MIRA
INFORM REPORT
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Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
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Name : |
MERCURY PNEUMATICS PRIVATE LIMITED |
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Registered
Office : |
D-134 Ansa Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.05.1998 |
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Com. Reg. No.: |
11-115001 |
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Capital
Investment / Paid-up Capital : |
Rs.1.500 millions |
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CIN No.: [Company Identification
No.] |
U31909MH1998PTC115001 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM12661F / MUMM22855A |
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PAN No.: [Permanent Account No.] |
AABCM8402C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial Valves. |
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No. of Employees
: |
Not Available |
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 43000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sunil D |
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Designation : |
Manager |
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Date : |
28.07.2011 |
LOCATIONS
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Registered Office : |
D-134 Ansa Industrial Estate, |
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Tel. No.: |
91-22-28474449 / 28470063 / 28471020 / 28524449 |
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Fax No.: |
91-22-28470632 / 28520632 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Dieter Saleo Noel Rasquinha |
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Designation : |
Director |
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Address : |
205, Max Blue Apartment, Marol Naka, |
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Date of Birth/Age : |
11.11.1985 |
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Date of Appointment : |
30.08.2008 |
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DIN No. : |
02308014 |
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Name : |
Mr. Noel Rasquinha |
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Designation : |
Director |
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Address : |
F No. 903, Glenheight Co-Operative Housing Society Limited, |
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Date of Birth/Age : |
22.07.1952 |
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Date of Appointment : |
19.05.1998 |
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DIN No. : |
00427854 |
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Name : |
Mrs. Queenie Rasquinha |
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Designation : |
Director |
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Address : |
F No. 903, Glenheight Co-Operative Housing Society Limited, |
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Date of Birth/Age : |
06.07.1955 |
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Date of Appointment : |
19.05.1998 |
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DIN No. : |
00481375 |
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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Noel Rasquinha |
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100000 |
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Queenie Rasquinha |
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50000 |
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Total |
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150000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Valves. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Syndicate Bank Sangam Branch, ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A A Kapadia and Company Chartered Accountant |
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Address : |
A/201, Grace Plaza Shopping Centre, S V Road, Jogeshwari (West),
Mumbai – 400 102, Maharasahtra, India
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Tel. No.: |
91-22-26797048 / 26794938 |
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Mobile No.: |
91-9821016726 |
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Fax No.: |
91-22-26797330 / Res : 26242145 |
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E-Mail : |
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Qualification : |
B.Com. (HONS) FCA |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.169 |
7.182 |
10.386 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.669 |
8.682 |
11.886 |
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LOAN FUNDS |
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1] Secured Loans |
18.724 |
22.736 |
18.181 |
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2] Unsecured Loans |
6.390 |
6.190 |
5.272 |
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TOTAL BORROWING |
25.114 |
28.926 |
23.453 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
35.783 |
37.608 |
35.339 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.355 |
8.272 |
8.903 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
22.636
|
26.909 |
27.647 |
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Sundry Debtors |
26.045
|
17.704 |
23.375 |
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Cash & Bank Balances |
0.253
|
0.248 |
0.342 |
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Other Current Assets |
0.883
|
2.015 |
1.680 |
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Loans & Advances |
1.984
|
1.852 |
1.825 |
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Total
Current Assets |
51.801
|
48.728 |
54.869 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.730 |
18.777 |
26.703 |
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Other Current Liabilities |
0.590
|
0.531 |
1.730 |
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Provisions |
0.053
|
0.084 |
0.000 |
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Total
Current Liabilities |
25.373
|
19.392 |
28.433 |
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Net Current Assets |
26.428
|
29.336 |
26.436 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
35.783 |
37.608 |
35.339 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover |
112.740 |
92.239 |
114.014 |
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PROFIT BEFORE,
DEPRECIATION AND AMORTISATION |
3.324 |
(1.648) |
2.314 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.337 |
1.555 |
1.641 |
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NET PROFIT |
1.987 |
(3.203) |
0.673 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.73
|
5.57 |
4.37 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.51 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Sundry Creditors – Others |
0.000 |
0.081 |
0.031 |
|
Creditors for Goods |
24.730 |
18.696 |
26.672 |
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Total |
24.730 |
18.777 |
26.703 |
FINANCIAL RESULTS
The turnover of the company for the year is Rs.112.740 millions as
compared to Rs.92.239 millions in the previous year. The net profit shown is
Rs.1.987 millions after providing depreciation of Rs.1.337 millions as compared
to net loss of Rs.3.203 millions after providing depreciation of Rs.1.555
millions in the previous year.
FORM 8
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Corporate identity number of the company |
U31909MH1998PTC115001 |
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Name of the company |
MERCURY PNEUMATICS PRIVATE LIMITED |
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Address of the registered office or of the principal place
of business in |
D-134 Ansa Industrial Estate, |
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This form is for |
Modification of charge |
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Charge identification (ID) number of the charge to be
modified |
90142738 |
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Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
Stock in Trade |
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Particular of charge holder |
Syndicate Bank Sangam Branch, |
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Nature of instrument creating charge |
Supplemental Hypothecation Pledge Agreement date
17-12-2008 Composite Hypothecation Agreement date 17-12-2008. (Both collectively constitute a single charge for
Rs.22.500 millions) |
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Date of instrument Creating the charge |
17.12.2008 |
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Amount secured by the charge |
Rs.22.500 millions |
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Brief of the principal terms an conditions and extent and
operation of the charge |
Rate of Interest The rate of interest 13.75% p.a. being 0.50% over and
above Bank PLR, PTLR, from time to time.
All other terms and conditions mentioned in the earlier agreements
shall be operative and applied for all intents and purposes. Terms of Repayment OD by operating it briskly to the extent of limit /
drawing power fixed and bring it to credit at least once in year and closing
it in time by the end of the one year. Valid upto 31-12-2009. Margin 25% on stock and 30% on Receivables. All other terms and conditions mentioned in
the earlier agreements shall be operative and applied for all intents and
purposes. Extent and Operation of the charge The bank shall have first charge on assets secured. Others DP shall be fixed on Book Debts not exceeding 90 Days. |
|
Short particulars of the property or asset(s) charged
(including complete address and location of the property) |
Hypothecation of stock of raw materials , Work in Progress
and Finished Goods, Stores and Spares
and Receivables. |
|
Particulars of the present modification |
By the present modification the bank has increased the S O
D H limit Rs.18.500 millions to Rs.22.500 millions |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Computer
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.44.15 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--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.