MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MARVEL THERMOSETS PRIVATE LIMITED |
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Registered Office : |
Joseph Villa Gr Gloor Jaiprash Nagar, Road
No 5, Goregaon (E), Mumbai - 400063,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.04.1973 |
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Com. Reg. No.: |
11-016505 |
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CIN No.: [Company
Identification No.] |
U25205MH1973PTC016505 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20920E |
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PAN No.: [Permanent
Account No.] |
AAACM0688B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Rubber Chemical and Additives |
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 60000 |
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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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Gopal Krishnan |
|
Designation : |
Finance Manager |
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Date : |
13.08.2008 |
LOCATIONS
|
Registered Office : |
Joseph Villa Ground Floor, JP Nagar, Road No 5, Goregaon (E), Mumbai -
400063, Maharashtra, India |
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Tel. No.: |
91-22-26861406 |
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Fax No.: |
91-22-26862917 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
Plot No. 15, Sai Prasad, Ground Floor, J P Nagar Road, Goregaon
(East), Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-26861406 |
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Factory : |
197/198, 215/216, Jawahar Co-Op Industrial Estate, Kamothe, Panvel,
Raigad, India |
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Tel. No.: |
91-22-26861406 / 27420688 |
DIRECTORS
|
Name : |
Mr. Narendra Vaman Ketkar |
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Designation : |
Managing Director |
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Address : |
Krishnakunj Nandadeep Soc. JP Nagar Road No:5,Goregaon (E), Mumbai -
400063, Maharashtra |
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Date of Birth/Age : |
10.10.1952 |
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Date of Appointment : |
14.09.1978 |
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Name : |
Mr. Megha Narendra Ketkar |
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Designation : |
Chairman cum Managing Director |
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Address : |
Krishnakunj Nandadeep Soc. JP Nagar Road No 5,Goregaon (E), Mumbai -
400063, Maharashtra |
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Date of Birth/Age : |
15.07.1957 |
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Date of Appointment : |
20.07.1994 |
MAJOR SHAREHOLDERS
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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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 |
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Megha Narendra Ketkar Jointly
with Narendra Vaman Ketkar |
|
919 |
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Narendra Vaman Ketkar Jointly
with Megha Narendra Ketkar |
|
1086 |
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Romit Narendra Ketkar Jointly with
Narendra Vaman Ketkar |
|
1187 |
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Amar Vaman Ketkar Jointly with
Megha Narendra Ketkar |
|
1460 |
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Digambar Keshav Ponkshe Jointly with Sushila Digambar Ponkshe |
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12 |
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Megha Narendra Ketkar Jointly with Narendra Namhn Ketkar |
|
6543 |
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Vardhan Narendra Ketkar Jointly with Narendra Vaman Ketkar |
|
3693 |
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Narendra Vaman Ketkar Jointly
with Megha Narendra Ketkar |
|
1241 |
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Narendra Vaman Ketkar |
|
3439 |
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Amar Vaman Ketkar |
|
118 |
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Amar Vaman Ketkar |
|
30 |
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Amar Vaman Ketkar Jointly with Romit Narendra Ketkar |
|
220 |
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Narendra Vaman Ketkar |
|
17746 |
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Shirish Kushan Sane Jointly with Mangaladevi Keshav Sane |
|
1 |
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Jagdish Devram Samant Jointly with Sushla Digambar Ponkshe |
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1 |
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Suparna Shirish Sane Jointly with Swarda Shirish Sane |
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1 |
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Ravindra Natvarlal Gohil Jointly with Natvrlar Gohil |
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1 |
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Gopalkrishna Pad Manabhan Pilli Jointly with Sushila Gopalkrishna Pillai |
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1 |
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P. R. Rajan Jointly with Rajiv Ranjan |
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1 |
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Vijay Vasant Kulkarmi Jointly with Sunita Vijay Kulkarni |
|
1 |
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Jayesh Natwarlal Gohil |
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1 |
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Sudhir Bhalchandra Pradhan |
|
1 |
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Nair Vishwanath Achutan Jointly with Vishwanathan Nair |
|
1 |
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Rajaram Yashawant Gurav Jointly with Rajasghree Rajaram Gurav |
|
1 |
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Sadhana Subhash Purohit Jointly with Mangqala Jasani |
|
1 |
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Rekha Vishnu Kadam Jointly with Nayana Vishnu Kadam |
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1 |
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Ghansham tukaram Indap |
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1 |
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Gajanan Trimbak Thatte Jointly with L J Dhawale |
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1 |
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Somasundaran Balkrishna Nair |
|
1 |
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Ratnakar Waman Dabke |
|
1 |
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Jitendra Laxman Solanki |
|
1 |
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Shivdas V Galkwad |
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1 |
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Vardhan Narendra Ketkar |
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8 |
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Hashad Girdharlal Turakhia |
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1 |
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Varsha Hashad Turakhia |
|
1 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Directors or relatives of Director |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber Chemical and Additives |
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Products : |
P F Resins,Industrial Moulding Articles,
Amino- resins, Phenolic-resins and polyrethanes |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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No. of Employees : |
20 (In Office 8 and In Factory 12) |
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Bankers : |
Union Bank of India Goregaon (East), Branch:172/73, Shri Sadan, Mumbai - 400063,
Maharashtra India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharad Joshi and Company Chartered Accountant |
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Address : |
6/C, Jayendra Bhuvan, B/H Ranes Girls High School Mumbai - 400028,
Maharashtra |
CAPITAL STRUCTURE
(As on 29.09.2007)
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 |
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Total |
|
Rs.6.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
30 |
Preference Shares |
Rs.100/- each |
Rs.0.003 Millions |
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Total |
|
Rs.5.003
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.003 |
5.003 |
4.003 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.042 |
6.341 |
3.482 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.045 |
11.344 |
7.485 |
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|
LOAN FUNDS |
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1] Secured Loans |
30.404 |
15.970 |
11.224 |
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2] Unsecured Loans |
15.328 |
14.547 |
11.566 |
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TOTAL BORROWING |
45.732 |
30.517 |
22.790 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
57.777 |
41.861 |
30.275 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.448 |
14.942 |
8.823 |
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Capital work-in-progress |
8.408 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
0.014 |
0.014 |
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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 |
10.088
|
5.712 |
3.767 |
|
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Sundry Debtors |
55.672
|
35.936 |
37.782 |
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Cash & Bank Balances |
6.741
|
1.822 |
1.794 |
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Other Current Assets |
2.076
|
2.049 |
2.054 |
|
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Loans & Advances |
3.283
|
2.541 |
1.935 |
|
Total
Current Assets |
77.860
|
48.060 |
47.332 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
44.341
|
23.398 |
29.038 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
44.341
|
23.398 |
29.038 |
|
|
Net Current Assets |
33.519
|
24.662 |
18.294 |
|
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MISCELLANEOUS EXPENSES |
1.388 |
2.243 |
3.144 |
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TOTAL |
57.777 |
41.861 |
30.275 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2005 |
||
|
Sales Turnover |
161.151 |
121.173 |
95.953 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
161.151 |
121.173 |
95.953 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
0.873 |
2.970 |
0.515 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.873 |
2.970 |
0.515 |
|
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|
|
|
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Expenditures : |
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|
|
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Interest |
0.000 |
0.000 |
3.598 |
|
|
Depreciation & Amortization |
1.227 |
1.482 |
1.250 |
|
|
Other Expenditure |
159.051 |
116.721 |
90.895 |
|
Total Expenditure |
160.278 |
118.203 |
95.743 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.54
|
2.45 |
0.53 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.54
|
2.45 |
0.53 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.95
|
4.71 |
0.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.26 |
0.06 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
7.48
|
4.75 |
3.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
2.05 |
1.63 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Grindvill Nothern Limited – Mumbai, Factory – Nagpur
·
Corborindum Universal Limited - Mumbai
Form No. 8
|
Name of the company |
MARVEL
THEROMOSETS PRIVATE LIMITED |
|
Presented By |
Union Bank of
India, Goregaon (East), Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Hypothecation
(Goods) Agreement Dated 12th
December, 2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 millions |
|
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
Plant and Machinery belonging to the Borrower which now or hereinafter from
time to time during this security shall be brought in, stored or to be or
about the Borrower’s premises or godown/s at Plot 197, 198, 215, 216 Jawahar
Industrial Estate, Raigad and Joseph Villa Gr. Floor, J P Nagar, Road No. 5,
Mumbai – 400 063 or in the godowns/premises hired by the Borrower for storing
them and /or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 15.50% per annum with monthly rests or such other revised rate/s as
may be prescribed by the Bank from time to time depending upon the changes in
the Prime Lending Rate of the Bank or upon the directives of Reserve Bank of
India from time to time or the policy of the bank on advances. Margin : 25% |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Goregaon (East),
Branch, Shri Sadan, Shantaben Estate, Goregaon(East), Mumbai – 400 063,
Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
Extension of Equitable Mortgage on 10th February, 2005 |
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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. |
The original
charge dated 12.12.2002 for Rs.2.000 millions has been modified from time to
time as under: On 17.03.2003 an
Extension of an Equitable Mortgage was created in respect of company’s
immovable property viz. All that piece or parcel of land bearing Plot Nos.
197, 198, 215 and 216 admeasuring 2932 Sq. yards bearing Survey no. 373,
Village Kamothe Taluka Panvel, District Raigad together with building and
structures constructed thereon together fixed plant and machinery or building
and structures which may hereafter be erected / constructed together with
fixed plant and machinery for the due repayment of Term Loan Facility of Rs.2.000
millions granted by the Bank to the company together with interest, costs,
charges, addition interest etc. Vide this
modification Extension of the Equitable Mortgage of the Company’s Property
created earlier as well as Equitable Mortgage of additional Property has been
created in favour of the Bank as detailed below to secure the due repayment
to Union Bank of India of all the amounts advanced or to be advanced and all
the amounts under Term Loan facility of Rs.0.840 millions (O/S level) granted
or to be granted by the Bank to M/s. Marvel Thermosets Private Limited
together with interest, compound interest and /or additional interest in case
of default, exchange fluctuations, costs, charges, expenses etc. Description of
Property Mortgaged Earlier All that piece or
parcel of land bearing Plot Nos. 197, 198, 215 and 216 admeasuring 2932 Sq,
yards bearing Survey No. 373, Village Kamothe, Taluka Panvel, Dist Raigad
together with building and structures constructed thereon together fixed
plant and machinery or building and structures which may hereafter be elected
/ constructed together with fixed plant and machinery. Description of
the Additional Property Mortgaged Residential Flat
admeasuring about 576 sq. ft. Built up area being flat No. 1, on the ground floor
of building “Sai Prasad” constructed on all those pieces and parcels of land
admeasuring about 452.2 Sq. mtrs. Bearing CTS. No. 97/1 and 97/2 Survey No.
11 (pt), Village Eksar, Pahadi, Goregaon, Mumbai Subarban District in the
Registration District and Sub – District of Mumbai city. Thus the total
charge now stood at the reduced level of Rs.0.840 million. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90186132 |
|
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 (not being pledge) ·
Floating
charge ·
Book Debts |
|
Particular of
charge holder |
Union Bank of
India Goregaon (East), Branch,
172/3, Shri Sadan, Shantaben Estate, Goregaon(East), Mumbai - 400063,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement of Goods and Debts |
|
Date of
instrument Creating the charge |
15.11.2006 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest: BPLR+1.50 i.e. 11.50% + 1.50% = per annum with monthly rests ·
Terms of
repayment: On Demand ·
Margin: 25% Stocks and 30% Book Debts ·
Extent and
operation of the charge: To secure Cash Credit (Hyp) facility of Rs.20.000 millions W/W Import
L/C (DA) ( 30 to 60 days) of (Rs.10.000 millions) granted by the Bank to
the Company |
|
Short particulars
of the property charged |
The Borrower
hereby hypothecated by way of first charge in favour of the Bank: Raw Material, Semi finished and Finished Goods consumables stores and spares and movable property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored / s at Plot No. 197, 198, 215 7 216 Panvel/Goregaon (East) and Entire Book-Debts, Outstanding, Monies, Deposits,
Receivables Claims and Bills etc. |
|
Particulars of
the present modification |
Cash Credit
(Hypothecation) Book – Debts facility modified as Cash Credit (Hyp) Stocks
and Book-Debts and amount enhanced from Rs.16.000 millions to Rs.20.000
millions by addition of Rs.4.000 millions against Hypothecation by way of
first charge in favour of the Bank of Stocks and book – Debts. Modification
Dated: 10.02.2005 was registered on 09.03.2005 at Sr. No. 232 |
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.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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. |
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 |
|