MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MASCOM ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
406-B, Byculla Service Industrial Estate Dadoji Kondeo Marg, Byculla, Mumbai-400027,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.04.1988 |
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Com. Reg. No.: |
11-047016 |
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Capital
Investment / Paid-up Capital : |
Rs.1.500 Millions |
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CIN No.: [Company Identification
No.] |
U72100MH1988PTC047016 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19847C |
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PAN No.: [Permanent Account No.] |
AAACM3607J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Computers Accessories |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000 |
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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 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
|
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 |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
406-B, Byculla Service Industrial Estate Dadoji Kondeo Marg, Byculla,
Mumbai -400027, Maharashtra, India |
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E-Mail : |
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Head Office : |
406-B, Byculla Service Ind. Estate Dadoji Kondeo Marg, Byculla(East)
Mumbai-400027, Maharashtra, India |
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Tel. No.: |
91-22-40295200 |
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Fax No.: |
91-22-23780059 |
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E-Mail : |
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Branch Office : |
Survey No.28/1, Old Nagar, Mundhva Road, Kharadi, Pune, Maharashtra,
India |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Aliasgar Huned Karwa |
|
Designation : |
Director |
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Address : |
C-601, Veena Beena Apts, Sewree, Mumbai-400015, Maharashtra, India |
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Date of Birth/Age : |
16.09.1981 |
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Date of Appointment : |
30.09.2008 |
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DIN No: |
00672269 |
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Name : |
Huned Mohsin Karwa |
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Designation : |
Director |
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Address : |
C-601, Veena Beena Apts, Sewree, Mumbai-400015, Maharashtra, India |
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Date of Birth/Age : |
28.07.1947 |
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Date of Appointment : |
14.08.1988 |
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DIN No: |
00672355 |
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|
Name : |
Munira Huned Karwa |
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Designation : |
Director |
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Address : |
C-601, Veena Beena Apts, Sewree, Mumbai-400015, Maharashtra, India |
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Date of Birth/Age : |
08.07.1957 |
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Date of Appointment : |
16.09.1992 |
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DIN No: |
00672310 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Aliasgar Huned Karwa |
|
3,000 |
|
Huned Mohsin Karwa |
|
7,150 |
|
Munira Huned Karwa |
|
4,850 |
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TOTAL |
|
15,000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Computers Accessories |
GENERAL INFORMATION
|
Customers : |
§
Walt Disney and Company §
Reserve Bank of India §
Tata Electric Company §
Reliance Industries §
BPCL §
Bennett Coleman and Company
Limited(Times of India) §
Hindustan Petroleum Corp Limited §
L and T §
Air India §
Johnson and Johnson Limited §
Bajaj Electricals Limited §
Raymond India Limited |
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Bankers : |
§
Bombay Mercantile Co-operative Bank Limited, 78,
Mohamedali Road, Mumbai,
Mumbai-400003, Maharashtra, India. §
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rasheh P. Patel and Associates Chartered Accountants |
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Address : |
1st Floor, Madhav Baug-B, Opp Bank Of Maharashtra, Goshala
Road, Shivaji Chowk, Kalyan (W), Mumbai-421301, Maharashtra, India |
|
PAN: |
AIEPP6232F |
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity shares |
Rs.100/-each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity share |
Rs.100/-each |
Rs.1.500
Millions |
NOTE :Issued, Subscribed and Paid Up 15,000 Equity shares of Rs.100/- Each (Including
4,000 Equity shares of Rs.100/- each issued by capitalizing General Reserve )
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
1.500 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
3.680 |
3.389 |
1.834 |
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4] (Accumulated Losses) |
5.180 |
4.889 |
3.334 |
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NETWORTH |
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LOAN FUNDS |
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|
1] Secured Loans |
3.754 |
(0.432) |
5.264 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.754 |
(0.432) |
5.264 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.934 |
4.457 |
8.598 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.777 |
1.368 |
1.557 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.055 |
0.055 |
0.056 |
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DEFERREX TAX ASSETS |
0.000 |
0.014 |
0.014 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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|
Inventories |
1.501
|
0.382 |
1.517 |
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|
Sundry Debtors |
8.842
|
5.573 |
7.538 |
|
|
Cash & Bank Balances |
0.046
|
0.051 |
15.331 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20.681
|
20.200 |
6.119 |
|
Total
Current Assets |
31.070
|
26.206 |
30.505 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.473
|
20.615 |
21.716 |
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|
Other Current Liabilities |
0.095
|
2.481 |
0.652 |
|
|
Provisions |
0.400
|
0.090 |
1.166 |
|
Total
Current Liabilities |
23.968
|
23.186 |
23.534 |
|
|
Net Current Assets |
7.102
|
3.020 |
6.971 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.934 |
4.457 |
8.598 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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|
|
|
|
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Income |
56.863 |
55.348 |
87.206 |
|
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Other Income |
5.756 |
7.040 |
8.171 |
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TOTAL (A) |
62.619 |
62.388 |
95.377 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Cost Of Goods Sold |
52.759 |
52.421 |
84.656 |
|
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|
Employee’s Remuneration |
3.548 |
3.125 |
2.754 |
|
|
|
Operating & Establishment Exp. |
2.377 |
2.411 |
3.604 |
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TOTAL (B) |
58.684 |
57.957 |
91.014 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.935 |
4.431 |
4.363 |
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Less |
FINANCIAL
EXPENSES (D) |
2.338 |
2.684 |
2.923 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.597 |
1.747 |
1.44 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.279 |
0.191 |
0.330 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.318 |
1.556 |
1.111 |
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Less |
TAX (H) |
0.400 |
0.000 |
0.462 |
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PROFIT AFTER TAX
(G-H) (I) |
0.918 |
1.556 |
0.649 |
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|
Earnings Per
Share (Rs.) |
61.2 |
103.73 |
43.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.46
|
2.68 |
0.71 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.31
|
2.81 |
1.27 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.012
|
5.642 |
3.465 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.254
|
0.318 |
0.333 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.351
|
4.654 |
8.637 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.296
|
1.130 |
1.296 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U72100MH1988PTC047016 |
|
Name of the
company |
Mascom
Electronics Private Limited |
|
Address of the
registered office or of the principal place of business in |
406-B, Byculla Service Ind. Estate Dadoji Kondeo Marg, Byculla(East)
Mumbai-400027, Maharashtra, India |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Name: Bombay
Mercantile co-operative Bank
Limited Address: 78, Mohamedali
Road, Mumbai, Mumbai-400003,
Maharashtra, India. E-Mail: emailroc@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
Book-debts |
|
Date of
instrument Creating the charge |
20.11.2008 |
|
Amount secured by
the charge |
Rs.7.500 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest @ 13.50% P.A. Or Such Other As Between The Borrower Company And The
Bank From Time To Time. Penal Interest,
As Agreed Between The Borrower Company And The Bank From Time To Time. Terms of
Repayment: Repayment, As Agreed Between The Borrower Company And The Bank
From Time To Time. Margin: Margin
Rate, As Agreed Between The Borrower Company And The Bank From Time To Time. Extent And
Operation of The Charge: At The Request Borrower Company, The Bank Has
Sanctioned Overdraft Limit Of Rs.7.500 Million, Against Hypothecation of
Book-Debts. Others: |
|
Short particulars
of the property charged |
At The Request of
The Borrower Company, The Bank Has Sanctioned Overdraft Limit Of Rs.7.500
Million, Against Hypothecation Of Book-Debts. |
Fixed Assets:
§ Capital Expenditure for Teneted Premises
§ Furniture and Fixture
§ Plant and Machinery
§ Type Writer
§ Computers
§ Office Equipments
§ Motor car
§ Office Premises
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.