MIRA
INFORM REPORT
|
Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
META TILES LIMITED |
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Formerly Known As : |
THE WINCHESTER
TILES COMPANY (INDIA) PRIVATE LIMITED |
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Registered Office : |
New India Centre,
5th Floor, 17, Cooperage Road, Mumbai – 400039, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.03.1996 |
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Com. Reg. No.: |
11-98079 |
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CIN No.: [Company
Identification No.] |
U26920MH1996PTC098079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20979A |
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PAN No.: [Permanent
Account No.] |
AAACT3954F |
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Legal Form : |
A Closely held Public
Limited Liability Company |
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Line of Business : |
Trader of
Synthetic Wear and Fitting Accessories. |
RATING &
COMMENTS
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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 9515 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has improved it’s position having been wiped out past losses. Trade relations
are fair. It’s payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution. |
INFORMATION PARTED
BY
|
Name : |
Mr. Milan Patel |
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Designation : |
Accounts Executive |
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Contact No.: |
91-22-28793025 |
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Date : |
03.07.2008 |
LOCATIONS
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Registered Office : |
New India Centre,
5th Floor, 17, Cooperage Road, Mumbai – 400039, Maharashtra, India |
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Tel. No.: |
91-22-22049090/ 28786097/ 22025163 |
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Fax No.: |
91-22-22830102/ 22045999 |
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E-Mail : |
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Location : |
Owned |
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Department : |
Sarnath Centre, Basement, Upper Govindnagar, Upvan Area, Malad (East),
Mumbai – 400 097, Maharashtra, India |
DIRECTORS
|
Name : |
Mrs. Kunti S. Shah |
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Designation : |
Director |
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Address : |
A – 13, May Fair Garden, Little Gibbs Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
09.04.1949 |
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Date of Appointment : |
13.03.1996 |
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Name : |
Mr. Madhavsdas Sampat |
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Designation : |
Director |
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Address : |
6B, Vaibhav, 80, Bhulabhai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
09.11.1936 |
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Date of Appointment : |
13.03.1996 |
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Date of Ceasing : |
15.03.2001 |
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Name : |
Mr. Nanavati Shreepal |
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Designation : |
Director |
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Address : |
102, Trishul 2, Seven Bunglows, Versova, Andheri (West), Mumbai – 400
061, Maharashtra, India |
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Date of Birth/Age : |
03.01.1952 |
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Date of Appointment : |
20.03.1997 |
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Date of Ceasing : |
28.12.1999 |
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Name : |
Mr. Sanjay B. Shah |
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Designation : |
Director |
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Address : |
A – 13, May Fair Garden, Little Gibbs Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
18.07.1936 |
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Date of Appointment : |
08.03.2001 |
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Name : |
Mr. Sharath Chandra Roongta |
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Designation : |
Director |
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Address : |
C – 22/200, MIG Colony, Gandhinagar, Bandra (East), Mumbai – 400 051,
Maharashtra, India |
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Date of Birth/Age : |
25.10.1950 |
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Date of Appointment : |
20.11.2006 |
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Name : |
Mr. Arvind Oberoi |
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Designation : |
Director |
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Address : |
1, Nirvana, Plot No. 151, ST. Theresa Road, TPS – III, Bandra (West),
Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
02.11.1963 |
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Date of Appointment : |
20.11.2006 |
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Name : |
Mrs. Jigna D. Mody |
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Designation : |
Director |
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Address : |
Rohit Niwas, 2nd Floor, 11th Road, Khar (West),
Mumbai - 400 052, Maharashtra, India |
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Date of Birth/Age : |
03.08.1974 |
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Date of Appointment : |
10.06.2008 |
KEY EXECUTIVES
|
Name : |
J. P. Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2004
|
Names of Shareholders |
No. of Shares |
|
Mr. Sanjay B. Shah |
10 |
|
Mrs. Kunti S. Shah |
10 |
|
Mrs. Trishala Shah |
10 |
|
Ms. Kaunteya S. Shah |
179970 |
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Total |
180000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings (Foreign institutional investors, Foreign companies,
Foreign financial institutions, Non-resident Indians or Overseas corporate
bodies or Others |
99.98 |
|
2. |
Directors or relatives of directors |
0.02 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of
Synthetic Wear and Fitting Accessories. |
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Products : |
German and
Italian Bathroom Products Include : v Sanitary Ware v Tiles v Bathroom
Fittings v Bath Tubs v Steam Cabins v Jacuzzi Systems v Bathroom Accessories v Bathroom
Furniture v Mirrors v Mirror Cabinets |
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Imports : |
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Countries : |
v Germany v Italy |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C - Remmitence |
GENERAL
INFORMATION
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Customers : |
v Dealers |
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No. of Employees : |
15 |
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Bankers : |
v Bank of India 66, Nepean Sea
Road, Mumbai – 400006, Maharashtra, India |
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Facilities : |
CC – Rs. 4.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hashmukh Patel and Company Chartered Accountants |
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Address : |
1, Sai Dham, 276,
P.M.Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-26630810 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,80,000 |
Equity shares |
Rs. 10/- each |
Rs. 1.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
1.800 |
1.800 |
1.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.103 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.225) |
(1.360) |
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NETWORTH |
1.903 |
1.575 |
0.440 |
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LOAN FUNDS |
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1] Secured Loans |
3.406 |
3.854 |
3.802 |
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2] Unsecured Loans |
6.606 |
3.980 |
3.979 |
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TOTAL BORROWING |
10.012 |
7.834 |
7.781 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.915 |
9.409 |
8.221 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.920 |
2.305 |
2.690 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.049 |
0.000 |
0.000 |
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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 |
10.173
|
7.778 |
5.938 |
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Sundry Debtors |
4.218
|
6.993 |
4.044 |
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Cash & Bank Balances |
0.730
|
0.108 |
0.110 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.323
|
1.033 |
1.772 |
|
Total
Current Assets |
19.444
|
15.912 |
11.864 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
9.498
|
8.808 |
6.333 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
9.498
|
8.808 |
6.333 |
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Net Current Assets |
9.946
|
7.104 |
5.529 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.915 |
9.409 |
8.221 |
|
PROFIT &
LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover [including other income]
|
|
|
26.746 |
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Total Income
|
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|
26.746 |
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Profit/(Loss) Before Tax
|
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|
0.520 |
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Provision for Taxation
|
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|
0.018 |
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Profit/(Loss) After Tax
|
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|
0.502 |
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Expenditure
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Other Expenditure
|
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|
26.226 |
Total Expenditure
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|
26.226 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
--
|
--
|
1.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
--
|
--
|
1.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
--
|
1.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
--
|
1.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.99
|
5.59 |
14.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.81 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
MTZ Traders Private Limited -
Mumbai – 39
v
Shree Anandya Investment Private Limited – Mumbai - 39
Form 8
|
Name of the company |
META TILES PRIVATE LIMITED (Formerly Known
as THE WINCHESTOR TILE COMPANY (INDIA) PRIVATE LIMITED) |
|
Presented By |
Mrs. Kunti S. Shah, Director |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of stocks and Book debts dated 05.08.1997 between the Winchester Tile Company (India) Private Limited (hereinafter referred to as the Borrower) and Bank of India (hereinafter referred to as Bank.) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.710 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 |
a) All stock of raw materials such as clay glazing powder, chermicals, dyes, colours, semi finished and finished tiles etc including spares parts, components (including spare parts and stores relating to plant and machinery both present and future) and stocks in process of the borrower situated at vasai, Dist. Thane. b) All the present and future book-debts, outstanding money receivables, claims, bills, which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of his business by any persons. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) The borrower agrees to repay the cash credit facility sanctioned by Bank on demand with interest at the rate 18.25% p.a. payable quarterly and L/C as per FEDAI Rules. b) The borrower shall at all times during the continuance of the security keep and maintain in such margin of security in favour of the Bank as mentioned below. i) 30% against raw materials, finished goods. ii) 30% against store. iii) 30% against goods in process. iv) 40% against book debts o/s for 2 to 3 months. v) 100% against book debts o/s for more than 3 to 6 months. c) The borrower shall at its own costs and expenses during the continuance of this security keep hypothecated assets in marketable and good condition ands shall likewise at its own expenses insure and keep insured the same against loss or damage by fire, riot, theft, strikes and robbery and such other risks as may be required by the Bank, or as per law for full market value. d) In default of maintenance of hypothecated assets by the borrower in good repair and marketable condition or in default of maintaing of insurance as aforesaid, and for renewing insurance any premium paid by the bank or any cost and expenses incurred by the bank should be paid by the borrower in demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Nepeansea Road Branch, 66, Nepeansea Road, J M Mehta, Mumbai – 400 006, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
1. 1st modification by a supplemental deed of hypothecation dated 05.09.2000 enhancing the limit under the said facilities with a total aggregate limit of Rs. 5.500 millions as against previous limit of Rs. 371.000 millions. 2. Second modification by executing agreement of hypothecation of plant and machinery stock and book debts, dated 24.04.2004 enhancing the limit from Rs. 5.500 millions to Rs. 6.500 millions (consisting of Rs. 4.000 millions as cash credit limit against stock and book debts and Rs. 2.500 millions against letter of credit). |
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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. |
a) Borrower agrees to repay the C/C facility sanctioned by the Bank on demand with interest rate of 1.25% over BPLR minimum of 12% p.a. and for L/C as per FEDIA Rules. b) (i) Margin for 25% against raw materials and finished goods. (ii) 25% against semi finished goods and stores. (iii) 40% against L/C to be increased by 20% per months to add to 100% on maturity. (iv) 40% against book debts o/s for not more than 60 days. |
The company has not
accepted any deposits from the public.
Generic Name of
Principal Product and Service is as under:
v Ceramic Glazed Tiles
v
Ceramic Glazed
Beeds
Fixed Assets
v
Plant and
Machinery
v
Electrical
Installations
v
Furniture and
Fixtures
v
Trade Mark
v
Office
Equipments
v
Computers.
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 :
The 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.
The 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. 43.16 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
38 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|