MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MILLENNIUM FORGING PRIVATE LIMITED |
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Registered Office : |
A 1-2/2, Ocean Park, S M Road, Near Nehrunagar Circle,
Ambawadi, Ahmedabad – 380015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.03.1997 |
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Com. Reg. No.: |
04-31875 |
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CIN No.: [Company
Identification No.] |
U27100GJ1997PTC031875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM04877F |
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PAN No.: [Permanent
Account No.] |
AABCM4558M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Metal Forging Engineering Parts |
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 9000 |
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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 fair. Business is active. Payments are reported as 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 : |
A 1-2/2, Ocean Park, S M Road, Near Nehrunagar Circle,
Ambawadi, Ahmedabad – 380015,
Gujarat, India |
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Tel. No.: |
91-79-40060332 / 6760040 / 6424420 |
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Fax No.: |
91-79-40037887 / 6563640 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 239/1, Plot No. 14 - 17, National Highway No.
8B, Shapar-360 002, Rajkot, Gujarat, INDIA |
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Tel. No.: |
91 2827 253696 |
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Fax No.: |
91 2827 253132 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Govindbhai Ribadia |
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Designation : |
Director |
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Name : |
Mr. Dineshbhai Ribadia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
R S Shah and Associates |
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Designation : |
Company Secretary |
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Address : |
B/3, Deepakunj Flats, Near Ashram, Post Navjivan, Ahmedabad – 380014,
Gujarat, India |
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Mobile No. : |
91-982426541 |
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Tel No. : |
91-79-40043003 |
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E - Mail : |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Metal Forging Engineering Parts |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nitin K Shah Chartered Accountants |
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Address : |
36-38, Empire Tower, Near Associated Petrol Pump, C G Road, Ahmedabad
– 380006, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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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1.000 |
1.000 |
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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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1.297 |
0.839 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.297 |
1.839 |
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LOAN FUNDS |
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1] Secured Loans |
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5.331 |
7.545 |
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2] Unsecured Loans |
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9.835 |
11.468 |
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TOTAL BORROWING |
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15.166 |
19.013 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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17.463 |
20.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.670 |
7.345 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.300 |
5.530 |
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Sundry Debtors |
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8.962 |
9.624 |
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Cash & Bank Balances |
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0.100 |
0.083 |
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Other Current Assets |
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0.000 |
0.005 |
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Loans & Advances |
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1.811 |
2.420 |
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Total
Current Assets |
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16.173 |
17.662 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.500 |
3.802 |
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Provisions |
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0.880 |
0.353 |
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Total
Current Liabilities |
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6.380 |
4.155 |
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Net Current Assets |
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9.793 |
13.507 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.463 |
20.852 |
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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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47.291 |
47.892 |
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Other Income |
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0.010 |
0.023 |
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Total Income |
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47.301 |
47.915 |
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Profit/(Loss) Before Tax |
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0.859 |
2.035 |
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Provision for Taxation |
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0.356 |
0.150 |
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Profit/(Loss) After Tax |
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0.503 |
1.885 |
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Expenditures : |
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Interest |
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1.646 |
1.655 |
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Other Expenditure |
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44.796 |
44.225 |
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Total Expenditure |
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46.442 |
45.880 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.06 |
3.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.82 |
4.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.60 |
8.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37 |
1.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.38 |
12.60 |
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Current Ratio (Current Asset/Current Liability) |
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2.53 |
4.25 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER
WEBSITE
Profile
Their factory is situated near Rajkot city on National
Highway-8B, in Gujarat state, globally famous place for engineering
industries.
Their factory is very close to the domestic Air
Port (Rajkot) and linked with National Highways, Railway and
free trade zone of Kandla port with good infrastructure facilities.
Forging business established in 1997 catering
requirements of domestic as well as export markets supported by
well equipped forge-shop, die-shop, heat treatment shop, machine shop and
conventional test facilities. Their installed annual production capacity
is approximately 4000 MT.
They are serving in the field of Automobile
Engineering, Earthmovers and Mining, Oil Field, Material Handling,
Railways, Defense, Power Transmission, process industries and export markets.
The Mission:
The philosophy of their company has always been to excel for
the best emphasizing on latest technology and sincere efforts to improve
quality, control price level with minimum overheads and achieve quality level
by using tools like process control, quality control, statistical techniques,
preventive/corrective measures, documented procedures for all effective
activities.
Objectives:
- To reduce and
control input costs.
- To eliminate rejection and rework.
- To upgrade company's resources to meet
customer's ever changing expectations.
- Right delivery in right time.
Their
manufacturing facilities comprise of well equipped forge shop with different
capacity drop hammers, power presses, heating furnaces, full fledged die shop,
heat treatment shop, machine shop supported by quality control equipments and
test facilities. Requirements are catered both in forged/finished condition.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.43 |
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UK Pound |
1 |
Rs.78.34 |
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Euro |
1 |
Rs.57.76 |
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 |
NO |
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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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