|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHROMEWELL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No 49 Parsee Panchayatroad Off |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.04.1966 |
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Com. Reg. No.: |
11-013473 |
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|
|
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Paid-up Capital
: |
Rs. 6.837 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1966PTC013473 |
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|
|
PAN No.: [Permanent Account No.] |
AAACC2665A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Sheet Metal |
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|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 102284 |
|
|
|
|
Status : |
Satisfactory |
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|
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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. The management
have fail to file its latest financials with the government department. As per previous years, the company performance seems to be good. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
Management No n Co-operative (Name not Disclosed)
LOCATIONS
|
Registered Office/ Corporate Headquarters/ Factory 1 : |
Plot No 49 Parsee Panchayatroad Off |
|
Tel. No.: |
91-22-28376428/28240184 |
|
Fax No.: |
91-22-28373525 |
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E-Mail : |
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|
Website : |
|
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|
Factory 2 : |
S. No. 882/1, Sanaswadi, Off. |
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Tel. No.: |
91-2137-320113/619302 |
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E-Mail : |
91-2137-619301 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Uday Inderraj Kapoor |
|
Designation : |
Managing Director |
|
Address : |
103-A-Eden-III, |
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Date of Birth/Age : |
07.02.1960 |
|
Date of Appointment : |
01.12.1985 |
|
DIN No.: |
01216902 |
|
|
|
|
Name : |
Mr. Sanjay Inderraj Kapoor |
|
Designation : |
Director |
|
Address : |
271-A-Shanti Sagar Carter Road, Bandra (West), Mumbai – 400076, |
|
Date of Birth/Age : |
02.12.1961 |
|
Date of Appointment : |
29.07.1984 |
|
DIN No.: |
01384016 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kamala Kapoor |
|
3501 |
|
Uday Kapoor |
|
30923 |
|
Sanjay Kapoor |
|
30923 |
|
Nikhil Kapoor |
|
3000 |
|
Rajesh Vaishnav |
|
20 |
|
Total |
|
15002 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sheet Metal |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
P. B. Agrawal and Company Chartered Accountant |
|
Address : |
501, Bharat Apartment, Khajuria Tank Road, Opposite Milap Cinema,
Malad (W), Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-28617586/28087586 |
|
Pan No.: |
AABPA5670P |
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Share |
Rs. 100/- each |
Rs. 9.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68367 |
Equity Share |
Rs. 100/- each |
Rs. 6.837
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 |
6.837 |
1.500 |
1.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.734 |
7.018 |
3.169 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25.571 |
8.518 |
4.669 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.823 |
23.783 |
18.161 |
|
|
2] Unsecured Loans |
5.045 |
13.380 |
7.098 |
|
|
TOTAL BORROWING |
35.868 |
37.163 |
25.259 |
|
|
DEFERRED TAX LIABILITIES |
0.458 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.897 |
45.681 |
29.928 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
58.462 |
52.759 |
43.567 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.026 |
0.026 |
0.026 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.063 |
0.063 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
30.467
|
23.755
|
23.639 |
|
|
Sundry Debtors |
75.168
|
34.654
|
18.102 |
|
|
Cash & Bank Balances |
15.600
|
10.039
|
9.338 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
19.874
|
13.688
|
5.327 |
|
Total
Current Assets |
141.109
|
82.136
|
56.406 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
123.510
|
83.208
|
59.182 |
|
|
Other Current Liabilities |
4.443
|
2.449
|
9.277 |
|
|
Provisions |
9.747
|
3.647
|
1.675 |
|
Total
Current Liabilities |
137.700
|
89.303
|
70.134 |
|
|
Net Current Assets |
3.409
|
(7.167)
|
13.728) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.897 |
45.681 |
29.928 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
599.356 |
281.823 |
296.466 |
|
|
|
Other Income |
1.116 |
3.948 |
1.221 |
|
|
|
TOTAL (A) |
600.472 |
285.771 |
297.687 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed |
432.773 |
190.867 |
209.620 |
|
|
|
Employment cost |
11.712 |
9.378 |
7.121 |
|
|
|
Manufacturing and other expenses |
109.361 |
60.822 |
55.679 |
|
|
|
Office and administration expenses |
19.715 |
11.206 |
15.160 |
|
|
|
Selling and distribution expenses |
1.358 |
0.888 |
1.240 |
|
|
|
Increase/Decrease in stock in trade |
(0.329) |
(0.568) |
0.243 |
|
|
|
TOTAL (B) |
574.590 |
272.593 |
289.063 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.882 |
13.178 |
8.624 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.882 |
13.178 |
8.624 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
8.545 |
7.357 |
6.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17.337 |
5.821 |
2.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
6.621 |
1.972 |
1.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
10.716 |
3.849 |
1.289 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.828 |
2.979 |
1.690 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
17.544 |
6.828 |
2.979 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
53.999 |
7.202 |
7.447 |
|
|
TOTAL EARNINGS |
53.999 |
7.202 |
7.447 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
11.623 |
1.935 |
9.258 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.78
|
1.35
|
0.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.89
|
2.07
|
0.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.69
|
4.32
|
2.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68
|
0.68
|
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.79
|
14.85
|
20.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.92
|
0.80 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
123.510
|
83.208
|
59.182 |
PERFORMANCE OF THE COMPANY
During the year, the company achieved a turnover of 599.357 millions.
CURRENT YEAR:
During the year Tractor Industry had perform badly due to slackness in demand. However, in the current year due to Government Policy for Tractor Industry the directors are of the opinion that the company should end the current year with a better performance and profit.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51900MH1966PTC013473 |
|
Name of the
company |
CHROMEWELL INDUSTRIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 49 Parsee
Panchayatroad Off OldNagandas Road Mumbai -400058, Maharashtra, India |
|
This form is for |
Creation of charge
|
|
Type of charge |
Others |
|
Particular of
charge holder |
The Saraswat
Cooperative Bank Limited |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Vehicle |
|
Date of
instrument Creating the charge |
05.10.2011 |
|
Amount secured by
the charge |
Rs.0.591 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.25% p.a. or at
such rate as maybe determined by the bank from time to time Terms of
Repayment 60 months Margin 30% in bank's
favour Extent and
Operation of the charge This is term loan
facility |
|
Short particulars
of the property charged |
Hypothecation of
vehicle viz Traveller to be purchased and registered with regional transport
office Pune |
FIXED ASSETS:
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.54.63 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.