MIRA INFORM REPORT
|
Report No. : |
329682 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAXCELL HEATECH
SOLUTIONS |
|
|
|
|
Registered
Office : |
Shop No.29, Ground Floor, Hind Rajasthan Com. Complex, Dada Saheb Falke
Road, Dadar (East), Mumbai – 400014, Maharashtra |
|
Tel. No.: |
91-9327977755 (Kacheshwar K. Kalungepatil) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.07.2012 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1.372 Million |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AGXPL2220P |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer of Ceramic band heater, mica band heater, cartridge
heater, coil heater, tubular heater, flexible heater. |
|
|
|
|
No. of Employees
: |
12 (Approximately) [In Office – 03, In Factory – 09] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small concern |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is small concern in its field and it scale of activity are
limited. Mr. Kacheshwar Kalungepatil, proprietor has provided the information
to us. Rating takes into consideration as the general financial condition of
the concern seem to be sound and healthy. However, rating is constrained on account of concern’s small scale and
limited track record of business operations and small networth base. Trade relation are fair. Business is active and payments terms are
slow but correct. In view of limited track record of the business activities, the
concern can be considered for the business dealings with some cautions. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Kacheshwar Kalungepatil |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9327977755 |
|
Date : |
26.06.2015 |
LOCATIONS
|
Registered Office : |
Shop No.29, Ground Floor, Hind Rajasthan Com. Complex, Dada Saheb
Falke Road, Dadar (East), Mumbai – 400014, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9327977755 (Kacheshwar K. Kalungepatil) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
200 Sq. Ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
Plot No. B-7, OIDC Udyog Nagar Industrial Estate, Ring Wada, Daman –
396210, Union Territory, India |
|
E-Mail : |
|
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Kacheshwar K. Kalungepatil |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
02.06.1973 |
|
Qualification : |
B.E. Polymers |
|
Experience : |
17 Years |
|
PAN No.: |
AGXPK2220P |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ceramic band heater, mica band heater, cartridge heater,
coil heater, tubular heater, flexible heater. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Maxcell |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (60 Days) |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
End Users and OEMs
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
12 (Approximately) [In Office – 03, In Factory – 09] |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Kanti Patel and Associates Chartered Accountants |
|
Address : |
104, Patil Chambers, Opposite Indian Bank, Telephone Exchange Road,
GIDC Char Rasta, Vapi – 396195, Gujarat, India |
|
Tel. No.: |
91-260-2400505 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Sister Concern : |
Innova Polyplast Address: B-7, OIDC, Ringanwada, Daman, Union Territory, India Activity : PET
Bottles |
CAPITAL STRUCTURE
As on 31.03.2014
PROPRIETOR’S CAPITAL ACCOUNT
|
Particulars |
Rs. In Million |
|
Opening Balance |
0.800 |
|
Add : Share of Profit |
0.676 |
|
Total |
1.476 |
|
Less : Withdrawal During the year |
0.104 |
|
Total |
1.372 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
|
1.372 |
0.800 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.372 |
0.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.476 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
2.476 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.848 |
0.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.071 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.495 |
0.000 |
|
|
Sundry Debtors |
|
1.121 |
0.505 |
|
|
Cash & Bank Balances |
|
0.209 |
0.124 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.203 |
0.424 |
|
Total
Current Assets |
|
3.208 |
1.053 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.152 |
0.214 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.099 |
0.039 |
|
Total
Current Liabilities |
|
0.251 |
0.253 |
|
|
Net Current Assets |
|
2.777 |
0.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.848 |
0.800 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
5.927 |
3.932 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
TOTAL |
|
5.927 |
3.932 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Goods Purchased |
|
3.804 |
2.957 |
|
|
Direct Expenses |
|
0.733 |
0.400 |
|
|
Administrative and Other Expenses |
|
0.340 |
0.143 |
|
|
TOTAL |
|
4.877 |
3.500 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
1.050 |
0.432 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.185 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.865 |
0.432 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.189 |
0.000 |
|
|
|
|
|
|
|
|
NET PROFIT |
|
0.676 |
0.432 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
11.40 |
10.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
|
17.72 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
|
15.80 |
41.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.49 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.80 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
12.78 |
4.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Proprietor’s
Capital |
0.800 |
1.372 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net worth |
0.800 |
1.372 |
|
|
|
|
|
Secured
Loans |
0.000 |
2.476 |
|
Unsecured
Loans |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
2.476 |
|
Debt/Equity ratio |
0.000 |
1.805 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
3.932 |
5.927 |
|
|
|
50.738 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
3.932 |
5.927 |
|
Profit |
0.432 |
0.676 |
|
|
10.99% |
11.41% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
Yes |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
TRADE REFERENCES
|
Particulars |
Contact No. |
|
Ferromatik Milacron |
91-9978811105 |
|
Top Well Automations |
91-9822874067 |
|
Vimplast |
91-9328122823 |
|
Shubham Packaging |
91-9723696497 |
COMPUTATION OF
TOTAL INCOME
ASSESSMENT YEAR
2014-2015
(Rs. In Million)
|
Income Heads |
Income Before
Set off |
|
Income After Set
off |
|
|
Income from
Salary |
0.000 |
|
0.000 |
|
|
Income from
House Property |
0.000 |
|
0.000 |
|
|
Income from Business
or Profession |
0.677 |
|
0.677 |
|
|
Income from
Capital Gains |
0.000 |
|
0.000 |
|
|
Income from
Other Sources |
0.152 |
|
0.152 |
|
|
Gross Total
Income |
0.829 |
|
0.829 |
|
|
Less: Deduction under Chapter VIA |
|
|
0.100 |
|
|
Total Income |
|
|
0.729 |
|
|
Rounding off u/s
288A |
|
|
|
|
|
Income Taxable
at Normal Rate |
|
0.729 |
|
|
|
Income Taxable
at Special Rate |
|
0.000 |
|
|
|
TAX CALCULATION |
||||
|
Basic Exemption
Limit |
|
0.200 |
|
|
|
Tax at Normal
Rates |
|
0.075 |
|
|
|
Total Tax |
|
|
0.076 |
|
|
Add: Education Cess |
|
|
0.002 |
|
|
Total |
|
|
0.078 |
|
|
Add: Secondary and Higher Education Cess |
|
|
0.000 |
|
|
Total |
|
|
0.078 |
|
|
Add: Interest |
|
|
0.017 |
|
|
U/s 234A
(5474[7M]+0[0M]) |
0.005 |
|
|
|
|
U/s 234B
(8602[11M]+0[0M]) |
0.009 |
|
|
|
|
U/s 234C
(702+1407+782) |
0.003 |
|
|
|
|
|
|
|
|
|
|
Less: Tax Deposited u/s 140A |
|
|
0.095 |
|
|
Amount Payable |
|
|
(0.002) |
|
KACHESHWAR KERJUJI
KALUNGEPATIL
NET WORTH STATEMENT
AS ON 31.03.2015
|
Particulars |
Rs. In Million |
|
A. FIXED ASSETS |
|
|
1. Residential Flat (940 Sq. Ft.)
Flat No. Gurumahima, Gurunagar, Nashik Road, Nashik, Maharashtra, India |
5.500 |
|
2. Vehicles (Car and Two Wheeler
etc.) |
0.325 |
|
TOTAL - A |
5.825 |
|
B. INVESTMENTS |
|
|
1. Life Insurance |
0.340 |
|
2. Gold and Ornament |
1.500 |
|
3. Business Investment |
2.034 |
|
TOTAL - B |
3.874 |
|
C. OTHERS |
|
|
1. Cash and Bank Balances |
0.625 |
|
TOTAL - C |
0.625 |
|
NET WORTH
(A+B+C) |
10.324 |
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 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.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.