%20PRIVATE%20LIMITED%20-%20158569%2005-Nov-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIEVES MANUFACTURERS ( |
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|
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Registered
Office : |
Shop |
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Country : |
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|
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Financials (as
on) : |
31.03.2004 |
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|
|
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Date of
Incorporation : |
19.04.1991 |
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Com. Reg. No.: |
11-61302 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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|
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CIN No.: [Company Identification
No.] |
U31200MH1991PTC061302 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27366D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Stainless Steel Bars, Wires and Wire
rod. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor Corporate Governance |
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|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Hemant Bohra (Director) denied to disclose any information about
the company. As per government, the status of the company shown as ‘Dormant’. The
management has not filed the financials of the company with the government
departments after year 2004 which indicates poor corporate governance.
Payments are unknown. The company can be considered for business dealings on a safe and
secured 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) |
|
India |
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Hemant Bohra |
|
Designation : |
Director |
|
Date : |
04.11.2011 |
LOCATIONS
|
Registered Office / Factory : |
Shop |
|
Tel. No.: |
91-22-23866990 / 23873204 |
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Fax No.: |
91-22-23866990 |
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Email: |
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|
Website : |
DIRECTORS
AS ON 29.09.2004
|
Name : |
Mr. Hemant Ghevarchad Bohra |
|
Designation : |
Director |
|
Address : |
8A, Navjivan Co-Operative Society Limited, |
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Date of Birth/Age : |
15.07.1977 |
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Date of Appointment : |
02.06.2000 |
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|
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|
Name : |
Ms. Vimal Ghevarchad Bohra |
|
Designation : |
Director |
|
Address : |
8A, Navjivan Co-Operative Society Limited, |
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Date of Birth/Age : |
03.02.1982 |
|
Date of Appointment : |
02.06.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2004
|
Names of Shareholders |
No. of Shares |
|
Hemant Ghevarchad Bohra |
25000 |
|
Vimal Ghevarchad Bohra |
25000 |
|
|
|
|
Total |
50000 |
AS ON 29.09.2004
|
Equity Shares Break
Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Stainless Steel Bars, Wires and Wire
rod. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2004
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
S.S. Bright Bars |
M. Tonnes |
|
2664.462 |
|
S S Wire |
M. Tonnes |
10000 |
119.459 |
|
S S Wire Rods |
M. Tonnes |
|
240.620 |
|
S S Scrap |
M. Tonnes |
|
97.521 |
%20PRIVATE%20LIMITED%20-%20158569%2005-Nov-2011_files/image003.gif){kind=small}
GENERAL INFORMATION
|
Bankers : |
·
Indusind Bank Limited, Mumbai Main Branch, Indusind
House, 425, Dadasaheb Bhadasaheb Marg, Mumbai-400004, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M. C. Doshi and Company Chartered Accountant |
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Address : |
308, Vaishali Apartments, 0/31, Parekh Street, Prathna Samaj,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22-23863829 / 23867280 |
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Fax No.: |
91-22-23824232 |
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|
|
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Other Related Parties : |
·
Hindustan Stainless ·
Venus Metal Corporation ·
Venus Wire Industries Private Limited ·
Motilal P Bohra ·
Hitech Industries |
CAPITAL STRUCTURE
AS ON 31.03.2004
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
The Company has not filed any financials in recent year.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(2.312) |
(8.354) |
|
|
NETWORTH |
|
(1.812) |
(7.854) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
12.827 |
0.000 |
|
|
2] Unsecured Loans |
|
11.124 |
1.095 |
|
|
TOTAL BORROWING |
|
23.951 |
1.095 |
|
|
DEFERRED TAX LIABILITIES |
|
0.653 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
22.792 |
(6.759) |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
|
5.222 |
5.448 |
|
|
Advance against Capital |
|
0.297 |
0.112 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
49.733 |
15.192 |
|
|
Sundry Debtors |
|
44.558 |
2.068 |
|
|
Cash & Bank Balances |
|
5.229 |
1.306 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
15.648 |
1.096 |
|
Total
Current Assets |
|
115.168 |
19.662 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
56.857 |
10.252 |
|
|
Current Liabilities |
|
40.413 |
21.729 |
|
|
Provisions |
|
0.625 |
0.000 |
|
Total
Current Liabilities |
|
97.895 |
31.981 |
|
|
Net Current Assets |
|
17.273 |
(12.319) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
22.792 |
(6.759) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
189.710 |
122.185 |
|
|
|
Other Income |
|
0.614 |
0.243 |
|
|
|
TOTAL (A) |
|
190.324 |
122.428 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
180.849 |
117.174 |
|
|
|
Other Expenses |
|
18.555 |
12.407 |
|
|
|
Increase/(Decrease) in Stock |
|
(17.348) |
(8.143) |
|
|
|
TOTAL (B) |
|
182.056 |
121.438 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
8.268 |
0.990 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.154 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
8.114 |
0.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.794 |
0.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
7.320 |
0.103 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.681 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
6.639 |
0.103 |
|
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(8.353) |
(8.456) |
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|
|
|
|
|
|
|
|
Add |
Net deferred tax
adjustment on initial adoption |
|
(0.598) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(2.312) |
(8.353) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
|
70.797 |
6.125 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
3.49 |
0.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.86 |
0.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.08 |
0.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(4.04) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(67.60) |
(4.21) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.18 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Sales and Other Income for the year were Rs. 190.300 millions against
Rs. 122.400 Millions for the last year. increase in the turnover was mainly on a
account of surge in the demand for steel in the local as well as international
market. With the increase in turnover, gross profit for the year has
significantly increased to Rs. 8.114 Millions against Rs. 0.990 Million for the
last year. rise in the gross profit is also on account of increase in sale of
DEPB Licences to Rs.4.181 Millions against Rs. 1.806 Millions for the preceding
year.
FINANCE
With the increase in activity, working capital requirements for the year
increased which was partly met out of borrowings and partly out of internal
accruals.
FORM 8
|
Corporate
identity number of the company |
U31200MH1991PTC061302 |
|
Name of the
company |
SIEVES
MANUFACTURERS (INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Shop No. 20/13th Khetwadi Road, Bhabha Chanl, Mumbai – 400 004, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Indusind Bank Limited, Mumbai Main Branch, Indusind House, 425, Dadasaheb Bhadasaheb Marg, Mumbai-400004, Maharashtra, India |
|
Nature of
instrument creating charge |
Composite Agreement
for Hypothecation of Stocks, Book Debts, Plant and Machinery and Other
Current Assets. |
|
Date of
instrument Creating the charge |
15.03.2010 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As may be
stipulated by the Bank from time to time. Terms of repayment Onrealisation/Demand Margin As may be
stipulated by Bank from time to time. Extent and operation of the charge Hypothecation of
first charge on Assets as described under Item No.15 as security for
repayment of Rs. 50.000 millions, together with all interest, costs, charges,
expenses and other monies due and payable under the said facilities granted
by the Bank to the Borrower. |
|
Short particulars
of the property charged (Including location of the property) |
The Whole of the
moveable properties of the borrower including its moveable plant and machinery,
machinery spares, tools and accessories, furniture’s and fixtures |
FIXED ASSETS
·
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipment
·
Tools and Equipments
·
Vehicles
·
Computer
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. 49.08 |
|
|
1 |
Rs. 78.65 |
|
Euro |
1 |
Rs. 67.79 |
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.