|
Report Date : |
26.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MECORD SYSTEMS AND SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
304, Hill View Industrial Estate, Off L B S Marg, Ghatkopar (West),
Mumbai – 400086, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.01.1987 |
|
|
|
|
Com. Reg. No.: |
042202 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.890 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33100MH1987PTC042202 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21818G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM8582E |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Servicing of Medical Equipment, Installation of Industrial
Instrumentation and Process Systems and Manufacturing of R F Drier. |
|
|
|
|
No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 56772 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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. Dilipkumar Hiralal Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9323184261 |
|
Date : |
24.05.2012 |
LOCATIONS
|
Registered Office : |
304, Hill View Industrial Estate, Off L B S Marg, Ghatkopar (West), Mumbai
– 400086, Maharashtra |
|
Tel. No.: |
91-22-25008128 |
|
Mobile No.: |
91-9323184261 (Mr. Dilip) |
|
Fax No.: |
91-22-25007560 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Dilipkumar Hiralal Shah |
|
Designation : |
Director |
|
Address : |
Chandra Villa, 3rd Floor, D.M. Road, Parsi Colony, Dadar (E),
Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1945 |
|
Date of Appointment : |
30.03.1996 |
Other Directorship:
|
Name : |
Mr. Dewang Dilipkumar Shah |
|
Designation : |
Director |
|
Address : |
Chandra Villa, 3rd Floor, D.M. Road, Parsi Colony, Dadar
(E), Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
15.11.1975 |
|
Date of Appointment : |
12.05.2003 |
Other Directorship:
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Shah Dilipkumar Hiralal |
|
2601 |
|
Nagda Mulchand Vishanji |
|
1 |
|
Shah Darshna B. |
|
150 |
|
Shah Anjana M. |
|
150 |
|
Shah Pratibha U. |
|
150 |
|
Shah Manish S. |
|
150 |
|
Shah Harshadbhai H. |
|
150 |
|
Shah Vasant Dilipkumar |
|
5500 |
|
Shah Dewang Dilipkumar |
|
50 |
|
Total |
|
8902 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Servicing of Medical Equipment, Installation of Industrial
Instrumentation and Process Systems and Manufacturing of R F Drier. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Finland ·
Germany ·
USA ·
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Vaisala, Finland |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Power Grid Corporation of India Limited |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
12 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· The Bharat Co-Operative Bank (Mumbai) Limited, Kalina-Santacruz Branch, Geesee Co-Op Hsg Soc Ltd, Opp. Vidyanagari University Complex, Santacruz (E), Mumbai - 400098, Maharashtra, India · Citi Bank |
||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish D Shet and Company Chartered Accountant |
|
Address : |
Office No. 22, 11th Floor, navjivan Soc. Bldg. no. 3,
Lamington Road, Grant Road, Mumbai – 400008, Maharashtra, India |
|
|
|
|
Associates : |
·
Biomed Systems ·
Techno Commercial services |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,902 |
Equity Shares |
Rs.100/-
each |
Rs. 0.890
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 |
0.890 |
0.890 |
0.890 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.303 |
9.940 |
6.553 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.193 |
10.830 |
7.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.205 |
0.579 |
2.325 |
|
|
2] Unsecured Loans |
6.651 |
7.087 |
6.638 |
|
|
TOTAL BORROWING |
6.856 |
7.666 |
8.963 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.049 |
18.496 |
16.406 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.940 |
1.093 |
1.802 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.103 |
0.103 |
0.103 |
|
|
DEFERREX TAX ASSETS |
0.010 |
0.532 |
0.479 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.628
|
9.703 |
8.818 |
|
|
Sundry Debtors |
10.214
|
2.429 |
4.123 |
|
|
Cash & Bank Balances |
4.061
|
7.719 |
2.382 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.826
|
8.387 |
11.001 |
|
Total
Current Assets |
35.729
|
28.238 |
26.324 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.070
|
6.700 |
6.230 |
|
|
Other Current Liabilities |
2.693
|
2.614 |
2.727 |
|
|
Provisions |
3.970
|
2.156 |
3.345 |
|
Total
Current Liabilities |
15.733
|
11.470 |
12.302 |
|
|
Net Current Assets |
19.996
|
16.768 |
14.022 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.049 |
18.496 |
16.406 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43.053 |
25.779 |
25.197 |
|
|
|
Other Income |
2.957 |
3.232 |
2.275 |
|
|
|
Gain on Sale of Fixed Asset |
0.000 |
1.777 |
0.000 |
|
|
|
TOTAL |
46.010 |
30.788 |
27.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Service & Trading Expenses |
27.145 |
17.288 |
15.891 |
|
|
|
Payment to & provision for Employees |
2.210 |
1.729 |
1.663 |
|
|
|
Administrative, Selling & Finance Expenses |
10.631 |
7.155 |
7.067 |
|
|
|
TOTAL |
39.986 |
26.172 |
24.621 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.024 |
4.616 |
2.851 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.277 |
0.381 |
0.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.747 |
4.235 |
2.422 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.385 |
0.849 |
0.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.362 |
3.386 |
1.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.940 |
6.553 |
5.052 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.302 |
9.939 |
6.552 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
60.000 |
Expected Sales (2012-2013) : Rs. 70.000 Millions
The above information has been parted by (Mr. Dilipkumar Hiralal Shah –
Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.30
|
10.99 |
5.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.34
|
16.42 |
9.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.67
|
14.43 |
8.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.39 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.76 |
2.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.46 |
2.13 |
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 |
Yes |
|
9)
Name of person contacted |
Yes |
|
10)
Designation of contact person |
Yes |
|
11)
Turnover of firm for last three years |
Yes |
|
12)
Profitability for last three years |
Yes |
|
13)
Reasons for variation <> 20% |
-- |
|
14)
Estimation for coming financial year |
Yes |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
Yes |
|
17)
Major suppliers |
yes |
|
18)
Major customers |
Yes |
|
19)
Payments terms |
Yes |
|
20)
Export / Import details (if applicable) |
Yes |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
23)
Banking Details |
Yes |
|
24)
Banking facility details |
Yes |
|
25)
Conduct of the banking account |
-- |
|
26)
Buyer visit details |
-- |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes
|
Note – The registered office address of the company has been shifted from 412-Hill View Ind Estatetrial Estate Off L B S Marg, Ghatkopar West, Mumbai – 400086, Maharashtra, India to present address w.e.f. 12.02.2009
Form 8
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
90223214 |
|
Corporate identity number of the company |
U33100MH1987PTC042202 |
|
Name of the company |
MECORD SYSTEMS
AND SERVICES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
304, Hill View
Industrial Estate, Off L B S Marg, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
The Bharat Co-Operative Bank (Mumbai) Limited, Kalina-Santacruz Branch, Geesee Co-Op Hsg Soc Ltd, Opp. Vidyanagari University Complex, Santacruz (E), Mumbai - 400098, Maharashtra Email -
emailroc@rediffmail.com |
|
Nature of description of the instrument
creating or modifying the charge |
Supplementary Letter For Modification of
Charge In Favour Of The Bank |
|
Date of instrument Creating the charge |
03.06.2009 |
|
Amount secured by the charge |
Rs. 4.000 Millions |
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest Interest Rate, As Agreed Between The
Borrower Company And The Bank From Time To Time. Penal Interest Rate, As Agreed Between The
Borrower Company And The Bank From Time To Time Terms of Repayment Repayment, As Agreed Between The Borrower
Company And The Bank From Time To Time Margin Margin Rate, As Agreed Between The
Borrower Company And The Bank From Time To Time Extent and Operation of the charge At The Request Of The Borrower Company, On
Account Of Revision Of Overall Banking Limits And To Consolidate All Limits
In One Charge Document, The Bank Has Agreed To Include The Said Amount In
Charge Id 90223214. Now The Limits Under Existing Charge Id 90223214 Stands
Revised Upto Rs. 4.000 Millions [Reduced Cash Credit Limit Upto Rs. 1.000
Millions And Renewal Of Bank Guarantee Limit Upto Rs. 3.000 Millions]. Others Nil |
|
Short particulars of the property charged |
Hypothecation Of Stocks And Book Debts Of
The Company. |
|
Particulars of the present
modification |
At The Request Of The Borrower Company, On
Account Of Revision Of Overall Banking Limits And To Consolidate All Limits
In One Charge Document, The Bank Has Agreed To Include The Said Amount In
Charge Id 90223214. Now The Limits Under Existing Charge Id 90223214 Stands
Revised Upto Rs. 4.000 Millions [Reduced Cash Credit Limit Upto Rs. 1.000
Millions And Renewal Of Bank Guarantee Limit Upto Rs. 3.000 Millions]. See Annexure The Charge Stands Modified Upto Rs. 4.000 Millions |
Fixed Assets
·
Testing Equipments
·
Furniture and Fixtures
·
Computers
·
Medical & Surgical
·
Equipments
·
Electrical Fittings
·
Plant and Machinery
·
Air Conditioners
·
Office equipments
·
Water Dispenser
Trade References
·
Power Grid Corporation of India Limited
·
Vaisala, Finland
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.56.53 |
|
|
1 |
Rs.88.09 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NLM |
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 |
NO |
|
--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 |
YES |
|
--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.