MIRA
INFORM REPORT
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Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
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Name : |
NEW |
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Registered Office : |
Shop No.6, Budhwar Peth, Tapkir Galli, Pune – 411 002, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.03.2005 |
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Com. Reg. No.: |
11-020349 |
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CIN No.: [Company
Identification No.] |
U52335PN2005PTC020349 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEN05288D |
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PAN No.: [Permanent
Account No.] |
AACCN0668E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Electrical, Mechanical and Industrial Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 210000 |
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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
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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 DENIED BY
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Name : |
Mr. Santosh |
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Designation : |
Accounts Department |
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Date : |
31.12.2010 |
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Name : |
Mr. Pravin |
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Designation : |
Accounts Department |
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Date : |
31.12.2010 |
LOCATIONS
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Registered Office : |
Shop No.6, Budhwar Peth, Tapkir Galli, Pune – 411 002, |
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Tel. No.: |
91-20-24454544 |
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Fax No.: |
91-20-24485440 |
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E-Mail : |
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Website : |
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Area : |
2700 sq. ft. |
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Location : |
Owned |
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Corporate Office
: |
569, Budhwar Peth, Opposite Vasant Chinema, Tapkir Galli, Pune – 411
002, |
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Tel. No.: |
91-20-66029532 |
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Fax No.: |
91-20-24483781/ 66083276 |
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Correspondence
Address : |
741/2, Shop No.6, Budhwar Peth, Tapkir Galli, Pune – 411002, |
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Tel. No.: |
91-20-56083276/ 24485440/ 24457044 |
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Fax No.: |
91-91-20-20-56083276 / 24485440/ 24454544 / 56083275 |
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Mobile No.: |
91-9225517527 / 9225514399/ 9822193703 |
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Email : |
newindiacable@rediffmail.com sandeep@newindiacables.com |
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Branch Office : |
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Warehouse: |
2-A, 1263, Survey No.129, Oppositre Prasanna Cargo, Taluka Mulshi, Tathwade,
Pune – 411033, Maharashtra |
DIRECTORS
AS ON 25.09.2010
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Name : |
Mr. Suresh J. Pherwani |
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Designation : |
Director |
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Address : |
B-2, Mithila Appartment, Aund, Pune – 411007, |
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Date of Birth/Age : |
05.02.1959 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Ankush S. Pherwani |
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Designation : |
Director |
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Address : |
B-2, Mithila Appartment, Aund, Pune – 411007, |
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Date of Birth/Age : |
10.07.1987 |
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Qualification : |
HSC |
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Date of Appointment : |
11.07.2005 |
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Name : |
Mr. Sudhir Pherwani |
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Designation : |
Director |
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Address : |
Royal Homes, Sr. No.258/22 |
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Date of Birth/Age : |
28.03.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.03.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Dinesh K. Pherwani |
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10000 |
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Meena Pherwani |
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40000 |
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Sudhir Pherwani |
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30000 |
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Suresh J. Pherwani |
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80000 |
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Ankush S. Pherwani |
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40000 |
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Total |
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200000 |
As on 29.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Electrical, Mechanical and Industrial Equipments. |
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Products : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (30-60 days) |
GENERAL INFORMATION
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Customers : |
Dealers, Distributors, Builders and Contractors
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Suppliers : |
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No. of Employees : |
56 ( 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 : |
Gujar Rawat Sheth and Associates Chartered Accountants |
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Address : |
B – 101, Sneh Ganga, B Wing, Shankar Sheth Road, Next to Vega Centre,
Swargate, Pune – 411 037, Maharashtra, India |
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Associates/Subsidiaries
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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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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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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 |
2.000 |
2.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.00 |
0.000 |
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3] Reserves & Surplus |
50.618 |
44.625 |
41.055 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.618 |
46.625 |
42.055 |
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LOAN FUNDS |
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1] Secured Loans |
48.738 |
60.775 |
24.081 |
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2] Unsecured Loans |
22.894 |
19.742 |
25.190 |
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TOTAL BORROWING |
71.632 |
80.517 |
49.271 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.102 |
0.000 |
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TOTAL |
124.250 |
127.244 |
91.326 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.525 |
4.540 |
4.525 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.405 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.206 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
113.284
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75.693
|
101.701
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Sundry Debtors |
119.178
|
141.461
|
162.330
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Cash & Bank Balances |
0.445
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0.240
|
1.039
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Other Current Assets |
0.031
|
0.053
|
11.347
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Loans & Advances |
5.848
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7.413
|
0.000
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Total
Current Assets |
238.786
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224.860
|
276.417
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
112.962
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96.942
|
174.180
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Other Liabilities |
2.166
|
1.319
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Provisions |
3.544
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3.900
|
15.448
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Total
Current Liabilities |
118.672
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102.161
|
189.628
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Net Current Assets |
120.114
|
122.699
|
86.789
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MISCELLANEOUS EXPENSES |
0.00 |
0.005 |
0.012 |
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TOTAL |
124.250 |
127.244 |
91.326 |
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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 |
548.492 |
628.396 |
831.315 |
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Other Income |
10.000 |
12.015 |
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TOTAL (A) |
558.492 |
640.411 |
831.315 |
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Less |
EXPENSES |
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Cost of Goods Sold |
512.509 |
596.267 |
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Administrative Expenses |
3.197 |
3.358 |
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Employment Expenses |
5.474 |
5.305 |
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Establishment Expenses |
6.906 |
6.648 |
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Selling Expenses |
3.174 |
2.759 |
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Remuneration to Directors |
5.700 |
7.630 |
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TOTAL (B) |
536.960 |
621.967 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.532 |
18.444 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
11.292 |
11.097 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.240 |
7.347 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.103 |
1.391 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
9.137 |
5.956 |
26.060 |
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Less |
TAX (H) |
3.145 |
2.355 |
9.069 |
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PROFIT AFTER TAX
(G-H) (I) |
5.992 |
3.601 |
16.991 |
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Earnings Per
Share (Rs.) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.07
|
0.57 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.66
|
0.94 |
3.13
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.77
|
2.59 |
9.28
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12 |
0.62
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Debt Equity Ratio (Total Liability/Networth) |
|
3.61
|
3.91 |
5.68
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Current Ratio (Current Asset/Current Liability) |
|
2.01
|
2.20 |
1.46
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LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
|
Particulars |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
31.03.2010 (Rs. in
millions) |
|
Sundry Creditors for Purchase |
112.962 |
96.942 |
174.180 |
.
FORM 8
|
This form is for |
Modification of charge |
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Charge
identification number of the modified |
10207193 |
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Corporate
identity number of the company |
U52335PN2005PTC020349 |
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Name of the
company |
NEW |
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Address of the
registered office or of the principal place of business in |
Shop No.6, Budhwar Peth, Tapkir Galli, Pune – 411 002, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai –
400013, |
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Nature of description
of the instrument creating or modifying the charge |
Supplementary
Letter of Hypothecation. |
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Date of
instrument Creating the charge |
28.08.2010 |
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Amount secured by
the charge |
Rs.70.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On Demand. Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge Hypothecation by
way of First Charge on Company's Stock in Trade, Book Debts, etc., to secure
as a continuing security as mentioned in Column No.15 below for the repayment
of Rs.70.000 millions together with interest, costs, charges, expenses and
other moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged |
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Particulars of
the present modification |
The Charge shall
now stand increased from Rs.60.000 millions to Rs.70.000 millions, against
the security of Stock in Trade, Book Debts of the Company. |
Trade Reference:
- Indian Cables Corporation – Pune (Budhwar Peth)
- Philip India
FIXED ASSETS:
- Computer
- Computer Software
- Motor Cycle
- Cycle
- Telephone Instruments
- UPS and Inverter
- Refrigerator
- Colour TV
- Microphone
- Mobile Phones
- Furniture
- Fax Machine
- Electrical Fan
- Godown – Budhwarpeth
- Mercedees Benz
- Ford Fiesta
- Maruti Swift
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.44.81 |
|
|
1 |
Rs.69.28 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.