MIRA
INFORM REPORT
|
Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BARVEPCO CAST ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.A-2, MIDC Palus, Sangli-416310, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of
Incorporation : |
24.02.1992 |
|
|
|
|
Com. Reg. No.: |
11-065574 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310MH1992PTC065574 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPB02243D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2077L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cast Iron, Steel Foundry etc. |
|
|
|
|
No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1800 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
management of the company has not filed its financials with the government
departments after the year 2008. However, trade relations are reported as
fair. Business is active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
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. Ranjit Ambi |
|
Designation : |
Account Manager |
|
Contact No.: |
91-2346-226126 |
|
Date : |
07.03.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A-2, MIDC Palus, Sangli-416310, Maharashtra, India. |
|
Tel. No.: |
91-233-2211560 91-2346-226126 / 226538 |
|
Fax No.: |
91-2346-226175 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2006
|
Name : |
Mr. Sanjay Sambhajirao Patil |
|
Designation : |
Director |
|
Address : |
Indrapriya Vidyanagar Colony, Palus, District Sangli, Maharashtra,
India |
|
Date of Appointment : |
16.08.1994 |
|
DIN No.: |
00857677 |
|
|
|
|
Name : |
Mr. Suhas Hanmantrao Patil |
|
Designation : |
Director |
|
Address : |
‘Shree,’ 1804 Vidyanagar Colony, Palus, District Sangli, Maharashtra,
India |
|
Date of Appointment : |
16.08.1994 |
|
DIN No.: |
00984529 |
|
|
|
|
Name : |
Mr. Agnojirao Balasaheb Barge |
|
Designation : |
Director |
|
Address : |
Omkar, Bargewada, Palus, District Sangli, Maharashtra, India |
|
Date of Appointment : |
24.02.1992 |
|
|
|
|
Name : |
Mr. Rajendra Jaywantrao Barge |
|
Designation : |
Director |
|
Address : |
Shivalaya, A/p Palus, District Sangli, Maharashtra, India. |
|
Date of Appointment : |
24.02.1992 |
|
|
|
|
Name : |
Mr. Pradeep Anandrao Vetal |
|
Designation : |
Director |
|
Address : |
Avdhoot, A/p Palus, District Sangli, Maharashtra, India. |
|
Date of Appointment : |
24.02.1992 |
KEY EXECUTIVES
|
Name : |
Mr. Ranjit |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2006
|
Names of Shareholders |
No. of Shares |
|
Sanjay Sambhajirao Patil |
80 |
|
Suhas Hanmantrao Patil |
80 |
|
Agnojirao Balasaheb Barge |
80 |
|
Rajendra Jaywantrao Barge |
80 |
|
Pradeep Anandrao Vetal |
80 |
|
Total |
400 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2006
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cast Iron, Steel Foundry etc. |
|
|
|
|
Products : |
·
Cast Iron ·
Steel Foundry ·
Pump ·
Valves ·
Machine Tools ·
Compressor Castings |
|
|
|
|
Terms : |
|
|
Selling : |
Cash/ Credit (30 days) |
|
|
|
|
Purchasing : |
Cash/ Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailer, End users, OEMs, Industries |
|
|
|
|
No. of Employees : |
65 (Approximately) |
|
|
|
|
Bankers : |
Palus Sahakari Bank Limited, Maine Branch, A/p. Palus, District
Sangli, Palus-416310, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
T.C. Shah and Company Chartered Accountants |
|
Address : |
Chakeshwary complex, 1st floor, Mahaveer Nagar,
Sangli-416416, Maharashtra, India |
|
PAN.: |
AKJPS4349B |
|
|
|
|
Name 2 : |
D.S. Palker Chartered Accountant |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400 |
Equity Shares |
Rs.5000/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400 |
Equity Shares |
Rs.5000/- each |
Rs. 2.000 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] Share Capital |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.822 |
2.288 |
2.288 |
|
|
4] (Accumulated Losses) |
(2.354) |
(2.725) |
0.000 |
|
|
NETWORTH |
0.468 |
1.563 |
4.288 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.865 |
3.948 |
3.289 |
|
|
2] Unsecured Loans |
3.821 |
3.821 |
4.010 |
|
|
TOTAL BORROWING |
12.686 |
7.769 |
7.299 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13.154 |
9.332 |
11.587 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.257 |
5.151 |
5.503 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.221 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.916
|
2.975 |
0.749 |
|
|
Sundry Debtors |
20.045
|
12.338 |
13.781 |
|
|
Cash & Bank Balances |
3.180
|
2.032 |
1.285 |
|
|
Other Current Assets |
0.479 |
0.835 |
0.297 |
|
|
Loans & Advances |
0.531
|
0.289 |
0.242 |
|
Total
Current Assets |
28.151
|
18.469 |
16.354 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
16.876
|
11.225 |
6.846 |
|
|
Provisions |
4.731
|
3.215 |
3.576 |
|
Total
Current Liabilities |
21.607
|
14.440 |
10.422 |
|
|
Net Current Assets |
6.544
|
4.029 |
5.932 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.132 |
0.132 |
0.132 |
|
|
|
|
|
|
|
|
TOTAL |
13.154 |
9.332 |
11.587 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
TURNOVER |
63.418 |
46.082 |
37.760 |
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
60.000 |
60.000 |
Expected Sales (2011-2012): Rs. 80.000 Millions
The above information has been parted by Mr. Ranjit.
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
73.28
|
14.21 |
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.28 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
Note: Sundry Creditors details are not available.
|
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 |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
-- |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
-- |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
OPERATION:
The performance of the company during this year
has increased as compare to previous year. During the year company achieved a
turnover of Rd. 63.418 Millions against previous years figure Rs. 46.082
Millions.
PROSPECTS FOR THE
CURRENT YEAR:
The outlook for
the current year is good. The Directors have taken steps for improving the
quality and decided to give emphasis on marketing and to strengthen the
internal controls. In view of this, Directors are hopeful of achieving better
results for the current year. The position of the orders booked is satisfactory
and the Company looks forward to the future with confidence.
FORM 8:
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U27310MH1992PTC065574 |
|
Name of the company |
BARVEPCO CAST ALLOYS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No.2, MIDC
Palus, Sangli-416310, Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of charge holder |
Palus Sahakari Bank
Limited, Maine Branch, A/p. Palus, District Sangli, Palus-416310,
Maharashtra, India. |
|
Nature of description of the instrument
creating or modifying the charge |
i)
Memorandum of Mortgage by Deposit of Title Deeds ii) Declaration (Both the documents create single charge) |
|
Date of instrument Creating the charge |
18.06.2007 |
|
Amount secured by the charge |
Rs.9.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Extent
and Operation of the charge Cash Credit Rs.4.000 Millions and Term
Loan Rs.5.000 Millions totaling to Rs.9.000 Millions. |
|
Short particulars of the property charged |
Equitable Mortgage of Land and Building
and other Fixed Assets situated at Plot No. A - 2, MIDC Palus, District
Sangli. |
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.50.01 |
|
|
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.