MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
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Name : |
M M CASTINGS PRIVATE LIMITED |
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Registered Office : |
Y – 286, M |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.11.1994 |
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Com. Reg. No.: |
55-63014 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC063014 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKM02202E |
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PAN No.: [Permanent
Account No.] |
AAACM5381K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of High Manganese Steel and High Chrome
Iron Spares. |
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 52000 |
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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.
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 : |
Y – 286, M |
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Tel. No.: |
91-129-4150999 / 2307885 |
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Fax No.: |
91-129-4150998 / 2307887 |
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E-Mail : |
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Website : |
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Head Office / Works : |
Sector 59 ( |
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Tel. No.: |
91-129-2307885 [4 Lines] |
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Fax No.: |
91-129-2307887 / 2262388 |
DIRECTORS
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Name : |
Mr. Manoj Kumar Mittal |
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Designation : |
Director |
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Address : |
118 Sector 16A, |
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Date of Birth/Age : |
06.10.1971 |
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Date of Appointment : |
24.11.1994 |
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Name : |
Mr. Sitaram Mittal |
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Designation : |
Director |
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Address : |
123, Sector -16 A, |
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Date of Appointment : |
28.11.1994 |
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Name : |
Mr. Sanjay Mittal |
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Designation : |
Director |
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Address : |
118 Sector 16A, |
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Date of Appointment : |
20.10.2004 |
KEY EXECUTIVES
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Name : |
Ms. Taruna Kalra |
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Designation : |
Company Secretary |
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Address : |
2 M / 22, NIT Faridabad – 121001, |
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Tel. No.: |
91-129-2430320 |
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Mobile No.: |
91-9810090320 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manoj Kumar Mittal |
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40000 |
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Sita Ram Mittal |
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50000 |
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Mishri Devi |
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15000 |
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Subhash Chander |
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19000 |
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Narayani Devi |
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27000 |
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Pushpa Ani |
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4000 |
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Krishan Kumar |
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13500 |
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Kamla Devi |
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19000 |
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Sanjay Mittal |
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45000 |
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Amit Kumar |
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15000 |
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Raghav |
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47000 |
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Anup |
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19500 |
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Balram |
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43000 |
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Yaunika |
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25000 |
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Sanskriti |
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50000 |
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Sandya |
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48000 |
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Nikita Mittal |
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30000 |
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Total |
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510000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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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 and Exporters of High Manganese Steel and High Chrome
Iron Spares. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Tayal and Company Chartered Accountants |
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Address : |
BP-49, First Floor, Near Syndicate Bank, |
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Tel. No.: |
91-129-2412737 |
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Fax No.: |
91-129-4028737 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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510,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.100
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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5.100 |
5.100 |
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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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7.939 |
6.052 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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13.039 |
11.152 |
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LOAN FUNDS |
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1] Secured Loans |
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15.147 |
5.730 |
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2] Unsecured Loans |
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10.957 |
4.511 |
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TOTAL BORROWING |
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26.104 |
10.241 |
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DEFERRED TAX LIABILITIES |
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2.330 |
2.178 |
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TOTAL |
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41.473 |
23.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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19.868 |
14.526 |
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Capital work-in-progress |
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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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19.584
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10.927 |
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Sundry Debtors |
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23.062
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10.680 |
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Cash & Bank Balances |
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0.735
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0.495 |
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Loans & Advances |
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4.177
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2.046 |
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Total
Current Assets |
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47.558
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24.148 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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25.263
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14.621 |
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Provisions |
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0.700
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0.500 |
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Total
Current Liabilities |
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25.963
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15.121 |
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Net Current Assets |
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21.595
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9.027 |
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MISCELLANEOUS EXPENSES |
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0.010 |
0.018 |
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TOTAL |
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41.473 |
23.571 |
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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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121.332 |
69.815 |
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Other Income |
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0.045 |
0.004 |
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Total Income |
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121.377 |
69.819 |
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Profit/(Loss) Before Tax |
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2.868 |
1.477 |
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Provision for Taxation |
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0.981 |
0.505 |
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Profit/(Loss) After Tax |
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1.887 |
0.972 |
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Expenditures : |
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Raw Material Consumed |
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48.169 |
28.989 |
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Manufacturing Expenses |
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63.495 |
33.389 |
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Personnel Expenses |
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4.771 |
2.106 |
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Administrative Expenses |
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4.148 |
3.710 |
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Selling and Distribution Expenses |
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1.450 |
0.352 |
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Interest |
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1.480 |
1.250 |
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Depreciation & Amortization |
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1.226 |
1.127 |
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Total Expenditure |
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124.739 |
70.923 |
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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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1.55 |
1.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.36 |
2.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.25 |
3.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
6.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.99 |
2.27 |
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Current Ratio (Current Asset/Current Liability) |
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1.83 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10002266 |
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Corporate
identity number of the company |
U74899DL1994PTC063014 |
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Name of the
company |
M M CASTINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Y – 286, M |
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Type of charge |
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Particular of
charge holder |
State Bank of Commercial
Branch, Om |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
13.06.2007 |
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Amount secured by
the charge |
Rs. 56.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1 % Below BPLR
present effective rate 12 % p.a. Terms of
repayment As per agreement Margin As per agreement Extent operation
of the charge As per agreement |
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Short particulars
of the property charged |
Hypothecation of
entire current assets including raw materials, work in progress and finished
goods and book debts present and future by way of first charge. Extension of
1st charge over the entire fixed assets of the company having
written down value of Rs. 16.400 Millions. Equitable mortgage of land and
building at 25 mile stone, sector 59 Jharsaintly – |
As Per Website
Subject
is part of the group which is serving the industries for the past
four decades, meeting the ever widening challenges of Stone Crushing, Mining,
Quarrying, Aggregate and shredding Industries. MMC is situated 45 kms south of
National Capital of India,
MMC has the following facilities including talented personnel capable of
developing new technologies :
- Product inspection and development of
Drawing
- Producing Patterns
- 10 T/H Sand Moulding line
- Inspection
- Melting
- On-Line Chemcal Analysis (Spectro)
- Mould Shake out
- Physical & NDT facililty
- Heat Treatment
- Welding
- Material Handling
- Storage and Packaging
Its Quality Assurance System has
been authenticated by ISO-9001:2000
High Manganese Steel
MMC has over 1000 patterns for popular Crushers. They have the expertise to
develop crusher spares by taking measurements, producing drawing and patterns
and casting.
MMC offers you the most extensive range of quality Crusher Parts to be found
worldwide. The normal high manganese alloy is ASTM A 128 Grade. They can
manufacture various combinations of Manganese ranging from 12% to 24% and
Chromium ranging from 2% to 3% to produce the best manganese alloy for crushing
diffferent types of stones/ores. With over 15 years of experience in
manufacturing of wear parts of crushers for the most hard and abrasive
stone/metallic ores, they have developed a premium manganese alloy - known as
"CRUSHMORE TM ". MMC's "CRUSHMORE TM "
alloy has extra content along with best combination of Carbon, Manganese,
Chromium along with other alloys to deliever higher and quick initial hardness.
The Excellent results of "CRUSHMORE TM " made it the most
popular choice of their customers.
High Chrome Iron
They produce spares for Impactor
with a special alloy of high Carbon high Chromium along with combination of
Nickle and Moly. The normal high chrome alloy is ASTM A532 grade. After the
selection of best alloy combination a special heat treatment is given to
produce spares with maximum toughness and minimum brittleness. The final
hardness of upto 650 HB is achieved to deliver maximum wear life of spares.
Benefits of using "CRUSHMORE TM "
Quick work-hardening.
Increased Production/Crushing
Life.
Saving in labour and backing
Compound.
Lower Cost of production per
ton.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.94 |
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|
1 |
Rs.82.26 |
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Euro |
1 |
Rs.55.59 |
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 |
YES |
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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
|
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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