MIRA
INFORM REPORT
|
Report Date : |
29.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
STIACK ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
203, 2nd Floor, Turf Estate Shakti Mill Lane, Mahalaxmi (West),
Mumbai-400011, Maharashtra. |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.10.1992 |
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Com. Reg. No.: |
11-069111 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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|
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CIN No.: [Company Identification
No.] |
U65990MH1992PTC069111 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36667B |
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PAN No.: [Permanent Account No.] |
AABCH0500Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of purchase, sell, import and trade in steel
and other related activities. |
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RATING & COMMENTS
|
MIRA’s Rating : |
B(30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD22948 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established Company having moderate track Financial
position of the Company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The Company can be considered for small to mediocre 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
203, 2nd Floor, Turf Estate Shakti Mill Lane, Mahalaxmi
(West), Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-66120060/61/62/63 |
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Fax No.: |
91-22-66120064 |
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E-Mail : |
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Branch Office : |
S-67, S- Blick, MIDC Bhosari, Pune-411026, Maharashtra, India. |
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Branches:. Located at: |
Delhi, Chennai and Bangalore |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Anil Chinubhai Kilachand. |
|
Designation : |
Director |
|
Address : |
95, Nepeansea Road, Kilachand House, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
26.03.1944 |
|
Date of Appointment : |
24.03.2006 |
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DIN No.: |
02052387 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U65990MH1992PTC069111 |
Stiack
Engineering Private Limited |
Director |
24/03/2006 |
24/03/2006 |
- |
Active |
NO |
|
2 |
U67120MH1995PTC088880 |
Orymo-Stiack
Hrs Systems (India) Private Limited |
Director |
15/10/2008 |
15/10/2008 |
- |
Active |
NO |
|
Name : |
Mr. Tushar Anil Kilachand. |
|
Designation : |
Director |
|
Address : |
95, Nepeansea Road, Kilachand House, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1978 |
|
Date of Appointment : |
24.03.2006 |
|
DIN No.: |
02330179 |
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|
Other Directorship:
|
Sr.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U65990MH1992PTC069111 |
Stiack
Engineering Private Limited |
Director |
24/03/2006 |
24/03/2006 |
- |
Active |
NO |
|
2 |
U67120MH1995PTC088880 |
Orymo-Stiack
HRS Systems (India) Private Limited |
Director |
15/10/2008 |
15/10/2008 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Indira Anil Kilachand |
5000 |
|
Tushar Anil Kilachand |
125000 |
|
Anil Chinubhai Kilachand |
120000 |
|
|
|
|
Total |
250000 |
Equity Share Breakup:
AS ON 31.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of purchase, sell, import and trade in steel and
other related activities. |
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|
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Products : |
·
Engineering Goods ·
Machined
Plates ·
Round
Machined parts ·
Steel
Sheet ·
Dies spring ·
ejector pin |
GENERAL INFORMATION
|
Bankers : |
·
Indusind Bank Limited, Indusind House 425, Dadasahed
Bhadkamkar Marg, Opera House, Mumbai-400004, Maharashtra, India ·
ICICI Bank Limited ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jitendra Sangshavi and company Chartered Accountant |
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Address : |
405, Churchgate Chambers, 5, New Marine Lines, Mumbai-400020,
Maharashtra, India |
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Tel. No.: |
91-22-22625000 |
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Fax No.: |
91-22-22625010 |
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E-Mail : |
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PAN No.: |
AABPS3104N |
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Parties where
control exists: |
·
Kesar Engineering ·
Stiack Orymohrs Systems India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500Millions |
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ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
3.237 |
2.613 |
1.676 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
5.737 |
5.113 |
4.176 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.684 |
9.634 |
7.450 |
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|
2] Unsecured Loans |
17.219 |
18.869 |
17.477 |
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TOTAL BORROWING |
26.903 |
28.503 |
24.927 |
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DEFERRED TAX LIABILITIES |
0.891 |
0.791 |
1.149 |
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TOTAL |
33.531 |
34.407 |
30.252 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.633 |
12.284 |
10.669 |
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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 |
18.148
|
18.492 |
14.650 |
|
|
Sundry Debtors |
23.263
|
11.835 |
8.214 |
|
|
Cash & Bank Balances |
0.086
|
1.126 |
0.086 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.420
|
3.129 |
2.985 |
|
Total
Current Assets |
43.917
|
34.582 |
25.935 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.107
|
10.717 |
4.621 |
|
|
Other Current Liabilities |
0.688
|
0.785 |
1.103 |
|
|
Provisions |
1.224
|
0.967 |
0.649 |
|
Total
Current Liabilities |
23.019
|
12.469 |
6.373 |
|
|
Net Current Assets |
20.898
|
22.113 |
19.562 |
|
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|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.021 |
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|
|
|
|
|
|
|
TOTAL |
33.531 |
34.407 |
30.252 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
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|
|
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Income |
|
54.623 |
37.385 |
|
|
|
Other Income |
|
0.450 |
0.089 |
|
|
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TOTAL |
73.245 |
55.073 |
37.474 |
|
|
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|
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|
Less |
EXPENSES |
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|
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|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
72.370 |
54.304 |
37.547 |
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Depreciation |
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|
Financial Charges |
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TOTAL |
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|
PROFIT BEFORE
TAX |
0.875 |
0.769 |
(0.073) |
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Less |
TAX |
0.250 |
(0.168) |
0.137 |
|
|
|
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|
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|
|
PROFIT AFTER TAX |
0.625 |
0.937 |
(0.210) |
|
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IMPORTS |
|
|
|
|
|
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|
Steel |
16.505 |
18.555 |
14.329 |
|
|
|
Traded Goods |
3.136 |
2.209 |
3.025 |
|
|
Total |
19.641 |
20.764 |
17.354 |
|
|
|
Earnings Per
Share (Rs.) |
2.50 |
3.75 |
(0.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.85
|
1.70 |
(0.56) |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.19
|
1.40 |
(0.19) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.56
|
1.64 |
(0.20) |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
15.25
|
15.04 |
(0.02) |
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|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
885.71
|
816.80 |
777.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
190.78
|
277.34 |
406.95 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Hariom Investment and Trading Company Private Limited was incorporated as
private limited company on 19.10.1992. The name of the company was changed to
Stiack Impex Private Limited on 25.11.2002. The name of company was again
changed to Stiack Engineering Private Limited on 07.04.2006.
Principal activity of the company is to carry on the business of
purchase, sell, import and trade in steel and other related activities.
The company was registered and allocated Entrepreneur Memorandum Number
under category Small Scale Industry vide EMN 27231100237 issued by Deputy
Director of Industries (MMR) dated 25.06.2010
OPERATIONS:
During the year under review your company has earned a profit of
Rs.0.875 Milliion. There Directors are pursuing various business proposals and are
hopeful of presenting a better picture in the ensuring years to come.
FORM 8
|
Corporate
identity number of the company |
U65990MH1992PtC069111 |
|
Name of the
company |
STIACK
ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
203, Turf Estate,
Shakti Mill Lane, Off Dr E Moses, Mahalaxmi Road, Mumbai-400011, Maharashtra,
India. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10240312 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Private Sector
Bank Indusind House
425, Dadasheb Bhadkamkar Marg, Opera House, Mumbai-400004, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum
recording equitable mortgage by deposit of title deeds (Firms and Companies) |
|
Date of
instrument Creating the charge |
15.09.2010 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of interest Interest as may
be stipulated by the bank from time to time Terms of repayment On Demand Margin As may be
stipulated by Bank from time to time Extent and operation of the charge The Company
created an equitable mortgage by way of deposits of title deeds in respect of
its immovable properties as stated under item No.15 as security for the due
repayment of Rs.20.000 Millions including principal amount of the Facility,
interest, liquidated damages, costs, charges and expenses etc. Other NIL |
|
Short particulars
of the property charged (Including location of the property) |
Immovable
properties bearing Unit No.203, on the 2nd Floor adm 677 sq. ft.
carpet + 270 sq. ft. loft, in the building known as Turf Estates, Lower Parel
Division – As per Annexure attached -- |
|
Particulars of
the present modification |
The present
modification is for furnishing additional security of immovable property of
the company situated at Unit No.203, Turf Estates, Lower Parel, Mumbai, in
addition to securities already furnished by the company at the time of
creation of the charge of the charge and, there is, therefore no change in
amount of charge which stands secured at Rs.20.000 Millions [Comprising: CC
of Rs.20.000Millions, LC (Sub Limit of CC facility- Rs.10.000 Millions),
Buyers Credit (Sub Limit of CC-Rs.10.000 Millions)] in favour of the Bank. |
Fixed Assets:
·
Office Premises
·
Plant and Machinery
·
Motor Cars
·
Electrical Installations
·
Office Equipment
·
Computers
·
Furniture and Fixtures
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.48.91 |
|
|
1 |
Rs.76.53 |
|
Euro |
1 |
Rs.66.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.