%20LIMITED%20128541%2011-Jan-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
BRASS COPPER
ALLOY ( |
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Formerly Known as : |
BRASS COPPER AND
ALLOY ( |
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Registered Office : |
3rd Floor, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
24.10.1991 |
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Com. Reg. No.: |
11-63742 |
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CIN No.: [Company
Identification No.] |
U67104MH1991PLC063742 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11267E MUMB05919E MUMB05900G |
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PAN No.: [Permanent
Account No.] |
AAACB2011P |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Electrical Cable Accessories. |
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 280000 |
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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 an 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 |
INFORMATION PARTED BY
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Name : |
Mr. Hemant Mehta |
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Designation : |
Marketing Manager |
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Contact No.: |
91-22-66364800 |
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Date : |
30.12.2010 |
LOCATIONS
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Registered Office : |
3rd Floor, |
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Tel. No.: |
91-22-66364800 / 66200400 |
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Fax No.: |
91-22-66360708 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. (Approximately) |
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Location : |
Owned |
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Factory 1 : |
Plot No. 11,
Vadkhamba, Taluka Kaparda, District Valsad
– 396125, |
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E-Mail : |
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Location : |
Owned |
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Overseas
Office : |
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Manish
Harishchandra Desai |
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Designation : |
Director |
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Address : |
11, 2nd
Floor, Jaisukh Co-operative Society, |
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Date of Birth/Age : |
03.07.1965 |
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Qualification : |
B.E. |
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Date of Appointment : |
24.10.1991 |
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Name : |
Mr. Mahesh
Mangilal Mehta |
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Designation : |
Director |
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Address : |
74/76, 3rd
Floor, Fat No.6, |
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Date of Birth/Age : |
31.05.1972 |
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Qualification : |
B.Com. |
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Date of Appointment : |
02.12.1994 |
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Name : |
Mr. Jayesh
Babulal Morakhia |
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Designation : |
Director |
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Address : |
Chandanbala CHS,
13th Floor, Flat No. 1306, 4 R R Thakkar Marg, Malabar Hill,
Mumbai – 400006, |
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Date of Birth/Age : |
16.11.1964 |
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Date of Appointment : |
02.12.1994 |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Prajapati |
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Designation : |
Export Manager |
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Name : |
Mr. Hemant Mehta |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Manharlal
Sanghvi |
|
124500 |
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Manish Harishbhai
Desai |
|
250500 |
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Parul Manish
Desai |
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75000 |
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Jayesh Babulal
Morakhia |
|
250000 |
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Chetna Jayesh
Morakhai |
|
20000 |
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Sanjay Ramniklal
Shah |
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25000 |
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Pragna S.
Dadbhawla |
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10000 |
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Maheshkumar
Mangilal Mehta |
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225000 |
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Ganpatkumar
Vatsaraj Mehta |
|
25000 |
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Rikabchand
Vatsaraj Mehta |
|
25000 |
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Jayaben Mangilal
Mehta |
|
10000 |
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Urmilaben
Rikabchand Mehta |
|
10000 |
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Varshaben
Babulala Morakhiya |
|
25000 |
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Anita Ganpatkumar
Mehta |
|
12500 |
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Mangilal Vasaraj
Mehta |
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12500 |
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Total |
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1100000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Electrical Cable Accessories. |
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Products : |
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Export : |
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Products : |
Electrical Cable
Accessories |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit
(30 days) |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and
End Users
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No. of Employees : |
580 (80 in office
+ 500 in Factory) (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 : |
Kamdar Desai and Patel Chartered Accountant |
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Address : |
Vasaikar House, |
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Tel. No. : |
91-22-24475000 |
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E-Mail : |
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Fax No. : |
91-22-24475001 |
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Website : |
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Associates/Subsidiary
: |
Morakhia Metal and Alloys Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- Each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1100000 |
Equity Shares |
Rs.10/- Each |
Rs.11.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
11.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.078 |
46.532 |
30.763 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.078 |
51.532 |
35.763 |
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LOAN FUNDS |
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1] Secured Loans |
57.139 |
81.929 |
67.175 |
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2] Unsecured Loans |
5.220 |
9.610 |
5.700 |
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TOTAL BORROWING |
62.359 |
91.539 |
72.875 |
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DEFERRED TAX LIABILITIES |
7.204 |
5.682 |
4.350 |
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TOTAL |
140.641 |
148.753 |
112.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.899 |
45.043 |
33.246 |
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Capital work-in-progress |
5.427 |
0.000 |
2.170 |
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INVESTMENT |
2.915 |
2.799 |
4.214 |
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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 |
54.487
|
72.104 |
77.558 |
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Sundry Debtors |
72.189
|
101.232 |
67.109 |
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Cash & Bank Balances |
6.991
|
5.687 |
2.385 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
43.648
|
57.341 |
50.395 |
|
Total
Current Assets |
177.315
|
236.364 |
197.447 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
69.730
|
94.866 |
118.322 |
|
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Other Current Liabilities |
25.777
|
27.533 |
0.715 |
|
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Provisions |
6.689
|
13.054 |
5.052 |
|
Total
Current Liabilities |
102.196
|
135.453 |
124.089 |
|
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Net Current Assets |
75.119
|
100.911 |
73.358 |
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MISCELLANEOUS EXPENSES |
0.281 |
0.000 |
0.000 |
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TOTAL |
140.641 |
148.753 |
112.988 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
539.659 |
589.036 |
491.624 |
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|
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Other Income |
26.496 |
17.136 |
15.287 |
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TOTAL (A) |
566.155 |
606.172 |
506.911 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Material |
325.258 |
325.637 |
290.139 |
|
|
|
Manufacturing Expenses |
158.198 |
195.718 |
172.572 |
|
|
|
Employee Costs |
13.424 |
7.972 |
5.201 |
|
|
|
Administrative and General Expenses |
36.688 |
38.407 |
29.274 |
|
|
|
Accretion / Decretion in Stock |
0.225 |
4.270 |
(10.984) |
|
|
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TOTAL (B) |
533.793 |
572.004 |
486.202 |
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.362 |
34.168 |
20.709 |
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
7.365 |
6.978 |
4.172 |
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|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.997 |
27.190 |
16.537 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.628 |
2.088 |
2.137 |
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PROFIT BEFORE
TAX (E-F) (G) |
22.369 |
25.102 |
14.400 |
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Less |
TAX (H) |
8.823 |
9.333 |
5.340 |
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PROFIT AFTER TAX
(G-H) (I) |
13.546 |
15.769 |
9.060 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.680 |
27.911 |
18.852 |
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
57.226 |
43.680 |
27.911 |
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EARNINGS IN FOREIGN
CURRENCY |
441.276 |
480.024 |
386.332 |
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|
Earnings Per
Share (Rs.) |
22.58 |
26.28 |
15.10 |
|
Expected Sales
(2010-2011) : Rs.1000.000 Millions
KEY RATIOS
|
|
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.39 |
2.60 |
1.79 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.15 |
4.26 |
2.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.55 |
8.92 |
6.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.49 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.32 |
4.40 |
5.51 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.74 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year, the Company earned total Income of Rs. 566.155 millions as against Rs. 606.172 millions. Profit before Depreciation, Interest and tax is Rs. 32.362 millions. The Net Profit for the Year under review is Rs. 22.369 millions.
The Company continues to be cautiously optimistic about its growth prospects for the current financial year.
Bankers Charges
Report as per Registry
|
Name of the company |
BRASS COPPER ALLOY ( |
|
Presented By |
Union Bank of |
|
1) Date and description of instrument creating the change |
S-4 (A) Packing credit
agreement dated 12.06.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Good meant for
export as per confirmed sale contracts approved by the bank and or letters of
credit opened in the borrowers favour. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 6.5% per annum and or at such other rate as may be presecibed by the
bank / Reserve bank of |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort,
Mumbai-400023, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U67104MH1991PLC063742 |
|
Name of the
company |
BRASS COPPER
ALLOY ( |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Union Bank of India,
Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort,
Mumbai-400023, Maharashtra, India Email ID: msmcredit@unionbankofindia.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Term Loan
Agreement (SD-19) (Hypothecation of
Movables) |
|
Date of
instrument Creating the charge |
24.03.2008 |
|
Amount secured by
the charge |
Rs.5.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at BPLR
+ 0.75% per annum with monthly rests or at such other rate/s as may be
prescribed by the bank from time to time. Terms of
Repayment No. of installments : 12 Amount of
installments : Rs.0.416 millions Tenure : 12
months Repayment of
installments: after one month from the date of first disbursement. Margin As per sanction
terms. Extent and
Operation of the charge To Secure The
Term Loan Of Rs.5.000 millions Granted By The Bank To The Company. |
|
Short particulars
of the property charged |
The borrower
hypothecates and charges to the bank :- (1) Machineries to
be purchased utilising the subject short term loan. (2) all the
tangible movable machinery and plant of the borrower together with spares,
tools and accessories and other movables, both present and future belonging
to the borrower and stored at their premises at Village - Vadkhamba, District
Valsad or wherever else the same may be. |
TRADE
REFERENCE :
- Mehta Tubes Private Limited
- Banco Aluminium Limited
FIXED
ASSETS
- Furniture and Fixture
- Land
- Building
- Borewell
- Plant
and machinery
- Computer
- Office Equipment
- Vehicles
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
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 |
-- |
|
--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 |
|
- |
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.