MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
AHURA MAZDA MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Mazda House Behind A C P Office LBS Marg, Ghatkopar (West), Mumbai –
400086, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.09.2010 |
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Com. Reg. No.: |
114854 |
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CIN No.: [Company Identification
No.] |
U74999MH1998PTC114854 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Steel Furniture. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 295000 |
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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 a well 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.
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 : |
Mazda House Behind A C P Office LBS Marg, Ghatkopar (West), Mumbai –
400086, |
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Tel. No.: |
91-22-25129911 / 25136622 / 25139911 / 25146622 / 65751701 |
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Fax No.: |
91-22-25149911 |
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E-Mail : |
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Factory : |
1640/1, 2, 3, G.I.D.C , Sarigam - 396155, District:
Valsad. |
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Tel. No.: |
91-260-2780380 / 2781407 |
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Fax No.: |
91-260-2780860 |
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Kersi Jamshed Randeria |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
12.05.1998 |
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Name : |
Mr. Jamshed Dhunjishaw
Randeria |
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Designation : |
Director |
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Address : |
S R Contractors Building Room No. 5, |
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Date of Appointment : |
01.12.2000 |
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Name : |
Ms. Amy Jamshed Randeria |
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Designation : |
Director |
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Address : |
S R Contractors Building 2nd Floor, Sussex Road Byculla,
Mumbai – 400027, Maharashtra, India |
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Date of Appointment : |
02.06.2007 |
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Name : |
Mr. Zubeen Kersi Randeria |
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Designation : |
Director |
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Address : |
Hormoz Building Room No.11, 2nd
Floor, |
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Date of Appointment : |
01.11.2007 |
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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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Mr. Kersi Jamshed Randeria |
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68000 |
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Mr. Jamshed Dhunjishaw
Randeria |
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700 |
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Ms. Amy Jamshed Randeria |
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600 |
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Mr. Ajay D. Bidikar |
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10 |
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Mr. Bharat Bhat |
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10 |
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Total |
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69320 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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0.00 |
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Bodies corporate |
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20.00 |
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Directors or relatives of directors |
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72.50 |
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Other top fifty shareholders |
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7.50 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Steel Furniture. |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
Saraswat Co-Operative bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CVK And Associates Chartered Accountant |
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Address : |
A-103/104, Vardlaxmi, |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs.10/- Each |
Rs. 4.500 Millions |
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50000 |
8% Cumulative Redeemable Preference Shares |
Rs.10/- Each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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69320 |
Equity Shares |
Rs.10/- each |
Rs. 0.693
Million |
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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 |
0.693 |
0.693 |
0.693 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
73.065 |
52.868 |
36.033 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.758 |
53.561 |
36.726 |
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LOAN FUNDS |
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1] Secured Loans |
92.782 |
80.466 |
63.957 |
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2] Unsecured Loans |
16.681 |
32.127 |
16.851 |
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TOTAL BORROWING |
109.463 |
112.593 |
80.808 |
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DEFERRED TAX LIABILITIES |
5.234 |
2.963 |
3.008 |
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TOTAL |
188.455 |
169.117 |
120.541 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
143.529 |
89.099 |
63.503 |
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Capital work-in-progress |
17.524 |
41.792 |
21.380 |
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INVESTMENT |
0.026 |
0.025 |
0.025 |
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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 |
43.875
|
18.185 |
16.742 |
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Sundry Debtors |
39.468
|
39.520 |
28.858 |
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Cash & Bank Balances |
2.848
|
7.525 |
15.780 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.306
|
13.310 |
8.430 |
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Total
Current Assets |
102.497
|
78.540 |
69.810 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
67.991
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35.531 |
30.038 |
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Provisions |
7.130
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4.808 |
4.138 |
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Total
Current Liabilities |
75.121
|
40.339 |
34.176 |
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Net Current Assets |
27.376
|
38.201 |
35.634 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
188.455 |
169.117 |
120.542 |
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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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Income |
340.930 |
292.531 |
229.416 |
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Other Income |
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TOTAL (A) |
340.930 |
292.531 |
229.416 |
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Less |
EXPENSES |
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Administrative Expenses |
382.721 |
262.720 |
198.430 |
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Advertising Expenses |
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TOTAL (B) |
382.721 |
262.720 |
198.430 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
41.792 |
29.811 |
30.986 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
16.904 |
11.319 |
8.007 |
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PROFIT BEFORE
TAX |
24.887 |
18.491 |
22.978 |
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Less |
TAX |
4.690 |
1.656 |
2.511 |
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PROFIT AFTER TAX
|
20.197 |
16.835 |
20.467 |
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Earnings Per
Share (Rs.) |
291.35 |
581.92 |
493.01 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.92
|
5.75 |
8.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.29
|
6.32 |
10.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.01
|
11.03 |
17.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.34 |
0.62 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
2.85 |
3.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.94 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
- Factory
Buildings
- Plant and
Machinery
- Factory
Equipments
- Vehicles
Forklift
- Motor Car
- Office
Equipments
- Furniture
- Air-Conditioner
- Computer
Form : 8
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Corporate identity
number of the company |
U74999MH1998PTC114854 |
|
Name of the
company |
AHURA MAZDA
MANUFACTURING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mazda House Behind
A C P 'Soffice Lbs Marg, Ghatkopar West, Mumbai – 400086, |
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This form is for |
Creation of
charge |
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Type of charge |
Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
The Saraswat Co-Operative
Bank Limited, Small And Medium Enterprises Branch, Prabhat Bhavan, Block
B,1st Floor,96,Lbs Marg,Vikhroli (W), Mumbai – 400083, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement Of
Hypothecation Of Moveable Property |
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Date of
instrument Creating the charge |
15/12/2010 |
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Amount secured by
the charge |
Rs. 28.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 13.50% P.A Terms of repayment : Term Loan Of
Rs.28.000 millions Against Plant And Machinery To Be Repaid In 96 Months As
Under:- Rs. 0.335/-
millions X 83 Monthly Installments. Rs. 0.195/-
millions X 1 Monthly Installment Margin : Imported
Machinery 20% Extent and operation of the charge : Not Applicable. Other : Not Applicable. |
|
Short particulars
of the property charged (Including location of the property) |
1.
Hypothecation
Of All The Machinery, Stocks Tangible Movable Property Both Present And
Future Belonging To The Borrower/S And Lying And Being At The Borrower's/S
Place Of Business At Mazda House, 2.
Off.
Lbs Marg, Behind Cid Office, Ghatkopar (W), Mumbai-400086. 3.
Which
May At Any Time Hereafter During The Continuance Of This Security Become Due
And Owing To The Borrower/S In The Course Of His Business By Any Person,
Firm, Company Or By Government Or Any Local 4.
Or
Public Body Or Authority ( All Of Which Hereinafter Collectively Referred To
As "The Said Debts" ). |
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. 45.38 |
|
|
1 |
Rs. 73.08 |
|
Euro |
1 |
Rs. 61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
|
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|
--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 |
|
48 |
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.