MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MISTRY LAXMAN KADVA MACHINES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Udyog Nagar, Opposite Gas Godown, Surendranagar-363002, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.01.2001 |
|
|
|
|
Com. Reg. No.: |
04-039163 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs. 1.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29225GJ2001PTC039163 |
|
|
|
|
TIN CST No.: |
24580101915 Dt. 17.09.2005 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Bandsaw Machines and Grinding
Machines. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 34000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Jastin Solanki |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9825790247 |
|
Date : |
14.06.2011 |
LOCATIONS
|
Registered Office /Factory: |
Udyog Nagar, Opposite Gas Godown, Surendranagar-363002, |
|
Tel. No.: |
91-2752-224726/ 228161 |
|
Mobile No.: |
91-9825790247 (Mr. Jastin Solanki) |
|
Fax No.: |
91-2752-231381 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq. mtr. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Shashikant Bhagwanjibhai Umrania |
|
Designation : |
Director |
|
Address : |
Butbhavani Krupa, |
|
Date of Birth/Age : |
28.11.1956 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
15.01.2001 |
|
DIN No.: |
00247211 |
|
|
|
|
Name : |
Mr. Rajendra Bhagwanjibhai Umrania |
|
Designation : |
Director |
|
Address : |
52 Alka Society, New |
|
Date of Birth/Age : |
14.04.1965 |
|
Qualification : |
B. E. |
|
Date of Appointment : |
15.01.2001 |
|
DIN No.: |
00247216 |
|
|
|
|
Name : |
Mr. Bhagwanjibhai Liladhar Umrania |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
10.10.1929 |
|
Date of Appointment : |
07.01.2003 |
|
DIN No.: |
01802951 |
KEY EXECUTIVES
|
Name : |
Mr. Jastin Solanki |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9825790247 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shashikant Bhagwanjibhai Umrania |
|
7550 |
|
Rajendra Bhagwanjibhai Umrania |
|
7650 |
|
Sadhanaben S. Umrania |
|
100 |
|
Alpaben R. Umrania |
|
100 |
|
Shashikant Bhagwanjibhai Umrania (HUF) |
|
17300 |
|
Rajendra Bhagwanjibhai Umrania (HUF) |
|
17300 |
|
Avani Y. Solanki |
|
4000 |
|
Bhagvanjibhai K. Solanki |
|
2500 |
|
Ravindra B. Solanki |
|
2500 |
|
Khushbu Y. Solanki |
|
4000 |
|
Kinjal P. Siddhapura |
|
2500 |
|
Subhash M. Patel |
|
1750 |
|
Rasiklal R. Parmar |
|
3000 |
|
Sushilaben P. Siddhapura |
|
2500 |
|
Mahendra Muljibhai Solanki |
|
3500 |
|
Jayesh Muljibhai Solanki |
|
3500 |
|
Lalitaben Bhogilal Makwana |
|
3500 |
|
Bhumita PankajKumar Solanki |
|
3750 |
|
Yatrik Hemantbhai Rasania |
|
4000 |
|
Nehal Yatrikbhai Rasania |
|
4000 |
|
Pushpaben H.Umarania |
|
5000 |
|
Total |
|
100000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Bandsaw Machines and Grinding
Machines. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Bandsaw Machines |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 Days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30 Days) |
GENERAL INFORMATION
|
Suppliers : |
As
on 31.03.2009
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
As on 31.03.2009
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Punjab National Bank, Surendranagar, |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.K. Shah and Company Chartered Accountant |
|
Address : |
401, Mahakant, |
|
Tel. No.: |
91-79-26575220/26575296 |
|
Email: |
|
|
PAN.: |
ABIPS3381B |
|
|
|
|
Sister Concern : |
SB Machine Tool Address: Plot No. 30/35,
Jintan Udyognagar, Surendranagar, Line of
Business: Manufacturer of Bandsaw Machines and Grinding Machines. |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Share |
Rs.10/- Each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Share |
Rs.10/- Each |
Rs.1.000
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
0.727 |
0.154 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.432 |
5.195 |
4.085 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.432 |
5.922 |
4.239 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.192 |
4.454 |
3.597 |
|
|
2] Unsecured Loans |
0.000 |
0.827 |
0.151 |
|
|
TOTAL BORROWING |
2.192 |
5.281 |
3.748 |
|
|
DEFERRED TAX LIABILITIES |
0.383 |
0.467 |
0.348 |
|
|
|
|
|
|
|
|
TOTAL |
11.007 |
11.670 |
8.335 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.472 |
5.060 |
4.272 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.088
|
1.958
|
0.673 |
|
|
Sundry Debtors |
2.955
|
4.772
|
2.635 |
|
|
Cash & Bank Balances |
4.808
|
3.768
|
0.776 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1.925
|
1.209
|
6.466 |
|
Total
Current Assets |
12.776
|
11.707 |
10.550 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.241
|
5.097
|
6.487 |
|
|
Other Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
6.241
|
5.097 |
6.487 |
|
|
Net Current Assets |
6.535
|
6.610 |
4.063 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11.007 |
11.670 |
8.335 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
28.661 |
23.501 |
24.172 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
(Including Financial Expenses) |
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
24.154 |
21.294 |
21.511 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.507 |
2.207 |
2.661 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.796 |
0.746 |
0.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.711 |
1.461 |
2.205 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.746 |
0.579 |
0.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.965 |
0.882 |
1.437 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.65 |
12 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
35.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.86
|
3.75 |
5.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.51
|
8.71 |
14.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.25 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00
|
1.75 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.30 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Financial Result:
The total income during the year under report increased to Rs. 28.661
Millions as compared to the previous year’s total income of Rs. 23.501
Millions. the net profit of the company was Rs. 1.965 Millions against previous
year’s net profit of Rs. 0.882 Millions. With a view to conserve reserves, the
directors do not recommend any dividend.
Fixed Assets:
- Land
- Air
conditioner
- Air cooler
- C V T 350KVA
- Computers
- Cycle
- ELE. DIG
METER
- EPABX
- Factory Shed
- Fan
- Fax Machine
- Fire
Extinguisher
- Freez
- Furniture
- Hero Honda
- Inverter SU
–Kam
- Luna Super
- Mobile Phone
- Plant and
Machinery
- Power UPS
- Rolling
Shutters
- Servo
Stablizers
- Typewriter
- Water Filter
Trade References:
- India International Marketing Company –
- Modern Machine Tools –
As per web details:
Profile:
The Company was started in 1930's and situated at
Surendranagar, (
Late Sri Laxman Kadvabhai Mistry was the founder of the Company whose experience
of machine tool engineering and technical knowledge was a foundation stone for
the Company.
In 1960's it was the
first time in
The Company has
efficient team of well experienced technocrats to meet the unavoidable
technology of 21st century.
They are elligble to
meet global requirements of bandsaw machines, Available Land Area: 8000 Square
Meter, Building Area: 3000 Sqare Meter, Total Employee: 90 people, Machine
Producing Capacity: 840 Machines per year.
Machinery:
CNC LATHE MACHINE /
CNC GRINDING MACHINE.
"IDEAL" German made Butt Welding Machine / Radial Drilling machine /
Drilling machines / Shaping machines Kirloskar Lathe machines / Milling machines
/ Shearing machines / Power press / Hydraulic bendng machine
They have installed
SAP Germany Software for their office operation.
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
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 |
|
|
|
--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 |
|
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.