MIRA
INFORM REPORT
|
Report Date : |
03.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MAHAVIR
EXPOCHEM LIMITED |
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Registered Office : |
Mahavir
Estate, Behind Shah Chambers, CTM Cross Lane, Ahmedabad – 380026, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.04.1995 |
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Com. Reg. No.: |
04-25490 |
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CIN No.: [Company
Identification No.] |
U24110GJ1995PLC025490 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM00553A |
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PAN No.: [Permanent
Account No.] |
AABCM0632N |
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Legal Form : |
Closely Held Public Limited Liability
Company |
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Line of Business : |
Manufacturing of dyes and chemicals such as electroplating chemicals, metal finishing chemicals and raw materials such as nickel metal, nitric acid, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
10000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced
businessmen. Trade relations are
reported as fair. Business is active.
Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Mahavir
Estate, Behind Shah Chambers, CTM Cross Lane, Ahmedabad – 380026, Gujarat,
India |
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Tel. No.: |
91-79-25856971/22873026 / 0523 / 22890750 |
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Fax No.: |
91-79-25856976/22874739 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr.
Vinodbhai Lilchandbhai Shah |
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Designation : |
Director
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|
Address : |
B, Vijayghat Society, Narayan Nagar Road,
Paldi, Ahmedabad - 380 007, Gujarat |
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Date of Birth/Age : |
30.12.1950 |
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Experience : |
31
years |
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Date of Appointment : |
18.04.1995 |
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Date of Ceasing : |
09.01.2006 |
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|
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Name : |
Mr.
Chandrakant Lilchandbhai Shah |
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Designation : |
Director
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Address : |
1, Vijayghat Society, Narayan Nagar Road,
Paldi, Ahmedabad - 380 007, Gujarat |
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Date of Birth/Age : |
17.12.1955 |
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Experience : |
26 years |
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Date of Appointment : |
18.04.1995 |
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Name : |
Mr.
Paras Vinodbhai Shah |
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Designation : |
Director
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Address : |
B, Vijayghat Society, Narayan Nagar Road,
Paldi, Ahmedabad - 380 007, Gujarat |
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Date of Birth/Age : |
05.07.1974 |
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Experience : |
9
years |
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Date of Appointment : |
20.01.1997 |
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|
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Name : |
Ms.
Jitumati Vinodbhai Shah |
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Designation : |
Director
|
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Address : |
B, Vijayghat Society, Narayan Nagar Road,
Paldi, Ahmedabad - 380 007, Gujarat |
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Date of Appointment : |
29.05.1999 |
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|
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Name : |
Mr.
Dharmishta Chandrakant Shah |
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Designation : |
Director |
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Address : |
1, Vijayghat Society, Narayan Nagar Road,
Paldi, Ahmedabad - 380 007, Gujarat |
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Date of Appointment : |
29.05.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Vinodbhai Lilchandbhai Shah |
|
2500 |
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Mr.
Chandrakant Lilchandbhai Shah |
|
2600 |
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Ms.
Jitumati Vinodbhai Shah |
|
2500 |
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Mr.
Dharmistha Chandrakant Shah |
|
2500 |
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Mr.
Paras Vinodbhai Shah |
|
2500 |
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Ms.
Vaishali Vinodbhai Shah |
|
100 |
|
Lilchand
R. Shah HUF |
|
100 |
|
Ms.
Taraben Lilchandbhai Shah |
|
100 |
|
Chandrakant
L. Shah HUF |
|
100 |
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Ms.
Bhumika Chandrakant Shah |
|
100 |
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Ms.
Neelam Chandrakant Shah |
|
100 |
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Ms.
Mona Chandrakant Shah |
|
100 |
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Ms.
Krupali Chandrakant Shah |
|
100 |
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Vinodbhai
L. Shah HUF |
|
100 |
|
L. R.
Shah Family Trust |
|
36500 |
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TOTAL |
|
50000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of dyes and chemicals such
as electroplating chemicals, metal finishing chemicals and raw materials such
as nickel metal, nitric acid, etc. |
PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Electroplating Chemicals |
Kg./ Liter |
354886 |
GENERAL
INFORMATION
|
No. of Employees : |
240 |
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Bankers : |
United Bank of India Lal
Darwaja Branch, Lal Darwaja, Ahmedabad, Gujarat, India Tel.
No. : 91-79-25506274 / 25507035 / 25506957 Fax
No. : 91-79-25506272 Indian
Overseas Bank Kalupur
Circle Branch, Kalupur, Ahmedabad, Gujarat, India Tel.
No. : 91-79-22130391 / 22132277 Standard
Chartered Grindlays Bank Panchratna,
Opposite White House, C. G. Road, Ahmedabad, Gujarat, India |
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Banking Relations : |
Satisfactory
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Auditors : |
Mitesh
P. Vora & Company Chartered
Accountants, 501,
Mahakant Building, Opposite V. S. Hospital, Ashram Road, Ellisbridge,
Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-30071413 |
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Mobile No.: |
91-9426309591 |
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Fax No.: |
91-79-30071411 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs.
10/- each |
Rs. 0.500 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs.
10/- each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.727 |
1.185 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2.227 |
1.685 |
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LOAN FUNDS |
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|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
21.698 |
20.097 |
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TOTAL BORROWING |
|
21.698 |
20.097 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
23.925 |
21.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
14.580 |
12.872 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
[1.152] |
[0.822] |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
12.403 |
6.390 |
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Sundry Debtors |
|
2.242 |
2.309 |
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Cash & Bank Balances |
|
0.713 |
2.484 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.352 |
1.040 |
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Total Current Assets |
|
16.710 |
12.223 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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|
Current Liabilities & Provisions |
|
6.213 |
2.491 |
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Total Current Liabilities |
|
6.213 |
2.491 |
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Net Current Assets |
|
10.497 |
9.732 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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|
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TOTAL |
|
23.925 |
21.782 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
32.088 |
48.356 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.963 |
1.116 |
|
Provision
for Taxation |
|
0.422 |
0.503 |
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Profit/(Loss)
After Tax |
|
0.541 |
0.613 |
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|
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Export
Value |
|
9.644 |
0.260 |
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Import
Value |
|
6.702 |
7.499 |
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|
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Total
Expenditure |
|
31.124 |
47.240 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.68 |
1.26 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
3.00 |
2.30 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
3.07 |
4.44 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.43 |
0.66 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
12.53 |
8.73 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.68 |
4.90 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
:
The
gross value of sales for the period was Rs. 31.386 millions as compared to Rs.
47.324 millions achieved last year.
However because of depressed market conditions and competitive
environment put sever pressure on pricing making only marginal increase in
profit before tax.
Fixed
Assets
Air
Conditioner, Building, Car, Computer, Electric Fitting, Fire Safety, Furniture,
Lab Equipment, Land, Machinery, Printer, Scooter, Telephone, Type Writer,
U.P.S., Vaccume Cleaner and Xerox Machine.
WEBSITE
DETAILS
India is a country, Rich in material resources as well as intellectual and human skills. The business acumen of its entrepreneurs is literally dreaded even in the most advanced countries. Be it super computers or detergents, the ventures of Indian entrepreneurs have not only successfully taken on the might of most powerful multinationals but also created success stories that are discussed and debated in the international fora of business academies.
The success stories of Indians settled in the most advanced countries like U.K. and U.S.A. arouse awe and envy amongst the local business communities.
Similarly the knowledge and expertise of Indian scientists and technocrats has not only made a name in the international arena but has virtually made the advanced countries sit-up and take a serious note of the potentials and capacities of Indian scientists and technocrats.
Once upon a time European and developed countries' people have an elargy for Indian goods, but now they have successfully proved' that east or west India is the best. People are accepting the brand "made in India" globally.
The main focus of this brochure is the activities of "Mahavir Expochem Limited" in the field of metal finishing chemicals. To drive, a desire to win, an unbeatable ambition and a will to succeed adding that Mahavir's contribution is to electroplating - metal finishing trade as Sachin Tendulkar's is to cricket. "Mahavir" is proud of long history in this particular field and its success both in past and at present, covering a span of 32 years by beginning as a local distributor for plating chemicals of a leader 'Grauer and Weil (India) Limited" (1971 to 1982) and plate-wel processes and chemicals (1982 to1989). "Mahavir" has a blazing trial to establish own manufacturing unit and self sufficiency by sheer involvement and constant, superior R & D activities. In 1994 "Mahavir" presented a superb range of Mahanol series of import substitute chemicals, intermediate chemicals for brighteners, and inspired the leader for that ignored direction which saved a very precious foreign exchange for their beloved nation when it passes through a great exchange crises, it is a proud full matter for us. My friend Mr. More should thank us for this indication by remembering the meeting of their in Baroda Exhibition. Today, "Mahavir" is the largest user of nickel metal in the electroplating trade. Their success is backed by their employees, distributors and valued customers. They dedicate their selves to provide upgraded quality products, constant endeavour to innovations by R & D, incorporation of latest technology and back up of efficient services to the nation and to their customers by offering a tailor made products to suit their requirements with the aim to educate them how to select the right product at right price without compromising the quality - the essence of their trade as no one sacrifices for any one.
Mahavir Expochem History
Established in 1971 as “Mahavir” Group of Companies to Represent Electroplating Chemical Manufacturers, It has Acquired Vast Experience in every area related to the Electroplating Trade.
Encouraged by vast customers support “Mahavir” commenced its own manufacturing activities for electroplating & metal finishing range of chemicals in 1986 by committing to constant R & D & very high quality parameters, it soon established and carved out a niche for it’s products in electroplating field. Having it’s registered office at Mahavir Estate, Near C.T.M. Cross Lane, Amraiwadi, Ahmedabad. “MAHAVIR” own 3 full-fledged factories & a huge plot of land to take care of future expansions. It is equipped with full Infrastructure and R & D facilities through it’s 3 Q.C. Laboratories, looking forward to Constant Development & expansion.
“Mahavir Chemical Industries” was transformed in to a limited company with a change in name to “ Mahavir Expochem Limited.”
FUTURE PROSPECT
Since 1971 the “Mahavir” group has maintained a dominant position in the field of electroplating and agrochemicals. To expand the activities of the group they are entering in global market by exporting their products of international standard. With success to Hong Kong, china, Taiwan, Malaysia, Singapore, Indonesia & Japan
CMT REPORT [Corruption, Money
laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.90 |
|
UK
Pound |
1 |
Rs.85.91 |
|
Euro |
1 |
Rs.57.78 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|