MIRA
INFORM REPORT
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Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MALWA OXYGEN AND INDUSTRIAL GASES PRIVATE LIMITED |
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Registered Office : |
Sector c, Industrial Area, Ratlam-457 001, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.12.1981 |
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Com. Reg. No.: |
10 – 1866 |
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CIN No.: [Company
Identification No.] |
U24111MP1981PTC001866 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Dealers, Agents and Suppliers of all kinds of gases
including oxygen, hydrogen, nitrogen, argon, accessories and equipments. |
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 59388 |
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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 fair. Business is active. Payments are reported as 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 / Factory: |
Sector C, Industrial Area, Ratlam-457 001, Madhya Pradesh |
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Tel. No.: |
91-7412-260840 / 270344 |
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Fax No.: |
91-7412-260667 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pramod Kumar Vyas |
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Designation : |
Director |
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Address : |
Pushpak-22, Mitra Niwas Road, Ratlam-457 001, Madhya Pradesh, India |
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Date of Birth/Age : |
16.07.1940 |
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Date of Appointment : |
07.12.1981 |
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Name : |
Mr. Sanjay Vyas |
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Designation : |
Director |
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Address : |
Pushpak-22, Mitra Niwas Road, Ratlam-457 001, Madhya Pradesh, India |
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Date of Birth/Age : |
07.10.1968 |
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Date of Appointment : |
16.08.1988 |
KEY EXECUTIVES
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Name : |
Ajit Jain and Company |
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Designation : |
Secretary |
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Address : |
‘Prem Villa’, 84, Kailash Park Colony, Near Geeta Bhawan, Indore-452
001 |
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Tel No. : |
91-731-2497031 / 4064510 |
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Mobile : |
91-9425053710 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vyas Pramod Kumar |
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6701 |
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Mrs. Vyas Pushpa |
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5800 |
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Mr. Vyas Sanjay |
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3500 |
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Mrs. Bohra Seema |
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1040 |
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Mr. Vyas Sandeep |
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3723 |
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Mr. Sat. Devendra Kumari |
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300 |
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Mr. Vyas Rajesh |
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2000 |
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Mrs. Vyas Renu |
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115 |
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Mrs. Vyas Neetu |
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115 |
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Total |
23294 |
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Equity Share
Breakup(percentage of total equity) |
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Directors or relatives of directors |
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98.35 |
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Other top fifty (50) shareholders (other than listed above) |
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1.65 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Dealers, Agents and Suppliers of all kinds of gases
including oxygen, hydrogen, nitrogen, argon, accessories and equipments. |
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Products : |
v Oxygen and
Dissolved Acetylene Gas v Drug and Drug
Intermediate v Para-Chlorobenzophen
one v Para-Bromobenzophen v Para-Flurobenzophen v Para-Methoxyenzophen v Para-Aminobenzophen
one v Pera-Bromoacetophenone v Ortho-Chlorobenzophen
one v Chloromethyl 3,5 v Dimethyl v Methoxy
Hydrochloride 4 |
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Exports to : |
v USA v European
Countries v Israel |
GENERAL INFORMATION
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Bankers : |
State Bank of India Commercial Branch, Ratlam, Madhya Pradesh |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Samarthlal P Jain and Company Chartered Accountants |
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Address : |
37, Prince Yeshwant Road, Indore-450 002, Madhya Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/-Each |
Rs.2.500 Millions |
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5000 |
Preference Shares |
Rs.100/- Each |
Rs.0.500 Million |
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Total |
Rs.3.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24994 |
Equity Shares |
Rs.100/-
Each |
Rs.2.499
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.499 |
2.329 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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12.348 |
12.321 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.847 |
14.650 |
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LOAN FUNDS |
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1] Secured Loans |
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6.515 |
7.834 |
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2] Unsecured Loans |
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0.598 |
0.517 |
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TOTAL BORROWING |
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7.113 |
8.351 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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21.960 |
23.001 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.102 |
11.050 |
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Capital work-in-progress |
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2.672 |
2.197 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.878 |
3.577 |
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Sundry Debtors |
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9.000 |
12.588 |
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Cash & Bank Balances |
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0.025 |
0.012 |
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Other Current Assets |
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5.801 |
1.582 |
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Loans & Advances |
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1.887 |
1.292 |
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Total
Current Assets |
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19.591 |
19.051 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.047 |
8.947 |
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Provisions |
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2.358 |
0.350 |
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Total
Current Liabilities |
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21.405 |
9.297 |
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Net Current Assets |
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(1.814) |
9.754 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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21.960 |
23.001 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Including other income] |
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89.320 |
50.635 |
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Profit/(Loss) Before Tax |
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4.960 |
3.554 |
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Provision for Taxation |
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2.000 |
-- |
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Profit/(Loss) After Tax |
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2.960 |
3.554 |
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Expenditures : |
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Financial Charges |
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0.147 |
0.523 |
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Depreciation |
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3.149 |
1.477 |
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Other Expenditure |
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77.768 |
43.081 |
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Total Expenditure |
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81.064 |
45.081 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.31 |
7.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.55 |
7.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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25.31 |
18.65 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.44 |
0.63 |
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Current Ratio (Current Asset/Current Liability) |
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1.02 |
1.09 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
MALWA OXYGEN AND INDUSTRIAL
GASES PRIVATE LIMITED |
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Presented
By |
Shri. Pramod
Kumar Vyas |
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1) Date and description of instrument creating the change |
Equitable
mortgage deed dated 21.03.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.900 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 |
All immovable
properties and assets including Land, Building and Immovable Plant and Machinery
erected or which may be erected in future on 157780 Sq. ft. Land situated at
sector “C” Industrial Area, Ratlam |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The mortgage charge
for secured Cash Credit limit including export packing limit, term loan Bank
Guarantees and Letter of Cash, Credit total Rs.11.900 Millions. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Commercial
Branch, Ratlam, Madhya Pradesh |
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6) Date and brief description of instrument modifying the charge |
Supplementary
deed of Hypothecation dated 26.03.2004 for increase in various limits from
Rs.11.900 Millions to Rs.12.330 Millions |
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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. |
All Movable/Immovable
properties and assets including Land / Building Plant and Machinery erected
or which may be erected in future on factory land and all present and future
goods and all present and future goods and book debts of the company
including documents of title goods and other assets such as outstanding
monevs etc. |
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This form is for |
Creation of
charge |
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Charge
identification number of the charge to be modified |
- |
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Corporate
identity number of the company |
U24111MP1981PTC001866 |
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Name of the
company |
MALWA OXYGEN AND
INDUSTRIAL GASES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Sectors C,
Industrial Area, Ratlam-457 001, Madhya Pradesh, India |
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Type of charge |
v
Immovable
Property v
Book Debts. v
Movable
Property v
Others v
Guaranteed
By Directors and Others |
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Particular of
charge holder |
State Bank of
India Commercial
Branch, (Code No. 9452), Mitra Niwas Road, Ratlam-457001, Madhya Pradesh E-Mail : cbratlam@yahoo.com |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
13.04.2007 |
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Amount secured by
the charge |
Rs.26.850
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest - 0.75% Above SBAR
(Present SBAR is 12.25%) for Term Loan (TLA) (Minimum 13.50 %) and For
Working Capital (CLA) 0.25% Above ABAR (Minimum 13 %) Terms of
repayment -Working Capital
Facilities Rs.18.350 Millions are payable on demand i.e. Term Loan Rs.8.500
Millions - Term Loan v
Rs.4.000
Millions (Old TL Outstanding) payable by 20 Qtrly Installment of Rs.0.200
Millions v
Rs.4.500
Millions (New Term Loan) Payable by 20 Quarterly Installment of Rs.0.225
Millions each from 01.04.2007 Margin -Raw material
imported 25% -Raw material
indigenous 25% -Semi finished
Goods 25% -Finished Goods
25% -Consumables /
Stores / Spares 100% -Domestic
Receivables (60 days) 40% -Export Packing
Credit 10 % -Letters of
Credit 25% Extent operation
of the charge v
First Charge
on entire fixed assets (Present and to be Acquisation) v
Extension of
charge on entire current assets of the company |
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Short particulars
of the property charged |
22, Mitra Niwas Road, Ratlam |
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Date of latest
modification prior to the present modification |
Not Applicable |
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Particulars of
the present 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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.29 |
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UK Pound |
1 |
Rs.77.05 |
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Euro |
1 |
Rs.58.39 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
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 |
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