MIRA
INFORM REPORT
|
Report Date : |
29.10.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ADINATH METAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
19 New Islam Mill Compound, Currey Road, Mumbai – 400012, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.02.1987 |
|
|
|
|
Com. Reg. No.: |
11-42673 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28129MH1987PTC042673 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA07633D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Kitchen Ware |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 77000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. 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 : |
19 New Islam Mill Compound, Currey Road, Mumbai – 400012, Maharashtra,
India |
|
Tel. No.: |
91-22-28046903 / 24703588 / 24702327 |
|
Mobile No.: |
91-9324455500 / 9320366222 |
|
Fax No.: |
91-22-24701257 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
335/26, Zaveri Niwas, Teland Road, Matunga, Mumbai – 400019,
Maharashtra, India |
|
Tel. No.: |
91-22-24142147 |
|
Fax No.: |
91-22-28149229 |
|
|
|
|
Factory 1 : |
16, Shreenath Industrial Estate, Navghar
Rd., Bhayander (E),Thane - 400019, Maharashtra, India |
|
Tel. No.: |
91-22-39317510 |
|
Fax No.: |
91-22-28149229 |
DIRECTORS
|
Name : |
Mr. Hanish Govind Vikmani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Govindji Velji Vikmani |
|
Designation : |
Director |
|
Address : |
335/26, Zaveri Niwas, 2nd Floor, Telang Road, Mumbai –
400019, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1958 |
|
Date of Appointment : |
23.02.1987 |
|
|
|
|
Name : |
Mr. Suresh Velji Vikmani |
|
Designation : |
Director |
|
Address : |
211/8, Prabhat Building, 2nd Floor, Deodhar Road, Mumbai –
400019, India |
|
Date of Birth/Age : |
26.02.1960 |
|
Date of Appointment : |
23.02.1987 |
KEY EXECUTIVES
|
Name : |
B. L. Tanna and Company |
|
Designation : |
Company Secretary |
|
Address : |
Maruti Ashish, 4th Floor, J. N. Cross Road, Opposite Apna
Bazar, Mulund [West], Mumbai – 400080, Maharashtra, India |
|
Tel No. : |
91-22-25640078 / 25915036 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Govindji Velji Vikmani |
|
3750 |
|
Suresh Velji Vikmani |
|
3750 |
|
Hanish Govind Vikmani |
|
250 |
|
Vandan Vikmani Govind |
|
250 |
|
Vaishali Sachin Furia |
|
250 |
|
Suresh Velji Vikmani |
|
1850 |
|
Govindji Velji Vikmani – as Karta and manager of Govindji Vikamni –
HUF |
|
2050 |
|
Kastur Govindji Vikmani |
|
19200 |
|
Veji Tokarshi Vikmani |
|
2550 |
|
Tarla Suresh Vikmani |
|
5400 |
|
Velji Tokarshi Vikmani – as
Karta and manager of Velji Tokarshi Vikamni – HUF |
|
100 |
|
Jinesh Suresh Vikmani |
|
100 |
|
Total |
|
39500 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Kitchen Ware |
|
|
|
|
Products : |
Stainless Steel utensils
and cutlery items like Spoons, Knives etc. Ř
Cutlery Sets Ř
Saucepan Sets Ř
Square Bowls Ř
Soup Plates Ř
Serving Sets Ř
Baking Utensils Ř
Stock Pot Ř
Trays & Pot Ř
Mug & Glass Ř
Stew Pan Ř
Stainless steel bake ware
Ř
Steel cookware etc. |
GENERAL INFORMATION
|
Suppliers : |
Advance Metal Private Limited |
|
|
|
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Gala and Gala Chartered Accountants |
|
Address : |
409-413, Navratan Building, 120-122, P. D’Mello Road, Carnac Bridge
Corner, Masjid Bunder [East], Mumbai – 400009, Maharashtra, India |
|
Tel. No.: |
91-22-23426511 / 6368 / 8173 / 8175 / 23402067 / 68 |
|
Fax No.: |
91-22-23449086 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.900 Millions |
|
1,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.100 Million |
|
|
Total |
|
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39,500 |
Equity Shares |
Rs. 100/- each |
Rs. 3.950
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.950 |
3.950 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
15.308 |
15.167 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
19.258 |
19.117 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
8.231 |
15.146 |
|
|
2] Unsecured Loans |
|
0.442 |
1.349 |
|
|
TOTAL BORROWING |
|
8.673 |
16.495 |
|
|
DEFERRED TAX LIABILITIES |
|
1.202 |
1.157 |
|
|
|
|
|
|
|
|
TOTAL |
|
29.133 |
36.769 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.066 |
6.359 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.012 |
0.012 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
27.036 |
10.045 |
|
|
Sundry Debtors |
|
6.975 |
25.751 |
|
|
Cash & Bank Balances |
|
0.670 |
0.179 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
4.846 |
9.003 |
|
Total
Current Assets |
|
39.527 |
44.978 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
14.584 |
12.767 |
|
|
Provisions |
|
1.888 |
1.813 |
|
Total
Current Liabilities |
|
16.472 |
14.580 |
|
|
Net Current Assets |
|
23.055 |
30.398 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
29.133 |
36.769 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
20.982 |
63.614 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.262 |
0.803 |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
0.262 |
0.803 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
|
15.979 |
38.604 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.060 |
1.079 |
|
|
Depreciation & Amortization |
|
0.345 |
0.497 |
|
|
Other Expenditure |
|
19.316 |
61.235 |
|
Total Expenditure |
|
20.721 |
62.811 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.25 |
1.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.25 |
1.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.57 |
1.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.31 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.40 |
3.08 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
-
Plot
-
Plant and Machinery
-
Motor Car
-
Furniture and Fixture
-
Dies and Patents
-
Air Conditioner
-
Camera
-
Computer
-
Fax machine
-
Telephone and Telex
-
Typewriter
Bankers Charges
Report as per Registry
|
Name of the company |
ADINATH METAL
INDUSTRIES PRIVATE LIMITED |
|
Presented By |
The Manager, Bank of India, Mandvi Branch,
Mumbai – 400009 |
|
1) Date and description of instrument creating the change |
Hypothecation of
Tangible Movable Property 12.08.1996 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
|
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 of
all present and future tangible movable assets of the borrower including in
particular all stocks of raw materials, stainless steel and finished goods
such as cutlery items, stock in process, movable machinery, spares parts,
chemicals, furniture etc. wheresoever
situate and / or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1 %
above RBI rate with a minimum of 13 & p.a. or such other rate as may be
prescribed by the Bank from time to time. Security to
secure BBP DA 90 days facilities together with interest, cost, expenses,
charges, commission etc. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Kanmoor House,
Narsi Natha, Mandvi, Mumbai – 400009, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
agreement of Hypothecation dated 01.08.1997 |
|
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. |
Original charge
12.08.1996 for Rs. 5.000 Millions now modified 01.08.1997 enhancing the limit
from Rs. 5.000 Millions. |
Profile
Subject is a manufacturing and
exporting of its incomparable quality of various stainless steel utensils and
cutlery products. AMI has become
the trademark of original, long lasting and fashionable stainless steel
utensils in the international market. Thanks to their budgetary range of
products, they are an unanimous choice of all sections of people in the world.
Services
They are well aware of the word 'services' and in their business dictionary
complete satisfaction of customer is nothing but a sincere service. They
manufacture all world class products. Their best service in on time delivery,
economical products and safety measures in exporting has acknowledged by large
number of customers around the world.
Motto
To become one of the most trusted company in the world by providing a hundred
percent customer satisfaction is their prime objective. To be updated with
latest trend and modern choices as well as never divert from traditional style
are their basic thrust before manufacturing any product. All their esteemed
customers should feel free to ask them about the products.
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.39.32 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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. |
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 |
|