MIRA
INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHARASHTRA METAL WORKS PRIVATE LIMITED |
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Registered Office : |
D/19, Ansa Industrial Estate, Ground Floor, Saki-Vihar Road, Andheri
(E), Mumbai – 400 072, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.07.1996 |
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Com. Reg. No.: |
11-101451 |
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Paid-up Capital : |
Rs.0.494 million |
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CIN No.: [Company
Identification No.] |
U28900MH1996PTC101451 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tin Containers and Plastic Packaging Products |
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No. of Employees
: |
32 (Approximately) [In Office – 7 + 25 – In Factory] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 36000 |
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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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Nijarali |
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Designation : |
Director |
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Contact No.: |
91-9820051015 |
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Date : |
01.08.2011 |
LOCATIONS
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Registered Office : |
D/19, Ansa Industrial Estate, Ground Floor, Saki-Vihar Road, Andheri
(E), Mumbai – 400 072, Maharashtra, |
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Tel. No.: |
91-22-28471190 / 91 / 92 |
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Mobile No. : |
91-9820051015 (Mr. Nissar) |
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Fax No.: |
91-22-28474240 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Off. Pramod Wollen and Silk Industrial Private Limited, Survey No.16,
Next to Kamani Oil Mill, Chandivali, Mumbai- 400 072, Maharashtra, India |
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Tel. No.: |
91–22–28471190 / 91 / 92 / 93 / 56978495 / 6 / 7 / 8 |
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Fax No.: |
91–28474240 / 28470113 |
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Area : |
20000 sq.fts |
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Location : |
Owned |
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Factory : |
HN No 38/3-4, 39/2-3, Temp 3, |
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Area : |
40000 sq.ft |
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Location : |
Owned |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Nijarali B Vasaya |
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Designation : |
Director |
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Address : |
1002, |
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Date of Birth/Age : |
06.05.1960 |
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Date of Appointment : |
02.01.1997 |
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DIN No. : |
01495936 |
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Name : |
Mr. Sokatali B. Vasaya |
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Designation : |
Director |
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Address : |
B/4, Magnum Opus, 7 Bunglows, Andheri (West), Mumbai – 400 061, |
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Date of Birth/Age : |
15.07.1962 |
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Date of Appointment : |
02.01.1997 |
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DIN No. : |
02055795 |
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Name : |
Mr. Nissar Vasaya |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Name : |
Mr. Sokat Vasaya |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Nijarali B Vasaya |
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4210 |
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Sokatali B. Vasaya |
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100 |
As on 29.09.2010
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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 |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tin Containers and Plastic Packaging Products |
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Products : |
·
HDPE
Bottles ·
Plastic
Packaging Products ·
Plastic
Products ·
Candle
Tin ·
Tin
Container ·
Pesticide
Tin Container ·
Food
Cans ·
Food
Tin Cans ·
Oil
And Paint Tin Cans ·
Metal
Posters ·
Metal
Product |
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Exports : |
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Products : |
·
Tin Containers ·
Plastic Packaging Products |
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Countries : |
·
·
·
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Imports : |
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Products : |
·
Raw Material |
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Countries : |
·
·
·
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
32 (Approximately) [In Office – 7 + 25 – In Factory] |
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Bankers : |
·
Development Credit Bank Limited
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Bank of ·
ICICI Bank Limited ·
HDFC Bank Limited |
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Facilities : |
CC: Rs. 6.000 Millions (approximately) [Bank of India]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Parag K Shah and Company Chartered Accountants |
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Address : |
169, Malad Shopping Centre, |
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Tel. No.: |
91– 22-28887842 (O) / 8737753 (R) |
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Associates/Subsidiaries : |
Line of Business: Manufacturer of Plastic
Bottles |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4940 |
Equity Shares |
Rs.100/- each |
Rs.0.494 million |
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 |
0.494 |
0.494 |
0.494 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.524 |
6.489 |
4.752 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.018 |
6.983 |
5.246 |
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LOAN FUNDS |
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1] Secured Loans |
7.854 |
2.187 |
7.473 |
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2] Unsecured Loans |
28.726 |
41.841 |
2.627 |
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TOTAL BORROWING |
36.580 |
44.028 |
10.100 |
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DEFERRED TAX LIABILITIES |
0.368 |
0.396 |
0.495 |
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TOTAL |
45.966 |
51.407 |
15.841 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.279 |
15.808 |
13.221 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.064 |
1.064 |
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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 |
12.892
|
8.815 |
12.149 |
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Sundry Debtors |
41.559
|
35.018 |
14.854 |
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Cash & Bank Balances |
0.019
|
10.377 |
0.071 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.097
|
0.903 |
2.264 |
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Deposits |
1.032
|
0.942 |
0.997 |
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Total
Current Assets |
60.599
|
56.055 |
30.335 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
33.234
|
19.964 |
28.378 |
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Other Current Liabilities |
0.485
|
0.396 |
0.179 |
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Provisions |
0.193
|
0.160 |
0.222 |
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Total
Current Liabilities |
33.912
|
20.520 |
28.779 |
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Net Current Assets |
26.687
|
35.535 |
1.556 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.966 |
51.407 |
15.841 |
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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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Turnover (Gross Receipt) |
266.287 |
NA |
154.023 |
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Other Income |
NA |
NA |
0.104 |
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TOTAL |
NA |
NA |
154.127 |
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Less |
EXPENSES |
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Office Expenses |
264.011 |
NA |
152.475 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
264.011 |
NA |
152.475 |
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PROFIT BEFORE
TAX |
3.056 |
NA |
1.652 |
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Less |
TAX |
0.963 |
NA |
1.003 |
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PROFIT AFTER TAX
|
2.093 |
NA |
0.649 |
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Earnings Per
Share (Rs.) |
424.00 |
-- |
131.38 |
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Particulars |
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|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
400.000 |
The above information has been parted by Mr. Nijarali Vasaya
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.42
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Net Profit Margin (PBT/Sales) |
(%) |
1.15
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NA |
1.07
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.83
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NA |
3.79
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
NA |
0.31
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Debt Equity Ratio (Total Liability/Networth) |
|
7.82
|
9.24 |
7.41
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Current Ratio (Current Asset/Current Liability) |
|
1.79
|
2.73 |
1.05
|
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors
|
|
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Creditors for goods |
32.626 |
19.847 |
28.205 |
|
Creditor for expenses |
0.608 |
0.117 |
0.173 |
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Total |
33.234 |
19.964 |
28.378 |
BUSINESS ACTIVITY
The Company in its operations has achieved turnover of Rs.266.287 millions
for the year ended 31.03.2010. The profit before tax for the year is Rs.3.056
millions. In order to conserve the resources; company has thought it prudent of
not declaring any dividends and plough back entire profits in the business.
Form No. 8
|
Corporate
identity number of the company |
U28900MH1996PTC101451 |
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Name of the
company |
MAHARASHTRA METAL WORKS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
D/19, Ansa Industrial Estate, Ground Floor, |
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This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Development Credit Bank Limited 301, Trade Plaza, 414, Veer Savarkar Marg, Prabhadevi, Branch, 8, Raja
Bahadur Mansion, Fort, Mumbai – 400 001, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation of
tangible moveable machinery and plant dated 18.04.2007 |
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Date of
instrument Creating the charge |
18.04.2007 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest BPLR – 3.50% Min. 13% p.a. ·
Terms
of repayment On Demand / Annual Review ·
Margin 30% ·
Extent
and operation of the charge The charge is operative and secured by moveable property |
|
Particulars of
the property charged |
Hypothecation in favour
of the bank all the tangible moveable machinery and plant (both present and
future) whether installed or not and whether lying loose or in cases at site
or in transit or which may at may any time during the continuance this
security be installed for lying loose or in cases or being in or upon or
about the borrower’s premises at D-19 Ansa Industrial Estate, Saki Vihar
Road, Andheri (E) Mumbai. |
FIXED ASSETS
·
Air Conditioner
·
Computer
·
Electric Fittings
·
Fax Machine
·
Furniture
·
Khopoli Construction
·
Mobile Phone
·
Motor Car
·
Motor Cycle
·
Office Equipment
·
Pager
·
Plant and Machinery
·
Tools, Dies and Jigs
·
Gas Pipe Line
·
CCTV Systems
·
Television
·
Staff Quarters
·
Residential Flat
·
Truck
Trade References:
·
Transport Corporation of India Limited
·
Gnarda Chemicals
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.44.05 |
|
|
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.