MIRA INFORM REPORT
|
Report Date : |
4th May,2006 |
IDENTIFICATION DETAILS
|
Name : |
EXPANDED INCORPORATION |
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Registered Office : |
C-44
/ 1 & 2, TTC Area, MIDC, Pawne, Vashi, Navi Mumbai – 400 705,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31-03-2005 |
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Date of Establishment : |
6th
December, 1982 |
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Legal Form : |
A
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer,
Importer, Exporter and Marketing Agents. |
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 |
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Maximum Credit Limit : |
USD 35000 |
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Status : |
Good |
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Payment Behaviour : |
Slow by +30 days |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Partners are
reported as experienced, respectable & resourceful business. Trade
relations are fair. Payments are usually correct and as per commitments. The
concern can be considered good for normal business dealings at usual trade
terms and conditions. This report is based on an interview with Mr. Chetan
Shah of the concern |
LOCATIONS
|
Registered Office/Head
Office : |
C-44
/ 1 & 2, TTC Area, MIDC, Pawne, Vashi, Navi Mumbai – 400 705,
Maharashtra, India |
|
Tel. No.: |
91-22-27670838 / 27670839 /
27680303 / 27680404 |
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Fax No.: |
91-22-27671065 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
C-44 / 1, TTC Area, MIDC,
Pawne, Vashi, New Mumbai – 400
705, Maharashtra |
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Location : |
Owned |
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PARTNERS
|
Name : |
Mr. Mukesh S. Bhuta |
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Designation : |
Patner |
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Date of Birth/Age : |
51
years |
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Qualification : |
Science
Graduate |
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Experience : |
21
years |
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Name : |
Mr.
Vaman J. Mehta |
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Designation : |
Patner |
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Name : |
Mrs. Jayashree A. Bhuta |
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Designation : |
Patner |
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KEY EXECUTIVES
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Name : |
Mr.
Mukesh S. Bhuta |
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Designation : |
Partner |
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Date of Birth/Age : |
51
years |
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Qualification : |
Science
Graduate |
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Experience : |
21
years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer, Exporter and Marketing Agents. |
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Exports to : |
Middle East Countries,
Singapore and South Africa. |
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Imports of : |
Chemicals |
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Imports from : |
U.K.,
U.S.A., Germany, Japan, Singapore and Hong Kong |
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Terms : |
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Purchasing : |
L/C
terms |
PRODUCTION STATUS
|
Particulars |
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Installed Capacity |
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6000 tonnes
p.a. |
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GENERAL INFORMATION
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No. of Employees : |
Office
– 35, Factory – 30. Total – 65 |
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Bankers : |
Bank
of India, Desai Niwas, M. G. Road, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India. |
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Facilities : |
It
enjoys cash credit of Rs. 47.50 millions, aggregate facility of Rs. 70.000
millions, L/C facility of Rs. 50.000 millions and Term Loan facility of Rs.
27.500 millions from it’s Bankers |
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Banking Relations : |
Satisfactory |
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Auditors : |
N.A. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
92.432 million |
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Borrowed : |
- |
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Total : |
Rs.
92.432 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2005 |
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Sales Turnover |
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521.864 |
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Profit for the year |
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39.481 |
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ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
|
65.620 |
92.433 |
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2] Capital Reserves |
|
18.760 |
18.760 |
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NETWORTH
|
|
84.380 |
111.193 |
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LOAN FUNDS |
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1] Secured Loans |
|
64.466 |
79.103 |
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2] Unsecured Loans |
|
4.585 |
6.637 |
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TOTAL
BORROWING
|
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69.051 |
85.740 |
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TOTAL
|
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153.431 |
196.933 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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59.830 |
83.053 |
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Capital work-in-progress
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1.842 |
- |
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INVESTMENT
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- |
- |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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42.660 |
62.449 |
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Sundry Debtors
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84.122 |
110.870 |
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Cash & Bank Balances
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14.882 |
11.679 |
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Loans & Advances
|
|
7.712 |
13.511 |
Total Current Assets
|
|
149.376 |
198.510 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
|
57.617 |
84.630 |
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Total Current Liabilities
|
|
57.617 |
84.630 |
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Net Current
Assets
|
|
91.759 |
113.880 |
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MISCELLANEOUS EXPENSES
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- |
- |
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TOTAL
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153.431 |
196.933 |
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LOCAL AGENCY FURTHER INFORMATION
The concern is in trade terms
with :
¨
Lloyds (India) Limited
386,
V. Savarkar Marg, Mumbai – 400 025, Maharashtra, India.
¨
Bayer AG, Germany
¨
Bayer India Limited,
Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India.
¨
Godrej & Boyce
Manufacturing Company Limited, Vikroli, Mumbai
¨
Electrolux Kelvinator
Limited, New Delhi
¨
Whirlpool India Limited,
Faridabad, Haryana
¨
Whirlpool India Limited,
Pune, Maharashtra
¨
Videocon Appliances Limited, Aurangabad,
Maharashtra
Membership :
¨
Bombay Chamber of
Commerce
¨
All India Plastic
Manufacturers Association
¨
Bombay Industries
Association
¨
Indo Italian Chamber of
Commerce
¨
Indo German Chamber of
Commerce
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-1~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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
|
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 |