MIRA
INFORM REPORT
|
Report Date : |
27th
May, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
MARS
ASSOCIATES PRIVATE LIMITED |
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Registered Office : |
M-82, Greater Kailash Part – II, New Delhi – 110048, India |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
24.05.1983 |
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Com. Reg. No.: |
55-15786 |
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CIN No.: [Company
Identification No.] |
U74899DL1983PTC015786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08966G RTKM01624A |
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PAN No.: [Permanent
Account No.] |
AAACM4203E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Die Pressure Casters and CNG Machinery,
Non Ferrous Pressure Casting. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
M-82, Greater Kailash Part – II, New Delhi – 110048, India |
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Tel. No.: |
91-11-26812214 |
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Fax No.: |
91-11-26810511 |
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E-Mail : |
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Website : |
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Factory
1 : |
D-166, Okhla Industrial Area, Phase I, New Delhi – 110 020 |
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Tel.
No.: |
91-11-26812214/26815011/26816848 |
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Fax
No.: |
91-11-26810511 |
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E-Mail
: |
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Website : |
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Factory
2 : |
382 Udyog Vihar, Phase IV, Gurgaon, Haryana |
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Tel.
No.: |
91-124-22342508/22342509/22347509 |
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E-Mail
: |
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Factory
3 : |
Plot No. 23, Sector – III, IMT Manesar, Haryana |
DIRECTORS
|
Name : |
Mr. L.
N. Goel |
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Designation : |
Chairman |
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Date of Birth/Age : |
12th
January 1939 |
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Date of Appointment : |
24th
May 1983 |
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Name : |
Ms.
Parvati Goel |
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Designation : |
Director |
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Date of Birth/Age : |
1st
December 1946 |
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Date of Appointment : |
24th
May 1983 |
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Name : |
Mr.
Mukesh Goel |
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Designation : |
Director |
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Date of Birth/Age : |
6th
July 1963 |
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Date of Appointment : |
24th
June 1983 |
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Name : |
Mr.
Ramesh Goel |
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Designation : |
Director |
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Date of Birth/Age : |
10th
October 1966 |
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Date of Appointment : |
1st
July 1986 |
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Name : |
Ms. C.
B. Mishra and Associates |
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Designation : |
Company
Secretary |
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Address : |
C2/51E, Indira
Prastha Colony, Natthpura Road, Delhi – 110 084 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr. L. N. Goel |
210,100 |
87.43 |
|
Ms. Parvati Goel |
10,100 |
4.20 |
|
Mr. Mukesh Goel |
10,100 |
4.20 |
|
Mr. Rakesh Goel |
10,000 |
4.16 |
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Total |
240,300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Die Pressure Casters and CNG Machinery,
Non Ferrous Pressure Casting. |
GENERAL
INFORMATION
|
Bankers : |
v
Bank of Maharashtra South Extension Branch, New Delhi v
State Bank of India v
ABN Amro Bank Facility: Vehicle Loan v
ICICI Bank Limited Facility: Vehicle Loan |
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Facilities : |
Credit Facilities of Rs. 1.398 million as per the Bank Agreement dated
25/11/2003 with Bank of Maharashtra against Hypothecation of Cold Chamber
Pressure Die Casting Machine |
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Banking Relations : |
- |
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Auditors : |
K Vinod Khanna and Associates |
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Qualification: |
Chartered Accontants |
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Address: |
4709-D, Dayanand Road, Darya Ganj, New Delhi – 110 002 |
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Tel. No.: |
91-11-23288511/23271664 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
240,300 |
Equity Shares |
Rs. 10/- each |
Rs. 2.403 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
No
Subsequent financials could be available from any sources.
Management
remained non-cooperative during our current investigation.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
2.403 |
2.403 |
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2] Share Application Money |
|
0.370 |
0.370 |
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3] Reserves & Surplus |
|
37.961 |
24.334 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
40.734 |
27.107 |
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LOAN FUNDS |
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1] Secured Loans |
|
12.221 |
7.959 |
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2] Unsecured Loans |
|
2.272 |
2.100 |
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TOTAL BORROWING |
|
14.493 |
10.059 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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55.227 |
37.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
46.796 |
32.485 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
|
14.395 |
11.592 |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
|
14.395 |
11.592 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
5.964 |
6.911 |
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Provisions |
|
0.000 |
0.000 |
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Total Current Liabilities |
|
5.964 |
6.911 |
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Net Current Assets |
|
8.431 |
4.681 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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55.227 |
37.166 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
|
25.082 |
17.427 |
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Profit/(Loss)
Before Tax |
|
13.627 |
8.650 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
13.627 |
8.650 |
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Export
Value |
|
4.609 |
1.349 |
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Import
Value |
|
9.434 |
4.745 |
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Total
Expenditure |
|
9.895 |
7.169 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
|
54.33 |
49.64 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
54.33 |
49.64 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
22.27 |
19.62 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.33 |
0.32 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.50 |
0.63 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
2.41 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in the business as Manufacturers and Exporters of Die
Pressure Casters and CNG Machinery, Non Ferrous Pressure Casting.
It imports raw materials.
It exports its products and also sells in the domestic market.
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.45.85 |
|
UK Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--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 |
|
|
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--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 |