|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SSV ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E 110, General Block, MIDC, Lande Wadi, Bhosari, Pune – 411026, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-131611 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.19.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U2929PN2008PTC131611 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES22787C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCS7339E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of heavy Fabrication |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
trade terms and conditions. The Profit and Loss Account of the company is not Available |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Venkat Manirao Shinde |
|
Designation : |
Director |
|
Contact No.: |
91-9960673381 |
|
Date : |
12.04.2012 |
LOCATIONS
|
Registered Office / Factory 1 : |
E 110, General Block, MIDC, Lande Wadi, Bhosari, Pune – 411026, |
|
Tel. No.: |
91-20-66353901 / 2721435 |
|
Mobile No.: |
91-9960673381 (Mr. Venkat Manirao Shinde) |
|
Fax No.: |
91-20-66353900 / 27127018 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Indapur, |
|
|
|
|
Factory 3 : |
Gat No. 214,220,221, Nanekawadi, Chakan, Tal. : Khed, Pune – 410501, |
|
Tel. No.: |
91-2135-278021 |
|
Fax No.: |
91-2135-286166 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Venkat Manirao Shinde |
|
Designation : |
Director |
|
Address : |
Plot No. 38, Section 2, Sr. No. 44, Indrayani Nagar, Bhosari, Pune –
411026, |
|
Date of Appointment : |
14.03.2008 |
|
DIN No.: |
01962160 |
|
|
|
|
Name : |
Mrs. Vanmala Venkat Shinde |
|
Designation : |
Director |
|
Address : |
Plot No. 38, Section 2, Sr. No. 44, Indrayani Nagar, Bhosari, Pune –
411026, |
|
Date of Appointment : |
14.03.2008 |
|
DIN No.: |
01962179 |
|
|
|
|
Name : |
Mr. Gurushant Kashiram Bahirgonde |
|
Designation : |
Director |
|
Address : |
Plot No 21 /A, Flat 5, Masulkar Colony, Pune – 411018, |
|
Date of Appointment : |
20.03.2008 |
|
DIN No.: |
02047803 |
|
|
|
|
Name : |
Mr. Shivaji Manikrao Shinde |
|
Designation : |
Director |
|
Address : |
Yashwant Nagar, Anna Saheb Pimpri, Pune – 411018, |
|
Date of Appointment : |
20.03.2008 |
|
DIN No.: |
02080791 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Venkat Manirao Shinde |
|
1985000 |
|
Vanmala Venkat Shinde |
|
5000 |
|
Total |
|
1990000 |
As on 01.10.2011
|
Names of Allotment |
|
No. of Allotted |
|
Venkat Manirao Shinde |
|
500000 |
|
Total |
|
500000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of heavy Fabrication |
|
|
|
|
Exports : |
|
|
Products : |
Heavy |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Machinery |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
Manufacture
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.M. Khadilkar and Company Chartered Accountants |
|
Address : |
Plot No. J/SEI 12/10, MIDC, Indrayani Nagar, Corner Bhosari, Pune –
411026, |
|
Tel. No.: |
91-20-27124501 / 64105424 |
|
E-Mail : |
|
|
PAN.: |
ACEPK2699B |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital : Rs.50.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.24.900 Millions
As on 31.03.2011
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 |
|
|
|
|
|
|
1990000 |
Equity Shares |
Rs.10/- each |
Rs.19.900
Millions |
|
|
|
|
|
Of which 1990000 Equity Share have been issued
as fully paid up for a Consideration otherwise than Cash.
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 |
|
|
|
|
|
1] Share Capital |
19.900 |
19.900 |
19.900 |
|
|
2] Share Application Money |
5.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
89.106 |
56.901 |
20.314 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
114.006 |
76.801 |
40.214 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
212.057 |
55.871 |
39.765 |
|
|
2] Unsecured Loans |
53.665 |
54.182 |
39.952 |
|
|
TOTAL BORROWING |
265.722 |
110.053 |
79.717 |
|
|
DEFERRED TAX LIABILITIES |
4.589 |
2.254 |
0.347 |
|
|
|
|
|
|
|
|
TOTAL |
384.317 |
189.108 |
120.278 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
176.110 |
37.697 |
22.028 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.612 |
0.074 |
0.064 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
86.450
|
71.846 |
44.002 |
|
|
Sundry Debtors |
268.844
|
141.505 |
191.729 |
|
|
Cash & Bank Balances |
7.761
|
7.359 |
2.788 |
|
|
Other Current Assets |
17.778
|
25.719 |
30.759 |
|
|
Loans & Advances |
17.118
|
55.466 |
0.000 |
|
Total
Current Assets |
397.951
|
301.895 |
269.278 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
153.148
|
126.947 |
151.272 |
|
|
Other Current Liabilities |
30.321
|
8.148 |
7.362 |
|
|
Provisions |
11.000
|
15.500 |
12.500 |
|
Total
Current Liabilities |
194.469
|
150.595 |
171.134 |
|
|
Net Current Assets |
203.482
|
151.300 |
98.144 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.113 |
0.037 |
0.042 |
|
|
|
|
|
|
|
|
TOTAL |
384.317 |
189.108 |
120.278 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Including Labour Charge) |
|
646.500 |
431.400 |
|
|
|
Other Income |
|
2.200 |
2.400 |
|
|
|
TOTAL |
|
648.700 |
433.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
54.900 |
58.000 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
6.100 |
3.400 |
|
|
|
|
|
|
|
|
|
|
Net Profit After Depreciation And Provision For Taxation Carried
Forward To Reserves |
|
34.300 |
36.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
-- |
-- |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1060.000 |
Expected Sales (2012-13) : Rs.1500.000 Millions (Expansion)
The above information has been parted by Mr. Venkat Manirao Shinde
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.04
|
3.39 |
6.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.00 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY
CREDITOR
Rs.
In Millions
|
Particular |
31.03.2011 |
31.032010 |
31.03.2009 |
|
By Creditors, Including Creditors for Expenses |
153.148 |
126.947 |
151.275 |
|
Total |
153.148 |
126.947 |
151.275 |
Accounts
The Company executed Sales including labour charge of Rs.646.500 Millions
in the year of operation and other income of Rs.2.200 Millions and has earned a
profit of Rs.54.900 Millions before depreciation. Depreciation for the year is
Rs.6.100 Millions. The net profit after depreciation and provision for taxation
carried forward to reserves is Rs.34.300 Millions
EXPANSION PLAN
The company has taken a massive expansion plan and for the same the company has already acquired a lot of industrial land at MIDC Indapur of total 204000 Sq/ Mtrs. The said plot has been acquired by the company firm it’s own resources
The company existing facilities (both Bhosari and chakan units together) are not sufficient to cope up with the incoming business. The existing as well as the prospective clients of the company have assured a great deal of business in coming years an hence the company has taken up the expansion plan in hand to increase the facilities by about 1000 tons / month of heavy fabrication.
Since the arrangement of funds by way pf private equity was taken time, the directors have split the total project into two parts and has gone ahead with implementation of the first phase of the project.Tthe State Bank of India has come forward with a helping hand way of Financial Assistance in the form of Term Loan and Working capital and with that the director are now busy in setting up of a state of the art Heavy Fabrication unit at indapur and the first phase of the sak, plant is expected to be completed in the current financial year.
Looking to the current Order Book of the company, and the futher expected business to come in the company do not fell any problem as to the expansion of facilities as well as serving the debt to be raised satisfactory.
The company has already taken up matter on way front basis and fully ready to go ahead with the expansion plant and if everything goes according to the plant, the Board of Director Expect to complete the first phase of the expansion work before 31st October, 2011. The company has already started the commercial operations at Indapur Plant while the building work is in progress and the company has done a turnover of Rs.58.000 Millions. At Indapur Plant and earned a profit of Rs.3.000 Millions
Trade References
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U2929PN2008PTC131611 |
|
Name of the
company |
S.S.V. ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E 110, General Block, MIDC, Lande wadi, Bhosari, Pune – 411026, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10262791 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Memorandum for
recording creation of Mortgage by Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
30.04.2011 |
|
Amount secured by
the charge |
Rs.400.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement
with the Bank Terms of Repayment As per Agreement
with the Bank Margin As per Agreement
with the Bank Extent and Operation of the charge Details of
Facilities (Rs. in Millions)-Demand Cash Credit 150.000, Term Loan 200.000,
Letter of Credit 50.000, Bank Guarantee (50.000), Total Rs.400.000 Millions. Exclusive Charge
of State Bank of The charge on
hypothecated and mortgaged assets continues till full repayment of Loan. Others As per Agreement
with the Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
existing as well as future entire stocks of Raw Material, Finished Goods,
Stores and spares, packing materials of the unit at their premises and at
various godowns or at some other places including goods in transit,
outstanding monies, book debts, receivables. Hypothecation of
machinery and buildings proposed to be purchased / constructed out of Bank
Finance. Mortgage of
immovable properties of Company 1) All that piece
& parcel of the Land known as Plot No.E-110 in Bhosari Indl.Area,Pimpri within
limits of Bhosari Taluka Haveli and Regn. Dist. Pune containing by adm.2109
Sq.Mtrs. and construction made on it. 2) All that piece
and parcel of Land known as Plot No.C-9 Indapur Industrial. Area within the
Village Lonidevkar, Balpudi and within the limit of aluka Indapur Dist. Pune
containing by admeasurement 2,04,000 Sq. Mtrs. or there bounds & bounded
by Red Coloured boundries line on the plan annexed hereto. Immovable
properties in name of Vyanket Manikrao Shinde, Director – 1)All that piece
& parcel of bearing Gat No.221 adm. area 00Hector 49 Are and Pot Kharaba
00 Hector and 02 are its total adm. area about 00 hector 51 are, Indl.
property in adm. area is Rs.01 and 25 paise and constructed made on it , sit.
at Nanekarwadi. 2) All that piece
and parcel of bearing Gat No.220 (Old Gat No.2119) adm. area 00Hector 40 Are
i.e.I, acres Indl. Area property & constructed made on it, sit. at
Village Nanekarwadi. 3)All that piece
and parcel of bearing Gat No.220(Old Gat No.2119) adm. area 00Hector 22 Are
out of that on West Side adm. area is 00Hector 11 Are and constructed made on
it sit.at Village Nanekarwadi. 4) All that piece
& parcel of bearing Gat No.214 Hissa No.A/1 adm.area 00H 39 Are and
constructed made on it sit. at Village Nanekarwadi. |
|
Particulars of
the present modification |
Collateral
Security of immovable properties of |
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.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--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.