MIRA INFORM REPORT
|
Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUSHAS ENGINEERING COMPANY PRIVATE LIMITED (w.e.f. 12.12.2011) |
|
|
|
|
Formerly Known
As : |
RUSHAS ENGINEERING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
B-6, MIDC, Ahmednagar – 414 111, |
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|
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
11.09.1978 |
|
|
|
|
Com. Reg. No.: |
11-020628 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.513
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199MH1978PTC020628 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNER07435B |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCR0900N |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of all type of Valves Bronze Gate Valves, Bronze Globe
Valves, Bronze Steam Valves, Cast Steel Valves, Cast Steel Blow Down Valves,
Bronze Fusible Plug and Ferrous Casting. |
|
|
|
|
No. of Employees
: |
45 (Approximately) |
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 90000 |
|
|
|
|
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 satisfactory track record. Overall financial position of the company appears to be good. Trade relation reported to be fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Satish Dattatraya Salvekar |
|
Designation : |
Director |
|
Contact No.: |
91-9225320720 |
|
Date : |
09.11.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
B-6, MIDC, Ahmednagar – 414 111, |
|
Tel. No.: |
91-241-2777380/ 6610380/ 2419860 |
|
Mobile No.: |
91-9225320720/ 9225320721/ 9225320811/ 9225316499/ 9223906486 (Mr.
Satish Dattatraya Salvekar) |
|
Fax No.: |
91-241-2778211/ 6610380 |
|
E-Mail : |
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|
Website : |
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|
Area : |
12000 sq. ft |
|
|
|
|
Factory 2 : |
D-85, MIDC Area, Ahmednagar – 414 111, |
|
Tel. No.: |
91-241-6603896/ 2419861 |
|
|
|
|
Branches : |
Shree
Consultancies- Mumbai 218, Tel. No.: 91-22-65146081/ 65156486 E-Mail.: shreeconsultancies@rediffmail.com
Hrishikesh
Technocom – G-1, Harsh Avenue, 139-B, Vaishali Nagar, Fax No.: 91-731-2797710 E-Mail.: hrishicom@gmail.com Global Flow
Controls – G1-B, Shree Complex, Fax No.: 91-422-2237752 E-Mail.: globalflowcontrols@in.com
|
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Satish Dattatraya Salvekar |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
Sagar Bunglow, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.12.1968 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
25.09.1998 |
|||||||||||||||||||||||||||
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DIN No.: |
00452834 |
|||||||||||||||||||||||||||
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Other Directorship :
|
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|
|||||||||||||||||||||||||||
|
Name : |
Mrs. Vasudha Girish Salvekar |
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|
Designation : |
Director |
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|
Address : |
Sagar Bunglow, |
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Date of Birth/Age : |
24.04.1969 |
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Date of Appointment : |
18.02.2002 |
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DIN No.: |
00453044 |
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|
|||||||||||||||||||||||||||
|
Name : |
Mr. Girish Dattatraya Salvekar |
|||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||
|
Address : |
Sagar Bunglow, |
|||||||||||||||||||||||||||
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Date of Birth/Age : |
07.11.1963 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
12.09.2011 |
|||||||||||||||||||||||||||
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DIN No.: |
00452710 |
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Other Directorship :
|
||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of
Shareholders |
No. of Shares |
|
S.V. Kulkarni |
8500 |
|
A.R. Salvekar |
4250 |
|
D.J.S. Deshpande |
9900 |
|
Girish Dattatraya Salvekar |
160000 |
|
R.V. Salvekar |
5800 |
|
R.S. Deshpande |
17000 |
|
V.V. Salvekar |
4500 |
|
M.J. Deshpande |
6900 |
|
D.B. Kulkarni |
7500 |
|
V.S. Gosavi |
3890 |
|
Arun Nawathe |
1000 |
|
Arvind Navathe |
1000 |
|
V.B. Kulkarni |
10100 |
|
Hemant Mukund
Kale |
5960 |
|
Satish Dattatraya Salvekar |
131800 |
|
Vasudha Girish
Salvekar |
114700 |
|
M.D. Salvekar |
100000 |
|
Vrinda Satish
Salvekar |
94800 |
|
Mandar Lele |
30000 |
|
Vasant S. Tambe |
10000 |
|
Shamala V. Tambe
|
8700 |
|
Mandar R. Deshpande |
15000 |
|
Total |
751300 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
80.04 |
|
Other top fifty shareholders |
19.96 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of all type of Valves Bronze Gate Valves, Bronze Globe
Valves, Bronze Steam Valves, Cast Steel Valves, Cast Steel Blow Down Valves,
Bronze Fusible Plug and Ferrous Casting. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
RUSHAS |
GENERAL INFORMATION
|
Customers : |
·
Bharat Bijlee Limited ·
Schrader Duncan Limited ·
Cummins Generator Technologies Limited ·
Spirax Marshall Limited ·
Fuelpack Boilers
·
Thermax Limited ·
J.N. Marshall Limited ·
Lucy Switch Gear FZE (Dubai) ·
Maxitherm Boilers Private Limited ·
Neotech Systems ·
Walchandnagar Industries Limited ·
Thermodyne Technologies Private Limited ·
Thermax Babcock and Wilcox Limited |
||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||
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No. of Employees : |
45 (Approximately) |
||||||||||||||||||||||||||||||
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|
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Bankers : |
·
Ahmednagar Shahar Sahakari Bank Maryadit, H.O:
'Sarvarth' Navi Peth, Ahmednagar Through, MIDC Branch, 'Arthkam' Dr. Chavan
Hospital Compound, Ahmednagar – 414 001, · Small Industries Development Bank of India, Kamada House, 1st Floor, Next to Hotel Shradha, Nagar Manmad Road, Savedi, Ahmednagar – 414 003, Maharashtra, India |
||||||||||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
R.S. Bora and Company Chartered Accountants |
|
Address : |
Sancheti Corner, Above Canara Bank, Vasant |
|
Tel. No.: |
91-241-2346711 (O)/ 2357314 (R) |
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Mobile No.: |
91-9850601100/ 9420347478 |
|
Income-tax
PAN of auditor or auditor's firm : |
AEHPB8592H |
|
|
|
|
Memberships : |
Small Scale Industries (SSI) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
805000 |
Equity Shares |
Rs.10/- each |
Rs.8.050 Millions |
|
45000 |
Preference Shares |
Rs.10/- each |
Rs.0.450 Million |
|
|
|
|
|
|
|
Total |
|
Rs.8.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
751300 |
Equity Shares |
Rs. 10/-
each |
Rs.7.513
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
7.513 |
5.000 |
|
(b) Reserves & Surplus |
|
14.987 |
12.805 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
22.500 |
17.805 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
49.101 |
26.219 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
49.101 |
26.219 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
5.511 |
1.749 |
|
(b) Trade
payables |
|
27.315 |
22.727 |
|
(c) Other
current liabilities |
|
2.627 |
1.332 |
|
(d) Short-term
provisions |
|
1.947 |
0.730 |
|
Total Current
Liabilities (4) |
|
37.400 |
26.538 |
|
|
|
|
|
|
TOTAL |
|
109.001 |
70.562 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
36.283 |
16.590 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.870 |
0.061 |
|
Total Non-Current
Assets |
|
37.153 |
16.651 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
|
1.400 |
1.072 |
|
(b)
Inventories |
|
28.029 |
24.028 |
|
(c) Trade
receivables |
|
34.497 |
21.895 |
|
(d) Cash
and cash equivalents |
|
2.020 |
1.300 |
|
(e)
Short-term loans and advances |
|
1.326 |
0.108 |
|
(f) Other current
assets |
|
4.576 |
5.508 |
|
Total
Current Assets |
|
71.848 |
53.911 |
|
|
|
|
|
|
TOTAL |
|
109.001 |
70.562 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
10.718 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
15.718 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
23.962 |
|
|
2] Unsecured Loans |
|
|
0.722 |
|
|
TOTAL BORROWING |
|
|
24.684 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14.908 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.490 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
15.438
|
|
|
Sundry Debtors |
|
|
19.897
|
|
|
Cash & Bank Balances |
|
|
1.078
|
|
|
Other Current Assets |
|
|
0.699
|
|
|
Loans & Advances |
|
|
4.095
|
|
Total
Current Assets |
|
|
41.207
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
16.158
|
|
|
Current Liabilities |
|
|
1.126
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
17.284
|
|
|
Net Current Assets |
|
|
23.923
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.081 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.402 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83.724 |
|
|
|
Other Income |
|
|
0.164 |
|
|
|
Increase/ Decrease in Stock |
|
|
2.710 |
|
|
|
TOTAL (A) |
137.334 |
120.018 |
86.598 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Other Expenses |
128.827 |
113.816 |
82.107 |
|
|
|
TOTAL (B) |
128.827 |
113.816 |
82.107 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.507 |
6.202 |
4.491 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
4.011 |
2.716 |
2.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.496 |
3.486 |
2.117 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.314 |
1.400 |
1.109 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.182 |
2.086 |
1.008 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
0.322 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
NA |
0.686 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.654 |
0.449 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
2.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA |
NA |
0.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
1.20
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
|
2.96 |
1.80
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.12 |
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.43
|
1.57 |
1.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.03 |
2.38
|
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10439809 |
13/07/2013 * |
8,500,000.00 |
AHMEDNAGAR SHAHAR SAHAKARI BANK MARYADIT |
H.O: 'SARVARTH',NAVI PETH,AHMEDNAGAR, THROUGH MIDC BRANCH, AHMEDNAGAR - 414111, MAHARASHTRA, INDIA |
B81225039 |
|
2 |
10332479 |
20/01/2012 |
5,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
KAMADA HOUSE, 1ST FLOOR, NEXT TO HOTEL SHRADHA, NAGAR MANMAD ROAD, SAVEDI, AHMEDNAGAR - 414003, MAHARASHTRA, INDIA |
B30790562 |
|
3 |
10332641 |
20/01/2012 |
40,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
KAMADA HOUSE, 1ST FLOOR, NEXT TO HOTEL SHRADHA, NAGAR MANMAD ROAD, SAVEDI, AHMEDNAGAR - 414003, MAHARASHTRA, INDIA |
B30852859 |
|
4 |
10187733 |
28/12/2011 * |
2,000,000.00 |
AHMEDNAGAR SHAHAR SAHAKARI BANK MARYADIT |
H.O: 'SARVARTH' NAVI
PETH, AHMEDNAGAR THROUGH, MIDC BRANCH,'ARTHKAM' DR. CHAVAN HOSPITAL COMPOUND,
|
B28842797 |
|
5 |
10123037 |
28/12/2011 * |
5,000,000.00 |
AHMEDNAGAR SHAHAR SAHAKARI BANK MARYADIT |
H.O: 'SARVARTH' NAVI
PETH, AHMEDNAGAR THROUGH, MIDC BRANCH,'ARTHKAM' DR. CHAVAN HOSPITAL COMPOUND,
|
B28857993 |
|
6 |
10032199 |
09/07/2013 * |
39,000,000.00 |
AHMEDNAGAR SHAHAR SAHAKARI BANK MARYADIT |
H.O: 'SARVARTH' NAVI
PETH, AHMEDNAGAR THROUGH, MIDC BRANCH,'ARTHKAM' DR. CHAVAN HOSPITAL COMPOUND,
|
B80784515 |
|
7 |
90091570 |
08/06/2001 |
7,718,000.00 |
THE AHMEDNAGAR SHAKAR SAHAKARI BANK LTD. |
MIDC BRANCH, AHMEDNAGAR, MAHARASHTRA, INDIA |
- |
|
8 |
90089257 |
13/06/1984 |
30,000.00 |
INDIAN OVERSEAS BANK |
CHEMBUR, MUBMAI - 400071, MAHARASHTRA, INDIA |
- |
|
9 |
90089219 |
28/06/1982 |
200,000.00 |
INDIAN OVERSEAS BANK |
CHEMBUR, MUBMAI - 400071, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Interest free loan in form of special incentive |
0.320 |
0.320 |
|
Interest free sales tax loan |
0.157 |
0.157 |
|
Deposits |
4.425 |
0.000 |
|
Loans and advances Advances from customer |
0.609 |
1.272 |
|
Total |
5.511 |
1.749 |
FINANCIAL RESULTS:
The financial year
2011-2012 ended with a marginal increase in the turnover over the preceding
financial year. The recession all over the world disturbed the working of the
company In the last year, but in this year, the company could build up on the
sales, as the marketing efforts could join new customers. This year their
Valves and castings sales have picked up
and have been able to enter the market successfully as such the company could
scale some good progress on the safes of
their products.
During the year
there has been a lot of pressure on the working capital, Continuous
negotiations have been going on with the customers, and they hope that this
trend of increase will soon be settled down, the financial recession all over
the world had an impact on the working of the company in the last year. As the
collection from the customers was very poor and this added to the interest
cost.
Further, the year
passed can be said as the
year of expansion. The company has embarked upon a major expansion program
which envisages a new unit for steel castings. This expansion program has been
based on the concept of stramiling the existing manufacturing facilities and
facilitating the new requirements of their customers.
With this background they would like to conclude that the current prospectus
have been hard for the company. However, they have been able to steer
successfully, thru the rough waters. But with proper management and faster
recovery of funds, they can hope for better prospects In the corning years.
FUTURE PROSPECTS
VALVES ACTIVITY
For last few years, the Company has found a good response for its own
products i.e. "RUSHAS" brand Bronze Valves. Themax Limited are using
their valves as original equipment for their boilers. Various steps have been
taken to create Brand awareness of their products.
They have developed many good customers who are using their products
i.e. G.M., Valves as original equipment of their products. They are very happy
with the performance of their products. Also this year their products have been
able to secure the confidence of the Boiler Industry, which is reflected by
increase in the typical type of clients.
In continuation to the laid down strategies for the growth of the
company, the company has invested in Induction furnace this will help for the
horizontal growth by entering into high pressure valves. This valve is made of
cast steel, and has big potential in domestic as well as international market.
A team for new developments has been created and with the formation of this
team, they intend to launch new products in the next year. Further the Company
hopes to grow in both directions i.e. vertically by developing valves of the
higher ranges and horizontally by developing new products especially for the
boiler industry.
FERROUS CASTINGS
ACTIVITY:
In this area, they can say that, the company has good orders, The
Company is renowned for quality castings but the expectations of the customers
are known more prone to cost consciousness then quality standards. In the long run,
they hope to get over this tide. Due to the goodwill of quality castings, the
company has secured good orders for cast iron castings. With induction furnace
under the belt, they have started Alloy steel castings as well as S.G. iron
castings. They project a high growth in the near future on this account.
However, in the coming period, Cast iron castings will be under pressure for
rates which may hamper the profitability of the growth of the company.
On the other side, the management has taken various steps to tackle this
problem and have made a direct attack on the loose points. They hope to lower
their rejections in the near future which will help them in reduced hidden
costs and ultimately hope for a increased earning from their products. Further,
the rates of the raw material viz. scrap and pig iron are beyond their control,
as they form a very small sector of the industry. The changes in these rates
have affected the profitability of the company in this year.
This has been possible due to support from their existing customers and
due to development of new customers for their products. Further on the order
front, they hope for a very bright future as they intend in diversifying into new areas such as owned packaged
products, which can fetch, more earnings.
It is hoped that barring the unforeseen circumstances and if present
trend continues during the remaining period of the year; it would
be possible to achieve a 20% increase in the sales during the current year.
EXPANSION PLAN:
Considering the demand
for its products and for the better management and internal control on the
production the company has decided to expand its operations. They intend to
augment the production facilities in Unit II and also start a new unit
especially for High Grade steel castings. The modalities of the expansion are
been worked out and the company has embaked upon an ambitious project of
starting a world class facility for manufacturing of Steel and Alloy Steel
Castings. The detailed feasibility report, and in-depth project of the
expansion project is been undertaken.
FINANCIAL
PROSPECT:
Durin the current year, company has not
been able to collect funds in time from the customers. This was the result of
the Global Financial crisis. To maintain the cash and work flow sometimes the
company had to get the bills discounted from the customers. The company had to
raise margin moneys for the expansion project in the form of deposits, This
increased the interest burden of the company. All these factors had an impact
on the interest burden of the company capital of the company. They plan to work
in tight budgetary controls and more effective realization from debts to ensure
lesser interest burden.
FIXED ASSETS
· Land
· Factory Building
· Office Building
· Plant and Machinery
· Electrical Installation
· Shot Blasting
· Laddle
· Minissand Plant
· Sand Hopper
· Transformer
· CC Tv
· Compound Wall
· Structural Shed
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
|
DEFAULTER |
|
|
|
--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.