MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAHALAXMI SPINTEX PRIVATE LIMITED |
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Registered Office : |
1750, New Housing Board Colony, Panipat – 132 103, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.2000 |
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Com. Reg. No.: |
05-34589 |
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CIN No.: [Company
Identification No.] |
U99999HR2000PTC034589 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture various types of bulk material handling equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Profit position is low. Trade relations are fair. Payment are reported at slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution. |
LOCATIONS
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Registered Office : |
1750, New Housing Board Colony, Panipat – 132 103, Haryana |
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Tel. No.: |
91-179-5321455 |
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Mobile No.: |
91-9890453382 |
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E-Mail : |
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Factory : |
118/2/2 Baddi, Village Katha, Tehsil Nalagarh, Solan – 173205,
Himanchal Pradesh, India |
DIRECTORS
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Name : |
Mr. Dhan Raj Jain |
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Designation : |
Director |
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Address : |
45, Huda Colony, Sector -11, Panipat – 132 103, Haryana, India |
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Date of Birth/Age : |
05.02.1959 |
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Date of Appointment : |
27.08.2005 |
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Name : |
Ms. Manju Bala Jain |
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Designation : |
Director |
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Address : |
45, Huda Colony, Sector -11, Panipat – 132 103, Haryana, India |
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Date of Birth/Age : |
28.05.1959 |
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Date of Appointment : |
29.12.2000 |
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Director |
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Address : |
GH-33, H. No.211, Sector – 20, Panchkula – 134 109, Haryana, India |
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Date of Birth/Age : |
29.08.1963 |
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Date of Appointment : |
29.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Raj Kumar Jain |
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37100 |
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Mrs. Manju Bala Jain |
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121400 |
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Mr. Raj Goel |
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260100 |
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Mr. Dhan Raj Jain |
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155600 |
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Mrs. Priyanka Jain |
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160000 |
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Ms. Chancha Rani |
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7000 |
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Ms. Seema Rani |
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22000 |
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Mr. Raj Goel |
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20000 |
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Mr. Bhartendu Rishi |
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54800 |
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Dhanraj and Sons (HUF) |
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47500 |
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Mr. Rahul Rishi |
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3400 |
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Mr. Ramesh GOel |
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25000 |
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Mr. Neelam Goel |
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15000 |
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Mr. Ramesh |
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4800 |
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Mr. Rajnesh Goel |
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4700 |
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Mr. Gopi Goel |
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4900 |
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Mrs. Arti Goyal |
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4900 |
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Mrs. Geetu Goel |
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10000 |
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Mrs. Rekha Goel |
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4900 |
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Mr. Balraj Aggarwal |
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19700 |
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Mr. Sanjay Aggarwal |
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14090 |
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Ms Rani Anita |
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4900 |
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Mr. Vijay Singhal |
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4500 |
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Mr. Anil Gupta |
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30000 |
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Mr. Parsanta Rishi |
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16100 |
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Mr. Ashok Bajaj |
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24650 |
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Mr. Rabia Jain |
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150000 |
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Total |
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1227040 |
(As On 15.10.2007)
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Name of Allottees |
No of Share |
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Mrs. Manju Bala Jain |
180000 |
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Total |
180000 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Director or relatives of directors |
55.00 |
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Other top fifty (50) shareholders (other
than listed above) |
45.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacture various types of bulk material
handling equipments |
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Products : |
Equipments for Processing Industries
Equipments
for Oil Mill
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GENERAL
INFORMATION
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No. of Employees : |
About 80 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil Aviral and Company Chartered Accountant |
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Address : |
1231-A, Bindle Bhawan, I. B. School Lane, G.T Road, Panipat – 132 103,
Haryana, India |
CAPITAL STRUCTURE
(As On 18.08.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Share |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1227340 |
Equity Share |
Rs.10/- each |
Rs.12.273
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.273 |
12.273 |
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2] Share Application Money |
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2.225 |
2.455 |
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3] Reserves & Surplus |
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7.412 |
7.194 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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21.910 |
21.922 |
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LOAN FUNDS |
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1] Secured Loans |
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31.880 |
24.716 |
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2] Unsecured Loans |
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2.150 |
2.480 |
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TOTAL BORROWING |
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34.030 |
27.196 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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55.940 |
49.118 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.319 |
22.088 |
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Capital work-in-progress |
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14.016 |
6.257 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.610 |
16.212 |
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Sundry Debtors |
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16.629 |
8.235 |
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Cash & Bank Balances |
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1.235 |
1.452 |
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Other Current Assets |
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0.335 |
0.265 |
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Loans & Advances |
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5.509 |
3.193 |
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Total
Current Assets |
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40.318 |
29.357 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.414 |
8.340 |
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Provisions |
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0.397 |
0.358 |
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Total
Current Liabilities |
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18.811 |
8.698 |
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Net Current Assets |
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21.507 |
20.659 |
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MISCELLANEOUS EXPENSES |
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0.098 |
0.114 |
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TOTAL |
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55.940 |
49.118 |
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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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65.184 |
41.887 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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65.184 |
41.887 |
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Profit/(Loss) Before Tax |
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4.118 |
7.527 |
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Provision for Taxation |
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3.902 |
4.351 |
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Profit/(Loss) After Tax |
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0.218 |
3..176 |
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Expenditures : |
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Depreciation & Amortization |
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3.513 |
3.993 |
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Other Expenditure |
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57.553 |
30.367 |
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Total Expenditure |
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61.066 |
34.360 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.33 |
7.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.31 |
17.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.79 |
14.63 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.41 |
1.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.14 |
3.37 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The
registered address of the company has been shifted from Village Bhanswal,
Barsat Road, Panipat – 132 103, Haryana, India to present address with effect
from 30.03.2008
Form 8
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Name of the company |
MAHALAXMI SPINTEX PRIVATE LIMITED |
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Presented By |
Mr. Dhan Raj Jain |
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1) Date and description of instrument creating the change |
Agreement and
Agreement of Hypothecation dated 19.12.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.27.500
Millions which includes Loan of Rs.10.410 Millions sanctioned under TUF
scheme |
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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 |
Interest on Term
Loan 3% above the IDBI’s lending rate with a minimum of 15.5% per annum with
quarterly rests and payable in 24 quarterly installments starting from
10.10.2004 to 10.10.2010. Margin of security is 37.7% |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Land measuring
18.07 Bighas comprised in khasra Nos 118/2/2 and 13/1 situated at mouza
Katha, Paragana Bharampur, Teh Nalagarh, Dist Solan and all buildings
constructed/ to be constructed, Plant and machinery etc. installed/ to installed
thereon Financial Corporation, New Building., Circular Road, Shimla |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U99999HR2000PTC034589 |
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Name of the
company |
MAHALAXMI SPINTEX PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Village
Bhansawal, Barsat Road, Panipat – 132 103, Haryana, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Punjab National Bank, G. T. Road, Panipat – 132 103, Haryana, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for the
Hypothecation of Assets to Secure Term Loan |
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Date of
instrument Creating the charge |
24.03.2008 |
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Amount secured by
the charge |
Rs.18.569
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest 14.50%per
annum with monthly rests or at such other rates as may be specified by the
bank from time to time Terms of
Repayment As per agreement
attached Margin 25% Extent and
Operation of the charge Term Loan
amounting to Rs.18.569 Millions against Hypothecation of Plant and machinery Others |
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Short particulars
of the property charged |
Hypothecation of
Plant and machinery |
Financial Result
The company has achieved an turnover of Rs.65.185 Millions as compared to
Rs.41.888 Millions during the last year. However due to increase in the raw
material cost which increased the cost of final product but the sale price of
the final product has not increased in the same proportionate in which the aw
material cost had increased during the year the company has managed to earn
profits after charging depreciation and tax of Rs.6.047 Millions as compared to
last year net loss of Rs.35.344 Millions. The Director are hopeful to achieve
more better results in the current financial year, baring unforeseen
circumstances.
Dividend
Due to inadequacy of profits during the year under scrutiny, the
Directors do not recommended any dividend.
Fixed Assets
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles (Truck)
- Vehicles (Car)
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.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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39 |
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 |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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