MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHAVIR POLYMERS PRIVATE LIMITED |
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Registered
Office : |
FE-16-17 Malviya Industrial Area, Jaipur – 302017, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.12.1984 |
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Com. Reg. No.: |
17-003176 |
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Paid-up Capital
: |
Rs. 4.800 Millions |
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CIN No.: [Company Identification
No.] |
U25191RJ1984PTC003176 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRM00141B |
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PAN No.: [Permanent Account No.] |
AABCM6554F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 19000 |
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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 an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 Office : |
FE-16-17 Malviya Industrial Area, Jaipur – 302017, |
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Tel. No.: |
91-141-2751684/2751287 |
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Fax No.: |
91-141-2751291 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Shikhar Chand Mahavir Sahai Bairathi |
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Designation : |
Managing Director |
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Address : |
B-59-B, Yash Path Tilak Nagar, Jaipur – 302004, |
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Date of Birth/Age : |
23.09.1947 |
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Date of Appointment : |
31.12.1984 |
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DIN No.: |
00188144 |
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Name : |
Mr. Vikas Shikhar Chand Bairathi |
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Designation : |
Director |
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Address : |
B-59-B, Yash Path Tilak Nagar, Jaipur – 302004, |
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Date of Birth/Age : |
15.05.1977 |
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Date of Appointment : |
18.05.1998 |
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DIN No.: |
00188136 |
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Name : |
Ms. Sushila Shikhar Chand Bairathi |
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Designation : |
Director |
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Address : |
B-59-B, Yash Path Tilak Nagar, Jaipur – 302004, |
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Date of Birth/Age : |
13.07.1952 |
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Date of Appointment : |
01.04.1986 |
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DIN No.: |
00188140 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Shikhar Chand Bairathi |
|
7590 |
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Sushila Bairathi |
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4590 |
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Vani Bagotia |
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30 |
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Megha Agarwal |
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30 |
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Pallavi Agarwal |
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30 |
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Vikas Bairathi |
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16830 |
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Shikhar Chand Bairathi HUF |
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18600 |
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P. M. Jain |
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300 |
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Total |
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48000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
99.25 |
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Other top fifty shareholders |
0.75 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H. M. Singhvi and Company Chartered Accountant |
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Address : |
Above Shop No. 350, Johari Bazar, Jaipur – 302003, |
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Tel. No.: |
91-141-2565330 |
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Pan No.: |
ACZPS7129M |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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48000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.800
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.800 |
4.800 |
4.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.017 |
0.017 |
0.017 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.817 |
4.817 |
4.817 |
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LOAN FUNDS |
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1] Secured Loans |
16.120 |
24.778 |
20.544 |
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2] Unsecured Loans |
42.751 |
16.251 |
14.345 |
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TOTAL BORROWING |
58.871 |
41.029 |
34.889 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.688 |
45.846 |
39.706 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.537 |
11.083 |
10.151 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.509 |
0.468 |
0.471 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.433
|
23.336 |
28.914 |
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Sundry Debtors |
27.620
|
16.924 |
13.734 |
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Cash & Bank Balances |
1.574
|
0.820 |
0.768 |
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Other Current Assets |
0.459
|
0.000 |
0.000 |
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Loans & Advances |
5.188
|
3.986 |
3.723 |
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Total
Current Assets |
67.274
|
45.066 |
47.139 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.544
|
7.775 |
6.248 |
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Other Current Liabilities |
8.779
|
10.244 |
12.820 |
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Provisions |
1.982
|
1.748 |
1.780 |
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Total
Current Liabilities |
29.305
|
19.767 |
20.848 |
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Net Current Assets |
37.969
|
25.299 |
26.291 |
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MISCELLANEOUS EXPENSES |
2.672 |
8.995 |
2.792 |
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TOTAL |
63.688 |
45.846 |
39.706 |
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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 |
259.664 |
189.491 |
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Other Income |
6.262 |
0.857 |
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TOTAL (A) |
265.926 |
190.348 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
256.518
(Including Financial Expenses) |
194.798
(Including Financial Expenses) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.408 |
(4.450) |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.829 |
1.665 |
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PROFIT BEFORE
TAX |
6.579 |
(6.115) |
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Less |
TAX |
0.256 |
0.088 |
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PROFIT AFTER TAX
|
6.323 |
(6.203) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(8.995) |
(2.792) |
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BALANCE CARRIED
TO THE B/S |
(2.672) |
(8.995) |
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Earnings Per
Share (Rs.) |
131.72 |
(61.69) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.38
|
(3.26) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.53
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(3.23) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.33
|
10.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
1.37
|
1.27 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
18.31
|
12.62 |
11.57 |
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Current Ratio (Current Asset/Current Liability) |
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2.30
|
2.28 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
During this year the
Company made an export sales of Rs. 0.120 million as compared to the previous
year export sales of Rs. 3.329 millions. Which is a decrease of 96.39%. However
in the domestic market also. The company has domestic sales of Rs. 259.544
millions as compared to previous year Rs. 186.162 millions. Which is an
increase of Rs. 73.382 millions. Total sales however increase from Rs. 189.491
millions to Rs. 259.664 millions which is an Increase of 37.03%. During the
year the company has produced 3.026 millions pairs of Hawai Chappals 1.313
million pairs of Plastic Chappals and Sandels 0.534 million pair of Rubber
Canvas Shoes. Totaling 4.873 millions pairs of Footwear's against previous year
production of 3.746 millions pairs which is an increase of 1.127 million pairs.
Form 8:
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90070756 |
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Corporate
identity number of the company |
U25191RJ1984PTC003176 |
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Name of the
company |
MAHAVIR POLYMERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
7FE-16-17 Malviya Industrialarea Jaipur, Area
Jaipur, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
1.
Negotiation/Purchase/discount of Bills Expressed in Foreign Currencies or
Indian Rupees for Rs.11.500 millions. 2. Export Packing
Credit Agreement for Rs.23.000 millions. |
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Date of instrument
Creating the charge |
18.05.2007 |
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Amount secured by
the charge |
Rs. 23.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest on CC (Hypo. of B/D) :- 2.50% above SBAR with a minimum of 15.25%
p.a. with monthly rests. Interest on Pre
Shipment Credit :- 2.75% below SBAR with a minimum of 10% p.a. with monthly
rests. Interest on Post
Shipment Credit :- 2.75% below SBAR with a minimum of 10% with monthly rests,
subject to change from
time to time. Terms of
Repayment - Repayable on demand. Margin - Margin
25% raw material, finished goods, receivables (cover 90 days) and Bank
Guarantee, 30% on stock in process. Extent and Operation
of the charge - The charge will operate as first charge to the extent of
Rs.23.500 millions for Working Capital Facility. |
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Short particulars
of the property charged |
1. First charge by
way of hypothecation of all stock of raw material, semi finished and finished
goods, stock in process packing material, all present and future book debts,
and all other present and future current and fixed assets of the company. |
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Particulars of
the present modification |
1. By this
modification the existing Working Capital Limit reduced to Rs.23.500 millions
from Rs.29.500 millions.. 2. Other terms
and conditions remain unchanged. |
Fixed Assets:
- Lease hold lands
- Building
- Plant and machinery
- Electric fitting and fans
- Generating set
- Dies and moulds
- Air conditioner
- Scooter and motorcycles
- Motor cars
- Delivery van
- Furniture and fixtures
- Computer
- Fax machine
- Office equipments
- Laboratory equipment
- Tube – well
- 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.44.29 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.