MIRA INFORM REPORT
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Report Date : |
15th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
EXCEL
BEARING PRIVATE LIMITED |
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Registered Office : |
401,
Doli Chambers, Strand Road, Colaba, Mumbai-400005, 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 : |
11.08.1980 |
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CIN No.: |
U29130MH1980PTC022969 |
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Com. Reg. No.: |
11-22969 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUME02132E |
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PAN No.: (Permanent Account No.) |
AAACE3445H |
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Legal Form : |
A
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Ball Roller & Spherical Bearings |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 70000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track records. Directors
are reported as experienced respectable and resourceful businessmen. Their
trade relations are fair. Payments are correct and as per commitments. The
company can be considered good for normal business at usual trade terms and
conditions. It can be regarded as a promising business partner in a medium to
long run |
LOCATIONS
|
Registered Office/Head
Office : |
401,
Doli Chambers, Strand Road, Colaba, Mumbai-400005, Maharashtra, India |
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Tel. No.: |
91-22-22822703/22836695/22836696/23423986 |
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Fax No.: |
91-22-22855330/23429207 |
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Factory : |
C-1/B/303/15,
G.I.D.C., Mararpura, Baroda-390010 |
DIRECTORS
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Name : |
Mr.
Vijay Dhirajlal Ajmera |
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Designation : |
Director |
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Address : |
31-B,
Jolly Maker Apartment, No. 1 Cuff Parade, Mumbai-400005, Maharashtra |
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Date of Birth/Age : |
18-08-0938 |
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Qualification : |
11-08-1980 |
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Name : |
Mr.
Manish Dhirajlal Ajmera |
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Designation : |
Director |
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Address : |
31-B,
Jolly Maker Apartment, No. 1 Cuff Parade, Mumbai-400005, Maharashtra |
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Date of Birth/Age : |
10.01.1958 |
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Date of Appointment : |
11.08.1980 |
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Name : |
Mr.
Dhirajlal Morarji Ajmera |
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Designation : |
Director |
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Address : |
31-B,
Jolly Maker Apartment, No. 1 Cuff Parade, Mumbai-400005, Maharashtra |
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Date of Birth/Age : |
29.05.1914 |
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Date of Appointment : |
01.09.1994 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Ball Roller & Spherical Bearings |
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Products : |
Steamless
Bars, Tubes & Pipes (Plastic), Rolled/Forged Rings, Steel Balls & Rollers,
M S Rivate and Miscellaneous items like cages, shield, rubber seals etc |
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Item
Code No. [ITC Code] |
Product
Description |
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8482-00 |
Ball
& Roller Bearing |
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8482-10 |
Special
Bearing & Others |
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PRODUCTION STATUS
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Particulars |
Installed Capacity |
Production |
Sales
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Nos. |
Nos. |
Rs. |
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Ball Roller & Spherical
Bearing |
3,00,000 |
2,54,744 |
2,55,310 |
17.102 millions |
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OPENING STOCK & CLOSING
STOCK OF GOODS MANUFACTURED
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Class of Goods
Manufactued |
Opening
Stock
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Closing
Stock
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Nos. |
Rs. |
Nos. |
Rs. |
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Ball Roller & Spherical
Bearing |
4,082 |
0.407 millions |
3,516 |
0.630 millions |
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(4,465) |
0.685 millions |
(4,082) |
0.407 millions |
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GENERAL INFORMATION
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Customers : |
Ø
Chirag Tractor
Corporation Ø
HTM Limited, Pinjore Ø
HTM Limited, (Spare
parts A/C) Pinjore Ø
INA Bearing India
Private Limited Ø
INA Schaeffler KG Ø
KK Tractor Parts Ø
Wipro Fluid Power
Limited |
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Bankers : |
q Canara Bank,
Abdul Rehman Street, Mumbai q Bank Of India Kalbadevi Road Branch, Mumbai q State Bank of India |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
Mr.
Vinod Vasa & Company Chartered
Accountant |
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Address: |
292,
Tilak Marg, Dhobi Talao, Mumbai-400002 |
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Tel. No.: |
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Office: |
91-22-22019092/22018835 |
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Residence: |
91-22-24091301/24093932 |
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Fax No.: |
91-22-22068333 |
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E-Mail : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity
Shares |
Rs. 100 each |
Rs. 5.000 millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity
Shares |
Rs. 100 each |
Rs. 5.000 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
5.000 |
5.000 |
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2] Reserves & Surplus |
|
12.567 |
8.595 |
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NETWORTH
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|
17.567 |
13.595 |
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LOAN FUNDS |
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1] Secured Loans |
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- |
- |
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2] Unsecured Loans |
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0.436 |
0.062 |
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TOTAL
BORROWING
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0.436 |
0.062 |
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DEFERRED TAX LIABILITIES |
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0.920 |
0.436 |
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TOTAL
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18.323 |
14.094 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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5.794 |
5.512 |
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Capital work-in-progress
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- |
- |
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INVESTMENT
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|
5.522 |
3.957 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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2.770 |
1.911 |
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Sundry Debtors
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3.768 |
1.746 |
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Cash & Bank Balances
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0.536 |
0.500 |
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Jigs, Dies & Tools
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0.088 |
0.088 |
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Loans & Advances
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3.484 |
1.955 |
Total Current Assets
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10.646 |
6.200 |
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Less : CURRENT LIABILITIES & PROVISIONS
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3.639 |
1.576 |
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Total Current Liabilities
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3.639 |
1.576 |
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Net Current
Assets
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7.007 |
4.624 |
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MISCELLANEOUS EXPENSES
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- |
- |
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TOTAL
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18.323 |
14.094 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
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19.108 |
13.128 |
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Profit/(Loss) Before Tax
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5.288 |
1.443 |
Provision for Taxation
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|
1.316 |
0.073 |
Profit/(Loss) After Tax
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3.971 |
1.370 |
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Export Value
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13.339 |
9.565 |
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Import Value
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|
0.312 |
1.213 |
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Total Expenditure
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36.730 |
25.276 |
KEY RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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20.78 |
10.43 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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29.62 |
11.95 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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32.16 |
12.32 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.30 |
0.11 |
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Debt Equity Ratio
(Total Liability/Networth) |
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0.23 |
0.12 |
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Current Ratio
(Current Asset/Current
Liability) |
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2.92 |
3.93 |
LOCAL AGENCY FURTHER INFORMATION
Assets:
v
Motor Car No.
MH-01-Y-9017
v
Motor Car No.
MH-01-CA-7516
v
Computers
v
Cellular Phone
v
Air Conditioner
v
Factory Shed
v
Furniture & Fixture
v
Plant & Machinery
v
Land
v
Cycle
v
Electrical installations
v
EPABX Systems
v
Punching clock
v
Water Cooler
v
Water Purifier
v
Office Equipment
v
Laboratory Equipment
v
Cycle & Scooter
parking stand
Liabilities
– For Trade:
v
Duhee Alloy Steel
Processors
v
Gold Plast
v
Mascot Forge Private
Limited
v
Paradise Steel
v
Press Metal Tools
v
Rishi Alloys
v
Aditya Instruments
v
Ashok J. Ajmera
v
Atlas Logistics Private
Limited
v
Bhavita Engineering
v
Chetan Abrasive Private
Limited
v
Dalal Trading
Corporation
v
Gayatri Engineering
Works
v
Harihar Engineering
v
Heavy Door Fabricator
v
HPCl
v
Jai Metal Process
v
Krishna Art Printery
v
Krishna Engineering
v
Krishna Engraver
v
Laxmi Machine Tools
v
Met-Heat Private Limited
v
Mukesh Enterprise
v
Neelam Engineering Works
v
P S Industries
v
Rahul Enterprises
v
Response Graphics
v
R K Products
v
R P Engineering
v
Shah Enterprises
v
Softtech World
v
Swastik Packaging
v
Uma Roadlines
v
XL Plastics
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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |