%20PRIVATE%20LIMITED%20-%20157250%2022-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIRAJ INSTRUMENTATION SERVICES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 22, 2nd Floor, Shreeji Arcade, Opposite Nitin
Company, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.04.2008 |
|
|
|
|
Com. Reg. No.: |
11-181007 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31908MH2008PTC181007 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM13347F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM5296E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Instrumentation and Electrical Installation Services. |
|
|
|
|
No. of Employees
: |
400 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 54000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track. The company
is doing well. 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Padmasing Solanki |
|
Designation : |
Director |
|
Contact No.: |
91-9322266380 |
|
Date : |
18.10.2011 |
LOCATIONS
|
Registered Office : |
Office No. 22, 2nd Floor, Shreeji Arcade, Opposite Nitin
Company, |
|
Tel. No.: |
91-22-25421446/25380687/25415504 |
|
Mobile No.: |
91-9322266380 (Mr. Rajesh Padmasing Solanki) |
|
Fax No.: |
91-22-25380687/25415504/25421446 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajesh Padmasing Solanki |
|
Designation : |
Director |
|
Address : |
B-1902, |
|
Date of Birth/Age : |
22.05.1972 |
|
Qualification: |
Engineer |
|
Date of Appointment : |
10.04.2008 |
|
Din No.: |
01980655 |
|
|
|
|
Name : |
Mrs. Jayashri Rajesh Solanki |
|
Designation : |
Director |
|
Address : |
Mansarovar B Wing, Flat No. 1902, Neelkanth Height, |
|
Date of Birth/Age : |
05.09.1975 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
10.04.2008 |
|
Din No.: |
02036789 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Padmasing Solanki |
|
749000 |
|
Jayashri Rajesh Solanki |
|
1000 |
|
|
|
|
|
Total |
|
750000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Instrumentation and Electrical Installation Services. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
K K Corporation |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
·
Akbar Travels of India Private Limited ·
Associated Road Carriers Limited ·
AstecValves and Fittings Private
Limited ·
Bharat Hardware and Mill Gin Stores ·
Bureau Veritas India Private Limited ·
General Instruments Consortium ·
Gontla Enterprises ·
Kumar Construction ·
Mehta Trading Company ·
M. K. Traders ·
My Computer ·
Raja Agro Engineering ·
Ratna Enterprises ·
Reliable Analytical Laboratories ·
Roma Construction ·
Thanawala printers ·
Trishul Electrical Works ·
L and T ·
TOCI |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
400 [Approximately] |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Bank of India, Panchpakhadi Branch, Vandana
Cinema, L.B.S Marg, Thane-400602, Maharashtra, India ·
Axis Bank, Near Hariniwas, Dhirag Baug, LBS Road,
Thane (West), Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
RSVA and Company Chartered Accountants |
|
Address : |
C2/102, Sukur Residency, Ghodbunder Road, Mumbai-400601, Maharashtra,
India |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.500 |
7.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.024 |
0.543 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
13.524 |
8.043 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
15.353 |
0.000 |
|
|
2] Unsecured Loans |
|
4.244 |
0.000 |
|
|
TOTAL BORROWING |
|
19.597 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
33.121 |
8.043 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
26.028 |
0.546 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
6.168 |
4.229 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
11.422 |
0.248 |
|
|
Cash & Bank Balances |
|
0.443 |
0.968 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
10.108 |
5.227 |
|
Total
Current Assets |
|
21.973 |
6.443 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
5.981 |
2.320 |
|
|
Other Current Liabilities |
|
4.502 |
0.006 |
|
|
Provisions |
|
10.630 |
0.962 |
|
Total
Current Liabilities |
|
21.113 |
3.288 |
|
|
Net Current Assets |
|
0.860 |
3.155 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.065 |
0.113 |
|
|
|
|
|
|
|
|
TOTAL |
|
33.121 |
8.043 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
83.780 |
7.960 |
|
|
|
Other Income |
|
0.400 |
0.046 |
|
|
|
TOTAL (A) |
|
84.180 |
8.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct Expenses |
|
66.333 |
6.413 |
|
|
|
Administrative and Selling and Distribution Expenses |
|
5.715 |
0.662 |
|
|
|
TOTAL (B) |
|
72.048 |
7.075 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
12.132 |
0.931 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.628 |
0.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
9.504 |
0.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.141 |
0.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
8.363 |
0.797 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
2.883 |
0.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
5.480 |
0.543 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
5.480 |
0.543 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
7.31 |
0.72 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
200.00 |
Expected Sales (2011-12) : Rs.250.000 Millions
The above information has been parted by Mr. Rajesh Padmasing Solanki.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
6.50 |
6.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.98 |
10.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.42 |
11.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.62 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.01 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: The registered office of the company has been shifted from 623/46, Kedar, Lokpuram, Off Pokharan Road No. 2, Thane- 400602, Maharashtra, India to the present address w.e.f. 10.04.2008.
|
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 (2 Years) |
|
12) Profitability for last three years |
-- |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
OPERATIONAL
REVIEW:
The company has solicited encouraging quantum of business which is reflected
in the size of turnover and profitability. They hope to continue the same trend
of business.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10117251 |
|
Corporate identity number of the company |
U31908MH2008PTC181007 |
|
Name of the company |
MIRAJ INSTRUMENTATION SERVICES (I) PRIVATE
LIMITED |
|
Address of the registered office or of the
principal place of business in |
Office No. 22, 2nd Floor, Shreeji Arcade, Opposite Nitin
Company, |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
Bank of India, Panchpakhadi Branch, Vandana Cinema, L.B.S Marg,
Thane-400602, Maharashtra, India |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
Equitable Mortgage of Deposit of Title of
deeds Cash Credit Hypothecation Stocks/Book
Debts 1.500 Millions Term Loan
- 17.500 Millions B/G Limit
- 25.000 Millions |
|
Date of instrument Creating the charge |
21.08.2009 |
|
Amount secured by the charge |
Rs.44.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest Cash Credit and Term Loan - 0.00%
Above/Below BPLR Presently 12.00% p.a. with monthly rests B/G Limit - 50% Concession in applicable
rate plus Service Tax. Terms of Repayment As May be decided by the bank and Borrower Margin Cash Credit Hypothecation stocks / Book
Debts- 40% Term Loan-35% B/G Limit- 25% Extent and Operation of the charge Equitable Mortgage of Deposit of Title of
Deeds |
|
Short particulars of the property charged |
All that piece and parcel of land
building, shed and structure standing thereon- Plot No.A-223, Rd.No.16V, Wagle
Ind. Estate, Thane, adm. 851 s.q. mtrs. carpet area |
|
Particulars of the present
modification |
Equitable mortgage by deposit of title
deeds in respect of all that piece and parcel of land and building, sheds and
structure standing thereon - Plot No.A-223, Road No.16V, Wagle Industrial
Estate, Thane 400 604 adm.851 Sq Mtrs. and office No.22, 2nd floor in the
building Shreeji Arcade Commercial Premises CHS Limited on plot no.325,
village Panchpakhadi, Thane (w) 400 602 adm.368 sq. ft. to secure limit of
Rs.44.000 Millions (c/c Hypothecation
Stocks/Book-debts-1.500 Millions , Term Loan-17.500 Millions and B/G 25.000 Millions ) |
FIXED ASSETS:
·
Building
·
Furniture and Fixtures
·
Testing Equipments
·
Plant and Machinery
·
Welding Rectifier
·
Bike
·
Computer
·
Camera
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.50.07 |
|
|
1 |
Rs.79.15 |
|
Euro |
1 |
Rs.69.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.