MIRA
INFORM REPORT
|
Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MASSCORP LIMITED (w.e.f. 12.07.2010) |
|
|
|
|
Formerly Known As
: |
MASSCORP TRADING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S. No. 26, Barne Industrial Estate, Opposite Santosh Mangal Karyalaya,
Thergaon, Pune – 411033, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-21685 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420PN2005PLC021685 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEM10396B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM5180G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Aluminum Alloy Metals, Ferrous and
Non-Ferrous Scrap Recycled Metals. |
|
|
|
|
No. of Employees
: |
125 (approximately) |
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 32000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Uttam |
|
Designation : |
Area Head – Marketing |
|
Contact No.: |
91-9922666414 |
|
Date : |
12.10.2011 |
LOCATIONS
|
Registered Office : |
S. No. 26, Barne Industrial Estate, Opposite Santosh Mangal Karyalaya,
Thergaon, Pune – 411033, |
|
Tel. No. : |
91-20-27464525 |
|
Mobile No. : |
91-9922666414 (Mr. Uttam) |
|
Fax No. : |
91-20-27484525 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office
: |
Masscorp House, Plot No. 38/5, D-III Block, MIDC, Chinchwad, Pune –
411019, Maharashtra, India |
|
Location : |
Owned |
DIRECTORS
As on 09.09.2010
|
Name : |
Mr. Hiralal Goverdhan Rathod |
|
Designation : |
Director |
|
Address : |
Prabhashraya Plot No. 33, Sector – 24, Pradhikaran, Nigdi, Pune –
411044, |
|
Date of Birth/Age : |
02.04.1973 |
|
Date of Appointment : |
27.08.2008 |
|
|
|
|
Name : |
Mr. Allen Bhansode |
|
Designation : |
Director |
|
Address : |
B- 1 , 403 Empire Estate, Cinchwad, Pune – 411019, |
|
Date of Appointment : |
20.03.2010 |
|
|
|
|
Name : |
Mr. Amul Pednekar |
|
Designation : |
Director |
|
Address : |
Neelmangal, |
|
Date of Appointment : |
13.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Allen Arun Bhansode |
|
4980000 |
|
Mast. Solomon Allen Bhansode |
|
4970 |
|
Mast. Steven Allen Bhansode |
|
4970 |
|
Sushil Arun Shinde |
|
20 |
|
Hiralal Rathod |
|
20 |
|
Shivaram More |
|
20 |
|
Mamata Allen Bhansode |
|
5000 |
|
Arun Bhansode |
|
5000 |
|
Total |
|
5000000 |
As on 09.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Aluminum Alloy Metals, Ferrous and
Non-Ferrous Scrap Recycled Metals. |
|
|
|
|
Imports : |
|
|
Products : |
·
Aluminum Alloy Metals |
|
Countries : |
·
Bangkok ·
Russia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
OEM’s ·
Kalyani Steels, Pune |
|
|
|
|
No. of Employees : |
125 (in office + in factory + in branches) |
|
|
|
|
Bankers : |
·
The Cosmos Co-operative Bank, 269/270, Shaniwar
Peth, Pune – 411030, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D.M. Khune and Company Chartered Accountant |
|
Address : |
Office No. 307/308, Jai Ganesh Vision, 3rd Floor, B – Wing,
Akurdi, Pune – 411035, Maharashtra, India |
CAPITAL STRUCTURE
As on 09.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.019 |
2.598 |
0.996 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.119 |
2.698 |
1.096 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.835 |
12.642 |
5.632 |
|
|
2] Unsecured Loans |
2.700 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
16.535 |
12.642 |
5.632 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.654 |
15.340 |
6.728 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.445 |
3.369 |
1.983 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
73.964
|
27.673 |
3.751 |
|
|
Cash & Bank Balances |
13.895
|
1.071 |
0.100 |
|
|
Other Current Assets |
102.128
|
6.577 |
1.458 |
|
|
Loans & Advances |
7.528
|
0.000 |
0.207 |
|
Total
Current Assets |
197.515
|
35.321 |
5.516 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
192.441
|
22.620 |
0.771 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.868
|
0.730 |
0.000 |
|
Total
Current Liabilities |
195.309
|
23.350 |
0.771 |
|
|
Net Current Assets |
2.206
|
11.971 |
4.745 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.654 |
15.340 |
6.728 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
328.891 |
87.715 |
28.324 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
328.891 |
87.715 |
28.324 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
391.233 |
84.323 |
|
|
|
|
Administrative and General Expenses |
20.057 |
5.188 |
|
|
|
|
Operation and General Expenses |
0.000 |
0.741 |
|
|
|
|
Increase / (Decrease) in Stock |
(91.270) |
(5.119) |
|
|
|
|
TOTAL (B) |
320.020 |
85.133 |
26.928 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.871 |
2.582 |
1.396 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
0.823 |
0.632 |
0.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (C-D) (E) |
8.048 |
1.950 |
0.789 |
|
|
|
|
|
|
|
|
|
Less |
TAX (F) |
2.627 |
0.639 |
0.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(E-F) (G) |
5.421 |
1.311 |
0.689 |
|
|
|
|
|
|
|
|
|
|
Earning Per
Share (Rs.) |
542.10 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.65
|
1.49 |
2.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.45
|
2.22 |
2.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.66
|
5.04 |
10.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.99
|
0.72 |
0.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
26.09
|
13.34 |
5.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.51 |
7.15 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Kalyani Steels, Pune
FORM 8 :
|
Corporate
identity number of the company |
U51420PN2005PLC021685 |
|
Name of the
company |
MASSCORP LIMITED |
|
Address of the
registered office or of the principal place of business in |
S. No. 26, Barne Industrial Estate, Opposite Santosh Mangal Karyalaya,
Thergaon, Pune – 411033, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable property |
|
Particular of
charge holder |
The Cosmos Co-operative Bank, 269/270, Shaniwar Peth, Pune – 411030, |
|
Nature of
instrument creating charge |
Letter of hypothecation
of vehicle/s dated 15.01.2011 |
|
Date of
instrument Creating the charge |
15.01.2011 |
|
Amount secured by
the charge |
Rs.16.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Presently
applicable 11% p.a. Terms of
repayment : Period – 60
months Monthly
installment – Rs.0.359 Million Margin : 12.62% in Banks
favour Extent and
operation of the charge : The charge shall continue
to operate until the full repayment of loan by the company. Others : Facility – Term
Loan (Vehicle) – Rs.16.500 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Porche – |
|
|
|
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
---------------------- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact
person |
Yes |
|
11) Turnover of firm for last
three years |
Yes |
|
12) Profitability for last
three years |
Yes |
|
13) Reasons for variation
<> 20% |
No |
|
14) Estimation for coming
financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details
(if applicable) |
Yes |
|
21) Market information |
---------------------- |
|
22) Litigations that the firm
/ promoter involved in |
---------------------- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking
account |
---------------------- |
|
26) Buyer visit details |
---------------------- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if
applicable |
---------------------- |
|
29) Last accounts filed at ROC |
---------------------- |
|
30) Major Shareholders, if
available |
---------------------- |
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.44.17 |
|
|
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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.