MIRA
INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIDDHESHWAR INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. A/50, H Block, MIDC Pimpri, Pune-411044, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.08.2002 |
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Com. Reg. No.: |
11-017240 |
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Capital Investment
/ Paid-up Capital : |
Rs.15.513
Millions |
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CIN No.: [Company Identification
No.] |
U34300PN2002PTC017240 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES07440G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile Products. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 1100000 |
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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 a well established company having satisfactory track.
General financial position is satisfactory. Trade relations are reported as fair.
Business is active. Payments are reported to be 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 DECLINED BY
|
Name : |
Ms. Sangita |
|
Designation : |
Accountant |
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Contact No.: |
91-20-27450041 |
|
Date : |
28.05.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A/50, H Block, MIDC Pimpri, Pune-411044, |
|
Tel. No.: |
91-20-27450041/27488423/56113527/56113528/66150900 |
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Fax No.: |
91-20-66150900/27488419 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Nada Vikas Takawane |
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Designation : |
Director |
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Address : |
Sector No. 28, Plot No. 10, Pradhikaran Nigdi, Pune-411044, |
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Date of Birth/Age : |
12.04.1969 |
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Date of Appointment : |
26.08.2002 |
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Name : |
Mr. Raviraj Vikas Takawane |
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Designation : |
Director |
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Address : |
Plot No. 10, Sector No. 28, Pradhikaran, Pcntda, Nigdi, Pune-411044, |
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Date of Birth/Age : |
01.09.1985 |
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Date of Appointment : |
12.11.2003 |
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Name : |
Mr. Vikas Bapurao Takawane |
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Designation : |
Director |
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Address : |
Sector No. 28, Plot No. 10, Pradhikaran Nigdi, Pune-411044, |
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Date of Birth/Age : |
01.06.1958 |
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Date of Appointment : |
26.08.2002 |
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Date of Ceasing: |
01.06.2009 |
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|
Name : |
Mr. Youraj Vikas Takawane |
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Designation : |
Additional Director |
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Address : |
Rajyog S No. 28, Flat No 10, Pradhikaran Nigdi, Pune-411044, |
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Date of Birth/Age : |
11.04.1989 |
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Date of Appointment : |
21.10.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Sangita |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nanda Vikas Takawane |
|
170468 |
|
Raviraj Vikas Takawane |
|
533765 |
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Sunita Dilip Band |
|
27692 |
|
Mahadev Appasahed Jagtap |
|
96660 |
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Amruta Ashok Waikar |
|
90000 |
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A. S. Sutar |
|
950 |
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Balawant Yadav |
|
950 |
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Girijashankar Gupta |
|
950 |
|
Mahesh Salake |
|
950 |
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Damodar Baikanpadi |
|
16660 |
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Raju Jagadale |
|
16660 |
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Ranjit Karale |
|
950 |
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Sanjay Kad |
|
950 |
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Youvraj Vikas Takawane |
|
451455 |
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Supertech Forgings ( |
|
142310 |
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Total |
|
1551370 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
9.17 |
|
Directors
or relatives of directors |
|
87.55 |
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Other
|
|
3.28 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution: |
Intec Capital Limited, 701, Manjusha, |
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Auditors : |
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|
Name : |
B.B. Kad Chartered Accountant |
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Address : |
Radhaharinandan Flat No. 3, |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1551370 |
Equity Shares |
Rs.10/- each |
Rs.15.513
Millions |
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 |
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|
|
|
|
1] Share Capital |
15.513 |
13.152 |
13.152 |
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|
2] Share Application Money |
39.904 |
61.360 |
33.860 |
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|
3] Reserves & Surplus |
241.995 |
171.358 |
134.926 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
297.412 |
245.870 |
181.938 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
521.594 |
481.553 |
292.155 |
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2] Unsecured Loans |
131.721 |
123.494 |
69.145 |
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TOTAL BORROWING |
653.315 |
605.047 |
361.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
950.727 |
850.917 |
543.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
610.442 |
517.492 |
375.618 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.022 |
2.022 |
0.222 |
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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 |
206.214
|
171.517 |
122.110 |
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Sundry Debtors |
271.342
|
215.190 |
202.286 |
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|
Cash & Bank Balances |
12.617
|
16.284 |
2.207 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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|
Loans & Advances |
17.437
|
18.899 |
16.384 |
|
Total
Current Assets |
507.610
|
421.890 |
342.987 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
70.556 |
125.202 |
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|
Other Current Liabilities |
159.902
|
13.914 |
36.393 |
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Provisions |
9.445
|
6.017 |
13.994 |
|
Total
Current Liabilities |
169.347
|
90.487 |
175.589 |
|
|
Net Current Assets |
338.263
|
331.403 |
167.398 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
950.727 |
850.917 |
543.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Net Turnover |
917.341 |
888.501 |
NA |
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TOTAL (A) |
927.996 |
905.585 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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|
Administrative Expenses |
799.333 |
778.943 |
NA |
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Advertising Expenses |
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TOTAL (B) |
799.333 |
778.943 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
128.663 |
126.642 |
79.372 |
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Less |
FINANCIAL
EXPENSES (D) |
64.727 |
60.274 |
36.640 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.936 |
66.368 |
42.732 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
52.339 |
27.336 |
20.919 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.597 |
39.032 |
21.813 |
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Less |
TAX (H) |
0.000 |
2.600 |
3.192 |
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PROFIT AFTER TAX
(G-H) (I) |
11.597 |
36.432 |
18.621 |
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BALANCE CARRIED
TO THE B/S |
141.855 |
130.258 |
18.621 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
Earned / Loss |
0.026 |
NA |
NA |
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|
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|
Earnings Per Share
(Rs.) |
7.47 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.25
|
4.02 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.26
|
4.39 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
4.15 |
3.03 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.16 |
0.12 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
2.83 |
2.95 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.00
|
4.66 |
1.95 |
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 |
|
|
|
|
For Goods and
Others |
NA |
70.556 |
125.202 |
PERFORMANCE
During the year, the gross turnover of your company was Rs 1110.000 Millions, as to the target of Rs. 1250.000 Millions. Although your company has registered a slight growth in Valuwise sales over previous year, the volumes have jumped up. The value wise growth was slown down due to reduction in price of raw material by almost 25%. The company efforts to develop new customers and additional product lines over the past few years has bearing on desired results and with this the company hopes to continue the growth trend over the coming years.
The last year being recession period for the industry, still the company succeed to keep up the sales and margins in the same ratio. They have developed the capacity and also co up the reduction into overheads.
With these new bankers coming in the company's scenario during the current year has changed to a great extent. The business has shown growth in multiples. The 1st half till date has grown with a double speed.
In view of the current expansion activities and adopting a cautious approach, the directors have decided to plough back the entire profit in the business and do not recommend any dividend during the year.
BUSINESS OUTLOOK
The Company is one of the preferred component suppliers to major players in automobile and engineering industry. There has been significant growth in the Manufacturing of Precision Auto components and O E Supplier undertaking job work.
FINANCE
The Company has been regularly repaying the interest and principal amounts due against Term Loans on due dates.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U34300PN2002PTC017240 |
|
Name of the
company |
SIDDHESHWAR
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. A/50, H Block, MIDC Pimpri, Pune-411044, |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Intec Capital Limited, 701, Manjusha, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Loan agreement |
|
Date of instrument
Creating the charge |
23.05.2011 |
|
Amount secured by
the charge |
Rs.6.450 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 7.50% per annum
calculated on flat basis Terms of
Repayment Total 60
Installments of Rs 0.147 million each Extent and
Operation of the charge First And
Exclusive Charge On Assets Financed By Intec Capital Limited |
Fixed Assets:
- Land
- Electrical Installation
- Plant and Machinery
- Vehicles
- Office Equipment
- Generator
- Computer
- Crane
- Dies and Tools
- Canteen Equipment
- Air Conditioner
- CNC Machinery
- Building Under Construction
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.