MIRA
INFORM REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHENDRA DISHED ENDS PRIVATE LIMITED |
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Registered
Office : |
B-13, Road No. 12, Wagle Industrial Estate, Thane-400604, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.03.1992 |
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Com. Reg. No.: |
11-066131 |
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CIN No.: [Company Identification
No.] |
U28420MH1992PTC066131 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEM08314F |
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PAN No.: [Permanent Account No.] |
AABCM1554T |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Steel Processing Equipment. |
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 54000 |
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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 for normal 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. Mahendra |
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Designation : |
Director |
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Contact No.: |
91-9820495112 |
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Date : |
20.04.2011 |
LOCATIONS
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Registered Office/ Factory : |
B-13, Road No. 12, Wagle Industrial Estate, Thane-400604, |
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Tel. No.: |
91-22-25826360/25827186/25832306/25963556 |
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Mobile No.: |
91-9820495112 (Mr. Mahendra) |
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Fax No.: |
91-22-25824104 |
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Email: |
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Area : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Ram Lalji Vishwakarma |
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Designation : |
Director |
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Address : |
A-703, |
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Date of Birth/Age : |
13.04.1948 |
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Date of Appointment : |
27.03.1992 |
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Qualification: |
Dip in Engineer |
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Pan No.: |
AAIPV6026B |
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Name : |
Mr. Mahendra Lalji Vishwakarma |
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Designation : |
Director |
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Address : |
A-703, |
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Date of Birth/Age : |
15.08.1977 |
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Date of Appointment : |
01.04.1999 |
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Qualification: |
B. Tech |
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Pan No.: |
ABOPV3432E |
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Name : |
Mr. Yogendra Lalji Vishwakarma |
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Designation : |
Director |
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Address : |
A-703, |
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Date of Birth/Age : |
04.04.1980 |
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Date of Appointment : |
01.04.1999 |
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Qualification: |
Dip in Mechanic |
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Pan No.: |
ADLPV2755P |
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Name : |
Mrs. Shyamadevi Lalji Vishwakarma |
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Designation : |
Director |
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Address : |
A-703, |
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Date of Birth/Age : |
15.07.1957 |
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Date of Appointment : |
01.01.2002 |
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Qualification: |
SSC |
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Pan No.: |
AAIPV6027A |
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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Kedar Ram Lalji |
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14046 |
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Mahendra Lalji Vishwakarma |
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3960 |
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Yogendra Lalji Vishwakarma |
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6954 |
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Shyamadevi Lalji Vishwakarma |
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10040 |
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Total |
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35000 |
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 : |
Manufacturer and Exporter of Steel Processing Equipment. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (Against Performa Invoice)
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GENERAL INFORMATION
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Customers : |
Others
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No. of Employees : |
55 (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 : |
Mr. Rakesh R Rathi Chartered Accountant |
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Address : |
4-A, Miniland, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500
Millions |
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 |
3.500 |
0.305 |
0.305 |
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2] Share Application Money |
0.000 |
0.586 |
0.586 |
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3] Reserves & Surplus |
10.119 |
5.813 |
3.576 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.619 |
6.704 |
4.467 |
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LOAN FUNDS |
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1] Secured Loans |
7.476 |
7.160 |
5.235 |
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2] Unsecured Loans |
3.392 |
5.725 |
3.906 |
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TOTAL BORROWING |
10.868 |
12.885 |
9.141 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.167 |
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TOTAL |
24.487 |
19.589 |
13.775 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.388 |
13.682 |
8.606 |
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Capital work-in-progress |
0.000 |
5.954 |
5.751 |
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INVESTMENT |
0.096 |
0.096 |
0.055 |
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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 |
0.134
|
0.246 |
0.141 |
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Sundry Debtors |
13.827
|
10.659 |
5.935 |
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Cash & Bank Balances |
0.195
|
0.218 |
0.556 |
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Other Current Assets |
0.000
|
0.000 |
3.917 |
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Loans & Advances |
6.269
|
3.917 |
0.000 |
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Total
Current Assets |
20.425
|
15.040 |
10.549 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.327
|
9.339 |
7.633 |
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Other Current Liabilities |
3.551
|
3.303 |
0.000 |
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Provisions |
4.544
|
2.541 |
3.553 |
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Total
Current Liabilities |
21.422
|
15.183 |
11.186 |
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Net Current Assets |
(0.997)
|
(0.143) |
(0.637) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.487 |
19.589 |
13.775 |
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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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Labour Charges |
49.576 |
37.648 |
26.540 |
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Bank Interest on FD |
0.128 |
0.055 |
0.021 |
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Interest from MSEDCL |
0.038 |
0.013 |
0.000 |
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Creditors W/off |
0.088 |
0.000 |
0.000 |
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Bank Interest |
0.011 |
0.000 |
0.000 |
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Discount and Rebate |
0.000 |
0.000 |
0.042 |
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Dividend from TJS Bank |
0.016 |
0.015 |
0.008 |
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TOTAL (A) |
49.857 |
37.731 |
26.611 |
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Less |
EXPENSES |
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Payment to and Provision for Employees |
1.450 |
1.359 |
1.034 |
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Manufacturing and Other Expenses |
39.121 |
31.575 |
21.953 |
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TOTAL (B) |
40.571 |
32.934 |
22.987 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.286 |
4.797 |
3.624 |
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Less |
FINANCIAL
EXPENSES (D) |
0.581 |
0.317 |
0.335 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.705 |
4.480 |
3.289 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.396 |
1.138 |
0.942 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.309 |
3.342 |
2.347 |
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Less |
TAX (H) |
2.003 |
1.104 |
0.809 |
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PROFIT AFTER TAX
(G-H) (I) |
4.306 |
2.238 |
1.538 |
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Earnings Per
Share (Rs.) |
123.03 |
733.65 |
504.38 |
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Expected Sales (2010-2011) : Rs.74.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
8.64
|
5.93 |
5.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.72
|
8.88 |
8.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.77
|
11.64 |
12.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
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0.50 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
4.19 |
4.55 |
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Current Ratio (Current Asset/Current Liability) |
|
0.95
|
0.99 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90145468 |
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Corporate
identity number of the company |
U28420MH1992PTC066131 |
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Name of the
company |
MAHENDRA DISHED
ENDS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-13, Road No. 12, Wagle Industrial Estate, Thane-400604, |
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Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
The Thane Janata Sahkari Bank Limited, 10-11 Tip Top Plaza, Wagle
Estate, Thane-400604, Maharashtra, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
goods, plant & machinery & debts |
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Date of
instrument Creating the charge |
17.01.2011 |
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Amount secured by
the charge |
Rs.7.000 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 12.00 % p. a.
(at monthly rest) i. e. 2.00% below PLR. Terms of
Repayment Period - 12
months. I.e. Upto 31.12.2011. Margin 30% Extent and
Operation of the charge Charge is created
for hypothecation of goods, plant and machinery and book debts in favour of
the bank. |
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Short particulars
of the property charged |
I)
Charge
is secured against hypothecation of all stocks of finished goods, stocks of
raw materials and semi finished goods and consumable stores and spares and
also all tangible movable machinery and II)
Plant,
machines spares, machinery stores, spares and accessories and also book
debts, outstanding decrees, monies receivables, claims and bills collectively
referred to as "the securities" in the said III)
Hypothecation
agreement. |
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Particulars of
the present modification |
Charge is
modified on account of enhancement in existing cash credit limit from Rs.
2.000 millions to Rs. 7.000 millions. |
Trade References:
- L and T
Fixed Assets:
- Building
- Machinery
- Electrical
Installation
- Type Writer
- Telephone
Phone
- Fax Machine
- Computer
- Air
Conditioner
- Dies and
Tools
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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.