MIRA
INFORM REPORT
|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
CASPRO METAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
E-1, MIDC, Shiroli District, Kolhapur-416122, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.03.1992 |
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Com. Reg. No.: |
11-065737 |
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Capital Investment
/ Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U27101MH1992PTC065737 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPC00526B |
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PAN No.: [Permanent Account No.] |
AABCC0713A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of S. G. Casting |
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No. of Employees
: |
166 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 a well 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.
INFORMATION PARTED BY
|
Name : |
Mr. Abhijeet |
|
Designation : |
Finance Manager |
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Contact No.: |
91-230-2468033 |
|
Date : |
03.03.2012 |
LOCATIONS
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Registered Office / Factory : |
E-1, MIDC, Shiroli District, Kolhapur-416122, Maharashtra, India |
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Tel. No.: |
91-230-2468033 |
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Fax No.: |
91-230-2468043 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Mahendra Ambalal Rathod |
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Designation : |
Managing Director |
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Address : |
1333/13, Arasuri Niwas, Sagar Mala, Kolhapur-416008, Maharashtra,
India |
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Date of Appointment : |
30.03.1992 |
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DIN No.: |
00845255 |
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Name : |
Mr. Prakash Ambalal Rathod |
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Designation : |
Chairman Cum Managing Director |
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Address : |
1333/13, Arasuri Niwas, Sagar Mala, Kolhapur-416008, Maharashtra,
India |
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Date of Appointment : |
01.06.1997 |
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DIN No.: |
01138496 |
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Name : |
Mr. Vijay Ambalal Rathod |
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Designation : |
Whole Time Director |
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Address : |
201, Sujay Garden Building, Mukund Nagar, Pune, Maharashtra, India |
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Date of Appointment : |
01.12.2006 |
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DIN No.: |
01138470 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijeet |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mahendra Rathod |
2000 |
|
Kavita Rathod |
6000 |
|
Mahendra Rathod (HUF) |
4500 |
|
Rekha Rathod |
6500 |
|
Ambalal Rathod Family Discretionary Trust, India |
1500 |
|
Ambala Rathod (HUF) |
5000 |
|
Prakash Rathod (HUF) |
4500 |
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Vijay Rathod |
2000 |
|
Prakash Rathod |
2000 |
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Sneha Rathod |
6000 |
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Vijay Rathod (HUF) |
4000 |
|
Sunandabai Rathod |
6000 |
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Total |
50000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of S. G. Casting |
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Products : |
C.I. and S.G. Castings |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Casting |
Kgs. |
11040000 |
9947616 |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers ·
Mahindra and Mahindra |
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No. of Employees : |
166 (Approximately) |
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Bankers : |
State Bank of India, Shiroli Industrial Estate Branch, MIDC, Shiroli,
Kolhapur-416122, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel Kulkarni and Company Chartered Accountant |
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Address : |
333, AS-1/2, Prabhakar Plaza, Station Road, Kolhapur-416001,
Maharashtra, India |
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Pan No.: |
AABFP6562F |
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Related Parties : |
·
Rathod Industries ·
Caspro Exports ·
Castwel Metal Industries ·
Caspro Trading Corporation |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
108.443 |
86.414 |
66.798 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
113.443 |
91.414 |
71.798 |
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LOAN FUNDS |
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1] Secured Loans |
84.634 |
66.068 |
38.205 |
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2] Unsecured Loans |
26.405 |
18.506 |
14.290 |
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TOTAL BORROWING |
111.039 |
84.574 |
52.495 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
224.482 |
175.988 |
124.293 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.317 |
76.446 |
56.514 |
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Capital work-in-progress |
2.348 |
0.000 |
0.000 |
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INVESTMENT |
0.200 |
0.200 |
0.200 |
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DEFERREX TAX ASSETS |
3.251 |
2.395 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.208
|
20.747 |
22.009 |
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Sundry Debtors |
130.457
|
99.494 |
79.048 |
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Cash & Bank Balances |
15.301
|
29.869 |
20.280 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.763
|
8.021 |
14.021 |
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Total
Current Assets |
183.729
|
158.131 |
135.358 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
34.700
|
42.140 |
53.948 |
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Other Current Liabilities |
0.000
|
0.000 |
12.126 |
|
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Provisions |
17.663
|
19.044 |
1.705 |
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Total
Current Liabilities |
52.363
|
61.184 |
67.779 |
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Net Current Assets |
131.366
|
96.947 |
67.579 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
224.482 |
175.988 |
124.293 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
753.310 |
632.238 |
542.387 |
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EXPENSES |
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Office Expenses |
706.282 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
706.282 |
608.517 |
514.887 |
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PROFIT BEFORE
TAX |
46.028 |
38.712 |
27.500 |
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Less |
TAX |
16.106 |
13.187 |
0.01 |
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PROFIT AFTER TAX
|
29.922 |
25.525 |
27.490 |
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Earnings Per
Share (Rs.) |
598.44 |
510.50 |
549.80 |
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Expected Sales (2011-2012) : Rs. 1000.000 Millions
The above information has been parted by Mr. Abhijeet.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11
|
6.12 |
5.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.78
|
16.34 |
14.33 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.42 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
1.59 |
1.68 |
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Current Ratio (Current Asset/Current Liability) |
|
3.51
|
2.58 |
2.00 |
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. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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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 |
------ |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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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% |
No |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
Yes |
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18. Major customers |
Yes |
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19. Payments terms |
Yes |
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20. Export / Import details |
Yes |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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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 |
No |
|
28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
34.700
|
42.140 |
53.948 |
FORM 8
|
Corporate
identity number of the company |
U27101MH1992PTC065737 |
|
Name of the
company |
CASPRO METAL
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-1, MIDC, Shiroli District, Kolhapur-416122, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Any interest in
immovable property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, Shiroli Industrial Estate Branch, MIDC, Shiroli,
Kolhapur-416122, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan Cum Hypothecation with letter of Arrangement and Guarantee
Agreement. |
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Date of
instrument Creating the charge |
22.10.2008 |
|
Amount secured by
the charge |
Rs. 91.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Working Capital:-
ROI-0.75%below SBAR ( SBAR= 13.75% ) with a minimum of 13.00% p. a. Term Loan :-
ROI-0.25%below SBAR ( SBAR= 13.75% ) with a minimum of 13.50% p. a. Terms of repayment Working Capital:-
repayable on demand subject to review every 6 month. Term Loan:- to be
availed with in a period of 12 month from the date of sanction. In 36 monthly
installments of Rs. 0.200 million, for 9 months installments of Rs. 0.300
million, for 26 month installments of Rs. 0.400 million. First installments
commencing from July, 09 and last installments falling due on July 2012. Margin FUND BASED LIMITS Raw Material -
25% Semi Finished
goods -
33% Domestic
Receivable (60 days calling) - 40% NON FUND BASED LIMITS Bank
Guarantees
-10% Extent and operation of the charge 1st
charge on all the property and assets Other Limits Are As
Under D.C.C. Limit =
22.500 Millions to 45.000 Millions (net increase 22.500 millions), S.L.O.C.
Limit = 3.300 Millions to 6.500 Millions (Net Increased 3.200 Millions), Term
Loan Limit -1 and Open Limit Existing = 101.00lacs, Open Term Loan-fresh=
10.000 millions, Non Fund Based -Bank Guarantee- Rs. 20.000 millions, TOTAL
LIMITS Sanctioned is Rs. 916.00lacs. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Stocks, B. Debts, and Other Current Assets, Plant and Machinery purchased out
of Bank Finance. Equitable Mortgage of Plot No. E-1, MIIDC Shiroli and F-21,
MIDC shiroli and also pledge of Existing plant and Machinery. Also take
personal guarantee of 3 Directors of the company. |
|
Charge
identification number of the charge to be modified |
10008281 |
|
Date of
instrument modifying the charge |
10.05.2006 |
|
Particulars of
the present modification |
Modification of
existing charge with D.C.C. Limit =
22.500 Millions to 45.000 Millions (net increase 22.500 Millions), S.L.O.C. Limit
= 3.300 Millions to 6.500 Millions (Net Increased 3.200 Millions) , Fresh
Open Term Loan of Rs.10.000 Millions, Non Fund Based - Fresh Bank Guarantee-
Rs. 20.000 Millions, TOTAL LIMITS
Sanctioned is Rs. 91.600 Millions with this modification. No change in Term
Loan Limit -1 and Open Limit Existing = 10.100 Millions. |
TRADE REFRENCES
·
Mahindra and Mahindra
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Sand Plant
·
Transformer
·
Patterns and Moulding
Boxes
·
Furniture
·
Office Equipments
·
Computer
·
Motor Car
·
Cycle
·
Machinery
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. 49.35 |
|
|
1 |
Rs. 78.68 |
|
Euro |
1 |
Rs. 65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.