MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MAHALAXMI FABRIC MILLS PRIVATE LIMITED |
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Registered Office : |
47, New Cloth Market, Ahmedabad – 380002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.10.1978 |
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Com. Reg. No.: |
04-3220 |
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CIN No.: [Company
Identification No.] |
U17110GJ1978PTC003220 |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Weaving of cotton and cotton mixture fabrics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced 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. |
LOCATIONS
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Registered Office : |
47, New Cloth Market, Ahmedabad – 380002, Gujarat, India |
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Tel. No.: |
91-79-2163814 / 2160776 |
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Fax No.: |
91-79-2112725 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jeetmal B. Parekh |
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Designation : |
Chairman cum Managing Director |
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Address : |
Kamal Jeet Sujan Bunglows, Near Shreyas School, Ambawadi, Ahmedabad,
Gujarat |
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Date of Birth/Age : |
07.07.1943 |
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Date of Appointment : |
19.10.1978 |
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Name : |
Mr. Gautamchand C. Kothari |
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Designation : |
Whole Time Director |
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Address : |
509, Anandview Apartments, Camp Road, Shahibaug, Ahmedabad, Gujarat |
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Date of Birth/Age : |
21.01.1956 |
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Date of Appointment : |
29.12.1980 |
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Name : |
Mr. Chandraprakash R Panwar |
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Designation : |
Whole Time Director |
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Address : |
A/6, New Jaspark Society, Near Bus Stand, Ishanpur, Ahmedabad, Gujarat
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Date of Birth/Age : |
15.08.1961 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mr. Anand J. Parekh |
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Designation : |
Director |
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Address : |
Kamal Jeet Sujan Bunglows, Near Shreyas School, Ambawadi, Ahmedabad,
Gujarat |
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Date of Birth/Age : |
07.06.1946 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Ms. Ratna R. Parekh |
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Designation : |
Director |
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Address : |
Kamal Jeet Sujan Bunglows, Near Shreyas School, Ambawadi, Ahmedabad,
Gujarat |
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Date of Birth/Age : |
25.07.1974 |
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Date of Appointment : |
01.05.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Jeetmal Bhoorchand Parekh |
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9000 |
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Rahul Jeetmal Parekh |
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8600 |
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Anand Jeetmal Parekh |
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8750 |
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Mamta Atulkumar Surana |
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9300 |
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Jeetmal Bhoorchand Parekh Jointly with Kamlaben Jeetmal |
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8150 |
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Kamladevi jeetmal Parekh |
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9300 |
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Anand Chem Industries Private Limited |
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1700 |
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Heena Agriculture Private Limited |
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2000 |
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Rahul Calchem Private Limited |
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4200 |
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Mahalaxmi Calchem Private Limited |
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2500 |
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Rahulkumar Heetmal Parekh |
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400 |
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Ratna Rahulkumar Parekh |
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8900 |
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Amita Anandkumar Parekh |
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9300 |
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Anand Jeetmal Parekh |
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500 |
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Mahalaxmi Rubtech Limited |
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9200 |
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Dewasi Ratanlal Kishanlal |
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300 |
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Rahul Jeetmal Parekh Jointly with Ratna Parekh |
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300 |
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Rainbow Exports Private Limited |
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1600 |
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Total |
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94000 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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23.00 % |
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Directors or relatives of directors |
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77.00 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Weaving of cotton and cotton mixture fabrics. |
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Products : |
Dyed and Printed Cloth |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Bank of Baroda New Cloth Market Branch, New Cloth Market, Ahmedabad – 380002,
Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhanwar Jain and Company Chartered Accountants |
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Address : |
302, Kaling, Behind Mt. Carmel School, Ashram Road, Ahmedabad –
380002, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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95,000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.500 Millions |
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5,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.500 Millions |
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Total |
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Rs. 10.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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94,000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.400 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.400 |
9.400 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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45.343 |
34.059 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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54.743 |
43.459 |
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LOAN FUNDS |
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1] Secured Loans |
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9.650 |
11.879 |
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2] Unsecured Loans |
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24.668 |
36.435 |
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TOTAL BORROWING |
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34.318 |
48.314 |
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DEFERRED TAX LIABILITIES |
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11.280 |
11.906 |
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TOTAL |
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100.341 |
103.679 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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97.370 |
93.131 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.339 |
0.339 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.239 |
12.259 |
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Sundry Debtors |
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65.579 |
40.291 |
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Cash & Bank Balances |
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9.951 |
0.475 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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20.450 |
33.509 |
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Total
Current Assets |
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108.219 |
86.534 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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97.980 |
73.768 |
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Provisions |
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8.927 |
4.360 |
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Total
Current Liabilities |
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106.907 |
78.128 |
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Net Current Assets |
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1.312 |
8.406 |
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MISCELLANEOUS EXPENSES |
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1.320 |
1.803 |
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TOTAL |
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100.341 |
103.679 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.58 |
2.91 |
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Current Ratio (Current Asset/Current Liability) |
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1.01 |
1.11 |
LOCAL AGENCY FURTHER
INFORMATION
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Corporate
identity number of the company |
U17110GJ1978PTC003220 |
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Name of the
company |
MAHALAXMI FABRIC MILLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
47, New Cloth Market, Ahmedabad – 380002, Gujarat |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Bank of Baroda New Cloth Market Branch, New Cloth Market, Ahmedabad – 380002, Gujarat,
India |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
upto 90 days 3.0 % below BPLR i.e. 8 % at present, Beyond 90 days and upto
180 days 0.5 % above BPLR i.e. 11.50 % p.a. at present, Period 3 months and
margin Nil |
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Description of
the property charged indicating whether it is a charged on |
Stock in trade |
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Particulars of
the property charged |
All stock of raw
materials, work in progress, semi finished goods, and finished goods, such
packing materials etc packing materials and store etc. viz. grey cloth
whatsoever situate and / or in transit whether now belonging to or that may
at any time during the continuance of this security belong to the borrower or
that may be by any party anywhere to the order and disposition of the
borrower. |
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Charge
identification number of the charge to be modified |
80006342 |
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Brief description
of the instruments modifying the charge under section 135 |
Foreign bills
purchase agreement dated 25.05.2006 |
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Date of
instrument Modifying the charge |
25.05.2006 |
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Particulars of
the present modification |
Conversion of PC cum
FBP/FBD facility in to FBP/FBD [ADHOC] |
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.43.14 |
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UK Pound |
1 |
Rs.84.71 |
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Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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