MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SHREE MOMAI ROTOCAST CONTAINERS PRIVATE LIMITED |
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Registered Office : |
311-A-16, Kalpana Society, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.01.2004 |
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Com. Reg. No.: |
043497 |
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CIN No.: [Company
Identification No.] |
U25209GJ2004PTC043497 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS03440D |
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PAN No.: [Permanent
Account No.] |
PANAPPLIED |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Closed Oven Rock and Roll Machine, Suction Blower System.. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has some
accumulated losses. Payments are reported as slow but correct. The company
can be considered normal for small business dealings at usual trade terms and
conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
311-A-16, Kalpana Society, |
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Tel. No.: |
91-2668-263440 |
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Fax No.: |
91-2668-263358/263440 |
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E-Mail : |
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Website: |
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Factory 1 : |
C1/821, GIDC, Waghodia, Vadodara -390 019, |
DIRECTORS
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Name : |
Mr. Ranjan Ramchandran Iyer |
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Designation : |
Director |
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Address : |
311-A-16, Kalpana Society, |
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Date of Birth/Age : |
02.03.1966 |
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Date of Appointment : |
21.01.2004 |
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Name : |
Mr. Ramchandran P.K. Iyer |
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Designation : |
Director |
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Address : |
311-A-16, Kalpana Society, |
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Date of Birth/Age : |
25.07.1957 |
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Date of Appointment : |
21.01.2004 |
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Name : |
Mr. Ramchai Iyer |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ranjan Ramchandran Iyer |
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7,500 |
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Mr. Ramchandran P.K. Iyer |
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2,500 |
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Total |
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10,000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Closed Oven Rock and Roll Machine, Suction Blower
System.. |
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Products : |
Costing Machinery, Crushers, Grinding Mills, Machine Feeders, Mixers,
Molded Plastic Products, Plastic Machinery Pulverizes, Special Machinery,
Tanks, Tools, Dies & Molds, Tractor Parts & Accessories, Traffic
Bollards & Cones. |
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Brand Names : |
Shree Momai Rotocast Containers |
GENERAL INFORMATION
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Bankers : |
v
Indian Overseas Bank, Vadodara Main Branch, Mehta
Pole, Vadodara. v
Kotak Mahindra Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anjali Agrawal Charted Accountant |
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Address : |
101-Chandragupt Complex, Near |
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Tel No.: |
91-2668-2465025 |
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Associates/Subsidiaries : |
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Name: |
Shree Momai Fabricator engineers |
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Legal Form: |
Sole Proprietory Concern |
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Name of the
Proprietor: |
Ms. Ranjan Iyer |
CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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1,00,000 |
Equity Shares |
Rs. 10.00 each |
Rs.1.000 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10.00 each |
Rs.0.100 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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(0.284) |
(0.113) |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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(0.184) |
(0.013) |
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LOAN FUNDS |
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1] Secured Loans |
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2.688 |
2.657 |
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2] Unsecured Loans |
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1.804 |
1.143 |
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TOTAL BORROWING |
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4.492 |
3.800 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.308 |
3.787 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.747 |
3.901 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.535 |
0.334 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.435
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0.184 |
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Sundry Debtors |
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0.835
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0.129 |
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Cash & Bank Balances |
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0.119
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0.006 |
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Other Current Assets |
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0.055
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0.063 |
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Loans & Advances |
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0.000
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0.000 |
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Total
Current Assets |
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1.444
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0.382 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.401
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0.875 |
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Provisions |
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0.040
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0.045 |
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Total
Current Liabilities |
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1.441
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0.920 |
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Net Current Assets |
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0.003
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(0.538) |
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MISCELLANEOUS EXPENSES |
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0.023 |
0.090 |
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TOTAL |
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4.308 |
3.787 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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2.121 |
2.173 |
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Other Income |
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0.040 |
0.014 |
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Total Income |
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2.161 |
2.187 |
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Profit/(Loss) Before Tax |
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(0.362) |
(0.447) |
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Provision for Taxation |
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(0.191) |
(0.334) |
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Profit/(Loss) After Tax |
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(0.171) |
(0.113) |
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Expenditures : |
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Material Cost |
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0.882 |
1.293 |
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Employee Cost |
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0.230 |
0.218 |
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Manufacturing and other Expenses |
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0.336 |
0.239 |
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Administrative Expenses |
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0.240 |
0.287 |
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Selling and Distribution Expenses |
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0.192 |
0.200 |
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Preliminary Expenses written off |
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0.008 |
0.008 |
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Financial Charges |
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0.416 |
0.311 |
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Depreciation |
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0.219 |
0.078 |
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Total Expenditure |
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2.523 |
2.634 |
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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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PAT / Total Income |
(%) |
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7.91 |
5.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.07 |
20.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.97 |
10.44 |
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Return on Investment (ROI) (PBT/Networth) |
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1.97 |
34.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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32.24 |
363.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.00 |
0.42 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
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Presented By |
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1) Date and description of instrument creating the change |
19.09.2204 Equable Mortgage Deed in favor of Bank |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.00 Lacs |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
C1/821, GIDC, Waghodia, Vadodara -390 019, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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Type of Loan/credit |
Time Limit |
Limit |
Rate o interest |
Margin |
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Term Loan (GIDC Plot) |
Repayable in 84 monthly installment |
3 Lacs |
PLR (Presently 11.50%) |
Nil |
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Term Loan (Machinery) |
Repayable in 60 monthly installment |
20 Lacs |
PLR (Presently 11.50%) |
Nil |
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Cash Credit |
Renewal after 1 year from the date of sanction |
10 Lacs |
PLR (Presently 11.50%) |
Raw material: 25% WIP: 30% Finished Goods: 25%5 Book Debt: 50% |
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Packing Credit |
Renewal after 1 year from the date of sanction |
7 Lacs |
8.00% |
Raw material: 25% WIP: 30% Finished Goods: 25%5 Book Debt: 50% |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Vadodara Main Bank Mehta Pole, Vadodara. |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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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 |
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26 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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