MIRA
INFORM REPORT
|
Report Date : |
13TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MONOHILL
INDIA PRIVATE LIMITED |
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Registered Office : |
101,
Gundecha Chambers, Nagindas Master Road, Mumbai – 400023, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.11.1991 |
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Com. Reg. No.: |
11-64173 |
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CIN No.: [Company
Identification No.] |
U17120MH1991PTC064173 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02288G |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
The
company is engaged in Manufacturing and Trading of Tyres and Tubes |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
and delayed |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is poor. Payments are reported as slow and delayed.
The company can be considered for any business dealings on safe and secured
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
101,
Gundecha Chambers, Nagindas Master Road, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-22670470 91-22-23640734
/ 23640734 (Res.) |
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Fax No.: |
91-22-22670534 |
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E-Mail : |
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Factory
: |
Cutch
Castle, 1st Floor, Opera House, Mumbai, Maharashtra, India |
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Tel.
No.: |
91-22-22670470
/ 22670415 |
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DIRECTORS
|
Name : |
Mr.
Prem T Mahtani |
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Designation : |
Director
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Address : |
20
Nepean Sea Road, Mumbai |
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Date of Birth/Age : |
05/04/1936 |
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Date of Appointment : |
27/11/1991 |
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Name : |
Mrs.
Jyoti P Mahtani |
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Designation : |
Director
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Address : |
20
Nepean Sea Road, Mumbai |
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Date of Birth/Age : |
25/10/1932 |
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Date of Appointment : |
27/11/1991 |
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Name : |
Sanjay
L Mahtani |
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Designation : |
Director
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Address : |
20
Nepean Sea Road, Mumbai |
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Date of Birth/Age : |
09/04/1963 |
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Name : |
Barkha
S Mahtani |
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Designation : |
Director
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Address : |
20
Nepean Sea Road, Mumbai |
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Date of Birth/Age : |
20/11/1966 |
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Date of Appointment : |
11/08/1997 |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Monohill
limited |
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122800 |
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Mr.
Prem T Mahtani |
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127100 |
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Mrs.
Jyoti P Mahtani |
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100 |
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BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in Manufacturing and Trading of Tyres and Tubes |
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Products : |
Tyres
and Tubes |
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GENERAL
INFORMATION
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Bankers : |
Indian
Bank, Cantonment Branch, Bangalore |
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Banking Relations : |
Unknown
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Auditors : |
C. M.
Gabhawala and Company Chartered
Accountants 42,
Nanik Niwas, 30, Dr. D. D. Sathe Marg. Girgaum, Mumbai – 400004, Maharashtra,
India |
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Tel. No.: |
91-22-23823923
/ 23824641 / 23841752 |
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Mobile No.: |
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Fax No.: |
91-22-23850931 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(9.459) |
(1.479) |
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NETWORTH |
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(6.959) |
1.021 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
14.205 |
22.839 |
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TOTAL BORROWING |
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14.205 |
22.839 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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7.246 |
23.860 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.082 |
0.183 |
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INVESTMENT |
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1.086 |
1.086 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
13.811 |
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Sundry Debtors |
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0.000 |
10.167 |
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Cash & Bank Balances |
|
0.061 |
0.137 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
6.034 |
6.315 |
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Total Current Assets |
|
6.095 |
30.430 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.021 |
7.846 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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0.021 |
7.846 |
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Net Current Assets |
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6.074 |
22.584 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.007 |
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TOTAL |
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7.246 |
23.860 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
6.026 |
1.556 |
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Profit/(Loss)
Before Tax |
|
(7.950) |
1.008 |
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Provision
for Taxation |
|
1.508 |
(0.470) |
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Profit/(Loss)
After Tax |
|
(9.458) |
(1.478) |
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Total
Expenditure |
|
13.976 |
0.549 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
(156.95) |
(94.99) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(131.93) |
64.78 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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(128.70) |
3.29 |
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Return
on Investment (ROI) (PBT/Networth) |
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(1.36) |
0.99 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
2.04 |
30.05 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
290.23 |
3.88 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets :
Ø
Computer
Ø
Office
Equipments
Ø
Ø
Furniture
and Fixture
Ø
Motorcar
Financial
Highlights and Company Operation :
During
the year the Company has made a loss of Rs. 7.950 millions
(Previous
Year Loss of Rs. 1.008 millions)
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Name of the company |
MONOHILL INDIA PRIVATE LIMITED |
|
Presented By |
Indian
Bank, Cantonment Branch, Bangalore and MONOHILL INDIA PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Date : 23.08.1999 agreement of hypothecation of movable property. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All of the Borrowers present and future goods, produce and merchandise described in general terms like PCR stored or to be stored from time to time in premises of the Borrower at Vivek Nagar stored from time to time and the goods which shall hereafter be stored in the said premises in addition to the goods now stored, by way of substitution or for and in liou of any goods which may from time tot time have been withdrawn and the whole of the Borrower stock whether raw or in the process of manufacture and all articles manufactured therefore which hereafter from time to time, during the continuance of this security shall be brought into stored or be in or about the borrower godowns or premises at Vivek Nagar. Hypothecation of consumer durables, imported Tyres, Book Debts etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 4.35 % over RBI with a minimum of 17.85 % p.a. with quarterly rests. Margin : 25 % Repayment : on Demand . |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank, Cantonment Branch, Lady Curzon Road, Bangalore |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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. 45.91 |
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UK
Pound |
1 |
Rs. 84.72 |
|
Euro |
1 |
Rs. 57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
14 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |