MIRA
INFORM REPORT
|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
CITIZEN METALLOYS LIMITED [w.e.f. 20.07.2006] |
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|
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Formerly Known
As : |
CITIZEN METALLOYS PRIVATE LIMITED |
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Registered
Office : |
808, Sukhsagar Complex Hotel, Fortune, Ahmedabad – 380009, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.07.1999 |
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Com. Reg. No.: |
04-036266 |
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Capital
Investment / Paid-up Capital : |
Rs.7.130
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100GJ1999PLC036266 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00008B |
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PAN No.: [Permanent Account No.] |
AABCC1691F |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Copper Flats, Rods, Bus bars, Earthing
Tape, Profiles, Solid Copper Earth Rods and PVC Coated Copper Tubes. |
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|
|
|
No. of Employees
: |
Information denied by the management. |
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 490000 |
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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. Mayur |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-79-27550272 |
|
Date : |
06.03.2012 |
LOCATIONS
|
Registered Office : |
808, Sukhsagar Complex Hotel, Fortune, Ahmedabad – 380009, |
|
Tel. No.: |
91-79-27550272 / 32911675 |
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Fax No.: |
91-79-27550240 |
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E-Mail : |
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Factory : |
3314, G.I.D.C., Phase IV, Near |
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Tel. No.: |
91-2764-233006 |
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Fax No.: |
91-2764-234005 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Paresh Shivlal Shah |
|
Designation : |
Managing Director |
|
Address : |
46/A, Shantinagar, Middle Class Society, Usmanpura, Ahmedabad –
380013, |
|
Date of Appointment : |
09.07.1999 |
|
Din No.: |
00294147 |
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|
|
|
Name : |
Mr. Jayesh Shivlal Shah |
|
Designation : |
Managing Director |
|
Address : |
46/A, Shantinagar, Middle Class Society, Usmanpura, Ahmedabad –
380013, |
|
Date of Appointment : |
09.07.1999 |
|
Din No.: |
00294175 |
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|
|
|
Name : |
Mr. Amitkumar Rameshchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
10/A, Rajupark Society, Sabarmati, Ahmedabad – 380005, |
|
Date of Appointment : |
10.04.2007 |
|
Din No.: |
01476214 |
KEY EXECUTIVES
|
Name : |
Mr. Mayur |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Paresh Shivlal Shah |
|
210350 |
|
Jayesh Shivlal Shah |
|
211450 |
|
Suryaben S. Shah |
|
38500 |
|
Jainam P. Shah |
|
35550 |
|
Riddhi P. Shah |
|
1300 |
|
Yashvi J. Shah |
|
1850 |
|
Taksh J. Shah |
|
34000 |
|
Gujarat Fin. Capital Limited, India |
|
75000 |
|
Ramila Exim Private Limited, India |
|
105000 |
|
|
|
|
|
Total |
|
713000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
25.25 |
|
Directors
or relatives of directors |
|
74.75 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Copper Flats, Rods, Bus bars, Earthing Tape,
Profiles, Solid Copper Earth Rods and PVC Coated Copper Tubes. |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Installed Capacity |
2100 MT |
ACTUAL PRODUCTION:
|
Particular |
Actual
Production [Qty. Kg.] |
|
Copper Extruded Items |
1702824.082 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Standard Chartered Bank, Ground Floor, Abhijeet
II, Mithakali Six Roads, Ahmedabad-380006, Gujarat, India ·
UCO Bank, Sabarkunj, Opposite Sales India, Navrangpura,
Ashram Road, Ahmedabad-380009, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Pankaj K. Shah Associates Chartered Accountants |
|
Address : |
701-A, Nirman Complex, Opposite Havmore Restaurant, Navrangpura, Ahmedabad-380009,
Gujarat, India |
|
Pan No.: |
ABIPS3454K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
713000 |
Equity Shares |
Rs.10/- each |
Rs.7.130
Millions |
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 |
7.130 |
7.130 |
7.130 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
116.227 |
102.818 |
86.042 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
123.357 |
109.948 |
93.172 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.453 |
72.989 |
29.455 |
|
|
2] Unsecured Loans |
8.453 |
10.335 |
10.620 |
|
|
TOTAL BORROWING |
49.906 |
83.324 |
40.075 |
|
|
DEFERRED TAX LIABILITIES |
14.900 |
10.154 |
6.394 |
|
|
|
|
|
|
|
|
TOTAL |
188.163 |
203.426 |
139.641 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
123.958 |
106.819 |
76.140 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
16.679 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.997 |
0.996 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.411
|
48.940 |
18.441
|
|
|
Sundry Debtors |
31.748
|
42.303 |
19.979
|
|
|
Cash & Bank Balances |
0.442
|
1.343 |
1.235
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
24.573
|
17.897 |
20.302
|
|
Total
Current Assets |
119.174
|
110.483 |
59.957 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.591
|
9.170 |
10.221
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
2.500
|
|
|
Provisions |
6.641
|
6.340 |
2.447
|
|
Total
Current Liabilities |
55.232
|
15.510 |
15.168
|
|
|
Net Current Assets |
63.942
|
94.973 |
44.789
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.263 |
0.637 |
1.033 |
|
|
|
|
|
|
|
|
TOTAL |
188.163 |
203.426 |
139.641 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
935.881 |
638.616 |
504.463 |
|
|
|
Other Income |
0.901 |
0.977 |
0.578 |
|
|
|
TOTAL (A) |
936.782 |
639.593 |
505.041 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
825.603 |
549.798 |
|
|
|
|
Manufacturing Service Cost |
43.830 |
27.515 |
|
|
|
|
Contract Cost |
1.790 |
6.429 |
484.589 |
|
|
|
Employee Related Expenses |
7.918 |
6.622 |
|
|
|
|
Administrative Selling Other Expenses
|
19.344 |
14.655 |
|
|
|
|
TOTAL (B) |
898.485 |
605.019 |
484.589 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
38.297 |
34.574 |
20.452 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.585 |
5.577 |
7.744 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.712 |
28.997 |
12.708 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.575 |
3.895 |
2.617 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
24.137 |
25.102 |
10.091 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.498 |
8.096 |
3.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13.639 |
17.006 |
6.468 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
53.555 |
39.917 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
170.946 |
86.679 |
NA |
|
|
|
|
Export Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.13 |
23.85 |
9.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.46
|
2.66 |
1.28
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.57
|
3.93 |
2.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.93
|
11.55 |
7.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.23 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
0.90 |
0.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
7.12 |
3.95
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particular |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
SUNDRY CREDITORS |
|
|
|
|
Creditors for
goods |
|
9.170 |
5.243 |
|
Other creditors |
|
|
4.978 |
|
TOTAL |
48.591 |
9.170 |
10.221 |
FINANCE:
The company has availed increased credit facilities
aggregating to Rs.211.400 millions from its bankers Standard Chartered Bank by
switching over from existing bankers viz. UCO Bank during the year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10220693 |
|
Corporate
identity number of the company |
U27100GJ1999PLC036266 |
|
Name of the
company |
CITIZEN METALLOYS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
808, Sukhsagar Complex Hotel, Fortune, Ahmedabad – 380009, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered Bank, Ground Floor, Abhijeet II, Mithakali Six Roads,
Ahmedabad-380006, Gujarat, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement (enhancement of charge by memorandum of entry ) dated 23/11/2011 |
|
Date of
instrument Creating the charge |
23.11.2011 |
|
Amount secured by
the charge |
Rs.244.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Agreed by and
with the bank from time to time Terms of
Repayment As Agreed by and
with the bank from time to time Margin As per bank's
sanction Extent and
Operation of the charge First Exclusive
Charge on Securities for Rs.244.500 Millions
|
|
Short particulars
of the property charged |
Unit No.808 on
8th Floor admeasuring 1150 sq. ft. In "Sukhsagar" Situated on land
bearing sub plot no.23/b of Final Plot No.23/Paiki of Tps No.3 of Village
Usmanpura, District Ahmedabad owned by company Unit No.908 on
9th Floor admeasuring 989 sq. ft. In "Sukhsagar" Situated on land
bearing sub Plot No.23/b of Final Plot No.23/Paiki of Tps no.3 of Village
Usmanpura, District Ahmedabad owned by company Lease hold Plot
No.3314 adm. 6360 sq.mtr and construction adm.2032 sq.mtr at Chhatral Indus.
Estate of GIDC situated on the L.B.Sur.No.1174and1175 Vill- Chhatral,
Tal-kalol, District- Gandhinagar own by company |
|
Date of latest
modification prior to the present modification |
27.08.2011 |
|
Particulars of
the present modification |
By supplemental
agreement of memorandum of entry for extension of the charge on immoveable
property for the facility of Rs.244.500 Millions. |
FIXED ASSETS:
- Plant and Machinery
- Other
Machinery
- Electric D.
G. Set
- Motor Cars
- Computer
- Electric
Fittings
- Office
Equipment
- Furniture and
Fittings Tempo
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.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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.