MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION DETAILS
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Name : |
MEGHDOOT APPLIANCES LIMITED |
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Registered Office : |
FF-2, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.05.1999 |
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Com. Reg. No.: |
55-99114 |
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CIN No.: [Company
Identification No.] |
U29309DL1999PLC099114 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09675B |
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PAN No.: [Permanent
Account No.] |
AACCM5080H |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer and exporter of most versatile range of Enamelware,
Hard Anodized Aluminum Cookware, Non Stick Cookware, Casserole, Fry pan,
Karhai, Tawa, Handi, Tarka Pan, Mixing Bowl and Toaster. |
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 30000 |
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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 : |
FF-2, |
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E-Mail : |
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Corporate Office : |
107, Shivlok House-1, A-2, Karm
Pura Complex, |
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Tel. No.: |
91-11-25920665,25920666,45052364,45052365 |
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Mobile No.: |
91-9810237027 |
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Fax No.: |
91-11-25920666 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Sandeep Malhotra |
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Designation : |
Director |
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Address : |
C-2, Brij Vihar, Pitam Pura, |
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Date of Birth/Age : |
14.10.1970 |
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Date of Appointment : |
14.05.1999 |
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Name : |
Mr. Sanjeev Malhotra |
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Designation : |
Director |
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Address : |
169, SFS Pocket – 10, Sector – 11, Rohini, |
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Date of Birth/Age : |
27.12.1966 |
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Date of Appointment : |
14.05.1999 |
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Name : |
Mrs. Uma Malhotra |
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Designation : |
Director |
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Address : |
169, SFS Pocket – 10, Sector – 11, Rohini, |
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Date of Birth/Age : |
08.02.1945 |
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Date of Appointment : |
14.05.1999 |
KEY EXECUTIVES
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Name : |
Suman Lata and Company |
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Designation : |
Company Secretary |
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Office Address : |
29/67, West patel Nagar, |
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Tel No. : |
91-11-25882889 / 25751625 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sanjeev Malhotra |
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132500 |
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Parul Malhotra |
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27500 |
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Sneha Malhotra |
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20000 |
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Uma Malhotra |
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20000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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77.00 % |
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Other top fifty shareholders |
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23.00 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of most versatile range of Enamelware,
Hard Anodized Aluminum Cookware, Non Stick Cookware, Casserole, Fry pan,
Karhai, Tawa, Handi, Tarka Pan, Mixing Bowl and Toaster. |
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Products : |
Ř
Enamelware Ř
Hard Anodized
Aluminum Cookware Ř
Non Stick Cookware Ř
Casserole Ř
Fry pan Ř
Karhai Ř
Tawa Ř
Handi Ř
Tarka Pan Ř
Mixing Bowl Ř
Toaster |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
Ř
A.S. Industries Ř
Amit Chemicals Ř
Aryan Cookware Private Limited Ř
Besto Polymers Ř
Capricron Coatings and Colours Ř
Durga Electrics Company Ř
Jain Enterprises Ř
Jain Associates Ř
Janak Raj and Brothers Ř
M B Fastners Ř
Omega Products Ř
Paras Poly-N-Print Ř
S P Indsutries Ř
Sahaj Cerchem Private Limited Ř
United Ceramics Proessing private Limited |
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Customers : |
Ř
Akash Sales Corporation Ř
Anjana Enterprises Ř
Bharat Agencies Ř
Burhani Crockery Centre Ř
Darshak Marketing Ř
Jyoti Marketing Ř
North Eastern Agencies Ř
Minerals Clays and Chemicals Ř
Pareek Enterprises Ř
R S Marketing Ř
Super Star Engineering Works Ř
Taj Metals Ř
Vansh Enterprises Ř
Ajay Home Products Limited Ř
S S K Traders |
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Bankers : |
Punjab National Bank, Punjabi Bagh, Bank of India,
TDI Mall, Lajpat Nagar, New Delhi – 110024, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jagdish Kumar Gupta Chartered Accountants |
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Address : |
Bunglow No. 23, |
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Tel. No.: |
91-11-25880102 / 5637 / 8300 / 3501 |
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Mobile No.: |
91-9810195156 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/-each |
Rs. 6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/-each |
Rs. 6.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
6.000 |
4.000 |
4.000 |
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2] Share Application Money |
1.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.236 |
0.852 |
0.464 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.736 |
4.852 |
4.464 |
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LOAN FUNDS |
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1] Secured Loans |
2.629 |
2.846 |
3.602 |
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2] Unsecured Loans |
1.495 |
2.018 |
0.361 |
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TOTAL BORROWING |
4.124 |
4.864 |
3.963 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
12.860 |
9.716 |
8.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.244 |
5.111 |
5.586 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
14.411
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9.787 |
8.865 |
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Sundry Debtors |
8.547
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6.671 |
3.935 |
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Cash & Bank Balances |
0.290
|
0.103 |
0.081 |
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Other Current Assets |
0.387
|
0.013 |
0.013 |
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Loans & Advances |
1.794
|
1.898 |
1.726 |
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Total
Current Assets |
25.429
|
18.472 |
14.620 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.415
|
13.817 |
11.729 |
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Provisions |
0.398
|
0.050 |
0.050 |
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Total
Current Liabilities |
18.813
|
13.867 |
11.779 |
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Net Current Assets |
6.616
|
4.605 |
2.841 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.860 |
9.716 |
8.427 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
60.319 |
45.610 |
39.431 |
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Other Income |
0.008 |
0.055 |
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Total Income |
60.327 |
45.665 |
39.431 |
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Profit/(Loss) Before Tax |
0.882 |
0.370 |
0.302 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
0.882 |
0.370 |
0.302 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
8.765 |
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Administrative Expenses |
0.000 |
0.000 |
3.276 |
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Selling Expenses |
0.000 |
0.000 |
4.782 |
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Raw Material Consumed |
36.732 |
27.563 |
20.845 |
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Fixed and general Overheads |
0.000 |
0.000 |
1.460 |
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Consumption of stores and spares parts |
0.519 |
0.371 |
0.000 |
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Salaries, Wages, Bonus, etc. |
2.862 |
2.173 |
0.000 |
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Managerial Remuneration |
0.816 |
0.579 |
0.000 |
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Payment to Auditors |
0.066 |
0.033 |
0.000 |
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Interest |
1.463 |
1.147 |
0.000 |
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Insurance Expenses |
0.094 |
0.105 |
0.000 |
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Power & Fuel |
6.578 |
5.203 |
0.000 |
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Depreciation & Amortization |
0.933 |
0.929 |
0.000 |
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Other Expenditure |
9.382 |
7.191 |
0.000 |
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Total Expenditure |
59.445 |
45.294 |
39.128 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.46
|
0.81 |
0.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.46
|
0.81 |
0.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.78
|
1.57 |
1.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.08 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.63
|
3.86 |
3.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.33 |
0.33 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
Ř
Computers
Ř
Fire Extinguisher
Ř
Furniture and Fixture
Ř
Fax
Ř
Cellular Phone
Ř
Plant and Machinery
Ř
Fan
Ř
Tools and Equipments
Ř
Car
Ř
Office Equipments
Ř
Air Conditioners
Ř
Generator
Ř
Scooter
Ř
Water Cooler
Ř
Patent and Trade Mark
Bankers Charges
Report as per Registry
|
Name of the company |
MEGHDOOT
APPLIANCES LIMITED |
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Presented By |
MR. SANJEEV MALHOTRA,
DIRECTOR |
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1) Date and description of instrument creating the change |
Agreement
executed on 13.11.2001 Registered on
12.12.2001 PNB 148
Hypothecation of Stock PNB 516
Hypothecation of Book debts PNB 879 Movable
Fixed Assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
CC Hypothecation
Rs. 2.000 Millions DD Clean Rs.
0.250 Millions Car Loan Rs.
0.348 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 |
Hypothecation of
stock such as raw materials, stock in progress, semi finished goods, finished
goods lying in the factory Hypothecation of
book dents Hypothecation of
movable fixed assets 3rd
party Cheques and demand drafts Car Maruti 800
Std. – DL 9CE 0986 Car Maruti 800
Std – DL 9CE 0985 Property No 1055,
MIE Phase, Haryana |
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4) Gist of the terms and conditions and extent and operation of the charge. |
14.5 % pa..
subject to change from time to time by the Bank and Margin 25 % and 20 % |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Punjabi Bagh, |
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6) Date and brief description of instrument modifying the charge |
All documents
dated 30.08.2005 PNB 148
Hypothecation of Stock PNB 516
Hypothecation of Book debts PNB 879 Moveable
Fixed assets letter of continuity |
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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. |
Modification Amount sanctioned
was enhanced form the said limit to provide credit for the following items : CC Hypothecation Rs.
3.500 Millions DD Clean Rs.
0.500 Millions Car Loan Rs.
0.348 Millions The charge was
additionally security by Plant and Machinery new purchased and all other
block assets Rate of Interest
15 % p.a. CC Hyp. And 15 % pa.. Margin 25 % and
20 % The said charge
was created on 01.01.2002 and registered on 29.01.2002 Modification II Amount sanctioned
was enhanced from the said limit to provide credit for the CC Rs. 4.2
Millions and other things remain unchanged Rate of Interest
15 % pa. subject to change form time to time form Bank and Margin 25 % The said charge
was created on 1.07.2002 and reg. on 29.07.2002 Modification III Amount sanctioned
was enhanced from the said limit to provide credit for the following items CC Hypothecation
Rs. 6.000 Millions DD Clean Rs.
1.000 Millions Rate of interest
14.25 % pa.. subject to change form time to time from Bank and margin 25 % The said charge
was created on 21.02.2003 and registered on 17.03.2003 Modification IV Amount sanctioned
was enhanced from the said limit to provide credit for the CC H Rs. 7.2
Millions. The Limit enhanced is on the adhoc basis The charge was
additionally secured by Plant and Machinery new purchased and all other block
assets Rate of interest
12.75 % p.a. subject to change from time to time Bank and Margin 25 % The said charge
was created on 11.12.2004 and registered on 07.01.2005 Modification V Amount sanctioned
was enhanced form the said limit to provide credit for the CC H Rs. 9.500
Millions Rate of interest
12.75 % p.a. subject to change form time to time Bank and Margin : 25 % |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29309DL1999PLC099114 |
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Name of the
company |
MEGHDOOT APPLIANCES LIMITED |
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Address of the
registered office or of the principal place of business in |
FF-2, |
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Type of charge |
Book debts Movable property Others |
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If others specify
|
Stock, Raw Material and all
movable assets |
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Particular of
charge holder |
Bank of TDI Mall Lajpat Nagar |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
hypothecation of tangible movable assets dated 01.02.2007 for Adhoc CC Limit
of Rs. 4.000 Millions entered between the company & the Bank |
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Date of
instrument Creating the charge |
01.02.2007 |
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Amount secured by
the charge |
Rs. 4.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
12 % pa.. Extent and
operation of the charge : The charge shall
operate on all tangible movables assets of the borrower including in
particular all stocks or RM such as stores, spares parts, chemicals, stock in
process and finished goods such as enamelware’s and kitchen wares and
furniture etc. |
|
Short particulars
of the property charged |
The charge shall
operate on all tangible movable assets of the borrower including in
particular all stocks or RM such as stores, spares parts, chemical, stock in process and finished goods such as
enamelwares and kitchen wares and furniture etc. |
Subject is manufacturer
and exporter of most versatile range of Enamelware, Hard Anodized
Aluminum Cookware, Non Stick Cookware, Casserole, Fry pan, Karhai, Tawa, Handi,
Tarka Pan, Mixing Bowl and Toaster. Their primary focus is on
bringing distinctive Indian designs to the market with attractive colors and
innovative features. Their vivid products are available in exclusive designs,
quality and variety that represent the dynamic market trends. They always strive
to manufacture products that are completely flawless and superior in quality.
They aim at building long term business relationship with clients all around
the globe and always stand upto their expectation. They are a professionally
managed company aiming to achieve highest quality standards with full assurance
of timely delivery.
Quality
With the cooperation of highly efficient and dedicated team members, they carry
out quality control checks at all stages of production, right from the
selection of raw material to the dispatch of final products. Their products
have established a niche on the platforms of design and utility for their easy
handling and maintenance.
Infrastructure
They have manufacturing house built with technologically high quality machines.
They also have innovative and hardworking professionals to execute each stage
of the manufacturing process smoothly and perfectly. They keep upgrading their
equipments and machines with the advancement of technology to provide fast and
flexible services. They have a very healthy working environment where
excellence and brilliance drive the whole manufacturing process.
Client
Their wide client base through out the world has made them proud and influenced
them to offer you the best quality service depending on the requirements. They
are an internationally competent manufacturer and exporter of kitchenware both
in the private and commercial sector.
Standard Certification : An ISO
9001 : 2000 Certified Company
Monthly
Production Capacity : 8 Million Pieces
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 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.40.57 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.55.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING 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 |
|