MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MTC
BUSINESS PRIVATE LIMITED |
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Registered Office : |
301-3012,
Vertex Vikas, A Wing, Opp Railway Station, Andheri (East), Mumbai – 400 069,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.12.2000 |
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Com. Reg. No.: |
11-130172 |
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CIN No.: [Company
Identification No.] |
U51420MH2000PTC130172 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM14831F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business in India and elsewhere as buyers, sellers, importers,
exporters, stockists, distributors, marketers, dealers, suppliers, merchants,
agents and otherwise dealing in all kinds and classes of iron and steel
substances including scrap and products made thereof. |
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
200000 |
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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 and reputed company having satisfactory track.
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
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Registered Office : |
301-3012,
Vertex Vikas, A Wing, Opp Railway Station, Andheri (East), Mumbai – 400 069,
Maharashtra, India |
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Tel. No.: |
91-22-26843024 |
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Fax No.: |
91-22-26844681 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Narendra Mehta |
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Designation : |
Director
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Address : |
601-602,
Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
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Date of Birth/Age : |
10.12.1965 |
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Date of Appointment : |
21.12.2000 |
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Name : |
Mr.
Sanjay Mehta |
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Designation : |
Director
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Address : |
501-502,
Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
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Date of Birth/Age : |
14.05.1968 |
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Date of Appointment : |
02.04.2001 |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Maganlal Mehta |
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160100 |
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Mr.
Narendra Mehta |
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40100 |
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Mr.
Sanjay Mehta |
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40000 |
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Mr.
Manoj Mehta |
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235000 |
BUSINESS DETAILS
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Line of Business : |
To
carry on the business in India and elsewhere as buyers, sellers, importers,
exporters, stockists, distributors, marketers, dealers, suppliers, merchants,
agents and otherwise dealing in all kinds and classes of iron and steel
substances including scrap and products made thereof. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About
15 |
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Bankers : |
Union
Bank of India Andheri
(East) Branch, Mayani Manor, Sir M V Road, Andheri (East), Mumbai – 400 069,
Maharashtra, India Ratnakar
Bank Limited Vile
Parle (East) Branch, Mumbai – 400 057, Maharashtra, India |
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Facilities : |
Subject
is enjoys mortgage facility of Rs. 50.000 millions (hypothecation of cash and
credit limit) and Rs. 60.000 millions against hypothecation of Goods, Book
Debts dated 16.10.2002. |
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Banking Relations : |
Satisfactory
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Auditors : |
Chhajed
and Associates Chartered
Accountants |
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Address : |
Mehta
and Vora Ch., 65, 5th Floor, Babu Genu Road, Mumbai – 400 002,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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500000 |
Equity
Shares |
Rs. 10/- |
Rs. 5.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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475200 |
Equity
Shares |
Rs. 10/- |
Rs. 4.752 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.752 |
4.752 |
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2] Reserves & Surplus |
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48.449 |
21.454 |
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NETWORTH |
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53.201 |
26.206 |
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LOAN FUNDS |
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1] Secured Loans |
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153.757 |
12.275 |
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2] Unsecured Loans |
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105.825 |
93.399 |
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TOTAL BORROWING |
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259.582 |
105.674 |
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DEFERRED TAX LIABILITIES |
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0.262 |
0.252 |
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TOTAL |
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313.045 |
132.132 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.318 |
8.635 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.102 |
0.102 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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46.318 |
57.299 |
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Sundry Debtors |
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283.301 |
153.996 |
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Cash & Bank Balances |
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30.239 |
20.690 |
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Loans & Advances |
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52.920 |
37.848 |
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Total Current Assets |
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412.778 |
269.833 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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97.019 |
138.660 |
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Provisions |
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13.134 |
7.803 |
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Total Current Liabilities |
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110.153 |
146.463 |
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Net Current Assets |
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302.625 |
123.370 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.025 |
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TOTAL |
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313.045 |
132.132 |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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7.95 |
10.63 |
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Current
Ratio (Current
Asset/Current Liability) |
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3.74 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers
Charges Report as per Registry
Name of the Company : MTC Business Private
Limited
Presented by : -- Ratnakar Bank Limited, Vile Parle (East), Mumbai – 400 057,
Maharashtra, India
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1.
Date and description of the instrument creating or evidencing the charge
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Hypothecation
of tangible goods/ movable property to secure a demand cash credit account /
demand overdraft account / demand loan account dated 27.03.2004 |
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2. Amount
secured by the charge /amount owing on security of the charge |
Rs.
3.000 millions |
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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There
are hereby hypothecated in favour of the bank all those following goods of
the borrowers (described in general terms) namely against the hypothecation
of stock of scrap iron steel and other material including there in the stock
thereof for the time being whether raw or manufactured or on process of
manufactured and also all products, goods and any other tangible movable
property of the borrower whether now lying or at any time hereafter during
the continuance of the security lying or being in or about the borrower’s
premises and godowns at Vile Parle East Mumbai or wherever else the same may
be or be held by any party any where to the order and disposition of the
borrower or in course of transit (all of which are herheafter called “the
hypothecated goods”) are hypothecated as security by way of first charge for
the due repayment. |
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4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.50% p.a. |
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5.
Names, address and description of the
persons entitled to charge |
Ratnakar
Bank Limited Vile
Parle (East) Branch, Vile Parle (East), Mumbai
– 400 057, Maharashtra, India |
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6.
Date and brief description of instrument modifying the charge |
N A |
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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 |
N A |
Name of the Company : MTC Business Private
Limited
Presented by : -- Union Bank of India, Andheri (East), Mumbai, Maharashtra, India
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1.
Date and description of the instrument creating or evidencing the charge
|
Hypothecation
agreement of goods and debts dated 06.02.2006 |
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2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
50.000 millions |
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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Hypothecation
by way of first charge in favour of the Bank |
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4.
Gist of the terms and conditions and extent and operation of the charge. |
1]
Stock which expression shall include (whether specifically mentioned or
otherwise) all raw material, semi finished and finished goods, consumable
stores and spares and movable property of any kind now or at any time
hereafter belonging to or at the disposal of the borrower and which are now
stored or being stored or which hereafter may from time to time be brought
into or stored or be in or about the borrower premises or godowns at
44,45,46,47 Jawahar Co-Operative Industrial Estate, Kamothe, Kalamboli,
District Raigad and at other places hired by the borrower for the purpose of
storage in the Union bank of India and all other places in the Union Bank of
India or wherever else may be including any of the said goods with any of the
borrower agents or at any of the borrower agencies or in course of transit by
the ship, rail or otherwise, and 2] The
borrower book debts, outstanding monies, receivables, claims and bills,
contracts, securities, investments which are now due and owing or which may
at any time hereafter during the continuance of this security becoming due
and owing to the borrower in the course of its business by any local or
public body or authority (all which are hereinafter collectively referred to
as “the said debts”) |
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5.
Names, address and description of the
persons entitled to charge |
Union
Bank of India Andheri
(East)Branch, Mayani Manor, Sir M V Road, Andheri (East), Mumbai – 400 069,
Maharashtra, India |
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6.
Date and brief description of instrument modifying the charge |
N A |
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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 |
N A |
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.44.27 |
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UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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/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 |
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