MIRA
INFORM REPORT
|
Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
TIME MAUSER INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Formerly Known as : |
QPAK INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387,
Kachigam, Daman – 396210, Daman and |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
14.08.2003 |
|
|
|
|
Com. Reg. No.: |
003276 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U01122DD2003PTC003276 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMQ00640D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCO6440R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufactures of Plastic Containers Excluding SSI Items. |
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 363104 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable 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. We spoke to Mr. Sandeep Modi of the company, who was found non –
cooperative. Saying that they are very much busy and hence could not part any
information. |
LOCATIONS
|
Registered Office : |
205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387,
Kachigam, Daman – 396210, Daman and |
|
Tel. No.: |
91-22-28570302 |
|
Fax No.: |
91-22-28575672 |
|
E-Mail : |
|
DIRECTORS
|
Name : |
Mr. Stefan Muller Arends |
|
Designation : |
Director |
|
Address : |
Oppelner Str. 28, 50389 Indian Address – 101B, Todi Complex, |
|
Date of Birth : |
26.06.1958 |
|
Date of Appointment : |
30.03.2005 |
|
|
|
|
Name : |
Ms. Stefania Maschio |
|
Designation : |
Director |
|
Address : |
Via Rocca 34, 20056 Grezzago, Indian Address: 101B, Todi Complex, |
|
Date of Appointment : |
30.03.2005 |
|
|
|
|
Name : |
Dr. Detlev Gerd Weyrauch |
|
Designation : |
Director |
|
Address : |
Friedhofstr. 26, 56271, Kleinmaischeid Indian Address: 101B, Todi Complex, |
|
Date of Birth : |
15.01.1962 |
|
Date of Appointment : |
30.03.2005 |
|
|
|
|
Name : |
Mr. Anil Jain |
|
Designation : |
Director |
|
Address : |
311 / 312, |
|
Date of Birth/Age : |
03.01.1955 |
|
Date of Appointment : |
24.02.2004 |
|
|
|
|
Name : |
Mr. Naveen Jain |
|
Designation : |
Director |
|
Address : |
43, Charkop Awas CHS Limited, 2 / RSB 28, Kandivali (West), Mumbai –
400067 |
|
Date of Birth/Age : |
19.01.1966 |
|
Date of Appointment : |
10.11.2003 |
|
|
|
|
Name : |
Mr. Siegfried Erich Weber |
|
Designation : |
Director |
|
Address : |
Waldstrasse – 15, D – 68519, Viernheim |
|
Date of Birth/Age : |
02.12.1959 |
|
Date of Appointment : |
09.05.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Kumar Mewara |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 201, Mohan Cooperative Housing Society, Desai Ward, Vapi –
396191, |
|
Date of Birth/Age : |
13.06.1967 |
|
Date of Appointment : |
15.09.2006 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Arun Jain |
|
3500 |
|
Mr. Praveen Kumar Jain |
|
3500 |
|
Mr. Sandip Modi |
|
3000 |
|
Category |
|
Percentage of
Holding |
|
Froeign Holding (FIIs / FCs / FFIs / NRIs / OCBs) |
|
51.00 |
|
Bodies Corporate |
|
49.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Containers Excluding SSI Items |
|
|
|
GENERAL INFORMATION
|
Bankers : |
˛
Axis Bank Limited (UTI Bank) ˛
State Bank of Industrial
Finance Branch, Snehal Chambers, Telli Galli, Andheri (East), Mumbai – 400069 E – Mail: kamalax_saraf@hotmail.com |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M/s. Desai and Porwal Chartered Accountants |
|
Address : |
7 – |
|
|
|
|
Holding Company: |
Mauser Holding International GmbH |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17500000 |
Equity Shares |
Rs.10/- each |
Rs.175.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
1.01.2005 to 31.12.2005 |
14.08.2003 to 31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
70.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
21.495 |
80.776 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
91.495 |
90.776 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
113.993 |
110.063 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
113.993 |
110.063 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
205.488 |
200.839 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
166.312 |
165.788 |
|
|
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 |
|
27.631 |
22.234 |
|
|
Sundry Debtors |
|
19.720 |
25.148 |
|
|
Cash & Bank Balances |
|
5.585 |
3.303 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
13.251 |
18.161 |
|
Total
Current Assets |
|
66.187 |
68.846 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
26.632 |
33.844 |
|
|
Provisions |
|
0.588 |
0.225 |
|
Total
Current Liabilities |
|
27.220 |
34.069 |
|
|
Net Current Assets |
|
38.967 |
34.777 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.209 |
0.274 |
|
|
|
|
|
|
|
|
TOTAL |
|
205.488 |
200.839 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
1.01.2005 to 31.12.2005 |
14.08.2003 to 31.12.2004 |
|
|
Sales Turnover |
|
154.668 |
56.643 |
|
|
Other Income |
|
0.553 |
0.000 |
|
|
Total Income |
|
155.221 |
56.643 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.975 |
2.819 |
|
|
Provision for Taxation |
|
0.363 |
0.225 |
|
|
Profit/(Loss) After Tax |
|
3.612 |
2.594 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
111.029 |
41.737 |
|
|
Salaries, Wages, Bonus, etc. |
|
5.469 |
1.709 |
|
|
Financial charges |
|
13.909 |
5.070 |
|
|
Personal Expenses |
|
20.839 |
5.308 |
|
Total Expenditure |
|
151.246 |
53.824 |
|
KEY RATIOS
|
PARTICULARS |
|
|
1.01.2005 to 31.12.2005 |
14.08.2003 to 31.12.2004 |
|
PAT / Total Income |
(%) |
|
2.32 |
4.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.57 |
4.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.70 |
1.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.04 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.29 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.43 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
Notes:
The subject was originally Incorporated on “QPAK INDUSTRIAL PRIVATE LIMITED
dated 14.08.2003 and changed the present name “TIME MAUSER INDUSTRIES PRIVATE
LIMITED w.e.f. 21.04.2005
Form 8:
|
Name of the company |
TIME MAUSER
INDUSTRIES PRIVATE LIMITED |
||||||||
|
Presented
By |
State Bank of |
||||||||
|
1) Date and description of instrument creating the change |
a) Agreement of
Loan for overall limit b) Agreement of
Hypothecation of goods and assets c) Letter
regarding the grant of individual limits within the overall limit All the above
agreement are dt, 27.01.2004 and executed for the creation of a single charge |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.188.500
millions |
||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by
way of hypo of the borrowers entire goods, movables and other assets present
and future including documents of title to goods and other assets such as
book debts, outstanding moneys, receivable including receivables under the
cash incentive scheme or any other scheme, claims including claims by way of
refund of customs / excise duties under the duty drawback credit scheme or
any other scheme, bills, invoice, documents, contracts, insurance policies,
guarantees, engagements, securities, investments uncalled capital and all
machinery present and future of such form satisfactory to the bank. |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I.: As would
be determined by the bank from time to time |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of industrial
Finance Branch, Andheri (East), Mumbai – 400069 |
||||||||
|
6) Date and brief description of instrument modifying the charge |
Letter regarding the
grant of individual limits within the overall limit dt. 20.12.2005 |
||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
the original
charge was created on 27.01.2004 for Rs.188.500 millions firstly modified on
27.01.2004 by giving an additional collateral security over the co’s
immovable property. Now by the present modification dt. 28.02.2005 the bank
has sanctioned foreign currency demand loan of US$ 9,70,000,00 within the
overall limit of Rs.188.500 millions from and out of the deposit held by the
bank under FCNR (B) deposit scheme as allowed by RBI vide their circular AD /
MA / 22 dt. 31.10.96 which the company may avail of by way of a term loan
within the said overall limit on further terms and conditions as stated
hereafter in addition to the terms and conditions contained in the said
agreements R.O.I.: Cash
Credit: 1.50% over SBAR, present effective rate 11.75% at monthly rests. Term Loan: 1.50%
over SBAR, effective rate 11.75% p.a. at monthly rates. Letter of Credit:
Comm. At bank’s standard rates. Bank Guarantee:
Comm. At bank’s standard rates. Repayment: Company
shall repay to the bank the said FCNRB (TL) of US$ 9,70,000,00 and the
remaining rupee term loan by installments on the date mentioned below: Repayment in US
Dolor: 47 monthly installments of USD 20,200.00 each payable from 9.12.2005
to 9.10.2009 and last installments of USD 20,600,00 payable on 9.11.2009 Repayment in
Indian Rupee: 47 monthly installments of Rs.8,26,776.00 each payable from
30.11.2005 to 30.09.2009 and last installments of Rs.8,26,784.00 payable on
31.10.2009 |
|
Corporate
identity number (CIN) Foreign company registration number |
U01122DD2003PTC003276 |
|
Name of the
Company |
TIME MAUSER
INDUSTRIAL PRIVATE LIMITED |
|
Address |
205, Sabari Apartment
Floor, Building No. 1, Survey No. 387, Kachigam, Daman – 396210, Daman and |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
property |
|
Particulars of
the charge holder |
State Bank of E – Mail: kamalax_saraf@hotmail.com |
|
Amount secured by
the charge |
Rs.244.200
millions |
|
Brief of the principal
terms and conditions |
Rate of interest:
as per the sanction terms of the banks Terms of
repayment: as per the sanction terms of the banks Margin: as per
the sanction terms of the banks Extent and
operation of the charge: first charge in favour of State Bank of |
|
Date of
Instrument creating or modifying the charge |
27.06.2007 |
|
Particular of the
present modification |
By this modifn
the company offered its properties as an additional security to secure the
enhanced credit facilities to the extent of Rs.244.200 millions. The details
of the immovable property are as per annexure. |
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.41.01 |
|
|
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.55.30 |
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 |
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 |
YES |
|
--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. |
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 |
|