MIRA
INFORM REPORT
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Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MERCANTILE TELETRONICS PRIVATE LIMITED |
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Registered
Office : |
514, 5th Floor, Sai Chamber, Behind Best Terminus, Next To Syndicate
Bank, Santacruz Station (East), Mumbai – 400055, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.10.1996 |
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Com. Reg. No.: |
11-103577 |
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CIN No.: [Company Identification
No.] |
U32200MH1996PTC103577 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM11262G |
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PAN No.: [Permanent Account No.] |
AABCM9164D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of Goods |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 168600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Financial
position of the company is satisfactory. Trade relations are fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
LOCATIONS
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Registered Office : |
514, 5th Floor, Sai Chamber, Behind Best Terminus, Next To
Syndicate Bank, Santacruz Station (East), Mumbai – 400055, Maharashtra, India |
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Tel. No.: |
91-22-28515217 / 26126629 |
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Fax No.: |
91-22-26126629 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Ajay Nana Walanju |
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Designation : |
Director |
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Address : |
Sahajeevan 32, 1735 Khernagar, MHB Colony, Bandra (East), Mumbai –
400051, |
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Date of Birth/Age : |
20.03.1967 |
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Date of Appointment : |
29.10.1996 |
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DIN : |
00210390 |
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Name : |
Mr. Anand Laxman Veer |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.09.1972 |
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Date of Appointment : |
09.05.2005 |
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DIN : |
00210826 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Ajay Nana Walanju |
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180100 |
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Mr. Anand Laxman Veer |
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28000 |
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Total |
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208100 |
As on 29.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Goods |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vipin Ladda Chartered Accountant |
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Address : |
D-701, Subh Sarita, Appa Saheb Siddhye Marg, Borivali (East), Mumbai –
400066, |
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Tel. No.: |
91-22-32199275 |
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PAN No.: |
ABEPL3198B |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs.10/-each |
Rs.5.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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208,100 |
Equity Shares |
Rs.10/-each |
Rs.2.081 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.081 |
2.081 |
2.081 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.077 |
11.710 |
4.193 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.158 |
13.791 |
6.274 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.187 |
0.477 |
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2] Unsecured Loans |
1123.138 |
0.000 |
0.000 |
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TOTAL BORROWING |
1123.138 |
0.187 |
0.477 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.091 |
0.000 |
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TOTAL |
1165.296 |
14.069 |
6.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.519 |
0.677 |
0.912 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.840 |
0.840 |
0.840 |
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DEFERREX TAX ASSETS |
0.098 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
4.610 |
3.072 |
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Cash & Bank Balances |
12.557
|
2.577 |
2.936 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1649.256
|
462.065 |
210.305 |
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Total
Current Assets |
1661.813
|
469.252 |
216.313 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
14.978 |
51.804 |
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Other Current Liabilities |
474.424
|
432.701 |
155.940 |
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Provisions |
23.550
|
9.021 |
3.573 |
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Total
Current Liabilities |
497.974
|
456.700 |
211.317 |
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Net Current Assets |
1163.838
|
12.552 |
4.996 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
1165.296 |
14.069 |
6.751 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
830.911 |
918.000 |
494.566 |
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Less |
EXPENSES |
787.998 |
904.943 |
494.285 |
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PROFIT BEFORE
TAX |
42.913 |
13.057 |
0.281 |
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Less |
TAX |
14.546 |
5.540 |
0.052 |
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PROFIT AFTER TAX |
28.367 |
7.517 |
0.229 |
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Earnings Per
Share (Rs.) |
136.32 |
36.12 |
1.10 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.41
|
0.82 |
0.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.58
|
2.78 |
0.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.02
|
0.95 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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38.45
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33.13 |
33.76 |
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Current Ratio (Current Asset/Current Liability) |
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3.34
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1.03 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from Navjivan Commercial Premises
Co-operative Society Limited, 3/1409R, 14th Floor, Lamington Road, Mumbai,
Mumbai – 400008, Maharashtra, India to the present address w.e.f. 01.04.2010
Results of Operations
During the year 2009-10, the company has
achieved total income of Rs.830.912 millions as against Rs.917.999 millions in
the previous year. Hence there has been decrease in the total income of the
company over the previous year. The profit after tax for the year 2009-10 was
Rs.28.367 million against profit of Rs.7.517 million in the previous year.
The directors are striving hard to get more
business and are hopeful of better results in years to come.
Contingent Liabilities :
Income tax department has raised a demand of
Rs.0.063 million for A.Y. 2001-02 and Rs.0.488 million for A.Y.2003-04. No
provision made in respect of the above dues. The company has filed
rectification application and appeal with the respective authority’s in this
respect.
FIXED ASSETS :
- Furniture and Fixture
- Computer
- Motor Car
- Office Equipment
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.44.97 |
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|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
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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.