MIRA
INFORM REPORT
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Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MAGNA INDUSTRIES AND EXPORTS LIMITED (w.e.f. 08.10.1992) |
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Formerly Known As : |
MAGNA HOME PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Unit No.220, Unique Indl. |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.06.1989 |
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Com. Reg. No.: |
11-052389 |
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Paid-up Capital : |
Rs. 113.554 Millions |
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CIN No.: [Company
Identification No.] |
L24246MH1989PLC052389 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM26847C |
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PAN No.: [Permanent
Account No.] |
AAACM5968L |
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Legal Form : |
It is a public
limited liability company. The company's shares are listed on the Stock
Exchanges. |
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Line of Business : |
Trader and Exporter of Fast Moving Consumer goods. |
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No. of Employees : |
34 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 460000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered/ Accounting Office : |
Unit No.220, Unique Indl. |
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Tel. No.: |
91-22-30480031 |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
C -2001, Oberoi Woods, Mohan Gikhale Road, Mumbai- 400063,
Maharashtra, India |
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Tel. No.: |
91-22-28400967 |
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Fax No.: |
Not Available |
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E-Mail : |
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Branch Office : |
103, Shreyas Residency Poddar Road, Santacruz (W), 400054 Mumbai,
Maharashtra, India |
DIRECTORS
As On 29.09.2007
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Name : |
Mr. Satish Mohanlal Bhangar |
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Designation : |
Managing Director |
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Address : |
Flat No. 73, Wing A, Kalpataru, Habitat, |
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Date of Appointment : |
07.02.1992 |
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DIN No.: |
00378400 |
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Name : |
Mr. Mohanlal Bhangar |
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Designation : |
Director |
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Address : |
73, Kalpataru, Habitat, |
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Date of Appointment : |
07.02.1992 |
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DIN No.: |
00378408 |
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Name : |
Mr. Amit Satish Banger |
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Designation : |
Director |
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Address : |
Flat No. 73, Wing A, Kalpataru, Habitat, |
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Date of Appointment : |
30.04.2002 |
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DIN No.: |
00378402 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Satish Mohanlal Bhangar |
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85210 |
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Amit Satish Banger |
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6000 |
As On 29.09.2007
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.02 |
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Bodies corporate |
22.15 |
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Directors or relatives of Directors |
1.99 |
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Other top fifty shareholders |
9.55 |
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Others |
66.29 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Exporter of Fast Moving Consumer goods. |
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GENERAL INFORMATION
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No. of Employees : |
34 (approximately) |
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Bankers : |
·
HDFC Bank Limited ·
ICICI Bank Limited ·
Barclays Bank |
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Facilities : |
Note: Business Loan-secured by personal guarantee by directors) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prakash Bora and Company Chartered Accountant |
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Address : |
207 Commerce House, 140 N M Road, Fort, Mumbai – 400023, |
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Pan No.: |
AANPB4363Q |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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14000000 |
Equity Shares |
Rs.10/- Each |
Rs.140.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12500000 |
Equity Shares |
Rs.10/- Each |
Rs.125.000
millions |
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Less: Call-in-arrears (due from other than directors) |
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Rs. 11.413
Millions |
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Application money in arrears |
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Rs. 0.033
Millions |
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Total |
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Rs. 113.554 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
113.554 |
113.554 |
113.554 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.835 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(1.334) |
(5.767) |
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NETWORTH |
115.389 |
112.220 |
107.787 |
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LOAN FUNDS |
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1] Secured Loans |
0.324 |
0.522 |
0.639 |
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2] Unsecured Loans |
1.419 |
2.639 |
3.835 |
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TOTAL BORROWING |
1.743 |
3.161 |
4.474 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
117.132 |
115.381 |
112.261 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.957 |
2.277 |
2.844 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.600 |
23.100 |
23.100 |
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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 |
23.265
|
48.721 |
1.656
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Sundry Debtors |
20.261
|
9.842 |
10.003
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Cash & Bank Balances |
12.138
|
4.270 |
9.957
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
53.241
|
42.650 |
85.405
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Total
Current Assets |
109.750
|
106.329 |
107.021
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
2.295
|
9.865 |
17.210 |
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Provisions |
7.880
|
6.460 |
4.340 |
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Total
Current Liabilities |
10.175
|
16.325 |
21.550
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Net Current Assets |
99.575
|
90.004 |
85.471
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Pre Operative Expenses |
0.845
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0.846 |
0.846 |
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TOTAL |
117.132 |
115.381 |
85.261 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
295.241 |
156.405 |
46.420 |
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Less |
EXPENSES |
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Cost of material consumed/sold |
260.878 |
192.106 |
0.000 |
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Manufacturing, administrative and other expenses |
3.495 |
4.596 |
40.696 |
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Increase/Decrease in stock |
25.455 |
(47.224) |
(0.149) |
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TOTAL (B) |
289.828 |
149.478 |
40.547 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.413 |
6.927 |
5.873 |
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Less |
FINANCIAL
EXPENSES (D) |
0.503 |
0.054 |
0.070 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.910 |
6.873 |
5.803 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.320 |
0.320 |
0.336 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.590 |
6.553 |
5.467 |
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Less |
TAX (I) |
1.420 |
2.120 |
1.861 |
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PROFIT AFTER TAX
(G-I) (J) |
3.170 |
4.433 |
3.606 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.334) |
(5.767) |
NA |
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BALANCE CARRIED
TO THE B/S |
1.836 |
(1.334) |
NA |
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Earnings Per
Share (Rs.) |
0.26 |
NA |
NA |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.07 |
4.19 |
7.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.11 |
6.03 |
4.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.06 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.10 |
0.17 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
|
10.79 |
6.51 |
4.97 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 73 Kalpataru
Tower, “A”, Dr. S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India to
the present address w.e.f 30.10.2007.
REVIEW OF
OPERATIONS:
During the year, the company’s total income from operations amounted to
Rs. 269.785 millions as compared to Rs. 203.629 millions for the previous year.
After deducting there from total expenditure of Rs. 265.196 millions and
197.077 millions respectively the company earned profit of Rs. 3.170 millions
against previous year profit of Rs. 4.433 millions.
Fixed Assets:
- Air
conditioner
- Plant and
machinery
- Electric
installation
- Office
equipment
- Furniture and
fixtures
- Motor
vehicles
- Computers
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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
28 |
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.