MIRA
INFORM REPORT
|
Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MITHILA MALLEABLES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
G T Road Village, Harbanspura, Sirhind – 140406, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
19.11.1992 |
|
|
|
|
Com. Reg. No.: |
012743 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27100PB1992PTC012743 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PTLM11659E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Suppliers of Steel Castings and Components, Metal
Rolls, Forging Quality Ingots, Pre-forged Ingots etc. |
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 400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-establishing and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The Company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office/ Factory/ Godown : |
G T Road Village, Harbanspura, Sirhind – 140406, Punjab, India |
|
Tel. No.: |
91-1763-227093, 228498, 229927 |
|
Mobile No.: |
91-9815811147 |
|
Fax No.: |
91-1763-228989 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10 Acres |
|
Location : |
Owned |
|
|
|
|
Associate Office
:- |
Plot No.1, CSIDC Growth Centre, Phase Ii, Siltara, Raipur (C.G) |
|
|
|
|
Group Office : |
2/4, East Patel Nagar, Pusa Road, New Delhi – 110 008, India. |
DIRECTORS
|
Name : |
Mr. Avtar Singh |
|
Designation : |
Vice President |
|
Mobile No.: |
91-9815654733 |
|
|
|
|
Name : |
Mr. Hardev Singh |
|
Designation : |
Managing Director |
|
Mobile No.: |
91-9815811147 |
|
Date of Birth/Age : |
28 years |
|
Qualification : |
Graduate with special Training in Export Management |
|
|
|
|
Name : |
Mr. Satpal Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
40 years |
|
Qualification : |
Under Graduate |
|
|
|
|
Name : |
Mr. Lakbir Singh |
|
Designation : |
Additional Director |
|
Date of Birth : |
29.09.1982 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
12.05.2008 |
|
|
|
|
Name : |
Mr. Charan Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
45 years |
|
Qualification : |
Under Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
S.K.Sharma and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
#123 Sector 40-A, Chandigarh, India. |
|
Tel. No.: |
91-172-3292727 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Satpal Singh |
|
36100 |
|
Mr. Charan Singh |
|
53940 |
|
Mr. Hardev Singh |
|
19610 |
|
Mr. Vinod Kumar |
|
2500 |
|
Mr. Ravinder Kumar |
|
1000 |
|
Mr. Ashok kumar |
|
4250 |
LIST OF ALLOTTEE AS ON 31.03.2006
|
Names of Allottee |
No. of Shares |
|
Lancer Enterprises Private Limited |
30000 |
|
N.P. Woolen Mills |
20000 |
|
Charu Finvest Limited |
40000 |
|
S.G.Global Exports Limited |
50000 |
|
S.G.Capital Services Limited |
55000 |
|
Total |
195000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
84.20 |
|
Other top fifty shareholders |
|
15.80 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of Steel Castings and Components, Metal
Rolls, Forging Quality Ingots, Pre-forged Ingots etc. |
|
|
|
|
Products : |
·
Alloyed Cast Steel-weighing upto 65 M.T. per piece ·
Cast Steel for Weld Fabrications ·
High Strength Annealed Cast Steel ·
Cast Steel for case and surface hardening ·
Cast Steel for low temperature service ·
Wear Resistant Cast Steel
·
Corrosion Resistant Cast Steel: Martensitic-Ferritic,
Duplex-Ferritic-austenitic, Austenitic -Ferritic, Full Austenitic ·
Doubled Poured Alloy Indefinite Chill Rolls ·
Alloy steel Base Rolls ·
Indefinite Chill Alloy Cast Iron rolls ·
Centrifugally Cast Double Poured Rolls ·
Spheroidal Graphite (Nodular) Cast Iron Rolls ·
Rolls for Non Metallurgical Industries-Paper, Rubber
& Floor Mill Rollers ·
Forging Ingots in Steel, Alloy Steel, Stainless
Steel, Die Steel Forged Blocks |
|
|
|
|
Exports : |
|
|
Countries : |
Sweden, China, Indonesia, UK, USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash |
|
|
|
|
Purchasing : |
Cash |
PRODUCTION STATUS
|
Products |
|
|
|
Monthly
Actual Production |
|
Steel Castings and Components |
|
|
|
600 MT which
will increase to 1000 MT |
GENERAL
INFORMATION
|
Customers : |
·
The Tate Iron and Steel Company Limited (Jamshedpur) ·
Tata Refractories Limited
·
Morgan Construction Company (India) Private Limited
(Mumbai) ·
Fag Bearing India Limited (Vadodara) ·
BACL ·
H.M.Steels Limited ·
Hindustan Petrolium Corporation Limited, Kandal
|
||||||||||||||
|
|
|
||||||||||||||
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
250 |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
v HDFC Bank Motiakhan,
Mandigovindgarh Branch, Punjab, India v Oriental Bank of
Commerce
Motiakhan, Mandigovindgarh Branch, Punjab - 147301, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
Secured Loans as
on 31.03.2007
Unsecured Loans
as on 31.03.2007
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ashwini Pradeep and Company Chartered Accountants |
|
Address : |
Near Sunshine Hotel, Mandigovindgarh, Punjab, India |
|
Mobile No.: |
91-9815159787 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
183850 |
Equity Shares |
Rs. 100/- each |
Rs. 18.385 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
18.385 |
18.385 |
16.435 |
|
|
2] Share Application Money |
2.365 |
2.365 |
2.365 |
|
|
3] Reserves & Surplus |
47.924 |
26.264 |
7.153 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
68.674 |
47.014 |
25.953 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.224 |
0.672 |
4.217 |
|
|
2] Unsecured Loans |
39.875 |
22.470 |
23.485 |
|
|
TOTAL BORROWING |
40.099 |
23.142 |
27.702 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.773 |
70.156 |
53.655 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.879 |
21.636 |
15.274 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.251 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
98.194
|
54.769 |
0.000 |
|
|
Sundry Debtors |
87.072
|
53.984 |
0.000 |
|
|
Cash & Bank Balances |
12.014
|
12.402 |
124.801 |
|
|
Other Current Assets |
5.239
|
2.991 |
0.000 |
|
|
Loans & Advances |
26.070
|
32.101 |
0.000 |
|
Total
Current Assets |
228.589
|
156.247 |
124.801 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
167.947
|
107.727 |
86.420 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
167.947
|
107.727 |
86.420 |
|
|
Net Current Assets |
60.644
|
48.520 |
38.381 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.773 |
70.156 |
53.655 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
363.311 |
326.875 |
365.543 |
|
|
Other Income |
2.246 |
0.687 |
0.253 |
|
|
Total Income |
365.557 |
327.562 |
365.796 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
24.937 |
13.874 |
8.389 |
|
|
Provision for Taxation |
3.180 |
2.563 |
2.050 |
|
|
Profit/(Loss) After Tax |
21.757 |
11.311 |
6.339 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchase of Shares |
0.000 |
0.000 |
7.750 |
|
|
Cost of Raw Material |
194.433 |
171.353 |
204.545 |
|
|
Increase/Decrease in Stock |
10.053 |
9.184 |
8.063 |
|
|
Cost of Sale of Scrap (Trading) |
9.294 |
3.016 |
10.538 |
|
|
Manufacturing Expenses |
89.928 |
100.999 |
100.261 |
|
|
Financing Expenses |
3.809 |
3.277 |
3.415 |
|
|
Administrative and other Expenses |
28.881 |
25.011 |
18.693 |
|
|
Excise Duty in respect of Stock |
1.379 |
(1.263) |
1.060 |
|
|
Education Cess in respect of Stock |
0.027 |
(0.025) |
0.040 |
|
|
Depreciation |
2.816 |
2.136 |
3.037 |
|
|
Preliminary Expenses Written off |
0.000 |
0.000 |
0.005 |
|
Total Expenditure |
340.620 |
313.688 |
357.407 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.95
|
4.23 |
2.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.86
|
4.24 |
2.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.01
|
7.80 |
5.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.30 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.02
|
2.78 |
4.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.45 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90180293 |
|
Corporate
identity number of the company |
U27100PB1992PTC012743 |
|
Name of the
company |
MITHILA
MALLEABLES PRIVASTE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
G T Road Village, Harbanspura, Sirhind – 140406, Punjab, India |
|
Type of charge |
|
|
Particular of
charge holder |
Oriental Bank of Commerce Motiakhan, Mandigovindgarh Branch, Punjab - 147301, India |
|
Nature of
description of the instrument creating or modifying the charge |
Aggrement for
cash credit Rs. 3.500 millions for cc (hypothecation of stock Rs. 2.650 millions
and book debts Rs. 0.850 millions further modified by agreement dated :-
21.02.2007 for cc Rs. 3.500 millions, BPLC Rs. 15.000 millions, ILC/LC Rs.
11.500 millions and bank guarantee Rs. 20.000 millions aggregate amounting to
Rs. 50.000 millions. |
|
Date of
instrument Creating the charge |
21.02.2007 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC (HYP. And book
debts) @10% per annum (PLR – 1.50%) Bills purchased/
Usance bills purchased backed by letter of credit (BPLC) 2 10% Per annum (PLR
– 1.50%) with monthly rests. Terms of Repayment CC on demand Margin CC – 25% FLC/ILC (D.A) –
20% in shape of FDR/CDR Bank guarantee (financial
) – 20% in the shape of FDR/CDR Extent and operation of the charge 100% |
|
Short particulars
of the property charged |
Secured By HYP Of
Stock Of Raw Material, Wip, Finished Goods And Receivables And Equitable
Mortgage Of Factory Land And Building MSG 11K-9M, 5K-15M And 7 Bighas – 14
Biswas Situated At G.T. Road, Village Harbanspura, And Equitable Mortgage Of
Resi. Cum Comm. Plot Msg 1 Bigha -2 Biswa Situated At Bank Of India Road
Mandi Gobindgarh, Hyp Of Entire Block Of Fixed Assets Of The Company Both
Existing And Future, Personal Guarantee Of Inhereties, In Share Of Sh Late
Balwant Kaur In The Captioned Property And Directors. |
|
Particulars of
the present modification |
No change in cc
limit BPLC, ILC/FLC has been increased to Rs.11.500 millions, bank guarantee
increased from Rs.9.200 millions to Rs.20.000 millions rate of INTT. For cc
HYP. And book debts 10% per annum (PLR -1.50%) Margin 25% other terms and
conditions remaining the same. |
FIXED ASSETS
Ø
Land
Ø
Spectro Metre
Ø
Plant And Machinery
Ø
Misc. Fixed Assets
Ø
Furniture And Fixtures
Ø
Computer Equipment
Ø
Vehicle
Ø
Car
Ø
Box And Dies
Ø
Electric Fitting
Ø
Plant And Machinery Under Installation
Ø
Air Conditioner
Ø
Truck
Ø
Mobile Set
Ø
Factory Shed And Building Installation.
Website details attached:
Established in the
year 1882, they proudly introduce theirselves as one of the leading
manufacturer and supplier of Steel Castings and
components, Metal Rolls, Forging quality Ingots, Pre-Forged Ingots in India. They give top priority to customer
satisfaction, and follow highest technical and ethical standards in developing
their products. They constantly invest in the upgradation of their technology
to stay ahead of competitors in the industry. With a vision of nurturing long
term business relationships, they strictly follow ethical business practices
and ensure that trading with them is a pleasurable experience for their
customer. Their products have created a mark in the international market
through their high durability, efficiency, ease-of-operation, and high quality
that ensures smooth operations over a long period of time. Their proactive and
stringent management principles maintain their product quality at highest
standards. Their sourcing expertise and quality control system is the mainstay
of their continued growth in their markets.
Products
They guarantee quality and high performance of their products and offer
excellent services. They offer a wide and comprehensive range of impeccable
quality products at the most affordable rates.
Infrastructure
Their sophisticated and sound infrastructure coupled with cutting edge
technology has been the backbone of the company. They are supported by talented
and dedicated engineers and technicians who manufacture world-class products
for diverse usage across varied industries. Further, they also have a
state-of-the-art manufacturing plant complacent with the modern and hi-tech
machineries which yield excellent results at low maintenance cost. They have
sophisticated R&D lab for continuous innovation and adaptation. As a
leading manufacturer of Steel Castings and components, Metal Rolls, Forging
Quality Ingots, Pre-Forged Ingots they have access to the most reputed
distributors and suppliers. In addition, they have adequate warehousing facilities
along with an extensive network of distributors spread across the globe for
on-time delivery.
Quality
Quality of their products and services is success mantra for us. All their
quality control procedures are in accordance with the national as well as
international quality standards. Their dedicated staffs make continuous efforts
for improvement of technology and equipments to provide the best quality
products at the most affordable prices. Their team of quality experts monitors
each and every manufacturing stage from the procurement of the raw material to
the delivery of the finished products.
Patron
Their uncompromising endeavor towards quality and perfection has helped them to
win the trust, confidence and assurance of the customers resulting in worldwide
customer base.
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. 49.85 |
|
UK Pound |
1 |
Rs. 76.60 |
|
Euro |
1 |
Rs. 64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|