MIRA
INFORM REPORT
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Report Date : |
25.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
POPULAR SWITCHGEARS PRIVATE LIMITED |
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Registered Office : |
Popular House, Plot No. 19, M. I. D. C. Road No. 18, Andheri [East], Mumbai
– 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.1984 |
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Com. Reg. No.: |
11-33209 |
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CIN No.: [Company
Identification No.] |
U31200MH1984PTC033209 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17314D |
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PAN No.: [Permanent
Account No.] |
AABCP6540N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Motor Control Centres, Distribution Board,
Capacitor Panels APFC Type, Bus Ducts & Auto Transformer Motor Starters |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are reported as 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 : |
Popular House, Plot No. 19, M. I. D. C. Road No. 18, Andheri [East], Mumbai
– 400093, Maharashtra, India |
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Tel. No.: |
91-22-28325974 |
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Fax No.: |
91-22-28363447 |
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E-Mail : |
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Factory : |
D – 19, MIDC, Ambad, Nashik – 422010, Maharashtra, India |
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Tel. No.: |
91-253-2383642 / 2383823 |
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Fax No.: |
91-253-2382874 |
DIRECTORS
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Name : |
Mr. Mahesh Chimanlal Kadakia |
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Designation : |
Chairman cum Managing Director |
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Address : |
222, Enterprise Building, Forjett Hill Road, Tardeo, Mumbai – 400036,
Maharashtra, India |
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Date of Birth/Age : |
22.10.1946 |
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Date of Appointment : |
23.06.1984 |
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Name : |
Mr. Amar Mahesh Kadakia |
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Designation : |
Director |
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Address : |
222, Enterprise Building, Forjett Hill Road, Tardeo, Mumbai – 400036,
Maharashtra, India |
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Date of Birth/Age : |
16.12.1972 |
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Date of Appointment : |
02.01.1995 |
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Name : |
Ms. Vaishali Amar Kadakia |
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Designation : |
Director |
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Address : |
222, Enterprise Building, Forjett Hill Road, Tardeo, Mumbai – 400036,
Maharashtra, India |
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Date of Birth/Age : |
08.09.1974 |
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Date of Appointment : |
07.02.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mahesh Kadakia |
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10616 |
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Amar Kadakia |
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4298 |
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Chandrika Kadakia |
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1 |
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Ami Kadakia |
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1 |
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Vaishali Kadakia |
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1 |
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Cahndrika Kadakia / Vikram Shah / Nimish Joshi |
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1 |
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Vaishali Kadakia / Vandana Koranne / Suresh Parikh |
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1 |
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Vaishali Kadakia / Nirav Parikh / Yogesh Parikh |
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1 |
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Vaishali Kadakia / Chirag Doshi / Neeta Doshi |
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1 |
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Cahndrika Kadakia / Smita Modi / Girish Modi |
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1 |
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Chandrika Kadakia / Druti Shah / Purvi Shah |
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1 |
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Chandrika Kadakia / Pankaj Shah / Mayurika Shah |
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1 |
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Chandrika Kadakia / Jatin Kotia / Sunita Kotia |
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1 |
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Vaishali Kadakia / Nimish Parikh / Shobhana Parikh |
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1 |
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Chandrika Kadakia / Shashikant Parikh / Nayana Parikh |
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1 |
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Chandrika Kadakia / kamlesh Desai / Kantilal Desai |
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1 |
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Chandrika Kadakia / Alka Desai / Dexsesh Desai |
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1 |
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Chandrika Kadakia / Kapilaben Desai / Arti Bhatt |
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1 |
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Vaishali Kadakia / Paresh Mistry / Parul Sonpal |
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1 |
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Vaishali Kadakia / Pradip Mehta / Surbhi Mehta |
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1 |
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Vaishali Kadakia / Bina Desai / Jatin Deasi |
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1 |
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Chandrika Kadakia / Ankur Desai / Ratilal Desai |
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1 |
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Chandrika Kadakia / Jai Kotia / Komal Kotia |
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1 |
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Chandrika Kadakia / Prachi Shah / Jayesh Parikh |
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1 |
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Chandrika Kadakia / Rachna Nirgudkar / Miloni Parikh |
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1 |
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Chandrika Kadakia / Kalpin
Desai / Monali Desai |
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1 |
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Chandrika Kadakia / Hemal Modi / Urvi Modi |
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1 |
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Vaishali Kadakia / Dinesh Mehta / Jagmohandas Mehta |
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1 |
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Vaishali Kadakia / Mahendra Modi / Ravindra Bhatt |
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1 |
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Vaishali Kadakia / Pallavi Doshi / Vasant Doshi |
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1 |
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Vaishali Kadakia / Prashant Bhavsar / Smita Bhatt |
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1 |
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Amar Kadakia / Mitesh Parikh |
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1 |
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Amar Kadakia / Monali Doshi |
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1 |
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Total |
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14945 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Motor Control Centres, Distribution Board,
Capacitor Panels APFC Type, Bus Ducts & Auto Transformer Motor Starters |
GENERAL
INFORMATION
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Bankers : |
The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri [East], Mumbai –
400069, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kotia and Company Chartered Accountants |
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Address : |
38/2, Krishna Niwas, 498, Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14945 |
Equity Shares |
Rs. 100/- each |
Rs. 1.495
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 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.495 |
1.495 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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72.351 |
53.461 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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73.846 |
54.956 |
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LOAN FUNDS |
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1] Secured Loans |
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24.969 |
11.845 |
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2] Unsecured Loans |
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58.049 |
75.731 |
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TOTAL BORROWING |
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83.018 |
87.576 |
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DEFERRED TAX LIABILITIES |
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7.149 |
6.399 |
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TOTAL |
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164.013 |
148.931 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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66.529 |
44.064 |
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Capital work-in-progress |
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0.000 |
1.877 |
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INVESTMENT |
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8.687 |
15.508 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.990 |
14.860 |
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Sundry Debtors |
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142.877 |
103.633 |
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Cash & Bank Balances |
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3.312 |
3.228 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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30.566 |
17.929 |
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Total
Current Assets |
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194.745 |
139.650 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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82.107 |
36.918 |
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Provisions |
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23.841 |
15.250 |
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Total
Current Liabilities |
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105.948 |
52.168 |
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Net Current Assets |
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88.797 |
87.482 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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164.013 |
148.931 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.56 |
2.54 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
2.68 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
Charge |
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Charge
identification number of the charge to be modified |
90187981 |
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Corporate
identity number of the company |
U31200MH1984PTC033209 |
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Name of the
company |
POPULAR SWITCHGEARS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Popular House, Plot No. 19, M. I. D. C. Road No. 18, Andheri East],
Mumbai – 400093, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri [East], Mumbai –
400069, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement [For Bank
Guarantee] |
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Date of
instrument Creating the charge |
20.11.2006 |
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Amount secured by
the charge |
Rs. 53.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: At such other
rate as may be fixed by the Bank from time to time Terms of
repayment : On Demand and /
or as per sanctioned terms and conditions. Margin : Margin as
determined by bank from time to time. Extent and
operation of the charge : The charge operates
as a continuing security for the balance due to the bank from time to time. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge to the bank all the stocks of raw materials, consumable
tools, packing materials, electrical stocks an all the book debts,
outstanding, monies receivables, claims and bills which are then due and
owing and all the plant and machinery and also furniture, fixtures and
electrical installations. |
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Particulars of
the present modification |
Bank has granted
additional Bank Guarantee facility of Rs. 34.700 Millions. Thus the total
limit and charge stand enhanced from Rs. 18.300 Millions and Rs. 53.000
Millions |
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] 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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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. |
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 |
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