MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAYUR EXTRUSION PRIVATE LIMITED |
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Registered Office : |
309, Sahajanand Palace, Opp Rahul Tower, 100 FT Anand Nagar Road,
Satellite, Ahmedabad – 380 015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.09.1985 |
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Com. Reg. No.: |
04-8062 |
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CIN No.: [Company
Identification No.] |
U25209GJ1985PTC008062 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM00267B |
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PAN No.: [Permanent
Account No.] |
AABCM0391A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Woven Sacks |
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 71000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pramod Sharma |
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Designation : |
Chief Accountant |
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Contact No.: |
91-9998816514 |
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Date : |
05.11.2008 |
LOCATIONS
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Registered Office : |
309, Sahajanand Palace, Opp Rahul Tower, 100 FT Anand Nagar Road,
Satellite, Ahmedabad – 380 015, Gujarat, India |
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Tel. No.: |
91-79-26931630 / 26931660 |
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Mobile No.: |
91-9374216669 / 9327920042 / 9998816514 |
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Fax No.: |
91-79-26931616 / 26931630 / 91-2764-281567 |
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E-Mail : |
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Area : |
3000 Sq. ft |
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Location : |
Owned |
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Factory : |
1023, Village Rajpur, Taluka Kadi, Mehsana, Gujarat, India |
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Tel. No.: |
91-2764-281421 |
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Area : |
11000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mrs. Laxmidevi Tibrewal |
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Designation : |
Director |
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Address : |
1, Sanidhya Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat,
India |
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Date of Birth/Age : |
15.05.1957 |
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Qualification : |
B.Com |
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Date of Appointment : |
21.12.1989 |
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Name : |
Mr. Siddharth Tibrewal |
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Designation : |
Director |
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Address : |
1, Sanidhya Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
01.07.1975 |
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Qualification : |
L.L.B. |
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Date of Appointment : |
31.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2007)
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Names of Shareholders |
No. of Shares |
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Laxmidevi Tibrewal |
444450 |
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Shyamsunder Tibrewal |
86400 |
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Siddharth Tibrewal |
87000 |
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Monica S Tibrewal |
297000 |
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Aadit Tibrewal |
3090 |
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Shyam Sunder Tibrewal (HUF) |
57000 |
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Priyank Surana |
30 |
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Hemlata Surana |
30 |
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Siddharth Tibrewal (HUF) |
15000 |
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Total |
990000 |
List of Allotment (As on 02.02.2007)
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Names of Shareholders |
No. of Shares |
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Laxmidevi Tibrewal |
296300 |
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Shyamsunder Tibrewal |
57600 |
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Siddharth Tibrewal |
58000 |
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Monica S Tibrewal |
198000 |
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Shyam Sunder Tibrewal (HUF) |
38000 |
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Siddharth Tibrewal (HUF) |
10000 |
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Aadit Tibrewal |
2060 |
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Hemlata Surana |
20 |
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Priyank Surana |
20 |
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Total |
660000 |
List of Allotment (As on 16.01.2007)
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Names of Shareholders |
No. of Shares |
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Laxmidevi Tibrewal |
39000 |
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Shyamsunder Tibrewal |
10000 |
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Siddharth Tibrewal |
14000 |
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Monica S Tibrewal |
38000 |
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Shyam Sunder Tibrewal (HUF) |
4000 |
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Siddharth Tibrewal (HUF) |
5000 |
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Total |
110000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
99.99 |
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Other top fifty (50) shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Woven Sacks |
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Products : |
·
HDPE / PP Woven Fabrics and Sacks Laminated / Unlaminated ·
PP woven Sack with Liner / without Liner |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash |
PRODUCTION STATUS
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Installed Capacity |
MT |
3285 |
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Particulars |
Unit |
Actual
Production |
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Packaging Products |
Kg. |
2388970 |
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Waste |
Kg. |
135365 |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 (In Office 10 and In Factory 90) |
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Bankers : |
·
Bank of India Vatva Industrial Estate Branch, Ahmedabad
– 380 015, Gujarat, India ·
Bank of India Himatlal Park Branch, Behind Azad Society,
Ambawadi, Ahmedabad – 380 015, Gujarat, India ·
HDFC Bank, Mithagali |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kedia and Kedia Associates Chartered Accountants |
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Address : |
205, Kaling, 2nd Floor, Near Mount Carmel School, B/H B J House,
Off Ashram Road, Ahmedabad – 380 009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
990000 |
Equity Shares |
Rs.10/- each |
Rs.9.900
millions |
Note
Out of the above equity Shares issued; 660000
Nos of Equity shares have been allotted as fully paid up Bonus Shares by way of
capitalization of profit from Capital Reserve and from Profit and Loss Account.
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 |
9.900 |
2.200 |
2.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.309 |
9.849 |
9.702 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.209 |
12.049 |
11.902 |
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LOAN FUNDS |
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1] Secured Loans |
49.872 |
11.873 |
9.385 |
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2] Unsecured Loans |
22.871 |
12.758 |
4.504 |
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TOTAL BORROWING |
72.743 |
24.631 |
13.889 |
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DEFERRED TAX LIABILITIES |
1.431 |
0.875 |
1.428 |
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TOTAL |
88.383 |
37.555 |
27.219 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.919 |
9.189 |
11.737 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.028
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21.161 |
2.596 |
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Sundry Debtors |
25.064
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11.634 |
5.847 |
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Cash & Bank Balances |
6.431
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1.654 |
0.750 |
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Other Current Assets |
0.013
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0.000 |
0.000 |
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Loans & Advances |
21.753
|
3.325 |
15.460 |
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Total
Current Assets |
77.289
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37.774 |
24.653 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.394
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7.974 |
9.171 |
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Provisions |
2.431
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1.434 |
0.000 |
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Total
Current Liabilities |
15.825
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9.408 |
9.171 |
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Net Current Assets |
61.464
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28.366 |
15.482 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.383 |
37.555 |
27.219 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
186.191 |
NA |
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Other Income |
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0.000 |
NA |
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Total Income |
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186.191 |
NA |
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Profit/(Loss) Before Tax |
|
1.814 |
0.208 |
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Provision for Taxation |
|
0.753 |
0.062 |
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Profit/(Loss) After Tax |
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1.061 |
0.146 |
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CIF Value |
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0.938 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
|
1.765 |
1.329 |
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Other Expenditure |
|
182.612 |
NA |
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Total Expenditure |
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184.377 |
NA |
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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 |
(%) |
0.57 |
NA |
NA
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Net Profit Margin (PBT/Sales) |
(%) |
0.97 |
NA |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.74 |
NA |
NA
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.02 |
NA
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Debt Equity Ratio (Total Liability/Networth) |
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6.23 |
2.83 |
1.94
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Current Ratio (Current Asset/Current Liability) |
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4.88 |
4.02 |
2.69
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LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from B-218 Popular
Centre, Near Shyamal Row Houses, Satellite Road, Ahmedabad – 380 015, Gujarat,
India to the present address w.e.f. 02.02.2007.
Trade References
·
Vishakha Polytech Private Limited, Mehsana
·
Gujarat Dyechem India Private Limited, Mehsana
Form No. 8
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Name of the company |
MAYUR EXTRUSION PRIVATE LIMITED |
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Presented By |
Siddhartha
Tibrewal, Director |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation of Stock dated 15.02.1991. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.200 millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stock of the
company i.e. Raw material, finished and Semi finished goods both present and
future belonging to the company wheresoever situated. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 16.50% p.a. At Present 12.75% p.a. Margin @ 25% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Himmatlal Park
Branch, (SP SSI) Himmatlal Park,
Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Deed of
modification dated 27.10.2003 |
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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. |
With this fourth
supplemental deed of hypothecation, the Charge on Stock for Rs.4.000 millions
stands modified and increased to Rs.6.000 millions to secure additional
facility. Including DA facility of Rs.1.000 millions, thus now the Charge on
Stock will be Rs.6.000 millions. |
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Corporate
identity number of the company |
U25209GJ1985PTC008062 |
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Name of the
company |
MAYUR EXTRUSION PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
309, Sahajanand Palace, Opp Rahul Tower, 100 FT Anand Nagar Road,
Satellite, Ahmedabad – 380 015, Gujarat, India |
|
This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of India Himatlal Park Branch, Behind Azad Society, Ambawadi, Ahmedabad – 380
015, Gujarat, India |
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Nature of
instrument creating charge |
No document is executed
however equitable mortgage is created by deposit of title deeds of the
company’s immovable property. |
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Date of
instrument Creating the charge |
19.02.2008 |
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Amount secured by
the charge |
Rs.88.600
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit – Hypothecation of Stock – BPLR, Minimum 11.50% p.a. Cash Credit – Hypothecation of Book Debt – BPL, Minimum 11.50% p.a. Term Loan – BPLR, Minimum 11.50% p.a. EPC – As per Guidelines from time to time FBN, FBP DP/DA 90 days - As per Guidelines from time to time Import / Local LC (DA/DP) - As per Guidelines from time to time Guarantee - As per Guidelines from time to time ·
Terms of
repayment Term Loan of Rs.36.600 millions to be repayable in 60 monthly
installment of Rs.0.791 million commencing from 30.04.2007 ·
Margin Cash Credit – Hypothecation of Stock – 25% Cash Credit – Hypothecation of Book Debt – 40% Term Loan – 25% on Plant and Machinery, 40% on Building EPC – 10% FBN, FBP DP/DA 90 days – Nil Import / Local LC (DA/DP) – 10% Guarantee – 10% ·
Extent and
operation of the charge The Charge operate on Imoveable properties, Land and Building etc, as
security for various limits and facilities sanctioned by Bank of Rs.76.600
millions as per letter of deposit of title deed and letter of sanction. The Facility Granted to M/s Sonal Polypacks of Rs.12.000 millions by
Ahmedabad Corporate Banking Branch of Bank of India is also secured by
Equitable of above referred properties.
|
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Particulars of
the property charged |
Companies
immoveable property comprising Land and Building and other structure. Plant
and Machinery and other fixtures and fittings erected or installed thereon (both
present and future) situated at 1023, Bil Rajpur, Tal : Kadi, Dist : Mehsana.
|
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Particulars of
the present modification |
All the
particulars of charge registered remains same except originally charge
created for Bank of India Vatva Ind Estate Branch is now to be transferred at
Bank of India, Himatlal Park Branch. |
Fixed Assets
·
Land
·
Buildings
·
Plant and Machineries
·
Office Equipment and Furniture and Fittings
·
Misc Assets
·
Electrical Installations
·
Energy saving system
·
Computers
·
Vehicle
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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|