
37.193 |
|
|
|
Excise Duty on stock difference of finished
goods |
9.429 |
(3.780) |
2.495 |
|
|
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Personnel Expenses |
47.977 |
27.533 |
23.238 |
|
|
|
Administrative and Other Expenses |
57.543 |
58.065 |
27.248 |
|
|
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TOTAL (B) |
2138.199 |
933.134 |
998.962 |
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|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
416.070 |
139.742 |
135.256 |
|
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|
|
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Less |
INTEREST (D) |
45.776 |
18.499 |
16.479 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
370.294 |
121.243 |
118.777 |
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.600 |
5.380 |
4.851 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
360.694 |
115.863 |
113.926 |
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Less |
TAX (H) |
119.684 |
38.772 |
32.876 |
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
241.010 |
77.091 |
81.050 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
334.093 |
257.002 |
175.952 |
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
575.103 |
334.093 |
257.002 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of deemed exports |
167.020 |
173.635 |
|
|
|
|
FOB value of exports |
74.219 |
205.194 |
|
|
|
TOTAL EARNINGS |
241.239 |
378.829 |
NA
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IMPORTS VALUE |
419.162 |
74.899 |
71.952 |
|
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|
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|
Earnings Per
Share (Rs.) |
120.51 |
38.55 |
40.53 |
|
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
3000.000 |
|
|
|
|
|
Expected Sales (2011-2012): Rs.4000.000 millions
The above information has been parted by Mr. Vimal Chaudiwala (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.44
|
7.19 |
7.15 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
14.45
|
11.04 |
10.64 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.43
|
14.54 |
26.85 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.30 |
0.37 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
1.59 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.26 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total outstanding
dues of others creditors |
547.652 |
140.330 |
NA |
|
Total |
547.652 |
140.330 |
NA |
GENERAL:
The turnover during the year increased form Rs.1141.600 millions to
Rs.2695.100 millions. During the year Rs.241.010 millions is transferred to
reserves and surplus.
PROSPECTS:
Prospects of Conductor Industry looks bright because of the massive plan
of Government of India for Power Sector. Total pending orders in hand as on 31st
March, 2010 was Rs.1860.000 millions.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U32104MH1971PLC015121 |
|
Name of the
company |
SMITA CONDUCTORS LIMITED |
|
Address of the
registered office or of the principal place of business in |
1402/03, |
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of
the charge to be modified |
80035881 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of Baroda (Lead Bank), Nariman Point Branch, Foreshore Building,
Gen Bhosale Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Memorandum of Entry |
|
Date of
instrument Creating the charge |
12.08.2009 |
|
Amount secured by
the charge |
Rs.2710.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest: 0.50%
below BPLR i.e. 11.50% p.a. with monthly rests. Terms of repayment 11 Quarterly
installment of Rs. 4.167 millions each and 12th installment of Rs.
4.163 million commencing after moratorium period of 6 months. Margin 25% Margin Extent and
operation of the charge Bank of |
|
Particulars of
the property charged |
all those pieces
and parcel of land admeasuring 8 Bighas 16 Biswas, 14 Biswasis is within the
whole Kata, Khowat No. 1 and bearing Khasara Nos. 87,88,92,93 (P), 94,95,104
and 105 and also bearing area of 1 Bigha 5 Biswas and Bearing Khasra Nos. 87
(P), 88 (P), 94 (P), and 95 (P) aggregating to 10 Bighas, I Biswas and 14
Biswasis or thereabouts and of all which is situated at Village Mahna sarai
known as Khot Pargana Lane, Tehsil Ghaziabad in the state of U.P. All that piece
and parcel of land and ground together with factory buildings, messuages,
tenements and structures standing thereon and comprised in the conductor
division and transformer yard being a part of the larger property admg.
39,200 sq.yds or 32.590 sq.mtrs or thereabouts and Bearing Survey No. 100 (P)
as per the conveyance being Plot Nos. 164,165,168 and 170 situated at
Vithalwadi, in State of |
|
Particulars of
the present modification |
Charge increased
to Rs. 2710.000 millions Bank of Central Bank of |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
a) Letter of credit issued by the bankers in favour of suppliers
outstanding |
239.443 |
|
|
|
|
b) Bank Guarantees outstanding |
1356.719 |
|
|
|
|
c) Demands raised by Sales tax Department for which company has gone
in appeal |
0.120 |
|
|
|
|
d) Demand raised by Income Tax Department for which either the company
or the Department has gone in appeal. |
43.315 |
FIXED ASSETS
v
v
v
v
Non
v Plant and Machinery
v Furniture and Fixtures
v Office Equipments
v Vehicles
v Live Stock
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.45.28 |
|
|
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
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 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.