MIRA
INFORM REPORT
|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
MONIBA ANAND ELECTRICALS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1, Near Fafeco Chandivli Farm, Andheri (East), Mumbai-400049,
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
14.05.1986 |
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Com. Reg. No.: |
11-039819 |
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Capital
Investment / Paid-up Capital : |
Rs.9.000
Millions |
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CIN No.: [Company Identification
No.] |
U29120MH1986PTC039819 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM20535E |
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PAN No.: [Permanent Account No.] |
AABCM8242Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Industrial Pumps. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 20000 |
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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 record. There
appears huge accumulated losses recorded by the company. However, trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre business dealings
with some caution. |
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 |
|
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Ronak Rakesh Engineer |
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Designation : |
Director |
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Contact No.: |
91-9324646420 |
|
Date : |
16.07.2012 |
LOCATIONS
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Registered Office : |
Plot No. 1, Near Fafeco Chandivli Farm, Andheri (East), Mumbai-400049,
Maharashtra, India |
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Tel. No.: |
91-22-28573156/28571028 |
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Mobile No.: |
91-9324646420 [Mr. Ronak Rakesh Engineer] |
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Fax No.: |
91-22-28573135 |
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E-Mail : |
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Website : |
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Factory : |
4/5, Saphire Building, Ground Floor, Tirupati Park, Sativali Road,
Village Waliv, Taluka Vasai (East), Thane-401208, Maharashtra, India |
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Tel. No.: |
91-250-3291580/3290746 |
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Fax No.: |
91-250-2452403 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rakesh Bhogilal Engineer |
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Designation : |
Director |
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Address : |
B-52, Neha Apartments, Juhu Tara Road, Santacruz (West),
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
01.10.1960 |
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Date of Appointment : |
11.08.2009 |
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Din No.: |
00081831 |
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Name : |
Mr. Ronak Rakesh Engineer |
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Designation : |
Director |
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Address : |
B-52, Neha Apartments, Juhu Tara Road, Santacruz (West),
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
15.07.1986 |
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Date of Appointment : |
23.03.2005 |
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Din No.: |
01122499 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Bhogilal Engineer |
|
167800 |
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Ronak Rakesh Engineer |
|
50100 |
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Bhogilal Hiralal Patel HUF |
|
100 |
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Rakesh Bhogilal Engineer HUF |
|
682000 |
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|
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Total |
|
900000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Industrial Pumps. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.G. Salecha and Company Chartered Accountants |
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Address : |
B-202, Jai Ambe Co-operative Society, Sai Nagar, Vasai Road (West),
Thane-401202, Maharashtra, India |
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Pan No.: |
AAMFS5924R |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000
Millions |
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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1] Share Capital |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
(3.920) |
(3.534) |
(2.648) |
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NETWORTH |
5.080 |
5.466 |
6.352 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
6.423 |
5.966 |
6.255 |
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2] Unsecured Loans |
2.558 |
2.009 |
1.909 |
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TOTAL BORROWING |
8.981 |
7.975 |
8.164 |
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DEFERRED TAX LIABILITIES |
0.831 |
0.868 |
0.381 |
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TOTAL |
14.892 |
14.309 |
14.897 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.154 |
7.561 |
8.387 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.159 |
0.159 |
0.159 |
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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 |
8.452
|
7.283 |
7.579 |
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Sundry Debtors |
4.273
|
3.630 |
2.772 |
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|
Cash & Bank Balances |
0.341
|
0.700 |
0.354 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.380
|
1.465 |
1.759 |
|
Total
Current Assets |
14.446
|
13.078 |
12.464 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
7.754
|
6.368 |
5.470 |
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Provisions |
0.136
|
0.121 |
0.643 |
|
Total
Current Liabilities |
7.890
|
6.489 |
6.113 |
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Net Current Assets |
6.556
|
6.589 |
6.351 |
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MISCELLANEOUS EXPENSES |
0.023 |
0.000 |
0.000 |
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TOTAL |
14.892 |
14.309 |
14.897 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
24.946 |
24.100 |
19.055 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
25.369 |
24.498 |
20.242 |
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Advertising Expenses |
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TOTAL |
25.369 |
24.498 |
20.242 |
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PROFIT / (LOSS)
BEFORE TAX |
(0.423) |
(0.398) |
(1.187) |
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Less |
TAX |
(0.037) |
0.487 |
0.135 |
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PROFIT / (LOSS)
AFTER TAX |
(0.386) |
(0.885) |
(1.322) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(2.648) |
(1.326) |
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BALANCE CARRIED
TO THE B/S |
NA |
(3.533) |
(2.648) |
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Earnings /
(Loss) Per Share (Rs.) |
(0.43) |
(0.98) |
(1.47) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.55)
|
(3.67) |
(6.94) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.87)
|
(1.93) |
(5.69) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.07) |
(0.19) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.32
|
2.65 |
2.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.83
|
2.02 |
2.04 |
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 |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10344426 |
|
Corporate
identity number of the company |
U29120MH1986PTC039819 |
|
Name of the
company |
MONIBA ANAND
ELECTRICALS PVT LTD |
|
Address of the
registered office or of the principal place of business in |
Plot No. 1, Near Fafeco Chandivli Farm, Andheri (East), Mumbai-400049,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Immovable
Property |
|
Particular of
charge holder |
The North Kanara G.S.B. Co-Operative Bank Limited, Shree Niketan,
Hindu Friends Society, Road, Jogeshwari (East), Mumbai-400060, Maharashtra,
India Email: ramdashegde@nkgsb-bank.com |
|
Nature of
description of the instrument creating or modifying the charge |
1) Composite
Hypothecation Agreement Dated 30.05.2012. 2) Memorandum of
Equitable Mortgage By Way of Extension of Charge Dated 30.05.2012. |
|
Date of
instrument Creating the charge |
30.05.2012 |
|
Amount secured by
the charge |
Rs.6.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter no. ADV/MD/MAEPL/jog/56/2012/25.05.12 ROI is 14.75% p.a. With monthly
rest or as per banks rule from time to time. Terms of
Repayment As per sanction
letter no. ADV/MD/MAEPL/jog/56/2012/25.05.12 the cash credit limit is valid
upto 30.04.2013 or on demand as per banks rule from time to time. Margin As per sanction
letter no. ADV/MD/MAEPL/jog/56/2012/25.05.12 the margin of 25% on stocks and
40% on book debts upto 90 days. Extent and
Operation of the charge The charge shall
operate for due repayment of total cc limit of Rs. 6.000 millions plus
interest, bank charges or any other charges as per banks rule from time to
time on the properties of the company provided as security to bank and
specifically charge modification instruments. |
|
Short particulars
of the property charged |
A) present and future
stocks and consumables, raw materials, work in progress, finished goods, all
such other goods, movable properties, other assets located at gala no. 4 and
5, ground floor, sapphire Building,
Tirupati Park, Vasai (East), Dist. Thane and more specifically mentioned in
schedule iii part - a of composite hypothecation agreement dated 30.05.12. B) all the
borrowers present and future book debts, outstanding monies, receivables,
claims, bills, contracts, securities, investments, goodwill, rights and assets
Schedule iii part
- c of composite hypothecation agreement dated 30.05.12. C) All that piece
and parcel of land or ground situated and lying and being at flat no. B-52,
5th floor, b wing, neha apartment Co-operative Housing Society, Juhu Tara
Road, Near Hotel Sea Princess, Juhu, Mumbai - 400049
and bearing C.T.S. No. 968 in the name of Mr. Rakesh Engineer and Mrs. Janaki
Engineer and more specifically mentioned in memorandum of equitable mortgage
by way of extension of charge Dated. 30.05
2012. |
|
Particulars of
the present modification |
The NKGSB bank
enhanced the cc limit from Rs. 4.500 millions to Rs. 6.000 millions and
charge on the properties of the company provided as a security to bank has
been modified by way of present modification instruments dated. 30.05.2012
viz. 1) composite hypothecation agreement and 2) memorandum of equitable
mortgage by way of extension of charge. |
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.