MIRA INFORM REPORT

 

 

 

Report Date :

14.11.2008

 

IDENTIFICATION DETAILS

 

Name :

M B ENTERPRISE

 

 

Registered Office :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

1992

 

 

IEC No.:

0803013957

 

 

PAN No.:

[Permanent Account No.]

AACFM9317J

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners

 

 

Line of Business :

Traders of Steel Coils, H. R. Plates, Sheeting and Pharmaceuticals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 160000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are reported as slow but correct.

 

However the concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Aeyer Shah

Designation :

General Manager Finance

Contact No.:

91-9327547188

Date :

08.11.2008

 

 

LOCATIONS

 

Registered Office :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat, India

Tel. No.:

91-79-26405563

Mobile No.:

91-9327547188

Fax No.:

91-79-26400828

Website :

http://www.mbproflex.com/

Area :

Owned

 

 

Branch Office :

Near L. M. Transport Sarkhej, Ahmedabad

Area :

Owned

 

 

PARTNERS

 

Name :

Mr. Manibhai S Patel

Designation :

Partner

Address :

7, Friends Colony, Naranpura, Ahmedabad

Date of Birth/Age :

83 Years

Experience :

63 Years

 

 

Name :

Mr. Manubhai S Patel

Designation :

Partner

Address :

7, Friends Colony, Naranpura, Ahmedabad

Date of Birth/Age :

81 Years

Experience :

61Years

 

 

Name :

Mr. Hasmukhbhai S Patel

Designation :

Partner

Address :

7, Friends Colony, Naranpura, Ahmedabad

Date of Birth/Age :

73 Years

Qualification :

B. E. Civil and Electrical

Experience :

53 Years

 

 

Name :

Mr. Chirag H. Patel

Designation :

Partner

Address :

7, Friends Colony, Naranpura, Ahmedabad

Date of Birth/Age :

37 Years

Qualification :

B. E. Civil

Experience :

17 Years

 

 

Name :

Mr. Girishbhai M. Patel

Designation :

Partner

Address :

Nisarg Farm, Opposite ACE Tennis Club, B/h Karnavati Club, Ahmedabad

Date of Birth/Age :

61 Years

Qualification :

Diploma in Hydraulic Engineering

Experience :

42 Years

 

 

Name :

Mr. Malav Girishbhai Patel

Designation :

Partner

Address :

Nisarg Farm, Opposite ACE Tennis Club, B/h Karnavati Club, Ahmedabad

Date of Birth/Age :

32 Years

Qualification :

B.B.A.

Experience :

11 Years

 

 

Name :

Mr. Vipin kantilal Patel

Designation :

Partner

Address :

2, Nandanvan, Near Shyamvihar, Opp. Devvihar, Thaltej-shilaj Road, Ahmedabad

Date of Birth/Age :

60 Years

Qualification :

B. Com. Inter CA

Experience :

38 Years

 

 

Name :

Ms. Umaben G. Patel

Designation :

Partner

Address :

Nisarg Farm, Opposite ACE Tennis Club, B/h Karnavati Club, Ahmedabad

Date of Birth/Age :

57 Years

Qualification :

B. Sc

Experience :

15 Years

 

 

Name :

Ms. Leenaben V. Patel

Designation :

Partner

Address :

2, Nandanvan, Near Shyamvihar, Opp. Devvihar, Thaltej-shilaj Road, Ahmedabad

Date of Birth/Age :

57 Years

Qualification :

B Sc

Experience :

20 Years

 

 

Name :

Ms. Birva C. Patel

Designation :

Partner

Address :

7, Friends Colony, Naranpura, Ahmedabad

Date of Birth/Age :

36 Years

Qualification :

B. Com. CS

Experience :

10 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Traders of Steel Coils, H. R. Plates, Sheeting and Pharmaceuticals

 

 

Agencies Held :

v      Galderma India Private Limited

v      Intas Biopharmaceuticals Limited

v      Intas Pharmaceuticals Limited

v      Morepen Laboratories Limited

 

 

Imports :

 

Products :
  • H. R. Plates
  • Stel Coils
  • Sheetings Insulation Markets 

Countries :
  • Thailand
  • Australia
  • Korea
  • Singapore

 

 

Terms :

 

Selling :

0 to 180 days

 

 

Purchasing :

L/C, Cash and Credit [0 to 180 days]

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers
  • End users
  • Corporates
  • Industrial Houses

 

 

No. of Employees :

6

 

 

Bankers :
  • Bank of Baroda
  • Standard Chartered Bank
  • Axis Bank

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Talati and Talati

Chartered Accountants

Address :

Ahmedabad

 

 

Associates/Subsidiaries :

Name :

M and B Engineering Private Limited

Address :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

Line of Business :

Supply and Erection of Prfolex Steel Rooting

Manufacturing, Supply and erection of Pre Engineered Building

Banker :

  • Bank of Baroda
  • Standard Chartered Bank
  • Axis Bank

Facilities :

Term Loan – Rs. 479.000 Millions

CC Rs. 215.000 Millions 

LC and BG Rs. 520.000 Millions

Auditors :

Talati and Talati, Chartered Accountants

 

 

Name :

Phenix Building Solutions Private Limited

Address :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

Line of Business :

Supply and erection of Pre Engineered Building

Banker :

Bank of Baroda, Bhadra Branch , Ahmedabad 

Facilities :

Nil

Auditors :

Talati and Talati, Chartered Accountants

 

 

Name :

Manibhai and Brothers

Address :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

Line of Business :

Construction

Banker :

Bank of Baroda, Bhadra Branch , Ahmedabad 

Facilities :

CC Rs. 20.000 Millions

Auditors :

Talati and Talati, Chartered Accountants

 

 

Name :

Manibhai and Brothers [Sleepers]

Address :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

Line of Business :

Manufacturing of Railway Sleepers

Banker :

Bank of Baroda, Bhadra Branch , Ahmedabad 

Facilities :

CC Rs. 25.000 Millions

Auditors :

Talati and Talati, Chartered Accountants

 

 

Name :

Usha Prestressed Sleeper Udyog

Address :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

Line of Business :

Manufacturing of Railway Sleepers

Banker :

Bank of Baroda, Bhadra Branch , Ahmedabad 

Facilities :

CC Rs. 25.000 Millions

Auditors :

Talati and Talati, Chartered Accountants

 

 

Name :

Manibhai and Brothers Finance Corporation

Address :

51, M B House, Chandrodaya Society, Stadium Road, Opposite Trident Restaurant, Ahmedabad, Gujarat

Line of Business :

Group Financing

Banker :

Bank of Baroda, Bhadra Branch , Ahmedabad 

Facilities :

LC Rs. 210.000 Millions

Auditors :

Talati and Talati, Chartered Accountants

 

 

Name :

Manibhai and Brothers Construction Private Limited

Address:

“ MB House” Stadium Road, Ahmedabad - 380014, Gujarat, INDIA

Tel No.:

91-79-26405563, 26405572, 26461314

Fax No.:

91-79-26400828, 26568433

E-mail :

Info@mbproflex.com

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 32.531 Millions

Borrowed :

--

Total :

Rs. 32.531 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

32.531

24.930

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

32.531

24.930

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

164.601

84.103

TOTAL BORROWING

 

164.601

84.103

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

197.132

109.033

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.862

0.914

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

5.000

7.500

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

99.974

41.013

 

Sundry Debtors
 

52.932

13.128

 

Cash & Bank Balances
 

24.906

27.767

 

Other Current Assets
 

8.426

7.974

 

Loans & Advances
 

52.762

30.086

Total Current Assets
 

239.000

119.968

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

41.539

13.766

 

Provisions
 

6.191

5.583

Total Current Liabilities
 

47.730

19.349

Net Current Assets
 

191.270

100.619

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

197.132

109.033

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

320.968

235.937

Other Income

 

1.920

0.927

Total Income

 

322.888

236.864

 

 

 

 

Profit/(Loss) Before Tax

 

12.015

7.487

Provision for Taxation

 

3.766

2.458

Profit/(Loss) After Tax

 

8.229

5.029

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

298.313

185.643

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

291.155

219.075

 

Depreciation & Amortization

 

0.159

0.170

 

Interest

 

13.888

7.127

 

Administrative and Selling Expenses

 

5.672

3.005

Total Expenditure

 

310.873

229.377

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2008

31.03.2007

PAT / Total Income

(%)
 

2.55

2.12

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

3.74

3.17

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

5.01

6.19

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.37

0.30

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

6.53

4.15

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

5.01

6.20

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NIL

 

 

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.48.79

UK Pound

1

Rs.75.41

Euro

1

Rs.61.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions