MIRA
INFORM REPORT
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Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
THE |
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Registered Office : |
New |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.03.1996 |
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Com. Reg. No.: |
11-98079 |
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CIN No.: [Company
Identification No.] |
U26920MH1996PTC098079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20979A |
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PAN No.: [Permanent
Account No.] |
AAACT3954F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Importer of Ambrosia Handmade Tiles, Sanitaryware Products, etc. |
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 7600 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. The
company has not field its latest financials with the government departments.
However trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings with slight
caution. |
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 (GENERAL DETAILS)
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Name : |
Mr. Poojary |
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Designation : |
Accountant |
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Contact No. : |
91-22-28793025 |
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Date: |
22.03.2011 |
LOCATIONS
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Registered
Office/ Head Office: |
New |
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Tel. No.: |
91-22-22049090/ 28786097/ 28793025 |
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Fax No.: |
91-22-22830102/ 28786097 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Gala No. 2, Nawalgari Industrial Estate, Vasai (East) |
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Head Office : |
Sarnath Centre, Basement, Upper Govindnagar, Upvan Area, Malad (East),
Mumbai – 400 097, |
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Tel. No.: |
91-22-28780132 |
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Fax No.: |
91-22-28793025 |
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Warehouse : |
Located at Vasai |
DIRECTORS
AS ON 29.09.2007
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Name : |
Mrs. Kunti S. Shah |
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Designation : |
Director |
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Address : |
A – 13, |
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Date of Birth/Age : |
09.04.1949 |
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Date of Appointment : |
13.03.1996 |
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Name : |
Mr. Madhavsdas Sampat |
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Designation : |
Director |
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Address : |
6B, Vaibhav, 80, |
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Date of Birth/Age : |
09.11.1936 |
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Date of Appointment : |
13.03.1996 |
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Date of Ceasing : |
15.03.2001 |
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Name : |
Mr. Nanavati Shreepal |
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Designation : |
Director |
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Address : |
102, Trishul 2, Seven Bunglows, Versova, Andheri (West), Mumbai – 400
061, |
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Date of Birth/Age : |
03.01.1952 |
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Date of Appointment : |
20.03.1997 |
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Date of Ceasing : |
28.12.1999 |
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Name : |
Mr. Sanjay B. Shah |
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Designation : |
Director |
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Address : |
A – 13, |
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Date of Birth/Age : |
18.07.1936 |
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Date of Appointment : |
08.03.2001 |
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Name : |
Mr. Sharath Chandra Roongta |
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Designation : |
Director |
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Address : |
C – 22/200, MIG Colony, Gandhinagar, Bandra (East), Mumbai – 400 051, |
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Date of Birth/Age : |
25.10.1950 |
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Date of Appointment : |
20.11.2006 |
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Name : |
Mr. Arvind Oberoi |
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Designation : |
Director |
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Address : |
1, Nirvana, Plot No. 151, ST. Theresa Road, TPS – III, Bandra (West),
Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
02.11.1963 |
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Date of Appointment : |
20.11.2006 |
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Name : |
Mrs. Jigna D. Mody |
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Designation : |
Director |
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Address : |
Rohit Niwas, 2nd Floor, |
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Date of Birth/Age : |
03.08.1974 |
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Date of Appointment : |
10.06.2008 |
KEY EXECUTIVES
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Name : |
J. P. Associates |
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Designation : |
Company Secretary |
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Name : |
Mr. Milan Patel |
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Designation : |
Accounts Executive |
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Name : |
Mr. Poojary |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
No. of Shares |
% of Holdings |
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Mr. Sanjay B. Shah |
10 |
0.01 |
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Mrs. Kunti S. Shah |
179980 |
99.98 |
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Mrs. Trishala Shah |
10 |
0.01 |
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Total |
180000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Importer of Ambrosia Handmade Tiles, Sanitaryware Products, etc. |
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Products : |
German and
Italian Bathroom Products Include : v
Sanitary Ware v
Tiles v
Bathroom Fittings v
v
Steam Cabins v
Jacuzzi Systems v
Bathroom Accessories v
Bathroom Furniture v
Mirrors v
Mirror Cabinets
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Imports : |
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Products : |
Tiles |
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Countries : |
v
v
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GENERAL INFORMATION
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No. of Employees : |
08 (in office) |
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Bankers : |
v
Bank of 66, |
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Facilities : |
NOTE – 2007 details are not available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hashmukh Patel and Company Chartered Accountants |
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Address : |
1, Sai Dham, 276,
P.M.Road, Vile Parle (East), Mumbai – 400057, |
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Tel. No.: |
91-22-26630810 |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000 |
Equity shares |
Rs. 10/- each |
Rs. 1.800
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sales Turnover (Approximately) |
60.000 |
40.000 |
50.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.800 |
1.800 |
1.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.103 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.225) |
(1.360) |
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NETWORTH |
1.903 |
1.575 |
0.440 |
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LOAN FUNDS |
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1] Secured Loans |
3.406 |
3.854 |
3.802 |
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2] Unsecured Loans |
6.606 |
3.980 |
3.979 |
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TOTAL BORROWING |
10.012 |
7.834 |
7.781 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.915 |
9.409 |
8.221 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.920 |
2.305 |
2.690 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.049 |
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 |
10.173
|
7.778 |
5.938 |
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Sundry Debtors |
4.218
|
6.993 |
4.044 |
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Cash & Bank Balances |
0.730
|
0.108 |
0.110 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.323
|
1.033 |
1.772 |
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Total
Current Assets |
19.444
|
15.912 |
11.864 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
7.036 |
0.000 |
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Current Liabilities |
9.498
|
1.772 |
6.333 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
9.498
|
8.808 |
6.333 |
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Net Current Assets |
9.946
|
7.104 |
5.529 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.915 |
9.409 |
8.221 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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SALES |
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Sales |
|
26.679 |
23.639 |
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Other Income |
|
2.110 |
0.770 |
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TOTAL (A) |
|
28.789 |
24.409 |
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Less |
EXPENSES |
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Manufacturing Expenses |
|
3.507 |
4.264 |
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Trading Purchases |
|
21.410 |
17.836 |
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|
Increase/(Decrease) in Finished Goods |
|
(1.919) |
(2.337) |
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Administrative Expenses |
|
3.524 |
3.394 |
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TOTAL (B) |
|
26.522 |
23.157 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.267 |
1.252 |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.464 |
0.385 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1.803 |
0.867 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.264 |
0.437 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
1.539 |
0.430 |
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Add |
Excess Provision
of Tax (2003 - 2004) |
|
0.000 |
0.090 |
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Less |
TAX (H) |
|
0.207 |
0.017 |
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PROFIT AFTER TAX
(G-H) (I) |
|
1.332 |
0.503 |
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PREVIOUS
YEARS’ LOSS BROUGHT FORWARD |
|
(1.360) |
(1.863) |
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BALANCE CARRIED
TO THE B/S |
|
(0.029) |
(1.360) |
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|
Earnings Per
Share (Rs.) |
|
7.40 |
2.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
NA
|
4.62
|
2.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.76
|
1.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
8.44
|
2.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.98
|
0.98 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
10.25
|
10.56 |
32.07 |
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Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.80 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs. In Millions)
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sundry Creditors |
0.000
|
7.036 |
0.000 |
Form 8
|
Name of the company |
META TILES PRIVATE LIMITED (Formerly Known
as THE WINCHESTOR TILE COMPANY ( |
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Presented By |
Mrs. Kunti S. Shah, Director |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of stocks and Book debts dated
05.08.1997 between the Winchester Tile Company ( |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.710 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a) All stock of raw materials such as clay glazing powder, chermicals, dyes, colours, semi finished and finished tiles etc including spares parts, components (including spare parts and stores relating to plant and machinery both present and future) and stocks in process of the borrower situated at vasai, Dist. Thane. b) All the present and future book-debts, outstanding money receivables, claims, bills, which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of his business by any persons. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) The borrower agrees to repay the cash credit facility sanctioned by Bank on demand with interest at the rate 18.25% p.a. payable quarterly and L/C as per FEDAI Rules. b) The borrower shall at all times during the continuance of the security keep and maintain in such margin of security in favour of the Bank as mentioned below. i) 30% against raw materials, finished goods. ii) 30% against store. iii) 30% against goods in process. iv) 40% against book debts o/s for 2 to 3 months. v) 100% against book debts o/s for more than 3 to 6 months. c) The borrower shall at its own costs and expenses during the continuance of this security keep hypothecated assets in marketable and good condition ands shall likewise at its own expenses insure and keep insured the same against loss or damage by fire, riot, theft, strikes and robbery and such other risks as may be required by the Bank, or as per law for full market value. d) In default of maintenance of hypothecated assets by the borrower in good repair and marketable condition or in default of maintaing of insurance as aforesaid, and for renewing insurance any premium paid by the bank or any cost and expenses incurred by the bank should be paid by the borrower in demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank
of |
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6) Date and brief description of instrument modifying the charge |
1. 1st modification by a supplemental deed of hypothecation dated 05.09.2000 enhancing the limit under the said facilities with a total aggregate limit of Rs. 5.500 millions as against previous limit of Rs. 371.000 millions. 2. Second modification by executing agreement of hypothecation of plant and machinery stock and book debts, dated 24.04.2004 enhancing the limit from Rs. 5.500 millions to Rs. 6.500 millions (consisting of Rs. 4.000 millions as cash credit limit against stock and book debts and Rs. 2.500 millions against letter of credit). |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
a) Borrower agrees to repay the C/C facility sanctioned by the Bank on demand with interest rate of 1.25% over BPLR minimum of 12% p.a. and for L/C as per FEDIA Rules. b) (i) Margin for 25% against raw materials and finished goods. (ii) 25% against semi finished goods and stores. (iii) 40% against L/C to be increased by 20% per months to add to 100% on maturity. (iv) 40% against book debts o/s for not more than 60 days. |
The company has not
accepted any deposits from the public.
Generic Name of
Principal Product and Service is as under:
v
Ceramic
Glazed Tiles
v
Ceramic
Glazed Beeds
Fixed Assets
v
Plant
and Machinery
v
Electrical
Installations
v
Furniture
and Fixtures
v
Trade
Mark
v
Office
Equipments
v
Computers.
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 :
The 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.
The 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. 44.97 |
|
|
1 |
Rs. 73.34 |
|
Euro |
1 |
Rs. 63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.