MIRA
INFORM REPORT
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Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MARVELOUS MACHINIST PRIVATE LIMITED |
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Registered Office : |
W-4, MIDC, Gokul Shirgaon, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.06.1999 |
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Com. Reg. No.: |
25 -13685 |
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CIN No.: [Company
Identification No.] |
U29191PN1999PTC013685 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPM01537E |
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PAN No.: [Permanent
Account No.] |
AAEFM2228C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Machined Cast Iron Automobile Components. |
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 23952 |
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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/Factory : |
W-4, MIDC, Gokul Shirgaon, |
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Tel. No.: |
91-231-672695 |
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Fax No.: |
91-231-671340 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sangram V Patil |
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Designation : |
Executive Director |
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Address : |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mr. Shubhangi Mansingrao Pawar |
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Designation : |
Director |
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Address : |
110-E, Sykes Extension, New Shahupuri, |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mrs. Madhura Sanjay Pendharkar |
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Designation : |
Director |
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Address : |
53, Shivaji Housing Society, Rajarampuri, |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mrs. Vijaymala Prataprao Pawar |
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Designation : |
Director |
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Address : |
1120, E, Sykes Extension, Shahupuri, |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mrs. Jaymala Shivajirao Pawar |
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Designation : |
Director |
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Address : |
1120, E, Sykes Extension, Shahupuri, |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mr. Mansingrao Jadhav |
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Designation : |
Director |
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Address : |
Vasant Housing Society, Circuit, |
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Date of Appointment : |
25.03.2002 |
KEY EXECUTIVES
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Name : |
P G Associates |
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Designation : |
Company Secretary |
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Address : |
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Tel No.: |
91-231-2662660, 3291625, 2661660, 2479009 |
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Mobile No.: |
91-9822012508 |
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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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Marvelous Metals Private Limited |
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172290 |
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Mrs. Yashadha Awadhoot Joshi |
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12000 |
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Ms. Vasudha Awadhoot Joshi |
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7500 |
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Mr. Mansingrao Shripataprao Pawar |
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3010 |
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Mrs. Subhangi Masingrao Jaysingrao Pawar |
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500 |
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Mr. Mansingrao Jaysingrao Pawar |
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6000 |
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Mrs. Nalini Mansingrao Jadhav |
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3500 |
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Mrs. Utkarsh Sangram Patil |
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25500 |
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Marvelous Enggineers Private Limited |
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21000 |
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Marvelous Motors Private Limited |
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10000 |
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Mr.Shivajirao Shripatrao Pawar |
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2500 |
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Mrs. Jaymala Shripatrao Pawar |
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500 |
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Mrs. Vijaymala Prataprao Pawar |
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10500 |
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Mrs. Madhura S Pednekar |
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2500 |
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Mr Surjit Prataprao Pawar |
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1000 |
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Mr. Swarnsing Prataprao Pawar |
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1000 |
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Mr. Himmatrao Shivajirao Pawar |
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1500 |
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Mr. Indrajit Shivajirao Pawar |
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1500 |
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Mr. Sangram Vishnu Patil |
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10 |
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Mr. Prafulla Krishnaji Deshpande |
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10 |
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Mr. Shersingh P Pawar |
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1000 |
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Mr. Vimercati Srl Itali |
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148470 |
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Total |
431790 |
Equity Share Break – up (Percentage of Total Equity)
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Machined Cast Iron Automobile Components. |
GENERAL INFORMATION
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No. of Employees : |
13 |
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Bankers : |
Oriental Bank of Commerce Address: Shivaji
Chowk Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ajit M Joshi and Associates Chartered Accountants |
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Address : |
115/B, Parag Commercial Arcade, Shahupuri, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs.1-/ each |
Rs.6.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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431790 |
Equity Shares |
Rs.10/- each |
Rs.4.317
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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4.318 |
4.318 |
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2] Share Application Money |
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1.251 |
0.000 |
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3] Reserves & Surplus |
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0.419 |
0.222 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.988 |
4.540 |
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LOAN FUNDS |
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1] Secured Loans |
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6.027 |
2.409 |
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2] Unsecured Loans |
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2.825 |
2.523 |
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TOTAL BORROWING |
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8.852 |
4.932 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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14.840 |
9.472 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.420 |
4.592 |
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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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0.092 |
0.092 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.134 |
0.998 |
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Sundry Debtors |
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6.562 |
4.125 |
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Cash & Bank Balances |
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2.457 |
0.362 |
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Other Current Assets |
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2.171 |
1.207 |
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Loans & Advances |
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0.905 |
0.836 |
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Total
Current Assets |
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13.229 |
7.528 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.685 |
2.961 |
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Provisions |
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0.216 |
0.000 |
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Total
Current Liabilities |
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7.901 |
2.961 |
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Net Current Assets |
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5.328 |
4.567 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.221 |
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TOTAL |
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14.840 |
9.472 |
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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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16.935 |
11.304 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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16.935 |
11.304 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.79 |
1.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.67 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the
company |
MARVELOUS MACHINIST PRIVATE LIMITED |
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Presented
By |
Mr. Sangram
Patil , (Executive director) |
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1) Date and
description of instrument creating the change |
1) Agreement for demand Loan / Cash Credit/
Overdraft /Hypothecation of Goods and Machinery / vehicles dated 24.03.2001 2) Agreement to collect purchase and discount
cheque, Bills of exchange, bi9lls, hundies etc. darted 24th March,
2001. (All agreement crate single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.1.300 millions
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
Foreign Bill Discounted and additional security as hypothecation of stock
laying at W-4, MIDC, Gokul Shirgaon, Kolhapur – 416 234, Maharahstra, India |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin – 25% Other conditions as per sanction letter. |
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5) Name and
Address and description of the person entitled to the charge. |
The United Western Bank Limited Address: Shivaji Chowk Branch, |
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.40.47 |
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1 |
Rs.81.07 |
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Euro |
1 |
Rs.56.17 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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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