MIRA
INFORM REPORT
|
Report Date : |
25.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHREE VAISHNAV INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
104, Shiv Ashish Complex, Plot No.10, 19th Road, Next to
Mallhar Hotel, Chembur (East), Mumbai- 400071, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
29.04.2004 |
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Com. Reg. No.: |
11-145976 |
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Capital Investment / Paid-up Capital : |
Rs. 19.878 Millions |
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CIN No.: [Company
Identification No.] |
U27100MH2004PTC145976 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of TMT Bars, MS Angles, MS Channels, MS Flats and MS
Squares. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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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 1067772 |
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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 a Flagship Company of Shree Vaishnav Group. It 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) |
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|
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 |
LOCATIONS
|
Registered Office : |
104, Shiv Ashish Complex, Plot No.10, 19th Road, Next to Mallhar
Hotel, Chembur (East), Mumbai- 400071, Maharashtra, India |
|
Tel. No.: |
91-22-67304400 |
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Fax No.: |
91-22-67304410/11 |
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E-Mail : |
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Factory : |
Survey No.54/2/2 and 54/2/3, |
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Fax No.: |
95-2526-222492/ 220670 |
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E-Mail: |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Dinesh S. Agarwal |
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Designation : |
Director |
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Address : |
Vaishnav Sadan, Bunglow No.2, Vikas Classique, Chs., Behind, Basant Cinema, Chembur, Mumbai, 400074,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1974 |
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Date of Appointment : |
29.04.2004 |
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|
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|
Name : |
Mr. Shersingh O. Agarwal |
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Designation : |
Director |
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Address : |
Vaishnav Sadan, Bunglow No.2, Vikas Classique, Chs., Behind, Basant Cinema, Chembur, Mumbai, 400074, Maharashtra,
India |
|
Date of Birth/Age : |
10.07.1951 |
|
Date of Appointment : |
29.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
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No. of Shares |
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|
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|
Shersingh Agarwal |
|
166071 |
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Dinesh Agarwal |
|
276464 |
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S |
|
51964 |
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Rajrani Agarwal |
|
245857 |
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Dinesh Agarwal(H.U.F.) |
|
38214 |
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Preeta Agarwal |
|
152000 |
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Vipin Agarwal |
|
130000 |
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Ruchi Agarwal |
|
72500 |
|
Shree Vaishnav Ispat Private Limited,
Mumbai |
|
630535 |
|
Sun beam Suppliers, Kolkata |
|
177857 |
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Shree Vaishnav Metal and PowerPrivate Limited(Anjani Commotrade Private Limited), Kolkata |
|
46357 |
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Total |
|
1987819 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
43.00 |
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Directors or relatives of directors |
|
57.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of TMT Bars, MS Angles, MS Channels, MS Flats and MS
Squares. |
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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 India, Commercial Branch,
Chembur, Mumbai – 400071, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. B. Agarwal and Company Chartered Accountant |
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Address : |
204, C-Wing, Mhatre Pen Building, Senapati Bapat Marg, Dadar (West), Mumbai-
400028, Maharashtra, India |
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Tel. No.: |
91-22-40298218 |
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Fax No.: |
91-22-24363312 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
19,87,819 |
Equity Shares |
Rs. 10/- each |
Rs. 19.878 Millions |
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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 |
19.878 |
19.878 |
19.878 |
|
|
2] Share Application Money |
26.150 |
26.000 |
0.000 |
|
|
3] Reserves & Surplus |
220.915 |
169.017 |
126.975 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
266.943 |
214.895 |
146.853 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
249.996 |
250.533 |
224.492 |
|
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2] Unsecured Loans |
150.788 |
131.628 |
82.737 |
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TOTAL BORROWING |
400.784 |
382.161 |
307.229 |
|
|
DEFERRED TAX LIABILITIES |
28.345 |
24.991 |
20.170 |
|
|
|
|
|
|
|
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TOTAL |
696.072 |
622.047 |
474.252 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
206.423 |
219.023 |
198.757 |
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Capital work-in-progress |
10.632 |
7.565 |
2.748 |
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|
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INVESTMENT |
9.700 |
24.506 |
1.450 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
297.484
|
442.410
|
166.491 |
|
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Sundry Debtors |
225.513
|
126.405
|
91.921 |
|
|
Cash & Bank Balances |
81.704
|
74.238
|
33.127 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
182.382
|
79.345
|
63.711 |
|
Total
Current Assets |
787.083
|
722.398
|
355.250 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
293.260
|
332.940
|
77.567 |
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Other Current Liabilities |
0.000
|
0.000
|
0.072 |
|
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Provisions |
24.506
|
18.551
|
6.406 |
|
Total
Current Liabilities |
317.766
|
351.491
|
84.045 |
|
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Net Current Assets |
469.317
|
370.907
|
271.205 |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.046 |
0.092 |
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|
|
|
|
|
|
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TOTAL |
696.072 |
622.047 |
474.252 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
|
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Sales |
|
1783.243 |
1431.465 |
|
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Other Income |
|
34.278 |
7.744 |
|
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TOTAL (A) |
NA |
1817.521 |
1439.209 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials & Stores Consumed |
|
1586.499 |
1325.612 |
|
|
|
Manufacturing Expenses |
|
83.417 |
43.468 |
|
|
|
Personnel Expenses |
|
18.315 |
13.144 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
(33.524) |
(60.952) |
|
|
|
Selling and Distribution Expenses |
|
18.113 |
12.348 |
|
|
|
Preliminary Expenses |
|
0.046 |
0.046 |
|
|
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TOTAL (B) |
|
1672.866 |
1333.666 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
144.655 |
105.543 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
50.408 |
36.082 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
94.247 |
69.461 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
28.917 |
17.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
79.759 |
65.330 |
51.737 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
27.861 |
23.288 |
16.850 |
|
|
|
|
|
|
|
|
|
Less |
Excess/(short)
Provision of IT of Previous years |
-- |
-- |
0.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
51.898 |
42.042 |
34.885 |
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
49.258 |
14.372 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
91.300 |
49.257 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
2.31
|
2.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.66
|
3.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.03
|
7.01
|
9.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.30
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.69
|
3.36
|
2.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.02
|
4.22 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if
applicable) |
-- |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from
Form 8
|
Corporate identity number of the company |
U27100MH2004PTC145976 |
|
Name of the company |
SHREE VAISHNAV
INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
104, Shiv Ashish
Complex, Plot No.10, 19th Road, Next to Mallhar Hotel, Chembur (East),
Mumbai- 400071, Maharashtra |
|
This form is for |
Modification of charge |
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Type of charge |
Movable Property Book Debts Immovable Property Others |
|
Particular of charge holder |
State Bank of |
|
Nature of instrument creating charge |
1.Supplemental Agreement Of Hypothecation
Of Goods And Assets For Increase In
The Overall Limit |
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Date of instrument Creating the charge |
29/09/2011 |
|
Amount secured by the charge |
Rs.614.900 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As Stipulated By Bank From Time To Time Terms of Repayment As Stipulated By Bank From Time To Time Margin As Stipulated By Bank From Time To Time Extent and Operation of the charge First Charge (Present And Future)= Total
Limit Rs.614.900 Millions (1) DCC Rs. 300.000 Millions, Tl-I (O/S)
Rs.18.700 Millions ,Tl-Ii (O/S) Rs.22.200 Millions =Total FB Rs.340.900
Millions (Sub Limit With In DCC-Book Debts -Rs.150.000 Millions) (2) LC Rs. 260.000 Millions --Total Nfb
Rs.260.000 Millions ((Sub Limit Within Lc-(1)Buyers Credit Rs.160.000
Millions
(2) Bg-Rs.40.000 Millions) (3) Off B/S Exposure Rs.14.000 Millions) And / Or As Stipulated By Bank From Time
To Time Others As Stipulated By Bank From Time To Time
And As Per Agreement Attached And As Per Sanction Letter Of The Bank |
|
Short particulars of the property charged |
First Paripassu Charge(Present and Future
On Following Assets)(1)Hypothecation Of All Stock/Goods/Inventories/Products
Kept At Borrower Place/Premises/Godown/Factories/On Jangad/Job Work And/Or
Whereeverelse And/Or In Transit Including Brought Under Epc/Ebd/Pcfc/Metal
Gold Loan/B.G./Bank Finance (2)Hypothecation Of All Book Debts And Reciavables
Including Export Documentary Bills (3)Hypothecation Of All Current Assets
,Movalbe And Fixed Assets Of The Company
(4)Hypothection Of All Plant And Mahcinery ,Furniture And Fixturers
Etc Situated At Factory And/Or Office And/Or Whereeverelse And/Or Intransit
(5) Emg Of Factory Land and Building On Gat No.54/2/3(Old Gat No 54/2(P)/8
Situated At Village Vasuri (Khurd), Taluka Wada , Dist Thane (6) Emg Of Commercial Premises On Rear Side
On First Floor, Admeasuring 1518 Sq. Ft (Built Up) In A Building Known As 104
"Shiv Ashish Commercial Complex",Plot No 10, Road 19, Chembur East,
Mumbai -71 Admeasuring 1518 Sq.Ft (Built Up) (7)Emg Of Land New Gat No 54/2/2(Old Gal No 54/2(P)/2 Situated At
Village Vasuri (Khurd), Taluka Wada , Dist Thane |
|
Particulars of the present modification |
By This Modification Limit Is Enhanced To
Rs.539.800 Millions To Rs.614.900 Millions ((1)Dcc Rs. 300.000 Millions, Tl-I
(O/S)Rs.18.700 Millions, Tl-Ii(O/S)Rs.22.200 Millions =Total Fb Rs.340.900
Millions (Sub Limit With In Dcc-Book Debts -Rs.150.000 Millions)(2)Lc
Rs.260.000 Millions -Total Nfb Rs.260.000 Millions ((Sub Limit Within
Lc-(1)Buyers Credit Rs.160.000 Millions (2)Bg-Rs.40.000 Millions (3)Off B/S
Exposure Rs.14.000 Millions),Securities Are Continuted As Given By Original
Charge As Well As By Modifications, Terms and Conditions As Per Agreement
Attached and As Per Sanction Letter Of The Bank |
Fixed Assets
- Land and Building
- Furnace
- Plant and Machinery
- Electrical Installation
- Crane
- Mill Motors
- Computer
- Workshop Machinery
- Office Equipment
- Mumbai Office
- Motor Car
- Rolls
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.