MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
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Name : |
BROTHERS MIRROR MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
134- A, |
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Country : |
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Financials (as on) : |
31.03.2001 |
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Date of Incorporation : |
01.08.1985 |
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Com. Reg. No.: |
11-37027 |
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CIN No.: [Company
Identification No.] |
U26100MH1985PTC037027 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB06047G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject
is engaged in the business of Manufacturing, Processing, Importing, Exporting
and selling of Glass in Sheet Form, Sheet Glass, Plate Glass, Lead Glass,
Quartz Glass and Natural Glass, Figured Glass, Wired Glass, Pressed Glass,
Hollow Glassware, Special Glass for Technical and Scientific Purposes, Float
Filter Glass, Chemical Resisting Glass, Refractory Glass, Malleable Glass,
Optical and Photographic Lenses, Plexiglass, Flow Laminated Safety Glass,
Toughened Glass and Mirrors, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
USD 900 |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having satisfactory
track. The company is controlled, financed and managed by Arsiwala family who
has several years of experience in the business. Their payments are correct
and as per commitments. Your proposed business dealings of US$ 34000 can be considered against
D/A or D/P terms. |
LOCATIONS
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Registered Office : |
134- A, |
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Tel. No.: |
91-22-23426941/25127481/25138265 |
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Fax No.: |
91-22-25163183 |
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Location : |
Rented |
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Factory 1 : |
4,
Kurla Industrial Premises, |
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Tel. No.: |
91-22-5127481
/ 5138265 |
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Fax No.: |
91-22-5163183 |
DIRECTORS
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Name : |
Mr.
Gulamabbas A. Arsiwala |
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Designation : |
Directors |
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Address : |
51-A, |
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Date of Birth/Age : |
05.12.1957 |
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Date of Appointment : |
01.08.1985 |
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Name : |
Mr.
Shabbir E. Arsiwala |
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Designation : |
Director |
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Address : |
51-A, |
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Date of Birth/Age : |
09.02.1962 |
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Date of Appointment : |
01.08.1985 |
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Name : |
Mrs.
Samina G. Arsiwala |
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Designation : |
Director |
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Address : |
51-A, |
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Date of Birth/Age : |
13.08.1962 |
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Date of Appointment : |
01.06.2000 |
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Name : |
Mr.
Arwa G. Arsiwala |
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Designation : |
Director |
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Address : |
51-A, |
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Date of Birth/Age : |
28.04.1983 |
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Date of Appointment : |
01.07.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr.
Gulamabbas A. Arsiwala |
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1,000 |
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Mr.
Shabbir S. Arsiwala |
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1,000 |
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Mr.
Shabbir C. Arsiwala |
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1,000 |
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Mr.
Abdul K. Kapadia |
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1,000 |
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Mrs.
Nafisa E. Arsiwala |
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500 |
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Mrs.
Safiya A. Arsiwala |
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500 |
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Mrs.
Nishrin S. Arsiwala |
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500 |
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Mrs.
Shamina G. Arsiwala |
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500 |
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Mr.
Abdulhusein D. Arsiwala |
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500 |
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Mrs. Radiya
A. Cementwala |
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500 |
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Mrs.
Rashida Badani |
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500 |
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Ms.
Arwa Arsiwala |
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2,500 |
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Total |
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10,000 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged the business of Manufacturing, Processing, Importing, Exporting
and selling of Glass in Sheet Form, Sheet Glass, Plate Glass, Lead Glass,
Quartz Glass and Natural Glass, Figured Glass, Wired Glass, Pressed Glass,
Hollow Glassware, Special Glass for Technical and Scientific Purposes, Float
Filter Glass, Chemical Resisting Glass, Refractory Glass, Malleable Glass,
Optical and Photographic Lenses, Plexiglass, Flow Laminated Safety Glass,
Toughened Glass and Mirrors, etc. |
GENERAL INFORMATION
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No. of Employees : |
15 |
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Bankers : |
Central
Bank of |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Sharma
Shah & Associates Chartered
Accountants |
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Address : |
205, |
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Tel. No.: |
91-22-3877097
/ 3880758 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.
10/- each |
Rs.
0.100 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Since incorporation of the company no financials are available.
Management of the Company remained non-cooperative during current
investigation. Efforts are made to
contact management several times but in vain. We are once again contacting the
management and if they provide financials we shall update the same.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2001 |
31.03.2000 |
31.03.1999 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.075 |
0.070 |
0.070 |
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2] Reserves & Surplus |
0.158 |
0.112 |
0.098 |
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Net Worth |
0.233 |
0.182 |
0.168 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
6.115 |
2.780 |
1.500 |
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TOTAL BORROWING |
6.115 |
2.780 |
1.500 |
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GRAND TOTAL
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6.348 |
2.962 |
1.668 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.135 |
0.087 |
0.022 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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3.368 |
0.624 |
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Sundry Debtors |
4.889 |
2.856 |
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Cash & Bank Balances |
1.104 |
0.361 |
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Other Current Assets |
0.000 |
0.000 |
2.881 |
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Loans & Advances |
0.362 |
0.062 |
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Total Current
Assets |
9.723 |
3.903 |
2.881 |
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Less : |
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Current Liabilities |
3.512 |
1.030 |
1.237 |
Provisions
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0.000 |
0.000 |
0.000 |
Total Current Liability
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3.512 |
1.030 |
1.237 |
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Net Current
Assets |
6.211 |
2.873 |
1.644 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.002 |
0.002 |
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GRAND TOTAL
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6.348 |
2.962 |
1.668 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
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Sales Turnover |
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27.060 |
11.275 |
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Other Income |
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Total Income |
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Profit/(Loss) Before Tax |
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0.074 |
0.024 |
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Provision for Taxation |
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0.027 |
0.010 |
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Profit/(Loss) After Tax |
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0.047 |
0.014 |
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Imports : |
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CIF Value |
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4.558 |
3.719 |
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Foreign Travelling |
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0.019 |
-- |
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Total Imports |
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4.577 |
3.719 |
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KEY RATIOS
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
31.03.1999 |
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PAT / Total Income |
(%) |
0.17
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0.12 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.27
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0.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.75
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0.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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41.32
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20.93 |
16.29 |
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Current Ratio (Current Asset/Current Liability) |
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2.77
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3.79 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
The
company’s fixed assets of important value includes furniture & fixtures,
office equipments, motor car, computers, air conditioner and fax machine.
The
company’s product description is Trading in Glass Sheet and Glass.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.36 |
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1 |
Rs. 82.18 |
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Euro |
1 |
Rs. 55.31 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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