MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEHTA TUBES PRIVATE LIMITED |
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Registered Office : |
Char Rasta Nana Pondha, Taluka Dharampur, District Valsad -396 406,
Nana Pondha, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.06.1988 |
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Com. Reg. No.: |
04-10794 |
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CIN No.: [Company
Identification No.] |
U27109GJ1988PTC10794 |
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PAN No.: [Permanent
Account No.] |
AACCM9377R |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Redrawn Copper and Copper Alloys pipes and Rods. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 500000 |
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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 : |
Mr. Devendra, Accountants, Mr. Mukesh Mehra, Director and others contacted
several times. Finally, Mr. Nishit Mehta, Director confirmed the details. Subject is a well – established company having satisfactory track.
Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nishit Morakhia |
|
Designation : |
Director |
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Date : |
04.10.2008 |
LOCATIONS
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Registered Office / Factory: |
Char Rasta Nana Pondha, Taluka Dharampur, District Valsad -396 406,
Nana Pondha, Gujarat, India |
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Tel No.: |
91-2633-250112 |
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E-Mail : |
jaincd@rediffmail.com |
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Website : |
www.mehtatubes.com |
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Corporate Office : |
38, 2nd Pathan Street, 5th Kumbharwada, Mumbai –
400 004, Maharashtra, India |
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Tel. No.: |
91-22-66375001 |
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Fax No.: |
91-22-23802950 |
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E-Mail : |
nishit@mehta-group.com mukesh@mehta-group.com mehtatubes@vsnl.com |
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Websites: |
www.mehtatubes.com |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mangilal Mehta |
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Designation : |
Director |
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Address : |
107-B, Shripal Nagar, Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
14.07.1950 |
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Date of Appointment : |
03.06.1988 |
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Name : |
Mr. Rikhabchand Mehta |
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Designation : |
Director |
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Address : |
107-B, Shripal Nagar, Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
12.05.1964 |
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Date of Appointment : |
03.06.1988 |
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Name : |
Mr. Mukesh Mehta |
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Designation : |
Director |
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Name : |
Mr. Sanjay Shah |
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Designation : |
Director |
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Name : |
Mr. Nishit Morakhia |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Devendra |
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Designation : |
Accountants |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mangilal Mehta |
|
13585 |
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Mr. Rikhab Mehta |
|
17480 |
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Mr. Mukesh Mehta |
|
22000 |
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Mr. Ganpat Mehta |
|
7536 |
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Mr. Mangilal Mehta HUF |
|
1000 |
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Mr. Rikhab Mehta HUF |
|
400 |
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Mr. Mahesh M Mehta |
|
626 |
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Mr. Kusumiben Mehta |
|
756 |
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Mr. Jayaben Mehta |
|
1350 |
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Mrs. Urmila R Mehta |
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2750 |
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Mr. Vachhraj B Mehta, HUF |
|
1180 |
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Mr. Piyush S Vyas |
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1960 |
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Mr. Vijay B Morakhia |
|
600 |
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Mr. Ramniklal N Shah |
|
918 |
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Mr. Dilip S Shah |
|
1668 |
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Mr. Shailesh K Shah |
|
1200 |
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Mr. Jayesh B Morakhia |
|
18800 |
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Mr. Vimlaben R Shah |
|
1950 |
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Mr. Sanjay R Shah |
|
11150 |
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Mrs. Anita G Mehta |
|
925 |
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Mrs. Neeru M Mehta |
|
445 |
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Mrs. Kavita M Mehta |
|
475 |
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Mrs. Kamlaben R Shah |
|
420 |
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Total
|
109174 |
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Names of Allottee [s] (As on 01.11.2005) |
|
No. of Shares |
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Mr. Mukesh M Mehta |
|
777 |
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Mr. Ganpat Mehta |
|
2174 |
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Mr. Mahesh M Mehta |
|
90 |
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Mrs. Kusumiben Mehta |
|
456 |
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Mr. Piyush Vyas |
|
720 |
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Mr. Vijay Morakhia |
|
600 |
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Mr. Ramniklal N Shah |
|
918 |
|
Mr. Dilip S Shah |
|
1668 |
|
Mr. Shailesh Shah |
|
1200 |
|
Mr. Jayesh Morakhia |
|
6487 |
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Mrs. Vimlaben Shah |
|
1950 |
|
Mrs. Kamlaben Shah |
|
420 |
|
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Total |
17460 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 31.03.2007) |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Redrawn Copper and Copper Alloys pipes and Rods. |
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Products : |
· Copper · Brass · Cupro Nickel · Copper Alloy · Copper and Copper Alloy Fin Tubes · Copper Earthing System · Lightning Protection System · Zonal Lighting Protection System · Copper Cable Terminal and Accessories · Stainless Steel Products |
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Exports : |
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Products : |
Copper and Copper Alloy |
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Countries : |
UK |
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Imports : |
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Products : |
Raw Material |
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Countries : |
South America |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
160 (10 in Office and 150 in Factory) |
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Bankers : |
· Citi Bank NA, Bandra Kurla Complex, G Block, Bandra (East), Mumbai – 400 051, Maharashtra, India · Citi Bank NA, Fort, Mumbai, Maharashtra, India · ICICI Bank, Churchgate, Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehta Lodhia @ Company Chartered Accountants |
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Address : |
105 Sakar -1, First Floor, Opposite Gandhigram Railway Station, Ashram
Road, Ahmedabad – 380 009, Gujarat, India |
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Tel. No.: |
91-79-26586683 |
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Mobile No.: |
91-79-26586684 |
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Associates/Subsidiaries : |
Mehta Gems, 85/87, 2nd Pathan Street Activity: Manufacturer and Suppliers of Stainless Steel Products. |
CAPITAL STRUCTURE
(As on
29.09.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
109174 |
Equity Shares |
Rs. 100/- each |
Rs.10.917
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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1] Share Capital |
8.586 |
7.662 |
1.755 |
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2] Share Application Money |
37.745 |
4.945 |
4.495 |
|
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3] Reserves & Surplus |
53.522 |
30.675 |
27.767 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
99.853 |
43.282 |
34.017 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
31.754 |
14.304 |
0.106 |
|
|
2] Unsecured Loans |
68.054 |
14.030 |
15.810 |
|
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TOTAL BORROWING |
99.808 |
28.334 |
15.916 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
199.661 |
71.616 |
49.933 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.650 |
17.202 |
14.839 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT |
0.139 |
0.139 |
0.139 |
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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 |
56.948
|
41.170 |
20.578 |
|
|
Sundry Debtors |
136.323
|
38.891 |
27.448 |
|
|
Cash & Bank Balances |
6.758
|
1.117 |
2.414 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
33.210
|
14.517 |
12.295 |
|
Total
Current Assets |
233.239
|
95.695 |
62.735 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
49.265
|
40.645 |
27.470 |
|
|
Provisions |
7.102
|
0.775 |
0.310 |
|
Total
Current Liabilities |
56.367
|
41.420 |
27.780 |
|
|
Net Current Assets |
176.872
|
54.275 |
34.955 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
199.661 |
71.616 |
49.933 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
518.055 |
117.842 |
108.833 |
|
|
Other Income |
22.385 |
13.314 |
12.629 |
|
|
Total Income |
540.440 |
131.156 |
121.462 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
19.928 |
2.014 |
1.010 |
|
|
Provision for Taxation |
7.245 |
0.908 |
0.310 |
|
|
Profit/(Loss) After Tax |
12.683 |
1.106 |
0.700 |
|
|
|
|
|
|
|
|
Export Value |
NA |
48.819 |
NA |
|
|
|
|
|
|
|
|
Import Value |
10.001 |
3.973 |
NA |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
[14.584] |
[22.341] |
[5.304] |
|
|
Financial Charges |
3.975 |
1.335 |
1.117 |
|
|
Depreciation & Amortization |
1.662 |
1.396 |
1.206 |
|
|
Other Expenditure |
529.459 |
148.752 |
123.433 |
|
Total Expenditure |
520.512 |
129.142 |
120.452 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.35
|
0.84 |
0.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.85
|
1.71 |
0.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.78
|
1.78 |
1.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.61 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.14
|
2.31 |
2.26 |
local AGENCY FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
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|
|
Excise Registration No.:
AAAHR5495 QXM 001 |
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VAT / TIN : 24250600005
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IEC Code :
0393057577 |
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PAN / TAN : AACCM9377R |
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Bank Name : Citi Bank |
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Bank Address : Fort Branch |
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Bank A/c. No.: 0351458127 |
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Account Since : 8 years |
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In case of any affiliations / memberships / certifications
: |
|
Name : ISo –
QACiR9110406 |
|
Type : 9001 – 2000 |
|
Expiry Date : 12th November 2008 |
TRADE References:-
· Nishant Copper, Nariman Point
· Jugal Tubes, Khetwadi
FORM 8:-
|
Corporate
identity number of the company |
U27109GJ1988PTC10794 |
|
Name of the
company |
MEHTA TUBES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Char Rasta Nana Pondha, Taluka Dharampur, District Valsad -396 406,
Nana Pondha, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
· Immovable Property · Movable Property · Floating Charge |
|
Particular of
charge holder |
Citi Bank, NA,
Global Corporate Banking, 1st Floor, Plot No. C -61, Block – G, BKC,
Bandra (East), Mumbai – 400 051, Maharashtra, India E-Mail:
vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Term Loan
Agreement |
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Date of
instrument Creating the charge |
10.07.2007 |
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Amount secured by
the charge |
Rs. 15.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Rate of interest
@ 12.00% p.a Additional
interest payable by way of liquidated damages @ 4%p.a Terms of Repayment : Term loan Repayable
in 3 years Margin : As may be
stipulated by bank from time to time. Extent and Operation of the charge : Creation of a
first charge by way of an equitable / English mortgage in favour of the bank
over the premises / property described in Column below and also creation of
first charge on plant and machinery. |
|
Short Particulars
of the property charged |
· All that piece and parcel of land, building and immovable assets, (including plant and machinery) both present and future located at 298/1, Village Nanapandha , Taluka Dharampur, District Valsad · The whole of movable fixed assets, including plant and machinery , both present and future located ay 298/1, Village nanapanda, Taluka Dharampur, District Valsad |
WEBSITE Details:-
Subject is a leading manufacturer of superior copper and copper alloy
tube, copper bar, copper pipe, copper rod and copper strip. Their products can
be applied to an array of applications like Electrical Systems, Heat Exchangers
and Condensers and Automobiles.
Subject started operations in 1988 with the manufacturing of copper and brass
tubes and has now progressed to add numerous other products to their vast range
of Copper products like copper bar, copper pipe and copper rod. Since the early
days of their inception, they have gathered incisive industry knowledge and
market awareness .Company now posses the technical know-how and infrastructure
to produce a vast range of copper products. In more than a decade of their
existence, Subject have also built up a lasting relationship with its clients
consisting of reputed corporate's all over the globe.
Their dedication to exceed the expectations of their customers fuels them to
innovate their processes and products to produce excellent products. They
continuously bring improvements and think of new ways to make their products
better.
Products
Subject specialize in a wide range of Copper and Copper Alloy products which
include-
Electrical Accessories - Almost all electrical systems make use of
copper in one form or the other whether it is wires or specific parts as copper
is a good conductor of electricity. They manufacture Electrical accessories
made out of copper that are durable and provide better functionality.
Heat Exchangers and Condensers - Copper is widely used in Heat exchangers and
condensers because it is more compact and durable than any other material for
heat exchangers and condensers. Copper can also be recycled to be used again.
They manufacture copper radiators that use the advantage of copper to improve
its performance.
Automobile Parts - Copper finds
different and varied uses in automobiles, from brake fluid tubes to electric
motors .Copper is extensively used in the new electrically powered steering and
brakes. The use of copper in automobiles is due to its current carrying
capacity, thermal properties, corrosion resistance and, of course, cost. 
Infrastructure
Establishing and maintaining a constant growth rate over the years, their
ever-increasing infrastructure now consists of a state of the art production
facility in Gujarat. Their production facility is well equipped with the latest
machineries for making products in large quantities.
One of their most valuable assets is the group of skilled engineers and workers
who work in their production plant, They are the backbone of their institution
and provide the most needed skills to enable them to produce superior products.
They also take pride in their Rand D team who constantly strive to bring the
latest technologies to use in their products.
Quality
As they believe in raising their benchmarks of quality, they maintain stringent
quality standards in their processes of manufacturing their products. They
ensure that the products go through rigorous quality checks at every stage of
production right from the sourcing of raw materials to the final testing. They
ensure that the product is of excellent quality. Remaining true to their
beliefs, they strive for continuous improvements in the way they work and
deliver products to their customers with whom they wish to maintain a lasting
business partnership.
Clients
Their uncompromising quest to satisfy their customers led to a consistent
increase in their business. They have now built a lasting business partnership
with customers all over the world including countries like-
· USA
· UK
· Germany
· France
· Netherlands
· Malaysia
· Singapore
· UAE
· Africa
· Iran
· Israel
· Iraq
Philosophy
Their methodology of working is structured around their belief that to make
innovative and superior products, they have to continually bring improvements
to the way they work and deliver their products. Their manufacturing processes
are regularly updated to bring the latest technologies to use. This enables
them to effectively deploy their resources and manpower to boost production and
improve cost efficiency.
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.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|