%20PRIVATE%20LIMITED%20-%20138340%2009-Apr-2011_files/image006.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TYRESOLES ( |
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Registered
Office : |
Flat No. 5, 2nd Floor, The Worli Cliff CHS Limited, 27, Pochkhanawala
Road, Worli, Mumbai – 400025, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.11.1990 |
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Com. Reg. No.: |
11-059023 |
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CIN No.: [Company Identification
No.] |
U25110MH1990PTC059023 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT08989B |
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PAN No.: [Permanent Account No.] |
AAACT2744B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Retreading of tyres. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 97000 |
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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 a well 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. |
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
Management Non Co-Operative [ Name Not Disclosed]
LOCATIONS
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Registered Office : |
Flat No. 5, 2nd Floor, The Worli Cliff CHS Limited, 27,
Pochkhanawala Road, Worli, Mumbai – 400025, Maharashtra, India |
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E-Mail : |
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Website : |
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Administrative Office : |
Devidayal Complex, Kanjur Marg (East), Mumbai – 400042, |
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Tel. No.: |
91-22-25784053 / 25784063 / 25775849 |
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Fax No.: |
91-22-25784059 |
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E-Mail : |
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Factory 1 : |
Industrial Estate, Kakati |
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Tel. No.: |
91-831-2470873 / 2470691 |
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Fax No.: |
91-831-2471982 |
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E-Mail : |
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Factory 2 : |
Block 4/S3, Matches Goa Complex, |
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Tel. No.: |
91-832-2313653 / 2312102 |
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Fax No.: |
91-832-2312102 |
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E-Mail : |
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Factory 3 : |
C-218, T.T.C. Industrial Area, Thane – |
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Tel. No.: |
91-22-27614024 |
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Factory 4 : |
Survey No. 77/1,2,3, C-3, Vishnu Malti Industrial Estate, Shivane,
Pune – 411023, |
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Tel. No.: |
91-20-5292556 |
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E-Mail : |
DIRECTORS
AS ON 27.08.2010
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
07/02/1965 |
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Date of Appointment : |
12/10/1990 |
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Name : |
Mrs. Vasundhara Sanghi |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
19/02/1968 |
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Date of Appointment : |
16/12/1995 |
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Name : |
Mr. Rajesh Shetty |
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Designation : |
Director |
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Address : |
C-51, Abhaya Raashmi, Arror Post, Udpi |
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Date of Birth/Age : |
08/08/1970 |
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Date of Appointment : |
29/03/2007 |
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Name : |
Mr. Lakshminarayan Ramamurti |
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Designation : |
Director |
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Address : |
G/302, Panchajanya CHS, Madhura Bldg 5, Ramchandra, Nagar, Dombivli,
Mumbai- 421201 |
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Date of Birth/Age : |
19/08/1960 |
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Date of Appointment : |
05/08/2009 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2010
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Names of Shareholders |
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No. of Shares |
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Mr. |
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80000 |
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Mrs. Vasundhara Sanghi |
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20000 |
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Mr. Arun S. Sanghi |
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5 |
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Mr. Ranjan S Sanghi |
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5 |
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Mrs. Kaushal K. Sanghi |
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5 |
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Mr. Ranjan S Sanghi |
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5 |
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Total |
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100020 |
AS ON 27.08.2010
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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 : |
Retreading of tyres. |
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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, Rasec Branch, Thane Nagar
Vachanalaya Mandir Building, Tembhi Naka, Thane – 400602, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deepak Nayak and Associates Chartered Accountant |
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Address : |
7-Shiv Parvati Building, Senapati Bapat Marg, |
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Tel. No.: |
91-22-24223896 |
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Fax No.: |
91-22-24311671 |
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E-Mail : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
100020 |
Equity Shares |
Rs.10/- each |
Rs.1.000
Million |
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[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.142 |
13.872 |
10.125 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.142 |
14.872 |
11.125 |
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LOAN FUNDS |
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1] Secured Loans |
7.734 |
8.468 |
7.394 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.032 |
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TOTAL BORROWING |
7.734 |
8.468 |
7.426 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.876 |
23.340 |
18.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.960 |
12.607 |
11.536 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.426 |
0.425 |
0.425 |
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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 |
5.441
|
4.049 |
9.259 |
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Sundry Debtors |
35.060
|
18.515 |
13.195 |
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Cash & Bank Balances |
4.742
|
8.234 |
1.575 |
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Other Current Assets |
0.000
|
0.100 |
0.001 |
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Loans & Advances |
28.902
|
22.309 |
12.563 |
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Total
Current Assets |
74.145
|
53.207 |
36.593 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.385 |
12.088 |
14.513 |
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Other Current Liabilities |
21.816
|
15.776 |
8.180 |
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Provisions |
21.454
|
15.035 |
7.310 |
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Total
Current Liabilities |
61.655
|
42.899 |
30.003 |
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Net Current Assets |
12.490
|
10.308 |
6.590 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.876 |
23.340 |
18.551 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
341.052 |
262.345 |
201.111 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
336.810 |
259.289 |
198.227 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.242 |
3.056 |
2.884 |
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PROFIT BEFORE TAX
|
18.033 |
20.669 |
2.774 |
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Less |
TAX (I) |
6.423 |
7.721 |
1.393 |
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PROFIT AFTER TAX
(G-I) (J) |
11.610 |
12.948 |
1.381 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.36
|
31.40 |
6.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.74
|
1.38 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.87
|
3.45 |
3.36 |
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Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.24 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
Results of
Operations:
The Company's net turnover increased by 30.00% from Rs. 2,62.345 Millions. To Rs. 341.052 millions. The Company has earned net profit before tax of Rs. 18.033 millions. as against net profit of Rs. 20.669 millions. in the previous year. After making provision for depreciation of Rs. 4.242 millions. (previous year Rs. 3.056 millions) and tax of Rs. 6.423 millions (previous year Rs. 7.721 millions), the Net Profit is Rs. 11.610 millions as against of Rs. 12.948 millions in the previous year.
Future Outlook:
The Company's goal is to become a strong market leader in the re treading industry and provide highest level of services to the customer.
Sundry Creditors
Details :
(Rs.
In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Micro |
2.171 |
2.386 |
1.978 |
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Small |
15.378 |
7.551 |
5.970 |
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Medium |
0.672 |
0.000 |
0.000 |
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Others |
0.164 |
2.151 |
6.565 |
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Total |
18.385 |
12.088 |
14.513 |
Note : The Registered office address of the company has been shifted
from Flat No.3, 2nd Floor, The Worli Cliff C.H.S. Limited, 27,
Pochkahanawala Road, Worli, Mumbai – 400025, Maharashtra, India to present
address w.e.f. 15.02.2011
Form : 8
|
Corporate
identity number of the company |
U25110MH1990PTC059023 |
|
Name of the
company |
TYRESOLES ( |
|
Address of the
registered office or of the principal place of business in |
Flat No. 3, 2nd Floor,
The Worli Cliff C. H. S. Ltd 27, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
The Saraswat Co.Op.
Bank Limited, Rasec Br., Thane Nagar Vachanalaya Mandir Bldg., Tembhi Naka,
Thane – 400602, |
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Nature of
instrument creating charge |
Agreement Of
Hypothecation Of Vehicle |
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Date of
instrument Creating the charge |
17/08/2009 |
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Amount secured by
the charge |
Rs. 4.193
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 9.50% P.A. Terms of repayment : 36 Monthly
Instalment Of Rs.0.135 millions Each. Margin : As Per Sanction
Terms Extent and operation of the charge : Not Applicable Other : Not Applicable |
|
Short particulars
of the property charged (Including location of the property) |
|
Fixed Assets :
- Land
- Building
- Plant and
Machinery
- Curing Moulds
- Storage Racks
- Furniture and
Fixtures
- Electrical
Installations
- Office
Equipments
- Vehicles
- Computers
- Air
Conditioners
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.