MIRA
INFORM REPORT
|
Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MARVELOUS METALS
PRIVATE LIMITED |
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Registered Office : |
C – 12, MIDC,
Gokul Shirgaon, Kolhapur – 416284, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.07.1985 |
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Com. Reg. No.: |
11-36857 |
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CIN No.: [Company
Identification No.] |
U27209MH1985PTC036857 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To carry on the
business as iron and steel founders, brass founders, founders of all or any
of the types of ferrous and non ferrous metal, forgers, refiners, furnace proprietors,
smelters, general engineers, jobbers, fabricators, contractors, tool makers,
metal workers, manufacturers and dealers of steel, metal and malleable, grey
iron castings, forgings, including ferrous, non ferrous, special and alloy
steel, and manufacturers of all sort of re-rolling steel products bars, rods,
moulds, dies, cores angles, channels and other sections sheet, plates, wires,
wire products and iron, steel and all other ferrous and non ferrous metals. |
RATING &
COMMENTS
|
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 150000 |
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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
|
Registered Office : |
C – 12, MIDC,
Gokul Shirgaon, Kolhapur – 416284, Maharashtra |
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Tel. No.: |
91-231-2672345 |
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Mobile No.: |
91-231-2672345 |
DIRECTORS
|
Name : |
Mrs. Nalini
Mansingrao Jadhav |
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Designation : |
Chairman |
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Address : |
Vasant Housing Society,
Circuit House, Tarabai Park, Kolhapur, Maharashtra, India |
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Date of Birth/Age : |
11.12.1940 |
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Qualification : |
30.10.2003 |
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Date of Appointment : |
20.04.2005 |
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Name : |
Mr. Mansing
Shripatrao Pawar |
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Designation : |
Managing Director |
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Address : |
1120, ‘E’, Sykes
Extension, New Shahupuri, Kolhapur, Maharashtra, India |
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Date of Birth/Age : |
21.09.1962 |
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Date of Appointment : |
16.07.1985 |
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Name : |
Mr. Shivajirao
Shripatrao Pawar |
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Designation : |
Director |
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Address : |
1120, ‘E’, Sykes
Extension, New Shahupuri, Kolhapur, Maharashtra, India |
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Date of Birth/Age : |
16.12.1946 |
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Name : |
Mr. Surjitsing
Prataprao Pawar |
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Designation : |
Director |
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Address : |
1120, ‘E’, Sykes Extension,
New Shahupuri, Kolhapur, Maharashtra, India |
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Date of Birth/Age : |
26.06.1975 |
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Date of Appointment : |
28.01.2004 |
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Name : |
Mr. Mansingrao
Jaysingrao Jadhav |
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Designation : |
Chairman |
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Address : |
Vasant Housing Society,
Circuit House, Tarabai Park, Kolhapur, Maharashtra, India |
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Date of Birth/Age : |
15.11.1935 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Smt. Yashodha
Awadhoot Joshi |
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Designation : |
Director |
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Address : |
53, Shivaji Co-operative
Housing Society, Rajarampuri, Kolhapur, Maharashtra, India |
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Date of Birth/Age : |
20.05.1947 |
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Date of Appointment : |
15.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Smt. Yashodha A.
Joshi |
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2756 |
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Smt. Umabai S.
Joshi |
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100 |
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Mr. Balkrishna S.
Joshi |
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200 |
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Mr. Gajanan S.
Joshi |
|
46 |
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Mrs. Pendharkar
Madhura S |
|
140 |
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Ms. Gayatri A.
Joshi |
|
340 |
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Mr. Mansingrao S.
Pawar |
|
4357 |
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Mrs. Shubhangi M.
Pawar |
|
121 |
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Smt. Vijaymala P.
Pawar |
|
2740 |
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Mrs. Jayamala S.
Pawar |
|
2900 |
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Mr. Himmat S.
Pawar |
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20 |
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Mr. Mansingrao J.
Jadhav |
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2982 |
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Mrs. Nalini M.
Jadhav |
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600 |
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Mr. Swarnsing P.
Pawar |
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1 |
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Mr. Shersing P.
Pawar |
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2 |
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Mr. Indrajeet S.
Pawar |
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2 |
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Ms. Kirti B.
Joshi |
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1 |
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Ms. Radha B.
Joshi |
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1 |
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Mr. B. B. Jadhva |
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1 |
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Mr. Shivajirao S.
Pawar |
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653 |
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Mr. Surjitsing P.
Pawar |
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645 |
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Mrs. Priti
Surjitsing Pawar |
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10 |
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Mr. Vilasrao N.
Sardesai |
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1 |
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TOTAL |
|
18619 |
BUSINESS DETAILS
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Line of Business : |
To carry on the
business as iron and steel founders, brass founders, founders of all or any of
the types of ferrous and non ferrous metal, forgers, refiners, furnace
proprietors, smelters, general engineers, jobbers, fabricators, contractors,
tool makers, metal workers, manufacturers and dealers of steel, metal and
malleable, grey iron castings, forgings, including ferrous, non ferrous,
special and alloy steel, and manufacturers of all sort of re-rolling steel
products bars, rods, moulds, dies, cores angles, channels and other sections
sheet, plates, wires, wire products and iron, steel and all other ferrous and
non ferrous metals. |
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GENERAL
INFORMATION
|
Bankers : |
State Bank of
India Udyamnagar
Industrial Estate Branch, Kolhapur – 416008, Maharashtra, India HDFC Bank Limited Tarabai Park Branch, Kolhapur |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18619 |
Equity Shares |
Rs. 100/- each |
Rs. 1.861 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.862 |
1.862 |
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2] Share Application Money |
|
0.135 |
0.135 |
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3] Reserves & Surplus |
|
38.391 |
31.494 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
40.388 |
33.491 |
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LOAN FUNDS |
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1] Secured Loans |
|
42.931 |
19.874 |
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2] Unsecured Loans |
|
17.121 |
28.341 |
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TOTAL BORROWING |
|
60.052 |
48.215 |
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DEFERRED TAX LIABILITIES |
|
2.803 |
1.774 |
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TOTAL |
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103.243 |
83.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.274 |
34.977 |
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Capital work-in-progress |
|
1.770 |
4.615 |
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INVESTMENT |
|
2.017 |
2.017 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.321 |
23.994 |
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Sundry Debtors |
|
62.221 |
70.026 |
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Cash & Bank Balances |
|
6.749 |
3.105 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
26.944 |
19.725 |
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Total
Current Assets |
|
124.235 |
116.850 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
68.252 |
61.590 |
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Provisions |
|
17.801 |
13.389 |
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Total
Current Liabilities |
|
86.053 |
74.979 |
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Net Current Assets |
|
38.182 |
41.871 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
103.243 |
83.480 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
278.498 |
265.579 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
278.498 |
265.579 |
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Profit/(Loss) After Tax |
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12.518 |
15.946 |
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Expenditures : |
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Interest |
|
2.026 |
1.392 |
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Depreciation & Amortization |
|
10.262 |
6.055 |
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Other Expenditure |
|
253.692 |
242.186 |
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Total Expenditure |
|
265.980 |
249.633 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
7.01 |
6.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.13 |
2.23 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.44 |
1.55 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
To carry on the
business as importers, exporters, buyers, sellers, resellers, merchants, dealers,
agents for all kinds, types and varieties of ferrous, non ferrous components,
comprising of castings, extrusions, turbings, pressing pressure die-castings,
die making, stamping, forgins and other related components in finished or semi
finished stages required for automobile, engineering electrical industries, and
also hot blast units, implements, acid coolers, cooling towers and accessories
thereof.
Form 8
Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U27209MH1985PTC036857 |
|
Name of the company |
MARVELOUS METALS PRIVATE LIMITED |
|
Address |
C – 12, MIDC, Gokul Shirgaon, Kolhapur – 416284, Maharashtra |
|
This Form is for |
Creation of charge |
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Type of Charges |
Simple mortgage |
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Particular of the charge holder |
State Bank of
India Udyamnagar Industrial Estate Branch,
Kolhapur – 416008, Maharashtra, India E-mail : dilippange@yahoo.com |
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Nature or description of the instrument creating charge |
Memorandum of deposit for creation of charge for Term Loan / Overall limit |
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Date of the instrument creating charge |
27.07.2006 |
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Amount Secure by the charge |
Rs. 62.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Other terms & conditions as per agreement and sanction letter [present credit limits : DCC – Rs. 19 millions, LC & Bank Guarantee : Rs. 5 millions, Term Loan : Rs. 38 millions] |
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Description of the property charged indicating whether it is a charge on |
Immovable properties |
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Particulars of the Property charged |
Mortgage of land & building and other fixed assets situated at Plot No. C – 12, E – 3 & B – 71, MIDC Area Gokul, Shirgaon, Kolhapur |
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Corporation identity number or foreign company registrations number of the company |
U27209MH1985PTC036857 |
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Name of the company |
MARVELOUS METALS PRIVATE LIMITED |
|
Address |
C – 12, MIDC, Gokul Shirgaon, Kolhapur – 416284, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
Simple mortgage |
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Particular of the charge holder |
State Bank of
India Udyamnagar Industrial Estate Branch, Kolhapur
– 416008, Maharashtra, India E-mail : dilippange@yahoo.com |
|
Nature or description of the instrument creating charge |
Memorandum of deposit for creation of charge for Term Loan / Overall limit |
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Date of the instrument creating charge |
27.07.2006 |
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Amount Secure by the charge |
Rs. 62.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Other terms & conditions as per agreement and sanction letter [present credit limits : DCC – Rs. 19 millions, LC & Bank Guarantee : Rs. 5 millions, Term Loan : Rs. 38 millions] |
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Description of the property charged indicating whether it is a charge on |
Immovable properties |
|
Particulars of the Property charged |
Mortgage of land & building and other fixed assets situated at Plot No. C – 12, E – 3 & B – 71, MIDC Area Gokul, Shirgaon, Kolhapur |
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Name of the company |
MARVELOUS METALS PRIVATE LIMITED |
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Presented By |
Mr.
M. S. Pawar, Managing Director |
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1) Date and description of instrument creating the change |
Vehicle Loan cum Hypothecation Agreement dated 23.05.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 million |
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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 |
Hypothecation of Tata Indigo Car the name of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment : In 60 EMIs Rate of Interest : 11.01% p.a. Other Terms & Conditions as per agreement |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited Kolhapur Branch, Kolhapur |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
MARVELOUS METALS PRIVATE LIMITED |
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Presented By |
Mr.
M. S. Pawar, Managing Director |
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1) Date and description of instrument creating the change |
Vehicle Loan cum Hypothecation Agreement dated 29.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.586 million |
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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 |
Hypothecation of Commercial Vehicle “Eicher” model 2005 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 3.30% p.a. Repayment : within 48 months Other Terms & Conditions as per agreement and sanction letter |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Tarabai Park Branch, Kolhapur |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|