MIRA INFORM REPORT
|
Report Date : |
25.11.2006 |
IDENTIFICATION DETAILS
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Name : |
META TILES PRIVATE LIMITED |
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Formerly Known As : |
THE
WINCHESTER TILES COMPANY (INDIA) PRIVATE LIMITED |
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Registered Office : |
New India Centre, 5th
Floor, 17, Cooperage Road, Mumbai – 400039, 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 : |
13.03.1996 |
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Com. Reg. No.: |
11-98079 |
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CIN No.: [Company Identification No.] |
U26920MH1996PTC098079 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMM20979A |
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PAN No.: [Permanent Account No.] |
AAACT3954F |
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Legal Form : |
A
closely held public limited company |
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Line of Business : |
To carry on in India or
elsewhere the business to manufacture and or mechanically, produce, process,
design, develop, build, convert, cure, crush, distribute, purchase, sell,
jobwork, import, export and to act as wholesalers, retailers, distributors,
suppliers of all shapes, sizes, varieties, specifications, descriptions,
applications and uses of cremicwares, glazed tiles, earthenwares, potteries,
insulators, china clay, stone bathroom accessories, wall tiles, floor tiles,
roofing tiles, porcelain tiles. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
has improved its performance in year 2006. Directors
are reported as experienced and respectable businessmen. Their trade
relations are fair. Profit margin is under severe pressure. Payments are
reported as correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
New India Centre, 5th
Floor, 17, Cooperage Road, Mumbai – 400039, Maharashtra, India |
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Tel. No.: |
91-22-22049090 |
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Fax No.: |
91-22-22045999 / 22830102 |
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Area : |
Lease |
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Factory 1 : |
New
India Centre, 5th Floor, 17, Cooperage Road, Mumbai – 400039,
Maharashtra, India |
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Tel. No.: |
91-22-22049090 |
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Fax No.: |
91-22-22045999 |
DIRECTORS
|
Name : |
Mr.
Kunti S. Shah |
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Designation : |
Director |
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Date of Birth : |
9th
April 1949 |
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Date of Appointment : |
13th
March 1996 |
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Address : |
A/13,
Max Fair Garden, Little Gibbs Road, Mumbai – 400006, Maharashtra |
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Name : |
Mr. Madhavdas M. Sampat |
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Designation : |
Director |
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Date of Birth : |
9th
November 1936 |
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Date of Appointment : |
13th
March 1996 |
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Date of Ceasing : |
15th
March 2001 |
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Address : |
Mumbai
– 400026 |
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Name : |
Mr. Shreepal M. Nanavati |
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Designation : |
Director |
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Date of Birth : |
3rd
January 1952 |
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Date of Appointment : |
20th
March 1997 |
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Date of Ceasing : |
28th
December 1999 |
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Address : |
Mumbai
- 400061 |
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Name : |
Mr. Sanjay B. Shah |
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Designation : |
Director |
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Date of Birth : |
18th
July 1936 |
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Date of Appointment : |
8th
March 2001 |
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Address : |
A/13,
Max Fair Garden, Little Gibbs Road, Mumbai – 400006, Maharashtra |
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OTHER PERSONAL |
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Name : |
J. P. Associates |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Trishala S. Shah |
10 |
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Mr. Kaunteya S. Shah |
179970 |
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Mr. Kunti S. Shah |
10 |
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Mr. Sajay B. Shah |
10 |
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BUSINESS DETAILS
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Line of Business : |
To carry on in India or
elsewhere the business to manufacture and or mechanically, produce, process,
design, develop, build, convert, cure, crush, distribute, purchase, sell,
jobwork, import, export and to act as wholesalers, retailers, distributors,
suppliers of all shapes, sizes, varieties, specifications, descriptions,
applications and uses of cremicwares, glazed tiles, earthenwares, potteries,
insulators, china clay, stone bathroom accessories, wall tiles, floor tiles, roofing
tiles, porcelain tiles. |
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|
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GENERAL INFORMATION
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No. of Employees : |
25 |
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Bankers : |
Bank
of India, 66, Nepean Sea Road, Mumbai - 400006 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
Hasmukh Patel and Company Chartered Accountants 1-Sai Dham, 276, P.M.Road, Vile Parle (East), Mumbai –
400057, Maharashtra |
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Tel. No.: |
91-22-26630810 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,80,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.800 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.800 |
1.800 |
1.800 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.360) |
(1.864) |
(1.834) |
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NETWORTH
|
0.440 |
(0.064) |
(0.034) |
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LOAN FUNDS |
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1] Secured Loans |
3.802 |
1.882 |
3.567 |
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2] Unsecured Loans |
3.977 |
3.979 |
3.979 |
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TOTAL
BORROWING
|
7.779 |
5.861 |
7.546 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
8.219 |
5.797 |
7.512 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
2.690 |
2.985 |
3.483 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
5.937
|
3.632
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Sundry Debtors
|
4.043
|
4.134
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Cash & Bank Balances
|
0.110
|
0.098
|
6.940 |
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Loans & Advances
|
1.772
|
1.029
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Total Current Assets
|
11.862
|
8.893
|
6.940 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities and Provisions
|
6.333
|
6.081
|
2.911 |
Total Current Liabilities
|
6.333
|
6.081
|
2.911 |
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Net Current
Assets
|
5.529
|
2.812
|
4.029 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
8.219 |
5.797 |
7.512 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
26.746 |
25.140 |
NA |
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Profit/(Loss) Before Tax
|
0.520 |
0.061 |
NA |
Provision for Taxation
|
0.018 |
0.090 |
NA |
Profit/(Loss) After Tax
|
0.502 |
(0.029) |
NA |
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Import Value
|
NA |
1.631 |
0.778 |
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Total Expenditure
|
25.137 |
26.058 |
20.010 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
1.87
|
0.115
|
-- |
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Net
Profit Margin (PBT/Sales) |
(%) |
1.94
|
0.242
|
-- |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
3.57
|
0.513
|
-- |
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Return
on Investment (ROI) (PBT/Networth) |
|
1.18
|
0.953
|
-- |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
32.07
|
--
|
(307.55) |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.87
|
1.462
|
2.38 |
LOCAL AGENCY FURTHER INFORMATION
The
company has not accepted any deposits from the public.
Generic Name of Principal
Product and Service is as under:
v
Ceramic Glazed Tiles
v
Ceramic Glazed Beeds
Its
fixed assets of important value include plant and machinery, Electrical
Installations, Furniture and Fixtures, Trade Mark, Office Equipments and
Computers.
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 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.44.65 |
|
UK
Pound |
1 |
Rs.87.23 |
|
Euro |
1 |
Rs.58.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |