MIRA
INFORM REPORT
|
Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAHALAXMI DHATU UDHYOG PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C – 52, MIDC, Hingna, Nagpur 440016, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
07.06.1996 |
|
|
|
|
Com. Reg. No.: |
100065 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28920MH1996PTC100065 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NGPM03635C / NGPM01489F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCM8361J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealer of Alloy Steel |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 189000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
C – 52, MIDC, Hingna, Nagpur 440016, Maharashtra, India |
|
Tel. No.: |
91-712-2762550 |
|
Fax No.: |
91-712-3093846 / 777230 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Krishna N. Rathi |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.10.1984 |
|
Date of Appointment : |
07.06.1996 |
|
|
|
|
Name : |
Mr. Nandlal G. Rathi |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.08.1938 |
|
Date of Appointment : |
22.03.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
|
Names of Shareholders |
|
No. of Shares |
|
Narayandas Daga |
|
10 |
|
Narsinghdas Daga |
|
500 |
|
Krishna Rathi |
|
480 |
|
Narayandas Daga |
|
990 |
|
Nandlal Rathi |
|
10 |
|
Shakuntaladevi Rathi |
|
10 |
|
Bhatinda Tracon Private Limited |
|
1400 |
|
Business Function Consultancy Private Limited |
|
1300 |
|
Anand Holding Private Limited |
|
200 |
|
Fast Mercantile Private Limited |
|
300 |
|
Shweta Trade and Service Private Limited |
|
200 |
|
Total |
|
5400 |
|
|
|
|
|
Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
|
Bodies Corporate |
|
57.50 |
|
Directors or relatives of the Directors |
|
42.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Alloy Steel |
GENERAL
INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
Bank of Baroda Dharampeth Branch, West High Court Road, Nagpur 440010, Maharashtra,
India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Agrawal Chhallani and Company Chartered Accountants |
|
Address : |
51, New Colony, Byramji Town, Nagpur 440001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10810 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.081
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.081 |
0.540 |
0.540 |
|
|
2] Share Application Money |
0.000 |
0.260 |
0.260 |
|
|
3] Reserves & Surplus |
46.231 |
29.967 |
28.655 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
47.312 |
30.767 |
29.455 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.124 |
25.843 |
9.899 |
|
|
2] Unsecured Loans |
21.141 |
21.367 |
28.674 |
|
|
TOTAL BORROWING |
65.265 |
47.210 |
38.573 |
|
|
DEFERRED TAX LIABILITIES |
3.965 |
4.455 |
4.044 |
|
|
|
|
|
|
|
|
TOTAL |
116.542 |
82.432 |
72.072 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
29.187 |
30.113 |
29.250 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
37.868
|
31.866 |
27.397 |
|
|
Sundry Debtors |
63.083
|
26.537 |
21.378 |
|
|
Cash & Bank Balances |
1.116
|
2.306 |
0.250 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.995
|
6.700 |
2.581 |
|
Total
Current Assets |
113.062
|
67.409 |
51.606 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.472
|
14.618 |
8.863 |
|
|
Provisions |
1.235
|
0.472 |
0.221 |
|
Total
Current Liabilities |
25.707
|
15.090 |
9.084 |
|
|
Net Current Assets |
87.355
|
52.319 |
42.522 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116.542 |
82.432 |
72.072 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Total Income |
|
363.292 |
228.208 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.363 |
2.314 |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
3.363 |
2.314 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
6.192 |
4.797 |
|
|
Depreciation & Amortization |
|
2.033 |
1.890 |
|
|
Other Expenditure |
|
351.704 |
219.207 |
|
Total Expenditure |
|
359.929 |
225.894 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.92
|
1.01 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.92
|
1.01 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.36
|
2.37 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
2.02 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.39
|
4.46 |
5.68 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
MAHALAXMI DHATU
UDHYOG PRIVATE LIMITED |
|
Presented By |
Bank of Baroda Dharampeth
Branch, West High Court Road, Nagpur 440010, Maharashtra, India |
|
1) Date and description of instrument creating the change |
04.03.2005 Composite
hypothecation agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 22.500
Millions Cash Credit Rs. 5.000 Millions Term Loan ------------------------------------------ Rs. 27.500
Millions Total Credit Facilities |
|
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
Borrowers stocks, both present and future and including but without prejudice
to the generality of the foregoing words, all stock of raw materials, work in
process, finished goods and finished goods such as raw materials, stock in
process, finished goods, stores and spares, other consumable and book debts
of the Company and for Term loan hypothecation of existing plant and
machinery and equipments, packing materials and stores etc. whatsoever and wheresoever situate and/or
in transit whether now belonging to or that may at any time during the
continuance of this security belong to the borrower or that may be held by
any party anywhere to the order and disposition of the borrower. All the present
and future book debts, outstanding monies receivables, claims, bills,
contracts, engagement and securities which are now due and owing or which may
at anytime hereafter during the continuance of this security become due and
owing to the borrower in the course of its business by any person, firm,
company or body corporate or by the Government of India or any State
Government or Indian Railways or any Government Department or office or any
Municipal or local or public or semi government body or authority whatsoever
including those relating to the assets leased out and/or given on hire
purchased basis. All the tangible
movable machinery and plant and cranes, boats and crafts and the vehicles of
the borrower together with spares, tools and accessories and other movables,
both present and future and furniture, fixtures and fittings and office
equipment whether installed or not and whether lying loose or in cases which
are now lying or stored in or about or shall be brought into or be stored or
be in or upon or about the borrowers premises and godowns or wherever else
the same may be or be held by any party to the order or disposition of the
borrower relating or pertaining to the borrowers works at Nagpur. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit L
interest @ 10.25% p.a. with monthly rests and Margin 25% Term Loan :
interest @ 10.50% p.a. with monthly rests and Margin 50% Other terms and
conditions as per loaning documents |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Dharampeth Branch, West High Court Road, Nagpur 440010 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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 |
|
This form is for |
Modification of
charge |
||||||||||||
|
Charge identification
number of the charge to be modified |
80029848 |
||||||||||||
|
Corporate
identity number of the company |
U28920MH1996PTC100065 |
||||||||||||
|
Name of the
company |
MAHALAXMI DHATU
UDHYOG PRIVATE LIMITED |
||||||||||||
|
Address of the registered
office or of the principal place of
business in India of the company |
C – 52, MIDC, Hingna, Nagpur 440016, Maharashtra, India |
||||||||||||
|
Type of charge |
Book Debts Movable Property Others |
||||||||||||
|
Particular of
charge holder |
Bank of Baroda Dharampeth Branch,
West High Court Road, Nagpur 440010, Maharashtra, India |
||||||||||||
|
Nature of
description of the instrument creating or modifying the charge |
Composite
hypothecation agreement |
||||||||||||
|
Date of
instrument Creating the charge |
22.03.2007 |
||||||||||||
|
Amount secured by
the charge |
Rs. 43.125
Millions |
||||||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest 1. term loan of Rs. 3.125 Millions :
@BPLRi.e. 12.50% p.a. at present with monthly rests. 2. Cash Credit
Rs. 40.000 Millions : 1% below BPLR i.e. 11.50% p.a. at present with monthly
rests. [b] Terms of
repayment 1. Term loan Rs. 3.125 Millions : To Continue
to repayment in 16 quarterly installment of Rs. 0.312 Million each and
interest to be paid as and when charged. 2. Cash Credit
Rs. 40.000 Millions: payable on demand but not exceeding 12 Months [c] Margin 1. Term Loan: 50% on fixed assets of
expansion projects 2. Cash Credit :
25% on stock of raw materials, stock in process, finished goods, stores and
spares, other consumable and book debts. [d] Extent and
operation of the charge At the request of
the borrower, the bank has enhanced/revised the banking limits from Rs.
27.500 Millions to Rs. 43.125 Millions to secure due repayment the above
banking limits alongwith interest and other charges thereon first charge on
the movable properties of the company [e] others The details of
banking limits are as under: Banking
Limits Existing Revised [Rs. In Millions] Cash Credit
Limit 22.500 40.000 Term Loan
Limit 5.000 3.125
------------ ---------- 27.500
43.125 --------- --------- |
||||||||||||
|
Short particulars
of the property charged |
1..The whole of the
borrowers stocks, stocks of raw materials, work in process, semi finished
goods and finished goods, consumable stores and spares. 2. All the present and future book debts,
outstanding, monies, receivable claims, contracts, bills, engagements,
securities. 3. all the
tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the
borrowers together with spares, tools and accessories furniture and fixtures.
|
||||||||||||
|
Particulars of
the present modification |
By way of present
modification the charge modified/revised from Rs. 27.500 Millions to Rs.
43.125 Millions and the details are as under:
|
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. 42.33 |
|
UK Pound |
1 |
Rs. 82.31 |
|
Euro |
1 |
Rs. 65.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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 |
|