MIRA
INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MARS ASSOCIATES PRIVATE LIMITED |
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Registered
Office : |
M-82, Greater
Kailash Part – 2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.05.1983 |
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Com. Reg. No.: |
55-15786 |
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Capital
Investment / Paid-up Capital : |
Rs.2.403
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1983PTC015786 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM08966G RTKM01624A |
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PAN No.: [Permanent Account No.] |
AAACM4203E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers and
Exporters of Die Pressure Casters and CNG Machinery, Non Ferrous Pressure
Casting. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1000000 |
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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. General
financial position of the company is good. 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 |
LOCATIONS
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Registered Office : |
M-82, Greater
Kailash Part – 2, |
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91-11-26812214 |
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Fax No.: |
91-11-26810511 |
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E-Mail : |
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Website : |
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Factory 1 : |
D-166, Okhla
Industrial Area, Phase I, |
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91-11-26812214/
26815011/ 26816848 |
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Fax No.: |
91-11-26810511 |
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Factory 2 : |
382 Udyog Vihar, Phase
IV, Gurgaon, |
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91-124-22342508/
22342509/ 22347509 |
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E-Mail : |
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Factory 3 : |
Plot No. 23,
Sector – III, IMT Manesar, |
DIRECTORS
(AS ON 23.09.2010)
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Name : |
Mrs. Lakshmi
Narain Goel |
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Designation : |
Chairman |
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Address : |
M-82, Greater Kailash – II, |
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Date of Birth/Age : |
12.01.1939 |
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Date of Appointment : |
24.05.1983 |
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Name : |
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Designation : |
Director |
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Address : |
M-82, Greater Kailash – II, |
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Date of Birth/Age : |
01.02.1946 |
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Date of Appointment : |
24.05.1983 |
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Name : |
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Designation : |
Director |
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Address : |
M-82, Greater Kailash – II, |
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Date of Birth/Age : |
05.07.1963 |
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Date of Appointment : |
24.05.1983 |
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Name : |
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Designation : |
Director |
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Address : |
M-82, Greater Kailash – II, |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
11.07.1986 |
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Name : |
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Designation : |
Company Secretary |
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Address : |
C2/51E, Indira Prastha Colony, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2010)
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Names of Shareholders |
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No. of Shares |
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Lakshmi Narain
Goel |
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210100 |
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Parvati Goel |
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10100 |
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Mukesh Goel |
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10100 |
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Rakesh Goel |
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10000 |
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Total |
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240300 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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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 : |
Manufacturers and
Exporters of Die Pressure Casters and CNG Machinery, Non Ferrous Pressure
Casting. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Citi
Bank NA v
Citi
Bank Jeevan Vihar, 3
Sansad Marg, v
Bank
of South Extension
Branch, v
State
Bank of v
ABN
Amro Bank v
ICICI
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chopra and
Associates Chartered
Accountants |
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Address : |
F-39, East of
Kailash, |
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Tel. No.: |
91-11-26434236 |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240300 |
Equity Share |
Rs.10/- each |
Rs.2.403
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.403 |
2.403 |
2.403 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
256.938 |
219.712 |
184.328 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
259.341 |
222.115 |
186.731 |
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LOAN FUNDS |
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1] Secured Loans |
78.046 |
67.115 |
60.037 |
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2] Unsecured Loans |
99.368 |
99.183 |
70.324 |
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TOTAL BORROWING |
177.414 |
166.298 |
130.361 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
436.755 |
388.413 |
317.092 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
340.417 |
312.718 |
277.917 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
62.059 |
62.888 |
42.599 |
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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 |
7.083
|
1.305 |
1.049 |
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Sundry Debtors |
39.985
|
27.272 |
20.809 |
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Cash & Bank Balances |
6.789
|
2.526 |
1.705 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
24.574
|
4.644 |
2.912 |
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Total
Current Assets |
78.431
|
35.747 |
26.475 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
24.554
|
21.719 |
22.549 |
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Other Current Liabilities |
1.933
|
1.221 |
7.350 |
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Provisions |
17.665
|
0.000 |
0.000 |
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Total
Current Liabilities |
44.152
|
22.940 |
29.899 |
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Net Current Assets |
34.279
|
12.807 |
(3.424) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
436.755 |
388.413 |
317.092 |
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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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TOTAL (A) |
NA |
202.783 |
199.795 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
119.015 |
94.373 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
90.907 |
83.768 |
105.422 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.981 |
30.556 |
26.649 |
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PROFIT BEFORE TAX
(E-F) (G) |
54.926 |
53.212 |
78.773 |
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Less |
TAX (H) |
17.665 |
17.865 |
20.543 |
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PROFIT AFTER TAX
(G-H) (I) |
37.261 |
35.347 |
58.230 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
37.261 |
35.347 |
58.230 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.111 |
5.680 |
5.095 |
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TOTAL EARNINGS |
0.111 |
5.680 |
5.095 |
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IMPORTS |
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Capital Goods |
32.226 |
22.116 |
29.419 |
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TOTAL IMPORTS |
32.226 |
22.116 |
29.419 |
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Earnings Per
Share (Rs.) |
155.06 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
17.43 |
29.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.11
|
15.27 |
25.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.24 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
0.85 |
0.86 |
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Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.56 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U74899DL1983PTC015786 |
|
Name of the
company |
MARS ASSOCIATES
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
M-82, Greater
Kailash, Part-2, |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
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Particular of
charge holder |
Citibank N.A |
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Nature of
instrument creating charge |
Deed of
modification for Loan Agreement. |
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Date of
instrument Creating the charge |
29.04.2011 |
|
Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanction
terms and as may be decided by the bank and company mutually from time to
time. Terms of
Repayment: Repayable on
demand, annually renewable. Margin: Borrower shall at
all times during the continuance of the security maintain a sufficient amount
to provide the margin of security as may from time to time advised by the
bank. Extent and
Operations of the charge: First exclusive
charge on immovable property situated at Plot No. 382, Phase - IV, Udyog
Vihar, Gurgaon (Haryana) in favour of Citibank N.A Delhi for the repayment of
all monies in respect of the credit facility, including outstanding balance
and also all interest, costs, charges and expenses. |
|
Particulars of the
property charged |
Plot No. 382,
Phase – IV, Udyog Vihar, Gurgaon (Haryana) |
|
Particulars of
the present modification |
By this
modification the limit is enhanced from Rs.35.000 Millions to Rs.60.000
Millions and the charge is secured by first exclusive charge on immovable
property situated at Plot No. 382, Phase - IV, Udyog Vihar, Gurgaon
(Haryana). |
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.