MIRA INFORM REPORT
|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
IMPERIAL WATERPROFING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Block No. 23, New Sun Mills Compound, Lower Parle, Mumbai-400013,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.05.1990 |
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Com. Reg. No.: |
11-056565 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3.000 millions |
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CIN No.: [Company Identification
No.] |
U74999MH1990PTC056565 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Rubber and Rubber Products |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge external borrowings recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small business dealings at usual
trade terms and condition. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Fund Based bank facilities) |
|
Rating Explanation |
The adequate credit it carries high credit risk |
|
Date |
June, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Non fund based bank facilities) |
|
Rating Explanation |
The risk prone credit quality it carry high credit risk |
|
Date |
June, 2012 |
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 PARTED BY
|
Name : |
Mr. Dinesh Shigvan |
|
Designation : |
Account Assistant |
|
Contact No.: |
91-22-24974077 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
Block No. 23, New Sun Mills Compound, Lower Parle, Mumbai-400013,
Maharashtra, India |
|
Tel. No.: |
91-22-24974077 / 24974717 |
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Fax No.: |
91-22-24930742 |
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E-Mail : |
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Website : |
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Area : |
700 sq. ft |
|
Location : |
Leased |
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Factory : |
Plot No. H-14, MIDC, Taloja, District Raigad-410208, Maharashtra,
India |
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Area : |
1100 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Nitin Arvind Jhaveri |
|
Designation : |
Director |
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Address : |
181, Pushpak Apartments, 31 Altamount Road, Mumbai-400026,
Maharashtra, India |
|
Date of Appointment : |
17.05.1990 |
|
DIN No.: |
00282798 |
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Name : |
Mrs. Pallavi Nitin Jhaveri |
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Designation : |
Director |
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Address : |
181, Pushpak Apartments, 31 Altamount Road, Mumbai-400026,
Maharashtra, India |
|
Date of Appointment : |
31.03.2004 |
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DIN No.: |
00282902 |
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Name : |
Mr. Aditya Nitin Jhaveri |
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Designation : |
Additional director |
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Address : |
181, Pushpak Apartments, 31 Altamount Road, Mumbai-400026,
Maharashtra, India |
|
Date of Appointment : |
15.11.2011 |
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DIN No.: |
05134353 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Shigvan |
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Designation : |
Account Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nitin A. Jhaveri |
|
181179 |
|
Kunnapally Joseph Jacob |
|
7000 |
|
Rosamma Jacob |
|
5000 |
|
Kunnapally J. Jacob |
|
3000 |
|
Pallave Jhaveri |
|
40000 |
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Nikita Jhaveri |
|
29749 |
|
Aditya Jhyaveri |
|
30000 |
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Nitin Jhaveri (HUF) |
|
4072 |
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Total |
|
300000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
93.64 |
|
Others |
6.36 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Rubber and Rubber Products |
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Products : |
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Exports : |
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Products : |
Rubber |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
40 (Approximately) |
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Bankers : |
36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021,
Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shyam Saboo and Company Chartered Accountants |
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Address : |
6, Zakaria Building, 7, CHAKALA STREET, MUMBAI- 400003, Maharashtra,
India |
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Tel. No.: |
91-22-23441449 |
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Fax No.: |
91-22-234004166 |
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E-Mail : |
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PAN No.: |
ACSPS4973J |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs. 3.000 Millions |
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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 |
3.000 |
3.000 |
1.550 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
60.366 |
33.864 |
22.638 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.366 |
36.864 |
24.188 |
|
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LOAN FUNDS |
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|
1] Secured Loans |
80.878 |
32.320 |
24.007 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
80.878 |
32.320 |
24.007 |
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DEFERRED TAX LIABILITIES |
0.162 |
0.182 |
0.171 |
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TOTAL |
144.406 |
69.366 |
48.366 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.779 |
10.178 |
7.012 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
6.396 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
17.846
|
22.013 |
15.753 |
|
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Sundry Debtors |
81.608
|
51.763 |
23.779 |
|
|
Cash & Bank Balances |
53.243
|
13.089 |
0.352 |
|
|
Other Current Assets |
0.013
|
0.000 |
0.000 |
|
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Loans & Advances |
25.691
|
20.946 |
10.248 |
|
Total
Current Assets |
178.401
|
107.811 |
50.132 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.978
|
|
10.054 |
|
|
Other Current Liabilities |
12.796
|
10.758 |
|
|
|
Provisions |
0.000
|
0.000 |
5.120 |
|
Total
Current Liabilities |
47.774
|
48.623 |
15.174 |
|
|
Net Current Assets |
130.627
|
59.188 |
34.958 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
144.406 |
69.366 |
48.366 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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|
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Income |
568.224 |
335.998 |
170.082 |
|
|
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Other Income |
0.602 |
0.725 |
3.891 |
|
|
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TOTAL (A) |
568.826 |
336.723 |
173.973 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
458.095 |
|
155.487 |
|
|
|
Purchase of traded goods |
3.745 |
0.000 |
|
|
|
|
Employee benefits expense |
10.230 |
8.221 |
|
|
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Other expenses |
45.252 |
24.041 |
|
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Changes in Inventory |
1.230 |
(0.538) |
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|
|
TOTAL (B) |
518.552 |
314.272 |
155.487 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50.274 |
22.451 |
18.486 |
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
8.307 |
3.745 |
2.410 |
|
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|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.967 |
18.706 |
16.076 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.734 |
1.207 |
6.136 |
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PROFIT BEFORE
TAX (E-F) (G) |
40.233 |
17.499 |
9.940 |
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|
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Less |
TAX (H) |
13.731 |
6.273 |
3.054 |
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|
PROFIT AFTER TAX
(G-H) (I) |
26.502 |
11.226 |
6.886 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33.864 |
22.638 |
15.752 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
60.366 |
33.864 |
22.638 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
158.754 |
90.873 |
NA |
|
|
TOTAL EARNINGS |
158.754 |
90.873 |
NA |
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
279.165 |
|
|
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|
|
Components and spare parts |
0.000 |
|
|
|
|
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Capital Goods |
0.000 |
|
|
|
|
TOTAL IMPORTS |
279.165 |
NA |
NA |
|
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|
|
|
|
|
|
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Earnings Per
Share (Rs.) |
88.34 |
37.42 |
44.42 |
|
Expected Sales (2012-2013): Rs. 800.000 millions
The above information has been parted by Mr. Dinesh Shigvan (Account
Assistant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.66
|
3.33 |
3.96 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.08
|
5.21 |
5.84 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.94
|
14.83 |
17.39 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.63
|
0.47 |
0.41 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.03
|
2.20 |
1.62 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.73
|
2.22 |
3.30 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors |
34.978
|
37.865 |
NA |
|
|
|
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Total |
34.978
|
37.865 |
NA |
|
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 |
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% |
---- |
|
14] |
Estimation for coming financial
year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
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 |
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SALES:
The total sales and
other income for the year amount Rs. 568.827 millions against sales and other
income of previous year Rs. 336.724 millions
CONTINGENT
LIABILITIES:
Contingent liabilities not provided for
Capital commitment
towards enhancement of plant capacity outstanding at the end of the year is Rs.
42.000 millions
FIXED ASSETS;
v Tangible Assets
- Land
- Factory
Building
- Motor Car
- Plant and
Machinery
- Office
Equipments
- Office
Building
- Electrical
Install.
- Type Writer
- Epabx System
and Telephone
- Weighing
Machine
- Furniture
- Air
Conditioner
- Fax Machine
- Telephone
Instrument
- Fire
Extingusher
- Computer
- Mobile
Instrument
v Intangible assets
- Goodwill
- Software
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 paments 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.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.