MIRA
INFORM REPORT
|
Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CITIZEN INDUSTRIES |
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Registered
Office : |
Citizen Arena, Darshan Society Road, Near Stadium Circle, Navrangpura,
Ahmedabad – 380009, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.1987 |
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Capital
Investment / Paid-up Capital : |
Rs.121.898 Millions |
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IEC No.: |
0896006441 |
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PAN No.: [Permanent Account No.] |
AAVPM 5024 D |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Manufacturer of Laboratory Furniture/ Work Station, Fume Hoods/ Fume
Exhaust Unit, Individually Ventilated Animal Caging System, Conventional Caging
System, Fan, Fan Coil Unit/ A.C. Plant Equipments. |
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|
|
|
No. of Employees
: |
115 (Approximately) [In Office – 15 and In Factory – 100] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established proprietory concern having fine track.
Proprietor is reported to be an experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
reported to be correct and as per commitments. The concern can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kamalesh Mehta |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9825013015 |
|
Date : |
29.11.2011 |
LOCATIONS
|
Registered Office : |
Citizen Arena, Darshan Society Road, Near Stadium Circle, Navrangpura,
Ahmedabad – 380009, Gujarat |
|
Tel. No.: |
91-79-26445155/26441492/26441598/26441471/26441557/26441581/26445155 |
|
Mobile No.: |
91-9825013015 (Mr. Kamalesh Mehta) |
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Fax No.: |
91-79-26565642 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Factory : |
Plot No. 57, Phase II, GIDC Industrial Estate, Naroda, Ahmedabad –
382330, Gujarat, India |
|
Tel. No.: |
91-79-22813130 |
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Fax No.: |
91-79-22802672 |
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E-Mail : |
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Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Kamalesh Rasiklal Mehta |
|
Designation : |
Proprietor |
|
Address : |
14, Darshan Society, Darshan Society Road, Near Samved Hospital,
Navrangpura, Ahmedabad – 382009, Gujarat, India |
|
Date of Birth/Age : |
05.07.1959 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Experience : |
25 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Laboratory Furniture/ Work Station, Fume Hoods/ Fume
Exhaust Unit, Individually Ventilated Animal Caging System, Conventional
Caging System, Fan, Fan Coil Unit/ A.C. Plant Equipments. |
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Brand Names : |
CITIZEN MAKE |
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Exports : |
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Products : |
·
IVC Cage/ IVC Rack ·
Fume Exhaust Unit/ Lab Furniture ·
Fume Exhaust Unit/ Lab Furniture |
|
Countries : |
·
Dammam ·
Saudi Arabia ·
Bangladesh ·
Argentina |
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|
|
|
Imports : |
|
|
Products : |
·
Maica Laminates ·
Actuators ·
Air Flow Monitor – AFA 1000 ·
Valve ·
Spot Extractors ·
Programe Logic Controler ·
Variable Transformer ·
Filters ·
Power Supply Unit |
|
Countries : |
·
Malaysia ·
Hong Kong ·
UK ·
Italy ·
Singapore ·
Israel ·
Slovenia ·
Germany ·
Italy |
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Terms : |
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Selling : |
Credit (30 – 90 days) |
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Purchasing : |
Credit (30 days) |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Laboratory Furniture/ Work Station |
1650 |
1608 |
|
Fume Hoods/ Fume Exhaust Unit |
450 |
235 |
|
Fan Coil Unit/ A.C. Plant Equipments |
450 |
422 |
|
Individually
Ventilated Animal Caging System : |
|
|
|
-- IVC Ventilator |
75 |
49 |
|
-- IVC Rack |
200 |
199 |
GENERAL INFORMATION
|
Suppliers : |
·
Rohit and Company Address : B – 605, Nirman
B/h., Navrangpura Bus Stand, Navrangpura, Ahmedabad – 380009, Gujarat, India Tel No.: 91-79-26430880
(Mr. Sunilbhai and Mr. Kishorbhai) ·
Milestone Industries Address : 130/1, Karai
Road, Village – Valad, Near Braight School, District Ghandinagar – 382355,
Gujarat, India Tel No.: 91-79-32946477
(Mr. Kanubhai Patel and Mr. Sunilbhai) ·
Shree Narmada Aluminium Industries Limited Address : 95/1, Bharuch
Palej Road, Bholav, Bharuch – 392001, Gujarat, India Tel No.: 91-2642-260624
(Mr. Roulji) ·
EBM Papst India Private Limited Address : 26/3, G.N.T.
Road, Erukkancherry, Chennai – 600118, Tamilnadu, India Tel No.: 91-44-26720103
(Ms. Vijaya) Mobile No.: 91-9444407700
(Mr. Raj Pandian) ·
Maica Laminates Sdn Bhd ·
Belimo Actuators ·
Temperature Electronics
Limited ·
TOF Srl ·
Water Saver Asia Pve.
Limited ·
Unitronics ·
Metrel D.D ·
EMW Filter Technick
GMBH ·
Eurogi Srl |
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Customers : |
End Users ·
Divis Laboratories Limited Address: Divis Towers, 7-1-77/E/1/303
Dharam Karan Road, Ameer Peth, Hyderabad – 500016, Andhra Pradesh, India Tel No.: 91-40-23731760
(Mr. Vara Prasad) ·
Oxygen Bio Research Private Limited Address: Plot No. 18,
Pharmaceutical Special Economic Zone, PHARMEZ, Village – Matoda, Taluka
Sanand, Ahmedabad – 382110, Gujarat, India Tel No.: 91-2717-656801 (Mr. Prashant Patel) ·
TCG Life Science Limited Address : Block – BN,
Plot 7, Sector – V, Salt Lake Electronic Complex, Kolkata – 700091, West
Bengal, India Tel No.: 91-33-23673151
(Mr. Manas Chaudhary) ·
IISER – Pune Address : Indian
Institute of Science Education and Research 900 NCL Innovation Park, Dr. Homi
Bhabha Road, Pashan, Pune – 411008, Maharashtra, India Tel No.: 91-20-25908002
(Mr. Salim Shaikh) ·
Montajat
Pharmaceuticals Company Limited ·
Novarties Bangladesh
Limited ·
Glenmark Generics S.A. |
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No. of Employees : |
115 (Approximately) [In Office – 15 and In Factory – 100] |
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Bankers : |
·
State Bank of India, Naroda Industrial Estate, Naroda
Industries Association Building, Near Kapasi Hall, Jayhind Metal Bus Stop,
GIDC Naroda, Ahmedabad – 382330, Gujarat, India ·
Bank of Baroda ·
HDFC Bank |
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Facilities : |
Credit Limit – Rs.15.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Anil N Shah and Company Chartered Accountants |
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Address : |
203, Sarthak Complex, Behind, Urja House, Near Swastik Cross Road,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26446107 |
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Fax No.: |
91-79-26446107 |
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E-Mail : |
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Sister Concerns : |
·
Citizen Industries Limited Address : 636, Laxmi Industrial Estate, Rakanpur, District
Gandhinagar, Gujarat, India Line of Business : Manufacturer of Air Handling Units ·
Premier Polymers Address : 608 – C, Phase IV, G.I.D.C Estate, Naroda, Ahmedabad –
382330, Gujarat, India Line of Business : Manufacturer of Valve and IVC Caging Systems Parts |
PROPRIETOR CAPITAL ACCOUNT
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.121.898 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.121.898 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
121.898 |
105.924 |
109.324 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
121.898 |
105.924 |
109.324 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.554 |
11.953 |
9.887 |
|
|
2] Unsecured Loans |
7.724 |
1.650 |
1.541 |
|
|
TOTAL BORROWING |
21.278 |
13.603 |
11.428 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
143.176 |
119.527 |
120.753 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.175 |
49.870 |
49.407 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.943
|
34.203 |
38.770 |
|
|
Sundry Debtors |
76.246
|
50.955 |
44.176 |
|
|
Cash & Bank Balances |
1.474
|
0.323 |
4.091 |
|
|
Other Current Assets |
19.973
|
4.307 |
6.570 |
|
|
Loans & Advances |
5.551
|
1.843 |
6.103 |
|
Total
Current Assets |
146.187
|
91.631 |
99.710 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
52.186
|
21.974 |
28.365 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
52.186
|
21.974 |
28.365 |
|
|
Net Current Assets |
94.001
|
69.657 |
71.345 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
143.176 |
119.527 |
120.752 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
176.370 |
151.588 |
170.760 |
|
|
|
Other Income |
1.240 |
1.170 |
0.652 |
|
|
|
TOTAL |
177.610 |
152.758 |
171.412 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumption |
100.047 |
83.126 |
92.515 |
|
|
|
Fuel and Consumable Expenses |
0.545 |
0.217 |
0.314 |
|
|
|
Freight Charges |
3.530 |
3.437 |
3.866 |
|
|
|
Packing Expenses |
1.419 |
0.863 |
1.094 |
|
|
|
Repairs and Maintenance |
0.222 |
0.465 |
0.578 |
|
|
|
Rent Expenses |
1.846 |
0.240 |
0.240 |
|
|
|
Salary, Wages and other Benefit to staff and workers |
8.469 |
7.887 |
9.219 |
|
|
|
VAT and Excise Payment |
2.256 |
0.354 |
0.330 |
|
|
|
Stationery and Printing |
0.087 |
0.084 |
0.079 |
|
|
|
Postage and Stationery |
0.372 |
0.309 |
0.259 |
|
|
|
Travelling and Conveyance |
3.097 |
3.142 |
2.437 |
|
|
|
Business and Sales Promotion |
1.149 |
1.553 |
0.000 |
|
|
|
Interest |
1.417 |
1.403 |
1.875 |
|
|
|
Bank Commission and Charges |
0.535 |
0.323 |
0.482 |
|
|
|
Car Expenses |
0.144 |
0.156 |
0.177 |
|
|
|
Vehicle Expenses |
0.030 |
0.026 |
0.004 |
|
|
|
Legal Expenses |
1.525 |
0.142 |
0.061 |
|
|
|
Remuneration to Auditors |
0.060 |
0.095 |
0.090 |
|
|
|
Repair and Maintenance |
0.116 |
0.108 |
0.074 |
|
|
|
Office and Miscellaneous Expenses |
1.699 |
1.576 |
0.233 |
|
|
|
Others |
5.175 |
3.661 |
5.021 |
|
|
|
TOTAL |
133.740 |
109.167 |
118.948 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
43.870 |
43.591 |
52.464 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.846 |
1.995 |
2.415 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/ LOSS |
42.024 |
41.596 |
50.049 |
|
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
23.66
|
27.22 |
29.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.82
|
27.44 |
29.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.51
|
29.40 |
33.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.39 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.33 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.80
|
4.16 |
3.51 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
·
Rohit and Company
·
Milestone Industries
·
Shree Narmada Aluminium
Industries Limited
·
EBM Papst India Private
Limited
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.51.93 |
|
|
1 |
Rs.80.62 |
|
Euro |
1 |
Rs.69.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.