MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
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Company Name : |
MIDAS SAFETY PRIVATE LIMITED
(w.e.f 05.06.2009) |
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Formerly Known As : |
FORNTIER SAFETY PRODUCTS PRIVATE
LIMITED |
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Registered Office : |
G22, Bengal Jute Mill Complex, 493B, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.05.2006 |
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Com. Reg. No.: |
21 – 109323 |
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Capital
Investment / Paid-up Capital : |
Rs.136.538 Millions |
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CIN No.: [Company
Identification No.] |
U74999WB2006PTC109323 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesaler Trade in Industrial Safety
Products. Manufacturing of Industrial Safety Mask |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 relation are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
LOCATIONS
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Registered Office : |
G22, Bengal Jute Mill Complex, 493B, |
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Tel. No.: |
91-33-26370287 / 0479 |
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Fax No.: |
91-33-26400852 |
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E-Mail : |
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Website : |
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Headquarters : |
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Tel. No.: |
416-447-9040 |
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Fax No.: |
416-447-8694 |
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E-Mail: |
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Website : |
DIRECTORS
As on 24.09.2010
|
Name : |
Mrs. Meenaz Kassam |
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Designation : |
Director |
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Address : |
PB No.16969, Jebel Ali, |
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Date of Birth/Age : |
17.10.1949 |
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Date of Appointment : |
11.05.2006 |
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Din No.: |
00084396 |
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Name : |
Mr. Sujo Kizhukarakkat John |
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Designation : |
Director |
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Address : |
31/22, |
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Date of Birth/Age : |
02.05.1970 |
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Date of Appointment : |
21.08.2007 |
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Din No.: |
01746902 |
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Name : |
Mr. Sunny |
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Designation : |
Director |
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Address : |
Kulangarayil House, Sanathanam Ward, Allepply – 688 001, Kerala |
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Date of Birth/Age : |
05.05.1961 |
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Date of Appointment : |
11.05.2006 |
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DIN No.: |
00053987 |
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Name : |
Mr. Anirudh Singh |
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Designation : |
Director |
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Address : |
67, |
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Date of Birth/Age : |
24.03.1968 |
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Din No : |
00282832 |
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Name : |
Mr. Mohamed Kassam |
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Designation : |
Director |
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Address : |
PB 16969 Jubel Ali, |
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Date of Birth/Age : |
08.08.1945 |
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Qualification : |
11.05.2006 |
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Date of Appointment : |
01451003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON (24.09.2010)
|
Names of Shareholders |
No. of Shares |
|
Mrs. Mennaz Kassam |
13892959 |
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Mr. Sunny |
99 |
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Mr. Sujo Kizhukarakkat John |
1 |
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Total |
13893059 |
List of Allottes
As on 25.10.2010
|
Names of Shareholders |
No. of Shares |
|
Mennaz Kassam |
71925 |
|
Total |
71925 |
List of Allottes
As on 15.05.2011
|
Names of Shareholders |
No. of Shares |
|
Mennaz Kassam |
162750 |
|
Total |
162750 |
Equity Share Break up (Percentage of Total Equity)
AS ON (24.09.2010)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Wholesaler Trade in Industrial Safety Products. Manufacturing of
Industrial Safety Mask |
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Products : |
·
Boots ·
Goggles ·
Helmets ·
Industrial Garments ·
Industrial Hand Gloves ·
Masks |
GENERAL INFORMATION
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Bankers : |
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Rs in Millions |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Agarwal Pawan and Company |
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Chartered Accountant |
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Address : |
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Phone: |
91-33-30227509 |
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Pan No.: |
ADHPA6124B |
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E-Mail : |
CAPITAL STRUCTURE
AS ON
(31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs. 10/- Each |
Rs.140.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13653829 |
Equity Shares |
Rs. 10/- Each |
Rs.136.538 Millions |
As on: 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs. 10/- each |
Rs.140.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13893059 |
Equity Shares |
Rs. 10/-
each |
Rs.138.931millions
|
AFTER
(24.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- Each |
Rs.150.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14127734 |
Equity Shares |
Rs. 10/- Each |
Rs.141.277 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 |
136.538 |
130.365 |
42.220 |
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2] Share Application Money |
27.481 |
4.844 |
37.494 |
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3] Reserves & Surplus |
29.016 |
0.124 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1.135) |
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NETWORTH |
193.035 |
135.333 |
78.579 |
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LOAN FUNDS |
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1] Secured Loans |
19.528 |
0.169 |
0.337 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
19.528 |
0.169 |
0.337 |
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DEFERRED TAX LIABILITIES |
0.134 |
0.000 |
0.000 |
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TOTAL |
212.697 |
135.502 |
78.916 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.888 |
18.326 |
14.150 |
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Capital work-in-progress |
27.048 |
0.000 |
0.000 |
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INVESTMENT |
0.075 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.005 |
0.147 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
113.506
|
101.830
|
62.651
|
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Sundry Debtors |
67.246
|
50.535
|
20.430
|
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Cash & Bank Balances |
14.595
|
11.055
|
2.469
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
10.562
|
7.303
|
10.294
|
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Total
Current Assets |
205.909
|
170.723 |
95.844 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
35.618
|
49.072
|
28.945
|
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Other Current Liabilities |
3.706
|
3.331
|
2.063
|
|
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Provisions |
1.899
|
1.149
|
0.217
|
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Total
Current Liabilities |
41.223
|
53.552 |
31.225 |
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Net Current Assets |
164.686
|
117.171 |
64.619 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
212.697 |
135.502 |
78.916 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
224.502 |
56.263 |
18.275 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
215.897 |
53.362 |
19.337 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.605 |
2.901 |
(1.062) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.840 |
1.965 |
0.995 |
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PROFIT BEFORE
TAX |
5.765 |
0.936 |
(2.057) |
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Less |
TAX |
2.038 |
(0.015) |
(0.030) |
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PROFIT AFTER TAX
|
3.727 |
0.951 |
(2.087) |
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Earnings Per
Share (Rs.) |
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Basic |
0.28 |
0.14 |
- |
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Diluted |
0.28 |
0.14 |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.66
|
1.69 |
(11.42) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.54
|
0.49 |
(1.87) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.01 |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.40 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
|
4.99
|
3.19 |
3.07 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
During the year, the company’s total turnover (including miscellaneous
Income) was Rs 209.489 Millions (Previous Year 136.198 Millions) and the
company has earned net profit (PBT) of Rs. 5.765 Millions (Previous Year Rs
2.583 millions) before taxation. The Board of in its endeavor to sustain this
growth rate by continuous expansions, have already planned apex for the next
year and Construction of Warehouse at Company’s own Land with Hi tech Furniture
and Fixtures has already started at its Chennai Location.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10167950 |
|
Corporate
identity number of the company |
U74999WB2006PTC109323 |
|
Name of the
company |
MIDAS SAFETY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
G22, Bengal Jute Mill Complex, 493B, |
|
Type of charge |
Book Debts Immovable
Property Movable Property Floating Charge |
|
Particular of
charge holder |
The South Indian Bank Limited, Nungambakkam Branch, No.1, Sterling
Road, Chennai – 600034, Tamil Nadu, India |
|
Nature of description
of the instrument creating or modifying the charge |
Supplement Deed
of Hypothecation Supplement
Memorandum of Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
07.07.2011 |
|
Amount secured by
the charge |
Rs 165.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CCOL: BR +4.40%
p.a with monthly rest. BR as on 07.07.2011 being 10% Terms of
Repayment CCOL: Repayable on
demand. Working capital limits to be renewed within 12 months FSL: As per
existing terms and condition Margin CCOL: 25% for
Stock 40% for Debtors not older than 90
days FSl: As per
existing terms and conditions Extent and
Operation of the charge Others CCOL: 400.00 1400.00 FSI: 250.00 250.00 Letter
Credit: 25.00 -- TOTAL 675.00 1650.00 |
|
Short particulars
of the property charged |
i) Hypothecation
by way First Charge on all types of safety equipment such as caps, belts,
gloves, etc stored in the company godown and stock in transit and shipment. ii) Hypothecation
by way First Charge on all actionable claims, other movable properties
including book debts, government bills and other assets of the Company, both
present and future. iii) Em of all
that piece and parcel of land namely lease hold rights in Plot No. B – 45 in
SIPCOT’s Industrial Park at Irungattukottai comprised is S No. 162 Part,
measuring 1.00 acres |
|
Date of latest
modification prior to the present modification |
25.09.2010 |
change of address :
The Registered office of the company has been
shifted from “40/3,
FIXED ASSETS:
- Land
- Furniture – Fixed
- Air Conditioner
- Camera
- Computer
- Electrical Equipment
- Intangible Assets
- Furniture and Fixtures
- Furniture W.I.P
- Motor Car
- Motor Cycle
- Machinery
- Honda Generator
- Office Equipment
- Safe
- Telephone
- Weighing Scale
website detail:-
Company Profile
Subject is associated with the multinational Company. Midas Safety Inc. having manufacturing
facilities spread over many regions of the Globe. subject markets Personal Protective equipments all over
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
|
|
1 |
Rs.73.51 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
|
27 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.