|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SCAN |
|
|
|
|
Registered Office : |
116, Guru Gobind Singh Industrial Estate, Off. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1994 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.202.707 Millions |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AFQPM8782E |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer of HDPE Pipe and A.C. Pipes and Coating of HDPE on M.S.
Pipes. |
|
|
|
|
No. of Employees
: |
Approximately 23 (In Office – 12 and In Factory – 11) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established concern having moderate track. The report is
based on old database as Mr. Sudhir Mohandas, CEO denied to disclose any
information about the concern. Business is active. Payments are unknown. The concern 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 – 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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Sudhir Mohandas |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-22-26854945 |
|
Date : |
11.06.2012 |
LOCATIONS
|
Registered Office : |
116, Guru Gobind Singh Industrial Estate, Off. |
|
Tel. No.: |
91-22-26854945/ 26854348/ 40036340 |
|
Fax No.: |
91-22-26855180 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
700 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
C–1/4, Swami Industrial Centre, Gaurai Pada, Vasai (East), District
Thane – 401 208, |
|
Area : |
5000 sq. ft. |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mrs. Chitra S. Mohandas |
|
Designation : |
Proprietor |
|
Address : |
A-5, Flying Carpet, Junction of 13th and |
|
Date of Birth/Age : |
17.05.1955 |
|
Qualification : |
B. A. |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of HDPE Pipe and A.C. Pipes and Coating of HDPE on M.S.
Pipes. |
|
|
|
|
Brand Name : |
SMOOTHFLOW |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (90 days) |
|
|
|
|
Purchasing : |
L/C, Cash (60 days) |
PRODUCTION STATUS (AS ON 31.03.2008)
|
Particulars |
Installed
Capacity |
Actual
Production |
|
HDPE Coated Mild Steel Pipes |
450 sq. mtr./day |
360 sq. mtr./
day |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
Approximately 23 (In Office – 12 and In Factory – 11) |
|
|
|
|
Bankers : |
Corporation Bank, Maroal SME Branch, Bonanza Plaza, Andheri-Kurla
Road, J. B. Nagar, Andheri (East), Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
Rs.3.500 Millions (C.C. Facility) |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Shirish Pandit Chartered Accountant |
|
Address : |
202, Apollo Complex, |
|
Tel No.: |
91-22-28394453 |
|
Fax No.: |
91-22-28394453 |
|
Email : |
|
|
|
|
|
Name 2 : |
K. R. Manik and Company Chartered Accountants |
|
Address : |
203, Natasha Garden, |
CAPITAL STRUCTURE
As on 31.03.2008
|
Capital Investment : |
|
|
Owned : |
Rs.202.707 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.202.707 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
202.707 |
203.232 |
3.751 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
202.707 |
203.232 |
3.751 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.416 |
9.247 |
5.034 |
|
|
2] Unsecured Loans |
10.749 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
21.165 |
9.247 |
5.034 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
223.872 |
212.479 |
8.785 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.206 |
8.870 |
8.435 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.351 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.790 |
4.078
|
0.000 |
|
|
Sundry Debtors |
1.841 |
5.075 |
3.086 |
|
|
Cash & Bank Balances |
1.899 |
0.579 |
0.463 |
|
|
Other Current Assets |
200.000 |
200.000 |
1.060 |
|
|
Loans & Advances |
0.211 |
0.465 |
1.211 |
|
Total
Current Assets |
219.741
|
210.197 |
5.820 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
8.058 |
6.588 |
5.821 |
|
|
Provisions |
0.017 |
0.000 |
0.000 |
|
Total
Current Liabilities |
8.075 |
6.588 |
5.821 |
|
|
Net Current Assets |
211.666 |
203.609 |
(0.001) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
223.872 |
212.479 |
8.785 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
12.184 |
24.150 |
10.783 |
|
|
Other Income |
1.222 |
0.955 |
0.313 |
|
|
Total Income |
13.406 |
25.105 |
11.096 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.208 |
0.726 |
0.238 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.208 |
0.726 |
0.238 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
2.944 |
5.683 |
4.307 |
|
|
Miscellaneous Expenses |
0.010 |
0.043 |
0.031 |
|
|
Salaries, Wages, Bonus, etc. |
0.637 |
3.055 |
1.492 |
|
|
Interest |
0.339 |
1.229 |
0.413 |
|
|
Insurance Expenses |
0.035 |
0.034 |
0.086 |
|
|
Power and Fuel |
0.000 |
1.734 |
0.664 |
|
|
Depreciation & Amortization |
0.759 |
1.488 |
0.778 |
|
|
Other Expenditure |
8.474 |
11.113 |
3.087 |
|
Total Expenditure |
13.198 |
24.379 |
10.858 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.55
|
2.89 |
2.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.71
|
3.01 |
2.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.09
|
0.33 |
1.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
0.08 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
27.21
|
31.91 |
1.00 |
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or Registry
Records.
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 |
Yes |
|
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 |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
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 |
No |
|
29) Last accounts
filed at ROC |
No |
|
30) Major
Shareholders, if available |
No |
FIXED ASSETS:
v Air Conditioners
v Computers
v Fax Machine
v Furniture and Fixture
v Motor Car
v Office Equipment
v Plant and Machinery
v Printer
v Refrigerator
v Mobile Phone
WEBSITE DETAILS:
PROFILE:
Subject has been an engineering and contracting concern started in 1994. They have been involved in installation and commissioning of Large Diameter HDPE pipeline projects for water supply sewerage and effluent disposal schemes.
Subject has always been focused on piping business and piping solutions. They have represented many Foreign and Indian Pipe Companies, for marketing their pipes in specialized project of Effluent Disposal Piping, No Dig Piping Solutions, Online Repair Solutions to leaking pipes and joints.
Subject has always been dealing with Government Projects, which are generally large projects.
Subject has been working for the past 3 to 4 years on the development, and has a PATENT FOR INTERNAL and EXTERNAL COATING OF POLYETHYLENE ON M.S. PIPES.
Now, they have started their new division for manufacturing of “SMOOTHFLOW PIPES” which are STEEL REINFORCED POLYETHYLENE PIPES. These pipes are manufactured from 350 mm to 2200 mm diameter for pressure and non-pressure applications. These mild steel pipes are coated internally and externally with 3LPE.
Subject has developed a special bonding system for adequate bonding between 3 Layer High Density polyethylene and mild steel pipes.
Their Major Customers for this product are:
v Water Supply Board
v Municipal Bodies and Industrial Development Corporation
v Private Contractors
Subject presently has concentrated in its
“SMOOTHFLOW PIPES” Standards:
HDPE COATING on Mild Steel Pipes are as per NACE Standards RP0185-96 or DIN 30670.
The M.S. Pipes are supplied as per Standards IS 3589 – 2001.
Working pressure class available in minimum 8 kg/cm2 and above
Achievements:
Subject has been accredited with ISO 9001-2000 from UK UKAS certification body.
Internal and External PE Coating on Mild Steel/RCC pipes is an innovation which is been recognized by Government of India and Patent to this effect is been given to their Company.
They have conducted various test on their product from in VJTI/UDCT which are reputed Government recognized organizations which have got excellent results.
MIDC, which is
They have been given a 'AWARD FOR EXCELLENCE” from Good Governance India- Delhi.
They are currently manufacturing 1800mm diameter pipes with 3 mm PE Coating externally 2 KMS long which is one of the largest diameter PE Coated Mild Steel Pipe in India.
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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
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.