MIRA
INFORM REPORT
|
Report Date : |
24.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHIVANGI METAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
100/1 Jagan Nath Puri, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.04.1995 |
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Com. Reg. No.: |
20-17830 |
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Capital
Investment / Paid-up Capital : |
Rs.61.503 millions |
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|
|
CIN No.: [Company Identification
No.] |
U27209UP1995PTC017830 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AGRS11201B / AGRS10429G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Non Ferrous Metal, Brass, Copper, Led,
Aluminium, Zinc, Ingots, Brass Wires.
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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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. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
100/1 Jagan Nath Puri, |
|
Tel. No.: |
91-565-3291723 / 3291724 |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office/Factory : |
Gaur Kendra, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Murlidhar Agrawal |
|
Designation : |
Director |
|
Address : |
100/1 Jagan Nath Puri, |
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Date of Birth/Age : |
19.11.1941 |
|
Date of Appointment : |
04.04.1995 |
|
DIN No.: |
00002877 |
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 |
U27200MH1988PTC049156 |
Ankit
Commodities Private Limited |
Director |
11-10-88 |
11-10-88 |
- |
Active |
NO |
|
2 |
U27209UP1995PTC017830 |
Shivangi Metal
Industries Private Limited |
Director |
04-04-95 |
04-04-95 |
- |
Active |
NO |
|
3 |
U74899DL1995PLC066243 |
Core Capital
Services Limited |
Additional
director |
15-03-08 |
15-03-08 |
18-03-08 |
Active |
NO |
|
|
|
|
Name : |
Ms. Prachi Agrawal |
|
Designation : |
Director |
|
Address : |
100/1 Jagan Nath Puri, |
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Date of Birth/Age : |
22.02.1972 |
|
Date of Appointment : |
02.08.2006 |
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DIN No.: |
00863512 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Murlidhar Agrawal |
|
110201 |
|
Arvind Agrawal |
|
50001 |
|
Murlidhar Arvind Kumar HUF |
|
76000 |
|
Anoop Agrawal |
|
41000 |
|
Shakuntla Agrawal |
|
59000 |
|
Shivangi Agrawal |
|
70500 |
|
Prachi Agrawal |
|
107500 |
|
Arvind Anoop and Brothers, |
|
8000 |
|
Rajendra Prasad Agrawal |
|
10 |
|
Raj Kumar Agrawal |
|
20010 |
|
Asha Agrawal |
|
22010 |
|
Anjana Agrawal |
|
2500 |
|
Daudayal HUF |
|
25000 |
|
Anoop Singhal HUF |
|
8000 |
|
Arvind Kumar and Sons, |
|
7500 |
|
Atul Agrawal |
|
6800 |
|
Usha Agrawal |
|
1000 |
|
Total |
|
615032 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
98.00 |
|
Other
top fifty shareholders |
|
2.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Non Ferrous Metal, Brass, Copper, Led,
Aluminium, Zinc, Ingots, Brass Wires.
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Main Branch, ·
Union Bank of Industrial Finance Branch, Union Bank
Bhavan, 1st Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai
– 400 021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. M. Agrawal and Company Chartered Accountants |
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Address : |
2, Jagannath Puri, |
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PAN No.: |
AAVPA3237E |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650000 |
Equity Shares |
Rs.100/- each |
Rs.65.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
649032 |
Equity Shares |
Rs.100/- each |
Rs.64.903
millions |
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650000 |
Equity Shares |
Rs.100/- each |
Rs.65.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
615032 |
Equity Shares |
Rs.100/- each |
Rs.61.503
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 |
61.503 |
61.503 |
61.503 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
51.062 |
26.807 |
7.071 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
112.565 |
88.310 |
68.574 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
188.483 |
102.634 |
119.139 |
|
|
2] Unsecured Loans |
37.705 |
22.159 |
20.855 |
|
|
TOTAL BORROWING |
226.188 |
124.793 |
139.994 |
|
|
DEFERRED TAX LIABILITIES |
0.162 |
0.057 |
0.270 |
|
|
|
|
|
|
|
|
TOTAL |
338.915 |
213.160 |
208.838 |
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|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
57.551 |
57.480 |
67.211 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.187 |
2.187 |
2.187 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.500
|
78.847 |
129.760 |
|
|
Sundry Debtors |
126.845
|
126.739 |
56.966 |
|
|
Cash & Bank Balances |
19.215
|
12.873 |
4.976 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
41.607
|
70.042 |
37.302 |
|
Total
Current Assets |
319.167
|
288.501 |
229.004 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.591
|
130.654 |
84.197 |
|
|
Other Current Liabilities |
3.171
|
3.355 |
5.204 |
|
|
Provisions |
3.228
|
0.999 |
0.168 |
|
Total
Current Liabilities |
39.990
|
135.008 |
89.569 |
|
|
Net Current Assets |
279.177
|
153.493 |
139.435 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
338.915 |
213.160 |
208.838 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
736.314 |
682.249 |
503.503 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
736.314 |
682.249 |
503.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
681.056 |
|
496.170 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
681.056 |
636.345 |
496.170 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.258 |
45.904 |
7.333 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
16.028 |
15.458 |
4.564 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.230 |
30.446 |
2.769 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.873 |
8.125 |
0.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
31.357 |
22.321 |
2.146 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.102 |
2.585 |
0.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
24.255 |
19.736 |
1.153 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.807 |
7.071 |
5.918 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
21.062 |
26.807 |
7.071 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.44 |
32.09 |
1.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.29
|
2.89 |
0.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.32
|
6.45 |
0.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.25 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.94 |
3.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.98
|
2.14 |
2.56 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year,
sales achieved by company were Rs.736.000 millions as compared to Rs.682.000 millions
achieved in previous year. Net profit after tax is much higher at Rs.24.250
millions as compared to 19.730 millions in previous year. The company has
written off the liability of Rs.37.247 millions, which has considered as not
payable and shown as extra-ordinary item. The company has changed accounting
policy in respect of accounting for balance in CENVAT account and has written
off Rs.19.880 millions as extra-ordinary item. Thus net extra-ordinary income
of Rs.17.367 millions has been shown. The company has filed appeals against the
orders demanding excise duty liability and it is hoped that matter would be
decided in favour of the company and no provision in that regard has been
considered necessary. Sum of Rs.30.000 millions has been transferred to General
reserve.
FORM 8
|
Corporate identity number of the company |
U27209UP1995PTC017830 |
|
Name of the company |
SHIVANGI METAL INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
100/1 Jagan Nath Puri, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10104667 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of Main Branch, E-Mail : sbi@yahoo.com |
|
Nature of instrument creating charge |
Agreement of loan cum hypothecation dated 1.11.2011 Letter of arrangement dated 31.10.2011 |
|
Date of instrument Creating the charge |
01.11.2011 |
|
Amount secured by the charge |
Rs.301.100 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC (Hypothecation) 4.5 over bank basic rate SLC 5.50 over bank basic rate Terms of Repayment Working capital loan- Repayble on demand Margin Fund based limits Raw material imported or indigenous
25% Semi Finished and Finished goods-30% Components/consumable/spares-25% Domestic receivables-40% Non fund based limit Letter of credit 10% Extent and Operation of the charge (i) Extension of charge on company's fixed assets (ii) EM of shop no. 5518, plot no. 13 North Basti Harphool Singh, (iii) EM of factory land and building situated at Khasra no. 91 (part)
Jaisinghpur and 547, Mauja Kota S D Compound (iv) EM of residental house at 100/1, Jagannath Puri, (v) EM of flat no. A-2/15 and A/1/24 Sri Agrsen CGHS Plot No. 7,
Pappankala, Dwarika Phase-I, (vi) EM of 2nd floor, Plot no. 23 property no. 5691, 5696-5701 at
Basti Harphool Singh, Sadar Thana, D Others (i) Hypothecation charge on entire current assets comprising stock of
raw material, store and spares, consumables etc. at works, godowns, etc.
(present and future) and including stock in transit and cash/credit balance
in their loan accounts. (ii) All present and future book debts/receivables as also clean or
documentary bills, domestic or export whether accepted or otherwise and the
cheques/drafts/instruments etc. drawn in its favour |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
·
EM of shop no. 5518, plot no. 13 North Basti
Harphool Singh, ·
EM of factory land and building situated at Khasr
no. 91 (part) Jaisinghpura Bangar and 547, Mauja Kota and ·
EM of residential house at 100/1, Jagannath Puri,
·
EM of entire 2nd Floor at plot no. 23, property
no. 5691, 5696-5701 situated at Basti Harphool Singh, Sadar Thana Delhi
measuring 184.36 square yard ·
EM of flat no. A-2/15, 4th Floor at Sri Agrasen
CGHS, plot no. 10, Sector 7, Dwarika Phase-I, Delhi ·
EM of land and building situated at 748 and 749
(old), new no. 629, Lal Darwaja, Vrindaban Gate, ·
EM of flat no. A-1/24 at Sri Agrasen CGHS plot
no. 10 Sector 7, Dwarika Phase-I, Pappankala, ·
EM of residential plot (9 Nos.) having no. 82 to
90 at Radhapuram Extension Estate Extension Andron Mauja Ganeshra |
|
Particulars of the present modification |
Overall limit enhanced to Rs.301.100 millions from Rs.202.800 millions |
FIXED ASSETS
·
Land
·
Building
·
Car
·
Tata Max Truck
·
Scooter
·
Furniture
·
Office Equipments
·
Machinery
·
Lab Equipments
·
Fire Fighting Equipments
·
Pollution Control
Equipments
·
Electric Installation
·
Guest House Equipments
·
Generator
·
Fax Machine
·
Computer
·
Tempo
·
Cycle
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.50.24 |
|
|
1 |
Rs.78.13 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.