MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MITHILA MALLEABLES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.1992 |
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Com. Reg. No.: |
012743 |
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CIN No.: [Company
Identification No.] |
U27100PB1992PTC012743 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLM11659E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of Steel Castings and Components, Metal
Rolls, Forging Quality Ingots, Pre-forged Ingots etc. |
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-establishing and reputed company having satisfactory
track. 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/ Factory/ Godown : |
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Tel. No.: |
91-1763-227093, 228498, 229927 |
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Mobile No.: |
91-9815811147 |
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Fax No.: |
91-1763-228989 |
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E-Mail : |
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Website : |
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Area : |
10 Acres |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Avtar Singh |
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Designation : |
Vice President |
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Mobile No.: |
91-9815654733 |
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Name : |
Mr. Hardev Singh |
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Designation : |
Managing Director |
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Mobile No.: |
91-9815811147 |
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Date of Birth/Age : |
28 years |
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Qualification : |
Graduate with special Training in Export Management |
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Name : |
Mr. Satpal Singh |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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Qualification : |
Under Graduate |
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Name : |
Mr. Lakbir Singh |
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Designation : |
Director |
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Date of Birth/Age : |
25 years |
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Qualification : |
Under Graduate |
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Name : |
Mr. Charan Singh |
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Designation : |
Director |
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Date of Birth/Age : |
45 years |
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Qualification : |
Under Graduate |
KEY EXECUTIVES
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Name : |
Mr. Sanjeev |
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Designation : |
Accounts Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of Steel Castings and Components, Metal
Rolls, Forging Quality Ingots, Pre-forged Ingots etc. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS
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Products |
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Monthly
Actual Production |
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Steel Castings and Components |
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600 MT which will
increase to 1000 MT |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 |
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Bankers : |
v
HDFC Bank Motiakhan,
Mandigovindgarh Branch, v
Oriental Bank of Commerce
Motiakhan, Mandigovindgarh Branch, |
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Facilities : |
Cash Credit – Rs. 3.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashwini Pradeep and Company Chartered Accountants |
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Address : |
Near Sunshine Hotel, Mandigovindgarh, |
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Mobile No.: |
91-9815159787 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 100.00 each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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183850 |
Equity Shares |
Rs. 100.00 each |
Rs. 18.385 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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18.385 |
16.435 |
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2] Share Application Money |
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2.365 |
2.365 |
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3] Reserves & Surplus |
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26.264 |
7.153 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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47.014 |
25.953 |
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LOAN FUNDS |
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1] Secured Loans |
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0.672 |
4.217 |
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2] Unsecured Loans |
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22.470 |
23.485 |
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TOTAL BORROWING |
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23.142 |
27.702 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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70.156 |
53.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.635 |
15.274 |
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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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Sundry Debtors |
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Cash & Bank Balances |
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156.248 |
124.801 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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156.248 |
124.801 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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86.420 |
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Provisions |
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Total
Current Liabilities |
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107.727 |
86.420 |
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Net Current Assets |
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48.521 |
38.381 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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70.156 |
53.655 |
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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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326.875 |
365.543 |
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Other Income |
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0.687 |
0.253 |
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Increase/Decrease in Stock |
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(9.184) |
8.063 |
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Total Income |
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318.378 |
373.860 |
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Profit/(Loss) Before Tax |
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13.874 |
8.389 |
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Provision for Taxation |
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2.563 |
2.050 |
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Profit/(Loss) After Tax |
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11.311 |
6.339 |
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Expenditures : |
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Purchase of Shares |
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0.000 |
7.750 |
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Cost of Raw Material |
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171.353 |
220.673 |
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Cost of |
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3.016 |
10.538 |
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Manufacturing Expenses |
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100.999 |
100.261 |
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Financing Expenses |
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3.277 |
3.415 |
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Administrative and other Expenses |
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25.011 |
18.693 |
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Excise Duty in respect of Stock |
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(1.263) |
1.060 |
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Education Cess in respect of Stock |
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(0.025) |
0.040 |
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Depreciation |
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2.138 |
3.037 |
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Preliminary Expenses Written off |
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0.000 |
0.005 |
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Total Expenditure |
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304.505 |
365.471 |
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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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3.55 |
1.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.24 |
2.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.80 |
5.99 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.78 |
4.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.45 |
1.44 |
Expected Sales Turnover (2007-08): Around Rs. 500.00 Millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Established in the year
1882, they proudly introduce theirselves as one of the leading manufacturer and
supplier of Steel Castings and
components, Metal Rolls, Forging quality Ingots, Pre-Forged Ingots in
Products
They guarantee quality and high performance of their products and offer
excellent services. They offer a wide and comprehensive range of impeccable
quality products at the most affordable rates.
Infrastructure
Their sophisticated and sound infrastructure coupled with cutting edge
technology has been the backbone of the company. They are supported by talented
and dedicated engineers and technicians who manufacture world-class products
for diverse usage across varied industries. Further, they also have a
state-of-the-art manufacturing plant complacent with the modern and hi-tech
machineries which yield excellent results at low maintenance cost. They have
sophisticated R&D lab for continuous innovation and adaptation. As a leading
manufacturer of Steel Castings and components, Metal Rolls, Forging Quality
Ingots, Pre-Forged Ingots they have access to the most reputed distributors and
suppliers. In addition, they have adequate warehousing facilities along with an
extensive network of distributors spread across the globe for on-time delivery.
Quality
Quality of their products and services is success mantra for us. All their
quality control procedures are in accordance with the national as well as
international quality standards. Their dedicated staffs make continuous efforts
for improvement of technology and equipments to provide the best quality
products at the most affordable prices. Their team of quality experts monitors
each and every manufacturing stage from the procurement of the raw material to
the delivery of the finished products.
Patron
Their uncompromising endeavor towards quality and perfection has helped them to
win the trust, confidence and assurance of the customers resulting in worldwide
customer base.
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. 40.91 |
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1 |
Rs. 82.57 |
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Euro |
1 |
Rs. 55.72 |
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 |
YES |
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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. |
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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