MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAS SEALING SYSTEMS PRIVATE LIMITED |
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Registered Office : |
231, 5/B, Mittal Industrial Estate, Andheri Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
19.03.1993 |
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Com. Reg. No.: |
11-71235 |
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CIN No.: [Company
Identification No.] |
U74999MH1993PTC071235 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21126A |
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PAN No.: [Permanent
Account No.] |
AAACM3451G |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of Joint Sealant |
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 35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Operator |
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Date : |
16.12.2008 |
LOCATIONS
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Registered Office : |
231, 5/B, Mittal Industrial Estate, Andheri Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28508251 / 28501805 |
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Fax No.: |
91-22-28500314 /
28500394 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Minesh Satish Raval |
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Designation : |
Managing Director |
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Address : |
301, Chandan Apartments, S V Road, Vile Parle (West), Mumbai – 400
056, Maharashtra, India |
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Date of Birth/Age : |
13.10.1963 |
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Date of Appointment : |
19.03.1993 |
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Name : |
Mrs. Sejal Minesh Raval |
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Designation : |
Director |
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Address : |
301, Chandan Apartments, S V Road, Vile Parle (West), Mumbai – 400
056, Maharashtra, India |
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Date of Birth/Age : |
02.12.1966 |
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Date of Appointment : |
19.03.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.09.2008)
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Names of Shareholders |
No. of Shares |
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Minesh Satish Raval |
4750 |
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Sejal Minesh Raval |
5250 |
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Total |
10000 |
Equity share breakup
(percentage of total equity)
(As on
30.09.2008)
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Category |
Percentage |
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Directors or relatives of directors
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100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Joint Sealant |
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Products : |
·
Mas Non Asbestos Braided Gland Packings ·
Mas Graphite Tapes Rings andGaskets ·
Mas PTFE Joint Sealants ·
Mas PTFE Valve Stem Packings ·
Mas Anti-Seize Tapes ·
Mas PTFE Gaskets And Sheets ·
Mas Gland Packing Extractors ·
Mas Multi Spray ·
Mas Cold Welding Compounds ·
Mas PTFE Thread Sealing Tape
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GENERAL
INFORMATION
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Bankers : |
·
Dena Bank Juhu Vile Parle Branch, Mumbai – 400 056, Maharashtra, India ·
HDFC Bank, Juhu Branch ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Jhawar Mantri and Associates Chartered Accountant |
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Address : |
217, Great Eastern Galleria, Plot No. 20, Sector 4, Nerul, Navi Mumbai
– 400 706, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.929 |
5.153 |
4.750 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.929 |
6.153 |
5.750 |
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LOAN FUNDS |
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1] Secured Loans |
2.967 |
2.581 |
2.812 |
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2] Unsecured Loans |
11.453 |
1.435 |
1.025 |
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TOTAL BORROWING |
14.420 |
4.016 |
3.837 |
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DEFERRED TAX LIABILITIES |
0.037 |
0.089 |
0.186 |
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TOTAL |
21.386 |
10.258 |
9.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.206 |
7.679 |
5.759 |
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Capital work-in-progress |
0.181 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.722
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2.220 |
3.290 |
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Sundry Debtors |
4.980
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3.493 |
3.319 |
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Cash & Bank Balances |
0.065
|
0.285 |
0.257 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.985
|
0.926 |
0.994 |
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Total
Current Assets |
7.752
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6.924 |
7.860 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.907
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3.604 |
3.023 |
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Provisions |
0.851
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0.746 |
0.828 |
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Total
Current Liabilities |
6.758
|
4.350 |
3.851 |
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Net Current Assets |
0.994
|
2.574 |
4.009 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.386 |
10.258 |
9.773 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
21.488 |
19.528 |
17.209 |
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Other Income |
0.449 |
0.185 |
0.183 |
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Total Income |
21.937 |
19.713 |
17.392 |
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Profit/(Loss) Before Tax |
1.255 |
0.768 |
0.674 |
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Provision for Taxation |
0.449 |
0.364 |
0.352 |
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Profit/(Loss) After Tax |
0.776 |
0.404 |
0.322 |
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Earnings in Foreign Currency : |
0.167 |
0.913 |
0.753 |
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Imports : |
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Raw Materials |
3.357 |
3.651 |
NA |
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Trading Goods |
0.472 |
0.535 |
NA |
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Total Imports |
3.829 |
4.186 |
NA |
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Expenditures : |
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Manufacturing Expenses |
10.542 |
9.014 |
7.892 |
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Administrative Expenses |
2.657 |
2.844 |
2.621 |
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Employee Cost |
2.276 |
2.119 |
2.095 |
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Selling and Distribution Expenses |
3.961 |
3.495 |
2.845 |
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Bad Debts Written Off |
0.000 |
0.346 |
0.000 |
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Interest |
0.472 |
0.173 |
0.106 |
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Depreciation & Amortization |
0.774 |
0.954 |
1.159 |
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Total Expenditure |
20.682 |
18.945 |
16.718 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
3.54
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2.05 |
1.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.84
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3.93 |
3.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.49
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5.26 |
4.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.12 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.06
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1.36 |
1.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.15
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1.59 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
MAS SEALING SYSTEMS PRIVATE LIMITED |
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Presented By |
Jointly Company
and Chargeholder |
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1) Date and description of instrument creating the change |
No instrument was
executed, charge created on 18-11-97 by way of equitable mortgage by deposit
of title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.900 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 |
Immovable
property of the company viz., unit no. 251 situated on the second floor of
5/B, Sanjay Building in Mittal Industrial Estate at Andheri-Kurla Road,
Andheri (East), Mumbai 400 059 in the state of Maharashtra and admeasuring
855 sq. ft. together with land, buildings, structures, erections, plant and
machinery attached to the earth or permanently fastened to anything attached
to the earth, fixtures, fittings now erected or hereafter to be erected
thereon both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security to cover
principal together with Interest, charges, expenses, costs etc. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Juhu Vile Parle
Branch, Mumbai – 400 056, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
No instrument was
executed, Charge created on 18-01-99 by way of equitable mortgage by deposit
of title deeds. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Security now to
be available to the extent of Rs.3.000 millions. |
Operational Review
During the financial year ended 31st March 2008 the Company
has achieved a turnover of Rs.23.984 millions showing an increase of 8% over that
of the Previous Year. The Profit before interest and Depreciation stood at
Rs.2.500 millions as against Rs.1.845 millions shown in last year.
Contingent
Liabilities
·
Disputed liability of Modvat credit of Rs.0.023 million and penalty levied
Rs.0.002 million.
·
Disputed liability of custom duty of Rs.0.044 million.
Fixed Assets
·
Office Premises
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Plant and Machinery
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Air Conditioner
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Type Writer
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Motor Car
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Office Equipments
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Furniture and Fixtures
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Computer
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Motor Cycle
Web Details
Subject is one of India's packings and gaskets manufacturing
Company, established in 1993. Within its short span of existence, Subject has
firmly entrenched itself in the industry. Subject has the set-up of a large
company as far as resources and quality is concerned but operates with speed
and versatality of a small company.
The range of products handled includes Non Asbestos Gland
Packings, Graphite Sealing Systems. Gaskets and maintenance consumables. These
products can be used in original equipments and for maintenance and repairs in
all spheres of Industry.
They have a very efficient country wide network to attend to
any service calls of the customers. The efficiency is not only limited to the
products they deal in but also extends to an entire spectrum of consultancy and
advisory activities they offer to the customers.
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.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
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
|
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 |
|
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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