MIRA
INFORM REPORT
|
Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE STEEL WIRE ROPES LIMITED |
|
|
|
|
Registered
Office : |
Gat No.183/184, Kedia Industrial Area, Village Dheku, Talkhalapur, District
Raigad, Khopoli-410203, Maharashtra |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
29.06.1992 |
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|
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|
Com. Reg. No.: |
11-067466 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 32.988 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45202MH1992PLC067466 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS15725D |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Subject is engaged in the manufacturer of Steel Wire Ropes. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Plant : |
Gat No.183/184, Kedia Industrial Area, Village Dheku, Talkhalapur, District
Raigad, Khopoli-410203, Maharashtra, India |
|
Tel. No.: |
91-2192-263547 |
|
Fax No.: |
91-2192-266479 |
|
E-Mail : |
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|
Website : |
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Administrative Office : |
2nd Floor, Shiv Ashish commercial Complex, Plot No.10, 19th
Road, Chembur, Mumbai-400022, Maharashtra, India |
|
Tel. No.: |
91-22-25274142 / 25240917 |
|
Fax No.: |
91-22-25270999 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Chandu R Chawla |
|
Designation : |
Director |
|
Address : |
63-A, New Geetanjali Co-Operative Housing Society, Raheja Town, Malad
(West), Mumbai-400097, Maharashtra, India |
|
Date of Birth/Age : |
18.04.1947 |
|
Date of Appointment : |
08.09.1997 |
|
DIN No.: |
00014492 |
Other Directorship:
|
|
Name : |
Mr. Anil L Sajnani |
|
Designation : |
Director |
|
Address : |
Atur Park, Flat No.1 and 2, Building No.4, Sion Trombay Road, Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
13.01.1973 |
|
Date of Appointment : |
08.09.1997 |
|
DIN No.: |
00014257 |
Other Directorship:
|
|
Name : |
Mr. Manoj B Jeswani |
|
Designation : |
Director |
|
Address : |
1/1, Atur Park, V. N. Purav Marg, Chembur, Mumbai-400088, Maharashtra,
India |
|
Date of Birth/Age : |
14.07.1972 |
|
Date of Appointment : |
30.06.1999 |
|
DIN No.: |
00014509 |
Other Directorship:
|
|
Name : |
Mr. Ashish L Sajnani |
|
Designation : |
Director |
|
Address : |
Flat No.701, Aryans Co-Operative Housing Society, Deonar,
Mumbai-400088, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1978 |
|
Date of Appointment : |
28.12.2005 |
|
DIN No.: |
00262225 |
Other Directorship:
|
|
Name : |
Mr. Subhash Motwani |
|
Designation : |
Director |
|
Address : |
53, Shiv Sadan Mahul Road, Ajis Bag, Chembur, Mumbai-400074,
Maharashtra, India |
|
Date of Birth/Age : |
29.12.1970 |
|
Date of Appointment : |
28.12.2005 |
|
DIN No.: |
00014538 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
420,725 |
12.71 |
|
|
Bodies Corporate |
490,560 |
14.81 |
|
|
Sub Total |
911,285 |
27.52 |
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
911,285 |
27.52 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
(2)
Non-Institutions |
|
|
|
|
Bodies Corporate |
42,245 |
1.28 |
|
|
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
millions |
1,094,501 |
33.05 |
|
|
|
558,690 |
16.87 |
|
|
Any Others
(Specify) |
704,769 |
21.28 |
|
|
|
700,070 |
21.14 |
|
|
Clearing Members |
4,699 |
0.14 |
|
|
Sub Total |
2,400,205 |
72.48 |
|
|
Total Public
shareholding (B) |
2,400,205 |
72.48 |
|
|
Total (A)+(B) |
3,311,490 |
100 |
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
|
- |
- |
|
|
|
- |
- |
|
|
Sub Total |
- |
- |
|
|
Total
(A)+(B)+(C) |
3,311,490 |
- |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturer of Steel Wire Ropes. |
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Products : |
|
PRODUCTION STATUS 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Wire Ropes |
Tons. |
NA |
1800 |
-- |
|
Wire Ropes Sllings |
Mtrs. |
NA |
-- |
136495 |
GENERAL INFORMATION
|
Bankers : |
·
Development Credit Bank Limited, Kurla Branch,
184, S. G. Brave Road, Mumbai-400070, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N D Mehta Associates Chartered Accountant |
|
Address : |
Balkrishna Chambers, Office No.18, 2nd Floor, 1/4 Issaji
Street, Vadgadi, Mumbai-400023, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
·
Magenta Infrastructure Private Limited ·
Suchit Developers ·
Embee International Resources Private Limited ·
Kanishk Global Solutions Private Limited ·
Pilot Constructions Private Limited ·
Bholenath Developers Limited ·
Soham Hospitality Private Limited ·
Basant Rubber Factory Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3311490 |
Equity Shares |
Rs.10/- each |
Rs. 33.115
Millions |
|
|
Less Calls Unpaid (i) By Others |
|
Rs. 0.127
Million |
|
|
Total |
|
Rs. 32.988 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 |
|
|
|
|
|
1] Share Capital |
32.988 |
32.988 |
32.988 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.950 |
14.536 |
11.804 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
49.938 |
47.524 |
44.792 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.220 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.300 |
3.300 |
10.500 |
|
|
TOTAL BORROWING |
0.520 |
3.300 |
10.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.458 |
50.824 |
55.292 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.611 |
29.386 |
30.930 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
3.125 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.018 |
0.018 |
0.018 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.104
|
7.417 |
5.083 |
|
|
Sundry Debtors |
7.392
|
7.685 |
13.193 |
|
|
Cash & Bank Balances |
17.564
|
2.288 |
3.581 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.358
|
10.141 |
2.590 |
|
Total
Current Assets |
32.418
|
27.531 |
24.447 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.576
|
3.549 |
0.056 |
|
|
Other Current Liabilities |
5.668
|
1.637 |
2.357 |
|
|
Provisions |
1.345
|
0.925 |
0.815 |
|
Total
Current Liabilities |
7.589
|
6.111 |
3.228 |
|
|
Net Current Assets |
24.829
|
21.420 |
21.219 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.458 |
50.824 |
55.292 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales / Income from Operation |
37.894 |
33.545 |
24.375 |
|
|
|
Labour Charges Received |
4.857 |
3.374 |
10.375 |
|
|
|
Other Income |
0.988 |
0.336 |
0.267 |
|
|
|
TOTAL (A) |
43.739 |
37.255 |
35.017 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
18.717 |
17.332 |
16.991 |
|
|
|
Personal Cost |
4.296 |
3.199 |
2.792 |
|
|
|
Manufacturing Expenses |
2.564 |
3.107 |
1.647 |
|
|
|
Taxes and Duties |
3.461 |
2.880 |
0.674 |
|
|
|
Administrative Expenses |
2.463 |
2.028 |
1.908 |
|
|
|
Prior Period Expenses |
4.234 |
0.000 |
0.010 |
|
|
|
TOTAL (B) |
35.735 |
28.546 |
24.022 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.004 |
8.709 |
10.995 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.195 |
0.481 |
1.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.809 |
8.228 |
9.713 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
4.944 |
4.898 |
4.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.865 |
3.330 |
5.063 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.451 |
0.597 |
0.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.414 |
2.733 |
4.511 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.354 |
9.621 |
5.110 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.768 |
12.354 |
9.621 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.73 |
0.83 |
1.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
31.06.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
8.290 |
11.190 |
12.460 |
16.110 |
9.420 |
|
Total Expenditure |
4.830 |
9.480 |
10.000 |
14.280 |
10.720 |
|
PBIDT (Excl OI) |
3.460 |
1.710 |
2.460 |
1.830 |
(1.300) |
|
Other Income |
0.080 |
0.110 |
0.210 |
0.340 |
0.480 |
|
Operating Profit |
3.540 |
1.820 |
2.670 |
2.170 |
(0.820) |
|
Interest |
0.010 |
0.010 |
0.010 |
0.070 |
0.010 |
|
Exceptional Items |
(0.010) |
0.000 |
0.000 |
(2.810) |
0.000 |
|
PBDT |
3.520 |
1.810 |
2.660 |
(0.710) |
(0.830) |
|
Depreciation |
1.830 |
1.240 |
1.240 |
(0.810) |
0.880 |
|
Profit Before Tax |
1.690 |
0.570 |
1.420 |
0.010 |
(1.710) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.960 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.690 |
0.570 |
1.420 |
(0.860) |
(1.710) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.690 |
0.570 |
1.420 |
(0.860) |
(1.710) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.12
|
7.34 |
12.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.56
|
9.93 |
20.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.94
|
5.85 |
9.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.07 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.16
|
0.20 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.27
|
4.51 |
7.57 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
During the year, the Company witnessed increased in the turnover, which stood
at Rs. 37.894 millions as against Rs. 33.545 millions in the accounting year
2008-09.
FIXED ASSETS
·
Goodwill
·
Land
·
Building
·
Borewell
·
Plant and Machiney
·
Laboratory Equipment
·
Electrical Installation
·
Office Equipments
·
Furniture and Fixtures
·
Computers
·
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. 49.24 |
|
|
1 |
Rs. 76.80 |
|
Euro |
1 |
Rs. 67.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.