MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MPM PRIVATE LIMITED |
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Registered Office : |
M 22, MIDC, Hingnain Industrial Estate, Nagpur-440016, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.01.1996 |
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Com. Reg. No.: |
11-95899 |
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CIN No.: [Company
Identification No.] |
U24110MH1996PTC095899 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPM03696A |
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PAN No.: [Permanent
Account No.] |
AACCM1261A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Foundry Chemicals. |
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 180000 |
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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
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Registered Office/ Head Office/ Factory : |
M 22, MIDC, Hingnain Industrial Estate, Nagpur-440016, |
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Tel. No.: |
91-7104-232402 |
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Fax No.: |
91-7104-237223 |
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E-Mail : |
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Branches : |
Located at : v
Chennai v
Navi Mumbai v
v
v
v
v
Pune v
v
Kolkata v
v
Ahmedabad |
DIRECTORS
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Name : |
Mr. Deepak Chowdhary |
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Designation : |
Managing Director |
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Address : |
Plot No.2, Gandhi Nagar, Nagpur-440010, |
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Date of Birth/Age : |
13.10.1958 |
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Date of Appointment : |
03.01.1996 |
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Name : |
Mrs. Shakuntala Chowdhary |
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Designation : |
Director |
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Address : |
Plot No.2, Gandhi Nagar, Nagpur-440010, |
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Date of Birth/Age : |
09.10.1937 |
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Date of Appointment : |
28.08.1996 |
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Name : |
Mr. Diwakar Govind Shastri |
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Designation : |
Director |
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Address : |
87/B, Empress Mill Colony, |
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Date of Birth/Age : |
24.08.1965 |
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Date of Appointment : |
30.06.2000 |
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Name : |
Ms. Neena D Chowdhary |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Deepak Chowdhary |
396598 |
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Mrs. Shakuntala Chowdhary |
60200 |
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Ms. Neena Chowdhary |
40200 |
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Mr. Baluram Biliochpuria |
2 |
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Ms. Aditi Chowdhary |
1000 |
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Ms. Anushree Chowdhary |
1000 |
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Mr. Anirudh Chowdhary |
1000 |
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Total |
500000 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Foundry Chemicals. |
GENERAL INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Bank of SBI Factors and Commercial Services Private Limited Registered Office : 6th Floor, Sahakar Bhavan, Nariman Point, Mumbai-400021 Branch Office : Tara Chambers, 2nd Floor, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ms. Ashwini Aurangabadkar Aurangabadkar & Company Chartered Accountants |
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Address : |
2, Indradhanush, SBI Colony, Amravati Road, Nagpur-440033, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
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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5.000 |
3.000 |
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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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41.937 |
28.683 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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46.937 |
31.683 |
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LOAN FUNDS |
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1] Secured Loans |
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33.977 |
32.825 |
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2] Unsecured Loans |
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16.933 |
16.193 |
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TOTAL BORROWING |
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50.910 |
49.018 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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97.847 |
80.701 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.109 |
15.597 |
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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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0.300 |
0.375 |
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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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28.544 |
19.557 |
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Sundry Debtors |
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93.131 |
69.123 |
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Cash & Bank Balances |
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14.167 |
17.046 |
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Other Current Assets |
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6.733 |
5.040 |
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Loans & Advances |
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17.170 |
11.035 |
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Total
Current Assets |
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159.745 |
121.801 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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72.680 |
52.191 |
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Provisions |
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6.627 |
4.884 |
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Total
Current Liabilities |
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79.307 |
57.075 |
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Net Current Assets |
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80.438 |
64.726 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.003 |
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TOTAL |
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97.847 |
80.701 |
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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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Total Income |
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346.416 |
296.930 |
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Profit/(Loss) Before Tax |
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21.392 |
17.215 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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21.392 |
17.215 |
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Total Earnings |
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59.406 |
66.166 |
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Expenditures : |
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Interest |
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7.151 |
5.785 |
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Depreciation & Amortization |
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1.818 |
1.599 |
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Other Expenditure |
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316.055 |
272.331 |
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Total Expenditure |
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325.024 |
279.715 |
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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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6.17 |
5.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.17 |
5.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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12.09 |
12.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.77 |
3.35 |
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Current Ratio (Current Asset/Current Liability) |
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2.01 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U24110MH1996PTC095899 |
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Name of the company |
MINERAL PULVERISING MILLS
PRIVATE LIMITED |
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Address |
M 22, MIDC, Hingnain Industrial Estate, Nagpur-440016, |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Bank of Dharampeth Branch, |
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Amount Secure by the charge |
Rs.10.000 millions |
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Brief description of the instrument modifying the charge |
Composite hypothecation agreement for Rs.102.400 millions |
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Description of the property charge whether it is a charge on |
Plant and machinery Furniture and fixtures Stock in trade Book debts Vehicles |
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Modification charge Charge identification number of the charge to be modified |
90157445 |
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Date of instrument modifying the charge |
09.05.2006 |
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Particulars of the Property charged |
Hypothecation of stock and book debts |
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Name of the company |
MINERAL PULVERISING MILLS
PRIVATE LIMITED |
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Presented By |
MINERAL PULVERISING MILLS
PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of hypothecation dated 21.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500 millions factoring facility. |
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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 |
Hypothecation by way of first charge on all the present and future book debs and receivable of the company in respect of the agreed customers. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest shall be charged on the outstandings in the account opened at such rate as may be determined by SBI factors and commercial services private limited. In case of default company shall pay 2% p.a. over the then effective rate of finance. |
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5) Name and Address and description of the person entitled to the charge. |
SBI Factors and Commercial Services Private Limited Registered Office : 6th Floor, Sahakar Bhavan, Nariman Point, Mumbai-400021 Branch Office : Tara Chambers, 2nd
Floor, |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Website Details :
Their initial products were pulverised coal dusts & coal tar pitch for use as a carbonaceous additives in the green sand molding process in foundries for imparting smoother surface finish to castings.
Some years down the line, interacting with foundrymen on-site, online, they learnt quite conclusively that no green sand system was the same, and foundrymen never missed an opportunity to emphasize this fact when they tried to standardize their products in green sand applications.
So, learning that they had to adapt to the sand system rather than adapting the sand system to their products, 1988 saw the design & creation of Lustron, a pre-blended lustrous carbon producer which tried to blend the best carbonaceous additives in the best possible formulation to match the needs of the individual foundry green sand process of their customers.
While tailoring and applying their products to needs of individual sand systems, they realized that the future of marketing products like Lustron lay in understanding the sand system in toto and that Professional Foundry Services would be the thrust of customer expectations from their vendors in the future. They trained themselves to match this anticipated aspiration of their customers.
Today, their Sand Services Profile is a much sought out and used service by several of their customers.
After a single product concentration for almost 2 decades, in 2001, they widened their range of products to include Refractory Coatings.
In 2000, they complemented their manufacturing range of sand preparation consumables, to engage in Trading of Melt Preparation products such as Inoculants, especially of Barium and Calcium base. Reaching out further, in 2003 they have included Honeycomb Ceramic Filters for Metal Filtration in their product range
ISO 9001 : 2000 certification by BVQI in the November 2001 has been an important milestone in their constant quest to add value for their customers confidence in them.
In the year ahead, they intend to strengthen the quality of their products, their human resources, their manufacturing, their corporate values and every aspect of their profile that will make them 'Vendors of Choice' for their customers.
Products
Lustron is a range of tailor-made lustrous carbon producers for use in green sand molding in ferrous foundries as carbonaceous additive for importing better surface finish on castings.
Today, Lustron is no longer just a product. It is the experience of using a brand which, when delivered to the customer, is backed by :
v Research of the requirements of the customer's sand system;
v Knowledge of its introduction & application in the sand preparation & molding process;
v Experience of green sand system & the force acting in, on & around it, that makes for good casting finish.
Lustron is engineered to be equally suited for application in green sand molding systems:
v Using Ordinary mullers and using intensive mixers;
v For hand molding and for high-pressure molding;
v For manual/ mechanical handling and for pneumatic conveying.
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.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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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
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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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