MIRA
INFORM REPORT
|
Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALCO COMPANY PRIVATE LIMITED |
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Registered
Office : |
Rahimtoola House, 3rd Floor, 7, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
0404.1944 |
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Com. Reg. No.: |
11-004164 |
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Capital
Investment / Paid-up Capital : |
Rs.0.948
Million |
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|
CIN No.: [Company Identification
No.] |
U66010MH1944PTC004164 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19811B |
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PAN No.: [Permanent Account No.] |
AAACA1031G |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business
: |
Trader and Importer of Insulation Materials. |
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No. of Employees
: |
25 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular 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 PARTED BY
|
Name : |
Mr. Damkewala |
|
Designation : |
General Manager |
|
Contact No.: |
91-22-22661888 |
|
Date : |
16.05.2012 |
LOCATIONS
|
Registered Office : |
Rahimtoola House, 3rd Floor, 7, Homji Street, Fort, Mumbai-400001, Maharashtra,
India |
|
Tel. No.: |
91-22-22661888 |
|
Fax No.: |
91-22-22661017 |
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E-Mail : |
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Website : |
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Area : |
6000 sq. ft. |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Adamji Yasyabhai
Jasdanwalla |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
403, Cumballa Crest, 42, Peddar
Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
14.03.1926 |
|
Date of Appointment : |
26.06.1986 |
|
Din No.: |
00726740 |
|
Election Commission Identity No.: |
MT/4/024/234878 |
|
|
|
|
Name : |
Mr. Mehmood Sidishah
Mohammed Khan |
|
Designation : |
Non Executive Director |
|
Address : |
Rashmi, Charmichael
Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1952 |
|
Date of Appointment : |
05.08.1985 |
|
Din No.: |
02405007 |
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|
|
|
Name : |
Mr. Ishtiyaq Inayatali
Nagree |
|
Designation : |
Joint Managing Director |
|
Address : |
Noonbaker Apartments, 28, Motlibai
Street, Mumbai-400008, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1961 |
|
Date of Appointment : |
23.01.1998 |
|
Din No.: |
00726915 |
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|
|
|
Name : |
Mr. Arshad Adamji Jasdanwalla |
|
Designation : |
Non Executive Director |
|
Address : |
403, Cumballa Crest, 42, Peddar
Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
26.06.1970 |
|
Date of Appointment : |
30.04.1998 |
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Din No.: |
00102713 |
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|
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Name : |
Mr. Mohammed Ali Nooruddin |
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Designation : |
Director |
|
Address : |
38, CCI Chambers, Dinshaw Vacha Road, Churchgate,
Mumbai-400020, Maharashtra, India |
|
Date of Birth/Age : |
20.09.1930 |
|
Date of Appointment : |
01.07.2000 |
|
Din No.: |
01258323 |
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|
|
|
Name : |
Faaeza Adamji Jasdanwalla |
|
Designation : |
Executive Director |
|
Address : |
403, Cumballa Crest, 42, Peddar
Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
14.01.1973 |
|
Date of Appointment : |
17.08.2010 |
|
Din No.: |
03138574 |
KEY EXECUTIVES
|
Name : |
Mr. Damkewala |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Adamji Yasyabhai Jasdanwalla |
|
1888 |
|
Arshad Adamji Jasdanwalla |
|
4203 |
|
Faaeza Adamji Jasdanwalla |
|
2100 |
|
Fatma Adamji Jasdanwalla |
|
663 |
|
Farhat Nooruddin |
|
10 |
|
Shabbier Esufally Motiwala
|
|
10 |
|
Inayatali Caderbhai Nagree |
|
300 |
|
Khairoon Inayatali Nagree |
|
80 |
|
Lombards private Limited, India |
|
215 |
|
Ishtiyafq Inayatali Nagree |
|
5 |
|
Mohammed Ali Nooruddin |
|
1 |
|
|
|
|
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Total |
|
9475 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
66.63 |
|
Bodies
corporate |
|
2.27 |
|
Directors
or relatives of directors |
|
31.00 |
|
Other
|
|
0.10 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Insulation Materials. |
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Products : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesaler and Retailers |
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No. of Employees : |
25 [Approximately] |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · Bank of India · Axis Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Varawala and Arif Chartered Accountants |
|
Address : |
Rahimtoola House, 3rd Floor, 7, Homji Street, Fort, Mumbai-400001, Maharashtra,
India |
|
Pan No.: |
AAAFV1767F |
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|
|
|
Associates/Subsidiaries : |
·
Chevron Glassfibre
Reinforcements Private Limited [U26100MH1984PTC032956] ·
Legion Corporation |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000 |
Equity Shares |
Rs.100/- each |
Rs.2.100 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9475 |
Equity Shares |
Rs.100/- each |
Rs.0.948
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 |
0.948 |
0.948 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1195.921 |
1030.366 |
1027.530 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1196.869 |
1031.314 |
1028.530 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1196.869 |
1031.314 |
1028.530 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
4.658 |
2.275 |
2.266 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
INVESTMENT |
1171.421 |
953.050 |
904.330 |
|
|
DEFERREX TAX ASSETS |
1.598 |
1.272 |
1.139 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.797
|
6.715 |
3.706 |
|
|
Sundry Debtors |
9.575
|
5.213 |
0.333 |
|
|
Cash & Bank Balances |
14.815
|
13.683 |
9.992 |
|
|
Other Current Assets |
0.118
|
3.454 |
0.433 |
|
|
Loans & Advances |
1.798
|
110.482 |
110.991 |
|
Total
Current Assets |
40.103
|
139.547 |
125.455 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.622
|
5.890 |
0.843 |
|
|
Other Current Liabilities |
1.475
|
0.407 |
0.017 |
|
|
Provisions |
15.814
|
58.533 |
3.800 |
|
Total
Current Liabilities |
20.911
|
64.830 |
4.660 |
|
|
Net Current Assets |
19.192
|
74.717 |
120.795 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1196.869 |
1031.314 |
1028.530 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38.150 |
13.261 |
6.249 |
|
|
|
Other Income |
NA |
138.950 |
86.210 |
|
|
|
Profit/ Loss on Sale of Investment |
NA |
5.027 |
(8.685) |
|
|
|
TOTAL |
NA |
157.238 |
83.774 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
14.187 |
5.783 |
|
|
|
Expenses |
NA |
8.517 |
10.331 |
|
|
|
Increase / Decrease in Stocks |
|
(3.010) |
(0.769) |
|
|
|
TOTAL |
NA |
19.694 |
15.345 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
137.544 |
68.429 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
0.677 |
0.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
174.990 |
136.867 |
67.664 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.313) |
0.869 |
(0.845) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
175.303 |
135.998 |
68.509 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
831.297 |
765.512 |
762.471 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
15.000 |
7.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
49.975 |
|
|
|
Dividend Distribution Tax |
1.537 |
7.838 |
8.493 |
|
|
|
Proposed Final Dividend |
9.475 |
47.375 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
975.588 |
831.297 |
765.512 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18505 |
13707 |
6851 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
86.49 |
81.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
458.69
|
1032.10 |
1082.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
390.94
|
96.51 |
52.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.06 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.15 |
26.92 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
Sundry Creditors |
|
|
|
|
For Goods |
2.222 |
4.934 |
0.000 |
|
For Expenses |
1.400 |
0.956 |
0.843 |
|
Total |
3.622 |
5.890 |
0.843 |
|
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 |
Yes |
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
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 |
No |
|
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 |
FINANCIAL RESULTS:
Profit before tax
has increased from Rs.136.867 Millions to Rs.174.990 Millions and profit after
tax has also increased from Rs.135.998 Millions to Rs.175.303 Millions Sales
during the year have increased from Rs. 13.261
Millions to Rs. 38.150 Millions The Company has been
successful in adding allied products for trading and is hopeful of better
results.
The Board of
Directors at their meeting held on 21st June 2010 approved the amalgamation of
Chevron Glassfibre Reinforcements Private Limited,
the Company’s wholly owned subsidiary with the Company. The Hon’ High Court of
Bombay has sanctioned the Company’s application for the Amalgamation of the
Company’s fully owned subsidiary Company Chevron Glassfibre
Reinforcements Private Limited with the Company.
FIXED ASSETS:
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Dies and Tools
·
Factory Building
·
Moulds
·
Vehicles
·
Land
·
Electrical
Installation
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.54.29 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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.