MIRA
INFORM REPORT
|
Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHIKOVI HEATGEN TECHNOLOGIES PRIVATE LIMITED |
|
|
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Registered
Office : |
W-369, MIDC Rabale, Post – Ghansoi, Navi Mumbai – 400701, Maharashtra |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
10.12.2004 |
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|
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Com. Reg. No.: |
11-149951 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 2.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29100MH2004PTC149951 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial Electric and Gas fired Furnaces. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low
profitability and low reserves. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two. While Vemuri
went on to lead IGate, Balakrishnan
joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore
– in the three months ended March 31, mainly because it has been offering
discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of Amway
India was arrested by the Andhra Pradesh Police in connection with a complaint
against the direct selling firm. This is the second time that he has been taken
into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
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 DENIED BY
|
Name : |
Mrs. Rajashree |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-27607758 |
|
Date : |
26.06.2014 |
LOCATIONS
|
Registered Office : |
W-369, MIDC Rabale, Post – Ghansoi, Navi Mumbai – 400701, Maharashtra, India
|
|
Tel. No.: |
91-22-27607758 / 759 |
|
Fax No.: |
91-22-27696744 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Lalingkar Dinkar Shrikant |
|
Designation : |
Director |
|
Address : |
Aai Bunglow, Opposite Premier Colony, Ghariwali, Off Kalyan Shil Road, Dombivli (East), Thane – 421204, Maharashtra, India |
|
Date of Birth/Age : |
04.07.1962 |
|
Date of Appointment : |
10.12.2004 |
|
DIN No.: |
00590384 |
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|
|
|
Name : |
Mr. Ghanekar Parashuram Swanand |
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Designation : |
Director |
|
Address : |
A-104, Mahavir Varsha Co-Operative Housing Society, Sector - 6, Ghansoli, Navi Mumbai – 400701, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1963 |
|
Date of Appointment : |
10.12.2004 |
|
DIN No.: |
02116409 |
KEY EXECUTIVES
|
Name : |
Mrs. Rajashree |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Lalingkar Dinkar Shrikant |
|
105000 |
|
Ghanekar Parashuram Swanand |
|
105000 |
|
|
|
|
|
Total |
|
210000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Electric and Gas fired Furnaces. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of Baroda, Turbhe Branch,
K-137/38, APMC Market 1, Phase II, Turbhe, Navi Mumbai, Maharashtra -
400705, India |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. M. D. Associates Chartered Accountants |
|
Address : |
502, Aakanksha Co-operative Housing Society, Prashant Nagar, Near Naupada Police Station, Thane – 400602, Maharashtra, India |
|
PAN No.: |
ABNPL9990J |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
210000 |
Equity Shares |
Rs.10/- each |
Rs. 2.100
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2.100 |
2.100 |
2.100 |
|
(b) Reserves & Surplus |
2.049 |
0.721 |
(0.420) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
4.149 |
2.821 |
1.680 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
5.866 |
5.030 |
6.909 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
4.067 |
3.896 |
3.522 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
9.933 |
8.926 |
10.431 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.182 |
1.423 |
0.241 |
|
(b)
Trade payables |
1.844 |
2.294 |
3.530 |
|
(c)
Other current liabilities |
2.626 |
2.873 |
7.259 |
|
(d) Short-term
provisions |
0.056 |
0.692 |
0.542 |
|
Total Current
Liabilities (4) |
4.708 |
7.282 |
11.572 |
|
|
|
|
|
|
TOTAL |
18.790 |
19.029 |
23.683 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
13.951 |
12.300 |
13.318 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.064 |
0.147 |
0.017 |
|
Total Non-Current
Assets |
14.015 |
12.447 |
13.335 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2.905 |
4.303 |
6.135 |
|
(c) Trade
receivables |
0.990 |
1.671 |
3.539 |
|
(d) Cash
and cash equivalents |
0.880 |
0.590 |
0.573 |
|
(e)
Short-term loans and advances |
0.000 |
0.018 |
0.101 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4.775 |
6.582 |
10.348 |
|
|
|
|
|
|
TOTAL |
18.790 |
19.029 |
23.683 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
105.327 |
42.440 |
12.583 |
|
|
Other Income |
0.032 |
0.000 |
0.512 |
|
|
TOTAL |
105.359 |
42.440 |
13.095 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
105.097 |
42.305 |
13.043 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
0.262 |
0.135 |
0.052 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.061 |
0.001 |
1.175 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
0.201 |
0.134 |
(1.123) |
|
|
|
|
|
|
|
Less |
TAX |
0.062 |
0.042 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
0.139 |
0.092 |
(1.123) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.66 |
0.44 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.13 |
0.22 |
-8.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.19 |
0.32 |
-8.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.07 |
0.70 |
-4.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.05 |
-0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
1.46 |
2.29 |
4.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.90 |
0.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.100 |
2.100 |
2.100 |
|
Reserves & Surplus |
-0.420 |
0.721 |
2.049 |
|
Net worth |
1.680 |
2.821 |
4.149 |
|
|
|
|
|
|
long-term borrowings |
6.909 |
5.030 |
5.866 |
|
Short term borrowings |
0.241 |
1.423 |
0.182 |
|
Total borrowings |
7.150 |
6.453 |
6.048 |
|
Debt/Equity ratio |
4.256 |
2.287 |
1.458 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12.583 |
42.440 |
105.327 |
|
|
|
237.280 |
148.179 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12.583 |
42.440 |
105.327 |
|
Profit |
(1.123) |
0.092 |
0.139 |
|
|
(8.92)% |
0.22% |
0.13% |
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 |
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 |
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 |
No |
|
34] |
External Agency Rating, if available |
No |
CORPORATE
INFORMATION:
Subject are manufacturers of industrial electric and gas fired furnaces, Ovens, Driers, Heaters and allied heating systems, It also undertakes major repairs, Insulation Iining, renovation and modification of electrical and oil fired furnaces, It was Incorporated on 10th December,2004 and has been running since then.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10375645 |
27/08/2012 |
1,420,000.00 |
Bank of Baroda |
Turbhe Branch, K-137/38, APMC Market 1, Phase II, Turbhe, Navi Mumbai, Maharashtra - 400705, INDIA |
B57761231 |
|
2 |
10042688 |
27/02/2013 * |
9,242,000.00 |
Bank of Baroda |
Turbhe Branch, K-37/38, APMC Market 1, Phase II, Turbhe, Navi Mumbai, Maharashtra - 400705, INDIA |
B70776703 |
* Date of charge modification
FIXED ASSETS
· Land
· Factory Buildings
· Furniture and Fixture
· Plant and Machinery
· Computer Equipment
· Vehicles
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. 60.16 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs. 82.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.