MIRA INFORM REPORT
|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADINATH CONTROLS
PRIVATE LIMITED |
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Registered
Office : |
B-129, Falgun
Society, Jodhpur Gam Road, Ahmedabad – 380 015, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.05.1988 |
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Com. Reg. No.: |
04-010704 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.510 millions |
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CIN No.: [Company Identification
No.] |
U33130GJ1988PTC010704 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA00403E |
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PAN No.: [Permanent Account No.] |
AABCA6041R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of a wide range of process control
and related instruments. |
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No. of Employees
: |
Approximately 12 (In Office – 3, In Factory – 9) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 41000 |
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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 a satisfactory track record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 PARTED BY
|
Name : |
Mr. Dipak Rasiklal Parikh |
|
Designation : |
Director |
|
Contact No.: |
91-2764-286573 |
|
Date : |
25.05.2013 |
LOCATIONS
|
Registered Office : |
B-129, Falgun
Society, Jodhpur Gam Road, Ahmedabad – 380 015, Gujarat, India |
|
Tel. No.: |
91-79-26921547 |
|
Mobile No.: |
91-9824034038 (Mr. Jignesh Mori) |
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Fax No.: |
91-79-26921547 |
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E-Mail : |
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Website : |
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Area : |
250 sq yard |
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Location : |
Owned |
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Factory : |
816/5, Kothari Industrial
Estate, Near Kothari Char Rasta, Rakanpur Santej Road, Taluka Kalol, District
Gandhinagar, Santej – 382 721, Gujarat, India |
|
Tel. No.: |
91-2764-286573/ 286574 |
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Fax No.: |
91-2764-286573/ 286574 |
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Area : |
500 sq yard |
|
Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Pathabhai Parmabhai Mori |
|
Designation : |
Director |
|
Address : |
B-129, Falgun Society,
Jodhpur Gam Road, Ahmedabad – 380 015, Gujarat, India |
|
Date of Appointment : |
16.10.2002 |
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DIN No.: |
00330308 |
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|
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Name : |
Mr. Pankaj Vadilal Patel |
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Designation : |
Director |
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Address : |
210, B Block, Shriji
Apartment, K.K. Nagar Road, Ghatlodia, Ahmedabad – 380 061, Gujarat, India |
|
Date of Appointment : |
15.11.2002 |
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DIN No.: |
00269662 |
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|
|
|
Name : |
Mr. Nitin Ratilal Desai |
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Designation : |
Director |
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Address : |
F/1, Samartheswar Flats, Ambawadi, Ahmedabad – 380 006, Gujarat, India
|
|
Date of Appointment : |
21.10.2002 |
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DIN No.: |
00162856 |
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|
Name : |
Mr. Dipak Rasiklal Parikh |
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Designation : |
Director |
|
Address : |
B-73, Satellite Center, Vastrapur, Ahmedabad – 380 015, Gujarat, India
|
|
Date of Appointment : |
16.10.2002 |
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DIN No.: |
00162869 |
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|
|
|
Name : |
Mr. Jignesh Pathabhai Mori |
|
Designation : |
Director |
|
Address : |
B-129, Falgun Society,
Jodhpur Gam Road, Ahmedabad – 380 015, Gujarat, India |
|
Date of Appointment : |
16.10.2002 |
|
DIN No.: |
00162834 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bhagwati Jignesh Mori |
|
32000 |
|
Paulomi Dipak Parikh |
|
19000 |
|
Jignesh Pathabhai Mori |
|
17000 |
|
Dipak Rasiklal Parikh |
|
10000 |
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Nitin Ratilal Desai |
|
29000 |
|
Pankaj Vadilal Patel |
|
22000 |
|
Pathabhai Parmabhai Mori |
|
22000 |
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Total |
|
151000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of a wide range of process control
and related instruments. |
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Products : |
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Exports : |
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Products : |
Products : |
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Countries : |
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Imports : |
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Products : |
Industrial Products |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed capacity: Not applicable
Installed capacity: Not applicable
|
Particulars |
Unit of Qty. |
Actual
Production |
|
Temperature Controller |
Nos. |
309 |
|
Temperature Indicators |
Nos. |
26 |
|
Parts & Accessories |
Nos. |
8,150 |
|
Hot Runner systems and Parts |
Nos. |
0 |
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Parts of Temperature Cont. |
Nos. |
534 |
|
Control Panel |
Nos. |
13 |
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Calibrator |
Nos. |
0 |
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Electrical Inverter |
Nos. |
0 |
GENERAL INFORMATION
|
Suppliers : |
·
Athena
Controls Inc., USA |
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Customers : |
End Users and Manufacturer ·
Tata Auto (Nano
Project) ·
Pepsi Food |
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No. of Employees : |
Approximately 12 (In Office – 3, In Factory – 9) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandabhoy and Jassoobhoy Chartered Accountants |
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Address : |
605-607, Silver Oaks, Near Mahalaxmi Char Rasta, Paldi, Ahmedabad –
380 007, Gujarat, India |
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Tel. No.: |
91-79-26586063/
26586069 |
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Fax No.: |
91-79-26586063 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFC0696F |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
151000 |
Equity Shares |
Rs.10/- each |
Rs.1.510 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
151000 |
Equity Shares |
Rs.10/- each |
Rs.1.510 millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
1.510 |
1.510 |
1.510 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.641 |
7.321 |
6.353 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.151 |
8.831 |
7.863 |
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LOAN FUNDS |
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1] Secured Loans |
0.211 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.211 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.362 |
8.831 |
7.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.205 |
1.330 |
1.469 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.221 |
0.180 |
0.158 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
3.944
|
4.223 |
2.234 |
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Sundry Debtors |
2.056
|
2.419 |
2.079 |
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Cash & Bank Balances |
6.448
|
5.472 |
4.668 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.564
|
2.170 |
2.169 |
|
Total
Current Assets |
14.012
|
14.284 |
11.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
2.760
|
4.148 |
1.908 |
|
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Other Current Liabilities |
0.000
|
0.000 |
1.277 |
|
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Provisions |
2.316
|
2.815 |
1.729 |
|
Total
Current Liabilities |
5.076
|
6.963 |
4.914 |
|
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Net Current Assets |
8.936
|
7.321 |
6.236 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.362 |
8.831 |
7.863 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
16.537 |
13.224 |
13.253 |
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Other Income |
NA |
1.014 |
0.552 |
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TOTAL (A) |
NA |
14.238 |
13.805 |
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Less |
EXPENSES |
|
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Office Expenses |
|
12.600 |
11.989 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
12.600 |
11.989 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
1.638 |
1.816 |
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Less |
INTEREST (D) |
NA |
0.017 |
0.041 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.139 |
1.622 |
1.775 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.211 |
0.216 |
0.245 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.929 |
1.406 |
1.530 |
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Less |
TAX (H) |
0.610 |
0.438 |
0.489 |
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PROFIT AFTER TAX
(G-H) (I) |
1.319 |
0.968 |
1.041 |
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Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
6.522 |
5.554 |
4.513 |
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BALANCE CARRIED
TO THE B/S |
7.841 |
6.522 |
5.554 |
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IMPORTS |
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Raw Materials |
4.697 |
3.801 |
2.960 |
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TOTAL IMPORTS |
4.697 |
3.801 |
2.960 |
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Earnings Per
Share (Rs.) |
8.74 |
6.41 |
6.89 |
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Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
16.500 |
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Expected Sales (2013-2014): Rs.20.000 millions
The above information has been parted by Mr. Dipak Rasiklal Parikh
(Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
6.80 |
7.54 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
11.66
|
10.63 |
11.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.68
|
9.00 |
12.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16 |
0.19 |
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Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.00 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
2.76
|
2.05 |
2.27 |
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last four years |
Yes |
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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 |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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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 |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
OPERATIONS
The turnover of the
company has been Rs.16.537 millions as compared to the turnover of Rs.13.224
millions achieved during the previous year.
The net profit
before depreciation, finance charge and taxation stood Rs.2.139 millions as
against a net Profit of Rs.1.622 millions for the previous year.
TRADE REFERENCES:
·
Athena
Controls Inc., USA
·
Tata Auto (Nano Project)
·
Pepsi Food
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Testing Equipment
·
Office Equipment
·
Factory Building
·
Air Conditioner
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 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.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.