MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GUJARAT MICROWAX PRIVATE LIMITED |
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Registered Office : |
401 / 402, Sarthik Square, Near GNFC Tower, Sarkhej Gandhi Nagar
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.01.1989 |
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Com. Reg. No.: |
04 – 11737 |
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CIN No.: [Company
Identification No.] |
U24229GJ1989PTC011737 |
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TAN No : |
AHMG00135C |
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PAN No: |
AAACG5593P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Wood Pulp and Creamwove and Hydrochloric Acid. |
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 330000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
401 / 402, Sarthik Square, Near GNFC Tower, Sarkhej Gandhi Nagar
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat, India |
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Tel. No.: |
91-79-26852181 |
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Fax No.: |
91-79-26854169/ 26854170 |
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E-Mail : |
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Website : |
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Plant : |
Survey No. 29/1, Moje, Kalol – Mehsana Highway, Opp. Decent
Lamination, Nandasan, Dist. Mehsana – 382 706, Gujarat, India |
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Tel. No.: |
91-2764-273239/ 273204/ 273320/ 273247 |
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Green House : |
Located At : v Anand - Gujarat |
DIRECTORS
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Name : |
Mr. Anil Kumar Jhajharia |
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Designation : |
Director |
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Address : |
36-37, Sumadhur Co. Op. Society, Behind Ocean Park, Satellite Road,
Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
25.11.1947 |
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Date of Appointment : |
05.01.1989 |
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Name : |
Mr. Ashwin Kumar Kanoria |
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Designation : |
Director |
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Address : |
“Lal Palmas”, Little Gift Road, Malabar Hills, Mumbai – 400 033,
Maharashtra, India |
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Date of Birth/Age : |
07.04.1935 |
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Date of Appointment : |
05.01.1989 |
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Name : |
Mr. Ashok Kumar Jhajharia |
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Designation : |
Director |
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Address : |
S-323, Panchsheel Park, New Delhi – 110 017, India |
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Date of Birth/Age : |
07.09.1949 |
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Date of Appointment : |
01.03.1990 |
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Date of Ceasing : |
30.09.2005 |
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Name : |
Mrs. Meenakshi Jhajharia |
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Designation : |
Director |
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Address : |
36-37, Sumadhur Co. Op. Society, Behind Ocean Park, Satellite Road,
Ahmedabad – 380 015, Gujarat, India |
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Date of Appointment : |
15.10.2004 |
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Name : |
Mr. Manas Jhajharia |
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Designation : |
Director |
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Address : |
36-37, Sumadhur Co. Op. Society, Behind Ocean Park, Satellite Road,
Ahmedabad – 380 015, Gujarat, India |
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Date of Appointment : |
20.09.2007 |
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Name : |
Mr. Josef Otto Rettenmaier |
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Designation : |
Director |
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Address : |
Holzumulhe 1, 73494, Rosenberg, Germany |
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Date of Birth/Age : |
22.01.1961 |
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Date of Appointment : |
23.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
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Mr. Anil Kumar Jhajharia |
984340 |
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Mr. Anil Kumar Jhajharia HUF |
342000 |
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Mrs. Swati Jhajharia |
152800 |
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Mr. Manas Jhajharia |
232000 |
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Mrs. Meenakshi Anil Jhajharia |
158000 |
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Mr. Manas Jhajharia HUF |
134000 |
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Minor Arahaan Jhajharia |
106000 |
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Total |
2109140 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Foreign holdings (Foreign Institutional investors, Foreign companies, Foreign
financial institutions, Non resident Indians or Overseas corporate bodies or
others) |
50.00 |
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2. |
Bodies corporate (not mentioned above) |
50.00 |
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Total |
100.00 |
LIST OF ALLOTTMENT
As on 28.07.2008
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Names of Allottees |
No. of Shares |
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Mr. Anil Kumar Jhajharia |
80000 |
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Mr. Manas Jhajharia |
50080 |
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Mrs. Meenakshi Anil Jhajharia |
100000 |
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Rettenmaier Asia Holding GMBH |
230080 |
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Total |
460160 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wood Pulp and Creamwove and Hydrochloric Acid. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
v State Bank of
India Specialise Commercial Branch, Neptune Tower Annexe, Ashram Road,
Ahmedabad – 380 009, Gujarat, India v Centurian Bank v HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Rajendra Jethava Chartered Accountants |
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Address : |
104, N R House, Near Popular house, Ashram Road, Ahmedabad – 380 009,
Gujarat, India |
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Associates : |
v Gujarat Overseas
Inc. v Gujarat
Paraffins Private limited v Gujarat
Parachlore Private Limited v Rettaenmaier
Asia Holding GMBH v Shaili Bio-Tech
Private Limited v Gujarat
Parawaxes Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3250000 |
Equity shares |
Rs. 10/- each |
Rs. 32.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2109140 |
Equity shares |
Rs. 10/- each |
Rs. 21.091 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
21.091 |
21.091 |
21.091 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.352 |
36.027 |
27.799 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
65.442 |
57.118 |
48.890 |
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LOAN FUNDS |
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1] Secured Loans |
85.703 |
75.042 |
64.239 |
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2] Unsecured Loans |
30.000 |
9.750 |
19.210 |
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TOTAL BORROWING |
115.703 |
84.792 |
83.449 |
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DEFERRED TAX LIABILITIES |
13.575 |
12.723 |
9.832 |
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TOTAL |
194.720 |
154.633 |
142.171 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.029 |
85.653 |
86.421 |
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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 |
37.540
|
38.994 |
19.138 |
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Sundry Debtors |
39.073
|
32.703 |
29.157 |
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Cash & Bank Balances |
14.446
|
4.717 |
3.147 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.908
|
12.701 |
12.224 |
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Total
Current Assets |
117.967
|
89.115 |
63.666 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.220
|
15.214 |
6.265 |
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Provisions |
4.227
|
5.150 |
1.650 |
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Total
Current Liabilities |
11.447
|
20.364 |
7.915 |
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Net Current Assets |
106.520
|
68.751 |
55.751 |
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MISCELLANEOUS EXPENSES |
0.172 |
0.229 |
0.000 |
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TOTAL |
194.720 |
154.633 |
142.171 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
236.133 |
219.394 |
225.323 |
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Other Income |
NA |
6.502 |
4.447 |
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Total Income |
236.133 |
225.895 |
229.771 |
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Profit/(Loss) Before Tax |
13.390 |
16.305 |
21.497 |
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Provision for Taxation |
5.066 |
8.264 |
17.476 |
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Profit/(Loss) After Tax |
8.324 |
8.041 |
4.021 |
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Expenditures : |
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Raw Material Consumed |
0.000 |
98.116 |
110.639 |
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Consumption of stores and spares parts |
0.000 |
1.356 |
1.445 |
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Increase/(Decrease) in Finished Goods |
0.000 |
2.446 |
(14.747) |
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Salaries, Wages, Bonus, etc. |
0.000 |
2.543 |
2.757 |
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Managerial Remuneration |
0.000 |
3.600 |
1.260 |
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Payment to Auditors |
0.000 |
0.075 |
0.072 |
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Interest |
6.222 |
5.098 |
4.519 |
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Insurance Expenses |
0.000 |
0.705 |
0.756 |
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Power & Fuel |
0.000 |
46.647 |
42.291 |
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Depreciation & Amortization |
18.480 |
4.867 |
4.164 |
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Other Expenditure |
198.041 |
44.137 |
55.118 |
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Total Expenditure |
222.743 |
209.590 |
208.274 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.52
|
3.56 |
1.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.67
|
7.43 |
9.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.67
|
7.22 |
9.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.28 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.36 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
|
10.30
|
4.38 |
8.04 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office has been shifted from 6th Floor,
Motilal Centre, Ashram Road, 9, Ahmedabad – 380 009, Gujarat, India to 401 /
402, Sarthik Square, Near GNFC Tower, Sarkhej Gandhi Nagar Highway, Bodakdev, Ahmedabad
– 380 054, Gujarat, India with effect from 23.06.2006
Form 8
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Name of the company |
Gujarat Microwax
Limited |
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Presented
By |
Mr. Anil Kumar
Jhajharia |
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1) Date and description of instrument creating the change |
12.10.1992 General Agreement
for the grant of working capital advance to SSI and hypothecation of movable
book debts and other assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit Rs.
2.500 millions Letter of Credit
Rs. 1.000 million Bank Guarantee
Rs. 0.500 million Total Rs. 4.000 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 |
Stock of raw materials,
goods in process, finished goods, book debts and other movable assets of the
company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 19.75%
p.a. Raw Materials
Margin : 25% Goods in process
and Finished goods margin: 40% Book debts Margin
: 50% |
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5) Name and Address and description of the person entitled to the charge. |
v State Bank of
India Specialise Commercial Branch, Neptune Tower Annexe, Ashram Road,
Ahmedabad – 380 009, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
composite hypothecation deed executed on dated 10.01.2005 for additional
facilities of Rs. 20.000 millions making total facilities secured at Rs.
66.000 millions |
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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. |
The charge
created by way of hypothecation of stock of raw material, Finished goods, Semi
Finished Goods, and all book debts of the company is now extended to secure
additional credit facilities of Rs. 20.000 millions granted to the company by
SBI making total facilities secured by charge to Rs. 66.000 millions |
Form 8
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This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
90108927 |
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Corporate
identity number of the company |
U24229GJ1989PLC011737 |
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Name of the
company |
GUJARAT MICROWAX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
401 / 402, Sarthik Square, Near GNFC Tower, Sarkhej Gandhi Nagar
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat, India |
|
Type of charge |
v
Hypothecation |
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Particular of
charge holder |
Name : State Bank
of India Address:
Specialise Commercial Branch, Neptune Tower Annexe, Ashram Road City : Ahmedabad State : Gujarat Country : IN Pin code: 380 009 e-mail ID: sbi04087@sbi.co.in |
|
Amount secured by
the charge |
Rs. 4.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Interest @ 19.75%
p.a. Margin 25% for
Raw Material, 40% for Finished goods and Work in process, 50% for Book Debts Repayment on
demand |
|
Description of
property charged |
v
Plant and
Machinery v
Stock in
trade v
Book debts |
|
Short particulars
of the property charged |
Stock of Raw materials,
goods in process, finished goods, book debts and other movable assets of the
company |
|
Brief description
of the instrument modifying the charge |
Supplemental
General Agreement for the of small industrial advances and hypothecation of
goods, Book debts and Other Assets. |
|
Date of latest
modification prior to the present modification |
27.04.2006 |
|
Particulars of
the present modification |
Increase in
working capital facility by providing additional finance of Rs. 16.000 millions
thereby the aggregate working capital facility is enhanced from Rs. 96.000
millions to Rs. 107.000 millions |
As Per Website Details
Subject is set up in 1975 has emerged as a dependable and reliable producer of several industrial chemicals and services.
The manufacturing of functionality chemicals has been the core competence and an emphasis on its development is the endeavor for the future.
Subject the goal is to achieve satisfaction for the clientele through a combination of unmatched personal services and dedication to delivering a consistently superior quality product. To achieve the goal the quality standards of the products and services are being constantly upgraded. They are forging ahead with accreditation of the facilities with ISO 9002 before the end of the year. The facilities producing food and pharma ingredients are offered for the inspection of CGMP compliance.
The current millennium offers several challenges and opportunities. Subject with its commitment to develop and deploy adequate management, financial and technical capabilities and man power resources can build on its existing strengths to face the changing scenario and emerge stronger than ever before.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The 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.
The 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. 46.63 |
|
UK Pound |
1 |
Rs. 83.76 |
|
Euro |
1 |
Rs. 66.49 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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, they have no basis upon which to
recommend credit dealings |
No Rating |
|