MIRA
INFORM REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
10, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.03.1994 |
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Com. Reg. No.: |
25-077295 |
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CIN No.: [Company Identification
No.] |
U30006MH1994PTC077295 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Display Systems (Highway Traffic Management Systems, 4
Digit Indicator) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track.There appears
some accumulated losses recorded by the company. However, trade relations are
fair. Business is active. Payments are reported to be slow but correct The company can be considered for business dealings with some
cautions. |
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. Vikas Gandhi |
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Designation : |
Director |
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Contact No.: |
91-9822172970 |
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Date : |
20.04.2011 |
LOCATIONS
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Registered Office : |
10, |
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Tel. No.: |
91-22-26932814 |
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Mobile No.: |
91-9822172970 (Mr. Vikas Gandhi) |
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Fax No.: |
91-22-26932815 |
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E-Mail : |
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Factory 1 : |
66/5/2, Kondhwa Budrak, |
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Tel. No.: |
91-020-26932814/ 15/ 16 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Pankaj Shah |
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Designation : |
Managing Director |
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Address : |
105, Shamsunder Co-Op. Society, 9-10/434, |
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Date of Birth/Age : |
26.03.1956 |
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Date of Appointment : |
24.03.1994 |
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DIN No.: |
00079999 |
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Name : |
Mrs. Jaybala Pankaj Shah |
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Designation : |
Director |
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Address : |
105, Shamsunder Co-Op. Society, 9-10/434, |
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Date of Birth/Age : |
15.03.1958 |
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Date of Appointment : |
24.03.1994 |
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DIN No.: |
00199673 |
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Name : |
Mr. Vikas Gandhi |
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Designation : |
Director |
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Address : |
201, |
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Date of Birth/Age : |
24.01.1961 |
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Date of Appointment : |
27.10.1994 |
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DIN No.: |
00203091 |
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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Pankaj Shah |
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130700 |
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Jaybala Shah |
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25600 |
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Dalsukh shah |
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200 |
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Hasmukhray Shah |
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10200 |
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Chetan Shah |
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200 |
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Shantilal Turakhia |
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200 |
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Vikas Gandhi |
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200 |
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Ashok Kshirsagar |
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200 |
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Nawalchand Shah |
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200 |
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Pankaj Shah (HUF) |
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5600 |
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Vimalaben Shah |
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10400 |
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ILA Shah |
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200 |
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Darshak Shah |
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21500 |
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Alap Shah |
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10000 |
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Shyamkant Janardan Wakchaure |
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200 |
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Total |
|
215600 |
Equity share breakup (Percentage of Total equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
99.72 |
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Other top fifty shareholders |
0.28 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Display Systems (Highway Traffic Management Systems, 4
Digit Indicator) |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
22 (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 : |
Swapnil K. Bachute and Company Chartered Accountant |
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Address : |
Flat No. 3, 1st Floor, Pratibha Complex, Kasba Peth, Pune –
411011, |
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PAN.: |
AIPPB9125N |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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215600 |
Equity Shares |
Rs.10/- each |
Rs. 2.156
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.156 |
2.154 |
2.154 |
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2] Share Application Money |
0.100 |
0.102 |
0.100 |
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3] Reserves & Surplus |
0.000 |
1.024 |
0.987 |
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4] (Accumulated Losses) |
(1.034) |
0.000 |
0.000 |
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NETWORTH |
1.222 |
3.280 |
3.241 |
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LOAN FUNDS |
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1] Secured Loans |
7.563 |
9.562 |
7.685 |
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2] Unsecured Loans |
10.139 |
6.940 |
5.877 |
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TOTAL BORROWING |
17.702 |
16.502 |
13.562 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.924 |
19.782 |
16.803 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.331 |
13.286 |
10.157 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
3.732
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3.845 |
5.124 |
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Sundry Debtors |
7.720
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8.623 |
4.567 |
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Cash & Bank Balances |
0.096
|
0.210 |
0.748 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.415
|
1.120 |
1.109 |
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Total
Current Assets |
11.963
|
13.798 |
11.548 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
3.947 |
2.567 |
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Current Liabilities |
6.470
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3.455 |
2.435 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
6.470
|
7.402 |
5.002 |
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Net Current Assets |
5.493
|
6.396 |
6.546 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.924 |
19.782 |
16.803 |
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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 |
17.141 |
22.115 |
20.202 |
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Other Income |
-- |
-- |
-- |
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TOTAL |
NA |
NA |
NA |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.271) |
0.919 |
0.938 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.787 |
0.206 |
0.246 |
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PROFIT BEFORE
TAX (C-D) |
(2.058) |
0.713 |
0.692 |
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Less |
TAX |
0.000 |
0.298 |
0.222 |
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PROFIT AFTER TAX
(E-I) |
(2.058) |
0.415 |
0.470 |
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Earnings Per
Share (Rs.) |
(9.54) |
1.92 |
-- |
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Expected Sales (2010-11) : Rs. 20.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
(12.00)
|
3.22 |
3.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.02)
|
2.63 |
3.19 |
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Return on Investment (ROI) (PBT/Networth) |
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(1.68)
|
0.22 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
(19.78)
|
7.29 |
5.73 |
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Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.86 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Bhandari
Exports,
REVIEW OF BUSINESS OPERATIONS:
The Company has reported a net loss of Rs. 2.058 Millions as against a net profit of
Rs. 0.415
Millions in
the previous year. The Director’s are confident that the Company will recover its
losses by increase in sales volume and reduction in costs, in the coming Years.
Fixed Assets:
- Land
- R and D Center
- Plant and Machinery
- Furniture and Fittings
- Computer and Periph
- Office Equipment
- Tools
- Vehicle Scooter
- Vehicle Car Santro
- Vehicle Fiero
- Vehicle Activa 9952
- Vehicle Car Honda City
- Vehicle Activa 6170
- Vehicle Activa 3047
- Vehicle Activa 3048
- Building
- Printer
- TVS Scooter
- Furniture (WIP)
- Invertor
Form 8
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Corporate
identity number of the company |
U30006MH1994PTC077295 |
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Name of the
company |
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Address of the
registered office or of the principal place of business in |
10, |
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This form is for |
Creation of Charge |
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Type of charge |
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Particular of
charge holder |
The Cosmos Co-Operative Bank Limited, |
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Nature of
instrument creating charge |
Mortgage and
Hypothecation (Composite Deed) |
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Date of
instrument Creating the charge |
23.06.2006 |
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Amount secured by
the charge |
Rs. 9.600
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Cash Credit : RS.
40,00,000/- , Bank Guarantee : Rs. 5,00,000/- and Term Loan : Rs. 51,00,000/- Rate of Interest
@ 10.50 % p. a. for cash credit and term loan Margin : 25 % in
case of cash credit and 52 % in case of term loan |
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Description of
the Property Charged |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Present and
Future Stock and Book Debts as per records maintained at the Registered
office, Pune and Immovable Properties as described in 1st and 2nd schedule attached
to the composite deed |
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 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--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.