MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHESHWARI CARBURISING ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
At and Post Gothada, Taluka Savli, Vadodara-391770, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.07.1990 |
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Com. Reg. No.: |
04-014029 |
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CIN No.: [Company Identification
No.] |
U28999GJ1990PTC014029 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider for heat treatment like Gas Carbarising, Gas Carbonitridings,
Hardening, Annealing and Normalizing. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 7000 |
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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 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
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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 PARTED BY
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Name : |
Mr. Mukundbhai |
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Designation : |
Director |
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Date : |
16.04.2011 |
LOCATIONS
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Registered Office : |
At and Post Gothada, Taluka Savli, Vadodara-391770, Gujarat, India |
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Tel. No.: |
91-2667-222133 |
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Mobile No.: |
91-9925098989 (Mr. Mukundbhai Patel) |
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Fax No.: |
91-2667-222133 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Mukundbhai Patel |
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Designation : |
Director |
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Address : |
2B, Sheetal Kunj Society, Manjalpure, Vadodara-390010, Gujarat, India |
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Date of Appointment : |
22.01.1998 |
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DIN No : |
01728722 |
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Name : |
Mr. Nrupal M Patel |
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Designation : |
Director |
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Address : |
2B, Sheetal Kunj Society, Manjalpure, Vadodara-390010, Gujarat, India |
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Date of Appointment : |
01.04.2005 |
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DIN No : |
01722511 |
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Name : |
Mrs. Bhaviniben M Patel |
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Designation : |
Director |
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Address : |
2B, Sheetal Kunj Society, Manjalpure, Vadodara-390010, Gujarat, India |
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Date of Appointment : |
22.01.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mukundbhai Patel |
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5510 |
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Bhaviniben M Patel |
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4010 |
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Nrupal M Patel |
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2970 |
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Purviren Nrupai Patel |
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2510 |
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Total |
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15000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Service provider for heat treatment like Gas Carbarising, Gas
Carbonitridings, Hardening, Annealing and Normalizing. |
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Terms : |
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Selling : |
Cash, Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash, Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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No. of Employees : |
20 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CA Gaurav Trivedi Chartered Accountant |
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Address : |
610, Siddtharth Complex, R. C. Dutt Road, Vadodara-390007, Gujarat,
India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 million |
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As On : 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 millions |
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FINANCIAL DATA
[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 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.900 |
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3] Reserves & Surplus |
0.991 |
0.991 |
0.991 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.991 |
1.991 |
1.991 |
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LOAN FUNDS |
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1] Secured Loans |
4.991 |
5.940 |
1.303 |
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2] Unsecured Loans |
0.903 |
1.422 |
0.810 |
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TOTAL BORROWING |
5.894 |
7.362 |
2.113 |
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DEFERRED TAX LIABILITIES |
0.265 |
0.328 |
0.041 |
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PROFIT AND LOSS ACCOUNT |
4.712 |
3.319 |
2.065 |
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TOTAL |
12.862 |
13.000 |
6.210 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.255 |
8.337 |
2.517 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.036 |
0.036 |
0.036 |
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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 |
1.039
|
1.101 |
0.428 |
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Sundry Debtors |
4.544
|
2.757 |
2.807 |
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Cash & Bank Balances |
0.177
|
0.279 |
0.876 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.349
|
2.329 |
1.419 |
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Total
Current Assets |
8.109
|
6.466 |
5.530 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.745
|
0.345 |
0.152 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.793
|
1.494 |
1.721 |
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Total
Current Liabilities |
2.538
|
1.839 |
1.873 |
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Net Current Assets |
5.571
|
4.627 |
3.657 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.862 |
13.000 |
6.210 |
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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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SALES |
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Income |
12.491 |
13.795 |
12.063 |
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Other Income |
0.063 |
0.034 |
0.030 |
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TOTAL (A) |
12.554 |
13.829 |
12.093 |
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Less |
EXPENSES |
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Manufacturing Expenses |
4.518 |
5.602 |
5.153 |
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Employees Remuneration |
3.198 |
3.468 |
2.363 |
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Administrative Expenses |
0.754 |
0.889 |
0.866 |
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TOTAL (B) |
8.470 |
9.959 |
8.382 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.084 |
3.870 |
3.711 |
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Less |
FINANCIAL
EXPENSES (D) |
0.907 |
0.735 |
0.271 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.177 |
3.135 |
3.440 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.162 |
1.241 |
0.537 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.015 |
1.894 |
2.903 |
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Less |
TAX (H) |
0.621 |
0.639 |
0.928 |
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PROFIT AFTER TAX
(G-H) (I) |
1.394 |
1.255 |
1.975 |
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Earnings Per
Share (Rs.) |
20.14 |
18.93 |
725.51 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.10
|
9.08 |
16.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.13
|
13.73 |
24.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.11
|
12.79 |
36.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.01
|
0.95 |
1.46 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.37
|
4.79 |
2.02 |
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Current Ratio (Current Asset/Current Liability) |
|
3.19
|
3.52 |
7.40 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from Bhanu Nivas, Vakil Society, Near Vithal
Kanya Vidyalaya, Kheda, Gujarat, India to the present address w.e.f.
10.04.2007.
TURNOVER
The turnover of the company during the year was Rs. 12.554 millions as
against 13.829 millions in previous year.
FORM 8
|
Corporate
identity number of the company |
U28999GJ1990PTC014029 |
|
Name of the
company |
MAHESHWARI
CARBURISING ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
At and Post Gothada, Taluka Savli, Vadodara-391770, Gujarat, India |
|
This form is for |
Creation of charge |
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Type of charge |
Immovable property Movable property (not being pledge) Others |
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Particular of
charge holder |
Syndicate Bank, Alkapuri Branch, Vadodara-390007, Gujarat, India |
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Nature of
instrument creating charge |
01]
Memorandum of completed transaction of equitable mortgage dated 20th October
2008 by deposit of title deeds. 02]
Composite hypothecation agreement dtd 15th October 2008 for O.D facilities of
Rs . 1.160 millions. 03] Composite hypothecation agreement for term
loan of Rs 4.675 millions. |
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Date of
instrument Creating the charge |
21.10.2008 |
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Amount secured by
the charge |
Rs. 5.835 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 01] Interest
for the credit facilities shall be 14.25% p. a. being 0.25% over and above
the Syndicate bank's prime lending rate i .e PLR. Terms of
repayment 01]
The term loan of Rs 4.675 millions shall be aimed to meet the cost of
machinery to be purchased. 02]
The overdraft facilities of Rs 1.160 millions shall be renewable annually. Margin 01]
Margin on overdraft facilities will be Extent and
operation of the charge 01]
For the credit facilities of overdraft for Rs 1.160 millions and term loan of
Rs. 4.675 millions the charge shall be on stock in trade and receivables and
hypo. of all present and future machineries as a primary securities and the
charge shall be extended on the immovable properties under equitable
mortgage. as detailed in memo. of eq .mortgage dtd 20.10.2008 Other The
charge for overdraft facilities of Rs 1.160 millions shall be on stock in
trade and receivables and charge for term loan of Rs 4.675 millions shall be
on existing machineries to be purchased from term loan and the immovable properties
detailed in memorandum of complete transaction of equitable mortgage dtd
20-10-2008 shall have collateral charge for the total facilities of Rs 5.835
millions. |
|
Short particulars
of the property charged (Including location of the property) |
For
overdraft facilities of Rs 1.160 millions- charge will be on stock in trade
and receivables and for term loan of Rs. 4.675 millions hypo. of all present
and future machineries. for the aggregate facilities of Rs 5.835 millions the
collateral charge shall be on immovable properties by equitable mortgage on
non agricultural industrial land adm. 2268 sq. mtrs. bearing survey no 1972/1
of Mauje Gothada, Talaluka Savli, District Vadodara. |
FIXED ASSETS
- Factory Land
- Factory Building
- Machinery
- Air Conditioner
- Electrical Installation
- Vehicles
TRADE REFERENCE:
- Tritih Agro Technology private Limited.
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.44.38 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.92 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
47 |
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.