MIRA
INFORM REPORT
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Report Date : |
14.05.2011 |
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Tel. No.: |
91-253-2463752 |
IDENTIFICATION DETAILS
|
Name : |
THE MOTWANE MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Gyan Baug, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.09.1960 |
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Com. Reg. No.: |
11-11827 |
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Capital
Investment / Paid-up Capital : |
Rs.17.700 Millions |
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CIN No.: [Company Identification
No.] |
U32109MH1960PTC011827 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKT00068F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of High Performance, High Precision Electronic Test and
Measurement Equipments. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
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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 254000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Ajit Parundekar |
|
Designation : |
Director |
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Date : |
12.05.2011 |
LOCATIONS
|
Registered Office : |
Gyan Baug, |
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Tel. No.: |
91-253-2463752 / 2463753 |
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Fax No.: |
91-253-2463197 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Owned |
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Branches : |
Located at
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DIRECTORS
As on 16.06.2010
|
Name : |
Mr. Ajit Suresh Parundekar |
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Designation : |
Director |
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Address : |
Flat No. 4, Anmol Residence, Govind Magar, Behind Hotel Prakash,
Mumbai Agra Road, Nashik – 400021, Maharashtra, India |
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Date of Birth/Age : |
30.07.1967 |
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Date of Appointment : |
01.04.2001 |
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DIN No. : |
00042608 |
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Name : |
Mrs. Hardevi H. Motwane |
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Designation : |
Managing Director |
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Address : |
Gyan Ghar, Plot No. 434A, |
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Date of Birth/Age : |
05.05.1930 |
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Date of Appointment : |
01.04.1971 |
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DIN No. : |
00042612 |
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Name : |
Mr. Gautam Premnath Khandelwal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.04.1962 |
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Date of Appointment : |
06.09.2007 |
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DIN No. : |
00270717 |
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Name : |
Mr. Pratishwar Harnam Motwane |
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Designation : |
Director |
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Address : |
Gyan Ghar, Plot No. 434A, |
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Date of Birth/Age : |
23.06.1969 |
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Date of Appointment : |
30.12.1987 |
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DIN No. : |
00293177 |
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Name : |
Mr. Sunil H. Motwane |
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Designation : |
Director |
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Address : |
Gyan Ghar, Plot No. 434A, |
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Date of Birth/Age : |
28.04.1954 |
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Date of Appointment : |
13.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hardevi H. Motwane |
|
18396 |
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Sunil H. Motwane |
|
13860 |
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Pratishwar Harnam Motwane |
|
27997 |
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Motwane Sunil Vikramaditya |
|
975 |
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Harilela N. Jethanand |
|
1176 |
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Motwane S. Reetika |
|
2875 |
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Harilela N. Hari |
|
1176 |
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Sakraney L. Keshavraj |
|
2749 |
|
Kaycee Bermuda Limited ( |
|
13308 |
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Ajit Suresh Parundekar |
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4900 |
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Motwane H. Deepika |
|
361 |
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Gautam Premnath Khandelwal |
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50 |
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|
89183 |
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Total |
|
177006 |
As on 16.06.2010
|
Category |
Percentage |
|
Bodies corporate |
58.00 |
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Directors or relatives of Directors |
42.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Performance, High Precision Electronic Test and
Measurement Equipments. |
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Exports : |
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Products : |
Electronic Test and Measurement Equipments |
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Countries : |
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Imports : |
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Products : |
Digital Multimeter |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End users, OEM’s and Manufacturer |
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No. of Employees : |
100 (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 : |
S. M. Daga Chartered Accountant |
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Address : |
Yashwant Mandai, Raviwar Kananja, Nashik – 422001, |
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Tel. No.: |
91-253-2574034 |
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Fax No.: |
91-253-2578934 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177006 |
Equity Shares |
Rs.10/-each |
Rs.17.700
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
17.700 |
17.700 |
17.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.709 |
42.716 |
36.918 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.409 |
60.416 |
54.618 |
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LOAN FUNDS |
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1] Secured Loans |
34.758 |
42.130 |
16.543 |
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2] Unsecured Loans |
1.137 |
1.662 |
1.702 |
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TOTAL BORROWING |
35.895 |
43.792 |
18.245 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.304 |
104.208 |
72.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.257 |
38.702 |
22.015 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.152 |
16.973 |
16.110 |
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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 |
26.105
|
25.576 |
18.562 |
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Sundry Debtors |
38.134
|
31.696 |
20.222 |
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Cash & Bank Balances |
1.941
|
2.387 |
1.192 |
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Other Current Assets |
0.064
|
0.050 |
0.038 |
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Loans & Advances |
8.250
|
5.549 |
8.847 |
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Total
Current Assets |
74.494
|
65.258 |
48.861 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.596
|
6.044 |
5.916 |
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Other Current Liabilities |
8.599
|
5.913 |
8.207 |
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Provisions |
5.404
|
4.768 |
0.000 |
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Total
Current Liabilities |
18.599
|
16.725 |
14.123 |
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Net Current Assets |
55.895
|
48.533 |
34.738 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.304 |
104.208 |
72.863 |
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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 |
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Other Income |
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TOTAL (A) |
139.643 |
134.235 |
86.490 |
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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) |
119.041 |
113.048 |
74.876 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.602 |
21.187 |
11.614 |
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Less |
FINANCIAL
EXPENSES (D) |
6.455 |
5.067 |
1.947 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.147 |
16.120 |
9.667 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.683 |
8.772 |
4.308 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.464 |
7.348 |
5.359 |
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Less |
TAX (I) |
0.472 |
1.550 |
0.817 |
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PROFIT AFTER TAX
(G-I) (J) |
2.992 |
5.798 |
4.542 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1.365 |
0.391 |
0.230 |
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Other |
0.000 |
0.000 |
1.702 |
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TOTAL EARNINGS |
1.365 |
0.391 |
1.932 |
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IMPORTS |
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Raw Materials and Components/Trading Goods |
19.025 |
25.690 |
17.220 |
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Capital Goods |
0.611 |
4.265 |
4.542 |
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TOTAL IMPORTS |
19.636 |
29.955 |
21.762 |
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Earnings Per
Share (Rs.) |
16.91 |
32.76 |
29.49 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
140.000 |
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|
Expected Sales ( 2011-2012 ) : Rs.150.000 Millions
The above information has been parted by Mr. Ajit Parundekar
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
2.14
|
4.32 |
5.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.94
|
7.07 |
7.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.12 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
1.00 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
|
4.00
|
3.90 |
3.46 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors for Goods |
4.596 |
6.044 |
5.916 |
|
Total |
4.596 |
6.044 |
5.916 |
FORM 8 :
|
Corporate
identity number of the company |
U32109MH1960PTC011827 |
|
Name of the
company |
THE MOTWANE MANUFACTURING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gyan Baug, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable property |
|
Particular of
charge holder |
Dena Bank, |
|
Nature of
instrument creating charge |
Term Loan
agreement of hypothecation of movables |
|
Date of
instrument Creating the charge |
25.10.2010 |
|
Amount secured by
the charge |
Rs.9.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Base Rate + 5.25%
+ 0.50=8.25 + 5.25 + 0.50=14% subject to change as per RBI / BANK policy and
the rating of the account. Terms of
repayment : The borrower
agreed to repay the said loan of Rs.9.000 Millions within 5 years in monthly
installments at Rs.0.155 Million per month plus monthly interest separately
from two months after first disbursement. Margin : 25% Extent and operation
of the charge : First charge in
favour of Dena Bank, |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecated
machineries as given calibrators and standards, dies and moulds, research and
development equipments, other machineries, tools and Equipments. |
TRADE REFERENCES :
- Indian
Railways
- Defence Force
FIXED ASSETS :
- Buildings
- Plant and Machinery
- Air Conditioner
- Electrical Installation
- Furniture and Fixtures
- Office Equipments
- R and D Equipments
- Vehicles
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.