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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SWAMI VESSELS PRIVATE LIMITED |
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Registered
Office : |
No. 101, M.I.D.C, Jalgaon – 425003, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.12.1994 |
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Com. Reg. No.: |
11-084022 |
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Capital
Investment / Paid-up Capital : |
Rs.1.894 Million |
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CIN No.: [Company Identification
No.] |
U28900MH1994PTC084022 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKS02724B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Chemical Plant. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2000 |
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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. There appears
some accumulated losses recorded by the company. However, 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.
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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. S Ingale |
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Designation : |
Director |
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Contact No.: |
91-9823066781 |
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Date : |
28.03.2012 |
LOCATIONS
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Registered Office : |
No. 101, M.I.D.C, Jalgaon – 425003, |
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Tel. No.: |
91-257-2211447/2211294/2210535 |
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Mobile No.: |
91-9823066781 (Mr. S Ingale) |
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Fax No.: |
91-257-2211294/2210535 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mrs. Sandhaya Avinash Ingale |
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Designation : |
Director |
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Address : |
8-34, MIDC, Samartha Industries, |
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Date of Birth/Age : |
17.08.1960 |
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Date of Appointment : |
23.12.1994 |
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DIN No.: |
00174546 |
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Name : |
Mr. Avinash Krishna Ingale |
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Designation : |
Director |
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Address : |
G – 34, MIDC, Jalgoan – 425003, |
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Date of Birth/Age : |
04.07.1956 |
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Date of Appointment : |
23.12.1994 |
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DIN No.: |
00413496 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Avinash Krishna Ingale |
|
10970 |
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Sandhya Avinash Ingale |
|
7965 |
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Total |
|
18935 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemical Plant. |
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Products : |
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Terms : |
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Selling : |
Cash/ Credit (30 – 60 days) |
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Purchasing : |
Cash/ Credit (30 – 60 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s and Industries ·
Anmol Process, Udaypur ·
Boiler Associates ·
Emco Limited ·
Love Foods ·
Suhans Chemicals Private Limited ·
Honest Derivatives Private Limited ·
Himalaya Chemicals ·
Ravi Industries ·
Swami Enterprises ·
Reven Nutrients Private Limited ·
Stabplast Chemo Industries ·
Aryaansh Agroharm Private Limited |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
·
State Bank of India – Jalgaon – 425003,
Maharashtra, India ·
HDFC Bank ·
Shree Mahavir Sahakari Bank Limited |
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Facilities : |
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Financial Institute : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shrirang Kulkarni and Company Chartered Accountants |
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Address : |
11, First Floor, V.V. Muncipal Market, Jalgaon – 425001, |
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PAN.: |
ABIPK3970E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18935 |
Equity Shares |
Rs.100/- each |
Rs.1.894
Million |
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|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
1.894 |
1.894 |
1.894 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.218) |
(1.461) |
(1.605) |
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NETWORTH |
0.676 |
0.433 |
0.289 |
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LOAN FUNDS |
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1] Secured Loans |
1.150 |
1.471 |
1.199 |
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2] Unsecured Loans |
4.617 |
4.920 |
5.068 |
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TOTAL BORROWING |
5.767 |
6.391 |
6.267 |
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DEFERRED TAX LIABILITIES |
0.044 |
0.035 |
0.023 |
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TOTAL |
6.487 |
6.859 |
6.579 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.678 |
1.904 |
1.820 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.300 |
0.300 |
1.084 |
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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 |
2.370
|
1.526
|
2.774 |
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Sundry Debtors |
9.634
|
7.244
|
7.029 |
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Cash & Bank Balances |
0.210
|
0.778
|
0.275 |
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Other Current Assets |
0.040
|
0.040
|
0.223 |
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Loans & Advances |
0.145
|
0.088
|
0.066 |
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Total
Current Assets |
12.399
|
9.676
|
10.367 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.531
|
4.336
|
6.375 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
0.359
|
0.685
|
0.317 |
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Total
Current Liabilities |
9.890
|
5.021
|
6.692 |
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Net Current Assets |
2.509
|
4.655
|
3.675 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.487 |
6.859 |
6.579 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES
TURNOVER (Approximately) |
250.000 |
250.000 |
NA |
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PROFIT |
4.587 |
0.202 |
0.202 |
Expected Sales (2011-12) : Rs.300.000 Millions
The above information has been parted by Mr. S. Ingale.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
23.16
|
26.36
|
44.84 |
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Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.96
|
1.55 |
LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
FINANCIAL
HIGHLIGHTS:
They have pleasure
in stating that the company is not fully recovered as yet. The losses
accumulated till the yester year are still continuing, the current year profit is at a record at Rs.4.587
Millions the order book position is quite improved.
However
Considering the growing trends of the market and the company involved in the
business of machinery manufacturing, it will improve slowly. The cumulative
effect of the situation around is towards revival and thus the company is
hopeful to improve.
They are sure that
during the years to come the company will acquire the same old zeal and
glitter.
FIXED ASSETS:
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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
2 |
|
--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 |
|
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.