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Report Date : |
09.07.2012 |
IDENTIFICATION DETAILS
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Name : |
MASS-TECH CONTROLS PRIVATE LIMITED |
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Registered
Office : |
Plot No G/23, MIDC Industrial Area, Jalgaon – 425003, Maharashtra, India |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.04.1988 |
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Com. Reg. No.: |
046895 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification No.] |
U29300MH1988PTC046895 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM37353B |
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PAN No.: [Permanent Account No.] |
AAACM2800M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 65000 |
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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 record.
Company seems to be progressing. Trade relations are reported to be fair. Business
is active. Payment are reported to be usually correct and as per commitment. The company can be considered for normal 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) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Factory 1 /
Branch Office: |
Plot No G/23, MIDC Industrial Area, Jalgaon – 425003,
Maharashtra, India |
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Tel. No.: |
91-257-2210080 / 2212100 / 2210018 |
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Fax No.: |
91-257-2210061 |
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E-Mail : |
priti.trivedi@masstechcontrols.com dattatray.chaudhari@masstechcontrols.com
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Website : |
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Factory 2 : |
G-53, MIDC, Ajantha Road, Jalgaon – 425003, Maharashtra, India |
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Tel. No.: |
91-257-2210061 |
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Branch Office : |
Located at · Delhi · Vadodara · Bangalore · Tiruchirapalli · Bhopal · Pune · Bhilai |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Subhash Narayan Patil |
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Designation : |
Managing Director |
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Address : |
Pratiksha, 3rd Floor 32, Nimbalkar Society, Mulund (West),
Mumbai – 400082, Maharashtra, India |
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Date of Birth/Age : |
23.01.1959 |
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Date of Appointment : |
06.04.1988 |
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DIN No.: |
00926521 |
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Name : |
Mrs. Manasi Subhash Patil |
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Designation : |
Director |
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Address : |
Pratiksha, 3rd Floor 32, Nimbalkar Society, Mulund (West),
Mumbai – 400082, Maharashtra, India |
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Date of Birth/Age : |
28.01.1986 |
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Date of Appointment : |
01.12.2006 |
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DIN No.: |
00777946 |
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Name : |
Mr. Bhushan Ram Bharambe |
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Designation : |
Director |
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Address : |
Plot No.6, 40/5B, Ayodhya Nagar, Near Dr. Badgujar Clinic,
MIDC,Jalgaon – 425003, Maharashtra, India |
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Date of Birth/Age : |
04.04.1975 |
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Date of Appointment : |
01.12.2006 |
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DIN No.: |
00965966 |
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Name : |
Mr. Dattataray Onkar Chaudhari |
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Designation : |
Director |
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Address : |
45, Ganeshwadi Jilha Peth, Jalgaon – 425001, Maharashtra, India |
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Date of Birth/Age : |
10.09.1964 |
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Date of Appointment : |
01.12.2006 |
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DIN No.: |
00782294 |
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Name : |
Mr. Anurag Subhash Patil |
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Designation : |
Director |
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Address : |
Pratiksha, 3rd Floor 32, Nimbalkar Society, Mulund (West), Mumbai
– 400082, Maharashtra, India |
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Date of Birth/Age : |
19.02.1989 |
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Date of Appointment : |
27.08.2007 |
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Date of Cessation: |
19.02.1989 |
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DIN No.: |
01678651 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
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Names of Shareholders |
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No. of Shares |
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Anurag Subhash Patil |
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7555 |
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Manasi Subhash Patil |
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5624 |
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Subhash Narayan Patil (HUF) |
|
8129 |
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Subhash Narayan Patil |
|
14731 |
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Smita Subhash Patil |
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13960 |
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Kusum Narayan Patil |
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1 |
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Total |
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50000 |
As on 28.09.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Battery Chargers, Convertors and Low
Voltage Switchgear and Control Panels. |
GENERAL INFORMATION
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Customers : |
Power · Alstom · B.H.E.L. · MSEB · Nuclear Power Corporation Refinery and
Petrochemicals · Oil and Natural Gas Corporation · Hindustan Petroleum Corporation · Indian Oil Corporation · Indian Petrochemicals Corporation Telecommunications
and Infocomm · Bharat Sanchar Nigam Limited · Mahanagar Telephone Nigam Limited · Reliance Infocomm Cement and Steel · ACC · India Cement · Ambuja Cements · Prism Cement Industries · Finolex · MRF · Larsen and Toubro · Cipla · Siemens · Apolo Tyres Government
Organisations · Air India · Naval Dockyard · Department of Atomic Energy · Bombay Port Trust Major Consultants · Tata Consulting Engineers · Fitchner Consulting Engineer · Engineers India Limited ·
Unik Engineers |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda,
Mulund West Branch, Mulund West,,
Mumbai - 400080, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Viren Gandhi and Company Chartered Accountants |
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Address : |
103,1st Floor, Vikas Commercial, Bhakti Marg, Mulund (West), Mumbai –
400080, Maharashtra, India |
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PAN.: |
AABPG8986C |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.100/-
each |
Rs.5.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
5.000 |
4.200 |
4.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.243 |
7.807 |
6.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.243 |
12.007 |
10.385 |
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LOAN FUNDS |
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1] Secured Loans |
26.873 |
18.506 |
14.461 |
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2] Unsecured Loans |
7.657 |
5.805 |
3.017 |
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TOTAL BORROWING |
34.530 |
24.311 |
17.478 |
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DEFERRED TAX LIABILITIES |
0.389 |
0.285 |
0.110 |
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TOTAL |
51.162 |
36.603 |
27.973 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.656 |
14.685 |
12.504 |
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Capital work-in-progress |
0.531 |
0.327 |
3.196 |
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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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Inventories |
25.833
|
15.855 |
10.977 |
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Sundry Debtors |
27.197
|
16.070 |
11.454 |
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Cash & Bank Balances |
7.289
|
7.225 |
9.020 |
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Other Current Assets |
0.251
|
0.280 |
0.313 |
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Loans & Advances |
11.893
|
9.413 |
9.137 |
|
Total
Current Assets |
72.463
|
48.843 |
40.901 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
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Sundry Creditors |
30.114
|
24.587 |
25.363 |
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Other Current Liabilities |
3.492
|
1.290 |
1.458 |
|
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Provisions |
1.882
|
1.375 |
1.807 |
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Total
Current Liabilities |
35.488
|
27.252 |
28.628 |
|
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Net Current Assets |
36.975
|
21.591 |
12.273 |
|
|
|
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|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
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TOTAL |
51.162 |
36.603 |
27.973 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
NA |
NA |
NA |
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Other Income |
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|
|
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TOTAL |
NA |
NA |
NA |
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|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
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Office Expenses |
NA |
NA |
NA |
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|
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Administrative Expenses |
|
|
|
|
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Advertising Expenses |
|
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|
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7.395 |
5.691 |
4.983 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3.278 |
1.941 |
1.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.117 |
3.750 |
3.626 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.362 |
1.376 |
1.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.755 |
2.374 |
1.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.919 |
0.752 |
0.848 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.836 |
1.622 |
1.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.268 |
4.646 |
3.678 |
|
|
|
|
|
|
|
|
|
Add / (Less) |
(SHORT)/ EXCESS
PROVISIONS OF EARLIER YEARS ADJUSTED |
0.000 |
0.000 |
(0.032) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.104 |
6.268 |
4.646 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2.431 |
11.139 |
5.150 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.72 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
3.74 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.20 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.31
|
4.29 |
4.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.79 |
1.43 |
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 |
No |
|
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 |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
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 |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
Note:
The Registered office address of the company has been shifted from “2/7, Meghal Industrial Estate, Devidayal Road, Mulund (West), Mumbai - 400 080, Maharashtra, India” to the present address w.e.f. 01.04.2007
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U29300MH1988PTC046895 |
|
Name of the company |
MASS-TECH CONTROLS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No G/23, MIDC Industrial Area, Jalgaon – 425003, Maharashtra,
India E-mail : priti.trivedi@masstechcontrols.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80011261 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Bank of Baroda, Mulund West Branch, Mulund West, Mumbai – 400080,
Maharashtra, India E-mail Id : shirishshetye@gmail.com
|
|
Nature of instrument creating charge |
Supplemental Composite Agreement of Hypothecation of Goods,
Book-Debts, Moveable Machinery and Vehicles |
|
Date of instrument Creating the charge |
29.03.2012 |
|
Amount secured by the charge |
Rs.61.242 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Interest on Cash Credit/Term Loan limits 3% above base rate of the
Bank i.e. 13.75% p.a. with monthly rest. Terms of Repayment On Demand. Margin 25% on stocks and moveable machinery 30% on book-debts 20% cash margin in respect of BG and L/C facility. Extent and Operation of the charge The charge is modified upto Rs.61.242 Millions to cover T/L III
facility - Rs.0.375 Millions (reduced from Rs.1.900 Millions), T/L IV
facility - Rs.0.867 Millions (reduced from Rs.1.000 Millions), Cash Credit
(Hypothecation of Book-Debts) - Rs.25.000 Millions (increased from Rs.18.500
Millions), Bank Guarantee - Rs.30.000 Millions (increased from Rs.22.000
Millions) and Inland/Import L/C - Rs.5.000 Millions (fresh). Others The charge covers due repayment of above mentioned credit facilities
aggregating to Rs.6,12,42,000/- together with interest, additional interest
by way of liquidated damages, compound interest, commitment charges,
guarantee commission, commission for L/Cs, premia on pre-payment, cost,
charges, expenses and other moneys payable to the Bank. |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
Stocks, both present and future and all stocks of RMs, WIP, SFGs, FGs
such as Hardware, Copper Wire enemelled conductors, meters, terminals etc.
packing materials and stores etc. All the present and future book-debts, outstanding, monies
receivables, claims, bills, contracts, engagements and securities etc. All the tangible movable machinery and plant and cranes, boats and
crafts and the vehicles together with spares, tools and accessories and other
movables, both present and future and the furniture fixtures and fittings and
office equipment. |
|
Date of instrument modifying the charge |
31.03.2011 |
|
Particulars of the present modification |
The charge is modified and increased upto Rs.61.242 Millions to cover
T/L III facility - Rs.0.375 Millions (reduced from Rs.1.900 Millions), T/L IV
facility - Rs.0.867 Millions (reduced from Rs.1.000 Millions), Cash Credit
(Hypothecation of Book-Debts) - Rs.25.000 Millions (increased from Rs.18.500
Millions), Bank Guarantee - Rs.30.000 Millions (increased from Rs.22.000
Millions) and Inland/Import L/C - Rs.5.000 Millions (fresh). |
Fixed Assets:
·
Office Premises
·
Jalgaon Factory Building
·
Plant and Machinery
·
Furniture and Fittings
·
Computer
·
Air Conditioner
·
Office Equipment
·
Vehicles
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 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.55.42 |
|
|
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.