MIRA
INFORM REPORT
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Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
METATHERM FURNACE PRIVATE LIMITED |
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Registered
Office : |
Damodar Bhawan, 26-B, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
22.03.1985 |
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Com. Reg. No.: |
11-035715 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.400
million |
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CIN No.: [Company Identification
No.] |
U29140MH1985PTC035715 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Ovens and Furnaces etc. |
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No. of Employees
: |
15 (Approximately) |
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 9000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management of the company has not filed latest financial to government
department. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
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
|
Name : |
Mr. Kiran Khandelwal |
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Designation : |
Director |
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Contact No.: |
91-22-28368643 |
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Date : |
06.07.2011 |
LOCATIONS
|
Registered Office : |
Damodar Bhawan, 26-B, |
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Tel. No.: |
91-22-28368643 |
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Fax No.: |
91-22-28301063 |
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E-Mail : |
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Website : |
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Area : |
200 sq mtr |
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Location : |
Owned |
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Corporate Office : |
106, B-5/Greenland Apartments, J.B. Nagar, Andheri (East), Mumbai –
400 059, |
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Tel. No.: |
91-22-28368643/ 27692112 |
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Fax No.: |
91-22-28301063 |
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Factory : |
W-99, MIDC, Rabale, Thane Belapur, Navi Mumbai, |
DIRECTORS
As on 26.09.2009
|
Name : |
Mr. Chhaganlal Hiralal Khandelwal |
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Designation : |
Director |
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Address : |
14, Parijat, J B Nagar, Andheri (East), Mumbai – 400 059, |
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Date of Birth/Age : |
15.07.1943 |
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Qualification : |
B.E. – Mechanical |
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Date of Appointment : |
22.03.1985 |
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Name : |
Ms. Kiran C. Khandelwal |
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Designation : |
Director |
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Date of Birth/Age : |
29 Years |
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Qualification : |
B.E. - Electronic |
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Name : |
Mr. Devesh Bhagwandas Khandelwal |
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Designation : |
Director |
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Address : |
26 – Shyam Kunj, J B Nagar, Andheri (East), Mumbai – 400 059, |
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Date of Birth/Age : |
01.09.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.07.1988 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Chhaganlal Hiralal Khandelwal |
|
22500 |
|
Devesh Bhagwandas Khandelwal |
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7500 |
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K.S. Gupta |
|
5000 |
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Rajesh Bhagwandas Khandelwal |
|
5000 |
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Total |
|
40000 |
As on 26.09.2009
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Ovens and Furnaces etc. |
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Products : |
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Exports : |
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Products : |
Ovens and Furnaces |
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Countries : |
Gulf Countries |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
Central Bank, J.B. Nagar Branch, Andheri (East), Mumbai-400059, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.S. Khandelwal and Company Chartered Accountants |
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Address : |
3rd Floor, Fountain Chambers, |
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Tel. No.: |
91-22-22048143/ 22874639 |
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Fax No.: |
91-22-22046485 |
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E-Mail : |
CAPITAL STRUCTURE
As on 26.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.10/- each |
Rs.0.400
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
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|
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|
|
1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.021 |
1.732 |
1.358 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.421 |
2.132 |
1.758 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.002 |
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2] Unsecured Loans |
0.073 |
0.050 |
0.050 |
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TOTAL BORROWING |
0.073 |
0.050 |
0.052 |
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DEFERRED TAX LIABILITIES |
0.054 |
0.046 |
0.050 |
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TOTAL |
2.548 |
2.228 |
1.860 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.907 |
0.599 |
0.585 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.067 |
0.761 |
0.537 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.663
|
0.503 |
1.290 |
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Sundry Debtors |
1.170
|
1.237 |
1.001 |
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Cash & Bank Balances |
1.167
|
0.593 |
0.145 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.213
|
0.535 |
0.610 |
|
Total
Current Assets |
4.213
|
2.868 |
3.046 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
1.745
|
0.467 |
0.309 |
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Other Current Liabilities |
1.447
|
1.261 |
1.896 |
|
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Provisions |
0.447
|
0.272 |
0.103 |
|
Total
Current Liabilities |
3.639
|
2.000 |
2.308 |
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Net Current Assets |
0.574
|
0.868 |
0.738 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.548 |
2.228 |
1.860 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
16.254 |
13.394 |
6.562 |
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Other Income |
0.064 |
0.289 |
0.502 |
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TOTAL (A) |
16.318 |
13.683 |
7.064 |
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Less |
EXPENSES |
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|
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Consumption of Materials |
10.640 |
8.327 |
4.457 |
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Other Expenses |
5.354 |
4.279 |
2.154 |
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|
Increase/ Decrease in Stock |
(0.215) |
0.484 |
(0.104) |
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|
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TOTAL (B) |
15.779 |
13.090 |
6.507 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.539 |
0.593 |
0.557 |
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Less |
INTEREST (D) |
0.003 |
0.006 |
0.053 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.536 |
0.587 |
0.504 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.063 |
0.058 |
0.059 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.473 |
0.529 |
0.445 |
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|
|
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Less |
TAX (H) |
0.184 |
0.154 |
0.053 |
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PROFIT AFTER TAX
(G-H) (I) |
0.289 |
0.375 |
0.392 |
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Less: Prior
Years Adjustments |
-- |
0.001 |
0.000 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.732 |
1.358 |
0.966 |
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BALANCE CARRIED
TO THE B/S |
2.021 |
1.732 |
1.358 |
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EARNINGS IN
FOREIGN CURRENCY |
9.866 |
2.120 |
1.553 |
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IMPORTS |
0.159 |
0.168 |
NA |
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Earnings Per
Share (Rs.) |
7.225 |
9.375 |
9.800 |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
20.000 |
15.000 |
Expected Sales (2011-2012): Rs.30.000 millions
The above information has been parted by Mr. Kiran Khandelwal
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.77
|
2.74 |
5.55 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.91
|
3.95 |
7.11 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.23
|
15.26 |
12.25 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.25 |
0.25 |
|
|
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.53
|
0.96 |
1.34 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.43 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The turnover for the year was Rs.16.908 millions as compared to
Rs.14.796 millions previous year, net of excise duty. Profit was Rs.0.473
million as compared to Profit Rs.0.529 million previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90238570 |
|
Corporate
identity number of the company |
U29140MH1985PTC035715 |
|
Name of the
company |
METATHERM FURNACE
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Damodar Bhawan, 26-B, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Central Bank, J.B. Nagar Branch, Andheri (East), Mumbai-400059, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Recital of
equitable mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
15.05.2009 |
|
Amount secured by
the charge |
Rs.2.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate as
agreed between the borrower company and the bank from time to time. Penal interest,
as agreed between the borrower company and the bank from time to time. Terms of
Repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin rate, as
agreed between the borrower company and the bank from time to time. Extent and
Operation of the charge At The Request Of
The Borrower Company, The Bank Has Enhanced Bank Guarantee Limit From Rs.
0.500 Millions To Rs. 1.000
Millions [The Total Limits Stands
Enhanced From Rs. 1.500 Millions To
Rs. 2.000 Millions ] Against Mortgage Of The Immoveable Property I. E 106,
B/5, Greenland Apartments , J. B Nagar, Andheri East, Mumbai – 400059 See Annexure
Attached The Charge Stands
Modified From Rs. 1.500 Millions To
Rs. 2.500 Millions |
|
Short particulars
of the property charged |
At The Request Of
The Borrower Company, The Bank Has Enhanced Bank Guarantee Limit From Rs.
0.500 Millions To Rs. 1.000
Millions [The Total Limits Stands
Enhanced From Rs. 1.500 Millions To
Rs. 2.000 Millions ] Against Mortgage Of The Immoveable Property I. E 106,
B/5, Greenland Apartments , J. B Nagar, Andheri East, Mumbai – 400059 See Annexure
Attached The Charge Stands
Modified From Rs. 1.500 Millions To
Rs. 2.500 Millions |
|
Particulars of
the present modification |
At The Request Of
The Borrower Company, The Bank Has Enhanced Bank Guarantee Limit From Rs.
0.500 Millions To Rs. 1.000
Millions [The Total Limits Stands
Enhanced From Rs. 1.500 Millions To
Rs. 2.000 Millions ] Against Mortgage Of The Immoveable Property I. E 106,
B/5, Greenland Apartments , J. B Nagar, Andheri East, Mumbai – 400059 See Annexure
Attached The Charge Stands
Modified From Rs. 1.500 Millions To
Rs. 2.500 Millions |
Fixed Assets:
- Land
- Office Premises
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Office Equipment
- Air Conditioner
- Refrigerator
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.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.