MIRA
INFORM REPORT
|
Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRI BALAJI CASTINGS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 26B/14, North Phase, SIDCO Industrial Estate, Chennai –
600098, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.08.1992 |
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Com. Reg. No.: |
18 - 023353 |
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Capital
Investment / Paid-up Capital : |
Rs. 24.700 Millions |
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CIN No.: [Company Identification
No.] |
U51909TN1992PTC023353 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Castings, Engineering Products and Automobiles Spare
Parts. |
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No. of Employees
: |
200 Approximately ( In office + In factory) |
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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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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Name : |
Mr. Vellaiswamy Kasinaicker |
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Designation : |
Director |
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Contact No.: |
91-9841677379 |
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Date : |
03.11.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No.26B/14, North Phase, SIDCO Industrial Estate, Chenani –
600098, |
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Tel. No.: |
91-44-42077545/26252501/26233878/26258594/26359426 |
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Mobile No.: |
91-9841677379 (Mr. Vellaiswamy Kasinaicker – Director) 91-9884485471 (Mr. Stalin – Director) |
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Fax No.: |
91-44-42077545 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
Karanodai Unit: No.106-2, Jaganathapuram Group II, |
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Tel. No.: |
91-44-27984581 |
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Fax No.: |
91-44-27984581 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Lenin Vellaisamy |
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Designation : |
Director |
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Address : |
Door No.18, Sathya Nagar, |
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Date of Appointment : |
27.02.2006 |
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DIN No.: |
01988751 |
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Name : |
Mr. Stalin Vellaichamy |
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Designation : |
Director |
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Address : |
Door No.18, Sathya Nagar, |
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Date of Appointment : |
29.06.1996 |
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DIN No.: |
01988765 |
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Other Directorship :
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Name : |
Mr. Vellaiswamy Kasinaicker |
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Designation : |
Managing director |
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Address : |
Door No.18, Sathya Nagar, |
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Date of Appointment : |
27.06.1996 |
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DIN No.: |
02039926 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vellaiswamy Kasinaicker |
|
83000 |
|
Stalin Vellaichamy |
|
82000 |
|
Lenin Vellaisamy |
|
82000 |
|
TOTAL |
|
247000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Castings, Engineering Products and Automobiles Spare
Parts. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
OEM’s Engine Power
Train Manufacturer
Vehicle
Manufacturer
Components
Manufacturer
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No. of Employees : |
200 – Approximately ( In office + In factory) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
R .Robert Chandramohan Chartered Accountants |
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Address : |
No.22, Jayalakshmipuram, II Strret, Nungambakkam, Chennai – 600034, |
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Tel. No.: |
91-44-28231027 |
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Fax No.: |
91-44-28231027 |
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E-Mail : |
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PAN.: |
ACCPC1078J |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital Rs. 40.000 Millions
Issued Subcribed and Paid up Capital Rs. 36.370 Millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
247000 |
Equity Shares |
Rs.100/-
each |
Rs. 24.700 Millions
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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 |
24.700 |
24.700 |
17.200 |
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2] Share Application Money |
1.620 |
0.200 |
7.500 |
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3] Reserves & Surplus |
32.945 |
27.688 |
26.728 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.265 |
52.588 |
51.428 |
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LOAN FUNDS |
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1] Secured Loans |
191.010 |
159.958 |
152.434 |
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2] Unsecured Loans |
11.077 |
17.460 |
22.509 |
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TOTAL BORROWING |
202.087 |
177.418 |
174.943 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
261.352 |
230.006 |
226.371 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.883 |
101.714 |
83.435 |
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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 |
47.328
|
26.806 |
19.541 |
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Sundry Debtors |
187.769
|
149.303 |
169.364 |
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Cash & Bank Balances |
2.213
|
2.496 |
0.244 |
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Other Current Assets |
16.294
|
10.767 |
10.516 |
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Loans & Advances |
3.086
|
4.485 |
4.832 |
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Total
Current Assets |
256.690
|
193.857 |
204.497 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
100.424
|
57.401 |
54.257 |
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Other Current Liabilities |
0.474
|
2.290 |
0.000 |
|
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Provisions |
8.323
|
5.874 |
7.304 |
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Total
Current Liabilities |
109.221
|
65.565 |
61.561 |
|
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Net Current Assets |
147.469
|
128.292 |
142.936 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
261.352 |
230.006 |
226.371 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
494.890 |
464.817 |
544.907 |
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Less |
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Office Expenses |
487.683 |
460.773 |
528.786 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
487.683 |
460.773 |
528.786 |
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PROFIT BEFORE
TAX |
7.207 |
4.044 |
16.121 |
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Less |
TAX |
1.626 |
3.408 |
5.414 |
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PROFIT AFTER TAX
|
5.581 |
0.636 |
10.707 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.453 |
25.817 |
15.110 |
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BALANCE CARRIED
TO THE B/S |
32.034 |
26.453 |
25.817 |
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Earnings Per
Share (Rs.) |
29.00 |
2.57 |
43.35 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
540.000 |
The above information has been parted by Mr. Vellaiswamy Kasinaicker
(Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.13
|
0.14 |
1.96 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.94
|
1.37 |
5.60 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08 |
0.31 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.25
|
4.62 |
4.60 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
1.51 |
3.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
|
-- |
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Yes |
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Yes |
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Yes |
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Yes |
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No |
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No |
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No |
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No |
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No |
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No |
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No |
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Yes |
|
Yes |
|
-- |
|
-- |
|
Yes |
|
No |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
FORM 8:
|
Corporate
identity number of the company |
U51909TN1992PTC023353 |
|
Name of the
company |
SRI BALAJI
CASTINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.26B/14, North Phase, Sidco Industrial Estate, Chenani –
600098, Email : sdharmm1972@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10270179 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Axis Bank Limited, CMC Centre, Karumuttu Nilayam, No.192, Anna Salai,
Chennai – 600002, Tamilnadu, India Email : n.parameswaran@axisbank.com |
|
Nature of
instrument creating charge |
Declaration cum
confirmation deed dated 30.04.2011 for deposit of title deeds made on
29.04.2011. |
|
Date of instrument
Creating the charge |
29.04.11 |
|
Amount secured by
the charge |
Rs. 239.668
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As determined by
the banker from time to time. Terms of
Repayment : As determined by
the banker from time to time. Margin : As determined by
the banker from time to time. Extent and
Operation of the charge : As per the
instruments executed and mentioned in the Column No. 15 of this Form 8. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
EM over EM of Lease Hold
Rights over Land at Plot No.94,95,102 and 103 and Factory Building situtated
at SIPCOT Export Promotion Industrial
Park, Gummidipoondi. EM over |
|
Particulars of
the present modification |
Additional
securities were offered by way of Creation of EM over the following immovable
properties situated at : (i)
Plot
No.26B/14, (ii)
Lease
Hold Rights over Land at Plot No.94, 95,102 &103 & (iii)
No106, |
FIXED ASSETS
- Land
- Building
- Electrical Fittings
- Furniture Fittings
- Plant and Machinery
- Office Equipment
- Computer
- Vehicles
- Cellphone
- Air Conditioner
- Building WIP
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.49.37 |
|
|
1 |
Rs.78.50 |
|
Euro |
1 |
Rs.67.59 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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 |
- |
Maximum Credit Limited : USD 237000
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.