MIRA
INFORM REPORT
|
Report Date : |
29.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MAHARSHI
LABELS PRIVATE LIMITED |
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|
|
|
Registered Office : |
4,
Ruchi, 36, Swastik Society, Navragpura, Ahmedabad-380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.12.1997 |
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Com. Reg. No.: |
04-33392 |
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CIN No.: [Company
Identification No.] |
U28992GJ1997PTC033392 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM00442B |
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PAN No.: [Permanent
Account No.] |
AAACM7996G/ABD
CO WARD 7 (1) |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Printing
of Stickers and Labelling Machines, Packaging Machinery, Automation Systems
and Packing Material |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
10000 |
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|
Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Profit margin is
under severe pressure. Payments are correct and as per commitments. Trade
relations are fair. The company has good customer base. It can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
4,
Ruchi, 36, Swastik Society, Navragpura, Ahmedabad-380009, Gujarat |
|
Tel. No.: |
91-79-26424883/26441079/26563612 |
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Fax No.: |
91-79-26425456 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory
1 : |
Plot
No.10, Panchratna Industrial Estate, Changodar Village, Ahmedabad-382213,
Gujarat, India |
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Tel.
No.: |
91-79-2717251140 |
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Fax
No.: |
91-79-2717251141 |
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E-Mail
: |
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Location : |
Owned |
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Branches
1 : |
C-101,
Motanagar, Andheri-Kurla Road, Chakala, Andheri (East), Mumbai-400059,
Maharashtra, India |
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Mobile
No.: |
91-9227200313 |
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Branch 2 : |
12, 1st
Main Road, RPC Layout, Vidya Nagar, II Stage, Bangalore-560040, Karnataka,
India |
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Mobile No. : |
91-9227254313 |
DIRECTORS
|
Name : |
Rajesh
V. Shah |
|
Designation : |
Director |
|
Address : |
33,
Uganda Society, Memnagar, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
51
years |
|
Qualification : |
B.E.
(Mech.) |
|
Experience : |
25
years |
|
|
|
|
Name : |
Rajendra
B. Gandhi |
|
Designation : |
Director |
|
Address : |
6,
Karmanya Flat, Ambawaddi, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
40
years |
|
Qualification : |
Commerce
Graduate |
|
Experience : |
10
years |
|
|
|
|
Name : |
Jigesh
S. Dani |
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Designation : |
Director |
|
Address : |
19,
Dungarshi Nagar, Paldi, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
22
years |
|
Qualification : |
BE
(Mechtronics) |
|
Experience : |
2
years |
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|
|
|
Name : |
Bhagwat
V. Shah |
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Designation : |
Director |
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Address : |
5,
Uganda Society, Memnagar, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
42
years |
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Qualification : |
Commerce
Graduate |
|
Experience : |
20
years |
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|
|
|
Name : |
Mr.
Harshit R. Shah |
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Designation : |
Director |
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Address : |
33,
Uganda Society, Opposite Sarthi Raw House, Memnagar, Ahmedabad-380052,
Gujarat, India |
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Date of Birth/Age : |
26.08.1984 |
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Date of Appointment : |
05.02.2003 |
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|
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Name : |
Mr.
Dani Jignesh S. Chandra |
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Designation : |
Director |
|
Address : |
A-5,
Uday Apartment, BH Shanti Nagar, Bus Stop, Paldi, Ahmedabad-380007, Gujarat,
India |
|
Date of Birth/Age : |
14.04.1974 |
|
Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr.
Rajesh Vitthaldas Shah |
4300 |
43.00 |
|
Mr.
Rajendra B. Gandhi |
2700 |
27.00 |
|
Mr.
Balvantrai K. Gandhi |
100 |
1.00 |
|
Ms.
Leena R. Gandhi |
100 |
1.00 |
|
Shantagauri
K. Gandhi |
100 |
1.00 |
|
Kanchangauri
B. Gandhi |
100 |
1.00 |
|
Mr.
Bhagvat Vitthaldas Shah |
100 |
1.00 |
|
Mr.
Harivadan V. Shah |
100 |
1.00 |
|
Mr.
Jitubhai L. Kothari |
100 |
1.00 |
|
Jayshri
B. Shah |
700 |
7.00 |
|
Lilalavati
V. Shah |
100 |
1.00 |
|
Paulomi
H. Shah |
100 |
1.00 |
|
Rajesh
V. Shah |
100 |
1.00 |
|
Tasvina
R. Shah |
100 |
1.00 |
|
Vithaldas
S. Shah |
100 |
1.00 |
|
Vithaldas
S. Shah |
100 |
1.00 |
|
Chandulal
H. Kalyani |
400 |
4.00 |
|
Dharmesh
M. Shukla |
100 |
1.00 |
|
Jigesh
S. Dani |
500 |
5.00 |
BUSINESS DETAILS
|
Line of Business : |
Printing
of Stickers and Labelling Machines, Packaging Machinery, Automation Systems
and Packing Material |
|
|
|
|
Products : |
Sticker Label in Roll Form made on Paper Film Ø
Wrap
around Labels (for round/ square containers) Ø
Double
Side/ Single Side Labels Ø
High
Speed Ampoule/ Vial Labelling Ø
Top
Labelling Ø
Tube
Labelling Ø
Hologram/
Security Seal Applicators Ø
Semi
Automatic Labelling Machine Ø
Automatic
We Glue Labelling Machine Ø
Washing
Machine Ø
Filling
Machine Ø
Capping
Machine Ø
Inspection
Table Ø
Processing
Equipments and Vessels Ø
Conveyors
and Material Handling Ø
Consumables Ø
Caps
and Seals Ø
PET/
HDPE Containers |
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|
|
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Exports to : |
Nepal,
Kenya, USA, Tanzania, Ethiopia, Zambia, Nigeria, Uganda, Sudan, Egypt,
Germany, France, Brazil, Saudi Arabia |
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Imports from : |
Malaysia,
Milwaukee and West Indies |
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Terms : |
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Selling : |
Credit
(60 days) |
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|
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Purchasing : |
Credit
(90 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Stickers Labels |
Nos. In Millions |
278.359 |
GENERAL
INFORMATION
|
Customers : |
Retailers Ø
Nicholas Ø
Glaxo
SmithKline Ø
Astra
Zeneca Ø
Gulf Ø
Gilette Ø
Martini Ø
Dr.
Reddy’s Laboratories Limited Ø
Seagram Ø
Baxter Ø
Albert
David Ø
Parke-Davis Ø
Kodak Ø
BASF Ø
Cipla Ø
SmithKline
Beachem Ø
Glaxo Ø
Wockhard
Limited Ø
Wyeth Ø
Novartis Ø
P&G
India Ø
Fresenius
Kabi Ø
Lederle Ø
Hoechst Ø
Syngenta Ø
NIVEA Ø
Ranbaxy
Limited Ø
Dabur
India Ø
Aventis Ø
Novozymes Ø
Strides
Arcolab |
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|
|
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No. of Employees : |
65 |
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|
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Bankers : |
Ø
HDFC
Bank Limited, HDFC House, Navrangpura Branch, Navrangpura, Ahmedabad,
Gujarat, India Ø
The
Ahmedabad Mercantile Co-Operative Bank Limited, Amco House, Near Stadium
Circle, Navrangpura, Ahmedabad, Gujarat, India |
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|
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Banking Relations : |
Satisfactory |
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Auditors : |
N. C.
Kalyani & Company Chartered
Accountants Proprietor
:
Narendrabhai C. Kalyani |
|
Address : |
B-604,
Ganesh Plaza, Opposite Navrangpura Bus Stop, Navrangpura, Ahmedabad, Gujarat,
India |
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Tel. No.: |
91-79-26420999 |
|
Associates/Subsidiaries : |
Maharshi
Udyog 4,
Ruchi, 36, Swastik Society, Navrabgpura, Ahmedabad-380009, Gujarat, India Line
of Business: Pioneer in Label Applicator Manufacturing in India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs.10/-each |
5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs.10/-each |
1.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.971 |
2.427 |
1.415 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.071 |
2.527 |
1.515 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.280 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
30.680 |
24.797 |
17.854 |
|
|
TOTAL BORROWING |
30.960 |
24.797 |
17.854 |
|
|
DEFERRED TAX LIABILITIES |
1.167 |
1.210 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
34.198 |
28.534 |
19.369 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.300 |
11.320 |
11.991 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.794 |
3.005 |
|
|
|
Sundry Debtors |
15.033 |
12.550 |
|
|
|
Cash & Bank Balances |
0.786 |
11.860 |
|
|
|
Other Current Assets |
0.000 |
0.000 |
|
|
|
Loans & Advances |
0.544 |
0.889 |
|
|
Total Current Assets |
20.157 |
28.304 |
15.226 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
11.259 |
10.865 |
|
|
|
Provisions |
0.000 |
0.225 |
|
|
Total Current Liabilities |
11.259 |
11.090 |
7.847 |
|
|
Net Current Assets |
8.898 |
17.214 |
7.378 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34.198 |
28.534 |
19.369 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
50.900 |
40.394 |
|
|
|
|
|
Profit/(Loss)
Before Tax |
(0.005) |
2.447 |
|
Provision
for Taxation |
(0.044) |
0.297 |
|
Profit/(Loss)
After Tax |
(0.456) |
2.150 |
|
|
|
|
|
Total
Expenditure |
41.733 |
34.046 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
(0.90) |
5.32 |
NA |
|
|
|
|
|
|
|
Net Profit
Margin (PBT/Sales) |
(%) |
(0.99) |
6.14 |
NA |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
(1.00) |
5.43 |
NA |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
(22.02) |
85.08 |
NA |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
14.95 |
9.81 |
16.96 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.79 |
2.55 |
1.94 |
|
|
|
|
|
|
|
Quick
Ratio |
|
1.45 |
2.28 |
NA |
|
|
|
|
|
|
|
Current
Liabilities/ Networth |
|
5.44 |
4.39 |
5.18 |
|
|
|
|
|
|
|
Fixed
Assets/ Networth |
|
12.22 |
4.48 |
7.91 |
|
|
|
|
|
|
|
Average
Collection Days |
|
108.68 |
114.87 |
NA |
|
|
|
|
|
|
|
Account
Receivables Turnover |
|
3.36 |
3.18 |
NA |
|
|
|
|
|
|
|
Inventory
Turnover |
|
13.31 |
13.27 |
NA |
|
|
|
|
|
|
|
Asset
Turnover |
|
2.00 |
3.52 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References :
Ø
Nepal
Lube Limited
Ø
Deepa
Industries
Ø
UPM
Raflatac SDN. BHD.
Ø
Apple
Steel Rule Die Co. Inc.
Ø
SMI
Coated Products Private Limited
Concerned Person : Mr. Ajay Mehta
Mobile No.: 91-9867025510
Ø
Avery
Dannission
Concerned Person : Mr. Dilip
Mobile No.: 91-9925353506
Ø
A.
Designer
Concerned Person : Mr. Tarun Rawal
Mobile No.: 91-9825025765
Ø
Flint
Group India Private Limited
Concerned Person : Raj Narayan
Mobile No.: 91-9845123955
Ø
Kurz
India Private Limited
Concerned Person : Mr. Khatri
Mobile No.: 91-9810189978
Web
Site Details :
Maharshi
Group has well experienced and well equipped top management in the field of
Mechanical Engineering, Finance, Information Technology and manufacturing.
Today it is multi-company, multi-product, multi-location engineering group with
capabilities of the top management adding the needed resources. The Group is
always open to new ideas flowing in from any level and has a faster
implementation strategy for all decisions made. The Group has its source well
placed to incorporate new and proven talent of the industry.
They are
one of the leading companies in India engaged into printing of various types of
Plain/ Sticker Labels.
They are
pioneers in Sticker Labelling Technology having 75% market share of Sticker
Labelling Machine and the only company in India having manufacturing set up for
Sticker Labelling Machines and Sticker Labels.
Having
State-of-the-Art /technology they offer labels with printing upti 8 color, Hot
Foil Stamping, Got and Cold Foil, Screen Printing, Intricate die Cutting,
Embossing etc.
They
plan to expand their facility by introducing 2 more 8 color presses, one by
December 2006 and another by March 2007. With this they will be one of the top
companies in India by producing labels.
They are
also planning to diversify their activity into RFID solutions by 2007 end.
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.44.65 |
|
UK
Pound |
1 |
Rs.87.23 |
|
Euro |
1 |
Rs.58.96 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|