MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARVEL FRAGRANCES PRIVATE LIMITED |
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Registered Office : |
C/449 MIDC, TTC, Turbhe, Navi Mumbai – 400 708, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.06.1992 |
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Com. Reg. No.: |
067216 |
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CIN No.: [Company
Identification No.] |
U17110MH1992PTC067216 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM32081A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Incense Sticks and Other
Products. |
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 1463490 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Khatri |
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Designation : |
Account Manager |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office : |
C/449 MIDC, TTC, Turbhe, Navi Mumbai – 400 708, Maharashtra |
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Tel. No.: |
91-22-2761 4212 |
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Fax No.: |
91-22-2768 0753 |
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Website : |
www.mysoremarvel.com |
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Corporate Office : |
711, Raheja Centre, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22844597 / 2832128 |
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Fax No.: |
91-22-22830710 / 56325136 |
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Factory : |
C/446 MIDC, TTC, Navi Mumbai – 400 078, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Madhoo D. Ahuja |
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Designation : |
Director |
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Address : |
Flat No. 91, Viraj Silverene, 321 Hill Road, Opp. Mehboob Studio,
Bandra (W), Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
20.05.1935 |
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Date of Appointment : |
01.11.1994 |
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Name : |
Mr. Anil M. Ahuja |
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Designation : |
Director |
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Address : |
Flat No. 91, Viraj Silverene, 321 Hill Road, Opp. Mehboob Studio,
Bandra (W), Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
17.09.1962 |
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Date of Appointment : |
01.11.1994 |
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Name : |
Mr. Sunil M. Ahuja |
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Designation : |
Director |
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Address : |
Flat No. 91, Viraj Silverene, 321 Hill Road, Opp. Mehboob Studio,
Bandra (W), Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
02.11.1963 |
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Date of Appointment : |
01.11.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Madhoo D Ahuja |
1376000 |
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Anil M. Ahuja |
808000 |
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Sunil M Ahuja |
800000 |
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Total |
2984000 |
Equity share breakup (percentage of total equity)
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As on 30.09.2007 |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Incense Sticks and Other
Products. |
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Products : |
Candle Holders , Candle Lamps , Candles , Decorative
Objects , Dried Flowers , Incense , Incense Burners , Perfumery , Perfumery Accessories
, Potpourri , Potpourri Holders , Potpourri, Potpourri Holders , Religious
Gifts , X-mas Decorations And Ornaments , X-mas Tree Candles, Decorations,
Balls Or Holders |
GENERAL
INFORMATION
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Bankers : |
Canara Bank Girgaon Branch, Prathana Samaj Bldg., 160, Rajaram Mohan Roy Road,
Mumbai – 400 004, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Bharat R Parekh and Company Chartered Accountants 44, M G Road, Opp. Bank of Baroda, Vile Parle (E), Mumbai – 400 057,
Maharashtra, India |
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Sister Concern: |
Marvel Candles Manufacturing Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3250000 |
Equity |
Rs. 10/- each |
Rs. 32.500 millions |
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Total |
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Rs. 32.500
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2984000 |
Equity |
Rs. 10/- each |
Rs. 29.840 millions |
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Total |
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Rs. 29.840 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
29.840 |
29.840 |
29.840 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
262.858 |
250.339 |
235.409 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
292.698 |
280.179 |
265.249 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
292.698 |
280.179 |
265.249 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.185 |
15.600 |
14.363 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
219.502 |
216.542 |
205.102 |
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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 |
27.269
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29.338 |
29.275 |
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Sundry Debtors |
15.030
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20.779 |
14.967 |
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Cash & Bank Balances |
0.330
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0.646 |
0.123 |
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Other Current Assets |
18.453
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6.377 |
14.283 |
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Loans & Advances |
0.235
|
0.160 |
1.605 |
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Total
Current Assets |
61.317
|
57.300 |
60.253 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.667
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7.557 |
12.636 |
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Provisions |
0.639
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1.711 |
1.843 |
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Total
Current Liabilities |
3.306
|
9.268 |
14.479 |
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Net Current Assets |
58.011
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48.032 |
45.774 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.010 |
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TOTAL |
292.698 |
280.179 |
265.249 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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94.206 |
116.902 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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94.206 |
116.902 |
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Profit/(Loss) Before Tax |
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12.552 |
14.930 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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12.552 |
14.930 |
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Earnings in Foreign Currency : |
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Export Earnings |
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90.748 |
115.787 |
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Expenditures : |
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Interest |
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0.030 |
0.059 |
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Depreciation & Amortization |
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0.676 |
0.630 |
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Other Expenditure |
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80.948 |
101.283 |
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Total Expenditure |
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81.654 |
101.972 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
13.32
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12.77 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
13.32
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12.77 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.41
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20.48 |
- |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.05 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01
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0.03 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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18.55
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6.18 |
4.16 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporate
identity number (CIN) Foreign company registration number |
U17110MH1992PTC067216 |
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Name of the
Company |
MARVEL FRAGRANCES PRIVATE LIMITED |
|
Address |
C/449 MIDC, TTC, Turbhe, Navi Mumbai – 400 708, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of Charge |
·
Book debts ·
Movable
property ·
Others |
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Particulars of the
charge holder |
Canara Bank Girgaon Branch, Prathana Samaj Bldg., 160, Rajaram Mohan Roy Road,
Mumbai – 400 004, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Common
Hypothecation Agreement dated 10.03.2008 |
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Date of the
instrument creating or modifying the charge |
10.03.2008 |
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Amount secured by
the charge |
Rs. 25.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate of
Interest Rate of Interest 11.50% p.a. ·
Terms of
repayment Entire Loan to the repaid within 60 Months including moratorium period
of 6 months from the date of first disbursement. Monthly installments of Rs.
0.420 millions and interest to be recovered as and when due. ·
Margin As per stipulated by Bank. ·
Extent and
operation of the charge The bank shall have first charge on the assets secured. |
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Short particulars
of the property charged (including location of the property) |
·
Hypothecation
of Wind Mill WTG of 600 kw model no S-52-75L (Lattice Tower) and accessories
value of Rs. 37.500 millions. Book Debts, Stock etc ·
EMT of
leasehold land duly registered in the Borrowers name, where Wind Mill will be
installed. |
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 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.42.86 |
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UK Pound |
1 |
Rs.83.58 |
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Euro |
1 |
Rs.66.17 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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 |
|
|
>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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