1. Summary Information
|
|
|
Country |
|
|
Company Name |
SHREE TUBE MANUFACTURING COMPANY PRIVATE LIMITED |
Principal Name 1 |
Mr. Shriniwas Laxminarayan Rathi |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Shyamsunder Laxminarayan Rathi |
|
|
|
Registration # |
11-043405 |
|
Street Address |
D – 4, MIDC Industrial Area, Waluj, |
||
|
Established Date |
07.05.1987 |
SIC Code |
-- |
|
Telephone# |
91-240-2564084 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-240-2555867 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
Stainless Steel Tubes |
|
|
# of employees |
Not Available |
Product Name 2 |
Pipes |
|
Paid up capital |
Rs.
2,500,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or Relatives of Directors 100% |
Banking |
State Bank of |
|
Public Limited Corp. |
No |
Business Period |
26 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
105,867,000 |
Current Liabilities |
41,877,000 |
|
Inventories |
26,710,000 |
Long-term Liabilities |
21,916,000 |
|
Fixed Assets |
13,614,000 |
Other Liabilities |
2,512,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
66,305,000 |
|
Invest& other Assets |
1,010,000 |
Retained Earnings |
78,396,000 |
|
|
|
Net Worth |
80,896,000 |
|
Total Assets |
147,201,000 |
Total Liab. & Equity |
147,201,000 |
|
Total Assets (Previous Year) |
159,082,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
304,199,000 |
Net Profit |
7,679,000 |
|
Sales(Previous yr) |
293.277.000 |
Net Profit(Prev.yr) |
16.883.000 |
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE TUBE MANUFACTURING COMPANY PRIVATE LIMITED |
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|
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Registered
Office : |
D – 4, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra |
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|
Country : |
India |
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|
|
|
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.05.1987 |
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|
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Com. Reg. No.: |
11-043405 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 2.500
Millions |
|
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1987PTC043405 |
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|
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|
IEC No.: |
0397070977 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKS06127C |
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PAN No.: [Permanent Account No.] |
AADCS2787A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Stainless Steel Tube and Pipes |
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No. of Employees
: |
Not Available |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 324000 |
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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 an established company having a satisfactory track record.
There appears slight dip in the profitability during 2012. However, general financial position is good. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : (CRISIL) BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely
servicing of financial obligation it carry moderate credit risk. |
|
Date |
May 2012 |
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.
LOCATIONS
|
Registered Office / Factory : |
D – 4, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
91-240-2564084/ 2555867 |
|
Fax No.: |
91-240-2555867 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 20.09.2012
|
Name : |
Mr. Shriniwas Laxminarayan Rathi |
|
Designation : |
Chairman cum Managing director |
|
Address : |
Aaditya Plot No. 76 – A, N – 1, CIDCO, Aurangabad - 431003, Maharashtra, India |
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Date of Birth/Age : |
09.12.1954 |
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Date of Appointment : |
07.09.1987 |
|
Voter ID No.: |
MY/33/1930318216 |
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DIN No.: |
00073475 |
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|
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|
Name : |
Mr. Shyamsunder Laxminarayan Rathi |
|
Designation : |
Director |
|
Address : |
Aaditya Plot No. 76 – A, N – 1, CIDCO, Aurangabad - 431003, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1948 |
|
Date of Appointment : |
21.08.2003 |
|
Voter ID No.: |
MY/33/1930318286 |
|
DIN No.: |
00073477 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shrinivas Laxminarayan Rathi |
|
9438 |
|
Badkul Laxmichand Subhaschand |
|
10 |
|
Rathi Nandlal Badriprasad |
|
600 |
|
Shyamsunder Laxminarayan Rathi |
|
4895 |
|
Rameshchandra Laxminarayan Rathi |
|
501 |
|
Kishorilal Laxminarayan Rathi |
|
4714 |
|
Subhashchandra Laxminarayan Rathi |
|
501 |
|
Somani Harinarayan Rajesh |
|
500 |
|
Rathi Nandlal Gulabchand |
|
200 |
|
Malpani Hemraj Kamal |
|
1 |
|
Jugalkishor Laxminarayan Rathi |
|
1400 |
|
Laxminarayan Rathi |
|
75 |
|
Rathi Shrinivas Saroj |
|
665 |
|
Rathi Shyamsunder Savitri |
|
800 |
|
Rathi Jugalkishor Sharda |
|
100 |
|
Loya Motilal Jaynarayan |
|
100 |
|
Rathi Kishorilal Suman |
|
100 |
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Rathi Vishal Shyamsunder |
|
400 |
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Total |
|
25000 |
AS ON 20.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel Tube and Pipes |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Industrial Finance Branch, Jaggi’s Builging, Kranti
Chowk, Aurangabad - 431005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.H. Malpani and Company Chartered Accountants |
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Address : |
208,1st Floor, Arhat Market, Laxman Chawdi, Mondha Road, Aurangabad –
431001, Maharashtra, India |
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Tel. No.: |
91-240-2353429/ 2344233 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAXPM9245N |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
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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|
25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
78.396 |
71.444 |
55.287 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.896 |
73.944 |
57.787 |
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LOAN FUNDS |
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1] Secured Loans |
20.299 |
21.543 |
21.781 |
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2] Unsecured Loans |
1.617 |
3.797 |
4.870 |
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TOTAL BORROWING |
21.916 |
25.340 |
26.651 |
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DEFERRED TAX LIABILITIES |
0.323 |
0.258 |
0.363 |
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TOTAL |
103.135 |
99.542 |
84.801 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.614 |
12.883 |
11.911 |
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Capital work-in-progress |
0.863 |
1.814 |
0.570 |
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INVESTMENT |
0.147 |
0.147 |
0.147 |
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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 |
26.710
|
45.402
|
23.338
|
|
|
Sundry Debtors |
88.796
|
82.526
|
72.714
|
|
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Cash & Bank Balances |
11.650
|
5.415
|
10.330
|
|
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Other Current Assets |
1.019
|
2.560
|
2.693
|
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Loans & Advances |
4.402
|
8.335
|
8.280
|
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Total
Current Assets |
132.577
|
144.238
|
117.355
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
37.382
|
46.595
|
32.807
|
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Other Current Liabilities |
4.495
|
0.909
|
4.702
|
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Provisions |
2.189
|
12.036
|
7.673
|
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Total
Current Liabilities |
44.066
|
59.540
|
45.182
|
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Net Current Assets |
88.511
|
84.698
|
72.173
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
103.135 |
99.542 |
84.801 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Revenue from operations |
304.199 |
293.277 |
237.241 |
|
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Other Income |
6.080 |
6.483 |
4.411 |
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TOTAL |
310.279 |
299.760 |
241.652 |
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Less |
EXPENSES |
|
|
|
||
|
|
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Cost of Materials |
251.893 |
237.513 |
198.183 |
|
|
|
|
Manufacturing Expenses |
0.000 |
0.062 |
0.061 |
|
|
|
|
Employees Remuneration |
15.410 |
11.682 |
8.437 |
|
|
|
|
Increase/(Decrease) in Stock |
(1.420) |
(8.900) |
(7.817) |
|
|
|
|
Selling and Distribution Expenses |
0.000 |
5.459 |
4.275 |
|
|
|
|
Administrative Expenses |
0.000 |
2.496 |
3.051 |
|
|
|
|
Other Expenses |
26.694 |
18.972 |
12.698 |
|
|
|
|
TOTAL |
292.577 |
267.284 |
218.888 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
17.702 |
32.476 |
22.764 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
3.579 |
3.963 |
2.528 |
||
|
|
|
|
|
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||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.123 |
28.513 |
20.236 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.644 |
2.361 |
2.223 |
||
|
|
|
|
|
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||
|
|
PROFIT BEFORE
TAX |
11.479 |
26.152 |
18.013 |
||
|
|
|
|
|
|
||
|
Less |
PREVIOUS YEAR
ADJUSTMENT |
0.000 |
0.008 |
(0.260) |
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|
|
|
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Less |
TAX |
3.800 |
9.261 |
6.388 |
||
|
|
|
|
|
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||
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|
PROFIT AFTER TAX
|
7.679 |
16.883 |
11.885 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.529 |
51.622 |
39.737 |
||
|
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|
|
|
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||
|
Less |
Transfer
to General Reserve |
1.438 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
0.800 |
0.250 |
0.000 |
|
|
|
|
Dividend |
0.625 |
0.625 |
0.000 |
|
|
|
|
Tax on Dividend |
0.101 |
0.101 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
72.244 |
67.529 |
51.622 |
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|
|
|
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IMPORTS VALUE |
21.873 |
51.353 |
28.163 |
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|
|
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||
|
|
Earnings Per
Share (Rs.) |
307.00 |
675.33 |
475.37 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.47
|
5.63 |
4.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.77
|
8.92 |
7.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.85
|
16.64 |
13.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.35 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27
|
0.34 |
0.46 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
2.42 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Deferred Sales Tax |
1.567 |
3.747 |
|
K. L. Rathi |
0.050 |
0.050 |
|
Total |
1.617 |
3.797 |
OPERATIONS
The company during the year has earned a Net Profit of Rs. 7.679
millions as against last year Rs. 16.883 millions. Subject to approval of
shareholders payment of dividend @25% on Equity Shares recommended for the year
2011-12.
FIXED ASSETS
Ø Leasehold Land
Ø Building
Ø Office Building
Ø Plant and
Machinery
Ø Factory Equipments
Ø Computer
Ø Furniture
Ø Vehicles
Ø Office Equipments
Ø Software Expenses
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 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 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. 53.95 |
|
|
1 |
Rs. 83.81 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.