MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
COMPUTERISED NUMERICAL CONTROL
INDIA PRIVATE LIMITED |
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Registered Office : |
CNC India house, Opposite Laghu Udyog, I B Patel Road, Goregaon (East),
Mumbai 400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.12.1991 |
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Com. Reg. No.: |
064335 |
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CIN No.: [Company
Identification No.] |
U72200MH1991PTC064335 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC01008A |
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PAN No.: [Permanent
Account No.] |
AAACC2421J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of
Precision Machine Parts, fasteners, sheet metal parts and castings. |
RATING &
COMMENTS
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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 30868 |
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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 appears to be an established company having satisfactory track
records. Directors are experienced,
respectable and having satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per
Commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
CNC India house, Opposite Laghu Udyog, I B Patel Road, Goregaon
(East), Mumbai 400063, Maharashtra, India |
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Tel. No.: |
91-22-26859984 |
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Mobile No: |
91-9821022570 |
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Fax No.: |
91-22-26855773 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. fts. |
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Location : |
Rented |
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Factory: |
73/74 GIDC, Gujarat |
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Mobile No: |
91-9327764558 |
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Area : |
4950 sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Rachna Gangar |
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Designation : |
Director |
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Date of Birth/Age : |
43 years |
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Qualification |
SSC |
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Experience: |
16 years |
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Date of Appointment : |
28.12.1991 |
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Name : |
Mr. Rajesh Gangar |
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Designation : |
Director |
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Date of Birth/Age : |
47 years |
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Qualification |
Engineer |
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Experience: |
32 years |
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Date of Appointment : |
06.12.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rajesh Gangar |
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65225 |
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Rachana Gangar |
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63725 |
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Pankaj Dhedhia |
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17500 |
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Pushpaben Dedhia |
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10000 |
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Vijpar Shah |
|
25000 |
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Taraben Hirji |
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25000 |
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Kishor Shah |
|
10000 |
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Murji Shah |
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9500 |
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Chanchal Shah |
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18000 |
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Kesarben Bhavanji |
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27000 |
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Praful Bhavanji |
|
5000 |
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M. K. Mota |
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5000 |
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Girish Dedhia |
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10000 |
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Bhavanji Dedhia |
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10000 |
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Nirav Kaka |
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10000 |
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Sushila Kaka |
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10000 |
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G. M. Brothers |
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40000 |
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Vijpar Shah |
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25000 |
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M K Mota |
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5000 |
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Javer Ben Mota |
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5000 |
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Snehal Kadam |
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4000 |
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Panbai Gangar |
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10 |
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Chunilal Cheda |
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10 |
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Manjuben Shah |
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10 |
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Preeti Shah |
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10 |
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Sakarben Shah |
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10 |
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Total |
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400000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Precision
Machine Parts, fasteners, sheet metal parts and castings. |
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Exports : |
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Products : |
Ø Presses Ø Toolings Ø Precision Turned
Metal Parts Ø Jors Grosch |
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Countries : |
Ø Canada Ø UAE Ø Germany Ø UK |
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Imports : |
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Products : |
CNC Machines |
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Countries : |
Ø Japan Ø Singapore |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers: |
OEM’s |
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No. of Employees : |
150 (28 in Office and 122 in Factory) |
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Bankers : |
State Bank of India, Goregaon (East), Mumbai 400063 |
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Facilities: |
C/C – Rs. 8.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
· Sunil Varakawala and Association Chartered Accountants · S R Chheda and Company Chartered Accountants Address: Goregaon, Mumbai - 400008, Maharashtra Tel no: 91-22-26863872 |
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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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550000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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2.217 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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7.717 |
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LOAN FUNDS |
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1] Secured Loans |
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1.699 |
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2] Unsecured Loans |
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3.729 |
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TOTAL BORROWING |
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5.428 |
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DEFERRED TAX LIABILITIES |
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0.092 |
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TOTAL |
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13.237 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.581 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.936 |
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Sundry Debtors |
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7.799 |
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Cash & Bank Balances |
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0.050 |
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Other Current Assets |
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0.237 |
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Loans & Advances |
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0.920 |
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Total
Current Assets |
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12.942 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.999 |
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Provisions |
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0.302 |
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Total
Current Liabilities |
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8.301 |
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Net Current Assets |
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4.641 |
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MISCELLANEOUS EXPENSES |
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0.015 |
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TOTAL |
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13.237 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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35.685 |
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Other Income |
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0.000 |
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Total Income |
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35.685 |
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Profit/(Loss) Before Tax |
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0.436 |
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Provision for Taxation |
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0.131 |
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Profit/(Loss) After Tax |
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0.305 |
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Export Value |
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28.241 |
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Expenditures : |
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Depreciation & Amortization |
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1.412 |
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Administrative and selling Expenses |
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9.455 |
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Total Expenditure |
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10.867 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.77 |
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Current Ratio (Current Asset/Current Liability) |
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1.55 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
Ø
Godrej and Boyce Manufacturing Company Limited
Ø
Larsen and Turbo Limited,
Ø
Encardio Rite Electronic Private Limited, Gujarat
AS PER WEBSITE
DETAILS:
Subject will always produce better quality
goods than it's competitors. The company will move from customer's
satisfaction to customer's delight.
To achieve the goal, it will constantly improve it's processes, upgrade
it's equipments and relentlessly train it's manpower
Subject is a knowledge based Company and
acclaimed by all visitors of its plant, to be the best Job Shop (Machining) in
Mumbai from 8th May 1999 by virtue of adding Remote Managed CNC Turning
centre
Forming the core of CNC (India) is their director, Mr. Rajesh Gangar. A
Mechanical Engineer, Productivity Engineer and Industrial Engineer, he has a
solid 25 years experience in Precision Engineering. Rajesh has a knack for R
and D and has developed various mechanical pneumatic, hydraulic and CNC
equipments.
Mr. Rajesh Gangar is suitably supported by a team of 14 Engineers and 33
other trained technical personnel. There are personnels, each highly adept in
their own fields. Together, this team of highly dedicated professionals is
committed to help us keep the promises.
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
COMPUTERISED NUMERICAL CONTROL INDIA PRIVATE LIMITED |
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Presented By |
State Bank of
India, Industrial Finance Branch, Malad (West), Mumbai 400064 |
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1) Date and description of instrument creating the change |
Agreement for the grant of small industrial advances and hypothecation
of movables and other assets dated 14.05.1998. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 2.000 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
All present and
future goods, bookdebts, movables and other assets of the borrower including docments of title to good other
assets such as oputstanding moneys receivables, claims bills invoice documents, contracts, engagements,
securities investments and rights and the present and future machinery
wherever lying, stored and kept and whether in possession and control of the
Company or of the bank or of any thirdparty, wheter in India or elsewhere
through out the world including all
such goods, machineries movables and other assets as may be in course of
shipment, transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
14.79% p.a. |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of
India Goregaon (East)
Branch, Mumbai 400063 |
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6) Date and brief description
of instrument modifying the charge |
Supplementary
General Agreement for the grant of small industrial advances and
hypothecation of goods, book debts and other assets dated 23.03.1999 |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
The original
charge was created on 14.05.1998 for Rs. 2.000 Millions now by the present
modification dated 23.03.1999 the limit has been increased by Rs. 21.800
Millions. Now this account is
transferred from State Bank of India, Goregaon (East) Branch, Mumbai to State
bank of India, Industrial Finance Branch, Mumbai 400064. |
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.39.56 |
|
UK Pound |
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--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 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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. |
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 |
|