MIRA
INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
META THERM FURNACE PRIVATE LIMITED |
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Registered Office : |
Damodar Bhawan, 26 - B, Bhaskar Lane, Bhuleshwar, Mumbai – 400 002,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 (Summarised) |
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Date of Incorporation : |
22.03.1985 |
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Com. Reg. No.: |
035715 |
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CIN No.: [Company
Identification No.] |
U29140MH1985PTC035715 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM30008G |
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PAN No.: [Permanent
Account No.] |
AAACM3219J |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of Ovens etc. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a two years old company having moderate track. The
company’s financials are missing with the Government departments. The
management parted general details but declined to part with financials. We
could manage some figures of 2005 which are included in the report. Trade
relations are fair. Payments are reported as slow at times. The company can be considered for small to mediocre business dealings
with caution initially. |
INFORMATION PARTED
BY
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Name : |
Mr. C.H. Khandelwal |
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Designation : |
Director |
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Contact No.: |
Mobile no. 91-9869135567 |
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Date : |
15.10.2008 |
LOCATIONS
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Registered Office : |
Damodar Bhawan, 26 - B, Bhaskar Lane, Bhuleshwar, Mumbai – 400 002,
Maharashtra, India. |
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Website : |
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Head Office : |
106, B – 5, Greenland Apartments, J B Nagar, Andheri (East), Mumbai – 400
059, Maharashtra, India. |
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Tel. No.: |
91-22-28368643 / 32639630 |
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Fax No.: |
91-22-28301063 |
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Mobile No. : |
91-9869135567 / 9322688672 |
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E-Mail : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Factory : |
W – 91, MIDC, Rabale, Thane Belapur, Navi Mumbai – 400 701, Maharashtra,
India. |
DIRECTORS
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Name : |
Mr. C.H. Khandelwal |
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Designation : |
Director |
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Address : |
14, Parijat, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra,
India. |
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Date of Birth/Age : |
15.07.1943 |
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Qualification : |
B.E. – Mechanical |
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Date of Appointment : |
22.03.1985 |
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Name : |
Ms. Kiran C. Khandelwal |
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Designation : |
Director |
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Date of Birth/Age : |
27 Years |
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Qualification : |
B.E. - Electronic |
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Name : |
Mr. Devesh Bhagwandas Khandelwal |
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Designation : |
Director |
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Address : |
26 – Shyam Kunj, J B Nagar, Andheri (East), Mumbai – 400 059,
Maharashtra, India. |
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Date of Birth/Age : |
01.09.1964 |
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Date of Appointment : |
27.07.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Chhaganlal H. Khandelwal |
22500 |
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Mr. Devesh Bhagwandas Khandelwal |
7500 |
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Mr. S K Gupta |
5000 |
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Mr. Rajesh Bhagwandas Khandelwal |
5000 |
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Total |
40000 |
As on 28.09.2005
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ovens etc. |
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Products : |
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Exports : |
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Countries : |
Middle East, Africa |
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Imports : |
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Countries : |
Middle East, Africa |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
22 (In office – 7, In factory – 15) |
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Bankers : |
Central Bank of India, Andheri |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S.S. Khandelwal and Company Chartered Accountants |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As on 28.09.2005
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- Each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.10/- Each |
Rs.0.400 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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15.000 |
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Expected Sales (2008-09): Rs.20.000 Millions
SUMMARISED RESULTS
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PARTICULARS |
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31.12.2005 |
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Share Capital |
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0.400 |
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Reserves & Surplus |
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1.008 |
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Secured Loans |
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0.690 |
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Unsecured Loans |
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0.088 |
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Fixed Assets [Net Block] |
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0.751 |
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Investment |
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0.203 |
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Net Current Assets |
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1.283 |
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Sales Turnover |
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4.760 |
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Profit/(Loss) Before Tax |
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0.079 |
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Provision for Taxation |
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0.041 |
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Profit/(Loss) After Tax |
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0.038 |
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Total Expenditure |
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3.948 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
META THERM FURNACE PRIVATE LIMITED |
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Presented By |
Mr. C.H. Khandelwal, Director |
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1) Date and description of instrument creating the change |
Agreement of hypothecation
to Demand Cash Credit against goods dated 05.08.1987. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.250 millions
Cash Credit facility. |
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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 |
All tangible
movable property such as products, stock in dated and goods, book debts of
the borrowers which now or hereafter from time to time during this security
shall brought in stored or be in or about the premises, warehouse or godowns
of the borrowers in W – 91, MIDC, TTC Industrial Area, Thane or anywhere else
and including any such goods in course transit or delivery. Stocks of raw
material viz. steel refractories, Ni/ Cr heating wire/ strip and electric
switchgear etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Bank
rules. Margin 25% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India J B Nagar Branch, Andheri (East), Mumbai – 400 059, Maharashtra,
India. |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed
of hypothecation dated 26.12.2005 entered between the company and Central Bank of
India, J B Nagar Branch. |
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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. |
Original charge was
created on 05.08.1987 for Rs.0.250 Million. 1st
modification dated 23.09.1996 enhancing the charge from Rs.0.250 Million to
Rs.0.500 Million. 2nd
modification dated 12.04.1999 enhancing Rs.0.500 Million to Rs.1.000 Million
by an additional sum of Rs.0.500 Million. Cash credit and
Bank guarantee limit of Rs.Rs.1.000 Million has been enhanced to Rs.1.500
Millions as under:
The whole of the
current assets as well as movable block assets of the borrower namely, stocks
of raw materials, stocks in process, semi finished goods, stores and spares
about of the Borrower’s factories, premises and godowns situated at W – 91,
MIDC, TTC Industrial Area, Thane – 400 701 in the state of Maharashtra and office
at 106,
B – 5, Greenland Apartments, J B Nagar, Andheri (East), Mumbai – 400 059 and
more specifically given in the schedule of the agreement Margin – 25% Interest – As per RBI instructions from time to time. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.86 |
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UK Pound |
1 |
Rs.84.22 |
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Euro |
1 |
Rs.65.51 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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