MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MOJ RUBBER PRIVATE LIMITED |
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Registered Office : |
C/O Perfect Sales 130-Royal Complex Bhutkhana Chowk, Rajkot-360002,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.08.1997 |
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Com. Reg. No.: |
32876 |
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CIN No.: [Company
Identification No.] |
U25110GJ1997PTC032876 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTM00513C |
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PAN No.: [Permanent
Account No.] |
AABCM9639B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Traders of 4-6 Wheelers Tyre Belts, CEG Tractors,
Track |
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 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Scale of operation is
small. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Narendra Bhai |
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Designation : |
Managing Director |
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Contact No.: |
91-9825074617 |
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Date : |
10.06.2008 |
LOCATIONS
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Registered Office : |
C/O Perfect Sales 130-Royal Complex Bhutkhana Chowk, Rajkot-360002,
Gujarat |
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E-Mail : |
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Website : |
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Corporate Office : |
G-1108, Lodhika, GIDC, Metoda, Rajkot-360021, Gujarat, India |
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Tel. No.: |
91-2827-287234 |
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Fax No.: |
91-2827-287230 |
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Mobile No. : |
91-9825045545 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft (Owned) |
DIRECTORS
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Name : |
Mr. Naredrabhai Bavaria |
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Designation : |
Managing Director |
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Address : |
103, Ayodhya Apartment, University Road, Rajkot – 360007, Gujarat,
India |
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Date of Birth/Age : |
14.06.1961 |
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Qualification : |
S.S.C. |
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Date of Appointment : |
15.04.1999 |
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Name : |
Mr. Biren Kalawadia |
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Designation : |
Director |
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Address : |
Flat No. A-9, Ravi Ranta Park, University Road, Rajkot-360001,
Gujarat, India |
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Date of Birth/Age : |
12.02.1981 |
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Qualification : |
B. Com |
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Date of Appointment : |
24.08.2002 |
KEY EXECUTIVES
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Name : |
M/S Jignesh Brahmbhatt and Associates |
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Designation : |
Company Secretary |
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Address : |
6, Bangayatri Society, Vibhag-2, Near, Shjardui Apartments, Shaymal
Cross Road, Satellite Ahmedabad-380015, Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 20.07.2006
|
Names of Shareholders |
|
No. of Shares |
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Nirmalaben Kalvadia |
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2500 |
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Biren and Vivek Kalvadia |
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8500 |
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Anilbhai Govani |
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8000 |
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Vivek Govani |
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1500 |
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Manjulaben Govani |
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4500 |
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Narendrabhai Bavaria |
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13000 |
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Bhavanaben Bavaria |
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10000 |
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Becharbahai Bera |
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2000 |
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Soniyaben Patel |
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8000 |
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Kaushibhai Dedki |
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10000 |
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Jamnada Javiya |
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2000 |
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Rasiklal Detroja |
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7000 |
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Kanchanben Detroja |
|
5500 |
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Sanjaybhai Barsara |
|
7000 |
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Ashaben Barsara |
|
7000 |
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Harshukhlal Detroja |
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7000 |
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Ashishbhai Detroja |
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2500 |
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Kalavadia Navinbhai |
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2500 |
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Vasantbhai Bera |
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6000 |
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Naynaben Bavaria |
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10000 |
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Jethalal Bavaria |
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9000 |
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Prakashbhai Mansuriya |
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4000 |
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Hardik Detroja |
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2500 |
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Jyostnaben Detroja |
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5500 |
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Muktaben Bavaria |
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8000 |
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Kalavadia Bera |
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16500 |
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Sonalen Bera |
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6000 |
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Miteshbhai Bera |
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6000 |
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Kanubhai Makvana |
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4000 |
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Valijibhai Changela |
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10000 |
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Girdharbhai Marsonia |
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4000 |
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Total |
|
200000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Traders of 4-6 Wheelers Tyre Belts, CEG Tractors,
Track |
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Products : |
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Terms : |
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Selling : |
Credit ( 45 Days) |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
14 |
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Bankers : |
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Facilities : |
CC Rs. 4.000 Millions and TL Rs. 3.000 Millions (From Vijaya Bank) |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Saurabh P. Kulkarni and
Company Chartered Accountant |
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Address : |
203-204, ALAP A, Limda Chowk, Rajkot-360001, Gujarat, India |
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Name : |
Mr. H. B. Kulkarni Chartered Accountant |
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Address : |
Rajkot |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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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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1.272 |
1.271 |
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4] (Accumulated Losses) |
|
[0.417] |
[0.899] |
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NETWORTH |
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2.855 |
2.372 |
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LOAN FUNDS |
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1] Secured Loans |
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6.052 |
3.649 |
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2] Unsecured Loans |
|
3.690 |
4.382 |
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TOTAL BORROWING |
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9.742 |
8.031 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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12.597 |
10.403 |
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APPLICATION OF FUNDS |
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3.097 |
2.887 |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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INVESTMENT |
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0.127 |
0.076 |
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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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11.236 |
7.060 |
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Sundry Debtors |
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0.780 |
0.507 |
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Cash & Bank Balances |
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0.427 |
0.113 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.359 |
0.361 |
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Total
Current Assets |
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12.802 |
8.041 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.147 |
0.420 |
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Provisions |
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0.284 |
0.184 |
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Total
Current Liabilities |
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3.431 |
0.604 |
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Net Current Assets |
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9.371 |
7.437 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.003 |
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TOTAL |
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12.597 |
10.403 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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9.916 |
9.425 |
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Other Income |
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0.123 |
0.106 |
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Total Income |
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10.039 |
9.531 |
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Profit/(Loss) Before Tax |
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0.526 |
0.363 |
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Provision for Taxation |
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0.044 |
0.000 |
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Profit/(Loss) After Tax |
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0.482 |
0.363 |
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Expenditures : |
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Administrative Expenses |
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0.514 |
0.408 |
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Raw Material Consumed |
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7.395 |
4.988 |
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Manufacturing Expenses |
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2.734 |
2.209 |
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Preliminary Expenses |
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0.001 |
0.001 |
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Financial Charges |
|
1.015 |
0.822 |
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Depreciation |
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0.385 |
0.392 |
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Increase/(Decrease) in Finished Goods |
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[2.531] |
0.348 |
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Total Expenditure |
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9.513 |
9.168 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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4.80 |
3.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.30 |
3.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.31 |
4.47 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.61 |
3.64 |
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Current Ratio (Current Asset/Current Liability) |
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3.73 |
13.31 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
- Perfect
Sules, Rajikot
- Krinshna
Rubber, Ahmedabad
- Jalaram
Traders, Bardoli
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25110GJ1997PTC032876 |
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Name of the
company |
MOJ RUBBER PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
C/O Perfect Sales 130-Royal Complex Bhutkhana Chowk, Rajkot-360002,
Gujarat, India |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Hypothecation |
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Particular of
charge holder |
Vijaya Bank, Vijay Bhavan, Kanak Road, Rajkot-360001, Gujarat, India |
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Amount secured by
the charge |
Rs. 4.700
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
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Particulars of
the property charged |
Stock of goods,
machinery of the company situated at Survey No. 100, Plot No. G/1108 of Village
Khsirsara, Taluka Lodhika, District Rajkot. Equitable
Mortgage by Depoist of Title Deeds of immovable properties being land
admeasuring 1999-875 sq mtrs. Of survey no. 100, Plot no. G/1108 if village
Khirsara, Taluka Lodhika, District Rajkot alongwith structure thereon. |
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Charge
identification number of the charge to be modified |
90107102 |
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Brief description
of the instrument modifying the charge under section 135 |
Agreement of
Hypothecation of goods and machinery |
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Date of instrument
modifying the charge |
24.07.2006 |
|
Particulars of
the present modification |
Working Capital
loan increased from Rs. 1.800 Millions to Rs. 3.200 Millions, Term Loan
increased from Rs. 1.200 Millions to Rs. 1.500 Millions Total charge increased
from Rs. 3.000 Millions to Rs. 4.700 Millions |
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Name of the company |
MOJ RUBBER PRIVATE LIMITED |
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Presented By |
Mr. Narendra J.
Bavaria |
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1) Date and description of instrument creating the change |
5th
April, 2005
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.800
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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : 13% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Vijay Commercial
co operative Bank limited, Kanak Road, Rajkot |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.42.87 |
|
UK Pound |
1 |
Rs.83.87 |
|
Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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 |
|