MIRA
INFORM REPORT
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Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
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Name : |
M PATWARI TRADERS PRIVATE LIMITED |
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Registered
Office : |
4, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.04.1977 |
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Com. Reg. No.: |
019604 |
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Paid-up Capital
: |
Rs. 3.503 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1977PTC019604 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Importer of Flat rolled products of stainless steel, Stainless steel angles, Shape sections, rods, pipes and bars. |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
The Management non cooperative
LOCATIONS
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Registered Office : |
4, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, |
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Tel. No.: |
91-22-22053874 |
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Fax No.: |
91-22-22014164 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Mogilal Takhatmal Patwari |
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Designation : |
Director |
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Address : |
3rd Floor, Flat No.15, Sunita Building 98, Cuff Parade
Road, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
11.08.1942 |
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Date of Appointment : |
05.10.1977 |
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Name : |
Mr. Anil Mogilal Patwari |
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Designation : |
Director |
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Address : |
Sunita Building 98, 12th Floor, Flat No.72 98 G D Somani
Marg, |
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Date of Birth/Age : |
15.06.1967 |
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Date of Appointment : |
08.03.1989 |
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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Mogilal Takhatmal Patwari |
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640 |
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Anil Mogilal Patwari |
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2650 |
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Mahaveer Patwari |
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2610 |
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Rambhadevi M Patwari |
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5760 |
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M Mahaveer (HUF) |
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3750 |
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Anita M Patwari |
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4440 |
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Aradhana A Patwari |
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4300 |
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M L Patwari HUF |
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5710 |
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Vivek A Patwari |
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610 |
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Khusboo M Patwari |
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610 |
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Mangilal Anil patwari HUF |
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3950 |
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Total |
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35030 |
AS ON 30.09.2010
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Category |
Percentage |
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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 : |
Importer of Flat rolled products of stainless steel,
Stainless steel angles, Shape sections, rods, pipes and bars. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
Andhra Bank, 18, Homi Modi Street, Nanavati Mahalaya, Fort, Mumbai –
400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H C Vora and Associates Chartered Accountant |
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Address : |
25/B/33 Takshila, |
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Tel. No.: |
91-22-28371039/28211197 |
CAPITAL STRUCTURE
AS ON 31.3.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35030 |
Equity Shares |
Rs.100/-
each |
Rs.3.503
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 |
3.503 |
3.503 |
3.503 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.878 |
2.798 |
2.771 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.381 |
6.301 |
6.274 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
9.360 |
8.847 |
11.571 |
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TOTAL BORROWING |
9.360 |
8.847 |
11.571 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.741 |
15.148 |
17.845 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.424 |
0.385 |
0.383 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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DEFERREX TAX ASSETS |
0.018 |
0.001 |
0.016 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.833
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3.936 |
7.841 |
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Sundry Debtors |
24.214
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18.544 |
26.485 |
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Cash & Bank Balances |
0.816
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3.244 |
0.042 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.327
|
0.593 |
0.517 |
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Total
Current Assets |
40.190
|
26.317 |
34.885 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.805
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9.533 |
6.991 |
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Other Current Liabilities |
11.394
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1.668 |
10.041 |
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Provisions |
0.694
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0.356 |
0.412 |
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Total
Current Liabilities |
24.893
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11.557 |
17.441 |
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Net Current Assets |
15.297
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14.760 |
17.444 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.741 |
15.148 |
17.845 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL |
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92.281 |
38.810 |
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EXPENSES |
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TOTAL |
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NA |
NA |
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PROFIT BEFORE
TAX |
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0.121 |
0.079 |
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Less |
TAX |
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0.041 |
0.052 |
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PROFIT AFTER TAX
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0.080 |
0.027 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
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129.476 |
NA |
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TOTAL EARNINGS |
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129.476 |
NA |
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Earnings Per
Share (Rs.) |
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(3.72) |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.09
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0.07 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.30
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0.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.01 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.37
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3.24 |
4.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.61
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2.28 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs. In
Millions
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
12.638 |
9.352 |
6.790 |
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Sundry Creditors for Expenses |
0.167 |
0.181 |
0.201 |
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Total |
12.805 |
9.533 |
6.991 |
PERFORMANCE REVIEW
In spite of global slowdown and volatile financial and currency markets, the Company continues to improve its performance. During the year, the Company recorded an income of Rs.92.280 Millions against Rs.38.810 Millions in the previous year represents an increase of 137%. The profit before tax was higher by 53.64% at Rs.0.120 Million against Rs.0.078 Million for the previous year. The profit after tax at Rs.0.080 Million was higher by 197.78% as against Rs.0.026 Million for the previous year.
Form 8:
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Corporate
identity number of the company |
U51900MH1977PTC019604 |
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Name of the
company |
M PATWARI TRADERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
4 Rewa Chambers
31 New Marine Lines, Mumbai – 400020, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property Book Debts Movable Property Others |
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Particular of
charge holder |
Andhra Bank, 18, Homi Modi Street, Nanavati Mahalaya, Fort, Mumbai –
400001, Maharashtra, India |
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Nature of
instrument creating charge |
1.Composite
Agreement 2.Memorandum of
Deposit of Title Deeds (Annexure To Rf 255/Rf 255 Dated 24.06.2010) (All The Above
Agreement Constitue A Single Charge) |
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Date of
instrument Creating the charge |
24.06.2010 |
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Amount secured by
the charge |
Rs.15.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipualted By
Bank From Time To Time Terms of
Repayment As Stipualted By
Bank From Time To Time Margin As Stipualted By
Bank From Time To Time Extent and
Operation of the charge First
Charge(Present And Future)=Total Limit Rs.15.000 Millions (Occ = Rs.5.000
Millions, Performance / Money Guarantee = Rs.1.000 Millions And Letter Of
Credit = Rs.9.000 Millions) And/Or As
Stipulated By Bank From Time To Time Others As Stipualted By
Bank From Time To Time And As Per
Agreement Attached And As Per Sanction Letter Of The Bank |
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Short particulars
of the property charged |
First Charge
(Present And Future) -Hypothecation of All Stock/ Goods / Inventories/
Products Kept At Borrower Place or In Transit or Whereverelse Including
Brought Under L.C./Bank Finance
Hypothecation of All Book Debts And Receivables Hypothecation Of All
Current And Movable Assets Of The Company Emg Of Office Premises No 4 On The
Ground Floor Of Rewa Chambers Premises Chs Ltd,31,New Marine Lines, Mumbai
-400020 |
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Particulars of
the present modification |
By This
Modification Limit Enhanced To Rs.15.000 Millions ((Occ= Rs.5.000 Millions,
Performance/Money Guarantee= Rs.1.000 Millions And Letter Of Credit= Rs.9.000
Millions),Securities Are Continued As Given By Original Charge As Well As By
Modifications, Terms And Conditions As Per Agreement Attached And As Per
Sanction Letter Of The Bank |
Fixed Assets:
- Office
Equipments
- Motor Car
- Furniture and
Fixtures
- Office
Premises
- Computers
- Fax Machines
- Telephone
Equipments
- Telex
- Air
conditioner
- Cellular
Phone
- Pager
- Scanner
equipment
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.44.59 |
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|
1 |
Rs.71.75 |
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Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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.