MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MASTA MACHINERY STORES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 553, GIDC, Kathwada Odhav Road, Ahmedabad – 382430, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
02.08.2004 |
|
|
|
|
Com. Reg. No.: |
04-44542 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299GJ2004PTC044542 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Plummer Blocks, Pillow Blocks, Cast Iron Graded Castings
and Alloy Cast Iron Material, Cast Steel Material, Spheroidal Graphitic
(S.G.), Iron material other Machinery Parts |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 66000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered/Head Office/Factory : |
Plot No. 553, GIDC, Kathwada Odhav Road, Ahmedabad – 382430, Gujarat |
|
Tel. No.: |
91-79-22901220/22901222 |
|
Mobile No.: |
91-9819526555 |
|
Fax No.: |
91-79-22900497 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Ashok Patel |
|
Designation : |
Director |
|
Address : |
6 C, Ashok Vatika, Opposite Ekta Farm, Bopal Road, Ahmedabad – 380054,
Gujarat |
|
Date of Birth/Age : |
11.04.1958 |
|
Date of Appointment : |
02.08.2004 |
|
|
|
|
Name : |
Mr. Samrat Patel |
|
Designation : |
Director |
|
Address : |
6 C, Ashok Vatika, Opposite Ekta Farm, Bopal Road, Ahmedabad – 380054,
Gujarat |
|
Date of Birth/Age : |
02.11.1979 |
|
Date of Appointment : |
02.08.2004 |
|
|
|
|
Name : |
Ms. Priti Patel |
|
Designation : |
Director |
|
Address : |
6 C, Ashok Vatika, Opposite Ekta Farm, Bopal Road, Ahmedabad – 380054,
Gujarat |
|
Date of Birth/Age : |
14.02.1959 |
|
Date of Appointment : |
02.08.2004 |
|
|
|
|
Name : |
Ms. Gauri Patel |
|
Designation : |
Director |
|
Address : |
6 C, Ashok Vatika, Opposite Ekta Farm, Bopal Road, Ahmedabad – 380054,
Gujarat |
|
Date of Birth/Age : |
07.05.1983 |
|
Date of Appointment : |
02.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ashok Patel |
|
202487 |
|
Mr. Samrat Patel |
|
355000 |
|
Ms. Priti Patel |
|
77500 |
|
Ms. Ratnaprabha Patel |
|
52420 |
|
Ms. Gauri Patel |
|
56250 |
|
Ms. Kavita Patel |
|
2500 |
|
Mr. Tapan Patel |
|
2500 |
|
Mr. Ajay Shah |
|
1 |
|
Ms. Avani Shah |
|
1 |
|
M/s. Acme Pharmaceuticals |
|
1 |
|
Ms. Bhargavi Bhavsar |
|
1 |
|
Ms. Kanta Bhavsar |
|
1 |
|
Ms. Kinchal Bhavsar |
|
1 |
|
Ms. Nalini Bhavsar |
|
11 |
|
Ms. Pragna Bhavsar |
|
1 |
|
Mr. Raj Bhavsar |
|
1 |
|
Ms. Shanta Bhavsar |
|
1 |
|
Ms. Sejal Sheth |
|
1 |
|
Mr. Sanjay Shah |
|
1 |
|
Mr. Kosha Bhavsar |
|
1 |
|
Mr. Ajay Shah |
|
10 |
|
Ms. Bharti Bhavsar |
|
10 |
|
Mr. Navin Chandra Bhavsar |
|
10 |
|
Mr. Samir Bhavsar |
|
10 |
|
Ms. Surekha Bhavsar |
|
10 |
|
Ms. Dashrath Patel |
|
10 |
|
Mr. Pravin Gajjar |
|
10 |
|
Ms. Samrat Patel |
|
1250 |
|
Total |
|
750000 |
AS ON 31.03.2008
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plummer Blocks, Pillow Blocks, Cast Iron Graded
Castings and Alloy Cast Iron Material, Cast Steel Material, Spheroidal Graphitic
(S.G.), Iron material other Machinery Parts |
GENERAL
INFORMATION
|
Bankers : |
|
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
Satisfactory |
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
MGS And Associates Chartered Accountant |
|
Address : |
A – 5, Bhavn aComplex, Opp. Terapanth Bhavan, Ahmedabad – 380004,
Gujarat |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- Each |
Rs. 7.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- Each |
Rs. 7.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
7.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.801 |
3.436 |
1.812 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.301 |
10.936 |
9.312 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.751 |
18.298 |
19.353 |
|
|
2] Unsecured Loans |
11.427 |
12.425 |
10.652 |
|
|
TOTAL BORROWING |
38.178 |
30.723 |
30.005 |
|
|
DEFERRED TAX LIABILITIES |
2.428 |
1.621 |
1.360 |
|
|
|
|
|
|
|
|
TOTAL |
53.907 |
43.280 |
40.677 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.249 |
28.673 |
22.999 |
|
|
Capital work-in-progress |
1.460 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.841
|
4.309 |
3.589 |
|
|
Sundry Debtors |
33.844
|
17.965 |
19.170 |
|
|
Cash & Bank Balances |
1.609
|
0.929 |
1.080 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.190
|
4.243 |
2.583 |
|
Total
Current Assets |
44.484
|
27.446 |
26.422 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
18.058
|
9.661 |
6.612 |
|
|
Provisions |
4.257
|
3.224 |
2.196 |
|
Total
Current Liabilities |
22.315
|
12.885 |
8.808 |
|
|
Net Current Assets |
22.169
|
14.561 |
17.614 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.029 |
0.046 |
0.064 |
|
|
|
|
|
|
|
|
TOTAL |
53.907 |
43.280 |
40.677 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
124.427 |
82.085 |
62.910 |
|
|
Other Income |
0.245 |
0.402 |
0.351 |
|
|
Total Income |
124.672 |
82.487 |
63.261 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3.744 |
2.033 |
2.231 |
|
|
Provision for Taxation |
3.618 |
1.992 |
2.200 |
|
|
Profit/(Loss) After Tax |
0.126 |
0.041 |
0.031 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
96.648 |
64.387 |
44.737 |
|
|
Administrative Expenses |
4.007 |
3.982 |
1.975 |
|
|
Increase / Decrease |
(6.114) |
(3.924) |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
5.773 |
3.406 |
2.180 |
|
|
Managerial Remuneration |
3.018 |
2.367 |
1.687 |
|
|
Payment to Auditors |
5.773 |
3.406 |
2.180 |
|
|
Interest |
1.540 |
1.300 |
1.456 |
|
|
Insurance Expenses |
0.017 |
0.017 |
0.017 |
|
|
Depreciation & Amortization |
6.017 |
2.455 |
1.546 |
|
|
Other Expenditure |
4.249 |
3.058 |
5.252 |
|
Total Expenditure |
120.928 |
80.454 |
61.030 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.10
|
0.04 |
0.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.00
|
2.47 |
3.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.00
|
3.62 |
4.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.18 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.54
|
3.98 |
4.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.13 |
2.99 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
- Land
- Factory Building
- Furniture and Fixture
- Plant and Machinery
- Motorcar and Vehicles
- Computer
Form
8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10082524 |
|
Corporate
identity number of the company |
U29299GJ2004PTC044542 |
|
Name of the company
|
MASTA MACHINERY SZTORES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 553, GIDC, Kathwada Odhav Road, Ahmedabad – 382430, Gujarat |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda, SSI Branch,
GIDC, Vatva, Ahmedabad – 382445, Gujarat |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental composite
agreement of hypothecation of Goods, Book Debts dated 17.10.2008 |
|
Date of
instrument Creating the charge |
17.10.2008 |
|
Amount secured by
the charge |
Rs. 54.959
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 2% over existing BPLR Terms of
Repayment - Repayment after 60 days Margin – Cash
Credit – 25% on Goods – 40% on Book debts Extent and
Operation of the charge - The charge shall
cover the whole of the borrowers, all stock of raw materials, work in
process, semi finished goods both present and future and all the present and
future book debts, outstanding, monies receivable, claims bill, contracts
engagements and securities Others - -- |
|
Short particulars
of the property charged |
The whole of the
borrowers, all stock of raw materials, work in process, semi finished goods
both present and future and all the present and future book debts,
outstanding, monies receivable, claims bill, contracts engagements and
securities |
As website details
Company is an internationally known, manufacturer of PLUMMER
BLOCKS(Bearing Housings) and graded Cast Iron Castings, having a product portfolio
of Bearing Housings, Pillow Blocks, Slide Rails, Water Circulating Pumps, and
other Machinery Parts etc. in various grades such as Cast Iron(C.I),Graded and
Alloy Cast Iron material, Cast Steel material, Spheroidal Graphitic (S.G) Iron
material.
Company brand is established in all high-growth Industries such as
Sponge and Steel plants, Steel rolling, Material handling, Industrial fans,
Cement, Mines and Minerals industry, Power Plants , Sugar plants, Paper, Agro
and consumer products industries segment, and also having dealers network
across India. Some of the applications are depicted here below.
"MASTA's" roots date back to 1946 when Mr. Popatlal L Patel,a visionary
technocrat started the company and began the legacy that has shaped the Bearing
Housing industry and bringing under one roof all the required Equipments such
as Machineries, Foundry and the experts to make it a success story in the
country.
Started as a SMALL SCALE INDUSTRY from a small sector of Ahmedabad
India, went on to set up three more plants to meet the increasing demand for
its QUALITY Products, which later emerged to be known as “MASTA” THE
QUALITY PEOPLE. And what more the company went to create a name in almost each
and every town of the Country for QUALITY, PRODUCTS, AFTER SALES SERVICE
through. its own network of distributors, dealers and resident
representatives. 
Encouraged by the liberalised policies of our
country and the vast scope offered by the global market, Masta started its
direct efforts to enter the international market. The aim of the organisation
is to develop International Trading. Trading Partners around the world for its
range of products .Offering the best quality and the competitive rates
available in the industry.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|