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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MITTAL APPLIANCES LIMITED (w.e.f. 15.09.1995) |
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Formerly Known
As : |
MITTAL APPLIANCES PRIVATE LIMITED |
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Registered Office
: |
402, Meridian Apartment, 3rd Wing, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.01.1985 |
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Com. Reg. No.: |
10-174619 |
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Capital
Investment / Paid-up Capital : |
Rs.19.920
Millions |
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CIN No.: [Company Identification
No.] |
U28122MH1985PLC174619 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Traders of Aluminium Utensils, Sheets, Circles, Aluminium and Copper Alloy Ingots and
Strips. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
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 730000 |
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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 for normal 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 DECLINED BY
Management Non Co-Operative.
LOCATIONS
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Registered Office/ Factory : |
402, Meridian Apartment, 3rd Wing, |
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E-Mail : |
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Head / Corporate Office : |
303, Apollo Trade Centre, |
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Tel. No.: |
91-731-3011800 |
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Fax No.: |
91-731-3044753 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dinesh Chand Mittal |
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Designation : |
Director |
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Address : |
Manak 15A/22, |
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Date of Birth/Age : |
04.02.1951 |
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Date of Appointment : |
01.08.1990 |
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Name : |
Mr. Anshul Mittal |
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Designation : |
Director |
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Address : |
402, Meridian Apartment, 3rd Wing, |
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Date of Birth/Age : |
27.07.1977 |
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Date of Appointment : |
01.01.1996 |
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Name : |
Mr. Navneet Bagree |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
30.05.1977 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. Anil Kumar Sharma |
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Designation : |
Director |
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Address : |
H. No. 2931 KE Scheme No. 54, Vijay Nagar, Indore-452010, |
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Date of Birth/Age : |
28.03.1968 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. Harsh Kumar Maheshwary |
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Designation : |
Director |
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Address : |
502 B, Manavsthal II, Gokul Dham, Goregaon (E), Mumbai-400063, |
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Date of Birth/Age : |
04.02.1950 |
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Date of Appointment : |
10.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Rajrani Mittal |
-- |
460000 |
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Anshul Mittal |
-- |
252000 |
|
Dinesh Chand
Mittal (HUF) |
-- |
67000 |
|
Ankit Mittal |
-- |
275000 |
|
Rajshree Finsec
Private Limited |
-- |
100000 |
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Rajshree Overseas
Private Limited |
-- |
50000 |
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Network Capital Market Limited, |
-- |
150000 |
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Shweta Mittal |
-- |
38000 |
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Manavhit Developers Private Limited, |
-- |
20000 |
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Ananya Buildcon and Real Estate Private Limited, |
-- |
20000 |
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Dharohar Infrastructure Private Limited, |
-- |
20000 |
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Treasure Buildcon Private Limited, |
-- |
20000 |
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Feel Home Real Estate Private Limited, |
-- |
20000 |
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Anshul Developers Private Limited, |
500000 |
-- |
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Total |
500000 |
1492000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
26.81 |
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Directors
or relatives of directors |
|
73.19 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Traders of Aluminium Utensils, Sheets, Circles, Aluminium and Copper Alloy Ingots and
Strips. |
PRODUCTION STATUS (AS ON31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Aluminum Wares etc |
Qty. in MT |
1500 |
900 |
|
Casting of Mac. Pats of ferrous, non ferrous and alloys |
Qty. in MT |
820 |
820 |
|
Foundry, casting and alloys foundry, brass, copper nickel strips,
ingots etc. |
Qty. in MT |
1200 |
1200 |
|
Aluminum circles |
Qty. in MT |
600 |
600 |
|
Copper, copper alloys coil, sheet, strips, billets, ferrous and non
ferrous items, C.N. coin blanks |
Qty. in MT |
2000 |
2000 |
ACTUAL PRODUCTION:
|
Particular |
Production Qty.
in MT |
|
Alu. Division (Aluminium Utensils, Circles,
Alloy Scrap) |
36 |
|
Alu. Utensil, Circle, Alloys (Job Work) |
832 |
|
Copper / Nickel Alloys |
3191 |
|
C.N. Strips and Brass Coil (Job Work) |
596 |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
UCO Bank, Gram Pipliahana, Tilak Nagar, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Mehta and Company Chartered Accountant |
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Address : |
11/5, South Tukoganj, |
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Tel. No.: |
91-731-4065948/2511011/2511022 (O) 91-731-2431713/2523117 |
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Mobile No.: |
91-9826294918 |
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Fax No.: |
91-731-2523117 |
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Website : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
500000 |
Preferences Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
Total |
|
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1492000 |
Equity Shares |
Rs.10/- each |
Rs.14.920
Millions |
|
500000 |
Preferences Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
Total |
|
Rs.19.920 Millions |
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 |
19.920 |
19.920 |
19.920 |
|
|
2] Share Application Money |
0.000 |
7.500 |
7.500 |
|
|
3] Reserves & Surplus |
164.883 |
145.488 |
142.965 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
184.803 |
172.908 |
170.385 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
434.567 |
290.078 |
238.893 |
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2] Unsecured Loans |
96.471 |
99.986 |
97.925 |
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|
TOTAL BORROWING |
531.038 |
390.064 |
336.818 |
|
|
DEFERRED TAX LIABILITIES |
25.487 |
28.779 |
27.867 |
|
|
|
|
|
|
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TOTAL |
741.328 |
591.751 |
535.070 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
162.631 |
149.343 |
140.958 |
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Capital work-in-progress |
2.676 |
9.347 |
6.315 |
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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 |
351.334
|
400.423 |
295.329 |
|
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Sundry Debtors |
130.324
|
225.503 |
185.592 |
|
|
Cash & Bank Balances |
90.995
|
69.071 |
29.234 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
134.150
|
144.393 |
119.096 |
|
Total
Current Assets |
706.803
|
839.390 |
629.251 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
90.245
|
355.201 |
199.935 |
|
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Other Current Liabilities |
30.567
|
46.153 |
35.804 |
|
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Provisions |
9.970
|
4.975 |
5.715 |
|
Total
Current Liabilities |
130.782
|
406.329 |
241.454 |
|
|
Net Current Assets |
576.021
|
433.061 |
387.797 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
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TOTAL |
741.328 |
591.751 |
535.070 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
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Sales and Other
Income (A) |
1445.140 |
1572.908 |
1684.173 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material |
1055.920 |
1241.114 |
1145.109 |
|
|
|
Manufacturing expense |
87.834 |
130.464 |
67.697 |
|
|
|
Excise duty |
82.144 |
99.185 |
85.757 |
|
|
|
Employee cost |
33.128 |
36.285 |
30.089 |
|
|
|
Office and administrative expense |
20.440 |
22.417 |
22.810 |
|
|
|
Selling and distribution expenses |
34.030 |
34.355 |
33.840 |
|
|
|
Decrease / increase in stock |
52.796 |
(75.412) |
196.084 |
|
|
|
TOTAL (B) |
1366.292 |
1488.408 |
1581.386 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.848 |
84.500 |
102.787 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.469 |
67.652 |
57.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.379 |
16.848 |
45.338 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.234 |
9.274 |
8.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
25.145 |
7.574 |
36.692 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.111 |
3.278 |
7.917 |
|
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|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.034 |
4.296 |
28.775 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33.509 |
31.170 |
9.760 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.500 |
0.500 |
5.000 |
|
|
|
Corporate Tax on Dividend |
0.331 |
0.211 |
0.343 |
|
|
|
Proposed Dividend on Preferences Shares |
0.500 |
0.500 |
0.500 |
|
|
|
Proposed Dividend on Equity Shares |
1.492 |
0.746 |
1.522 |
|
|
BALANCE CARRIED
TO THE B/S |
52.720 |
33.509 |
31.170 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
275.400 |
670.509 |
982.656 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
682.985 |
765.974 |
453.641 |
|
|
|
Stores & Spares |
9.920 |
1.731 |
0.752 |
|
|
|
Capital Goods |
1.281 |
2.288 |
0.228 |
|
|
TOTAL IMPORTS |
694.186 |
769.993 |
454.621 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.98 |
2.88 |
28.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.52
|
0.27 |
1.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.89
|
0.77 |
4.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.04 |
0.22 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.58
|
4.61 |
3.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.40
|
2.07 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from Plot no. 75, Industrial Area No. 3,
Pithampur, Dhar,
PERFORMANCES:
The Company has achieved higher production in the core business of CN products i.e. Cupro Nickel based alloy products. The total production during the year was 3784 MT as compared to 3296 MT during last year. With the improvement in the global economy and stabilized metal price, the company could able to archive improved profitability during this year. Profit after tax is Rs. 22.034 millions as compared to Rs.4.296 millions during last year. Looking to the order book situation in the current year, the company ho to achieve better performance during the current year.)
Fixed Assets:
AS PER WEBSITE DETAILS:
PROFILE:
Subject is
As a result of this long-term commitment and trust, the Indian Government
had entrusted Subject with manufacturing of `10 bi-metallic coin blanks in
Subject is already a trusted name nationally and is now making a strong
international presence. The list of their esteemed clients includes India
Government Mints, Indian Ordnance Factories, Royal Canadian Mint, Thai
Treasury, Bank Negara
The strong emphasis on human resource development is what motivates its
350-member workforce to achieve highest standards of quality and productivity.
They have a state-of-art, ISO-certified facility to manufacture high-quality
strips, coins, and coin-blanks in a wide range of Copper alloys. The plant is
equipped with:
PROMOTERS AND DIRECTORS
DINESH CHAND MITTAL - CHAIRMAN
Having more than 3 decades of experience in ferrous and non-ferrous
manufacturing industries, Mr. Dinesh Chand Mittal heads the Group. After
completing the MBA degree, he gained expertise in commercial and technical
aspects at M/s Gangaram Mohanlal Mittal and Sons, one of the pioneers in the
non-ferrous industries of the country.
He was designated as the Chairman of the Group in the year 1974 and
since then, Mr. Mittal has been leading the Group. He has pioneered
ANSHUL MITTAL - EXECUTIVE DIRECTOR
An Industrial Engineer from
His knowledge in high-quality manufacturing, learnt during tours to
leading factories in various countries, has given him the vigour to excel in
his area and contribute in making the family business reach the zenith.
ANKIT D. MITTAL – DIRECTOR MARKETING
Mr Ankit D. Mittal joined the group in 2002 as the Marketing Director. Just
after
joining, Ankit and his team led the Group’s foray into new consumer products
(Cookware) in domestic as well as international markets. His cross cultural
skills have been instrumental in developing and fostering businesses in new
international markets and strengthening Group’s leading position in Indian
cookware market.
To broaden his horizon and enhance his management skills, Ankit
completed Masters of Science Degree in Management from
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.