MIRA
INFORM REPORT
|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SMITH THERM PRIVATE LIMITED |
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Registered
Office : |
At-Argha Ghat Road, Giridih – 815301, Jharkhand |
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Country : |
India |
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Financials (as on)
: |
31.03.2011 |
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Date of
Incorporation : |
31.03.2009 |
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Com. Reg. No.: |
013543 |
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Capital
Investment / Paid-up Capital : |
Rs.0.738 Million |
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CIN No.: [Company Identification
No.] |
U31401JH2009PTC013543 |
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PAN No.: [Permanent Account No.] |
AANCS0200Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Silicon Mica Sheet, Tubes, Bush, Washer, Heating Elements, Heater, Micanite, Toaster Elements, Resistance Wire. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
Small company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an small company in its field. Its scale of activities are
limited. Trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
At-Argha Ghat Road, Giridih – 815301, Jharkhand, India |
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Tel. No.: |
91-6532-225458 / 221304 |
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Fax No.: |
91-6532-222429 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.08.2011
|
Name : |
Mr. Umesh Vishwakarma |
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Designation : |
Director |
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Address : |
At-Argha Ghat Road, Giridih – 815301, Jharkhand, India |
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Date of Birth/Age : |
11.05.1978 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02470355 |
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Name : |
Mr. Kanhaiya Lal Vishwakarma |
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Designation : |
Director |
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Address : |
At-Argha Ghat Road, Giridih – 815301, Jharkhand, India |
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Date of Birth/Age : |
14.11.1975 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02475136 |
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Name : |
Mr. Nirmal Kumar Vishwakarma |
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Designation : |
Director |
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Address : |
At-Argha Ghat Road, Giridih – 815301, Jharkhand, India |
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Date of Birth/Age : |
01.01.1981 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02475147 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2011
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Names of Shareholders |
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No. of Shares |
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Kanhaiya Lal Vishwakarma |
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16400 |
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Umesh Vishwakarma |
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18860 |
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Nirmal Kumar Vishwakarma |
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22300 |
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Mundrika Devi Vishwakarma |
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15206 |
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Amit Kumar Vishwakarma |
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1000 |
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Total |
|
73766 |
As on 30.08.2011
Equity Share Break up (Percentage of Total Equity)
|
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 Silicon Mica Sheet, Tubes, Bush, Washer,
Heating Elements, Heater, Micanite, Toaster Elements, Resistance Wire. |
GENERAL INFORMATION
|
Suppliers : |
·
M.R. Iron and Steel ·
A.K.Pandey and Sons ·
Anandimal Bhanwarlal and Company ·
Bindyabasini Enterprises ·
Blazeflash Courier ·
Delhi Electricals ·
DHL Express ·
Dinesh Fabricated Mica Works ·
J.S. Exports ·
Marcs Infosystems ·
Rubee Air Freight Limited ·
Sanghavi Techno Products |
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Customers : |
·
Aclara Power Line System Inc ·
Agni Insulation ·
Appolo International ·
Stesalit Limited ·
Supra Quality Exports (India) Private Limited ·
Thermal Products Solution ·
Adhunik Metaliks Limited ·
Ambica Mica Traders ·
Annpurna Cottege Industries ·
C.M. Rajgaria Private Limited ·
Indian Metal and Ferro Alloys Limited |
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No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank,
Giridih Branch, Makatpur, Shanti Bhawan Road, Giridih - 815301, Jharkhand,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dutta P. Kr and Associate Chartered Accountants |
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Address : |
Behind Sadar Hospital, Makatpur Road, Giridh – 815301, Jharkhand,
India |
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PAN No.: |
AADED1691D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
73766 |
Equity Shares |
Rs.10/- each |
Rs.0.738 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.738 |
0.384 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.705 |
1.039 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
3.443 |
1.423 |
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LOAN FUNDS |
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1] Secured Loans |
|
4.028 |
2.508 |
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2] Unsecured Loans |
|
0.000 |
0.285 |
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TOTAL BORROWING |
|
4.028 |
2.793 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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7.471 |
4.216 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.364 |
0.769 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
3.543 |
2.295 |
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Sundry Debtors |
|
3.274 |
1.252 |
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Cash & Bank Balances |
|
0.243 |
0.555 |
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Other Current Assets |
|
0.016 |
0.016 |
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Loans & Advances |
|
1.528 |
1.081 |
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Total
Current Assets |
|
8.604 |
5.199 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
|
2.305
|
1.739 |
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Other Current Liabilities |
|
0.104
|
0.015 |
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Provisions |
|
0.104
|
0.019 |
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Total
Current Liabilities |
|
2.513
|
1.773 |
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Net Current Assets |
|
6.091 |
3.426 |
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MISCELLANEOUS EXPENSES |
|
0.016 |
0.021 |
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TOTAL |
|
7.471 |
4.216 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
20.943 |
7.001 |
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Other Income |
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0.000 |
0.142 |
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TOTAL (A) |
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20.943 |
7.143 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
|
20.399 |
6.927 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.544 |
0.216 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.191 |
0.091 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
0.353 |
0.125 |
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Less |
TAX (H) |
|
0.104 |
0.020 |
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PROFIT AFTER TAX
(G-H) (I) |
|
0.249 |
0.105 |
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Earnings Per
Share (Rs.) |
|
3.38 |
2.74 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
1.19 |
1.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.69 |
1.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.54 |
2.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.90 |
3.21 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.42 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
|
31] |
Date of Birth of
Director, if available |
Yes |
|
32] |
PAN of Director, if
available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REVIEW OF OPERATIONS:
The performance of the Company during the year was satisfactory. As this was the 2nd year of operation so the company booked the Net Profit (After Tax) of Rs. 0.249 Million
The company further expects to perform its best in future. No doubt the coming years may be challenging but the market is teeming with opportunities too. The company has chalked out its key strategies and hence expects more rewarding and creditable performance in the coming years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U31401JH2009PTC013543 |
|
Name of the company |
SMITH THERM PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
At-Argha, Ghat Road, Giridih – 815301, Jharkhand, India E-mail Id : prakashdutta@gmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10215409 |
|
Type of charge |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Indian Overseas Bank, Giridih Branch, Makatpur, Shanti Bhawan Road,
Giridih – 815301, Jharkhand, India E-mail id : roadv@patsco.iobnet.co.in
|
|
Nature of instrument creating charge |
1. Hypothecation of entire current assets of the company including
RM/WIP/ FG 2. Hypothecation of all the existing as well as proposed plant and
machinery of the unit 3. Counter indemnity by the borrower company |
|
Date of instrument Creating the charge |
01.06.2012 |
|
Amount secured by the charge |
Rs.10.027 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC- base rate +2.75% (i.e. 13.25% floating) TL- base rate + 1.75% (i.e. 12.25%) BG as per co guidelines Terms of Repayment 1. CC- repayable on demand. 2. TL- repayable in 60 EMI of Rs. 0.043 Million each with an initial
holiday of 6 months. Margin 1. CC - 25% 2. TL - 25% 3. BG- 100% Extent and Operation of the charge 1. Hypothecation of entire current assets of the company including
RM/WIP/ FG 2. Hypothecation of all the existing as well as proposed plant and
machinery of the unit 3. Counter indemnity by the borrower company |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
1. Hypothecation of entire current assets of the company including
RM/WIP/ FG 2. Hypothecation of all the existing as well as proposed plant and
machinery of the unit 3. Counter indemnity by the borrower company |
|
Particulars of the present modification |
1. Cash credit limit enhanced from Rs. 4.000 Millions to Rs. 8.000
Millions 2. Term loan facility of Rs. 1.900 Millions 3. Bank guarantee limit of Rs. 0.127 Million |
FIXED ASSETS:
·
Plant and Machinery
·
Generator
·
Air conditioner
·
Furniture and Fixtures
·
Fax Machines
·
Motor Car
·
Computer Set
·
Factory Shed and Building
·
Measuring Equipments
·
Office Equipments
WEBSITE DETAILS:
CORPORATE HISTORY
In 1985 they started this company with one
goal in mind. They wanted to offer OEM's a new level of receptiveness,
imagination, and competence to electric surface heating systems..
The Company was founded by LATE J. L.
VISHWAKARMA. The Company started marketing with the brand name “KAJAL” in the
Indian market to meet the client’s requirement.
Over the next 25 years, the Company continued
to expand its manufacturing and marketing capabilities which now boast
worldwide coverage through a selected Manufacturer's Representative network.
In the year 1990, a new company is established
named as DIMPY POWER ELECTRONICS CO. This company is mainly established to
manufacture customized heating elements and to deliver the increased
requirements of mica products in the domestic market. The company started
marketing the customized heating elements with the brand name “D- PECON”.
In the year 1995, the company started their
export and import division to serve the clients globally.
In the year 2005, the company started their
electric resistance wire manufacturing division with the brand name “SMITH
ALLOY” with focus to fulfill demand of heating element manufacturers, furnace
manufacturers, replacement requirements etc. worldwide.
In the year 2009, the company DIMPY POWER
ELECTRONICS CO. has been changed to subject.
COMPANY PROFILE
They are manufacturer heating elements for domestic appliances and for industrial applications.
They are O.E.M suppliers to some of the well-known home appliance brands globally. In addition to heaters for home appliances, they also manufacture heating elements precise to industrial prerequisite.
They have contributed great role in the development of electrical heating appliances industries. They have developed heating elements for use in a wide-ranging band of industries.
At subject, they believe that a high-quality product can only be prepared from excellent resources and excellent engineering, and they make use of only the superlative resources available. Their raw materials are sourced from industry leaders and pioneers all over the world. Constant qualitative improvements in construction and raw materials allow us to maintain their edge in the market.
They wanted to offer OEM's a new level of responsiveness, creativity, and efficiency to Electric heating systems.
They knew that by sharing their knowledge and experience they could help OEM's greatly enhance the performance, reliability, and cost effectiveness of their systems and products.
Based on the tenet of being honest, practical, striving for perfection, surpassing ourselves and evolving new things from the old, and with the concept of safety, environment protection, energy saving and creativity, the company will strive unceasingly for prosperity.
They are willing to work hand in hand with their customers and other companies of the trade to exploit the market and create glory.
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 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.55.17 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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.