MIRA
INFORM REPORT
|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAROJ CASTINGS PRIVATE LIMITED |
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Registered
Office : |
C-26, MIDC Shiroli, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.02.1990 |
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Com. Reg. No.: |
11-055554 |
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Capital
Investment / Paid-up Capital : |
Rs.9.500 Millions |
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CIN No.: [Company Identification
No.] |
U27310PN1990PTC055554 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPS05187A |
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PAN No.: [Permanent Account No.] |
AADCS7793L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cylinder Heed |
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No. of Employees
: |
140 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 957000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having line tracks. Financial
position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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. Shirolkar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-230-2468962 |
|
Date : |
03.03.2012 |
LOCATIONS
|
Registered Office/ Factory 1 : |
C-26, MIDC Shiroli, |
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Tel. No.: |
91-230-2468962 /2468963 |
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Fax No.: |
91-230-2468961 |
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E-Mail : |
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Websites : |
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Location : |
Owned |
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Factory 2 : |
F11, MIDC, Shiroli, Kolhapur-416 122, |
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Tel. No.: |
91-230-2468500/ 2468600/ 2468182 |
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Fax No.: |
91-230-2468961 |
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Factory 3 : |
Plot No. 21, M.I.D.C., Shiroli,
Kohlapur-416 122, |
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Tel. No.: |
91-230-2469700/ 2469800 |
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Fax No.: |
91-230-2468961 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Parshuram Shankar Jadhav |
|
Designation : |
Director |
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Address : |
Sonali Plot 1, Mahavir Nagar, |
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Date of Birth/Age : |
01.04.1937 |
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Date of Appointment : |
22.02.1990 |
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DIN No.: |
00950020 |
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Name : |
Mr. Deepak Parashuram Jadhav |
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Designation : |
Director |
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Address : |
Sonali Plot 1, Mahavir Nagar, |
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Date of Birth/Age : |
30.10.1966 |
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Date of Appointment : |
12.08.1996 |
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DIN No.: |
00937672 |
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Name : |
Mr. Ajit Parashuram Jadhav |
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Designation : |
Director |
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Address : |
Sonali Plot 1, Mahavir Nagar, |
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Date of Birth/Age : |
14.04.1972 |
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Date of Appointment : |
152.08.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Shirolkar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Parshuram Shankar Jadhav |
|
19000 |
|
Ajit Parashuram Jadhav |
|
76000 |
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TOTAL |
|
95000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cylinder Heed |
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Products : |
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Imports : |
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Products : |
Cylinder Heed |
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Countries : |
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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
Installed
Capacity: 2400 Tons p.a on 3 Shift Basis as certified by directors
|
Particulars |
Unit |
Actual
Production |
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Castings |
Nos. |
62933 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
140 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. G. Kulkarni Chartered Accountant |
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Address : |
H-4, |
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PAN.: |
ABYPK1011C |
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Sister Concern :
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
95500 |
Equity Shares |
Rs.100/- each |
Rs.9.550 Millions |
|
4500 |
4% Redeemable Non-Cumulative Preference Share |
Rs.100/- each |
Rs.0.450 Millions |
|
|
|
|
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
95000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
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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|
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1] Share Capital |
9.500 |
9.500 |
9.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
229.675 |
180.676 |
158.321 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
239.175 |
190.176 |
167.821 |
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LOAN FUNDS |
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
5.824 |
7.024 |
7.789 |
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TOTAL BORROWING |
5.824 |
7.024 |
7.789 |
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DEFERRED TAX LIABILITIES |
9.175 |
10.777 |
12.264 |
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TOTAL |
254.174 |
207.977 |
187.874 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
62.730 |
61.607 |
61.036 |
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Capital work-in-progress |
1.329 |
0.000 |
0.000 |
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INVESTMENT |
31.381 |
21.381 |
15.186 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.980
|
17.616 |
23.023 |
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Sundry Debtors |
59.629
|
29.954 |
16.368 |
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Cash & Bank Balances |
97.317
|
94.176 |
67.716 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.624
|
114.302 |
107.854 |
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Total
Current Assets |
197.550
|
256.048 |
214.961 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
6.894
|
5.870 |
5.824 |
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Other Current Liabilities |
5.422
|
11.237 |
5.428 |
|
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Provisions |
26.500
|
113.952 |
92.057 |
|
Total
Current Liabilities |
38.816
|
131.059 |
103.309 |
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Net Current Assets |
158.734
|
124.989 |
111.652 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
254.174 |
207.977 |
187.874 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
268.058 |
176.817 |
215.816 |
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Other Income |
7.358 |
11.453 |
7.819 |
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|
6.428 |
7.139 |
6.287 |
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TOTAL |
281.844 |
195.409 |
229.922 |
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Less |
EXPENSES |
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Office Expenses |
193.542 |
137.720 |
178.033 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
193.542 |
137.720 |
178.033 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
88.302 |
57.689 |
51.889 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
8.783 |
9.369 |
9.374 |
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PROFIT BEFORE
TAX |
79.519 |
48.320 |
42.515 |
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Less |
TAX |
19.405 |
14.850 |
15.157 |
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PROFIT AFTER TAX |
60.114 |
33.470 |
27.358 |
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EARNINGS IN
FOREIGN CURRENCY |
3.557 |
0.430 |
0.000 |
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Earnings Per
Share (Rs.) |
633.00 |
-- |
-- |
|
Expected Sales (2011-2012) : Rs.280.000 Millions
The above information has been parted by Mr. Shirolkar – Accounts
Manager
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
21.33
|
17.13 |
11.90 |
|
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PBT / Total Sales |
|
29.66
|
27.33 |
19.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.55
|
15.21 |
15.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.25 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.73 |
0.66 |
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|
Current Ratio (Current Asset/Current Liability) |
|
5.09
|
1.95 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
Rs. in Millions |
||
|
Trade
Creditors |
|
|
|
|
Sarqj Iron Industries, |
0.087 |
0.586 |
5.824 |
|
Saroj Iron Industries
Unit-11, |
0.018 |
0.002 |
|
|
Sonai Engineering Private
Limited ., |
4.377 |
2.465 |
|
|
|
0.511 |
0.511 |
|
|
Tejas Industries, |
0.000 |
0.076 |
|
|
Scsa Industries Limited
., |
0.000 |
0.249 |
|
|
Samarlh Metallurgical
Plant II, |
0.000 |
0.005 |
|
|
Pioneer Carbon
Limited ( Advance against carbon
credit) |
1.589 |
1.886 |
|
|
Mahesh Enterprises, |
0.000 |
0.000 |
|
|
Mahesh Engineering
Services, |
0.002 |
0.000 |
|
|
Shiv Shakti Enterprises,
Pune |
0.005 |
0.000 |
|
|
Shri Laxmi Industries, |
0.007 |
0.000 |
|
|
Foseco India Limited .,
Pune |
0.007 |
0.000 |
|
|
Champion Rolling Mills
Pvt. Limited ., Mumbai |
0.284 |
0.000 |
|
|
Creditors
for Expenses |
|
|
|
|
Tej Couriers, |
0.000 |
0.002 |
|
|
M.K. Mehendale Transport,
Pune |
0.003 |
0.002 |
|
|
Hotel Yuvraj, |
0.004 |
0.000 |
|
|
Kedari Baburao Bhosale, |
0.000 |
0.012 |
|
|
Idea Cellular Limited ., |
0.000 |
0.002 |
|
|
BSNL, |
0.000 |
0.004 |
|
|
N.G.Kulkarni, |
0.000 |
0.068 |
|
|
TOTAL |
6.894 |
5.870 |
5.824 |
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
|
Yes |
|
Yes |
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Yes |
|
Yes |
|
Yes |
|
-- |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
-- |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
Yes |
|
No |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
OPERATION AND OUTLOOK
During the year under consideration the income
by way of sale of castings amounted to Rs.268.058 millions (previous year of Rs.176.817
millions) income by way of sale of power amounted to Rs. 6.428 millions
(previous year of Rs.7.139 millions) other income of Rs.7.358 millions
(previous year of Rs.11.453 millions)
TRADE REFERENCES
- Cummins India Limited
- Sesa Goa Limited
FIXED ASSETS
- Land and Building
- Flat
- Electrical Fitting
- Electrical Machinery
- Machinery and Factory Equipment
- Office Equipment
- Fixture and Mail Box
- Computer
- Furniture and Dead Stock
- Furniture and Flat
- Vechicle
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.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
53 |
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.