MIRA
INFORM REPORT
|
Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MARVEL THERMOSETS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Joseph Villa Gr Gloor Jaiprash Nagar, Road
No:5, Goregaon (E), Mumbai :400063,
Maharashtra, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
26.04.1973 |
|
|
|
|
Com. Reg. No.: |
11-016505 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25205MH1973PTC016505 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20920E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM0688B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Rubber Chemical and Additives |
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 45000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
Joseph Villa Ground Floor, JP Nagar, Road No:5, Goregaon (E),
Mumbai:400063, Maharashtra |
|
Tel. No.: |
91-22-26861406 |
|
Fax No.: |
91-22-26862917 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Narendra Vaman Ketkar |
|
Designation : |
Managing Director |
|
Address : |
KrishnaKunj Nandadeep Soc. JP Nagar Road No:5,Goregaon (E),
Mumbai:400063, Maharashtra |
|
Date of Birth/Age : |
10.10.1952 |
|
Date of Appointment : |
14.09.1978 |
|
|
|
|
Name : |
Mr. Megha Narendra Ketkar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
KrishnaKunj Nandadeep Soc. JP Nagar Road No:5,Goregaon (E), Mumbai:400063,
Maharashtra |
|
Date of Birth/Age : |
15.07.1957 |
|
Date of Appointment : |
20.07.1994 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Sadhana Subhash Purohit |
|
1158 |
|
Amar Vaman Ketkar jointly with
Sadhana Subhash Purohit |
|
612 |
|
Narendra Vaman Ketkar jointly
with Amar Vaman Ketar |
|
500 |
|
Digambar Keshav Ponkshe
Jointly with Sushila Digambar Ponkshe |
|
36 |
|
Megha Narendra Ketkar Jointly
with Narendra Vaman Ketkar |
|
919 |
|
Narendra Vaman Ketkar Jointly
with Megha Narendra Ketkar |
|
100 |
|
Romit Narendra Ketkar Jointly
with Narendra Vaman Ketkar |
|
1187 |
|
Amar Vaman Ketkar Jointly with
Megha Narendra Ketkar |
|
1460 |
|
Digambar Keshav Ponkshe Jointly with Sushila Digambar Ponkshe |
|
12 |
|
Megha Narendra Ketkar Jointly with Narendra Namhn Ketkar |
|
6543 |
|
Vardhan Narendra Ketkar Jointly with Narendra Vaman Ketkar |
|
3693 |
|
Narendra Vaman Ketkar Jointly with
Megha Narendra Ketkar |
|
1241 |
|
Narendra Vaman Ketkar |
|
3439 |
|
Amar Vaman Ketkar |
|
118 |
|
Amar Vaman Ketkar |
|
30 |
|
Amar Vaman Ketkar Jointly with Romit Narendra Ketkar |
|
220 |
|
Narendra Vaman Ketkar |
|
17746 |
|
Shirish Kushan Sane Jointly with Mangaladevi Keshav Sane |
|
1 |
|
Jagdish Devram Samant Jointly with Sushla Digambar Ponkshe |
|
1 |
|
Suparna Shirish Sane Jointly with Swarda Shirish Sane |
|
1 |
|
Ravindra Natvarlal Gohil Jointly with Natvrlar Gohil |
|
1 |
|
Gopalkrishna Pad Manabhan Pilli Jointly with sushila Gopalkrishna Pillai |
|
1 |
|
P. R. Rajan Jointly with Rajiv Ranjan |
|
1 |
|
Vijay Vasant Kulkarmi Jointly with Sunita Vijay Kulkarni |
|
1 |
|
Jayesh Natwarlal Gohil |
|
1 |
|
Sudhir Bhalchandra Pradhan |
|
1 |
|
Nair Vishwanath Achutan Jointly with Vishwanathan Nair |
|
1 |
|
Rajaram Yashawant Gurav Jointly with Rajasghree Rajaram Gurav |
|
1 |
|
Sadhana Subhash Purohit Jointly with Mangqala Jasani |
|
1 |
|
Rekha Vishnu Kadam Jointly with Nayana Vishnu Kadam |
|
1 |
|
Ghansham tukaram Indap |
|
1 |
|
Gajanan Trimbak Thatte Jointly with L J Dhawale |
|
1 |
|
Somasundaran Balkrishna Nair |
|
1 |
|
Ratnakar Waman Dabke |
|
1 |
|
Jitendra Laxman Solanki |
|
1 |
|
Shivdas V Galkwad |
|
1 |
|
Vardhan Narendra Ketkar |
|
8 |
|
Hashad Girdharlal Turakhia |
|
1 |
|
Varsha Hashad Turakhia |
|
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rubber Chemical and Additives |
|
|
|
|
Products : |
P F Resins,Industrial Moulding Articles,
Amino- resins, Phenolic-resins and polyrethanes |
|
|
|
GENERAL
INFORMATION
|
No. of Employees : |
About 20 |
|
|
|
|
Bankers : |
Union Bank of India Goregaon (East), Branch:172/73, Shri Sadan, Mumbai-400063, Maharashtra India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sharad Joshi and Company Chartered Accountant |
|
Address : |
6/C, Jayendra Bhuvan, B/H Ranes Girls High School Mumbai: 400028,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61000 |
Equity Shares |
Rs.100/- (each) |
Rs.6.100 Millions |
|
4000 |
Preference Shares |
Rs.100/- (each) |
Rs.0.400 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs.100/- (each) |
Rs.5.000 Millions |
|
30 |
Preference Shares |
Rs.100/- (each) |
Rs.0.003 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.003 |
4.003 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.341 |
3.482 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11.344 |
7.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
15.970 |
11.224 |
|
|
2] Unsecured Loans |
|
9.647 |
11.566 |
|
|
TOTAL BORROWING |
|
25.617 |
22.79 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
36.961 |
30.275 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
14.942 |
8.823 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.014 |
0.014 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
5.712 |
3.767 |
|
|
Sundry Debtors |
|
35.936 |
37.782 |
|
|
Cash & Bank Balances |
|
1.822 |
1.794 |
|
|
Other Current Assets |
|
2.054 |
2.054 |
|
|
Loans & Advances |
|
2.541 |
1.935 |
|
Total
Current Assets |
|
48.065 |
47.332 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
28.298 |
29.038 |
|
|
Provisions |
|
0.006 |
0.000 |
|
Total
Current Liabilities |
|
28.304 |
29.038 |
|
|
Net Current Assets |
|
19.761 |
18.294 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
2.244 |
3.144 |
|
|
|
|
|
|
|
|
TOTAL |
|
36.961 |
30.275 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.49 |
3.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.69 |
1.63 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge |
|
Charge
identification number of the charge to be modified |
|
|
Corporate
identity number of the company |
U25205MH1973PTC016505 |
|
Name of the
company |
Marvel
Theromosets Private Limited |
|
Address of the registered
office or of the principal place of
business in India of the company |
Joseph Villa Gr Floor Jaiprsash NAgar Road No:5,Goregaon (E),
Mumbai:400063 Maharashtra, India |
|
Type of charge |
Movable Property Floating charge |
|
Particular of charge
holder |
Union Bank of
India Goregaon (East),
Branch, 172/3, Shri Sadan, Shantaben Estate, Goregaon(East), Mumbai:400063,
Mahaarashtra |
|
Nature of
description of the instrument creating or modifying the charge |
Term Laon
Agreement |
|
Date of instrument
Creating the charge |
15.11.2006 |
|
Amount secured by
the charge |
Rs.8.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest: BPLR+2%=13.50% per annum with monthly rest Terms of
repayment: Term Loan of
Rs.8.000 Millions shall be repayable in 10 Quarterly installments of Rs.0.800
Millions Margin: 30% Extent and
operation of the charge: To secure term of
Rs.8.000 Milliions grante by the Bank to the Company Other |
|
Short particulars
of the property charged |
The Borrower
hypothecates and charges to the Bank by way of first Charge: All those
machinery purchased by the Borrower out of this Loan viz. up- gradation of the
existing Plant, Cooling System, Reactor up gradation, Insulation work, Vacuum
systems, Boiler system condenser, effluent treatment pipes spares etc
Erection Factory Building Lab/Off equipment, storage mixing tanks, Grinding
pumps, expansion (Estimated requirement for 35KI Reaction Vessels and
Accessories) etc. Stored at Panel |
|
Date of latest
modification prior to the present modification |
-- |
|
Particulars of
the present modification |
-- |
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.43.47 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
49 |
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 |
|