MIRA
INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI ALLUMINIUM PRIVATE LIMITED |
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Registered Office : |
Plot No. 380, Road No. 9, G.I.D.C Kathwada, O/s. Odhav Octroi Naka,
Odhav, Ahmedabad – 382 430, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.08.2003 |
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Com. Reg. No.: |
04-42711 |
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Capital Investment / Paid-up Capital : |
Rs.6.340 Millions |
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CIN No.: [Company
Identification No.] |
U27101GJ2003PTC042711 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM05902B |
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PAN No.: [Permanent
Account No.] |
AADCM8728P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Aluminium Alloys and Trader for Scraps. |
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No. of Employees : |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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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 reported as fair. Business is active. Payments 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Hemant |
|
Designation : |
Account Manager |
|
Date : |
24.01.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 380, Road No. 9, G.I.D.C Kathwada, O/s. Odhav Octroi Naka,
Odhav, Ahmedabad – 382 430, Gujarat, India |
|
Tel. No.: |
91-79-22901347 / 22901330 |
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Fax No.: |
91-79-22901347 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON : 03.08.2010
|
Name : |
Mr. Rajendrakumar B Chechani |
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Designation : |
Director |
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Address : |
17, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad – 380
004, |
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Date of Birth/Age : |
01.01.1971 |
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Date of Appointment : |
01.08.2003 |
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DIN No.: |
00182037 |
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Name : |
Mrs. Meena R Chechani |
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Designation : |
Director |
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Address : |
17, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad – 380
004, |
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Date of Birth/Age : |
10.06.1971 |
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Date of Appointment : |
01.08.2003 |
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DIN No.: |
00182298 |
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Name : |
Mrs. Kailashben B Chechani |
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Designation : |
Director |
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Address : |
17, Bhimnath Society, Behind Circuit House, Shahibaug, Ahmedabad – 380
004, |
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Date of Birth/Age : |
02.07.1951 |
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Date of Appointment : |
01.08.2003 |
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DIN No.: |
00182240 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajendrakumar B Chechani |
|
195000 |
|
Kaileshben B Chechani |
|
12500 |
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Meenaben A Chechani |
|
10000 |
|
Meenaben R Chechani |
|
12500 |
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Abhilasha B Chechani |
|
10000 |
|
Syamlal Sen |
|
9400 |
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Diyaram Jalyaram Gujjar |
|
9000 |
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Lachinram Gurjar |
|
8950 |
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Sohanlal G Jhawar |
|
8400 |
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Babulalji Udayram Balai |
|
8600 |
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Bhagatram B Samdani |
|
8600 |
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Ashokkumar S Chechani |
|
8000 |
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Bansilal Pyaraji Nai |
|
8000 |
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Mohankumar Prajapati |
|
8200 |
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Jagdishchandra G Sunar |
|
7500 |
|
Radhesyam B Chchani |
|
8150 |
|
Paraslal Motilalji Salvi |
|
7000 |
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Pravin Pratapnarayan Tiwari |
|
8400 |
|
Gangasingh Rampalsingh |
|
8000 |
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Bheraji Bhuraji Jaat |
|
7500 |
|
Narayanlal Bhuralal Gujar |
|
8550 |
|
Kishanpuri Kashipuri Goswamy |
|
8000 |
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Madhupuri Lalpuri Goswamy |
|
7500 |
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Jayram Vena Jaat |
|
7800 |
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Ramdev Devilal Keer |
|
7200 |
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Rajendra Radheshyam Kakani |
|
6500 |
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Chandrabhuj M. Ladha |
|
9100 |
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Pannalal Lahotu |
|
8000 |
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Gherilal Bhuraji Gujjar |
|
8550 |
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Natwarlal Shivbhai Satwara |
|
8000 |
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Naresh Shivbhai Satwaea |
|
8150 |
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Dharmendra Natwarlal Sathwara |
|
7200 |
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Ratanlsl Mangilal Ahir |
|
8800 |
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Mandhavlal Mangilal Ahir |
|
7950 |
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|
|
25000 |
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Chaturang Commercials Private Limited, Kolkata |
|
25000 |
|
Oven Commercials Private Limited, Kolkata |
|
30000 |
|
|
|
|
|
Total |
|
555000 |
Partly Paid Up Shares @ of Rs. 5/- Each
|
Names of
Shareholders |
|
No.
of Shares |
|
Navkar Financial Services Private Limited, |
|
20000 |
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Manidhari Strips Private Limited, |
|
16000 |
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Kajal Agro Farmsl Private Limited, |
|
20000 |
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Samrajya Agro Farm Private Limited, |
|
40000 |
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Genus Comm Trade Limited, |
|
20000 |
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Vax Housing and Finance Corporation Limited, |
|
40000 |
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Tirth Marketing, |
|
2000 |
|
|
|
|
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Total |
|
158000 |
|
Total (A)+(B) |
|
713000 |
AS ON 03.08.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Alloys and Trader for Scraps. |
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Products : |
·
Aluminium Ingots ·
Aluminium Cubes ·
Aluminium Shots ·
Aluminium Powder ·
Aluminium Alloys Ingots ADC12 ·
Aluminium Alloys Ingots LM2 ·
Aluminium Alloys Ingots LM4 ·
Aluminium Alloys Ingots LM6 |
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Allunimium Notchbar |
KG |
|
|
0.000 |
|
Alluminium Powder |
KG |
|
|
1160.000 |
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Alluminium Qube |
KG |
Nil |
3600 MT |
138230.000 |
|
Allumunium Ingots |
KG |
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|
672341.000 |
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Alluminium Shots |
KG |
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|
5810.000 |
Note : Installed Capacity is taken as certify by the
management and being technical, accepted by Auditor as Correct.
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
·
State Bank of ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Akhilesh Deopura and Company Chartered Accountant |
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Address : |
305, M.V. House, Opposite Hathisingh Wadi, Shahibaug,
Ahmedabad-380004, |
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Tel. No.: |
91-98254310040 |
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Mobile No.: |
CAPITAL STRUCTURE
As on 03.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
713000 |
Equity Shares |
Rs.10/- each |
Rs.7.130
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
555000 |
Equity Shares |
Rs.10/- each |
Rs.5.550
Millions |
|
158000 |
Equity Shares of Rs. 10/- each (partly
paid-up Rs. 5/- each) |
|
Rs.0.790
Million |
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Total |
|
Rs.6.340 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
6.340 |
6.340 |
5.540 |
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2] Share Application Money |
2.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.739 |
14.425 |
6.291 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.579 |
20.765 |
11.831 |
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LOAN FUNDS |
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1] Secured Loans |
22.242 |
30.202 |
22.461 |
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2] Unsecured Loans |
7.563 |
10.658 |
12.488 |
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TOTAL BORROWING |
29.805 |
40.860 |
34.949 |
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DEFERRED TAX LIABILITIES |
0.019 |
0.053 |
0.037 |
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TOTAL |
55.403 |
61.678 |
46.817 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.524 |
5.393 |
1.841 |
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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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|
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Inventories |
24.150
|
43.952
|
20.568
|
|
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Sundry Debtors |
33.644
|
38.908
|
38.348
|
|
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Cash & Bank Balances |
1.605
|
0.899
|
0.866
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
28.375
|
14.984
|
14.925
|
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Total
Current Assets |
87.774
|
98.743 |
74.707 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
|
Current Liabilities |
0.000
|
0.000 |
0.000
|
|
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Sundry Creditors |
36.853 |
42.093 |
29.182 |
|
|
Provisions |
1.144
|
0.499 |
0.563
|
|
Total
Current Liabilities |
37.997
|
42.592 |
29.745
|
|
|
Net Current Assets |
49.777
|
56.151 |
44.962
|
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MISCELLANEOUS EXPENSES |
0.102 |
0.134 |
0.014 |
|
|
|
|
|
|
|
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TOTAL |
55.403 |
61.678 |
46.817 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
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|
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|
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Income |
282.438 |
168.382 |
188.715 |
|
|
|
Other Income |
0.241 |
9.396 |
0.338 |
|
|
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TOTAL (A) |
282.679 |
177.778 |
189.053 |
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EXPENSES |
|
|
|
|
|
|
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Raw Material Consumed |
256.348 |
159.494 |
173.532 |
|
|
|
Manufacturing Expenses |
8.235 |
6.667 |
4.907 |
|
|
|
Administrative Expenses |
2.418 |
2.147 |
1.738 |
|
|
|
Selling and Distribution Expenses |
12.729 |
3.567 |
3.569 |
|
|
|
Preliminary Expenses W/off |
0.002 |
0.002 |
0.002 |
|
|
|
Differed ROC Expenses W/off |
0.030 |
0.030 |
0.000 |
|
|
|
Increase / Decrease in Stock |
(6.523) |
(1.847) |
(2.217) |
|
|
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TOTAL (B) |
273.239 |
170.060 |
181.531 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.440 |
7.718 |
7.522 |
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FINANCIAL
EXPENSES (D) |
5.075 |
5.435 |
5.611 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.365 |
2.283 |
1.911 |
|
|
|
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DEPRECIATION/
AMORTISATION (F) |
0.938 |
0.741 |
0.267 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.427 |
1.542 |
1.644 |
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|
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TAX (I) |
1.148 |
0.502 |
0.563 |
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PROFIT AFTER TAX
(G-I) (J) |
2.283 |
1.043 |
1.081 |
|
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PROVISION FOR
DEFERRED TAX LIABILITY |
(0.034) |
0.016 |
(0.002) |
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PROVISION FOR
FRINGE BENEFIT TAX |
0.000 |
0.046 |
0.035 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.315 |
2.381 |
1.394 |
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|
|
|
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|
ADJUSTMENTS |
0.003 |
0.047 |
0.062 |
|
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|
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|
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BALANCE CARRIED
TO THE B/S |
5.629 |
3.315 |
2.381 |
|
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Others |
256.348 |
159.494 |
NA |
|
|
TOTAL IMPORTS |
256.348 |
159.494 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.20 |
1.46 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.80 |
0.58 |
0.57
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.21 |
0.91 |
0.87
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67 |
1.48 |
2.17
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.07 |
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.65 |
4.02 |
5.47
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31 |
2.31 |
2.51
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors For Goods |
29.749 |
40.499 |
27.156 |
|
Creditors For Expenses |
3.697 |
0.439 |
0.467 |
|
Other Creditors |
3.407 |
1.155 |
1.559 |
|
Total |
36.853 |
42.093 |
29.182 |
FORM 8
|
Corporate
identity number of the company |
U27101GJ2003PTC042711 |
|
Name of the
company |
MARUTI ALLUMINIUM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 380, Road No. 9, G.I.D.C Kathwada, O/s. Odhav Octroi Naka,
Odhav, Ahmedabad - 382430, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank
Limited, Trishul 3rd |
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed |
|
Date of
instrument Creating the charge |
12/11/2010 |
|
Amount secured by
the charge |
Rs. 75.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : As per sanction
terms Terms of repayment : As per sanction
terms Margin : Facility 1 Stocks
25% and Book Debts 30% Facility 2 -20% Facility 3-20% Facility 4 Nil Extent and operation of the charge : First exclusive
charge over entire current assets and movable fixed assets of the company,
both present and future to secure the total credit facilities of Rs 75.000
millions granted to the company Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
First exclusive
charge over entire current assets and movable fixed assets of the company,
both present and future. |
FIXED ASSETS
·
·
Plant and Machinery
·
Furniture and Fixture
·
Air Conditioner
·
Computer and Printer
·
Cycle
·
Electrical Installation
·
Office Equipment
·
Scooter -Etmo
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.49.97 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.