|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SENOR METALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.353, GIDC Phase – II, Near Dared Village, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.05.1996 |
|
|
|
|
Com. Reg. No.: |
04-29709 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65910GJ1996PTC029709 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS01204A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS9863J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Copper and Copper Based Alloys
Extrusions. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 670000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The latest
financials of the company are not made available. As per previous year’s, we found that the company has modest scale of
operations as compared to other players in the industry, vulnerability of
profitability to fluctuation in raw material prices. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. In absence of latest financials. The company can be considered for business dealings with some
caution. |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit Facility = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
July 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of Credit = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
July 2011 |
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 : |
Plot No.353, GIDC Phase – II, Near Dared Village, |
|
Tel. No.: |
91-288-2730251 / 2730252 /
2730253 |
|
Mobile No.: |
91-9374833489 |
|
Fax No.: |
91-288-2730254 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
50000 sq ft |
|
Location : |
Owned |
|
|
|
|
Marketing Office : |
305, Sanna – II, |
|
Tel. No.: |
91-79-26937452 / 53, 40066178 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rasiklal Chunilal Shah |
|
Designation : |
Director |
|
Address : |
44, Digvijay Plot, P.O. Box No.5009, |
|
Date of Birth/Age : |
24.10.1941 |
|
Qualification : |
B.A., B.Com |
|
Date of Appointment : |
22.05.1996 |
|
DIN No.: |
00231253 |
|
|
|
|
Name : |
Mr. Atul Rasiklal Shah |
|
Designation : |
Director |
|
Address : |
44, Digvijay Plot, P.O. Box No.5009, |
|
Date of Birth/Age : |
21.08.1970 |
|
Qualification : |
B.E. Electrical |
|
Date of Appointment : |
22.05.1996 |
|
DIN No.: |
00231333 |
|
|
|
|
Name : |
Mr. Hiteshkumar Poonamchandbhai Shah |
|
Designation : |
Additional director |
|
Address : |
3, Kamdar Colony, Petharaj Raishi Marg, Jamnagar – 361006, Gujarat,
India |
|
Date of Birth/Age : |
02.10.1972 |
|
Date of Appointment : |
01.10.2009 |
|
DIN No.: |
02739221 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shah Rasiklal Atul Jointly With Mira Atul |
|
460500 |
|
Shah Chunilal Rasik Jointly With Shantaben Rasiklal |
|
242000 |
|
Shah Rasik Shantaben Jointly With Rasiklal Shah |
|
40000 |
|
Shah Rasiklalc- (HUF) |
|
261710 |
|
Gudhakka Anup Varsha Jointly With Anup Gudhakka |
|
4000 |
|
Shah Hitesh Nisha Jointly With Hitesh Shah |
|
4000 |
|
Dhanani Nemchand Maniben Jointly With Dhanani Nemchand |
|
113900 |
|
Shah Premchand Chandrakant Jointly With Vijaya Chandrakant |
|
60000 |
|
Shah Chandrakant Vijaya Jointly With Shah Chandrakant |
|
53890 |
|
Shah Atul- (HUF) |
|
64000 |
|
Shah Atul Mira Jointly With Shah Atul |
|
6000 |
|
Total |
|
1310000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
17.00 |
|
Directors or relatives of Directors |
83.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Copper and Copper Based Alloys
Extrusions. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of Saurashtra, Digvijay Plot Branch, Digvijay Plot, Jamnagar
– 360 001, Gujarat, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Maharishi and Company Chartered Accountants |
|
Address : |
“Aparna”, Behind Bansi Hotel, Near |
|
Tel. No.: |
91-288-2665023/ 2665024/ 2662637 |
|
Fax No.: |
91-288-2661612 |
|
E-Mail : |
|
|
PAN.: |
AAPFM6568E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1310000 |
Equity Shares |
Rs.10/- each |
Rs.13.100
Millions |
|
|
|
|
|
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 |
13.100 |
13.100 |
12.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
5.000 |
|
|
3] Reserves & Surplus |
154.422 |
139.890 |
121.686 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
167.522 |
152.990 |
139.286 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
116.214 |
96.335 |
80.675 |
|
|
2] Unsecured Loans |
85.068 |
51.826 |
38.798 |
|
|
TOTAL BORROWING |
201.282 |
148.161 |
119.473 |
|
|
DEFERRED TAX LIABILITIES |
8.528 |
9.436 |
10.694 |
|
|
|
|
|
|
|
|
TOTAL |
377.332 |
310.587 |
269.453 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
99.776 |
104.169 |
114.882 |
|
|
Capital work-in-progress |
0.000 |
0.424 |
0.673 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.039 |
0.039 |
0.080 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
130.912
|
100.847 |
83.525 |
|
|
Sundry Debtors |
143.624
|
104.584 |
56.565 |
|
|
Cash & Bank Balances |
7.519
|
0.461 |
1.598 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.995
|
11.659 |
24.041 |
|
Total
Current Assets |
304.050
|
217.551 |
165.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.268
|
1.405 |
3.327 |
|
|
Other Current Liabilities |
3.382
|
1.057 |
5.748 |
|
|
Provisions |
11.883
|
9.134 |
2.836 |
|
Total
Current Liabilities |
26.533
|
11.596 |
11.911 |
|
|
Net Current Assets |
277.517
|
205.955 |
153.818 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
377.332 |
310.587 |
269.453 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1054.148 |
766.725 |
497.126 |
|
|
|
Other Income |
27.994 |
20.411 |
28.712 |
|
|
|
TOTAL (A) |
1082.142 |
787.136 |
525.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed and Increase / Decrease in Stock |
914.632 |
662.929 |
415.613 |
|
|
|
Manufacturing expenses |
75.041 |
55.564 |
52.638 |
|
|
|
Administrative, Selling and Other Expenses |
37.616 |
14.326 |
9.057 |
|
|
|
TOTAL (B) |
1027.289 |
732.819 |
477.308 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.853 |
54.317 |
48.530 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.329 |
14.232 |
10.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.524 |
40.085 |
38.362 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.698 |
15.213 |
13.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
25.826 |
24.872 |
24.486 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.010 |
8.876 |
9.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
16.816 |
15.996 |
15.318 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
130.025 |
117.120 |
101.802 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.841 |
0.800 |
0.000 |
|
|
|
Tax on Dividend |
2.284 |
2.291 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
143.716 |
130.025 |
117.120 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
2.790 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials – Brass scrap for Manufacturer |
NA |
83.238 |
73.019 |
|
|
|
High Seas Purchase / Brass Scrap |
NA |
84.778 |
4.831 |
|
|
TOTAL IMPORTS |
NA |
168.016 |
77.850 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.84 |
12.21 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.55
|
2.03 |
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.45
|
3.24 |
4.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.40
|
7.73 |
8.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.04 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.46
|
18.76 |
13.91 |
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 three years |
Yes |
|
12] |
Profitability for last three 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 |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS
Their Total Turnover increased to Rs. 1054.148 Millions from Rs. 766.725 Millions in the Previous Year. The Profit before Interest, Depreciation and Taxes amounted to Rs. 54.873 Millions as against Rs. 54.317 Millions in the Previous Year. Manufacturing Expenses were 7.12% for the year ended March, 2011 and 7.24% for the year ended March, 2010. The Net Profit after Tax amounted to Rs. 16.816 Millions as against Rs. 15.996 Millions in the Previous Year.
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.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
37 |
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.