MIRA
INFORM REPORT
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Report Date : |
23.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MICRO INTERLININGS PRIVATE LIMITED |
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Formerly Known As : |
MATHREJA’S CHEMICALS AND EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
282, Kalbadevi Road, Mumbai – 400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.07.1995 |
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Com. Reg. No.: |
11-91258 |
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CIN No.: [Company
Identification No.] |
U24110MH1995PTC091258 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20929G / MUMM23635D |
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PAN No.: [Permanent
Account No.] |
AADCM6762H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Fusible Interlinings. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
-- |
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Status : |
Poor |
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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 poor track records.
It has huge accumulated losses. Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
282, Kalbadevi Road, Mumbai – 400002, Maharashtra, India |
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Corporate Office : |
227/231, Kumji Co-Operative Housing Society Limited, V. P. Road,
Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-27631208 |
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E-Mail : |
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Factory : |
Plot No. A – 752, TTC Industrial Area, Navi Mumbai, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Bipin Thakorlal Shah |
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Designation : |
Director |
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Address : |
Mittle Bhavan, 2nd Floor, 62 A, Peddar Road, Mumbai –
400026, Maharashtra, India |
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Date of Appointment : |
04.08.2003 |
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Name : |
Mr. Mukesh Lachhmandas Talreja |
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Designation : |
Director |
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Address : |
124, Sea Lord, ‘A’ Wing, Cuffe Parade, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Appointment : |
04.08.2003 |
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Name : |
Mr. Ashok Lachhmandas Talreja |
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Designation : |
Director |
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Address : |
222, Venus Apartments, Cuffe Parade, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Appointment : |
04.08.2003 |
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Name : |
Mr. Manish Lalkumar Rupani |
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Designation : |
Director |
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Address : |
32, Rupani House, 9, N. S. Road, Ashok Nagar, Co. Op. Soc Mumbai –
400049, Maharashtra, India |
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Date of Appointment : |
04.08.2003 |
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Name : |
Mr. Ravindra Rajender Fotedar |
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Designation : |
Director |
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Address : |
7, Bharat Tirth, Sion Trombay Road, Mumbai – 400071, Maharashtra,
India |
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Date of Appointment : |
04.08.2003 |
KEY EXECUTIVES
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Name : |
Mr. Rajender Shankarnath Fotedar |
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Designation : |
Director |
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Address : |
7, Bharat Tirth, Sion Trombay Road, Mumbai – 400071, Maharashtra,
India |
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Date of Appointment : |
04.08.2003 |
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Name : |
Mrs. Gopibai Lachhmandas Talreja |
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Designation : |
Director |
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Address : |
222, Venus Apartments, Cuffe Parade, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Appointment : |
04.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Bipin Thakorlal Shah Joint With Mr. Chhaya Bipin Shah |
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2500 |
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Mrs. Gopibai Lachhmandas Talreja Jointly with Mr. Ashok Lachhmandas Talreja and Mr. Mukesh Lachhmandas Talreja |
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6250 |
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Mr. Rajender Shankarnath Fotedar Jointly with Mrs. Nency Rajender Fotedar |
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100 |
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Mr. Ravindra Rajender Fotedar Jointly with Mrs. Kanan Ravindra Fotedar |
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2400 |
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Mr. Ashok Lachhmandas Talreja Jointly with Mrs. Sangeeta Ashok Talreja |
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3125 |
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Mrs. Manju Lalkumar Rupani Jointly with Mr. Manish Lalkumar Rupani |
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2500 |
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Mr. Mukesh Lachhmandas Talreja Mrs. Reshma Mukesh Talreja |
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3125 |
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Mr. Manish Lalkumar Rupani Mrs. Deepa Manish Rupani Mr. Lalkumar Rupani |
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2500 |
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Mr. Kavir Rajender Fotedar Jointly with Mrs. Anjana Kavir Fotedar Mr. Rajender Fotedar |
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2400 |
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Mrs. Ansuya Safaya Jointly with Mr. Anil Safaya and Mr. Aditya Safaya [Minor] |
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100 |
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Total |
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25000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fusible Interlinings. |
GENERAL
INFORMATION
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Bankers : |
Corporation Bank Kalbadevi Branch, 68/72, Babu Ganu Road, Kalbadevi, Mumbai - 400002 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. A. Ruvala and Company Chartered Accountants |
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Address : |
1st Floor, Anchorage, 7, Vachha Gandhi Road, Gamdevi,
Mumbai – 400007, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 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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2.500 |
2.500 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[7.652] |
[6.578] |
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NETWORTH |
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[5.152] |
[4.078] |
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LOAN FUNDS |
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1] Secured Loans |
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21.076 |
17.992 |
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2] Unsecured Loans |
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35.464 |
29.922 |
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TOTAL BORROWING |
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56.540 |
47.914 |
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DEFERRED TAX LIABILITIES |
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2.023 |
1.147 |
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TOTAL |
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53.411 |
44.983 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.632 |
33.422 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.570 |
8.262 |
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Sundry Debtors |
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14.019 |
12.677 |
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Cash & Bank Balances |
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0.224 |
0.186 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.495 |
1.774 |
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Total
Current Assets |
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32.308 |
22.899 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.566 |
11.426 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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10.566 |
11.426 |
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Net Current Assets |
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21.742 |
11.473 |
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MISCELLANEOUS EXPENSES |
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0.014 |
0.033 |
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Preoperative Expenses |
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0.023 |
0.055 |
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TOTAL |
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53.411 |
44.983 |
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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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106.613 |
94.044 |
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Other Income |
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Total Income |
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Profit/(Loss) Before Tax |
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(0.187) |
(4.696) |
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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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(0.187) |
(4.696) |
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Expenditures : |
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Interest |
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5.232 |
4.072 |
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Depreciation & Amortization |
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3.807 |
3.468 |
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Other Expenditure |
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106.800 |
98.740 |
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Total Expenditure |
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115.839 |
106.280 |
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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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(0.17) |
(4.99) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.17) |
(4.99) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.29) |
(0.08) |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
1.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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[13.03] |
[14.55] |
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Current Ratio (Current Asset/Current Liability) |
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3.06 |
2.00 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
MICRO
INTERLININGS PRIVATE LIMITED |
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Presented By |
CORPORATION
BANK, KALBADEVI BRANCH, MUMBAI |
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1) Date and description of instrument creating the change |
No Instrument –
Memorandum of Deposit of Title Deeds dated 17.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Deposited the Title
Deeds of the Company’s following Immovable Properties : All those pieces
and parcels of Plot of Land i) admeasuring about 1500 sq. mtrs. Being Plot
No. A – 752 and ii) admeasuring about 750 sq. Mtrs being Plot No. A – 752 PT
situated at Trans Thane Creek Industrial Area, in the Village Borivali,
Taluka and District Thane, within the limits of Navi Mumbai, Muncipal
Corporation in the Registration District and Sub – District of Thane as
specified in Schedule B. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In order to
secure the repayment of the aforesaid Credit Facilities of Rs. 26.500
Millions besides interest, costs and other charges that may be found due and
payable by the company to Corporation Bank, Kalbadevi Branch, Mumbai the
company has deposited the Title Deeds of its above Immovable properties with
an intent to create Equitable Mortgage thereon. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Kalbadevi Branch, 68/72, Babu Ganu Road, Kalbadevi, Mumbai – 400002 |
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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, 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.39.41 |
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UK Pound |
1 |
Rs.81.37 |
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Euro |
1 |
Rs.58.56 |
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 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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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17 |
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 |
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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 |
|
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 |
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