MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAHALAXMI DYES AND CHEMICALS LIMITED |
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Registered Office : |
3 Gujarat Industrial Compound, 1st Floor, Vishesh Nagar, Goregaon,
Mumbai – 400063, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.07.2001 |
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Com. Reg. No.: |
11-132914 |
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CIN No.: [Company
Identification No.] |
U24114MH2001PLC132914 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM14762G |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Importers, Exporters, Trader and Dealers of Chemicals, Glasses, Solvents, Pharmaceuticals, Dyes, Drugs of all kinds of descriptions. |
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 85584 |
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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 traders having satisfactory track. Trade relations are fair. Payments are usually correct an 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 : |
3 Gujarat Industrial Compound, 1st Floor, Vishesh Nagar,
Goregaon, Mumbai – 400063, Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office : |
Office No. 101, 66, Guru Darshan, N. S. Road No 1, JVPD Scheme, Vile Parle, (West), Mumbai-400056, Maharashtra, India |
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Tel. No.: |
91-22-28764990/28700801/56750111 (10 lines) |
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Fax No.: |
91-22-56750130/28743705 |
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Mobile : |
91-9820077516 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Sales Office : |
506, Faiz-E-Qutbi Building, 375, Narshi Natha Street, Mumbai – 400003, Maharashtra |
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Tel. No.: |
91-22-23432844/23400616/23414723-24 |
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Fax No.: |
91-22-23401856 |
DIRECTORS
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Name : |
Mr. R. V. Shah |
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Designation : |
Director |
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Name : |
Mr. V. M. Shah |
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Designation : |
Director |
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Name : |
Mr. Shreepal Shah |
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Designation : |
Director |
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Address : |
Matruchhaya, 21 Friends Society, NSRD 6, JVPD Scheme Ville Parle, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
28.04.1984 |
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Date of Appointment : |
07.06.2005 |
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Name : |
Mr. Chandrakant Vadilal Shah |
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Designation : |
Director |
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Address : |
Matruchhaya, 21 Friends Society, NSRD 6, JVPD Scheme Ville Parle, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
05.05.1952 |
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Date of Appointment : |
30.07.2001 |
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Name : |
Mr. Vadilal Mohanlals Shah |
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Designation : |
Director |
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Address : |
Matruchhaya, 21 Friends Society, NSRD 6, JVPD Scheme Ville Parle, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
02.07.1917 |
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Date of Appointment : |
30.07.2001 |
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Name : |
Mr. Chittal Chandrakant Shah |
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Designation : |
Director |
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Address : |
Matruchhaya, 21 Friends Society, NSRD 6, JVPD Scheme Ville Parle, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
19.12.1977 |
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Date of Appointment : |
30.07.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Chandrakant V. Shah |
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10000 |
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Mrs. Sheela C. Shah |
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1067800 |
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Mr. Chittan C. Shah |
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10000 |
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Mr. Vadilal M. Shah |
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100 |
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Mr. Mukesh N. Gandhi |
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5000 |
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Ms. Kruti C. Shah |
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5000 |
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Mrs. Mital C. Shah |
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22500 |
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Mr. Shreepal C. Shah |
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785900 |
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Total |
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1906300 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers, Exporters, Trader and Dealers of Chemicals, Glasses, Solvents, Pharmaceuticals, Dyes, Drugs of all kinds of descriptions. |
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Products : |
· Dyes · Chemicals. · Glasses · Solvents · Pharmaceuticals · Drugs |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
·
State Bank
of India Nariman Point Branch, Dalamal House, Nariman Point, Mumbai – 400021, India |
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Facilities : |
Unsecured Loans From Directors Rs. 0.851 millions From Company Rs. 0.153 millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
K. C. Saanghavi and Company Chartered Accountants |
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Address : |
106, Shardhanand Building, 1st Floor, 272/274
Samuel Street, Mumbai –400003 |
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Tel. No.: |
91-22-23400468 |
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Name : |
RCG and Company Chartered Accountant |
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Address : |
502/5B, Sunrise C H S Limited, Filmcity Road, Malad (East), Mumbai – 400097, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs.50.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1906300 |
Equity Shares |
Rs. 10/- each |
Rs.19.063 million |
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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 |
19.063 |
19.063 |
19.063 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.333 |
1.875 |
1.374 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.396 |
20.938 |
20.437 |
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LOAN FUNDS |
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1] Secured Loans |
21.047 |
23.890 |
0.954 |
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2] Unsecured Loans |
10.181 |
19.153 |
11.330 |
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TOTAL BORROWING |
31.228 |
43.043 |
12.284 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.624 |
63.981 |
32.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.192 |
1.612 |
1.414 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.064 |
0.058 |
0.060 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.195
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27.565 |
23.530 |
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Sundry Debtors |
58.033
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54.931 |
52.683 |
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Cash & Bank Balances |
0.698
|
2.082 |
2.556 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.718
|
9.644 |
13.857 |
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Total
Current Assets |
84.644
|
94.222 |
92.626 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.916
|
31.038 |
60.924 |
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Provisions |
1.531
|
1.133 |
0.806 |
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Total
Current Liabilities |
33.447
|
32.171 |
61.730 |
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Net Current Assets |
51.197
|
62.051 |
30.896 |
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MISCELLANEOUS EXPENSES |
0.171 |
0.260 |
0.351 |
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TOTAL |
52.624 |
63.981 |
32.721 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
167.143 |
251.220 |
195.415 |
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Other Income |
4.291 |
31.855 |
7.752 |
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Total Income |
171.434 |
283.075 |
203.167 |
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Profit/(Loss) Before Tax |
0.850 |
0.831 |
1.353 |
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Provision for Taxation |
0.391 |
0.325 |
0.435 |
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Profit/(Loss) After Tax |
0.459 |
0.506 |
0.918 |
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Expenditures : |
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Purchases made for re-sale |
148.155 |
273.304 |
200.757 |
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Increase/(Decrease) in Finished Goods |
10.370 |
(4.034) |
(17.395) |
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Salaries, Wages, Bonus, etc. |
1.436 |
0.968 |
0.477 |
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Managerial Remuneration |
0.980 |
0.740 |
0.740 |
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Payment to Auditors |
0.080 |
0.019 |
0.020 |
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Interest |
1.216 |
1.951 |
0.592 |
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Insurance Expenses |
0.379 |
0.398 |
0.261 |
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Power & Fuel |
0.080 |
0.179 |
0.041 |
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Depreciation & Amortization |
0.271 |
0.282 |
0.469 |
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Other Expenditure |
7.617 |
8.436 |
15.851 |
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Total Expenditure |
170.584 |
282.244 |
201.814 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.27
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0.18 |
0.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
0.33 |
0.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.99
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0.87 |
1.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.04 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.02
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3.59 |
3.62 |
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Current Ratio (Current Asset/Current Liability) |
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2.53
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2.93 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
MAHALAXMI DYES AND CHEMICALS LIMITED |
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Presented By |
Mr. Chandrakant Vadilal Shah |
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1) Date and description of instrument creating the change |
Agreement of Loan
for Overall Limited Dated 04.07.2005 Agreement of
Hypothecation of Goods and Assets Dated 04.07.2005 Deed of Guarantee
for overall limit dated 04.07.2005 Letter regarding
the grant of Individual limits within the overall limit dated 04.07.2005 Agreement letter
dated 02.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000
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 |
Hypothecation of
the stock of RM/SIP/FG in the godowns/ warehouse etc., in transit or lying
anywhere else (with banks permission) and Hypothecation of company book debts
and other actionable claims arising out of genuine trade transactions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit limit
Rs.25.000 Millions on stock (margin 20%) and Book Debts (Margin 40%) at the
rate of 11.75% LC Limit of
Rs.25.000 Millions (Margin 20%) |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Nariman Point Branch,
Dalamal House, Nariman Point, Mumbai – 400021, India |
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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 |
Fixed Assets:
· Motor Car
· Antop Hill Warehouse
· Furniture and Fixtures
· Office Equipments
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.42.77 |
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UK Pound |
1 |
Rs.84.33 |
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Euro |
1 |
Rs.66.65 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--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 |
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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 |
|
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 |
|