MIRA
INFORM REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHAVIR THREDS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.09.1994 |
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Com. Reg. No.: |
11-81184 |
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CIN No.: [Company Identification
No.] |
U17120MH1994PTC081184 |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer of Cotton Yarn and Cotton Waste and Trading In Cotton. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 49000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a established company having moderate track. Profitability
of the company appears to be under pressure. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution. |
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 PARTED BY
|
Name : |
Mr. Vivek Chawne |
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Designation : |
Director |
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Contact No.: |
91-7256-22700 |
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Date : |
25.01.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-7256-222709 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. (Approximately) |
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Location : |
Owned |
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Factory: |
S. No.156, Karanja Taq, Karanja-444 105, |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Atul Vijay Kalamkar |
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Designation : |
Director |
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Address : |
Balaji Plots, |
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Date of Birth/Age : |
28.06.1968 |
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Date of Appointment : |
16.09.1994 |
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Name : |
Mr. Vivek Narendrakumar Chawre |
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Designation : |
Managing Director |
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Address : |
Chawre Line, Karanja, Dist. Washim 444105, |
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Date of Birth/Age : |
06.11.1960 |
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Date of Appointment : |
28.09.1994 |
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Name : |
Mr. Akshay Dhannulal Chawre |
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Designation : |
Director |
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Address : |
190, Sanmatti, opp. Kanta Apartment, Pant Nagar Ghatkopar (East),
Mumbai– 400075, |
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Date of Birth/Age : |
17.05.1951 |
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Date of Appointment : |
15.09.1995 |
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Name : |
Mr. Santosh Vishnukumar Dongaonkar |
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Designation : |
Director |
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Address : |
Hatoti Pura, Karanja, Dist. Washim 444105, |
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Date of Birth/Age : |
30.08.1951 |
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Date of Appointment : |
15.09.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Chawre Dhannulal Akshay |
|
26500 |
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Chawre Dhannulal Manohar |
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17500 |
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Chawre Dhannulal Padmabai |
|
2500 |
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Chawre Dhannulal Rajkumar |
|
5000 |
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Chawre Manohar Amod |
|
1000 |
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Chawre Narendrakumar Vivek |
|
101000 |
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Chawre Shashikant Snehal |
|
4500 |
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Chawre Vivek Mamta |
|
15000 |
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Dongaonkar Jagdish Piyush |
|
5500 |
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Dongaonkar Jagdish Sarojbai |
|
8000 |
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Dongaonkar Santosh Pradnya |
|
15000 |
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Dongaonkar Shashikant Shubhangibai |
|
1000 |
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Dongaonkar Vishnukumar Jagdish |
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15000 |
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Dongaonkar Vishnukumar Santosh |
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13000 |
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Dongaonkar Vishnukumar Shashikant |
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22500 |
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Joharapurkar Pasusa Prabhakar |
|
7500 |
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Kalamkar Atul Vaikhari |
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8500 |
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Kalamkar Vijay Atul |
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57500 |
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Kalamkar Vijay Vijayabai |
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12500 |
|
Mahavir Theatres Private Limited, |
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41000 |
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Ruiwale Gajkumar Ashutosh |
|
4000 |
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Ruiwale Gajkumar Sanjeev |
|
6000 |
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Ruiwale Ratanlal Gajkumar |
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10000 |
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Total |
|
400000 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
10.25 |
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Directors
or relatives of directors |
|
81.50 |
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Other
top fifty shareholders |
|
8.25 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cotton Yarn and Cotton Waste and Trading In Cotton. |
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Terms : |
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Selling : |
Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
Cash and Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Sunderlal Sawji Urban Co-operative Bank Limited, Karanja Lad Branch,
Karanja Lad - 444105, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Tambi and Jaipurkar Chartered Accountants |
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Address : |
Opp. Hotel Rajdhani, Ambadevi Road, Amravati-444 601, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 millions |
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 |
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|
|
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.203 |
8.537 |
8.809 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.203 |
12.537 |
12.809 |
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LOAN FUNDS |
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1] Secured Loans |
10.078 |
8.680 |
9.581 |
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2] Unsecured Loans |
11.803 |
8.887 |
8.403 |
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TOTAL BORROWING |
21.881 |
17.567 |
17.984 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.084 |
30.104 |
30.793 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.327 |
20.303 |
19.032 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.261 |
0.839 |
0.534 |
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DEFERREX TAX ASSETS |
0.829 |
0.679 |
0.558 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.450
|
7.260 |
10.320 |
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Sundry Debtors |
2.298
|
2.796 |
2.372 |
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Cash & Bank Balances |
0.437
|
0.221 |
0.058 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.304
|
0.253 |
0.206 |
|
Total
Current Assets |
13.489
|
10.530 |
12.956 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
Sundry Creditors |
1.489
|
1.742 |
1.773 |
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
0.333
|
0.505 |
0.583 |
|
Total
Current Liabilities |
1.822
|
2.247 |
2.356 |
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Net Current Assets |
11.667
|
8.283 |
10.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Deferred Expense |
0.000 |
0.000 |
0.069 |
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TOTAL |
34.084 |
30.104 |
30.793 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
29.838 |
40.654 |
29.409 |
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Other Income |
0.227 |
0.039 |
0.014 |
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TOTAL |
30.065 |
40.693 |
29.423 |
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|
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|
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Less |
EXPENSES |
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|
|
|
|
|
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TOTAL |
30.547 |
41.086 |
28.242 |
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PROFIT BEFORE
TAX |
(0.482) |
(0.393) |
1.181 |
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Less |
TAX |
(0.149) |
(0.121) |
0.013 |
|
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PROFIT AFTER TAX
|
(0.333) |
(0.272) |
1.168 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.539 |
6.811 |
5.643 |
|
|
|
|
|
|
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|
|
|
BALANCE CARRIED
TO THE B/S |
6.206 |
6.539 |
6.811 |
|
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|
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Earnings Per
Share (Rs.) |
(1.21) |
- |
- |
|
Expected Sales (2010-2011) : Rs.50.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.11)
|
(0.67) |
3.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.62)
|
(0.97) |
4.02 |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.43)
|
(1.27) |
3.69 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.02) |
0.04 |
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
1.58 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.40
|
4.69 |
5.50 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
B.D. Moondra and Company |
0.001 |
|
|
|
Gopal R. Khetan, |
0.000 |
0.350 |
|
|
K.M Traders, |
0.034 |
0.034 |
|
|
Mauli Ginning, Paras. |
0.037 |
0.037 |
|
|
Sharda Yantramag Vinkar S S Girni,
Kumbhari |
0.026 |
0.026 |
NA |
|
Isha Cotton Company,Karanja |
1.240 |
0.000 |
|
|
Bhavesh D Dasani Amravati |
0.004 |
0.000 |
|
|
Dilip Bhavsar |
0.013 |
0.013 |
|
|
Ropash International, mumbai |
0.022 |
0.000 |
|
|
Keerthana Textiles Sircilla |
0.111 |
0.000 |
|
|
BBN Agencies,. Kishangarh |
0.000 |
0.059 |
|
Financial Results:
During the year
the Company has suffered a net loss of Rs.0.333 millions which when adjusted against
the brought forward balance of Rs.6.539 millions there remains a profit of
Rs.6.206 millions in Profit and Loss Account. No dividend is therefore
recommended by the Board.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90244310 |
|
Corporate
identity number of the company |
U17120MH1994PTC081184 |
|
Name of the
company |
MAHAVIR THREDS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Sunderlal Sawji Urban Co-operative Bank Limited, Karanja Lad Branch,
Karanja Lad - 444105, |
|
Nature of
description of the instrument creating or modifying the charge |
Letter dated
1-1-08 of satisfaction of TL of
Rs.1.500 millions by SSUCB, Karanja Lad, |
|
Date of
instrument Creating the charge |
01.01.2008 |
|
Amount secured by
the charge |
Rs.2.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The rate of
interest stipulated for the first Term Loan of Rs. Rs.1.500 millions was @
16.5% p.a. but was revised to14% The rate of
interest stipulated for the second Term Loan of Rs. 2.000 millions is @ 14%
p.a. Terms of
Repayment The first Term
Loan of Rs.1.500 millions was repayable in 24 equated quarterly installments
of Rs.0.062 millions each wef March,2002 including interest thereon The fresh Term
Loan of Rs. 2.000 millions is repayable in 20 equated quarterly installments
of Rs.0.150 millions each including interest thereon. Margin No margin is
stipulated. Extent and
Operation of the charge 1) The original
TL of Rs.5.000 millions was secured by EM Deed dated 10-07-1999. 2) Then
first Term Loan of Rs. Rs.1.500 millions was secured by Adnl EM Deed dated
17-11-2001 whereby the said EM increased from Rs.5.000 millions to Rs.6.500
millions. 3) The said EM was reduced from Rs.6.500 millions to Rs. Rs.1.500
millions upon repayment of TL of Rs.5.000 millions on 18-01-2007.4)The said EM
of Rs.1.500 millions of was raised to Rs.3.500 millions by adnl EM dated
17-12-2007. 5) Now the said EM of Rs.3.500 millions is reduced to Rs.2.000
millions Rs.1.500 millions by repay of Rs.1.500 millions on 1-1-08. Others The effect of the
present modification is that the subsisting Equitable Mortgage of Rs.3.500
millions of is now reduced to Rs.2.000 millions in view of repayment of first
TL of Rs.1.500 millions on 1-1-08. |
|
Short particulars
of the property charged |
1) TL of Rs.1.500
millions was secured by Anl Mort Deed dated 17-11-01 whereby the EM of L and
Bldg on SN. 156 Kali adm. 0 H 52R Karanja vide EM dt. 10-7-99 for Rs.5.000
millions was extended to Rs.6.500 millions. 2) In addition to above one
number Trumac Dk-780 high production carding machine no. 666 was mortgaged 3)
The in addition to 1) and 2) above 1 Auto Leveller Draw Frame Machine, 1DG
Set and 4Rieter OE Spg. Sections were mort. vide EM Deed dt. 17-12-07.4) now out of the above security
for Rs.2.000 millions alone subsists. |
|
Date of latest
modification prior to the present modification |
17.12.2007 |
|
Particulars of
the present modification |
1)The Term Loan
of Rs.1.500 millions was secured by Additional Mortgage Deed dt. 17-11-2001
whereby the Equitable Mortgage dt. 10-7-1999 for Rs.5.000 millions was
extended to Rs.6.500 millions.2)The
Equitable Mortgage of Rs.6.500 millions is reduced to Rs.1.500
millions in view of repayment of Term Loan of Rs.5.000 millions on
18-1-07.3)The EM of Rs.1.500 millions was raised to Rs.3.500 millions vide EM
dt. 17-12-07.4) Now EM is reduced to Rs.2.000 millions due to repayment of TL
of Rs.1.500 millions on 1-1-08. |
Trade Reference:
·
Jyoti Overseas Limited,
·
Morarji Textile Limited,
·
Msccgme L:imited, Jalgaon
Fixed Assets:
·
Land
·
Building
·
Machinery
·
Electrical purchase
·
Generator Engine
·
Office Furniture
·
Fire Fighting Equipment
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.45.53 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.