MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
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|
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Registered
Office : |
Unit No. 154, Adarsh Industrial Estate, |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.01.1985 |
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Com. Reg. No.: |
11-035103 |
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Capital
Investment / Paid-up Capital : |
Rs.0.600 Million |
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|
CIN No.: [Company Identification
No.] |
U28129MH1985PTC035103 |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer of printed tin containers, food tins, candle tins etc. |
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|
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|
No. of Employees
: |
350 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300000 |
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|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payment 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) |
|
|
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. Asit |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-28311410 |
|
Date : |
10.02.2012 |
LOCATIONS
|
Registered Office: |
Unit No. 154, Adarsh Industrial Estate, |
|
Tel. No.: |
91-22-28311410/28311416 |
|
Mobile No.: |
91-9967860001 (Mr. Moiz) |
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Fax No.: |
91-22-28363255 |
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E-Mail : |
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|
Website : |
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Area : |
Owned |
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|
|
|
Factory: |
22/D Daman Industrial Estate, |
DIRECTORS
As on 24.09.2011
|
Name : |
Mr. Moiz Mansoor Chunawala |
|
Designation : |
Director |
|
Address: |
Zahra Court, 8th Road, Khar (West), Mumbai –
400 052, Maharashtra, India |
|
Date of Birth : |
20.03.1981 |
|
Date of Appointment : |
26.02.2002 |
|
DIN No.: |
01103622 |
|
Name : |
Mr. Mansoor Abdulkaiyum
Chunawala |
|
Designation : |
Director |
|
Address: |
Zahra Court, 8th Road, Khar (West), Mumbai –
400 052, Maharashtra, India |
|
Date of Birth : |
02.05.1950 |
|
Date of Appointment : |
18.01.1985 |
|
DIN No.: |
01103629 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U28129MH1985PTC035103 |
Deccan
Cans and Printers Private Limited |
Director |
18-01-85 |
18-01-85 |
- |
Active |
NO |
|
2 |
U45200MH1985PTC036059 |
Swan
Lake Properties Private Limited |
Director |
23-01-01 |
23-01-01 |
- |
Active |
NO |
|
Name : |
Mr. Abbas Mohammedhusain
Tinwala |
|
Designation : |
Director |
|
Address : |
F/405, Sarkar Tower II CHS Limited, Nesbit
Road, Mazgaon, Mumbai, Maharashtra,
India |
|
Date of Birth : |
06.03.1950 |
|
Date of Appointment : |
18.01.1985 |
|
DIN No.: |
01200372 |
|
|
|
|
Name : |
Mr. Abbas Mohammedhusain
Sarawala |
|
Designation : |
Director |
|
Address : |
F/405, Sarkar Tower II CHS Limited, Nesbit
Road, Mazgaon, Mumbai, Maharashtra,
India |
|
Date of Birth : |
31.05.1951 |
|
Date of Appointment : |
01.01.1986 |
|
DIN No.: |
01103641 |
|
|
|
|
Name : |
Mr. Mohammedhusain Abbas
Tinwalla |
|
Designation : |
Director |
|
Address : |
Flat No.3, 1st Floor, Habib Court, Opposite Cusrow Baugh, Colaba,. Mumbai –
400 039, Maharashtra, India |
|
Date of Birth : |
12.10.1978 |
|
Date of Appointment : |
26.02.2002 |
|
DIN No.: |
01200316 |
KEY EXECUTIVES
|
Name : |
Mr. Asit |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mansoor Abdulkaiyum Chunawala |
|
21000 |
|
Rashida Mansoor Chunawala |
|
10490 |
|
Moiz Mansoor Chunawala |
|
10 |
|
Abbas Mohammedhusain Tinwala |
|
17990 |
|
Mohammedhusain Abbas Tinwala |
|
10 |
|
Abbas Mohammedhusain Sarawala |
|
10500 |
|
|
|
|
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Total |
|
60000 |
As on 24.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of printed tin containers, food tins, candle tins etc. |
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Products : |
·
Metal Containers ·
Printing of Metal Sheets ·
HDPE (Plastic) Containers |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
|
|
Licensed
Capacity |
NA |
|
Installed
Capacity |
Variable |
|
Metal Containers |
8586688 |
|
HDPE (Plastic) Containers |
4648405 |
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|
GENERAL INFORMATION
|
Suppliers : |
·
Micro Inks Limited ·
Tata Steel Limited |
|||||||||
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|
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Customers : |
Wholesalers, Retailers and OEM’s ·
Cheminova India Limited |
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No. of Employees : |
350 (Approximately) (In Office + In Factory) |
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Bankers : |
Indian Overseas Bank, Branch Chakala, Andheri (East), Mumbai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
NBS and Company Chartered Accountant |
|
Address : |
14/2, Western India House, Sir PM Road, Fort, Mumbai-400001, |
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Tel. No.: |
91-22-22870588/0939/4140/22885229 |
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Fax No.: |
91-22-22884910 |
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E-Mail : |
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Website: |
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PAN No.: |
AAAFN5249E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.10/- each |
Rs.0.750 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.600 |
0.600 |
0.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
74.013 |
65.504 |
60.772 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
74.613 |
66.104 |
61.372 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
58.270 |
33.970 |
32.970 |
|
|
TOTAL BORROWING |
58.270 |
33.970 |
32.970 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
132.883 |
100.074 |
94.342 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
46.217 |
41.192 |
49.555 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.685 |
4.482 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.719
|
27.599
|
24.898 |
|
|
Sundry Debtors |
13.616
|
17.468
|
19.846 |
|
|
Cash & Bank Balances |
8.343
|
11.360
|
11.486 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
28.027
|
21.496
|
16.500 |
|
Total
Current Assets |
96.705
|
77.923
|
72.730 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.904
|
12.220
|
15.368 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
2.246 |
|
|
Provisions |
11.820
|
11.303
|
10.329 |
|
Total
Current Liabilities |
27.724
|
23.523
|
27.943 |
|
|
Net Current Assets |
68.981
|
54.400
|
44.787 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
132.883 |
100.074 |
94.342 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
188.237 |
153.696 |
158.792 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
174.546 |
140.351 |
149.755 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.691 |
13.345 |
9.037 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.346 |
2.282 |
1.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
11.345 |
11.063 |
9.334 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
2.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.345 |
11.063 |
7.229 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
48.143 |
43.410 |
36.181 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
59.488 |
54.473 |
43.410 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
189.08 |
184.38 |
120.50 |
|
Expected Sales (2011-2012) : Rs.220.000 Millions.
The above information has been parted by Mr. Asit.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.03
|
7.20
|
4.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.94
|
9.29
|
7.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
0.87
|
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.49
|
3.31
|
2.60 |
LOCAL AGENCY FURTHER INFORMATION
|
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 two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
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 |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
-- |
Operations:
The sale turnover of the company has been in the same range as previous year.
Higher average realization per unit and various cash sewing measures have
increased the net profit by over 2 when compared with last year.
Contingent
Liability:
The Company has given the following bank Guarantee:
-
Bank of Baroda Rs.0.800 Million or Electricity +
Rs.0.001 Million for Telephone
-
India Overseas Bank – Rs.0.060 Million for SHV
Energy
-
United Commercial Bank Rs.0.015 Million for Sales
Tax
-
Bank of Baroda Rs.0.025 Million for Sales Tax.
Trade References:
·
Micro Inks Limited
·
Tata Steel Limited
·
Cheminova India Limited
Fixed Assets:
- Land and
- Machinery
- Furniture and
Fixtures
- Tempo
- Computer and
Printer
- Fax Machine
- Air Condition
- Telephone
- Building
(Residence)
- Motor Car
- Scooter
- Electrical
Appliances
- Electrical
Installation
- Recorder
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.49.32 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.