MIRA INFORM REPORT
|
Report
Date : |
1st
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MAGICK WOODS EXPORTS PRIVATE LIMITED |
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Registered
Office : |
A- 8
Industrial Complex, Maraimalai Nagar, Chengelpet, Kancheepuram, Chennai
603209, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date
of Incorporation : |
12.08.2003 |
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Com.
Reg. No.: |
18-51375 |
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CIN
No.: [Company
Identification No.] |
U36101TN2003PTC051375 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
CHEM07034G |
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PAN No.: (Permanent
Account No.) |
AADCM6228N |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturer
of Household Furniture, Office Furniture, Kitchen Cabinet etc., out of
different kinds of Wood. To carry
on the business of manufacturing, buying, selling, importing, exporting of
and / or dealing otherwise in all kinds of kitchen cabinets, bathroom
furniture, household furniture, office furniture with the help of indigenous
and imported technology. |
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 |
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Maximum
Credit Limit : |
USD
275000 |
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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 a well – established company having
satisfactory track. Trade relations are fair. Payments are correct and as per
commitments. The company can be considered normal for business dealings
at usual trade terms and conditions.
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LOCATIONS
|
Registered/Head
Office/Factory : |
A- 8
Industrial Complex, Maraimalai Nagar, Chengelpet, Kancheepuram, Chennai
603209, Tamilnadu, India |
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Tel.
No.: |
91-4114-256191/253192/256193 |
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Fax
No.: |
91-4114-256090 |
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E-Mail.:
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Website
: |
DIRECTORS
|
Name : |
Mr. K R Rajendran |
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Designation
: |
Director |
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Name : |
Mr. P Paranthaman |
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Designation
: |
Director |
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Name : |
Mr. Indra kumar Pathamanathan |
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Designation
: |
Director |
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Date
of Birth/Age : |
36 Years |
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Name : |
Mr. P Pathmakumar |
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Designation
: |
Director |
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Date
of Birth/Age : |
44 Years |
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|
|
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Name : |
Mr. Devisigamani Pillai Murugavelu |
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Designation
: |
Director |
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Date
of Birth/Age : |
79 Years |
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|
|
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Name : |
Mr. Thavakumar Pathmanathan (Foreigner) |
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Designation
: |
Additional Director |
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Address
: |
1250 Bridle Towne Circle 1509, Scarbrough, Ontario, M1 W2
V1, Canada |
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Date
of Birth/Age : |
10.12.1961 |
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Date
of Appointment : |
13.09.2006 |
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Other
Directorship : |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Magick Woods Limited, Canada |
2360000 |
|
Trust Investment and Marketing Inc |
1000 |
|
Total |
2361000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacture of Household Furniture, Office Furniture, Kitchen Cabinet etc., out of Different Kinds of Wood |
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|
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Products
: |
Machinery Spares |
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Exports
to : |
Europe, USA |
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Imports
from : |
USE, Canada, Europe, Malaysia, Far East |
GENERAL INFORMATION
|
Customers
: |
Magickwoods Limited, Canada |
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No. of
Employees : |
25 |
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Bankers
: |
State Bank of India, Overseas Branch, No. 86, Rajaji Salai,
Chennai 600001, Tamilnadu, India |
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Facilities : |
Credit Limit - 2,00,00,000
available for them under diff schemes Company enjoys mortgage facility from State
Bank of India dated 19.09.2006. |
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Banking Relations : |
Satisfactory |
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Auditors
: |
M Ganesh Prakash and Associates Chartered Accountants |
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Address
: |
Ashok Lakshmi Kripa, No. 9, 43rd Street, VI
Avenue, Ashok Nagar, Chennai – 600 083, Tamilnadu, India |
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|
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
6500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 65.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2361000 |
Equity Shares |
Rs. 10/- Each |
Rs. 23.610 millions |
As on 31.03.2006
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
5361000 |
Equity Shares |
Rs. 10/- Each |
Rs. 53.610 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
53.610 |
23.610 |
23.600 |
|
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2]
Reserves & Surplus |
18.205 |
5.731 |
0.000 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
(1.470) |
|
NETWORTH
|
71.815 |
29.341 |
22.130 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
63.684 |
41.536 |
51.937 |
|
|
2]
Unsecured Loans |
20.869 |
41.446 |
8.703 |
|
TOTAL
BORROWING
|
84.553 |
82.982 |
60.640 |
|
|
|
|
|
|
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TOTAL
|
156.368 |
112.323 |
82.770 |
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
91.481 |
91.678 |
91.942 |
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Capital work-in-progress
|
2.597 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
40.805
|
10.768 |
4.393 |
|
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Sundry Debtors
|
29.345
|
13.939 |
3.068 |
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Cash & Bank Balances
|
2.897
|
6.566 |
1.501 |
|
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Loans & Advances
|
7.368
|
2.235 |
0.491 |
Total Current Assets
|
80.415
|
33.508 |
9.453 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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Current Liabilities
|
27.475
|
21.863 |
18.625 |
|
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Provisions
|
0.300
|
0.000 |
0.000 |
Total Current Liabilities
|
27.775
|
21.863 |
18.625 |
|
Net
Current Assets
|
52.640 |
11.645 |
(9.172) |
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|
|
|
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MISCELLANEOUS EXPENSES
|
9.650 |
9.000 |
0.000 |
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|
|
|
|
|
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TOTAL
|
156.368 |
112.323 |
82.770 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other income]
|
|
|
5.670 |
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|
|
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Profit/(Loss) Before Tax
|
|
|
1.550 |
Provision for Taxation
|
|
|
0.000 |
Profit/(Loss) After Tax
|
|
|
1.550 |
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|
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Export Value
|
|
|
3.069 |
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|
|
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Import Value
|
|
|
47.215 |
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|
|
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Total Expenditure
|
|
|
7.219 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
NA |
27.33 |
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|
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
NA |
27.33 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
NA |
1.52 |
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|
|
|
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|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
NA |
0.07 |
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|
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|
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Debt Equity Ratio
(Total
Liability/Networth) |
|
2.56
|
4.57 |
3.58 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.89
|
1.53 |
0.50 |
LOCAL AGENCY FURTHER INFORMATION
This is a joint venture of Magick Woods Ltd,
Canada
Magick Woods Ltd
135 Sparks Avenue, North York, ON M2H 2S5, Canada
Phone: (416) 496-1445
Toll Free: 1-888-733-3733
An introduction
about the parent company in their own words from their website
Magick
Woods was incorporated in 1993 as a co-op student project to manufacture custom
woodworking for individual family needs. When they realized that the
bathroom vanity products that were available for consumers were limited to
knock down, very limited designs and limited colors, a detailed survey was
initiated. Indy Pathmanathan visited most of the well-known show rooms in
Toronto and completed the survey. The results of which indicated that the
market was ready for a fully completed bathroom furniture manufacturer who
would provide a higher quality of products, on time, in unique designs and
various colors. With this information, they started to develop own product line.
Initially
it was a tremendous challenge for us to introduce the concept of fully fitted
bathroom furniture, which required additional storage space in the warehouse
and show room. When clients realized
the benefit of a fully fitted product compared to the knocked down version,
which required certain amount of skill to assemble the product, products became acceptable in the market.
Since the
vision of the company to produce a high end product at a competitive pricing,
they continued product development and
they developed the “European Catalyst finish” and Magickguard process which to
date continues to produce the best finish on the market. They continue to
invest heavily in research and development of material, design and finish.
In 2000 the Business Development Bank of Canada recognized Magick Woods
as the “trail blazer” in industry. Over
the past 10 years they have become the fastest growing company in the industry
with Head Office in Toronto, Canada and
joint venture operations in USA, China and India.
The company
was formed to manufacture, buy, sell, import, export or to otherwise deal in
all kinds of kitchen cabinets, bathroom furniture, household furniture, office
furniture with the help of indigenous and imported technology.
Their
products in their own words from their website
Magick
Woods produces bath furniture which is elegant yet functional. vanities are fully assembled and ready to
install when delivered, ensuring a solid quality construction which is among
the most durable in the industry.
But Magick Woods Ltd doesn’t stop there. They at Magick Woods Ltd like to think
of ourselves as the complete one stop bathroom solution company. They offer
more than just vanities. Magick Woods Ltd produces complete vanity packages,
bases, tops, and upper units. They supply various types of vanity tops,
including Porcelain, Cast Marble and Granite, Solid Surface, and Glass, in
various designs and colors. They produce auxiliary cabinets, medicine cabinets,
linen towers, mirrors and light valances to match any vanity that they produce.
They offer faucets to match cabinet door hardware and various styles of
bathroom hardware including towel bars and robe hooks. designs provide solutions for unique
applications: wheel chair accessibility, corner applications, space saving
designs. They have integrated unique
looks into complete packages with the use of accessory cabinets and light
valances. Lastly, Magick Woods Ltd offers various ways to personalize the
vanity or package through different sizes, different door styles, various
colors and stains, and a wide variety of hardware to accent and complete an
image of elegance and quality in anyone’s bathroom. As trends and lifestyles
change and evolve, so too does magickwoods
striving to be a trendsetter in the industry, and settling for nothing
less than the best quality.
Why does product look so distinct? At Magick Woods they pride
ourselves on elegant finish. The
climate controlled spray booth ensures that no dust or excess moisture taints a
satiny smooth finish. A catalyst dry process allows an even application,
avoiding dripping or rough finishes associated with air-dry lacquers.
The eight-stage Magickguard acrylic resin finish is applied in a layered format
producing a hardwearing surface that blends well with other bathroom fixtures
including toilets and bathtubs.
Bankers Charges Report as per
Registry
Name of the Company :
Magick Woods Exports Private Limited
Presented by : -- Mr. Pathmakumar Pathmanathan, Director
|
1. Date and description of the instrument creating or evidencing the charge |
Dated 26.08.2003 1. Agreement of Loan for overall limit 2. Agreement of Hypothecation of goods and assets 3. Agreement of Pledge of goods and assets 4. Letter regarding the grant of individuals limit within the
overall limit All dated 26.08.2003 and relate to one and the same
charge. |
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2. Amount secured by the charge /amount owing on
security of the charge |
Rs. 20.000 millions Facility : Interim Term Loan |
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3. Short Particular of the property charged. If the property
acquired is subject to change date of
acquisition of property should be given |
The whole of the borrower entire goods, movable and other
assets present and future including documents of title to goods and other
assets, such as book debts, outstanding moneys, receivables including
receivables byway of cash assistance and or / cash incentives scheme or any
other scheme, claims, including claims by way of refund of customs / excise
duties under the duty draw back credit scheme or any other scheme, bills,
invoices, documents, contracts, insurance, policies, guarantees, engagements,
securities, investments and rights uncalled capital and all machinery present
and future machinery belonging to or in the possession or under the control
of the borrower wherever lying stored and kept and whether in possession of
the borrower or of the bank or of any third party whether in India or
elsewhere throughout the world (including all such goods, other movable
assets as may be in course of shipment transit of delivery shall stand
hypothecated to the bank by the way of first charge. Letter of comfort issued
by SEBI, Canada Toronto Branch.) |
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4. Gist of the terms and conditions and extent and operation
of the charge. |
Rate of Interest: Rate applicable to SBTL the current
effective rate 11.75% p.a. (0.75 above SBMTLR) Other terms and conditions as per the agreement. |
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5. Names, address and description of the persons
entitled to charge |
State Bank of India Overseas Branch, Chennai – 600 001, Tamilnadu, India |
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6. Date and brief description of instrument modifying the
charge |
Letter regarding the grant of individuals limit within the
overall limit in form C5 dated
13.04.2005 |
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|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
Rate of Interest
For the overdue period upto 6 months from the date of
shipment SBAR plus 1.85%
p.a. Beyond 6 months from the date of shipment – SBAR plus
2.50% p.a. Collateral Security Charge over the fixed assets of the company (land,
building and machinery) Processing charges: Rs. 280/- per lac (working capital Limit)- payable
annually Working capital margin EPC : 25% |
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Contact
|
Corporate Office / Magick Woods Ltd Distribution Magick Woods Ltd Marble Production Facility Magick Woods Ltd |
Customer Care: Inside Sales: Pricing / Canadian Sales: US Sales: Marketing: |
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.44.41 |
|
UK Pound |
1 |
Rs.77.48 |
|
Euro |
1 |
Rs.53.51 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
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 |