MIRA
INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MALHOTRA BATTERIES PRIVATE LIMITED |
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Registered
Office : |
272/3 B/H, Parmanand Farmopp New High Court, Sarkhej Highway, Sola
Howkdi, Ahmadabad – 380060, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.2003 |
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Com. Reg. No.: |
04-042057 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U31402GJ2003PTC042057 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Batteries |
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No. of Employees
: |
17 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under pressure. However, business is active. Payments are reported to be
slow. The company can be considered for business dealings on a secured 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 |
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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
|
Name : |
Mr. Sandeep |
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Designation : |
Director |
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Contact No.: |
91-9825619602 |
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Date : |
15.10.2011 |
LOCATIONS
|
Registered Office : |
272/3 B/H, Parmanand Farmopp New High Court, Sarkhej Highway, Sola
Howkdi, Ahmadabad – 380060, Gujarat, India |
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Tel. No.: |
91-79-65224443 |
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Mobile No.: |
91-9825619602 (Mr. Sandeep) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
5500 ward |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Sandeep Kailashkumar Malhotra |
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Designation : |
Director |
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Address : |
28, Shrusti Bunglow, Satelite, Ahmadabad – 380015, Gujarat, India |
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Date of Birth/Age : |
06.12.1975 |
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Date of Appointment : |
24.02.2003 |
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Din No.: |
01043984 |
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Name : |
Mr. Madhu Kailash Malhotra |
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Designation : |
Director |
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Address : |
28, Shrusti Bunglow, Satelite, Ahmadabad – 380015, Gujarat, India |
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Date of Birth/Age : |
15.08.1952 |
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Date of Appointment : |
24.02.2003 |
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Din No.: |
01044029 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Meetu Sandip Malhotra |
|
1500 |
|
Nilesh Mehra |
|
1500 |
|
Ravinder Malhotra |
|
1500 |
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Ravindrapal Karma |
|
1500 |
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Sushila Malhotra |
|
1500 |
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Kamal Malhotra |
|
1500 |
|
Jyoti Malhotra |
|
1500 |
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Sandip Malhotra |
|
11500 |
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Madhu Kailashkumar Malhotra |
|
17100 |
AS ON 30.09.2010
|
Equity Share Breakup |
Percentage |
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Category |
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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 Trader of Batteries |
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Brand Name : |
EVERON |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
End Users ·
Shriji Auto Agency |
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Suppliers : |
Bat Co. Plast Private Limited |
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No. of Employees : |
17 (Approximately) |
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Bankers : |
Bank of India, Vadej Road Branch, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Yogendra H Gangawat |
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Address : |
A/201, Rajmandir Apartments, Bhaikakanagar, Thaltej Cross Road,
Ahmadabad – 380059, Gujarat, India |
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Tel. No.: |
91-79-25508858 |
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Pan No.: |
ABHPG4069R |
CAPITAL STRUCTURE
As on : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.286) |
(2.980) |
(2.304) |
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NETWORTH |
(2.786) |
(2.480) |
(1.804) |
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LOAN FUNDS |
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1] Secured Loans |
1.507 |
3.215 |
3.338 |
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2] Unsecured Loans |
3.059 |
2.713 |
3.336 |
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TOTAL BORROWING |
4.566 |
5.928 |
6.674 |
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DEFERRED TAX LIABILITIES |
0.057 |
0.061 |
0.000 |
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TOTAL |
1.837 |
3.509 |
4.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.157 |
3.992 |
4.478 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
1.266
|
1.410 |
0.612 |
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Sundry Debtors |
1.676
|
1.530 |
1.137 |
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Cash & Bank Balances |
0.013
|
0.075 |
0.489 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.087
|
0.080 |
0.179 |
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Total
Current Assets |
3.042
|
3.095 |
2.417 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.147
|
3.412 |
1.854 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.223
|
0.178 |
0.186 |
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Total
Current Liabilities |
5.370
|
3.590 |
2.040 |
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Net Current Assets |
(2.328)
|
(0.495) |
0.377 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.012 |
0.015 |
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TOTAL |
1.837 |
3.509 |
4.870 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Income from Operations |
8.955 |
7.814 |
7.396 |
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Other Income |
0.382 |
0.000 |
0.774 |
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TOTAL (A) |
9.337 |
7.814 |
8.170 |
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Less |
EXPENSES |
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Raw Material Purchased |
6.067 |
6.025 |
5.166 |
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Manufacturing Expenses |
1.168 |
1.311 |
1.287 |
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Personnel Expenses |
0.638 |
0.440 |
0.549 |
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Administrative and Other Expenses |
0.552 |
0.252 |
0.136 |
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Preliminary Expenses W/off |
0.004 |
0.004 |
0.004 |
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Increase / Decrease in Stock |
0.144 |
(0.797) |
(0.065) |
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TOTAL (B) |
8.573 |
7.235 |
7.077 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.764 |
0.579 |
1.093 |
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Less |
FINANCIAL
EXPENSES (D) |
0.641 |
0.755 |
0.852 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.123 |
(0.176) |
0.241 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.433 |
0.504 |
0.563 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(0.310) |
(0.680) |
(0.322) |
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Less |
TAX (H) |
(0.004) |
0.005 |
0.008 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(0.306) |
(0.675) |
(0.330) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.980) |
(2.304) |
(1.974) |
|
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BALANCE CARRIED
TO THE B/S |
(3.286) |
(2.980) |
(2.304) |
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Earnings Per
Share (Rs.) |
|
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Expected Sales ( 2011-2012) : Rs. 11.000 millions
The above information has been parted by Mr. Sandeep.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(3.27)
|
(8.63)
|
(4.03)
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Net Profit Margin (PBT/Sales) |
(%) |
(3.46)
|
(8.70)
|
(4.35)
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.30)
|
(27.41)
|
(4.54)
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.27)
|
(0.17)
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
(3.56)
|
(3.83) |
(4.83) |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.56
|
0.86 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
This being the eighth year of operation of the
company. During the year sales and other incomes of the company as Rs. 9.193
millions with a net loss of Rs. 0.310 millions. The directors are making all
efforts and confident of better performance for the following financial year
2010-2011.
TRADE REFERENCES :
·
Bat Co. Plast Private Limited
·
Shreeji Auto Agency
FIXED ASSETS :
·
Plot at Changadar
·
Building
·
Plant and Machinery
·
Electric Installation
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
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. 50.06 |
|
|
1 |
Rs. 79.15 |
|
Euro |
1 |
Rs. 69.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
18 |
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.