MIRA
INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
METAL INDIA PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
17/A, Udhyog Bhavan, Sharma Industrial Estate, Walbhat Road, Goregaon (East),
Mumbai-400063, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.08.2008 |
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Com. Reg. No.: |
11-185546 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.940 millions |
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CIN No.: [Company Identification
No.] |
U27109MH2008PTC185546 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM35303C |
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PAN No.: [Permanent Account No.] |
AAFCM6849P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Tin, All types of Metal Containers and Metal Tin
Printing. |
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No. of Employees
: |
36 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 44000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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. Sawant |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-26851281 |
|
Date : |
01.08.2011 |
LOCATIONS
|
Registered Office : |
17/A, Udhyog Bhavan, Sharma Industrial Estate, Walbhat Road, Goregaon
(East), Mumbai-400063, Maharashtra, India |
|
Tel. No.: |
91-22-26851281 |
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Fax No.: |
91-22-66998329 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
7/8/9, Deenna and Sons Industrial Estate, Allali Palghar, Thane,
Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Madanlal Hiralal Gupta |
|
Designation : |
Director |
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Address : |
Flat No.302, Shree Niketan, Saibaba Park, Evershine Nagar, Malad
(West), Mumbai-400064, Maharashtra, India |
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Date of Birth/Age : |
01.01.1960 |
|
Date of Appointment : |
06.08.2008 |
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DIN No : |
01782815 |
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|
|
|
Name : |
Mr. Shyamsunder Shivlal Gupta |
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Designation : |
Director |
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Address : |
329/16, Jawahar Nagar, Goregaon (West), Mumbai-400064, Maharashtra,
India |
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Date of Birth/Age : |
08.07.1963 |
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Date of Appointment : |
06.08.2008 |
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DIN No : |
01782843 |
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|
|
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Name : |
Mr. Krishnakumar Gupta |
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Designation : |
Director |
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Address : |
Shree Niketan, Flat No.18/19, Saibaba Park, Evershine Nagar, Malad
(West), Mumbai-400064, Maharashtra, India |
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Date of Birth/Age : |
01.04.1956 |
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Date of Appointment : |
21.04.2009 |
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DIN No : |
02617467 |
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|
|
|
Name : |
Mr. Jaiprakash Gupta |
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Designation : |
Director |
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Address : |
Shree Niketan, Flat No.18/19, Saibaba Park, Evershine Nagar, Malad (West),
Mumbai-400064, Maharashtra, India |
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Date of Birth/Age : |
04.10.1946 |
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Date of Appointment : |
21.04.2009 |
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DIN No : |
02617472 |
KEY EXECUTIVES
|
Name : |
Mr. Sawant |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Shyamsunder Gupta |
25500 |
|
Jaiprakash Gupta |
21700 |
|
Sapna Gupta |
13700 |
|
Ajay Gupta |
600 |
|
Krishnakumar Gupta |
22500 |
|
Vinaykumar Gupta |
5000 |
|
Madanlal Gupta |
11000 |
|
Kalpana Steelcon Private Limited, India |
94000 |
|
Total |
194000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
48.00 |
|
Directors or relatives of Directors |
52.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tin, All types of Metal Containers and Metal Tin
Printing. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Metal Containers |
Nos. |
NA |
NA |
10713670 |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
36 (Approximately) |
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Bankers : |
·
Bank of Baroda, Goregaon West Branch, Ram Mandir
Road, Goregaon (West), Mumbai-400062, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ramesh A Shah Chartered Accountant |
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Address : |
1st Floor, Purshottam Building, 450, Lamington Road,
Mumbai-400004 Maharashtra, India |
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Tel. No.: |
91-22-23669708 / 23669709 / 23618386 |
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Fax No.: |
91-22-23631810 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Rajasthan Tin Industries ·
Mahawar Packing Industries |
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Sister Concern : |
·
Rajasthan Tin and Corporation Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
194000 |
Equity Shares |
Rs.10/- each |
Rs. 1.940
Millions |
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|
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|
Note: 90000 equity shares were issued at a premium of
Rs. 45 per share and 94000 equity shares were issued at a premium of Rs. 40/-
per share of cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.940 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
9.116 |
4.620 |
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|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
11.056 |
5.620 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
17.133 |
22.357 |
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|
2] Unsecured Loans |
|
8.181 |
7.053 |
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TOTAL BORROWING |
|
25.314 |
29.410 |
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|
DEFERRED TAX LIABILITIES |
|
0.129 |
0.115 |
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|
|
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|
|
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TOTAL |
|
36.499 |
35.145 |
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|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
24.096 |
18.966 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
|
0.092 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.560 |
13.754 |
|
|
Sundry Debtors |
|
13.188 |
10.612 |
|
|
Cash & Bank Balances |
|
0.831 |
0.889 |
|
|
Other Current Assets |
|
0.448 |
0.413 |
|
|
Loans & Advances |
|
5.126 |
10.171 |
|
Total
Current Assets |
|
30.153 |
35.839 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
15.179 |
0.000 |
|
|
Other Current Liabilities |
|
0.000 |
17.578 |
|
|
Provisions |
|
2.711 |
2.111 |
|
Total
Current Liabilities |
|
17.890 |
19.689 |
|
|
Net Current Assets |
|
12.263 |
16.150 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.048 |
0.029 |
|
|
|
|
|
|
|
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TOTAL |
|
36.499 |
35.145 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
126.276 |
80.709 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
126.276 |
80.709 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease) in Finished Goods |
|
(0.288) |
(0.415) |
|
|
|
Cost of Sale |
|
107.874 |
69.422 |
|
|
|
General Sales and Administrative Expenses |
|
5.977 |
3.260 |
|
|
|
Employee Payment |
|
5.631 |
3.113 |
|
|
|
TOTAL (B) |
|
119.194 |
75.380 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
7.082 |
5.329 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
3.202 |
2.884 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
3.880 |
2.445 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.770 |
1.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1.110 |
0.935 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.374 |
0.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
0.736 |
0.570 |
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
3.79 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.58 |
0.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.05 |
1.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.92 |
8.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.68 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
For Goods |
|
9.360 |
0.000 |
|
For Expenses |
|
5.819 |
0.000 |
|
Total |
|
15.179 |
0.000 |
FORM 8
|
Corporate
identity number of the company |
U27109MH2008PTC185546 |
|
Name of the
company |
METAL
INDIA PRODUCTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
17/A, Udhyog Bhavan, Sharma Industrial Estate, Walbhat Road, Goregaon
(East), Mumbai-400063, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bank of Baroda, Goregaon West Branch, Ram Mandir Road, Goregaon
(West), Mumbai-400062, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum
and Articles of Association. Second
Extension of Mortgage By Deposit of Title Deeds dated 9th May, 2008. [Both
the instruments create a single charge]. |
|
Date of
instrument Creating the charge |
06.08.2008 |
|
Amount secured by
the charge |
Rs. 39.200 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest
to be charged as per sanction/review of the account from time to time. Extent and
operation of the charge The
charge is created, subject to section127 of the Companies Act,1956, to secure
the various credit facilities viz. CC- Rs.7.500 millions and TL -Rs.4.200
millions, sanctioned to M/s. Rajasthan Tin Industries and CC-Rs.12.000
millions, TL I - Rs.2.800 millions, TL II - Rs.4.700 millions, TL III
-Rs.6.000 millions and LC -Rs.2.000 millions, sanctioned to M/s. Metal India
Products, a partnership firm, which was converted into Private Limited
Company under Part IX of the Companies Act, 1956. |
|
Description of
the property charged indicating whether it is a charged on |
Memorandum
and Articles of Association of the Company. Second
Extension of Mortgage By Deposit of Title Deeds dated 9th May, 2008. [Both
the instruments create a single charge]. |
|
Date of
acquisition of property |
06.08.2008 |
|
Amount of the charge |
Rs.39.200
millions |
|
Particular of the
property charged |
Immoveable
properties viz. Land and Building Plot No.7 and 8, S.No.35, Village Allyali
Kacheri Road, Palghar, District Thane. Land and Building situated at
Pallerllamudi Village, Nuzvid Mandal, Kanumolu Sub District, Krishna District
Andhra Pradesh. Together with all buildings and structures thereon both
present and future. |
|
Short particulars
of the property charged (Including location of the property) |
Immoveable
properties viz. Land and Building Plot No.7 and 8, S.No.35, Village Allyali
Kacheri Road, Palghar, District Thane. Land and Building situated at
Pallerllamudi Village, Nuzvid Mandal, Kanumolu Sub District, Krishna District
Andhra Pradesh. Together with all buildings and structures thereon both
present and future. |
TRADE REFERENCE:
·
Asian Paints
FIXED ASSETS:
·
Truck
·
Electric Fittings
·
Factory Premises
·
Mobile
·
Fire Extinguishers
·
Air Conditioner
·
Fans
·
Land
·
Refrigerator
·
Computer
·
Furniture
·
Plant and Machinery
·
Scooter
·
Typewriter
·
Borewell
·
Motor Cars
·
Television
·
Camera
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.04 |
|
|
1 |
Rs. 72.40 |
|
Euro |
1 |
Rs. 63.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.