MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MUTUAL INDUSTRIES LIMITED |
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Formerly Known
As : |
MUTUAL MECAPLAST
LIMITED |
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Registered
Office : |
9, Ehara Industrial Complex, Village Waliv, Vasai (East), District
Thane, Thane – 401 202, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.09.1990 |
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Com. Reg. No.: |
11-58368 |
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CIN No.: [Company Identification
No.] |
U99999MH1990PTC058368 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19469C |
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PAN No.: [Permanent Account No.] |
AAACM3522G |
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Legal Form : |
A Closely Held Public
Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Mould, Plastic Automotive Parts, Automotive
Systems, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
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 3462000 |
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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 company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Umesh Kinni |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-66895300 |
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Date : |
07.04.2011 |
LOCATIONS
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Registered Office : |
9, Ehara Industrial Complex, Village Waliv, Vasai (East), District
Thane, Thane – 401 202, |
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Tel. No.: |
91-250-3217731/ 3267728/ 3267729 |
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Fax No.: |
91-250-2454047 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dharmendra Kantilal Gandhi |
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Designation : |
Managing Director |
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Address : |
Ekdanti, 1st Floor, 19–A, Vallabh Nagar, CHSL, North South
Road No. 4, JVPD Scheme, Vile Parle (West), Mumbai – 400 056, Maharashtra,
India |
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Date of Birth/Age : |
18.05.1957 |
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Date of Appointment : |
28.09.1990 |
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DIN No.: |
01254714 |
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Name : |
Mr. Jaysinh Vallabhdas Mariwala |
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Designation : |
Director |
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Address : |
3, Sudhakunj, |
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Date of Birth/Age : |
09.07.1933 |
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Date of Appointment : |
2x5.03.2002 |
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DIN No.: |
00182835 |
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Name : |
Mr. Prakash Chandra Kapoor |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.04.1945 |
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Date of Appointment : |
29.03.2005 |
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DIN No.: |
00786682 |
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Name : |
Mr. Jayantilal Manekchand Gandhi |
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Designation : |
Whole Time Director |
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Address : |
G – 2, Ground Floor, Ruby Apartment, A, Plot No. 51, |
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Date of Birth/Age : |
16.10.1934 |
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Date of Appointment : |
28.09.1990 |
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Date of Ceasing : |
14.11.2007 |
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DIN No.: |
00032321 |
KEY EXECUTIVES
|
Name : |
Mr. Jinesh Jyotindra Shah |
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Designation : |
Secretary |
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Date of Appointment : |
02.06.2003 |
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PN No.: |
AOWPS0599A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dharmendra Gandhi |
|
1151230 |
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Mala Gandhi |
|
599230 |
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Uchit Gandhi |
|
338410 |
|
Hemit Gandhi |
|
298410 |
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Dhirajbala Gandhi |
|
596820 |
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Apurva Gandhi |
|
596820 |
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Harin Gandhi |
|
596820 |
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Kanchan Gandhi |
|
895230 |
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Akash D. Gandhi |
|
895230 |
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Total |
|
5968200 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Mould, Plastic Automotive Parts, Automotive
Systems, etc. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Actual
Production |
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Plastic Moulded Industrial Components (Units) |
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11108184 |
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Installed Capacity – It is not feasible to give the installed capacity and
the production capacity as numerous items are manufactured by the Company.
GENERAL INFORMATION
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Bankers : |
v Citi Bank v BNP Paribas v Kotak Mahindra Bank v Bank of v DBS Bank v Standard Chartered Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kamdar Desai and
Patel Chartered
Accountants |
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Address : |
Vasaikar House,
296, |
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Tel. No.: |
91-22-24475000 |
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Fax No.: |
91-22-24475001 |
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E-Mail : |
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Website : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5968200 |
Equity Shares |
Rs.10/- each |
Rs.59.682
millions |
|
|
|
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|
(Of the above 715463 Equity Shares are
Allotted Fully paid up pursuant to a contract without payments being received
in cash)
(Of the above 1800000 shares have been issued
as Fully Paid up Bonus shares at par)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
59.682 |
59.682 |
59.682 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
805.694 |
758.994 |
723.629 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
865.376 |
818.676 |
783.311 |
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LOAN FUNDS |
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1] Secured Loans |
1057.872 |
1167.245 |
1048.401 |
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2] Unsecured Loans |
8.545 |
8.742 |
8.742 |
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TOTAL BORROWING |
1066.417 |
1175.987 |
1057.143 |
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DEFERRED TAX LIABILITIES |
114.935 |
111.209 |
98.784 |
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TOTAL |
2046.728 |
2105.872 |
1939.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1427.715 |
1425.965 |
1096.351 |
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Capital work-in-progress |
21.160 |
71.810 |
145.450 |
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INVESTMENT |
108.952 |
220.663 |
278.627 |
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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 |
436.950
|
276.565 |
236.759 |
|
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Sundry Debtors |
314.411
|
240.584 |
289.451 |
|
|
Cash & Bank Balances |
2.779
|
15.048 |
33.639 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
443.086
|
418.790 |
444.420 |
|
Total
Current Assets |
1197.226
|
950.987 |
1004.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
220.544
|
218.134 |
266.998 |
|
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Other Current Liabilities |
220.013
|
90.906 |
74.646 |
|
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Provisions |
267.768
|
254.513 |
247.815 |
|
Total
Current Liabilities |
708.325
|
563.553 |
589.459 |
|
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Net Current Assets |
488.901
|
387.434 |
414.810 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
2046.728 |
2105.872 |
1939.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
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Sales |
1335.892 |
1183.123 |
1492.746 |
|
|
|
Labour Charges Income |
16.894 |
10.064 |
6.392 |
|
|
|
|
10.095 |
10.615 |
8.981 |
|
|
|
Mould Related Income |
193.207 |
106.403 |
155.169 |
|
|
|
Export Sale-Mould |
8.657 |
7.634 |
3.510 |
|
|
|
Other Income |
40.283 |
24.091 |
45.195 |
|
|
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TOTAL (A) |
1605.028 |
1341.930 |
1711.993 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
473.461 |
438.345 |
587.108 |
|
|
|
Stores and Spares Consumed |
293.505 |
214.114 |
252.863 |
|
|
|
Packing Material Consumed |
71.997 |
51.943 |
57.891 |
|
|
|
Mould Related Expenses |
178.133 |
99.094 |
67.212 |
|
|
|
Manufacturing Expenses |
139.698 |
107.073 |
128.063 |
|
|
|
Salaries and Wages |
94.509 |
76.058 |
72.728 |
|
|
|
Electricity, Power and Fuel |
79.692 |
60.737 |
56.943 |
|
|
|
Selling and Administration Expenses |
59.579 |
96.158 |
50.482 |
|
|
|
Accretion/ Decretion to Stock |
(12.982) |
10.193 |
0.000 |
|
|
|
Accretion/ Decretion to Mould Stock |
(116.584) |
(98.272) |
5.796 |
|
|
|
TOTAL (B) |
1261.008 |
1055.443 |
1279.086 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
344.020 |
286.487 |
432.907 |
|
|
|
|
|
|
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Less |
INTEREST (D) |
108.966 |
96.978 |
50.569 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
235.054 |
189.509 |
382.338 |
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
157.407 |
135.249 |
102.502 |
|
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|
|
|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
77.647 |
54.260 |
279.836 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
16.982 |
19.125 |
91.353 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
60.665 |
35.135 |
188.483 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final Dividend Paid |
11.936 |
-- |
20.889 |
|
|
|
Tax on Dividend |
2.029 |
-- |
3.550 |
|
|
|
Transfer to General Reserve |
6.439 |
-- |
25.000 |
|
|
BALANCE CARRIED
TO THE B/S |
40.261
|
35.135 |
139.044 |
|
|
|
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|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Exports of goods |
8.657 |
10.113 |
10.344 |
|
|
TOTAL EARNINGS |
8.657 |
10.113
|
10.344 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials/ Stores & Spares |
74.481 |
31.907 |
51.902 |
|
|
|
Capital Goods |
25.875 |
10.383 |
277.734 |
|
|
TOTAL IMPORTS |
100.356 |
42.290 |
329.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.16 |
5.89 |
31.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.78
|
2.62 |
11.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.81
|
4.59 |
18.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.96
|
2.28 |
13.32 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
2.12 |
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.69 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors – Small Scale Industries (As certified by management) |
65.396 |
20.431 |
17.818 |
|
Sundry Creditors – Others |
138.566 |
172.338 |
137.051 |
|
Sundry Creditors – Capital Items |
16.582 |
25.365 |
112.129 |
|
|
|
|
|
Note:
The registered office of the company has been shifted from
The Peerage, 86,
CAPITAL:
During the year the authorized capital of the Company remained unchanged
at Rs.100.000 millions consisting of 10,000,000 Equity Shares of Rs.10/- each.
The paid up share capital of the Company has also remained unchanged at
Rs.59.682 millions consisting 5,968200 shares of Rs.10/- each.
OPERATING RESULTS
AND PROFITS:
During the year, the turnover of the Company has grown by 21% as
compared to last year. The turnover for FY 2009-10 is at Rs.1734.500 millions.
The Company has achieved profit after tax of Rs.60.664 millions as against
Rs.35.134 millions in the previous year. The EBIDTA and PAT percentage were at
20% and 4.5 % resply.
FINANCE:
As at the end of the financial year, the Company has sanctioned working
facilities of Rs.431.500 millions (Fund Based at Rs.401.500 millions and Non
Fund based at Rs.30.000 millions) by way of multiple banking arrangements. The
Company had inducted one more banker viz Standard Chartered Bank to takeover
the working capital facilities from BNP Paribas Bank. The Company today has
five bankers viz Kotak Mahindra Bank, Barclays Bank, Bank of India, Standard
Chartered Bank and Citibank, for its working capital requirements.
The Company has also availed a sanction of Rs.100.000 millions from Bank
of India to meet the Capital Expenditure requirements at Sanaswadi —Injection Moulding
Machines, Shikhrapur — Injection Moulding Machines and Pantnagar — Paint shop
and Injection Moulding Machines.
WIND POWER
PROJECT:
The company’s Wind Farm, consisting of 1 wind Energy Generators with a
total capacity of 1.65 MW has generated total revenues of Rs.10.000 millions
during the year.
FORM 8:
|
Corporate
identity number of the company |
U99999MH1990PTC058368 |
|
Name of the
company |
MUTUAL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
9, Ehara Industrial Complex, Village Waliv, Vasai (East), District
Thane, Thane – 401 202, E-Mail: jshah@mutual-industries.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Volkswagen India
Private Limited, E -1, MIDC Industrial Area Phase III, Village Nigoje
Mhalunge Kharabwadi Chakan Taluka Khed, Pune – 410 501, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Charge on
Tools |
|
Date of
instrument Creating the charge |
24/09/2010 |
|
Amount secured by
the charge |
Rs.44.600
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As Mutually
Agreed upon Extent and
Operation of the charge: This charge is
created to secure advance paid by the Volkswagen India Private Limited
against their purchase order 4500000015 dated 24.10.2008 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
a. Guarantees given by banks |
4.250 |
|
b. Excise demand on account of price structure of moulds against which
MIL has made an appeal and has been allowed to do so without deposit. |
18.619 |
|
c. L/C’s Outstanding (converted @ Rs. 47 Per USD) |
1.853 |
|
d. Sales tax demand on account of wrong C form being issued |
1.222 |
FIXED ASSETS:
·
Buildings
·
Computer Installation
·
Electrical Installation
·
Fire Hydrane System
·
Flat Premises
·
Furniture and Fixtures
·
Land
·
·
Material Handling Crates
·
Motor Car
·
Msi Moulds
·
Office Equipments
·
Plant and Machinery
·
Wind Mill
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.