MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
Note : The Correct Name of the company is CHITRA PRECIOUS MECHTECH PRIVATE LIMITED.
IDENTIFICATION DETAILS
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Name : |
CHITRA PRECIOUS MECHTECH PRIVATE LIMITED |
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Formerly Known
as : |
CHITRA PHARMA MACHINERY (w.e.f. 22.06.2005) – Partnership CHITRA PHARMA MACHINERY (w.e.f. 2000) – Proprietorship |
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Registered
Office : |
4809/1, Phase IV, G.I.D.C. Near Water Tank, Vatva, Ahmedabad-382442, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.09.2010 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Precious |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 49000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was a proprietory concern established in the year 2000. Later
it converted into partnership firm in the year 2005 and later it again
converted into private limited company in the year September 2010. Trade relations are reported as fair. Payments are reported to be
usually correct. The company can be considered for small to mediocre 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
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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
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Name : |
Mr. Piyush Tripathi |
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Designation : |
Marketing |
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Contact No.: |
91-9724407766 |
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Date : |
23.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
4809/1, Phase IV, G.I.D.C. Near Water Tank, Vatva, Ahmedabad-382442, |
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Tel. No.: |
91-79-25842237 |
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Fax No.: |
91-79-25840026 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. ft. |
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Location : |
Owned |
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DIRECTOR
AS ON 22.09.2010
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Name : |
Mr. Nishesh Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
20.08.1982 |
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Address : |
B-32, Shaligram 3, Near |
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Qualification : |
B.E.I.T. |
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Name |
Mrs. Chitra Agarwal |
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Designations : |
Director |
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Date of Birth / Age : |
22.09.1956 |
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Address : |
B-32, Shaligram 3, Near |
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Qualification : |
M.A. |
KEY EXECUTIVES
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Name : |
Mr. Piyush Tripathi |
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Designation : |
Marketing Head |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2010
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Names of Shareholders |
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No. of Shares |
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Nishesh Agarwal |
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5000 |
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Chitra Agarwal |
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5000 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precious |
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Products : |
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Terms : |
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Selling : |
L/C, Cash (30 days , 60 days) |
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Purchasing : |
Cash ( 90 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
29 (In office – 17 and in factory 12) |
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Bankers : |
Axis Bank, Maninagar Branch, Ground Floor, Business square building,
Near Krishnabag Char Rasta, Maninagar, Ahmedabad, |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
M/s K.P. Sompara and Company Chartered Accountants |
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Address : |
Ahmedabad, |
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Associates/Subsidiaries : |
Precious Fabcast Private Limited Address : Ahmedabad, Line of Business : Manufacturer and Exporter of Process and Packaging
Machinery. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- 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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305000 |
Equity Shares |
Rs.10/- each |
Rs. 3.050
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.752 |
2.666 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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8.486 |
5.198 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.238 |
7.864 |
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LOAN FUNDS |
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1] Secured Loans |
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0.380 |
3.229 |
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2] Unsecured Loans |
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0.593 |
0.296 |
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TOTAL BORROWING |
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0.973 |
3.525 |
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DEFERRED TAX LIABILITIES |
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0.490 |
0.343 |
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TOTAL |
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13.701 |
11.732 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.961 |
2.966 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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15.068 |
13.445 |
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Sundry Debtors |
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18.855 |
12.103 |
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Cash & Bank Balances |
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1.469 |
0.456 |
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Other Current Assets |
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0.114 |
0.052 |
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Loans & Advances |
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5.346 |
3.264 |
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Total
Current Assets |
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40.852 |
29.320 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
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29.353 |
18.750 |
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Provisions |
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1.759 |
1.804 |
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Total
Current Liabilities |
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31.112 |
20.554 |
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Net Current Assets |
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9.740 |
8.766 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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13.701 |
11.732 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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102.163 |
87.915 |
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Other Income |
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0.234 |
0.258 |
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TOTAL (A) |
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102.397 |
88.173 |
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Less |
EXPENSES |
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Cost of Goods |
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64.796 |
53.525 |
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Administrative Expenses |
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19.065 |
17.014 |
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Manufacturing Expenses |
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11.282 |
11.046 |
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TOTAL (B) |
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95.143 |
81.585 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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7.254 |
6.588 |
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Less |
FINANCIAL
EXPENSES (D) |
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1.156 |
1.311 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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6.098 |
5.277 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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1.508 |
1.363 |
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PROFIT BEFORE
TAX (E-F) (G) |
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4.590 |
3.914 |
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Less |
TAX (I) |
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1.300 |
1.140 |
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PROFIT AFTER TAX
(G-I) (J) |
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3.290 |
2.774 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
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5.917 |
5.589 |
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TOTAL EARNINGS |
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5.917 |
5.589 |
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Earnings Per
Share (Rs.) |
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10.78 |
9.09 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
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3.21 |
3.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.49 |
4.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.24 |
12.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.62 |
3.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.31 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
As per Website
Details :
Profile
Subject
(Previously Chitra Pharma Machinery) has designed
its plants with the view to reduce maintenance cost, lower downtime and to
achieve high quality. Total solution of processing and mechanized conveying of
material - right from the raw material feed to the packing section; to
materialize your dreams becomes Precious' responsibility. In order to meet the
international requirements, they are developing machines of higher capacities
in the field of Chemicals, Minerals, Cement, Spices and other agro products,
Tobacco, Ayurvedic Herbs, Pharmaceuticals, Paints, Plastics, Ceramics, etc.
People are finding that Precious' systems are advance, economical, qualitative,
simple and easy to maintain.
Subject
(Previously Chitra Pharma Machinery) has one
of the best and well balanced teams to design different systems for the
automation and hence, to reduce manpower and to improve quality of products.
With adage to be Technological leader and force on control and efficient
solution to all our cliental requirements, understanding the process
requirement and enhancing to its best efficiency and giving satisfactory
results to all their clients has made the company what it is.
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 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. 45.12 |
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|
1 |
Rs. 73.43 |
|
Euro |
1 |
Rs. 62.32 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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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 |
YES |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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29 |
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.