MIRA
INFORM REPORT
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Report Date : |
22.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MAITRI METALS PRIVATE LIMITED |
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Registered Office : |
3-A, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.01.2009 |
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Com. Reg. No.: |
11-189603 |
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CIN No.: [Company
Identification No.] |
U51909MH2009PTC189603 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM35713G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Supplier of precision engineered products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 105000 |
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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 a established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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 – 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
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Name : |
Mr. Kunal Shah |
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Designation : |
Manager |
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Date : |
12.03.2011 |
LOCATIONS
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Registered Office : |
3-A, |
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Tel. No.: |
91-22-23852376/ 66381357/ 67521235 |
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Mobile No.: |
91-9833683771 (Mr. Rajesh Shah) |
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Fax No.: |
91-22-23852376 |
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E-Mail : |
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Area : |
1500 sq ft |
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Location : |
Owned |
DIRECTORS
As on 25.09.2010
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Name : |
Mr. Pankaj Dahyalal Shah |
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Designation : |
Director |
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Address : |
Flat No.605, Kothachiwadi, |
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Date of Birth/Age : |
19.02.1973 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.01.2009 |
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DIN : |
00078997 |
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Name : |
Mr. Dakshesh Dahyalal Shah |
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Designation : |
Director |
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Address : |
14/ 16, K. Laxmi Pannalal Terrace, 3rd Floor, 7th
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Date of Birth/Age : |
24.09.1980 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.01.2009 |
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DIN : |
02027368 |
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Name : |
Mr. Rajesh Kantilal Shah |
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Designation : |
Director |
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Address : |
Flat No.8, 3rd Floor, Laxmi Pannalal Terrace, 7th
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Date of Birth/Age : |
22.02.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
12.05.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Kunal Shah |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Pankaj D. Shah |
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32600 |
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Dakshesh D. Shah |
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52500 |
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Dahyalal M. Shah |
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2500 |
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Dimple P. Shah |
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102400 |
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Hetal D. Shah |
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60000 |
|
Nozaki Finance and Investments Private Limited, Mumbai |
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50000 |
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Sagar Tex Creation Private Limited, Mumbai |
|
50000 |
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Sumit Vinimay Private Limited, Mumbai |
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50000 |
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Jodhpur Ispat Private Limited, Bhiwandi |
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40000 |
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Benko Iron ans Steel Private Limited, Bhiwandi |
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45000 |
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Total |
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485000 |
As on 25.09.2010
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Category |
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Percentage of Holding |
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Directors
or relatives of directors |
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52.00 |
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Bodies
Corporate |
|
48.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Supplier of precision engineered products. |
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Products : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and Others |
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No. of Employees : |
16 (in office) Approximately |
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Bankers : |
Bank of India, C.P. Tank Branch, Chandaramji Girl’s High School,
Building 95, |
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Facilities : |
Cash Credit – Rs.20.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.A. Singh and Associates Chartered Accountants |
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Address : |
25, Saibaba Shopping Centre, Keshav Rao Kadam Marg, Mumbai Central,
Mumbai – 400 008, Maharashtra, India |
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Tel. No.: |
91-22-23006009/ 23006011 |
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Fax No.: |
91-22-23006011 |
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PAN No.: |
AAEPS4107J |
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Associates/Subsidiaries : |
Shri Chintamani Three Enterprises, Mumbai |
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
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 |
|
485,000 |
Equity Shares |
Rs.10/- each |
Rs.4.850
millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
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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442,600 |
Equity Shares |
Rs.10/- each |
Rs.4.426
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.426 |
0.100 |
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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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21.896 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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26.322 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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12.731 |
0.001 |
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TOTAL BORROWING |
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12.731 |
0.001 |
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DEFERRED TAX LIABILITIES |
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0.008 |
0.000 |
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TOTAL |
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39.061 |
0.101 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.076 |
0.000 |
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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 |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.077 |
0.000 |
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Sundry Debtors |
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46.309 |
0.000 |
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Cash & Bank Balances |
|
0.443 |
0.101 |
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Other Current Assets |
|
1.124 |
0.025 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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60.953 |
0.126 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.035 |
0.000 |
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Sundry Creditors |
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21.868 |
0.113 |
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Provisions |
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0.206 |
0.000 |
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Total
Current Liabilities |
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22.109 |
0.113 |
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Net Current Assets |
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38.844 |
0.013 |
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MISCELLANEOUS EXPENSES |
|
0.141 |
0.088 |
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TOTAL |
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39.061 |
0.101 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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140.624 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Finance Expenses |
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TOTAL |
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139.484 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
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|
1.140 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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0.028 |
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PROFIT BEFORE
TAX (E-F) |
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1.112 |
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Less |
TAX |
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0.366 |
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PROFIT AFTER TAX
(G-I) |
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0.746 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
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BALANCE CARRIED
TO THE B/S |
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|
0.746 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.53 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.82 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.04 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32 |
1.14 |
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Current Ratio (Current Asset/Current Liability) |
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2.76 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference : Heavy Metal Pipe
Centre
OPERATIONS:
The company’s turnover and working results have shown improvements with
growth in economy after economic slow down
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51909MH2009PTC189603 |
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Name of the company
|
MAITRI METALS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
3A, |
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This form is for |
Creation
of Charge |
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Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Bank of India, C.P. Tank Branch, Chandaramji Girl’s High School,
Building 95, |
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Nature of
instrument creating charge |
Hypothecation cum
loan agreement (plant and
machinery, stocks and book debts) |
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Date of instrument
Creating the charge |
10.08.2010 |
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Amount secured by
the charge |
Rs.40.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- cash credit limit : interest @ 3.25% obplr presently 15.25% per annum
with monthly rests. Letter of credit
limit : as per bank guidelines from time to time. Terms of
repayment - on demand Margin - 30% against raw materials,
finished goods, 40% against book debts outstanding of 2 or 3 months. Extent and
Operation of the charge - to secure the cash credit limit of Rs.25.000
millions and letter of credit limit of Rs.15.000 millions aggregating to
Rs.40.000 millions granted by the bank to the company. Others - NIL |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The borrower
hypothecates by way of first charge in favour of the bank :- (1) all tangible
movable machineries and plants (both present and future) whether installed or
not and whether installed or lying at the borrower's premises at shop no.1,
ankush, 10th lane, khetwadi, mumbai-400004 or wherever else the same may be
or be held by any party anywhere to the order and disposition of the borrower or in the
course of transit. (2) all tangible
movable properties, assets, stocks of raw materials such as ss bright bars,
ss round bars, ss wire etc., finished and semi finished goods, spare parts,
components (including spare parts and stores relating to plant and machinery
both present and future) and stocks in
process of the borrower wheresoever situate at mumbai or wherever else the
same may be. (3) all the present and future book debts, outstandings, money
receivables, claims, bills which are
due and owing to the borrower in the course of its business by any
person, firm, company or body
corporate or by the central government or any state government or any
government department or office or any municipal or local or public or semi
governmental body or authority or any body corporate or undertaking or
project whatsoever. |
FIXED ASSETS :
- Plant and Machinery and Equipments
- Computer
- EPBAX Machine
- Electronic Weighing Scale
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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
43 |
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.