MIRA
INFORM REPORT
|
Report Date : |
25.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
POPULAR POWER CONTROLS PRIVATE LIMITED |
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Registered Office : |
Popular House Plot No. 119, Road, No. 18 MIDC Andheri (East), Mumbai –
400 093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.10.1998 |
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Com. Reg. No.: |
11-6807 |
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CIN No.: [Company
Identification No.] |
U31200MH1998PTC116807 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17316F |
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PAN No.: [Permanent
Account No.] |
AAACP9769Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers, Fabricators,
Importers, Exporters, Designers, Labour contractors, buyers, sellers dealers
and agents of Switchgears, control panels, Draw out and Fixed type motor
central centres, Distribution boards, feeders pillars, controls centres,
transformers, relays, printed circuit boards and other electric control
switch devices. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 55000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
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 1 : |
C/28, Sardar Udyog
Nagar, Road No 4, Ajwa Road, Vadodara – 390019 |
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Tel. No.: |
91-265-2561959 /
2567182 / 2340806 / 2440548 |
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Fax No.: |
91-265-2570269 |
DIRECTORS
|
Name : |
Mr. Mahesh
Chimanlal Kadakia |
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Designation : |
Director |
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Address : |
Shanker Seth
place, B Wing, 5th Floor, Flat No. 504, J D Marg, nana Chowk ,
Mumbai – 400 007, Maharashtra. |
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Date of Birth/Age : |
21.10.1946 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Mrs. Chandrika
Mahesh Kadakia |
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Designation : |
Chairman |
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Address : |
Shanker Seth
place, B Wing , 5th Floor, Flat No. 504, J D Marg, nana Chowk ,
Mumbai – 400 007, Maharashtra. |
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Date of Birth/Age : |
21.01.1951 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Vaishali Amar
Kadakia |
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Designation : |
Director |
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Address : |
Shanker Seth
place, B Wing, 5th Floor, Flat No. 504, J D Marg, nana Chowk ,
Mumbai – 400 007, Maharashtra. |
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Date of Birth/Age : |
08.09.1974 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Mr. Ramesh B. Brahmbhatt |
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Designation : |
Director |
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Address : |
B- 102, Ami Park,
First Floor, Nalasopara (W), Thane – 401203, Maharashtra, India |
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Date of Birth/Age : |
31.08.1946 |
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Date of Appointment : |
04.05.2000 |
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Name : |
Mr. A. P. Sai |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Chandrika Kadakia Mr Mahesh Kadakia |
|
19499 |
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Mr. Mahesh Kadakia Ms. Chandrika Kadakia |
|
1445 |
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Mr. Vaishali Kadakia Mr. Amar Kadakia |
|
1045 |
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Mr. Chandrika Kadakia Ms. Yogita Kadakia |
|
1 |
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Mr. Chnadrika Kadakia Mr. Bhavesh Kadakia |
|
1 |
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Mr. Chandrika Kadakia Ms. Bhavanaben Kadakia Mr. Jitendra C Shah |
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1 |
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Ms. Chandrika Kadakia Mr. Hansa Bhatt Ms .Tejal Bhatt |
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1 |
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Mrs Chandrika Kadakia Mr. A D Parikh Mr. J M Gorasla Mr. Natwarlal Dharia |
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1 |
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Mr. Chandrika Kadakia Ms. Sonal Kadakia Mr .Risin Kadakia Mrs. Rupal Kadakia |
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1 |
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Ms. Chandrika Kadakia Mr., Jatin Kotia Ms. Komal Kotia Mr. M D Parikh |
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1 |
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Ms. Chandrika Kadakia Ms. Meena N Shah Mr. Nathalal H Shah Mrs. Nirmala N Shah |
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1 |
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Ms. Chandrika Kadakia Ms. Neeta Doshi Mrs. Sheela Parikh Ms. Sonal Kadakia |
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1 |
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Ms. Chandrika Kadakia Ms .Kalavati Kadakia Mr. Mihir Shah Mrs. Sheela Parikh |
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1 |
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Ms. Chandrika Kadakia Mr .Vasant P Doshi |
|
1 |
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Total
|
22000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Fabricators,
Importers, Exporters, Designers, Labour contractors, buyers, sellers dealers
and agents of Switchgears, control panels, Draw out and Fixed type motor
central centres, Distribution boards, feeders pillars, controls centres,
transformers, relays, printed circuit boards and other electric control
switch devices. |
|
|
|
|
Products : |
Electric Control
Panels , Fabricated Parts of Panel |
PRODUCTION STATUS as on 31.03.2004:-
|
Particulars |
|
|
Unit |
Actual
Production |
|
Control Panels |
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|
Nos |
557 |
|
Fabricated Pares of Panels |
|
|
Nos |
499 |
GENERAL
INFORMATION
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No. of Employees : |
80 |
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Bankers : |
Bank of India,
Chakala Branch, Andheri (East) Mumbai – 400093 |
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Facilities : |
Rs. 2.000 millions
(Hypothecation of Book debts) |
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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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Tel. No.: |
91-22-22072886 |
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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 |
|
22000 |
Equity Shares |
Rs. 100/-
Each |
Rs. 2.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
2.200 |
2.200 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
11.319 |
5.079 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
13.519 |
7.279 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
|
3.992 |
1.296 |
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2] Unsecured Loans |
|
10.533 |
5.062 |
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TOTAL BORROWING |
|
14.525 |
6.358 |
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DEFERRED TAX LIABILITIES |
|
0.276 |
0.219 |
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TOTAL |
|
28.320 |
13.856 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
7.008 |
6.175 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
3.261 |
2.830 |
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Sundry Debtors |
|
31.139 |
6.820 |
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Cash & Bank Balances |
|
3.068 |
0.893 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3.618 |
3.049 |
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Total
Current Assets |
|
41.086 |
13.592 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
15.003 |
3.068 |
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|
Provisions |
|
4.771 |
2.843 |
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Total
Current Liabilities |
|
19.774 |
5.911 |
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Net Current Assets |
|
21.312 |
7.681 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
28.320 |
13.856 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
79.671 |
33.353 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
79.671 |
33.353 |
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|
|
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Profit/(Loss) Before Tax |
|
9.677 |
4.096 |
|
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
9.677 |
4.096 |
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Expenditures : |
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Interest |
|
1.508 |
1.212 |
|
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Depreciation & Amortization |
|
0.849 |
0.895 |
|
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Other Expenditure |
|
67.637 |
27.150 |
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Total Expenditure |
|
69.994 |
29.257 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
12.14 |
12.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
12.14 |
12.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
20.12 |
20.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.71 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.53 |
1.68 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.07 |
2.29 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Factory
Building
v
Plant and
Machinery
v
Furniture and
Fixture
v
Electrical
Installation
v
Motor Cars
v
Computer
Systems
OTHER INFORMATION:
The reanirement as to L/C is not applicable the information relating to I/C in terms of act is not ascertainable as the items manufactured are no trading items.
To carry on the
business as Manufacturers, Fabricators, Importers, Exporters, and Designers,
Labour contractors, buyers, seller’s dealers and agents of Switchgears, control
panels, Draw out and Fixed type motor central centres, Distribution boards,
feeders pillars, controls centres, transformers, relays, printed circuit boards
and other electric control switch devices.
Form 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U31200MH1998PTC116807 |
|
Name of the company |
POPULAR POWER CONTROLS PRIVATE LIMITED |
|
Address |
Popular House Plot No. 119, Road, No. 18 MIDC Andheri (East), Mumbai –
400 093, Maharashtra |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Immovable property |
|
Particular of the charge holder
|
Bank of India Address: Chakala Branch, Opposite Sangan Cinema, Sir M V Road,
Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India Email : chakal@bankofindia.co.in
|
|
Nature or description of the instrument creating charge |
Memorandum of entry / Oral Assent |
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Date of the instrument creating charge |
13.10.2006 |
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Amount Secure by the charge |
Rs. 7.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Rate of Interest: Zero over Bank Rate, Minimum 11.50% per annum or at
such rate of interest as may be notified to them by the bank from time to
time. Terms of repayment: on Demand Margin: as fixed by the bank Extent and operation of the
charge: equitable mortgage to secure the due repayment by the company to the
bank at Chakala Branch, Mumbai on demand of the said Credit facilities
granted to the company and / or for the due repayment of any advances of any
nature now due or pending or that may be made or become due hereafter from
time to time either in respect of or under the said Cash Credit account or in
any other account of the company and whether singly or jointly Others: with another or others and whether at the indebtedness or liability
whatsoever Limits A) Fund Based 1) Cash Credit hypothecation of Stock: 0.900 millions 2)
Cash Credit – Hypothecation of book debts: 1.500 millions, Maximum of I and
II Rs. 2.000 millions B) Non Fund Based Limits III) Inland Bank Guarantee
Limit: Rs. 5.000 millions Maximum of I, II, III Rs. 7.000 millions. |
|
Short particulars of the Property charged |
All that piece of land with buildings sheds and structures standing
thereon comprising land and building
and others structures , fixed machinery and plant , fixtures and fittings
erected or installed thereon situated at plot No. C /28, Revenue Survey No.
194 in the sardar Estate of the shri Sardar Sahakari Udyognagar Limited, Ajwa
Road, Baroda – 390 019, Revenue Survey No. 194, plot Area 144000 Square Feet
and Shed 3600 Square Feet constructed are 1440 square feet. Tenure: Freehold (ownership). |
|
Name of the
company |
POPULAR POWER CONTROLS PRIVATE LIMITED |
|
Presented
By |
Bank of India,
Chakala Branch , Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
1) Date and
description of instrument creating the change |
Hypothecation of tangible
movable property dated 5th May, 2000. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.900
millions |
|
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 tangible
movable assets of the firm including in particulars stocks of raw material
such as copper flats/ Strips M S Angles Strips Aluminum strips , Hardware
items , Draw out and fixed type motor,. Control centers power, control
centers bus ducts, distribution board, feeder pillars bus bar Chambers
control panels semi finished goods etc. lying in the factory / godown or
situated elsewhere or in transit. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 4% p.a OPLR Minimum @ 15.5% p.a |
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of India Address: Chakala Branch, Andheri (Eats),
Mumbai – 400 093, Maharashtra, India |
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.39.39 |
|
UK Pound |
1 |
Rs.78.02 |
|
Euro |
1 |
Rs.56.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|