MIRA
INFORM REPORT
|
Report Date : |
26.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHROMEWELL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Plot No.49, Parsee Panchayat Road off Old Nagandas Road, Mumbai –
400058, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
13.04.1966 |
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Com. Reg. No.: |
013473 |
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CIN No.: [Company
Identification No.] |
U51900MH1966PTC013473 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC06266B |
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PAN No.: [Permanent
Account No.] |
AAACC2665A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, fabricators and assemblers of all type of
sheet metal products and specialize in deep drawn components and finished
assemblies of large components as well as exhaust systems and fuel tanks |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6692 |
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Status : |
Moderate |
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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 but has not filed any
financials with Government Departments after 31.03.2004. The management
declined to part with any information. Trade relations are reported as fair.
Business is active. Payments are reported as slow but correct. The company can be considered for business dealings, with slight
caution, in view of non- availability of latest financials and business
details. |
LOCATIONS
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Registered Office : |
Plot No.49, Parsi Panchayat Road off Old Nagandas Road, Andheri
(East), Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-22-28239251/ 28240184/ 28376428 |
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Fax No.: |
91-22-28373525 |
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E-Mail : |
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Website : |
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Factory : |
S. No. 882/1, Pune Nagar Road, sanaswadi, Taluka - Shirur, District - Pune – 412208, Maharashtra, India |
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Tel No.: |
91-2137-287601/ 287613 |
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Email : |
DIRECTORS
|
Name : |
Mr. Uday Kapoor |
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Designation : |
Managing Director |
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Address : |
103-A, EDEN III, Hiranandani Gardens, Pawai – 400076, Maharashtra,
India |
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Date of Birth/Age : |
07.02.1960 |
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Date of Appointment : |
01.12.1985 |
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Name : |
Mr. Sanjay Kapoor |
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Designation : |
Director |
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Address : |
271-A, Shanti Sagar, Carter Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1961 |
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Date of Appointment : |
29.07.1984 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mrs. Kamala Kapoor |
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3501 |
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Mr. Uday Kapoor |
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4751 |
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Mr. Sanjay Kapoor |
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3750 |
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Mr. Nokhil Kapoor |
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3000 |
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Total |
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15002 |
(As on 30.09.2005)
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Category |
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Percentage |
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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, fabricators and assemblers of all type of sheet
metal products and specialize in deep drawn components and finished
assemblies of large components as well as exhaust systems and fuel tanks |
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Products : |
· Air Cleaner · Radiator Shroud · Panel Hood · Rocker Arm Cover · Oil Pan · Fuel Tank · Hydraulic Tank · Foot Rest and Foot Step · Fuel Tanks · Tools Box · Exhaust System · Exhaust Muffler · Exhaust
Silencer |
GENERAL
INFORMATION
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Customers : |
· John
Deere Equipment Private Limited, ( Pune ) · Mahindra
and Mahindra Limited, (Tractor Division) · Mahindra
and Mahindra Limited, (Automotive Division) · Mahindra
and Mahindra Limited, (Auto Division Nasik) · Mahindra
and Mahindra Limited, (Nagpur) · Mahindra
and Mahindra Implement Division (Nagpur) · Escorts
Limited, Faridabad (Farmtrac Division) · Escorts
Limited, Faridabad (Tractor Division) · L
and T Case Equipment Pithampur · John
Deere (France) · Voltas
Limited, (Dadra) · Eicher
Tractors · Telco
(Tata Motors) |
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Bankers : |
· The Saraswat
Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri (East), Mumbai –
400069, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P B Agarwal Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.250 |
0.250 |
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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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1.423 |
0.933 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.673 |
1.183 |
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LOAN FUNDS |
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1] Secured Loans |
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5.691 |
5.927 |
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2] Unsecured Loans |
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0.967 |
0.967 |
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TOTAL BORROWING |
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6.658 |
6.894 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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8.331 |
8.077 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.692 |
2.708 |
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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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0.001 |
0.001 |
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DEFERREX TAX ASSETS |
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0.063 |
0.063 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.679 |
1.981 |
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Sundry Debtors |
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7.745 |
5.443 |
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Cash & Bank Balances |
|
1.867 |
1.976 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
2.075 |
2.890 |
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Total
Current Assets |
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13.366 |
12.290 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.178 |
7.469 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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9.178 |
7.469 |
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Net Current Assets |
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4.188 |
4.821 |
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MISCELLANEOUS EXPENSES |
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0.387 |
0.484 |
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TOTAL |
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8.331 |
8.077 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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39.514 |
22.577 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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39.514 |
22.577 |
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Profit/(Loss) Before Tax |
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0.560 |
(0.515) |
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Provision for Taxation |
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0.070 |
0.000 |
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Profit/(Loss) After Tax |
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0.490 |
(0.515) |
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Expenditures : |
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Interests |
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0.000 |
0.000 |
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Depreciation |
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0.646 |
0.814 |
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Other Expenditure |
|
38.308 |
22.278 |
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Total Expenditure |
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38.954 |
23.092 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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1.24 |
(2.28) |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.42 |
(2.28) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.28 |
(3.43) |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
(0.43) |
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Debt Equity Ratio (Total Liability/Networth) |
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9.46 |
12.14 |
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Current Ratio (Current Asset/Current Liability) |
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1.46 |
1.64 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U51900MH1966PTC013473 |
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Name of the Company
|
CHROMEWELL INDUSTRIES PRIVATE LIMITED |
|
Address |
Plot No.49, Parsee Panchayat Road off Old Nagandas Road, Mumbai –
400058, Maharashtra, India |
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This form is for |
Modification of
Charge |
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Type of Charge |
Equitable Mortgage
or Mortgage of Property by depositing the title deeds. |
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Particulars of
the charge holder |
The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri (East), Mumbai –
400069, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
NA |
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Date of the
instrument creating or modifying the charge |
17.05.2006 |
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Amount secured by
the charge |
Rs.5.750 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
NA |
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Short particulars
of the property charged (including location of the property) |
Immovable
Properties Equitable Mortgage
by depositing the title deeds, documents and writing created by the company
in favour of the box Bank relating to immovable properties lying being and
situated at Gat No. 882/1-2, Village sanaswadi, Taluka - Shirur,
District - Pune – 412208 and more particularly described in the schedule II
of Recording letter evidencing deposit of Title deeds. Schedule II, Factory
Land and Building Gat No. 882/1-2, Village sanaswadi, Taluka - Shirur,
District - Pune – 412208 |
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Particular of the
present modification |
Supplementary
Recording Letter Evidencing Deposit of Title Deeds. |
As per Website:
History:
ISO - 9001-2000 certified Subject was established in 1962 as
a partnership firm by Late Mr. I. R. Kapoor (an Ex. Air Force Officer), operating
from Dadar, Mumbai. Subsequently in 1966, the factory was shifted to Andheri
(East). This unit had specialized in Chromium / Nickel Plating for the
automobile industries and was registered as Subject in 1966.
In 1976 it was decided by management to increase the scope of business and
diversify into production of sheet metal components for the automobile
industries and other consumer products on a large scale.
Profile:
They are a well diversified, technically sound organization
with capability in both designing and manufacturing of critical components
demanding a high degree of precision and sophistication. They design and
manufacture their own press tools and have access to neighboring facilities for
critical applications like CNC die sinking, CNC wire cutting, CNC milling,
Laser cutting and CNC turnet punch pressing ( for prototyping ). We specialize
in large sheet metal components like skin panels and other safety components
like Fuel Tanks, Hydraulic Tanks,Exhaust systems, Linkages etc.
Their quality team is well versed in the systems required by
QS 9000 and implements these in their daily activities as required by their
customers who are ISO or QS certified companies.
Their are committed to continuous improvement and upgradation of our facilities
and systems and are in the process of acquiring new equipment’s like (large bed
presses, Robotic welding cells etc.)
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 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.40.18 |
|
UK Pound |
1 |
Rs.79.25 |
|
Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
33 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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