MIRA
INFORM REPORT
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Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Plot No. 113, GIDC Estate, Phase – 1, Wadhwan, Surendranagar – 363035,
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.10.1986 |
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Com. Reg. No.: |
04-9027 |
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CIN No.: [Company
Identification No.] |
U29120GJ1986PTC009027 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD02714F |
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PAN No.: [Permanent
Account No.] |
AABCD1803E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Gear Pumps and Allied Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 324000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered 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 |
INFORMATION PARTED BY
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Name : |
Mrs. Rashmi |
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Designation : |
Marketing Executive |
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Contact No.: |
91-9998817576 |
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Date : |
29.04.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot No. 113, GIDC Estate, Phase – 1, Wadhwan, Surendranagar – 363035,
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Tel. No.: |
91-2752-243047 |
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Mobile No. : |
91-9998817576 (Mrs. Rashmi) |
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Fax No.: |
91-2752-243744 |
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E-Mail : |
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Website : |
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Area : |
20000 Sq. Fts |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Niranjan Himatlal Deliwala |
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Designation : |
Director |
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Address : |
72, Priyadarshan, Housing Plot, GIDC. |
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Date of Birth/Age : |
11.08.1951 |
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Qualification : |
B.M.E. |
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Date of Appointment : |
14.03.1987 |
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DIN No. : |
02064195 |
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Name : |
Mrs .Varsha Niranjan Deliwala |
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Designation : |
Director |
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Address : |
72, Priyadarshan, Housing Plot, GIDC. |
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Date of Birth/Age : |
30.03.1952 |
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Qualification : |
B.Com. |
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Date of Appointment : |
14.03.1987 |
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DIN No. : |
02066402 |
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Name : |
Mr. Hemant Niranjan Deliwala |
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Designation : |
Director |
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Address : |
72, Priyadarshan, Housing Plot, GIDC. |
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Date of Birth/Age : |
30.03.1977 |
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Qualification : |
B.M.E. |
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Date of Appointment : |
01.04.1998 |
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DIN No. : |
00898162 |
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Name : |
Mrs. Darshani Deliwala |
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Designation : |
Director |
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Date of Birth/Age : |
28 years |
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Qualification : |
B.Com. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Varsha Niranjan Deliwala |
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90100 |
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Niranjan Himatlal Deliwala |
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815200 |
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Niranjan Himatlal Deliwala HUF |
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1347500 |
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Bipinchandra Jamnadas Jobalia |
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1000 |
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Pramjibhai Chaturbhai Bhalgamadia |
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100 |
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Hemant Niranjan Deliwala |
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140100 |
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Dharmesh Anilbhai Deliwala |
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6500 |
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Radhika Niranjan Deliwala |
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80000 |
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Darshani Deliwala |
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6000 |
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Sameer Anilbhai Deliwala |
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6000 |
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Maltiben Haribhai Deliwala |
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8000 |
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Total |
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2500500 |
Equity Share Break up as on 30.09.2010
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S. No. |
Category |
Percentage |
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1 |
Directors or
relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Gear Pumps and Allied Products. |
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Products : |
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Exports : |
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Products : |
Oil Pump |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
As on 2009
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Customers : |
As on 2009
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No. of Employees : |
175 (Approximately) |
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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 : |
Pritesh A. Shah and Associates Chartered Accountant |
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Address : |
33/385, Adarsh Nagar, Near Nava Vadaj, Ankur, Naranpura, Ahmedabad –
380013, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500500 |
Equity Shares |
Rs.10/- each |
Rs.25.005 Millions |
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 |
25.005 |
25.005 |
25.005 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.141 |
41.349 |
38.161 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
81.146 |
66.354 |
63.166 |
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LOAN FUNDS |
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1] Secured Loans |
1.253 |
1.650 |
0.672 |
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2] Unsecured Loans |
0.120 |
0.120 |
0.583 |
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TOTAL BORROWING |
1.373 |
1.770 |
1.255 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
82.519 |
68.124 |
64.421 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.220 |
33.321 |
33.001 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.783 |
5.040 |
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 |
12.351
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13.258
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11.870
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Sundry Debtors |
36.375
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22.822
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24.977
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Cash & Bank Balances |
0.008
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0.009
|
0.057
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
21.429
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9.825
|
7.488
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Total
Current Assets |
70.163
|
45.914 |
44.392 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.924
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7.643
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11.032
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Other Current Liabilities |
2.699
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1.901
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0.346
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Provisions |
14.024
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6.607
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0.797
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Total
Current Liabilities |
27.647
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16.151
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12.972
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Net Current Assets |
42.516
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29.763
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31.420
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
82.519 |
68.124 |
64.421 |
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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 |
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Income |
90.889 |
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Other Income |
7.367 |
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TOTAL (A) |
98.256 |
89.292 |
69.884 |
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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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TOTAL (B) |
82.081 |
70.407 |
51.717 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
18.167 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
0.574 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.175 |
18.885 |
17.593 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.035 |
6.549 |
3.400 |
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PROFIT BEFORE
TAX (E-F) (G) |
22.210 |
12.336 |
14.193 |
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Less |
TAX (I) |
7.418 |
6.500 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
14.792 |
5.836 |
14.193 |
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Earnings Per
Share (Rs.) |
5.92 |
-- |
5.68 |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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150.000 |
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Expected Sales (2011-12): Rs. 180.000 Millions
The above information has been parted by Mrs. Rashmi
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
15.05
|
6.53 |
20.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
24.44
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.12
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15.57 |
18.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
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0.18 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36
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0.27 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
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2.54
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2.84 |
3.42 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
The total income during the year was Rs.98.255 Millions as compared to
the previous year’s total income of Rs.89.292 Millions. The net profit was Rs.14.792
Millions as compared to the previous year’s net profit of Rs.5.836 Millions.
With a view to converse reserves, the directors do not recommend any dividend.
Fixed Assets:
- Land and
Estate
- New
Construction Plot
- Fright
Foundation and Insurance
- Jig Fixtures
- Patterns and
Pattern
- Cutting Tools
and Equipment
- Testing
Equipment and Measurement
- Electric
Fitting and Fixtures
- Furniture and
Fixture
- New Motor Car
- Plant and
Machinery
- Computer
Accessories
Form 8:
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Name of the
company |
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Presented By |
Mr. Niranjan Himatlal Deliwala |
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1) Date and description of instrument creating the change |
General Agreement
for working capital finance to SSI together with pledge of goods and other assets
agreement, agreement for advance against receivable and till in course of
collection and agreement for letter of credit guarantee. All dated 05.10.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.200
Millions Secured CC
against stock – Rs. 1.300 Millions HP CC for Book
Debts – Rs. 0.900 Million DD Purchase Limit
– Rs. 0.200 Million LC and Guarantee
– Rs. 0.800 Million Total – Rs. 3.200
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 |
Mortgage of all
movable properties including stock, book debts belonging to borrowers
situated at Flat No. 277, GIDC , |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest @
2.75% above SBAR 2. Raw Materal
Margin – 25%, Stock – 40%, Finish Goods – 40%, Book Debts – 50% with 90 days
covers and Guarantee – 25%. 3. The security
described in Column No. 3 above all given security for various finance upto
Rs. 3.200 Millions |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
General Agreement
for working capital finance to SS. together with pledge of goods advance
against receivables and bills in course of collection and Agreement for
letter of credit, guarantee all dated 23.12.2000. General Agreement
for the grant of medium term advance to SSI and Hypothecation of ancillary
book debts and other assets along with ancillary agreement for medium term
loan against of movable machinery dated 23.12.2000. |
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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. |
The Working
Capital Loan Amount Of Rs. 3.200 Millions Has Been Increased To Rs. 5.000
Millions As Under Secured CC Has Been Increased From Rs. 1.300 Millions To
Rs. 3.000 Millions. HPCC For Book
Debts Increases From Rs. 0.900 To Rs. 1.000 Million. DD Purchased
Limit Of Rs. 0.200 And LC And Guarantee Of Rs. 0.800 Million Has Been
Combined To LC and Guarantee Limit Of Rs. 1.000 Million. The Term Loan Of
Rs. 3.129 Millions Has Been Kept As Rs. 2.129 Millions. With Changes In
Securities As All Machineries Are Mortgage As Overall Charge For All Loans
Mentioned Above. Interest Rate Has
Been Changed From 2.75 to 2.25% above SBAR with minimum rate of 14.25%. The original
charge was created on 05.10.1999 and was registered on 10.12.1999. |
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.