MIRA
INFORM REPORT
|
Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SILVERLINE METAL ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Plot No. R-649/ R-529, T.T.C Industrial Area, M.I.D.C, Rabale, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.01.1994 |
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Com. Reg. No.: |
11-076312 |
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CIN No.: [Company Identification
No.] |
U27200MH1994PTC076312 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS40709E |
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PAN No.: [Permanent Account No.] |
AACCS3451L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Crane Components and Fabricated Parts. |
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No. of Employees
: |
Approximately 52 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 47000 |
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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
terms 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
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Name : |
Mr. Chandrakant Ram Naik |
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Designation : |
Director |
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Date : |
15.10.2011 |
LOCATIONS
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Registered Office : |
Plot No. R-649/ R-529, T.T.C Industrial Area, M.I.D.C, Rabale, |
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Tel. No.: |
91-22-27601296/27697189 |
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Fax No.: |
91-22-27694311 |
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E-Mail : |
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Area : |
1000 sq mt |
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Location : |
Owned |
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Corporate Office : |
Gut No. 72, Farola, |
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Tel. No.: |
91-2431-251056/ 320084 |
DIRECTORS
(As On 29.09.2010)
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Name : |
Mr. Chandarkant Ram Naik |
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Designation : |
Director |
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Address : |
B/2, 1002, Lok Everest, Mulund (West), Mumbai-400080, |
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Date of Birth/Age : |
02.01.1954 |
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Date of Appointment : |
31.01.1994 |
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DIN No : |
00398356 |
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Name : |
Mr. Sagar Chandrakant Naik |
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Designation : |
Additional Director |
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Address : |
B/2, 1002, Lok Everest, Mulund (West), Mumbai-400080, |
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Date of Birth/Age : |
03.04.1986 |
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Date of Appointment : |
15.06.2009 |
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DIN No : |
01528541 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As On 29.09.2010)
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Names of Shareholders |
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No. of Shares |
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Chandrakant Ram Naik |
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176500 |
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Sarika Chandrakant Naik |
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53400 |
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Sabira Chandrakant Naik |
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100 |
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Total |
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230000 |
Equity Share
Breakup
(As On 30.09.2010)
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Category |
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Percentage |
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Others |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Crane Components and Fabricated Parts |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
·
Ambica engineering Company ·
Amsak Cranes Private Limited ·
Bhushan Steel Limited ·
Clad Metal India Private Limited ·
Meltech Cranes Private Limited |
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Customers : |
(As On 31.03.2009)
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No. of Employees : |
Approximately 52 |
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Bankers : |
·
Punjab National Bank, ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Mantri Ranjan and Associates Chartered Accountant |
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Address : |
29,Sita Vihar, Damani Estate, L.B.S Marg, Above Hotel Shubh, Thane
(West) 400602, |
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Tel. No.: |
91-22-25415788/25410913 |
CAPITAL STRUCTURE
(As On 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Share |
Rs. 10/- each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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230000 |
Equity Share |
Rs. 10/-
each |
Rs. 2.300
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 |
2.300 |
2.300 |
2.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.469 |
8.146 |
6.995 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.769 |
10.446 |
9.295 |
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LOAN FUNDS |
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1] Secured Loans |
0.089 |
0.342 |
1.456 |
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2] Unsecured Loans |
3.264 |
2.337 |
0.590 |
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TOTAL BORROWING |
3.353 |
2.679 |
2.046 |
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DEFERRED TAX LIABILITIES |
0.142 |
0.175 |
0.212 |
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TOTAL |
15.264 |
13.300 |
11.553 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.744 |
8.612 |
8.807 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.249 |
0.230 |
1.238 |
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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 |
5.682
|
3.851 |
2.361 |
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Sundry Debtors |
9.013
|
4.800 |
4.495 |
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Cash & Bank Balances |
0.372
|
0.098 |
0.081 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.573
|
2.181 |
1.218 |
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Total
Current Assets |
16.640
|
10.930 |
8.155 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.469
|
1.697 |
2.257 |
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Other Current Liabilities |
4.498
|
4.359 |
3.572 |
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Provisions |
0.402
|
0.416 |
0.834 |
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Total
Current Liabilities |
9.369
|
6.472 |
6.663 |
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Net Current Assets |
7.271
|
4.458 |
1.492 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.016 |
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TOTAL |
15.264 |
13.300 |
11.553 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
NA |
16.472 |
24.554 |
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TOTAL
EXPENDITURE |
NA |
16.998 |
25.104 |
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PROFIT BEFORE
TAX |
NA |
1.703 |
2.280 |
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Less |
TAX |
NA |
0.591 |
0.832 |
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PROFIT AFTER TAX
|
1.355 |
1.112 |
1.448 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1.360 |
0.058 |
NA |
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TOTAL EARNINGS |
1.360 |
0.058 |
NA |
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Earnings Per
Share (Rs.) |
5.89 |
4.83 |
6.59 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.33 |
9.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
8.71 |
13.44 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.16 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.08
|
0.88 |
0.94 |
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Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.69 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from 4, Silvester
Housedsouzawadi, Wagle Industrial Estate, Thane (west)-400604,
FINANCIAL RESULT:
The Company has incurred net profit after tax of Rs.1.355 million during
the year. However, Company is very much hopeful for better performance in the
following years.
FORM 8:
|
Corporate
identity number of the company |
U27200MH1994PTC076312 |
|
Name of the
company |
SILVERLINE METAL
ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
4, Silvester
Housedsouzawadi, Wagle Industrial Estate, Thane (west), |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Equitable
mortgage or mortgage of property by depositing the title deed. ·
Hypothecation |
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Particular of
charge holder |
Punjab National
Bank, M.G.Road, Napada, Thane(west),-400602, Email Id: adlalwani@mtnl.net.in |
|
Amount secured by
the charge |
Rs.2.700 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
a) The Entire stocks to be hypothecated and
the company to submit statement of stock every month. b) The entire stock of machinery to be
hypothecated to the Bank; to be insured at borrower’s cost with agreed clause c) Party to submit monthly statement of book
debts to the Bank. d) The loan to be coaterally secured by
equitable mortgage of land and building at Plot No 649, TTC Rabale, New
Bombay. |
|
Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Stock
in trade ·
Plant
and Machinery ·
Book
debts |
|
Particulars of
the property charged |
First
Charge(Present and Future)- 1) Hypothecation of all stocks 2) Hypothecation of Book debts 3) Hypothecation of all Plant and Machinery 4) EMG of Land and Building at Plot No.649,
T.T.C., Rabale, Navi Mumbai. 5) EMG of Factory shed at Gut No.72, Falore
Shivar, |
|
Charge
identification number of the charge to be modified |
90145878 |
|
Brief description
of the instrument modifying the charge under section 135 |
1) Hypothecation of
Goods and Book debts to secure C.C. 2) Draft letter
of continuity 3) Draft letter
of continuity (All the above
agreement constitute a single charge) |
|
Date of
instrument modifying the charge |
18.07.2006 |
|
Particulars of
the present modification |
Limit=Rs.10.5
millions=(C.C.Rs.6.000 millions (sub limit Rs.3.000 millions B.D.)and
T.L.-II-Rs.4.500 millions), cont. security as given by original charge and
modification, terms, and conditions. |
FIXED ASSETS:
v Land
v
v Office Equipment
v Epabx
v Plant and
Machinery
v Air Conditioner
v Mobile Phones
v Fax Machine
v Furniture and
Fixture
v Bi-Cycle
v Motor Car
v Scooter
v Digital Camera
v Computer
v Laptop
v Water cooler
WEBSITE DETAILS:
PROFILE:
Since The Inception of The Company, "Total Quality
Management" has been the Numero Uno Priority. This has been followed right
from installing the most modern machinery and equipments to maintaining the
impeccable quality control method in manufacturing. The company has highly
sophisticated state of the art plants at Mumbai, Thane,
Silverline Mumbai Unit manufactures and exports 95% of its
production of Crane Component such as, Dsl System, Shrouded Bus Bar Conductor
System, Mobile Electrification System, Current Collectors, I Beam Trolley, Rail
Clamps, End Carriage and Crane Wheel Assembly. They also Manufacture Sheet
Metal Components, Sheet Metal Fabricated Parts, Tools, Dies and Machined
Components. Silverline also does marketing of Flat Cables, Passenger Elevators,
Construction hoists, Gas Geysers, Solar Power, Wind mills, Wind power and
Products Made by Eccotemp
Presently they have tied up with one of the popular hoist manufacturer company in Europe SEKIZLI Makina Ve Vinc San Tic A.S Turkey for Supply of End Carriages, Trolley Hoist (CRAB), Monorail Hoist with Electrical Panel Board.
SILVERLINE
SILVERLINE Thane Unit manufactures CNC Machined Components
and High Precision Parts required for Engineering Industry and Supplies all
over
SILVERLINE UAE Unit Manufactures EOT Cranes, Goliath Cranes, JIB Cranes, and Fabricated Items and Builds Industrial Shades on turnkey basis.
SILVERLINE has strong business relations with original equipment manufacturers, who form the very base of the economy. The company encompasses crane manufacturers, home appliances, automobiles, windmills, machinery manufacturers, filtration equipment, and other engineering industries. The company has ambitious global desires and plans to leave a never ending mark in the world market
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.49.14 |
|
|
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
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 |
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 |
|
46 |
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.