MIRA
INFORM REPORT
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Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
CERAFLUX INDIA
PRIVATE LIMITED |
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Registered Office : |
F – 59, MIDC,
Gokul Shirgaon, Kolhapur – 410234, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.06.1995 |
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Com. Reg. No.: |
25-90024 |
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CIN No.: [Company
Identification No.] |
U51909MH2005PTC090024 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPC00644A |
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PAN No.: [Permanent
Account No.] |
AAACC7442H |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To manufacture, produce
and trade in the form of buying, selling, dealing as commission agents,
importers, exporters in all ceramic fluxes, ceramic and other moulds for
foundries and aluminium industries, foundry chemicals, coatings, chemical
additives for foundries and aluminium extrusion plants, casts and other
materials required for giving shapes and extracting mouldings out of
aluminium and other alloys, laboratory chemicals and equipment required for
testing of aluminium and other alloys and other apparatus devices, equipments
and components required for the business and manufacture of the company’s
products. |
RATING &
COMMENTS
|
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 80000 |
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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 records. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as 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/Factory : |
F – 59, MIDC,
Gokul Shirgaon, Kolhapur – 410234, Maharashtra |
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Tel. No.: |
91-231-2671352 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sanjeev
Purushottam Tungatkar |
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Designation : |
Director |
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Address : |
C S 380/2A, E Ward,
C – 5, Jayant Residency, Mali Colony, Takala, Kolhapur, Maharashtra |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. Uday Bhaskar
Thite |
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Designation : |
Director |
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Address : |
C S 553 / 1/ 1 Flat
No. G – 1, Narayan Vihar, Kesaba Karveer, Kolhapur, Maharashtra |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. Vilas
Balasaheb Jadhav |
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Designation : |
Director |
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Address : |
C S 380/2A, E Ward,
C – 5, Jayant Residency, Mali Colony, Takala, Kolhapur, Maharashtra |
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Date of Appointment : |
01.07.1999 |
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Name : |
Mr. Ramesh T.
Wadhwani |
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Designation : |
Director |
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Address : |
Agha Nagar Society,
Near Petrol Pump, Vadgaon, Sheri Nagar Road, Pune, Maharashtra |
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Date of Appointment : |
01.07.1999 |
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Name : |
Mr. Satish Rajiv
Kadukar |
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Designation : |
Director |
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Address : |
Flat No. F / 4, S
No. 559/1, Narayan Vihar, D. R. Bhosale Nagar, Kolhapur, Maharashtra |
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Date of Appointment : |
14.01.2004 |
MAJOR SHAREHOLDERS
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Names of
Shareholders |
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No. of Shares |
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Mr. Sanjeev
Tungatkar |
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124289 |
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Mr. Uday Thite |
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123789 |
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Mr. Vilas Jadhav |
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30619 |
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Mr. Ramesh
Wadhwani |
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105033 |
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Mr. Satish
Kadukar |
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57517 |
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Mr. Arvind Gosavi |
|
1 |
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Mr. Balkrishna
Tungatkar |
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1 |
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Mrs. Matrayie
Kajarikar |
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1 |
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Mrs. Sangeeta
Sandane |
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1 |
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Mr. Vasant Tapaswi |
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1 |
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Mr. Rajendra
Rajguru |
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1 |
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Mr. Sanjiwani
Avchat |
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1 |
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Mr. Shivaji Gund |
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1 |
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Smt. Snehmaee
Bhone |
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1 |
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Smt. Sumati
Kanade |
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1 |
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Mr. Shashikant
Purandare |
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1 |
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Ms. Sandhya Sutar |
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1 |
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TOTAL |
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441259 |
BUSINESS DETAILS
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Line of Business : |
To manufacture,
produce and trade in the form of buying, selling, dealing as commission
agents, importers, exporters in all ceramic fluxes, ceramic and other moulds for
foundries and aluminium industries, foundry chemicals, coatings, chemical
additives for foundries and aluminium extrusion plants, casts and other
materials required for giving shapes and extracting mouldings out of
aluminium and other alloys, laboratory chemicals and equipment required for
testing of aluminium and other alloys and other apparatus devices, equipments
and components required for the business and manufacture of the company’s
products. |
GENERAL
INFORMATION
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No. of Employees : |
About : 50 |
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Bankers : |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013, Maharashtra, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
Kumar Mulay &
Associates Chartered
Accountants, 47/22, Ekata
Park, Law College Road, Erandwane, Pune – 411004, Maharashtra, India PAN No. :
ABNPM9359G |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
441200 |
Equity Shares |
Rs. 10/- each |
Rs. 4.412 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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4.412 |
4.412 |
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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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15.328 |
7.781 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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19.740 |
12.193 |
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LOAN FUNDS |
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1] Secured Loans |
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12.107 |
10.768 |
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2] Unsecured Loans |
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1.555 |
1.590 |
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TOTAL BORROWING |
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13.662 |
12.358 |
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DEFERRED TAX LIABILITIES |
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1.582 |
1.315 |
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TOTAL |
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34.984 |
25.866 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.740 |
13.373 |
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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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0.014 |
0.014 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.702 |
5.714 |
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Sundry Debtors |
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16.224 |
12.028 |
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Cash & Bank Balances |
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0.127 |
0.037 |
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Other Current Assets |
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0.809 |
1.086 |
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Loans & Advances |
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13.179 |
6.986 |
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Total Current Assets |
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37.041 |
25.851 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.195 |
5.907 |
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Provisions |
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11.616 |
7.465 |
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Total Current Liabilities |
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18.811 |
13.372 |
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Net Current Assets |
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18.230 |
12.479 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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34.984 |
25.866 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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76.040 |
51.074 |
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Total Income |
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76.040 |
51.074 |
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Profit/(Loss) Before Tax |
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13.561 |
8.366 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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13.561 |
8.366 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1.070 |
0.559 |
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Total Earnings |
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1.070 |
0.559 |
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Expenditures : |
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Interest |
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1.271 |
0.979 |
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Depreciation & Amortization |
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0.901 |
0.671 |
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Other Expenditure |
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62.478 |
42.708 |
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Total Expenditure |
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64.65 |
44.358 |
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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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17.83 |
16.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.83 |
16.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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25.21 |
43.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.69 |
0.69 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.95 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.97 |
2.16 |
LOCAL AGENCY
FURTHER INFORMATION
NIL
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.44.44 |
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UK Pound |
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.58.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
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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 |
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 |
|
42 |
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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