MIRA
INFORM REPORT
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Report Date : |
20.11.2011 |
IDENTIFICATION DETAILS
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Name : |
MEHER TRAILERS PRIVATE LIMITED |
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Registered
Office : |
B – 73, Additional Ambernath MIDC Anand Nagar, Ambernath – 421506, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.1997 |
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Com. Reg. No.: |
11-106974 |
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CIN No.: [Company Identification
No.] |
U63090MH1997PTC106974 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulkers such as Cement Bulkers. |
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 187996 |
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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. Joy |
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Designation : |
Accounts Department |
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Date : |
20.01.2011 |
LOCATIONS
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Registered Office : |
B – 73, Additional Ambernath MIDC, Anand Nagar, Ambernath, Thane – 421
506, |
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Tel. No.: |
91-251-2621045/ 46/ 47 |
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Fax No.: |
91-251-2621047 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
513, 5th Floor, Persipolis, Sector 17, Vashi, Navi Mumbai –
400 703, |
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Tel. No.: |
91-22-66743351 |
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Fax No.: |
91-22-66743350 |
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Area : |
Approximately 800 sq ft |
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Location : |
Owned |
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Factory : |
B – 135, Additional Ambernath MIDC, Anand Nagar, Ambernath, Thane –
421 506, |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Anil N. Tandon |
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Designation : |
Director |
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Address : |
408, Gagangiri Sector 17, Vashi, Navi Mumbai – 400705, |
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Date of Birth/Age : |
25.04.1963 |
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Qualification : |
B.E. |
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Date of Appointment : |
31.03.1997 |
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Name : |
Ms. Seema A. Tandon |
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Designation : |
Director |
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Address : |
408, Gagangiri Sector 17, Vashi, Navi Mumbai – 400705, |
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Date of Birth/Age : |
25.07.1967 |
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Qualification : |
B.Com |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mr. Nathuram Tandon |
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Designation : |
Director |
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Address : |
408, Gagangiri Sector 17, Vashi, Navi Mumbai – 400705, |
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Date of Birth/Age : |
10.09.1926 |
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Qualification : |
11th |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mr. Shobhnath Gupta |
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Designation : |
Director |
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Address : |
C / 51, Punarvasu, Sector 3, |
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Date of Birth/Age : |
30.07.1952 |
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Qualification : |
M.Com |
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Date of Appointment : |
15.02.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Joy |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
|
Names of Shareholders |
No. of Shares |
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Anil N. Tandon |
11650 |
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Nathuram Tandon |
1300 |
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Seema A. Tandon |
1600 |
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Shobhnath Gupta |
10 |
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TOTAL |
14560 |
AS ON 30.09.2009
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulkers such as Cement Bulkers. |
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Exports : |
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Products : |
Bulkers, Cement Bulkers |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit and L/C |
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Purchasing : |
Cash, Credit and L/C |
GENERAL INFORMATION
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Suppliers : |
·
Akshat Stationers and Xerox ·
Ansuk Elastomers ·
Bharat Trading Company ·
Bhavin Enterprises ·
CEAT Limited ·
Century Extursions Limited ·
Code Engineers Private Limited ·
Essar Steel Limited ·
General Auto Electric company ·
Golden Security Services ·
Ispat Industries ·
J B Engineering Corporation ·
Larsen and Toubro ·
Meher Enterprise ·
Mona Electricals ·
·
Punjloyd Limited ·
Puran Engineering Works ·
Rinky Engineering Company ·
R J Steel |
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Customers : |
Wholesalers, Retailers and End Users ·
Ekdant Housing Private Limited ·
Hyva India Limited ·
Meher Exports ·
Pukhraj Motors ·
Tata Motors ·
Utkal Manufacturing and Services Limited |
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No. of Employees : |
200 Approximately ( 20 In Office and 180 In Factory) |
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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 : |
Dhirajlal Desai and company Chartered Accountant |
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Address : |
A -33, Navyug Niwas, |
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Associates/Subsidiaries
: |
·
Meher Exports, Vashi, Mumbai, ·
Meher Engineering ·
Meher Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
50000 |
Equity Shares |
Rs. 100 each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
14560 |
Equity Shares |
Rs. 100 each |
Rs.1.456
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.456 |
1.456 |
1.456 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.543 |
35.508 |
25.345 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.999 |
36.964 |
26.801 |
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LOAN FUNDS |
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1] Secured Loans |
15.652 |
10.792 |
7.758 |
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2] Unsecured Loans |
2.996 |
0.225 |
0.224 |
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TOTAL BORROWING |
18.648 |
11.017 |
7.982 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.647 |
47.981 |
34.783 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.372 |
15.276 |
10.073 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.539 |
0.384 |
0.000 |
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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 |
35.221
|
28.404 |
27.381 |
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Sundry Debtors |
22.216
|
7.515 |
22.068 |
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Cash & Bank Balances |
5.080
|
1.179 |
4.213 |
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Other Current Assets |
2.593
|
0.636 |
16.530 |
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Loans & Advances |
37.328
|
21.785 |
5.844 |
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Total
Current Assets |
102.438
|
59.519 |
76.036 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.248
|
0.442 |
3.559 |
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Other Current Liabilities |
26.364
|
6.691 |
33.287 |
|
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Provisions |
25.110
|
20.095 |
14.520 |
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Total
Current Liabilities |
54.722
|
27.228 |
51.366 |
|
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Net Current Assets |
47.716
|
32.291 |
24.670 |
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MISCELLANEOUS EXPENSES |
0.020 |
0.030 |
0.040 |
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TOTAL |
65.647 |
47.981 |
34.783 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
204.032 |
207.157 |
188.730 |
|
|
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Other Income |
0.337 |
0.446 |
0.629 |
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TOTAL (A) |
204.369 |
207.603 |
189.359 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
140.123 |
143.125 |
127.164 |
|
|
|
Direct Expenses |
17.781 |
17.901 |
17.212 |
|
|
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Payment and Pro. For Employees |
5.900 |
5.835 |
4.931 |
|
|
|
Selling and Distribution Expenses |
22.134 |
21.556 |
23.554 |
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|
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Payment to Auditors |
0.050 |
0.020 |
0.019 |
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Donation |
0.061 |
0.114 |
0.228 |
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Preliminary Expenses |
0.010 |
0.010 |
0.010 |
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TOTAL (B) |
186.059 |
188.561 |
173.118 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.310 |
19.042 |
16.241 |
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Less |
FINANCIAL
EXPENSES (D) |
1.575 |
2.081 |
0.471 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.735 |
16.961 |
15.770 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.685 |
1.224 |
1.213 |
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PROFIT BEFORE
TAX (E-F) (G) |
15.050 |
15.737 |
14.557 |
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Less |
TAX (H) |
5.015 |
5.575 |
5.275 |
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|
PROFIT AFTER TAX
(G-H) (I) |
10.035 |
10.162 |
9.282 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
35.507 |
25.345 |
NA |
|
|
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|
|
|
|
BALANCE CARRIED
TO THE B/S |
45.542 |
35.507 |
NA |
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|
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|
Earnings Per
Share (Rs.) |
689.23 |
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|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
4.91
|
4.89 |
4.90 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.37
|
7.59 |
7.71 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.56
|
21.04 |
16.90 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.42 |
0.54 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.03 |
2.21 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.87
|
2.18 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREITORS
DETAILS AVAILABLE FOR
(Rs.
In millions)
|
PARTICULARS |
AS ON 31.03.2010 |
AS ON 31.03.2009 |
AS ON 31.03.2008 |
|
Sundry Creditors for Expenses |
3.248
|
0.442 |
3.559 |
OPERATIONS
During the year the company has earned a
Profit After Tax of Rs.10.035 millions as against the Profit After Tax of
Rs.10.163 millions for the previous year ended 31.03.2009
FORM 8
|
This form is for |
Modification of charge |
|
Charge identification
number of the modified |
90146580 |
|
Corporate
identity number of the company |
U63090MH1997PTC106974 |
|
Name of the
company |
MEHER TRAILERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B – 73, Additional Ambernath MIDC, Anand Nagar, Ambernath, Thane – 421
506, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Federal Bank Limited, 51, Apsara Apartmetns, Sector 17, Vashi,
Mumbai – 400703, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter In Lieu Of
Redeposit |
|
Date of
instrument Creating the charge |
24.11.2008 |
|
Amount secured by
the charge |
Rs.50.075
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 14.50 % P.A. Terms of
Repayment On Demand Margin NIL Extent and
Operation of the charge The Charge Will
Operate To The Extent Of Rs.50.075 millions On The Security Offered By The
Company. |
|
Short particulars
of the property charged |
Equitable
Mortgage of Immovable Property situated at Plot No. B-73 in the Additional Ambernath
Industrial Area within village limits of Jambivali and within the limits of
Ambernath Muncipal Council, Taluka Ulhasnagar, Dist. Thane with building
existing and to be constructed. |
|
Date of latest
modification prior to the present modification |
19.10.2006 |
|
Particulars of
the present modification |
By the present
modification made on 24.11.08 the bank has sanctioned additional limits and
thereby the aggregate charge on company's property increased upto Rs.50.075
Millions. The present limits are as under :- Cash Credit -
Rs.32.500 Millions Term Loan - Rs.7.575 Millions Inland LC -
Rs.10.000 Millions -------------------------- Total -
Rs.50.075 Millions |
FIXED ASSETS
- Land and Buildings
- Plant and Machinery
- Factory Shed
- Air Conditioner
- Refrigerator
- Xerox Machine
- Machinery
- Mobile Phone
- Motor Car
- Office Equipment
- Computer
- Electrical Fittings
TRADE REFERENCES
- Tata Motors
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.72.71 |
|
Euro |
1 |
Rs.61.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.