MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAYOR PLY INDUSTRIES PRIVATE LIMITED (w.e.f. 11.09.2009) |
|
|
|
|
Formerly Known
As : |
TIMTECH INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
46C, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
09.02.1998 |
|
|
|
|
Com. Reg. No.: |
130655 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U20101WB1998PTC130655 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Plywood and Allied Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1570000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
46C, |
|
Tel. No.: |
91-33-40017701-06 |
|
Fax No.: |
91-33-30232018 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Naurang Lal More |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.03.1938 |
|
Date of Appointment : |
09.02.1998 |
|
|
|
|
Name : |
Mr. Mukesh Kumar More |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.04.1967 |
|
Date of Appointment : |
17.12.2002 |
|
|
|
|
Name : |
Mr. Deepak Kumar More |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.03.1967 |
|
Date of Appointment : |
17.03.2008 |
|
|
|
|
Name : |
Mr. Prakash Kumar More |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.12.1969 |
|
Date of Appointment : |
09.02.1998 |
|
|
|
|
Name : |
Mrs. Namrata More |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.06.1971 |
|
Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Naurang Lal More |
7950 |
|
Mr. Prakash Kumar More |
70000 |
|
Mrs. Namrata More |
28750 |
|
Mrs. Padma Devi More |
31500 |
|
Mrs. Tripti More |
57000 |
|
Nauranglal More HUF |
33500 |
|
Akash Biscuits Private Limited, Guwahati |
53100 |
|
Mayur Roller Flour Mills Private Limited, , Guwahati |
20100 |
|
Rajesh Vinimay and Vyapaar Private Limited, Kolkata |
180289 |
|
Sunny Fincom Private Limited, Kolkata |
254945 |
|
Holly Field Vyapaar Private Limited, Kolkata |
35100 |
|
Orthodox Distributors Private Limited, Kolkata |
137850 |
|
Prakash Kumar More and Sons |
5000 |
|
Mr. Deepak Kumar More |
10000 |
|
Southern Resources and Holdings Private Limited, Kolkata |
78400 |
|
Prefer Infrastructure Private Limited, Kolkata |
6370 |
|
Consistent Constructions Private Limited, Kolkata |
7200 |
|
Captain Steel Trading Private Limited, Kolkata |
3930 |
|
Total |
1020984 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
70.93 |
|
Directors or relatives of directors |
|
29.07 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Plywood and Allied Products |
GENERAL INFORMATION
|
No. of Employees : |
not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountant |
|
Address : |
1B, |
|
|
|
|
Partnership Firm: |
Diamond Timber Industries |
|
|
|
|
Associates/Subsidiaries : |
CIN No.: U15314WB1997PTC130584
CIN No.: U35921WB1999PTC131791 |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs. 100 each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1020984 |
Equity Shares |
Rs. 100 each |
Rs.102.098 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
85.996 |
85.996 |
67.540 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
307.893 |
285.177 |
80.477 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
393.889 |
371.173 |
148.017 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
178.368 |
55.891 |
40.264 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
178.368 |
55.891 |
40.264 |
|
|
DEFERRED TAX LIABILITIES |
8.924 |
7.200 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
581.181 |
434.264 |
188.281 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
178.727 |
146.813 |
73.139 |
|
|
Capital work-in-progress |
3.559 |
2.137 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
111.750 |
107.007 |
0.019 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
313.819
|
140.984 |
112.390 |
|
|
Sundry Debtors |
558.986
|
440.183 |
166.022 |
|
|
Cash & Bank Balances |
19.863
|
12.287 |
32.825 |
|
|
Other Current Assets |
2.342
|
0.055 |
0.336 |
|
|
Loans & Advances |
99.429
|
60.280 |
26.651 |
|
Total
Current Assets |
994.439
|
653.789 |
338.224 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
666.702
|
407.647 |
205.943 |
|
|
Other Current Liabilities |
13.802
|
48.730 |
12.361 |
|
|
Provisions |
26.790
|
19.105 |
4.832 |
|
Total
Current Liabilities |
707.294
|
475.482 |
223.136 |
|
|
Net Current Assets |
287.145
|
178.307 |
115.088 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
581.181 |
434.264 |
188.281 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
1419.988 |
1178.471 |
995.338 |
|
|
|
Other Income |
8.059 |
0.608 |
1.849 |
|
|
|
TOTAL (A) |
1428.047 |
1179.079 |
997.187 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
521.373 |
472.865 |
456.769 |
|
|
|
Purchases |
710.543 |
573.486 |
383.182 |
|
|
|
Manufacturing Expenses |
22.314 |
25.329 |
17.132 |
|
|
|
Employees Remuneration |
41.679 |
24.139 |
11.385 |
|
|
|
Increase/(Decrease) in Finished Goods |
(64.938) |
(36.642) |
(26.724) |
|
|
|
Foreign Exchange Gain/Loss |
26.230 |
(8.425) |
0.000 |
|
|
|
Office Expenses |
0.000 |
1.032 |
0.035 |
|
|
|
Administrative Expenses |
97.123 |
64.207 |
60.471 |
|
|
|
Vat and Taxes |
0.000 |
0.000 |
61.489 |
|
|
|
TOTAL (B) |
1354.324 |
1115.991 |
963.739 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.723 |
63.088 |
33.448 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.136 |
11.831 |
14.961 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
43.587 |
51.257 |
18.487 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.876 |
(10.678) |
7.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
33.711 |
61.935 |
10.612 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.995 |
21.473 |
3.776 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.716 |
40.462 |
6.836 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.00 |
57.09 |
10.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.59
|
3.43 |
0.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
5.25 |
1.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.87
|
7.73 |
2.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.16 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
1.45 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.37 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been shifted from G S
Roaddispur, Guwahati 781005,
FORM 8
|
Corporate
identity number of the company |
U20101WB1998PTC130655 |
|
Name of the
company |
MAYOR PLY INDUSTRIES PRIVATE LIMITED (w.e.f. 11.09.2009) |
|
Address of the registered
office or of the principal place of
business in |
46C, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property (not
being pledge) |
|
Particular of
charge holder |
Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai
400001, |
|
Nature of
instrument creating charge |
Loan cum
Hypothecation cum Guarantee Agreement No 7000106195 dated 28.02.2011 for
Rs.1.956 millions. |
|
Date of
instrument Creating the charge |
28.02.2011 |
|
Amount secured by
the charge |
Rs. 1.956
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest @12.5%
per annum Terms of repayment Principal amount
to be repaid in 35 monthly installment of Rs. 0.067 million Extent and operation of the charge The Loan Amount
along with all costs, interest, fees and expenses and all monies in terms of
this Loan Agreement is secured by Hypothecation of all Assets. |
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.72.20 |
|
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 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.