MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MILAGRO CERAMICA PRIVATE LIMITED |
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Registered
Office : |
CTS No 1285, A/D Old Bulb Facto, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.07.2006 |
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Com. Reg. No.: |
163272 |
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CIN No.: [Company Identification
No.] |
U51432MH2006PTC163272 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM30228C |
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PAN No.: [Permanent Account No.] |
AAECM7330E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and
Suppliers of Ceramic Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 98352 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Profit and Loss Account 2010 is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Lalit Jain |
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Designation : |
Director |
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Date : |
07.04.2011 |
LOCATIONS
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Registered Office : |
CTS No 1285, A/D Old Bulb Facto, |
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Tel. No.: |
91-22-25790686/87/88 |
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Fax No.: |
91-22-25790684 |
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E-Mail : |
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Website: |
/DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Suresh Kumar Nanalal Jain |
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Designation : |
Director |
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Address : |
G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli West, Mumbai –
400083, Maharashtra, India |
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Date of Birth/Age : |
21.06.1963 |
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Date of Appointment : |
24.07.2006 |
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Name : |
Mr. Tansukhkumar Nanalal Jain |
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Designation : |
Director |
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Address : |
G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli West, Mumbai –
400083, Maharashtra, India |
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Date of Birth/Age : |
15.04.1966 |
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Date of Appointment : |
24.07.2006 |
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Name : |
Mr. Lalitkumar Nanalal Jain |
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Designation : |
Director |
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Address : |
G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli West, Mumbai –
400083, Maharashtra, India |
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Date of Birth/Age : |
16.10.1970 |
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Date of Appointment : |
21.02.2007 |
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Name : |
Mr. Happy Kumar Nanalal Surya |
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Designation : |
Director |
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Address : |
C-7, |
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Date of Birth/Age : |
12.11.1979 |
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Date of Appointment : |
21.02.2007 |
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Name : |
Ms. Priya Happy Kumar Surya |
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Designation : |
Director |
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Address : |
C-7, Pooja Villa, |
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Date of Birth/Age : |
02.02.1980 |
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Date of Appointment : |
10.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anita Jain |
|
10 |
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Happykumar Surya |
|
100 |
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Hulasben Jain |
|
10 |
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Kisanlal Surya |
|
100 |
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Kurum Surya |
|
50 |
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Lalit Jain |
|
10 |
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Nanalal Jain |
|
10 |
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Nirmala Jain |
|
10 |
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Pooja Nitin Kothari |
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50 |
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Priya Surya |
|
50 |
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Rishob Jain |
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10 |
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Riya Sachin Surya |
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50 |
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Sudha Jain |
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10 |
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Sujata Jain |
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10 |
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Sureshkumar Jain |
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320 |
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Tansukhkumar Jain |
|
200 |
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Total |
|
1000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and
Suppliers of Ceramic Products. |
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
The Saraswat Co-Operative Bank Limited, Small And Medium Enterprise Branch, Prabhat Bhavan, Block B,96 LBS Marg, Vikhroli (W),, Mumbai - 400083, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.H. Jain and Company Chartered Accountant |
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Address : |
103, Kothari Niwas, Sanetorium Lane, Ghatkopar(W), Mumbai – 400086,
Maharashtra, India |
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Tel. No.: |
91-22-25125416 |
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Fax No.: |
91-22-23449097 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/-
each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.488 |
15.256 |
5.131 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.588 |
15.356 |
5.231 |
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LOAN FUNDS |
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1] Secured Loans |
1.662 |
0.470 |
0.942 |
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2] Unsecured Loans |
38.265 |
38.411 |
28.695 |
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TOTAL BORROWING |
39.927 |
38.881 |
29.637 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.515 |
54.237 |
34.868 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.171 |
1.567 |
1.371 |
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Capital work-in-progress |
0.000 |
0.000 |
0.00 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.047 |
0.053 |
0.029 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.285
|
53.627 |
36.458 |
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Sundry Debtors |
23.208
|
21.683 |
11.880 |
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Cash & Bank Balances |
3.284
|
0.894 |
2.753 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.619
|
7.828 |
2.770 |
|
Total
Current Assets |
117.396
|
84.032 |
53.861 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Sundry Creditors |
23.360
|
14.846 |
15.174 |
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Other Current Liabilities |
23.699
|
7.942 |
2.676 |
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Provisions |
11.103
|
8.698 |
2.619 |
|
Total
Current Liabilities |
58.162
|
31.486 |
20.469 |
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Net Current Assets |
59.238
|
52.546 |
33.392 |
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MISCELLANEOUS EXPENSES |
0.038 |
0.045 |
0.051 |
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TOTAL |
64.515 |
54.237 |
34.868 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
165.655 |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
|
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
22.775 |
11.383 |
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Less |
FINANCIAL
EXPENSES (D) |
|
6.066 |
3.629 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
16.709 |
7.754 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.395 |
0.381 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
16.314 |
7.373 |
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Less |
TAX (I) |
|
6.038 |
2.511 |
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PROFIT AFTER TAX
(G-I) (J) |
|
10.276 |
4.862 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
5.131 |
0.396 |
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Fright Benefit Tax |
|
0.150 |
0.104 |
|
|
|
Income Tax |
|
0.000 |
0.021 |
|
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|
Profession Tax |
|
0.000 |
0.002 |
|
|
BALANCE CARRIED
TO THE B/S |
|
15.256 |
5.131 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
6.20 |
NA |
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
NA
|
19.06
|
13.35 |
|
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|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
1.06 |
1.41 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
4.58 |
9.58 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.67 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Trade Creditors |
17.191 |
12.738 |
13.249 |
|
Creditors for Expenses |
6.169 |
2.108 |
1.925 |
Form 8:
|
Corporate
identity number of the company |
U51432MH2006PTC163272 |
|
Name of the
company |
MILAGRO CERAMICA PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
CTS NO.1285 A/D,
Old Bulb Factrory, Nehru Nagar, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
|
Nature of
instrument creating charge |
Deed of
Hypothecation For Enhancement of D/A L/C Limit (Supplementary Deed) |
|
Date of
instrument Creating the charge |
25/11/2010 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Per Bank Norms Terms of
Repayment As Per Sanction
Terms Margin 10% in term
deposit Extent and
Operation of the charge Hypothecation Of
Goods Imported Under Letter Of Credit and Documents Of Title To Goods Under Letter
Of Credit and Documents Of Title To Goods Under Letter Of Credit. |
|
Short particulars
of the property charged |
Hypothecation of
First Charge All The Stock, Book Debts, Outstadings, Monies, Receivable,
Claims And Bills Which Are Now Due And Owing or Which May At Any Time
Hereafter During The Continuance of This Security Become Due And Owing To The
Borrowers In The Course of Business By Any Person, Firm, Company or By The
Government or Any or Public Body Or Authority. |
|
Date of
instrument modifying the charge |
23/02/2010 |
|
Particulars of
the present modification |
The Original
Charge Was Created On 10.3.2008 For Rs.15.000 Millions. 1stly Modified On
23.2.2010 For Rs.20.000 Millions. Now By The Present Modfn. Dt. 25.11.2010 The
D/A L/C Limit Has Been Increased By Rs.10.000 Millions Making Total To
Rs.30.000 Millions |
Fixed Assets:
- Air Conditioner
- Computer
- Furniture and Fixtures
- Laptop
- Office Equipment
- Plant and Machinery
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
6 |
|
--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 |
NO |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.