MIRA
INFORM REPORT
|
Report Date : |
28.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SELVEL CONVEYORS PRIVATE LIMITED |
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Registered
Office : |
901, Aavishkar, Near |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.11.1999 |
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|
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Com. Reg. No.: |
11-122608 |
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Paid-Up Capital
: |
Rs. 17.443 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U74999MH1999PTC122608 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39438A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Fabricators of Material Handling Equipment. |
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No. of Employees
: |
55 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
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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. Financial
position of the company appears to be good. There appears slight dip in the
profitability of the company. However, 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.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.
INFORMATION DENIED BY
|
Name : |
Mr. Jigar Shah |
|
Designation : |
Accounts Head |
|
Date : |
27.07.2012 |
LOCATIONS
|
Registered Office : |
901, Aavishkar, Near |
|
Tel. No.: |
91-22-26251753 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
Factory : |
Selvel House, Plot No. 5/6, Gokhiware, Valiv Road, Vasai East, Thane –
401208, Maharashtra, India |
|
Tel. No.: |
91-250-2452373/2453708/2453710/2453712 |
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Fax No.: |
91-250-2452441 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Niraj Mahendrakumar Shah |
|
Designation : |
Director |
|
Address : |
901, Aavishkar, Near |
|
Date of Birth/Age : |
14.05.1976 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
10.11.1999 |
|
DIN No.: |
00422919 |
|
Voter ID No.: |
XXL3115037 |
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|
|
|
Name : |
Mr. Mahendrakumar Nathalal Shah |
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Designation : |
Director |
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Address : |
901, Aavishkar, Near |
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Date of Birth/Age : |
03.07.1946 |
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Qualification : |
B.E. Mechanical and Electrical |
|
Date of Appointment : |
10.11.1999 |
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DIN No.: |
00422925 |
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|
|
|
Name : |
Mr. Jigar Mahendrakumar Shah |
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Designation : |
Director |
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Address : |
901, Aavishkar, Near |
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Date of Birth/Age : |
28.11.1974 |
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Qualification : |
Diploma in Production Engineering |
|
Date of Appointment : |
10.11.1999 |
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DIN No.: |
01816060 |
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Voter ID no.: |
J2M0220186 |
KEY EXECUTIVES
|
Name : |
Ms. Deepali |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mahendrakumar Nathalal Shah |
|
1634000 |
|
Jigar Mahendrakumar Shah |
|
57850 |
|
Niraj Mahendrakumar Shah |
|
31000 |
|
Monica Apurva Shah |
|
15600 |
|
Sheetal Jigar Shah |
|
3600 |
|
Hansaben Mahendrakumar Shah |
|
2200 |
|
Total
|
|
1744250 |
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 : |
Manufacturers and Fabricators of Material Handling Equipment. |
GENERAL INFORMATION
|
No. of Employees : |
55 (approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Patel (West), Mumbai – 400 013, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri,
Baroda – 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mr. Manish Shah (Kashyap Umesh and Associates) Chartered Accountants |
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Address : |
28, Devprayag, Veera Desai Road, Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Tel. No.: |
91-22-66372810/28891468/26248715 |
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E-Mail : |
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Pan No.: |
AAHFK5100G |
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Associates : |
Selvel Estate Private Limited |
CAPITAL STRUCTURE
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 |
|
|
|
|
|
|
1744250 |
Equity Shares |
Rs.10/- each |
Rs.17.443
millions |
|
|
|
|
|
Note:
Of the above 1744250 equity shares of Rs.10 each
allotted as fully paid up pursuant to take over of running business of
proprietory concern. M/s. Selvel Conveyors on 17.08.2003 with all its assets
and liabilities as going concern without payment being received in 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 |
17.443 |
17.443 |
19.180 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
136.975 |
112.975 |
101.326 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
154.418 |
130.418 |
120.506 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.001 |
6.608 |
6.071 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4.001 |
6.608 |
6.071 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.079 |
|
|
|
|
|
|
|
|
TOTAL |
158.419 |
137.026 |
126.656 |
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
21.531 |
24.049 |
25.159 |
|
|
Capital work-in-progress |
0.663 |
0.663 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
61.712 |
76.802 |
61.764 |
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|
DEFERREX TAX ASSETS |
0.420 |
0.156 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.169
|
13.699
|
16.022
|
|
|
Sundry Debtors |
46.804
|
35.044
|
39.463
|
|
|
Cash & Bank Balances |
11.502
|
3.455
|
1.648
|
|
|
Other Current Assets |
0.173
|
0.370
|
1.376
|
|
|
Loans & Advances |
101.630
|
65.468
|
60.450
|
|
Total
Current Assets |
188.278
|
118.036
|
118.959
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
35.054 |
18.514 |
14.719 |
|
|
Other Current Liabilities |
26.941
|
9.323
|
10.643
|
|
|
Provisions |
52.190
|
54.843
|
53.864
|
|
Total
Current Liabilities |
114.185
|
82.680
|
79.226
|
|
|
Net Current Assets |
74.093
|
35.356
|
39.733
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
158.419 |
137.026 |
126.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
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Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
232.710 |
186.789 |
230.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
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Advertising Expenses |
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|
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|
Financial Expenses |
|
|
|
|
|
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TOTAL |
187.759 |
138.100 |
166.580 |
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|
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|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.951 |
48.689 |
63.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.264 |
3.294 |
3.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
41.687 |
45.395 |
59.813 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
14.636 |
15.100 |
21.468 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
27.051 |
30.295 |
38.345 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.908 |
6.368 |
0.534 |
|
|
TOTAL EARNINGS |
13.908 |
6.368 |
0.534 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.530 |
30.465 |
29.756 |
|
|
TOTAL IMPORTS |
35.530 |
30.465 |
29.756 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.51 |
15.92 |
19.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.62
|
16.22
|
16.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.87
|
31.95
|
11.71
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.35
|
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
0.68
|
0.71
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.43
|
1.50
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
- Dues to Micro,
Small and Medium Enterprises |
-- |
-- |
-- |
|
- Others |
35.054 |
18.514 |
14.719 |
|
Total |
35.054 |
18.514 |
14.719 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of Director, if
available |
No |
|
32] |
Passport No of Director,
if available |
No |
|
33] |
Voter ID No of Director,
if available |
Yes |
FINANCIAL RESULTS:
During the year the
company has achieved total income of Rs.232.710 millions and earned profit of
Rs.27.051 millions after providing provision for Depreciation for Rs.3.264
millions and provision for current years taxation of Rs.14.636 millions,
adjusting deferred tax credit of Rs. 0.263 millions and adjusting short
provision of taxation of Rs. 0.890 million
CONTINGENT LIABILITY
IN RESPECT OF (AS ON 31.03.2011):
(a) Bank Guarantee of Rs.5.973
millions (Previous year Rs. 4.555 millions)
(b) Excise Duty along with penalty of Rs. 0.267
million (Previous Year Rs.0.267
million) Pending with Customs, Excise and Service Tax Appellate Tribunal
(c) Income-tax of Rs.Nil million (Previous Year Rs.0.629 million) pending with Income
Tax Appellate Tribunal.
(d) Income-tax of Rs.0.294 million (Previous Year Rs. Nil) pending with Assessing Officer. The order has been passed by
the Commissioner of Income-tax (Appeals). The case referred by Commissioner of Income-tax (Appeals) to Assessing Officer for re-computing the tax payable.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U74999MH1999PTC122608 |
|
Name of the company |
SELVEL CONVEYORS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
901, Aavishkar, Near Irla Bridge, S.V. Road, Andheri (West), Mumbai –
400 058, Maharashtra, India E-Mail Id : selvel@bom4.vsnl.net.in |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Any interest in immovable property |
|
Particular of charge holder |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015,
Gujarat, India E-mail Id : vivek.naladkar@icicibank.com |
|
Nature of instrument creating charge |
Memorandum of Entry - First time Mortgage by Deposit of Title Deeds
with the ICICI Bank Limited dated 26th April, 2012. (To secure Loan of Rs.
51.140 Millions). |
|
Date of instrument Creating the charge |
26.04.2012 |
|
Amount secured by the charge |
Rs.51.140 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest ICICI Bank Base Rate = Presently 9.75 % + Margin of 0.90% - 10.65 %
(Floating Rate Interest). Terms of Repayment Rs. 0.694 Million payable per month for 120 Months (10 Years). Margin Margin of 0.90% in Interest. (Facility Amount Shall not exceed 70 % of
the value of Property as mentioned in the Agreement. Extent and Operation of the charge The Company has created charge on the immovable property of the
Company situated at Flat No. 2, 2nd Floor, Vraj Vithalnagat CHSL, Plot No.
12, NS Road No. 10, JVPD Scheme, Juhu Vile Parle (West), Mumbai - 400049
together with all the buildings and structures thereon, Fixtures, Fittings
and all Plant and Machinery attached to the earth (both present and future). |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The Company has created charge on the immovable property of the
Company situated at Flat No. 2, 2nd Floor, Vraj Vithalnagat CHSL, Plot No.
12, NS Road No. 10, JVPD Scheme, Juhu Vile Parle (West), Mumbai - 400 049
together with all the buildings and structures thereon, Fixtures, Fittings
and all Plant and Machinery attached to the earth (both present and future). |
FIXED ASSETS:
·
Land
·
Building
·
Lift
·
Plant and Machineries
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Technical Know-How and Designs
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.55.41 |
|
|
1 |
Rs.86.93 |
|
Euro |
1 |
Rs.68.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.