MIRA INFORM REPORT

 

 

Report Date :

07.12.2012

 

IDENTIFICATION DETAILS

 

Name :

M K PRECISION METAL PARTS PRIVATE LIMITED

 

 

Registered Office :

T-1/59A, Revati CHS, Akashganga Complex, Shivaji Nagar, Thane (West) – 400 601, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

31.08.2004

 

 

Com. Reg. No.:

11-148319

 

 

Capital Investment / Paid-up Capital :

Rs.5.000 millions

 

 

CIN No.:

[Company Identification No.]

U27105MH2004PTC148319

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEM09000F

 

 

PAN No.:

[Permanent Account No.]

AADCM9871E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Importer and Exporter of Sheet Metal Components Stainless Steel.

 

 

No. of Employees :

Information declined by the management

 

 

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 119000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track.

 

There appears slight dip in the sales and profits during 2012.

 

However, trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment.

 

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.

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Ganesh Shetty

Designation :

Accounts Manager

Contact No.:

91-22-25410292

Date :

07.12.2012

 

 

LOCATIONS

 

Registered Office :

T-1/59A, Revati CHS, Akashganga Complex, Shivaji Nagar, Thane (West) – 400 601, Maharashtra, India

Tel. No.:

91-22-25410292

Fax No.:

Not Available

E-Mail :

mk_precisions2004@rediffmail.com

Website :

http://www.mkprecision.co.in

Area :

10000 Sq. fts.

Location :

Owned

 

 

Factory :

Plot No. A 791/10, Village Khairne, T. T.C. Industrial Area, Navi Mumbai-400710, Maharashtra, India

Tel. No.:

91-22-27782498 / 27782521

Fax No.:

91-22-27782163

E-Mail :

mk@mkprecision.co.in

sales@mkprecision.co.in  

Area :

400 Sq. fts.

Location :

Owned

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Anup Ramkrishna Surve

Designation :

Director

Address :

Flat No.G-1403, 14th Floor, Teen Hath Naka, Eternity Wagle Estate, Thane – 400 604, Maharashtra, India

Date of Birth/Age :

26.06.1969

Qualification :

B.E. Mechanical

Experience :

17 Years

Date of Appointment :

31.08.2004

DIN No.:

00640094

 

 

Name :

Ms. Sunanda Chandrashekar Shetty

Designation :

Director

Address :

A-502, Amalfi Raheja Garden, Opposite Tip-Top Plaza, Thane – 400 604, Maharashtra, India

Date of Birth/Age :

12.11.1962

Qualification :

Graduate

Experience :

12 Years

Date of Appointment :

31.08.2004

DIN No.:

00640083

 

 

Name :

Mr. Ramkrishna Narayan Surve

Designation :

Director

Address :

A54, Uttara CHS, Akash Ganga, Rabodi, 2nd Floor, Shivaji Nagar, Thane – 400 601, Maharashtra, India

Date of Birth/Age :

30.11.1938

Date of Appointment :

31.08.2004

DIN No.:

00728991

 

 

Name :

Mr. Kailash Srichand Golani

Designation :

Director

Address :

Flat No.602, 6th Floor, Amalfi Raheja Garden, Opposite Tip-Top Plaza, Thane – 400 604, Maharashtra, India

Date of Birth/Age :

10.10.1961

Qualification :

B.E. Mechanical

Experience :

22 Years

Date of Appointment :

31.08.2004

DIN No.:

00769617

 

 

KEY EXECUTIVES

 

Name :

Mr. Ganesh Shetty

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Ramkrishna Narayan Surve

 

3968

Kailash Srichand Golani

 

16218

Anup Ramkrishna Surve

 

12996

Sunanda Chandrashekar Shetty

 

16818

 

 

 

Total

 

50000

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Importer and Exporter of Sheet Metal Components Stainless Steel.

 

 

GENERAL INFORMATION

 

Suppliers :

·         A Cast Alloy

·         Combined Digilog Systems Private Limited

·         Gautam Enterprises

·         Hem Industries

·         Laxmi Corporation

·         Pratik Enterprises

·         RB Plast

·         Techno-Mech (India)

·         Sarita Print Arts

·         Solanki Enterprises (India)

·         Timyama Enterprises

·         United Expo

·         Veekay Blower Industries

 

 

Customers :

v      A.S. Control Private Limited

v      ABB Limited

v      ACV Systems Private Limited

v      Adarsh Investment Private Limited

v      Aerocool Engineers

v      Aerovent Project Private Limited

v      Airfil Systems

v      Chhaparia Industries Private Limited

v      Choudary and Brothers

v      Cipla Limited Kurkumbh [Unit Ill]

v      Cipla Limited-Kurkumbh

v      Cipla Limited-Goa

v      Electrolab [India] Private Limited

v      Elmach Packages India Private Limited

v      Sree Bathra Tools

v      Shah Stone Machines Private Limited

v      Suvidha Engineers India Limited - Noida

v      TAN SWA Technologies Inc.

v      Unique Cool

v      York India Limited

v      Zydus Healthcare

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

v      The Thane Janata Sahakari Bank Limited, Anant Laxmi Chember, B-Cabin, Shivaji Nagar Road, Naupada, Thane – 400 602, Maharashtra, India

v      TJSB Sahakari Bank Limited, Tip Top Plaza, Thane – 400 601, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

From Banks

10.875

15.828

Loans Repayable on Demand

53.626

67.118

Total

64.501

82.946

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R. R. Ranade and Company

Chartered Accountants

Address :

Casa – Piedade, 1st Floor, Opposite Shiv Sena Shakha, Charai, Thane-400601, Maharashtra, India

Tel. No.:

91-22-25360236

E-Mail :

rrranadeco@yahoo.co.in

Income-tax PAN of auditor or auditor's firm :

ACRPR7940F

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares (with Voting Rights) 

Rs.100/- each

Rs.5.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares (with Voting Rights) 

Rs.100/- each

Rs.5.000 millions

 

 

 

 

 

Notes:

 

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period.

 

Particulars

Opening Balance

Fresh Issue

Bonus

Other Changes

Closing Balance

Equity shares with voting rights

 

 

 

 

 

 

 

 

 

 

 

Year ended 31st March, 2012

 

 

 

 

 

- Number of shares

50000

0

0

0

50000

- Amount (Rs. in millions)

5.000

0.000

0.000

0.000

5.000

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.000

5.000

4.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

24.810

22.394

13.945

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

29.810

27.394

18.445

LOAN FUNDS

 

 

 

1] Secured Loans

64.501

82.946

62.115

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

64.501

82.946

62.115

DEFERRED TAX LIABILITIES

1.213

1.314

4.958

 

 

 

 

TOTAL

95.524

111.654

85.518

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

44.822

48.909

36.887

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

3.929

2.936

0.190

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
37.155

36.537

17.510

 

Sundry Debtors
89.622

78.697

60.894

 

Cash & Bank Balances
1.785

2.793

2.442

 

Other Current Assets
0.111

0.127

10.771

 

Loans & Advances
10.200

13.895

2.550

Total Current Assets
138.873

132.049

94.167

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
83.832

65.470

43.485

 

Other Current Liabilities
5.899

5.072

0.000

 

Provisions
2.369

1.698

2.241

Total Current Liabilities
92.100

72.240

45.726

Net Current Assets
46.773

59.809

48.441

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

95.524

111.654

85.518

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

324.506

247.620

 

 

Other Income

 

7.187

13.655

 

 

TOTAL                                             (A)

310.158

331.693

261.275

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

300.473

264.733

200.882

 

 

Establishment Expenses

 

17.963

19.322

 

 

Employees Remuneration

 

26.713

20.673

 

 

TOTAL                                           (B)

300.473

[Including Financial Expenses]

309.409

240.877

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)        (C)

 

22.284

20.398

 

 

 

 

 

Less

FINANCIAL EXPENSES                            (D)

 

11.430

9.134

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                    (E)

9.685

10.854

11.264

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                         (F)

6.507

6.048

5.508

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                   (G)

3.178

4.806

5.756

 

 

 

 

 

Less

TAX                                                                     (H)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                     (I)

3.178

4.806

5.756

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

63.56

96.12

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.02

1.45

2.20

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

1.48

2.32

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.73

2.65

4.39

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11

0.17

0.31

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.25

5.66

5.85

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.51

1.83

2.06

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS:

 

Particulars

 

31.03.2012

(Rs. in millions)

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

Sundry Creditors

5.863

1.748

Sundry Creditors For Goods

73.164

58.139

43.485

Sundry Creditors For Expenses

3.138

3.057

 

Sundry Creditors For Labour
1.667

2.526

 

TOTAL

83.832

65.470

43.485

 

 

Sr. No.

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

Yes

8]

No. of employees

No

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%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

No

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

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U27105MH2004PTC148319

Name of the company

M K PRECISION METAL PARTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

T-1/59A, Revati CHS, Akashganga Complex, Shivaji Nagar, Thane (West) – 400 601, Maharashtra, India

E-Mail: mk_precisions2004@rediffmail.com

This form is for

Creation of charge

Type of charge

Movable Property (not being pledge)

Particular of charge holder

TJSB Sahakari Bank Limited, Tip Top Plaza, Thane – 400 601, Maharashtra, India

E-Mail: scctjsb@tjsb.co.in

Nature of description of the instrument creating or modifying the charge

Hypothecation Agreement (For Vehicle Advance)

Date of instrument Creating the charge

07.09.2012

Amount secured by the charge

Rs.0.575 million

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Interest Rate (PLR=15.35% p.a.) - 11.50% Floating i.e. 3.85% below PLR

 

Terms of Repayment:

Amount will be repaid in 60 equal monthly installments of Rs.0.013 million each.

 

Margin:

As may be decided by the Bank.

 

Extent and Operation of the charge:

Charge is secured against Hypothecation of Swift VDI of the company in favour of the Bank.

Short particulars of the property charged

Charge is secured against hypothecation of maruti Swift VDI more particularly described in Hypothecation Deed.

 

 

FIXED ASSETS

 

  • Air Conditions
  • Computer
  • Land
  • Building
  • Machinery
  • Motor Cars
  • Office Equipments
  • Weighing Machine
  • Telephone Equipments 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.54.47

UK Pound

1

Rs.87.63

Euro

1

Rs.71.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN / TPT

 

 

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

6

--PROFITABILIRY

1~10

4

--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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.