MIRA INFORM REPORT

 

 

Report Date :

28.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SSV ENGINEERS PRIVATE LIMITED

 

 

Registered Office :

E 110, General Block, MIDC, Lande Wadi, Bhosari, Pune – 411026, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

14.03.2008

 

 

Com. Reg. No.:

11-131611

 

 

Capital Investment / Paid-up Capital :

Rs. 19.900 Millions

 

 

CIN No.:

[Company Identification No.]

U29299PN2008PTC131611

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNES22787C

 

 

PAN No.:

[Permanent Account No.]

AALCS7339E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Heavy Fabrication.

 

 

No. of Employees :

250 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 456000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The latest financial are not made available with the government department.

 

As per previous year’s, the performance of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown.

 

The company 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Term Loan : (CRISIL) B+

Rating Explanation

Having high risk of default regarding timely servicing of financial obligation.

Date

January 2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE

 

 

LOCATIONS

 

Registered/ Corporate Office/ Factory 1 :

E 110, General Block, MIDC, Lande Wadi, Bhosari, Pune – 411026, Maharashtra, India

Tel. No.:

91-20-66353901/ 27121435

Mobile No.:

91-9960673381 (Mr. Venkat Manirao Shinde)

Fax No.:

91-20-66353900/ 27127018

E-Mail :

vbshinde@ssvpune.com

ssv_ip@vsnl.net 

Website :

www.ssvengineers.com

 

 

Factory 2 :

Plot No. C-9, Indapur Five Star Industrial Area, Loni Devkar, Taluka Indapur, District Pune, Maharashtra, India

 

 

Factory 3 :

Gat No. 214, 220, 221, Nanekawadi, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India 

Tel. No.:

91-2135-674600/ 278021

Fax No.:

91-2135-674607/ 286166

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Venkat Manikrao Shinde

Designation :

Director

Address :

Plot No. 38, Section 2, Sr. No. 44, Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India 

Date of Appointment :

14.03.2008

DIN No.:

01962160

 

 

Name :

Mrs. Vanmala Venkat Shinde

Designation :

Director

Address :

Plot No. 38, Section 2, Sr. No. 44, Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India 

Date of Appointment :

14.03.2008

DIN No.:

01962179

 

 

Name :

Mr. Gurushant Kashiram Bahirgonde

Designation :

Director

Address :

Plot No 21 /A, Flat 5, Masulkar Colony, Pune – 411018, Maharashtra, India 

Date of Appointment :

20.03.2008

DIN No.:

02047803

 

 

Name :

Mr. Shivaji Manikrao Shinde

Designation :

Director

Address :

Yashwant Nagar, Anna Saheb Pimpri, Pune – 411018, Maharashtra, India

Date of Appointment :

20.03.2008

DIN No.:

02080791

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Venkat Manikrao Shinde 

 

2485000

Vanmala Venkat Shinde

 

5000

Total

 

2490000

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Heavy Fabrication.

 

 

GENERAL INFORMATION

 

No. of Employees :

250 (Approximately)

 

 

Bankers :

Ø       State Bank of India, Commercial Branch, 1548/A, Sadashiv Peth, Tilak Road, Pune - 411030, Maharashtra, India

Ø       IDBI Bank Limited, Fergusson College Road, Shivaji Nagar, Pune - 411004, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Term Loan form Bank

(Secured by Equitable Mortgage of factory land and Building and hypothecation of plant and machinery both, present and future)

0.000

15.229

IDBI Bank / Foreign Bills Discounted

0.000

3.233

Cash Credit form IDBI Bank

(Secured by Hypothecation of raw materials, consumable stores, material, Good under presses and finished products)  

4.853

37.409

Cash credit form SBI Bank

(Secured by Hypothecation of raw materials, consumable stores, material, Good under presses and finished products)  

150.507

0.000

Term Loan form Bank

56.697

0.000

Total

212.057

55.871

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R.M. Khadilkar and Company

Chartered Accountants

Address :

Plot No. J/SEI 12/10 MIDC, Indrayani Nagar Corner Bhosari, Pune – 411026, Maharashtra, India

Tel. No.:

91-20-27124501/ 64105424

E-Mail :

acspl@vsnl.com

acspl_in@yahoo.com

Income-tax PAN of auditor or auditor's firm :

ACEPK2699B

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000,000

Equity Shares

Rs. 10/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,490,000

Equity Shares

Rs. 10/- each

Rs. 24.900 Millions

 

 

 

 

 

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000,000

Equity Shares

Rs.10/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,990,000

Equity Shares

Rs.10/- each

Rs. 19.900 Millions

 

 

 

 

 

Note: Of which 1990000 Equity Share have been issued as fully paid up for a Consideration otherwise than Cash.

 

 

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

19.900

19.900

19.900

2] Share Application Money

5.000

0.000

0.000

3] Reserves & Surplus

89.106

56.901

20.314

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

114.006

76.801

40.214

LOAN FUNDS

 

 

 

1] Secured Loans

212.057

55.871

39.765

2] Unsecured Loans

53.665

54.182

39.952

TOTAL BORROWING

265.722

110.053

79.717

DEFERRED TAX LIABILITIES

4.589

2.254

0.347

 

 

 

 

TOTAL

384.317

189.108

120.278

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

176.110

37.697

22.028

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

1.612

0.074

0.064

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
86.450

71.846

44.001

 

Sundry Debtors
268.844

141.505

191.729

 

Cash & Bank Balances
7.761

7.359

2.788

 

Other Current Assets
17.778

25.719

30.759

 

Loans & Advances
17.118

55.466

0.000

Total Current Assets
397.951

301.895

269.277

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
153.148

126.947

151.275

 

Other Current Liabilities
30.321

8.148

7.358

 

Provisions
11.000

15.500

12.500

Total Current Liabilities
194.469

150.595

171.133

Net Current Assets
203.482

151.300

98.144

 

 

 

 

MISCELLANEOUS EXPENSES

3.113

0.037

0.042

 

 

 

 

TOTAL

384.317

189.108

120.278

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Sales (Including Labour Charge)

646.500

431.400

 

 

Other Income

2.200

2.400

 

 

 

TOTAL                                    

648.700

433.800

514.083

 

 

 

 

 

Less

EXPENSES

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

593.800

375.800

480.922

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

54.900

58.000

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

6.100

3.400

 

 

 

 

 

 

 

PROFIT BEFORE TAX

48.800

54.600

33.161

 

 

 

 

 

Less

TAX                                                                 

14.500

18.000

N.A.

 

 

 

 

 

 

PROFIT AFTER TAX

34.300

36.600

N.A.

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

2.378

15.500

 

 

Discount received

0.000

0.012

 

 

TOTAL EARNINGS

2.378

15.512

N.A.

 

 

 

 

 

 

Earnings Per Share (Rs.)

17.24

18.39

N.A.

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
5.29

8.44

N.A.

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
7.55

12.66

N.A.

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.50

16.08

11.38

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.43

0.71

0.82

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.04

3.39

6.24

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.05

2.00

1.57

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.03.2011

 

31.03.2010

 

31.03.2009

 

(Rs. In Millions)

By Creditors, Including Creditors for Expenses 

153.148

126.947

151.275

 

 

 

 

 

 

Sr. No.

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

No

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

No

10]

Designation of contact person

No

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

No

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

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Form Friends, Relative and Associates 

53.665

54.182

Total

53.665

54.182

 

 

ACCOUNTS

 

The Company executed Sales including labour charge of Rs.646.500 Millions in the year of operation and other income of Rs.2.200 Millions and has earned a profit of Rs.54.900 Millions before depreciation. Depreciation for the year is Rs.6.100 Millions. The net profit after depreciation and provision for taxation carried forward to reserves is Rs.34.300 Millions 

 

 

EXPANSION PLAN

 

The company has taken a massive expansion plan and for the same the company has already acquired a lot of industrial land at MIDC Indapur of total 204000 Sq/ Mtrs. The said plot has been acquired by the company firm it’s own resources

 

The company existing facilities (both Bhosari and Chakan units together) are not sufficient to cope up with the incoming business. The existing as well as the prospective clients of the company have assured a great deal of business in coming years and hence the company has taken up the expansion plan in hand to increase the facilities by about 1000 tons / month of heavy fabrication.

 

Since the arrangement of funds by way pf private equity was taken time, the directors have split the total project into two parts and has gone ahead with implementation of the first phase of the project. The State Bank of India has come forward with a helping hand way of Financial Assistance in the form of Term Loan and Working capital and with that the director are now busy in setting up of a state of the art Heavy Fabrication unit at Indapur and the first phase of the Sak, plant is expected to be completed in the current financial year.

 

Looking to the current Order Book of the company, and the further expected business to come in the company does not fell any problem as to the expansion of facilities as well as serving the debt to be raised satisfactory.

 

The company has already taken up matter on way front basis and fully ready to go ahead with the expansion plant and if everything goes according to the plant, the Board of Director Expect to complete the first phase of the expansion work before 31st October, 2011. The company has already started the commercial operations at Indapur Plant while the building work is in progress and the company has done a turnover of Rs.58.000 Millions. At Indapur Plant and earned a profit of Rs.3.000 Millions          

 

 

FIXED ASSETS

 

Ø       Land

Ø       Building

Ø       Plant and Machinery

Ø       Furniture and Fixtures

Ø       Vehicles

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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. 53.85

UK Pound

1

Rs. 85.26

Euro

1

Rs. 71.72

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

36

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.