MIRA
INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MASCOT
FORGE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Shed
No. C-1, 274/ 275, Road R, Aji, GIDC Phase – II, District Rajkot
– 360 003, Gujarat, India |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.04.1984 |
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|
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|
Com. Reg. No.: |
04-6912 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28910GJ1984PTC006912 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTM00679A |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
To
carry on business of manufacturers, processor, refiners, smelters, makers,
converters, finishers, importers, exporters, agents, merchants, buyers,
seller, and dealers in all kinds and forms of steel including tool and alloy,
steel, stainless and all other special steels, iron and other metals and
alloys, all kinds and goods and bye-products of iron steel and articles or
merchandise whatsoever manufactured wholly
or partly steel or other metals. Subject
is also manufacturing Forged / Rolled Rings suitable for all type of
Bearings. |
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 |
|
Maximum Credit Limit : |
USD
50000 |
|
|
|
|
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 and reputed company having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Shed
No. C-1, 274/ 275, Road R, Aji, GIDC Phase – II, District Rajkot
– 360 003, Gujarat, India |
|
Tel. No.: |
91-281-2387187/
2387733 |
|
Fax No.: |
91-281-2387133 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr.
Nanalal Hirjibhai Makwana |
|
Designation : |
Managing
Director |
|
Address : |
601, “Sahara
Towers”, Jalaram-2, University Road, Near Ring Road, Rajkot – 360 007,
Gujarat, India |
|
Date of Birth/Age : |
18.10.1958 |
|
Date of Appointment : |
Since
Incorporation |
|
|
|
|
Name : |
Mr.
Shashikant Hirjibhai Makwana |
|
Designation : |
Director
|
|
Address : |
901,
“Sahara Towers”, Jalaram-2, University Road, Near Ring Road, Rajkot – 360
007, Gujarat, India |
|
Date of Birth/Age : |
23.03.1950 |
|
Date of Appointment : |
Since
Incorporation |
|
|
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.
Nanalal Hirjibhai Makwana |
|
315000 |
|
Mr.
Shashikant Hirjibhai Makwana |
|
300000 |
|
Mr.
Mansukhbhai Hirjibhai Makwana |
|
215000 |
|
Mr.
Sureshchandra Hirjibhai Makwana |
|
215000 |
|
Mr.
Bhupatbhai Hirjibhai Makwana |
|
289000 |
|
Mr.
Rajnikant Hirjibhai Makwana |
|
250000 |
|
Mrs.
Kanchanben Sureshchandra Makwana |
|
45000 |
|
Mrs.
Manjulaben Mansukhbhai Makwana |
|
45000 |
|
Mrs.
Shobhnaben Shashikant Makwana |
|
45000 |
|
Mrs. Ushaben
Bhupatbhai Makwana |
|
45000 |
|
Mrs.
Madhuben Rajnikant Makwana |
|
45000 |
|
Ms.
Tarunben Nanalal Makwana |
|
45000 |
|
Mr.
Alpesh Patel |
|
101000 |
|
Mr.
Mayur Patel |
|
1000 |
|
Mr.
Ketan Patel |
|
1000 |
|
Mr.
Pushkar Patel |
|
1000 |
|
Mr.
Mehul Patel |
|
1000 |
|
Mr.
Abhishek Patel |
|
1000 |
|
Ms.
Manjulaben Anilkumar Rabara |
|
40000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
Forged / Rolled Rings suitable for all type of Bearings. |
|
|
|
|
Products : |
|
|
|
|
GENERAL
INFORMATION
|
No. of Employees : |
-- |
|
|
|
|
Bankers : |
State
Bank of Hyderabad Kalawad
Road Branch, Rajkot – 360 005, Gujarat, India |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
P.
Ghanshyam and Company Chartered
Accountants |
|
Address : |
605,
Shilpa Tower, Tagore Marg, Rajkot – 360 002, Gujarat, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500 |
Equity
Shares |
Rs. 1000/- |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000 |
Equity
Shares |
Rs. 1000/- |
Rs. 2.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.000 |
2.000 |
|
|
2] Reserves & Surplus |
|
12.143 |
10.449 |
|
|
NETWORTH |
|
14.143 |
12.449 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
29.821 |
23.082 |
|
|
2] Unsecured Loans |
|
21.414 |
6.268 |
|
|
TOTAL BORROWING |
|
51.235 |
29.350 |
|
|
DEFERRED TAX LIABILITIES |
|
1.601 |
1.351 |
|
|
|
|
|
|
|
|
TOTAL |
|
66.979 |
43.150 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
41.680 |
23.616 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
9.364 |
4.373 |
|
|
Sundry Debtors |
|
17.386 |
25.353 |
|
|
Cash & Bank Balances |
|
0.085 |
0.241 |
|
|
Loans & Advances |
|
10.999 |
8.181 |
|
Total Current Assets |
|
37.834 |
38.148 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
12.535 |
18.614 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
12.535 |
18.614 |
|
|
Net Current Assets |
|
25.299 |
19.534 |
|
|
|
|
|
|
|
|
TOTAL |
|
66.979 |
43.150 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other
income] |
|
92.138 |
94.395 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
2.681 |
6.782 |
|
Provision
for Taxation |
|
---- |
--- |
|
Profit/(Loss)
After Tax |
|
2.681 |
6.782 |
|
|
|
|
|
|
Total
Expenditure |
|
89.456 |
87.613 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
PAT / Total Income |
|
|
2.90 |
7.18 |
|
|
|
|
|
|
|
Net
Profit Margin(PBT/Sales) |
|
|
2.90 |
7.18 |
|
|
|
|
|
|
|
Return
on Total Assets(PBT/Total Assets} |
|
|
3.37 |
10.98 |
|
|
|
|
|
|
|
Return
on Investment (ROI)(PBT/Networth) |
|
|
0.18 |
0.54 |
|
|
|
|
|
|
|
Debt
Equity Ratio(Total Liability/Networth) |
|
|
5.62 |
4.96 |
|
|
|
|
|
|
|
Current
Ratio(Current Asset/Current Liability) |
|
|
3.02 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Mascot
Forge Private Limited (MFPL), one of leading forging plant since 1984, engaged in the
manufacturing of various types of forged/rolled rings suitable for all type of
Bearings.
Located in Rajkot city of
Gujarat state, India and 5.0 miles away from the Airport and Railway Station.
MFPL has grown in the last 20 years increasing its output. MFPL set up very
high goal internally to ensure that they continuously offer the excellent
services and qualities to customers.
Process
Manufacturing process begins with hot rolled steel bar are heated
through Induction Heaters to achieve the proper and uniform temperature needed
for forming the blanks.
The material then proceeds into 4 station hot
forming presses with the help of ring rolling depending on the job
specifications. These machines does pancake the bar stock, then cup forming and
punch the inside diameter then rolling and final sizing.
·
At this point depending on the application the product goes through spheroidize
annealing process, shot blasting & quality control areas.
·
Raw forgings are machining to meet with the customer’s specifications.
Capability
|
Manufacturing
Capability |
||
|
|
|
|
|
Combined Forging
Line |
15 mm ID to 80 mm OD (Width max. upto 50mm) |
700 M.T. P.A. |
|
Ring Rolling
Line |
50mm ID to 200mm OD
(Width max. upto 75mm) |
2000 M.T. P.A. |
|
Forging CapabilitY |
|||
|
|
|
|
|
|
Outer Dia. |
40-100 mm |
100-150 mm |
150-200 mm |
|
Allowances OD/ID |
2.5 mm + .5 |
2.5 mm + .75 |
3.0 mm + 1.0 |
|
Width |
3.0 mm + .5 |
3.0 mm + .75 |
3.5 mm + 1.0 |
|
Machining
CapabilitY (Outer Ring) |
||||
|
Sr. NO. |
Parameter |
Group Size (OD) |
||
|
|
|
40-100 mm |
100-150 mm |
150-200 mm |
|
1. |
OD |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
2. |
OD Two Piont Ovality |
0.04 |
0.05 |
0.07 |
|
3. |
Track |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
4. |
Track Two Piont Ovality |
0.04 |
0.05 |
0.07 |
|
5. |
Width |
+/-0.04 |
+/-0.05 |
+/-0.05 |
|
6. |
Width Variation |
0.04 |
0.05 |
0.05 |
|
7. |
Face Taper |
0.04 |
0.05 |
0.05 |
|
8. |
Eccentricity |
0.04 |
0.05 |
0.07 |
|
9. |
Squareness |
0.04 |
0.05 |
0.07 |
|
10. |
Three Point Error |
0.04 |
0.05 |
0.100 |
|
Machining
Capabilities (Inner Ring) |
||||
|
Sr. NO. |
Parameter |
Group Size (OD) |
||
|
|
|
40-100 mm |
100-150 mm |
150-200 mm |
|
1. |
Large OD |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
2. |
Small OD |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
3. |
Track |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
4. |
Track Two Point Ovality |
0.04 |
0.05 |
0.07 |
|
5. |
Width |
+/-0.04 |
+/-0.05 |
+/-0.05 |
|
6. |
Width Variation |
0.04 |
0.05 |
0.05 |
|
7. |
Face Taper |
0.04 |
0.05 |
0.05 |
|
8. |
Bore |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
9. |
Bore Ovality |
0.04 |
0.05 |
0.07 |
|
10. |
Face to Bore Squareness |
0.04 |
0.05 |
0.07 |
|
11. |
Eccentricity |
0.04 |
0.05 |
0.07 |
|
12. |
Three Point |
0.04 |
0.05 |
0.100 |
|
13. |
Flange |
+/-0.04 |
+/-0.05 |
+/-0.05 |
|
14. |
U’ Cut Depth |
+/-0.04 |
+/-0.05 |
+/-0.05 |
|
15. |
U’ Cut Diameter |
+/-0.04 |
+/-0.05 |
+/-0.07 |
|
16. |
Flange Width Variation |
0.04 |
0.05 |
0.05 |
Bankers
Charges Report as per Registry
Name of the Company : Mascot Forge Private
Limited
Presented by : -- Mr. Nanalal Hirjibhai Makwana – Director
|
1. Date
and description of the instrument creating or evidencing the charge
|
Memorandum
of deposit for creation of charge for Term Loan/ Overall Limit dated
24.05.1999 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
4.000 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
1. The
company factory and building which are mortgaged top bank Shed No. C/1/B-272
situated at GIDC, Aji Industrial Area, Rajkot Revenue Survey No. 4243 Paiki
Ward No. 12. The above property’s four sides are bounded as under: By
North: 14 metrs. Road By
South: Shed No. C/1/285 By
East: Shed No. C/1/274 By
West: Shed No. C/1/273 2.
Shed No. C/1/B/273 situated at GIDC, Aji Industrial Area, Rajkot revenue
surveu no. 4243 paiki ward no. 12 The
above property’s four sides are bounded as under By
North: 14 metrs. Road By
South: Shed No. C/1/284 By
East: Shed No. C/1/272 By
West: Shed No. C/1/274 3.
Shed No. C/1/B/274 and 275 situated at GIDC, Aji Industrial Area, Rajkot
revenue surveu no. 4243 paiki ward no. 12 The
above property’s four sides are bounded as under By
North: Road By
South: Shed No. C/1/282-3 By
East: Shed No. C/273 By
West: Shed No. C/1/276 |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interest is 15.81 p.a. with quarterly rates 2.81 above PLR charging from time
to tine as per RBI/HO Instructions. Repayment
: on demand Margin
: Cash Credit 20% and Book Debt 30% Equitable
mortgage created by the company by way of deposit of title deeds in favour of
banks as continuing security for granting advance and the banks charge will
remain operative till the bank dues and expenses due or becoming due
repayable by the borrower to the bank. |
|
5.
Names, address and description of the
persons entitled to charge |
State
Bank of Hyderabad Kalawad
Road Branch, Rajkot – 360 005, Gujarat, India |
|
6.
Date and brief description of instrument modifying the charge |
Memorandum
of deposit for creation of further charge for Term Lo/ Overall Limit where
the initial charge is created by a Deed of Mortgage dated 19.03.2001 Supplemental
agreement of hypothecation of goods / assets for increase in the overall
limit dated 19.03.2001 Agreement
for hypothecation of goods and assets dated 19.03.2001 The
above charge was modified to increase overall limit to Rs. 6.000 millions The
above charge was further modified on 1st October 2003 by executing
supplemental agreement of hypothecation of goods and assets for increase in
the overall limit from Rs. 6.000 millions to Rs. 10.000 millions only. The
above charge was further modified on 29th January, 2005 by
executing the following documents., Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit dt. 29.01.2005 Memorandum
of deposit for creation of further charge for term loan/ overall limit where
the initial charge is created by a deed of mortgage dt. 29.01.2005 Supplemental
agreement of loan for increase in the overall limit dt. 29.01.2005 so as to
increase the overall earlier limit of Rs. 10.000 millions to Rs. 22.500
millions. |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
The
above charge was further modified so as to increase the overall Cash Credit
from Rs. 10.000 millions to Rs. 22.500 millions only as under: Natrure
of Facility: Cash Credit (Hypothecation) Term Loan Amount
Working Capital: Total Rs. 12.500 l\millions byway of hypothecation of stock
upto Rs. 6.000 millions and book debts of Rs. 6.500 millions (earlier book
debts limit was Rs. 3.000 millions) Term
Loan : Rs. 10.000 millions only Margin
: 25% Book
Debts : 40% Securities
: Primary:
hypothecation of stock of raw material, stock in process, finished goods and
receivables, present and future Pledge
on the machinery of the company. Collateral
Securities : Equitable
mortgage of factory land and building at C-1, 274/375 Road –R, Aji GIDC II, Rajkot
Standing in the name of Mascot Forge Private Limited. Equitable
mortgage of immovable properties bearing no. 274, 272 and 273 in the name of
Mascot Forge Private Limited. First
charge on all the assets of the company Personal
guarantee of the directors, Mr.
Nanalal H Makwana and Mr.
Shashikant H Makwana Repayment
: Cash
Credit : on demand Term
Loan : to be repaid in 28 instalments of Rs. 0.357 millions each commencing
from two months after the release of the loan. Interest during the moratorium
period will be recovered as and when applied. Rate
of Interest : 0.50%
below SBHPLR of 11.00% with a minimum of 10.50% p.a. with monthly rates. The
bank reserves right to vary the interest from time to time. |
Contact
MASCOT FORGE PRIVATE
LIMITED
Shed No. C-1, 274/275, Road-R, Aji, G.I.D.C., Phase-II, Rajkot 360003, Gujarat,
India
Phone :
91-281-2387187/ 2387733
Fax :
91-281-2387133
E-Mail :
info@mascotforge.com
Managing Director : Mr. N. Makwana
Mobile : 91-9898011109
E-Mail :
md@mascotforge.com
Finance and Administration : Mr. Vipin Parekh
E-Mail :
vipin@mascotforge.com
Production Control : Mr. Pushkar Patel
Mobile : 91-9898570308
E-Mail :
pushkar@mascotforge.com
Quality Control : Mr. Mehul Makwana
Mobile :
91-9898550905
E-Mail :
mehul@mascotforge.com
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.44.34 |
|
UK
Pound |
1 |
Rs.87.61 |
|
Euro |
1 |
Rs.57.61 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|