MIRA
INFORM REPORT
|
Report Date : |
03.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MILHARD SALES PRIVATE LIMITED |
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Registered Office : |
4772,
Qazi Hauz, New Delhi-110006 |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
13.06.1977 |
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Com. Reg. No.: |
55-8638 |
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CIN No.: [Company
Identification No.] |
U45202DL1977PTC008638 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08862A |
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PAN No.: [Permanent
Account No.] |
AAACM2128A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
and Exporters of Precision Measuring Instruments, Metal Working Tools and
Machine Tool Accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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
35000 |
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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 records. 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 : |
4772,
Qazi Hauz, New Delhi-110006, India |
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Tel. No.: |
91-11-23215571, 23214240,
23211692 |
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Fax No.: |
91-11-27410618 |
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E-Mail : |
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Website : |
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Location : |
Commercial - Owned |
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Factory
1 : |
G T
Road Highway, District Sonepat, Haryana, India |
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Branches
: |
G T Road, Ludhiana 141 003,
Punjab |
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Tel.
No.: |
91-161-2531756, 2533051 |
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Fax
No.: |
91-161-2532637 |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. S
Gurcharan Singh Chawla |
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Designation : |
Director |
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Address : |
F-13/7,
Model Town, Delhi |
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Date of Birth/Age : |
12/11/1946 |
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Date of Appointment : |
13/06/1977 |
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Name : |
Mrs.
Manjat Kaur Chawla |
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Designation : |
Director
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Address : |
F-13/7,
Model Town, Delhi |
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Date of Birth/Age : |
01/05/1949 |
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Date of Appointment : |
13/06/1977 |
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Name : |
Mr. S
Jaswant Singh Chawla |
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Designation : |
Managing
Director |
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Address : |
F-13/7,
Model Town, Delhi |
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Date of Birth/Age : |
16/05/1916 |
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Date of Appointment : |
10/01/1979 |
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Name : |
Mr. S
Pritam Singh Chawla |
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Designation : |
Director |
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Address : |
F-13/7,
Model Town, Delhi |
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Date of Birth/Age : |
13/01/1938 |
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Date of Appointment : |
10/01/1979 |
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Name : |
Mrs.
Manvinder Kaur Chawla |
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Designation : |
Director |
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Address : |
F-13/7,
Model Town, Delhi |
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Date of Birth/Age : |
07/11/1956 |
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Date of Appointment : |
12/01/1979 |
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Name
: |
Mr.
Jatinder Pal Singh Chawla |
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Designation
: |
Director |
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Address
: |
F-13/7,
Model Town, Delhi |
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Date
of Birth/Age : |
04/05/1972 |
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Date
of Appointment : |
01/06/1999 |
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Name
: |
Mr.
Inder Pal Singh Chawla |
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Designation
: |
Director |
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Address
: |
F-13/7,
Model Town, Delhi |
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Date
of Birth/Age : |
16/10/1978 |
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Date
of Appointment : |
01/06/1999 |
KEY EXECUTIVES
|
Name
: |
Ajay
Jain & Associates |
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Designation
: |
Company Secretary |
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Address
: |
31/34,
Basement, Old Rajinder Nagar, New Delhi-110060 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
S Jaswant Singh Chawla F-13/7, Model Town, Delhi |
25,030 |
10.24 % |
|
Mr Pritam Singh Chawla F-13/7, Model Town, Delhi |
12,500 |
5.11 % |
|
Mr Gurcharan Singh Chawla F-13/7, Model Town, Delhi |
52,500 |
21.47 % |
|
M/s Gulcharan Singh, HUF F-13/7, Model Town, Delhi |
105,000 |
42.94 % |
|
M/s Manjeet Kaur F-13/7, Model Town, Delhi |
12,500 |
5.11 % |
|
Ms Manvinder Kaur F-13/7, Model Town, Delhi |
7,500 |
3.07 % |
|
M/s Papyrus International
Limited A-80, Sector 55, Noida, Uttar
Pradesh |
20,000 |
8.18 % |
|
Ratan Jyoti Credits Limited 1049 Indra Nagar, Meerut, Uttar
Pradesh |
9,500 |
3.89 % |
|
Total |
244,530 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Precision Measuring Instruments, Metal Working Tools and
Machine Tool Accessories. |
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Products : |
·
Dial
Comparator Stands ·
Engineer’s
Squares ·
Magnetic
Bases ·
Microscopes ·
Dial
Thickness Gauges ·
Lensometer ·
Reversible
Tapping Attachment ·
Precision
Level ·
Precision
Machine Vices ·
Multi
Purpose Dial Stand ·
Universal
Dial Stand ·
Dial
Bore Gauge ·
Steel
Vee Blocks ·
Crank
Shaft Alignment Gauge ·
Pot
Magnets ·
Dial
Depth Gauge ·
NSD
Gauge (for Tread Depth) ·
Long
Arm Dial Caliper (Pistl Type) ·
Adjustable
Steel Square ·
Entre
Square ·
Knife
Straight Edge ·
Die
Maker’s Tool Kit ·
Steel
Parallels – Pair ·
Bevel
Protractor ·
Micrometer
Stand ·
Pin
Chuck Set ·
Coventry
Type Self-opening Diehead ·
Pocket
Comparator |
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Exports to : |
Australia,
Belgium, Germany, Italy, Spain, UK and USA |
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Imports from : |
Raw
materials and accessories from Europe |
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Terms : |
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Purchasing : |
On
Letter of Credit and Document Against Payment basis |
GENERAL
INFORMATION
|
No. of Employees : |
100 |
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Bankers : |
The Karur Vysya Bank Limited Kashmere Gate Branch, 3537-39 First Floor,
Nicolson Road, Mori Gate, Kashmere Gade, Delhi 110 006 State Bank of Patiala, Bharat Nagar Chowk,
Ludhiana |
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Facilities : |
Term Loan: Rs.1.400 Millions from The Karur Vysya
Bank Limited, as per agreement dated 01/06/2006. It is secured against Hypothecation of Motor Vehicles Cash Credit facilities: Rs. 3.500 millions from
The Karur Vysya Bank Limited, as per
Hypothecation Agreement dated 04/10/2005.
It is secured against hypothecation of stocks of Precision measuring
Instrument, Metal works tools and all raw materials / work in progress /
finished goods held at Head office of the Company at Delhi and Hypothecation
of Book Debts of Delhi Office. Cash Credit facilities: Rs.3.0 millions from
State Bank of Patiala as per Hypothecation Agreement dated 29/03/2005. It is secured by way of hypothecation of
goods, movable & other assets including documents of title of goods and
other assets lying at Branch Office of the company at Ludhiana, such as Book
debts, outstanding money receivables, claims, bills, invoicing, documents,
contracts, engagements, securities, investments and rights and all
machineries present and future and further secured by guarantee of Directors
of the company. |
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Banking Relations : |
Satisfactory
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Auditors : |
APT
Associates Chartered
Accountants 6-B,
Sagar Apartments, 6 Tilak Marg, New Delhi-110001 |
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Tel. No.: |
91-11-23386225,
23386582, 23386736 |
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Fax No.: |
91-11-23389814 |
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 |
|
244,530 |
Equity
Shares |
Rs.10/- each |
Rs. 2.445 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
|
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|
1] Share Capital |
|
2.445 |
2.445 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
7.358 |
6.943 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
9.803 |
9.388 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
23.244 |
20.623 |
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TOTAL BORROWING |
|
23.244 |
20.623 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
33.047 |
30.011 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.108 |
2.120 |
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INVESTMENT |
|
0.022 |
0.022 |
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DEFERREX TAX ASSETS |
|
0.119 |
0.145 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
50.522 |
46.771 |
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Sundry Debtors |
|
17.212 |
17.793 |
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Cash & Bank Balances |
|
5.123 |
2.213 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.373 |
1.944 |
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Total Current Assets |
|
75.230 |
68.721 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
43.499 |
39.480 |
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|
Provisions |
|
1.933 |
1.517 |
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Total Current Liabilities |
|
45.432 |
40.997 |
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Net Current Assets |
|
29.798 |
27.724 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
33.047 |
30.011 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
118.023 |
147.763 |
|
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Profit/(Loss)
Before Tax |
|
0.701 |
0.054 |
|
Provision
for Taxation |
|
-- |
-- |
|
Profit/(Loss)
After Tax |
|
0.701 |
0.054 |
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Total
Expenditure |
|
117.322 |
147.709 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
|
0.59 |
0.04 |
|
Net Profit Margin |
|
0.59 |
0.04 |
|
Return on Total Assets |
|
0.89 |
0.08 |
|
Return on Investment (ROI) |
|
7.15 |
0.58 |
|
Current Ratio |
|
1.66 |
1.68 |
|
Quick Ratio |
|
0.54 |
0.54 |
|
Debt Equity Ratio |
|
2.37 |
2.20 |
|
Current Liabilities/Networth |
|
4.63 |
4.37 |
|
Fixed Asset / Networth |
|
0.32 |
0.23 |
|
Average Collection Days |
|
53.23 |
43.95 |
|
Account Receivables Turnover |
|
6.86 |
8.30 |
|
Inventory Turnover |
|
2.34 |
3.16 |
|
Asset Turnover |
|
37.97 |
69.70 |
LOCAL AGENCY
FURTHER INFORMATION
Incorporated
on June 13, 1977 the subject is engaged in the business of Manufacturer and
Exporter of Precision Measuring Instruments, Metal Working Tools and Machine
Tool Accessories
Trade Reference
·
Nitoo
Sales, Pune
·
Fibro
GmbH Werk II
·
Hylatechnik
Paul Chrubasik GmbH
·
Joisten
& Kettenbaum
Milhard, a family company was founded by Managing Director Mr. Jaswant Singh in 1946. Since then it is striving to cater the needs of the industries in the field of Meterology (Precision Measuring Instruments), Metal Working Tools and small Machine Tool Accessories.
The
Company felt the need of its own manufacturing
facilities and in 1989 a humble beginning was made to produce Engineer's
Squares. Since then they have never looked back and now they are manufacturing
variety of products like Engineer's Squares including solid Beveled Edge type,
Dial Comparator Stands, Thickness Guages, Precision Machine Vices, Knife
Straight Edges, Steel Parallels, Precision Block Levels, Hardened
Steel Vee Blocks, Magnetic Dial Stands, Stereo Microscopes, Toolmaker's
Microscopes, Lensometers, Slit Lamps etc. Besides distributing their products
through dealer network in India, they are also exporting their products to
countries like Australia, Belgium, Germany, Italy, Spain, U.K, U.S.A.
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.44.93 |
|
UK
Pound |
1 |
Rs.85.69 |
|
Euro |
1 |
Rs.57.32 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|