MIRA
INFORM REPORT
|
Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
MALHOTRA SHAVING PRODUCTS PRIVATE LIMITED |
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Formerly Known As : |
INDO-SWING PRIVATE LIMITED |
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Registered Office : |
Malhotra House, 6-3-1186,
Begumpet, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.05.1960 |
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Com. Reg. No.: |
01-1926 |
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CIN No.: [Company
Identification No.] |
U93020AP1960PTC001926 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM01413G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers of Steel Strips, i.e Cold Rolled Stainless Strips (Crss
Strips), High Impact Polystyrene (HIP), General Purpose Polysterene. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1700000 |
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Status : |
Good |
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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 and a part of
Malhotra Group. The company is progressing well. 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. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long run. |
LOCATIONS
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Registered Office : |
Malhotra House,
6-3-1186, Begumpet, |
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Tel. No.: |
91-40-312456 / 312813 / 313079/ 23402456 |
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Fax No.: |
91-40-312583/ 23402458/ 23402468 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 30, |
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Tel. No.: |
91-40-278412 (4 Lines) |
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Fax No.: |
91-40-278413 |
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Branches : |
Malhotra House, 5th Floor, Opp. G.P.O. Mumbai - 400 001 |
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Tel. No.: |
91-22-2617581 / 2622608/ 22616739/ 2696723/ 41/ 25 |
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Fax No.: |
91-22-2620473 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Manohar M Khemani |
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Designation : |
Director |
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Address : |
11-B, BHEL Enclave, |
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Date of Birth/Age : |
09.01.1939 |
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Date of Appointment : |
02.01.1995 |
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Name : |
Dr. Mukesh Arora |
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Designation : |
Director |
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Address : |
1E/9, Jhandewalan Extension, New Delhi-110055 |
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Date of Birth/Age : |
04.02.1956 |
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Date of Appointment : |
02.09.2000 |
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Name : |
Mr. Pratap Mukherjee |
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Designation : |
Director |
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Address : |
15/A, Bipla Biphanindra Mohan Banerjee Sarani, Bhadrakali, Sakher
Bazar, Hoogly-712232 |
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Date of Birth/Age : |
10.02.1968 |
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Date of Appointment : |
19.04.2004 |
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Name : |
Mr. C C Desai |
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Designation : |
Director |
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Name : |
Mr. M Sarangapani |
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Designation : |
Director |
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Name : |
Mr. Rajeswar P Varma |
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Designation : |
Additional Director |
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Address : |
GD-45, |
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Date of Birth/Age : |
14.11.1946 |
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Date of Appointment : |
07.08.2006 |
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Other Directorships : |
v
Malhotra Fincon Private Limited v
Malhotra Spear Jackson Saws Manufacturing Company
Private Limited v
Modest Investment Company Private Limited v
Talent Investment Company Private Limited |
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Name : |
Mr. V Venkatachalam |
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Designation : |
Company Secretary |
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Address : |
Flat No.302, |
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Date of Birth/Age : |
10.09.1962 |
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Date of Appointment : |
23.03.1992 |
KEY EXECUTIVES
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Name : |
V K Bafna & Company |
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Designation : |
Company Secretary |
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Tel. No.: |
91-40-27730615/ 30911757 |
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Fax No.: |
91-40-27730615 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. V P Malhotra |
697 |
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Mrs. Lajja Malhotra |
1000 |
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Mr. N P Malhotra |
1500 |
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Mrs. Seema Malhotra |
1502 |
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Ms. Ambika Malhotra |
100 |
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Mr. V P Malhotra |
1727 |
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Mr. N P Malhotra |
100 |
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Mr. S N Malhotra |
500 |
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Mrs. Soni Malhotra |
1000 |
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Mr. N P Malhotra |
100 |
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Mrs. N Malhotra |
500 |
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Mrs. Soni Malhotra |
1000 |
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Mr. S N Malhotra |
112 |
|
Laster Shaving Products Private Limited |
5683 |
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Deccan Fasteners Private Limited |
8538 |
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Dominion Engineering Private Limited |
8538 |
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Vedcharity Trust |
500 |
As on 31.03.2006
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Bodies Corporate |
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72.25 |
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Other top 50 shareholders |
|
27.75 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers of Steel Strips, i.e Cold Rolled Stainless Strips (Crss
Strips), High Impact Polystyrene (HIP), General Purpose Polysterene. |
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Products : |
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Exports : |
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Countries : |
Middle East, |
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Imports : |
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Products : |
Raw materials and capital goods |
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Countries : |
Europe, |
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Terms : |
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Selling : |
-- |
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Purchasing : |
L/C terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Safety Razor Blades |
In Millions |
|
2030 |
1873 |
|
S S Razors/ Razors |
In Nos. |
|
300000 |
1490955 |
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Safety Razor Blades Cold rolling (Captive consumption) |
MT |
|
1800 |
1377 |
GENERAL INFORMATION
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No. of Employees : |
1200 |
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Bankers : |
v
State Bank of v
Andhra Bank, v
Citi Bank N.A., v
Punjab National Bank, 18-A, |
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Facilities : |
Unsecured Loans
(As on 31.03.2005): From Shareholders : Rs.57.429 millions From Bodies Corporate : Rs.25.651 millions Total :
Rs.83.080 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. Khaitan & Associates Chartered Accountants |
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Address : |
24/25, |
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Associates : |
v
Malhotra International Limited, Kolkata, v
Malhotra Global Exim Private Limited, Kolkata,
v NVI Engineering Company Private Limited, Mumbai v
Dominion Exports Private Limited, v
Navin Industries & Mercantile Corporation
Limited, Kolkata, v Harbanslal Malhotra & Sons Limited, Kolkata, West Bengal v Northern India Blade Manufacturing Company Limited and several others. v
Malhotra Fincon Private Limited v
Malhotra Spear Jackson Saws Manufacturing Company
Private Limited v
Modest Investment Company Private Limited v Talent Investment Company Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31497 |
Equity Shares |
Rs.100/-
each |
Rs.3.150
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.150 |
3.149 |
3.149 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
422.864 |
354.069 |
293.790 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
426.014 |
357.218 |
296.939 |
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LOAN FUNDS |
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1] Secured Loans |
17.897 |
0.000 |
0.000 |
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2] Unsecured Loans |
103.925 |
83.081 |
62.545 |
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TOTAL BORROWING |
121.822 |
83.081 |
62.545 |
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DEFERRED TAX LIABILITIES |
25.185 |
27.899 |
27.297 |
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TOTAL |
573.021 |
468.198 |
386.781 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
200.232 |
153.078 |
154.182 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.454 |
39.954 |
39.972 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
125.754
|
115.431 |
117.181 |
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Sundry Debtors |
59.753
|
27.221 |
26.633 |
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Cash & Bank Balances |
581.722
|
541.059 |
517.941 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
125.475
|
93.225 |
54.408 |
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Total
Current Assets |
892.704
|
776.936 |
716.163 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
446.299
|
459.104 |
477.837 |
|
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Provisions |
76.070
|
42.666 |
45.699 |
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Total
Current Liabilities |
522.369
|
501.770 |
523.536 |
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Net Current Assets |
370.335
|
275.166 |
192.627 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
573.021 |
468.198 |
386.781 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
1292.972 |
1086.090 |
1084.079 |
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Other Income |
90.074 |
87.286 |
88.076 |
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Total Income |
1248.557 |
1173.376 |
1172.155 |
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Profit/(Loss) Before Tax |
99.707 |
95.509 |
93.161 |
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Provision for Taxation |
29.475 |
34.472 |
34.588 |
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Profit/(Loss) After Tax |
70.232 |
61.037 |
58.573 |
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Imports : |
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Raw Materials |
NA |
68.503 |
46.841 |
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Stores & Spares |
NA |
11.742 |
12.133 |
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Steel |
NA |
2.914 |
2.762 |
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Others |
NA |
0.989 |
0.842 |
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Total Imports |
NA |
84.148 |
62.578 |
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Expenditures : |
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Manufacturing Expenses |
NA |
107.630 |
104.200 |
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Administrative Expenses |
NA |
209.161 |
242.350 |
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Raw Material Consumed |
NA |
551.910 |
477.152 |
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Increase/(Decrease) in Finished Goods |
NA |
5.243 |
5.213 |
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Salaries, Wages, Bonus, etc. |
NA |
131.350 |
124.437 |
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Interest |
11.421 |
9.542 |
6.876 |
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Depreciation & Amortization |
23.361 |
19.926 |
19.003 |
|
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Other Expenditure |
1213.775 |
43.106 |
99.763 |
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Total Expenditure |
1248.557 |
1077.868 |
1078.994 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.62
|
5.20 |
4.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.98
|
8.14 |
7.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.12
|
10.27 |
10.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.27 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.64 |
1.97 |
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Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.55 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
The company was incorporated on 17th May, 1960 at
In 30.07.1992, the name of the company was changed to present.
BUSINESS
The company is engaged in manufacturing of premium quality shaving products encompassing an entire range such as safety razor blades and twin track shaving systems. It’s products are sold under various brand names including Topaz and Lazor.
The company has been accredited with ISO 9002 Certification and several prestigious international awards.
The company’s manufacturing facilities are housed on a plot of land measuring 3 acres.
It employs about 1200 persons in its' set up.
The registered office of the company situated at Naraspur Road, Balanagar, Hyderabad-37, Andhra Pradesh was removed from 226/2, Acharya Jagdish Chandra Bose Road, Kolkata-700020, West Bengal
To
On 01.09.1975
Fixed Assets :
v Land
v Compound Wallat Gummadidala
v Staff Quarters
v Building
v Factory building
v Tube well
v Plant and machinery
v Air pollution device
v Furniture, Fixture and office equipments
v Electrical installation
v Vehicles
v Computer
v Weighing scale
Contingent
Liabilities :
Liability on account of letter of credit amounting to Rs.36.404 millions
Unexpired bank guarantee with Punjab National Bank, Kolkata for Rs.6.150 millions, with Bank of Maharashtra, Mumbai for Rs.0.676 millions
Additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Section VI of the Company’s Act, 1956
Some fo the balances under the head sundry debtors, creditors, deposits, advances paid and received are subject to confirmation from the respective parties.
Form 8 Particular for
creation or modification of charges
|
Name of the company |
MALHOTRA
SHAVING PRODUCTS PRIVATE LIMITED |
|
Presented By |
Director |
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1) Date and description of instrument creating the change |
Dated 11.01.2003 Goods security agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000 millions |
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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 |
All stocks of any kind present and future lying in the factory premises situated at 30, Narsapur, Road, Balaji nagar, Hyderabad and mare houses/ godowns of the company wherever situatged and book debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Fund based facilities of Rs.30.000 millions (Cash credit facility of Rs.10.000 millions and LC facility of Rs.20.000 millions) (Sub limit) is repayable on demand interest shall be charged on the outstanding at the bank’s prime lending rates as amended from time to time. Pari passy with Punjab National
Bank, 18A, |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank N.A., |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U93020AP1960PTC001926 |
|
Name of the company |
MALHOTRA SHAVING PRODUCTS PRIVATE LIMITED |
|
Address |
Malhotra House, 6-3-1186, Begumpet, |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Punjab National Bank, 18-A, |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of goods and agreement of book debts with
Punjab National Bank, 18-A, Brabourne Road, Kolkata-700001, BOT Mithusubiahi
Limited, Mumbai, Ref. No.DD/20/PNB/98 dated 21.12.1998 PNB Kolkata Lr. Dated
19.02.1998 |
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Date of the instrument creating charge |
16.02.1998 |
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Amount Secure by the charge |
Rs.15.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Cash credit facility of Rs.15.000 millions is repayable on demand.
Interest shall be charged on the outstanding at 16.25% + interest per annum
and shall be subject to change in rates made by RBI from time to time. |
|
Description of the property charge whether it is a charge on |
Stock in trade Book debts |
|
Modification charge Charge identification number of the charge to be modified |
Doc. No.302 regd. On 19.3.2001. |
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Date of instrument modifying the charge |
|
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Particulars of the Property charged |
All stocks of any kind present and future lying in factory premises
situated at 30, |
|
Brief description of the instrument modifying the charge under section 135 |
Hypothecation of goods and book debts to secure cash credit facilities
and deed of hypothecation to secure LC on DA |
|
Particulars of the present modification |
Enhancement or cash credit limits from Rs.30.000 millions to Rs.60.000
millions and interest rate from 14.5% to 10.5% p.a.- enhancement of LC on
D.A. basis from Rs.20.000 millions to Rs.80.000 millions. |
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.40.41 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.54.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
69 |
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 |
|