MIRA
INFORM REPORT
|
Report Date : |
23RD
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MORE
MARKETING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Rustom Building, 3rd Floor, 29 Veer
Nariman Road, Mumbai – 400 023, Maharashtra, INDIA. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
20.08.1990 |
|
|
|
|
Com. Reg. No.: |
11-57760 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH1990PTC057760 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM07558F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Buyer,
Seller, Distributor, Wholesaler, Semi-Wholesaler, Retailer, Re-Seller,
Exporter, Importer, Manufacturers Representative, Dealer, Jobber, Contractor
and Agent in Bearing Products, Iron – Steel Casting, all types of Scrape, all
types of Engineering Goods and also in Textile Cotton, Woollen, Synthetic
Blends Both Natural and Man - Made. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
10000 |
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|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
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|
|
Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Their
trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Rustom Building, 3rd Floor, 29 Veer
Nariman Road, Mumbai – 400 023, Maharashtra, INDIA. |
|
Tel. No.: |
91-22-22881293/22842712 |
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Fax No.: |
91-22-22881295 |
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E-Mail : |
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|
Location : |
Rented
|
|
|
|
|
Branches
: |
Located
at Delhi,
Kolkata and Pune |
DIRECTORS
|
Name : |
Mr. Sunilkumar S. More |
|
Designation : |
Director |
|
Address : |
92, Mistry Park, 77, Bhulabhai Desai Road,
Mumbai – 400 028, Maharashtra |
|
Date of Birth/Age : |
15-04-1958 |
|
Date of Appointment : |
01-06-1993 |
|
|
|
|
Name : |
Mr. Anilkumar S. More |
|
Designation : |
Director |
|
Address : |
92, Mistry Park, 77, Bhulabhai Desai Road,
Mumbai – 400 028, Maharashtra |
|
Date of Birth/Age : |
30-11-1956 |
|
Date of Appointment : |
20-08-1990 |
|
|
|
|
Name : |
Mr. Sureshkumar S. Sigtia |
|
Designation : |
Director |
|
Address : |
4th Floor, Sitaram Poddar
School, Mumbai - 400 002, Maharashtra |
|
Date of Appointment : |
31-03-1993 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Sunil S. More |
10310 |
|
Mr.
Anil S. More |
2495 |
|
Ms.
Kiran S. More |
11000 |
|
Meher
Estate & Finance Private Limited |
43000 |
|
Ms.
Archana S. Yadav |
25000 |
|
Ms.
Gangadevi S. More |
18575 |
|
Mr.
Ajay N. Ranchamatia |
25000 |
|
Mr.
Shyamsunder M. Makharia |
10 |
|
Mr.
Madhusudan M. Makharia |
10 |
|
Mr.
Deepak M. Sachdev |
10 |
|
Mr.
Kishan Poddar |
10 |
|
Mr.
Chinmai More |
10 |
|
Total
|
135430 |
BUSINESS DETAILS
|
Line of Business : |
Buyer,
Seller, Distributor, Wholesaler, Semi-Wholesaler, Retailer, Re-Seller,
Exporter, Importer, Manufacturers Representative, Dealer, Jobber, Contractor
and Agent in Bearing Products, Iron – Steel Casting, all types of Scrape, all
types of Engineering Goods and also in Textile Cotton, Woollen, Synthetic
Blends Both Natural and Man - Made. |
|
|
|
|
Products : |
Motor
& Engineering Items |
GENERAL
INFORMATION
|
Suppliers : |
v
Gannon
Dunkerley & Company Limited, Mumbai, Maharashtra v
Star
Trade, HongKong v
Jinsing
Trading Co., Japan v
Siraishi
Chemical Co., Japan v
Enterplast
Inc., USA v
Toyota
Tsusho Corpn., India v
Harish
India Private Limited v
Image
Plus (India) Private Limited v
Somfy
India Private Limited v
Sonam
Trading Private Limited v
Trident
Mercantile Private Limited v
Sowa
Corporation v
Shri Shyam
Securities v
Alif
Traders v
Ashoton
Green & Company v
Best
Hardware Stores v
Bombay
Trading Company v
Hem
Traders v
Image
Plus (India) Private Limited v
R
C Trading Company v
Riya
Enterprises v
Sahas
Agencies v
Sentinel
Electric Company v
Goven
Industries India Private Limited v
Swastik
Hardware & Bearing Company v
Universal
Enterprises v
Damani
Vidyut Kendra |
|
|
|
|
Customers : |
v
Anbitrends
Private Limited v
Airport
Authority of India v
Innocare
Production Private Limited v
Jayshree
Polymer Private Limited v
Window
Furnishings India Private Limited v
Vinaynagar
Engineering Private Limited v
S.
Nemani S & S Brok. Private Limited v
Shreyas
Electronics Private Limited v
Makharia
Enterprises v
Ama
Private Limited v
Induslink
Allies India Private Limited v
Iris
Agencies v
Jedco
Agencies v
Preet
Pal Sidhu v
Taj
Rubber Industries v
Aslan
Hotels Limited v
Bio
Mertux v
Gala
Traders v
GTC
Industries v
Jigsun
Enterprises v
Wall
Traders India Private Limited v
Window
Passions India Private Limited v
Eastcopr
International |
|
|
|
|
No. of Employees : |
4 |
|
|
|
|
Bankers : |
v
Punjab
National Bank, Dilwara Building, M.K. Road, Mumbai – 400 021, Maharashtra v
Punjab
& Sind Bank v
ABN
Amro Bank v
Central
Bank of India v
HDFC
Bank v
Syndicate
Bank |
|
|
|
|
Facilities : |
Secured Loan Punjab
& Sind Bank – Rs. 0.683 Millions Against
Hypothecation of Stock |
|
|
|
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Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
K K
Siroya & Associates Chartered
Accountant |
|
Address |
“OMKAR”
B- 1/121 & 122, 2ND Floor, Samarth Hanuman Path, Kalachowky,
Mumbai – 400033 |
|
Tel. No.: |
91-22-23741157 |
|
|
|
|
Associates/Subsidiaries : |
v
Trident
Mercantile Private Limited v
Vikas
Bearing Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10 / each |
Rs. 1.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
135430 |
Equity Shares |
Rs.10 / each |
Rs.
1.354 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.354 |
1.354 |
|
|
2] Share Application Money |
|
0.100 |
0.120 |
|
|
3] Reserves & Surplus |
|
1.310 |
0.571 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2.764 |
2.045 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.683 |
0.701 |
|
|
2] Unsecured Loans |
|
0.488 |
2.323 |
|
|
TOTAL BORROWING |
|
1.171 |
3.024 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
|
3.935 |
5.069 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
0.559 |
0.613 |
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|
Capital work-in-progress |
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INVESTMENT |
|
2.658 |
3.327 |
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|
DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
5.344 |
4.572 |
|
|
Sundry Debtors |
|
9.361 |
7.773 |
|
|
Cash & Bank Balances |
|
0.204 |
0.034 |
|
|
Other Current Assets |
|
2.174 |
0.231 |
|
|
Loans & Advances |
|
0.940 |
1.268 |
|
Total Current Assets |
|
18.023 |
13.878 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
17.128 |
12.379 |
|
|
Provisions |
|
0.353 |
0.836 |
|
Total Current Liabilities |
|
17.481 |
13.215 |
|
|
Net Current Assets |
|
0.542 |
0.663 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
0.176 |
0.466 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.935 |
5.069 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
19.906 |
15.959 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.723 |
1.601 |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
0.723 |
1.601 |
|
|
|
|
|
|
Import
Value |
|
US$2162.05 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
3.63 |
10.03 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
3.63 |
10.03 |
|
|
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
3.89 |
11.04 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.26 |
0.78 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
6.74 |
7.94 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.03 |
1.05 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
assets
v
Motor
cart fiat
v
Computer
v
Air-conditioner
v
Office
equipments
v
Motorcar
maruti
v
Cellular
phone
dIVIDEND
In order to conserve
the financial resources of the company the director do not recommend any
payment of dividend
BUSINESS
Subject
is engaged in to carry on the business as buyer, seller, distributor,
wholesaler, semi-wholesaler, retailer, re-seller, exporter, importer,
manufacturers representative, dealer, jobber, contractor and agent in bearing
products, iron – steel casting, all types of scrape, all types of engineering
goods and also in textile cotton, woollen, synthetic blends both natural and
man - made.
The
company imports bearings from ZKL, Czechoslovakia, NTN, Japan, Synthetic Rubber
from Sowa Corporation, Japan, Jinsingh Trading Co., Japan and Motor and
Automation Systems from Somfy, France.
The
company is in trade terms with:
·
Gannon,
Dunkerley & Company Limited, Mumbai Mutual Annexe, Rustom Sidhwa Marg,
Mumbai - 400 001, Maharashtra.
·
REPL
Engineering Ltd., 14, A. K. Nayak Marg,
Mumbai - 400 001
·
BCRP
Agencies, 203, Walkeshwar Road, Mumbai - 400 006.
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 records 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.46.20 |
|
UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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 |