MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILLENNIUM LAMINATES PRIVATE LIMITED |
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Registered Office : |
306, 3rd Floor, Iscon Mall, Star Bazar Building, Jodhpur Cross Roads, Satellite, Ahmedabad – 380015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.01.2002 |
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Com. Reg. No.: |
04-40412 |
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CIN No.: [Company
Identification No.] |
U20212GJ2002PTC040412 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM04609D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of attractive High Pressure Decorative and Industrial Laminates Sheets, Formica etc. |
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 330000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered/ Head Office/ Marketing Office/ |
306, 3rd Floor, Iscon Mall, Star Bazar Building, Jodhpur Cross Roads, Satellite, Ahmedabad-380015, Gujarat, India |
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Tel. No.: |
91-79-26763691 /30988875 |
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Fax No.: |
91-79-40028458 |
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Mobile No.: |
91-9879001684 (Mr Vishal Agarwal) 91-9825073212 (Mr Vikas Agarwal) |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Factory : |
Block No. 153, of Land Survery No. 168/2 and 168/3, Village-Dhanot, Taluka-Kalol, District Gundhinagar |
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Area : |
14527 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vishal Vijay Agarwal |
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Designation : |
Director |
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Address : |
C/2, 14 Goyal Intecity, Opposite T. V. Tower, Near
Drive-In Thaltej, Ahmedabad-380062 |
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Date of Appointment : |
30.01.2002 |
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Date of Ceasing : |
17.03.2004 |
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Name : |
Mrs. Santoshdevi Vijaykumar Agarwal |
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Designation : |
Director |
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Address : |
C/2, 14 Goyal Intecity, Opp T. V. Tower, Near Drive-In
Thaltej, Ahmedabad-380062 |
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Date of Birth/Age : |
18.11.1956 |
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Date of Appointment : |
01.10.2003 |
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Name : |
Mr. Vikas V Agarwal |
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Designation : |
Director |
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Address : |
C/2, 14 Goyal Intecity, Opp T. V. Tower, Near Drive-In
Thaltej, Ahmedabad-380062 |
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Date of Appointment : |
30.01.2002 |
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Name : |
Mr. Vijaykumar Vikas Agarwal |
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Designation : |
Director |
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Address : |
C/2, 14 Goyal Intecity, Opp T. V. Tower, Near Drive-In
Thaltej, Ahmedabad-380062 |
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Date of Birth/Age : |
17.07.1954 |
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Date of Appointment : |
09.02.2004 |
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Name : |
Mrs. Vanita V. Agarwal |
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Designation : |
Director |
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Date of Appointment : |
15.07.2006 |
KEY EXECUTIVES
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Name : |
Mr. Prem R Laddha |
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Designation : |
Company Secretary |
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Address : |
615, Sahyog Apartment, Keshavnagar, Subhash Bridge, Ahmedabad |
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Tel No. : |
91-79-27551156, 91-9426328298 |
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Name : |
Ms Khusboo Sheikh |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
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Names of Shareholders |
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No. of Shares |
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Mr. Agarwal Vijaykumar Vikas |
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300000 |
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Mr. Agarwal Vijaykumar Vishal |
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270000 |
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Ms V. K. Finance and Investment Company |
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120000 |
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Mrs. Ruchika Agarwal |
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30000 |
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Mrs. Santoshdevi Agarwal |
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30000 |
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Mrs. Vanita Agarwal |
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30000 |
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Mr. Vijaykumar Agarwal |
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20000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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71.44 |
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Directors or relatives of directors |
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28.56 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of attractive High Pressure Decorative and Industrial Laminates Sheets, Formica etc. |
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Products : |
· Decorative Laminated Sheets · Compact Laminate · Liner Laminate · Sandwich Laminate · Becker Laminate · Engraving Laminate · Single Side Decorative Sheets · Double Side Decorative Laminates · Barker Laminates · Plain/Solids laminated sheets · Wooden Designs, · Marbles, · laminated Sheets · Decorative sheets · Attractive laminated sheets, · Industrial sheet |
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Exports : |
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Countries : |
· Sri Lanka · Palestine · Vietnam · Singapore · Dominican Republic · Germany · Saudi Arabia · Jordan · Dubai · Yemen · Africa · United · Kingdom · USA · Greece · Muscat · Iran Israel · Kuwait · Thailand · Taiwan |
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Terms : |
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Selling : |
L/C and as per mutually agreed terms |
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Purchasing : |
L/C and as per mutually agreed terms |
GENERAL
INFORMATION
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No. of Employees : |
About 60 |
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Bankers : |
· UCO Bank Ashram Road Branch, UCO Bank Bhavan, Near Sanyas Ashram, Ashram Road, Ahmedabad-380009 · ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. T. Shah and Company Chartered Accountants |
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Address : |
201/2002, Latitha Complex, 352/3, Rasala Marg,
Navrangpura, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26444430, 26444440 |
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Fax No.: |
91-79-26520440 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6,000,000 |
Equity Shares |
Rs. 10/-each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,672,600 |
Equity Shares |
Rs. 10/-each |
Rs. 56.726
Millions |
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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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56.726 |
28.007 |
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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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26.547 |
11.693 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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83.273 |
39.700 |
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LOAN FUNDS |
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1] Secured Loans |
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23.344 |
19.763 |
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2] Unsecured Loans |
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0.000 |
14.805 |
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TOTAL BORROWING |
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23.344 |
34.568 |
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DEFERRED TAX LIABILITIES |
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3.041 |
2.245 |
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TOTAL |
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109.658 |
76.513 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.279 |
26.286 |
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Capital work-in-progress |
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2.062 |
0.865 |
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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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35.888 |
30.992 |
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Sundry Debtors |
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41.866 |
22.376 |
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Cash & Bank Balances |
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3.234 |
0.939 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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23.310 |
24.760 |
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Total
Current Assets |
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104.298 |
79.067 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.975 |
29.632 |
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Provisions |
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0.134 |
0.220 |
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Total
Current Liabilities |
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25.109 |
29.852 |
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Net Current Assets |
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79.189 |
49.215 |
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MISCELLANEOUS EXPENSES |
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0.128 |
0.147 |
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TOTAL |
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109.658 |
76.513 |
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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 |
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147.647 |
150.300 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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147.647 |
150.300 |
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Profit/(Loss) Before Tax |
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(0.573) |
2.811 |
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Provision for Taxation |
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(0.203) |
1.348 |
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Profit/(Loss) After Tax |
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(0.370) |
1.463 |
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Expenditures : |
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Depreciation & Amortization |
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1.560 |
1.325 |
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Other Expenditure |
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146.660 |
146.164 |
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Total Expenditure |
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148.220 |
147.489 |
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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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(0.25) |
0.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.39) |
1.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.43) |
2.67 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.01) |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.58 |
1.62 |
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Current Ratio (Current Asset/Current Liability) |
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4.15 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 34,
Omkar House, C G Road, Navrangpura, Ahmedabad-380009, and Gujarat, India to the
present address w.e.f. 01.12.2005
Form 8:
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Name of the company |
MILLENNIUM
LAMINATES PRIVATE LIMITED |
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Presented By |
Mr. Vikas
Agarwal [Director] |
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1) Date and description of instrument creating the change |
27.06.2003. Deed
of Hypothecation of goods and book debts and plant and machinery etc. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 25.000 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 |
The whole of the
company’s tangible moveable property viz. Raw materials, stock in process and
stock in trade, plant and machineries, Book Debts both present and future,
etc. more particularly described in the second schedule of the deed which now
or hereinafter from time to time during this security shall be brought into
stored, installed or be in or about the company’s premises belonging to
company or wherever else the same shall stand hypothecated by way of first
charge to the UCO Bank, ashram Road Branch Ahmedabad, for the repayment on
demand of all money at any time payable by the company to the bank. The credit
facilities are also secured by personal guarantee of following directors – 1.
Vikas V Agarwal, 2. Vishal V Agarwal |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The terms and
conditions are as under –
The Term loan Rs.
13.000 Millions shall be repaid in 20 equal quarterly installment with
interest starting from January 2005. Other credit facilities are repayable on
demand and valid for one year from the date of sanction. |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank, Ashram Road
Branch, Near Sanyas
Ashram, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEBSITE
Millenium Laminate is dealing and
importing the decorative and compact laminated sheets on regular basis . in
this context we would like to introduce ourselves as one of leading manufacturer
and exporter of the high pressure laminates.
- They are an well establish company in the field of manufacturing of
attractive, elegent and superior quality hpl sheets of various designes
since last 18years.
- They are producing the next-gen products of high quality with the
state of the art techonology which are classic in nature and are long
lasting.
- Their products are customer-attractive and durable and will also
result as an good add on for your company.
- Currently we are producing high pressure laminated sheets in the 6
sizes of 1220 mm x 2440 mm, 1300 mm x 2800 mm, 1300 x 3050, 1220 x 3050,
1245 x 2465, and 915 x 2135mm with the total production capacity of more
than 10million square meters per annum.
- Finish available with us are gloss, matt, seude, chiffon, textures
. And product is available in the various thicknesses ranging from 0.5 mm
to 15 mm.
- Various kind of laminates what we manufacture on a regualr basis
are like decorative laminates, comapct laminates, fire retardant
laminates, anti ageing laminates, unilayer, white liner, multicolour,
chemical resistant laminates, backer sheets, post forming laminates,
flooring laminates,, uv proof laminates. Apart from this othe products can
also been manufactured when informed
- They have been exporting our products nearly to all part of the
world and they are very well accepted by their customers. Few of the
countries where we exporting are srilanka, palestine, vietnam, singapore,
dominican republic, germaney, soudi arabia, jorden, dubai, yeman, africa,
united kingdom, usa , greece, muscat etc. We are pleased to inform you
that repeat orders continuously are being received from our all customers.
- They Can Offer An Very Attractive And Competative Prices
- Fast delievery and prompt service is major reason what have make us
so successful in last so many years.
- Once they establish a business relations with each other we are
committed and bonded to yourself at all times and will work for the long
term relations
Subject is a renowned
organisation that specialises in the manufacture and export of laminates.
Exquisite range of designs in wooden, marbles, abstracts, metallics & plain
colors in various finishes like gloss, matt, texture, emboss etc. that
complement the entire decor. Designed with artistic brilliance, these laminates
add to the grace of interiors. Never compromising with quality, our motto is to
provide best quality products and better services to their customers.
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--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. |
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 |
|