MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MGSHAHANI AND CO DELHI LIMITED |
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|
|
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Registered
Office : |
B-4, Mahavir Bhawan, C-2, Karampura Commercial Complex, |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
30.08.1948 |
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Com. Reg. No.: |
55-1454 |
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Capital
Investment / Paid-up Capital : |
Rs.4.432 millions |
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|
|
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CIN No.: [Company Identification
No.] |
U74899DL1948PLC001454 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM08551E |
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|
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PAN No.: [Permanent Account No.] |
AAACM7007J |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer and Exporter of Hair Shampoo, Liquid |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
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|
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|
Status : |
Moderate |
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|
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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. There appears
some accumulated losses being recorded by the company. However, with some improvement in profits the company can wipe-off
those losses in near future. 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
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
B-4, Mahavir Bhawan, C-2, Karampura Commercial Complex, |
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Tel. No.: |
91-11-41513225 |
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Fax No.: |
91-11-41513226 |
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E-Mail : |
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Corporate Office : |
80, |
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Factory : |
Plot No. 30, |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Ranjit Motiram Shahani |
|
Designation : |
Managing Director |
|
Address : |
161, Golf Links, |
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Date of Birth/Age : |
06.09.1930 |
|
Date of Appointment : |
16.07.1954 |
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Date of Ceasing : |
30.01.2011 |
|
DIN No.: |
00232689 |
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|
|
|
Name : |
Ms. Sheila N Thadani |
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Designation : |
Director |
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Address : |
A-17, |
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Date of Birth/Age : |
21.11.1932 |
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Date of Appointment : |
14.07.1997 |
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DIN No.: |
00232783 |
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Name : |
Mr. Rajesh Thadani |
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Designation : |
Managing Director |
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Address : |
A-17, |
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Date of Birth/Age : |
15.12.1968 |
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Date of Appointment : |
14.07.1997 |
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DIN No.: |
00232371 |
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Name : |
Mr. Rajender Nath Seth |
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Designation : |
Director |
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Address : |
N-232, Greater Kailash, |
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Date of Birth/Age : |
25.01.1927 |
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Date of Appointment : |
14.07.1997 |
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DIN No.: |
00232461 |
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Name : |
Mr. Gurbux Rai Khanna |
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Designation : |
Director |
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Address : |
E-3, Masjid Moth, Greater Kailash – III, |
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Date of Birth/Age : |
03.05.1933 |
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Date of Appointment : |
25.01.2002 |
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DIN No.: |
00016331 |
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|
|
|
Name : |
Mr. Kapilendu Advani |
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Designation : |
Director |
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Address : |
06, Sunder Nagar Market, |
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Date of Birth/Age : |
09.07.1961 |
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Date of Appointment : |
01.08.2010 |
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DIN No.: |
02453086 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ranjit M Shahani |
|
15629 |
|
M G S Charitable Trust |
|
3605 |
|
Sheila N Thadani |
|
2432 |
|
Sanjiv R Shahani |
|
3602 |
|
Rajesh N Thadani |
|
9579 |
|
Lal R Wadhwani |
|
1690 |
|
Radhakrishnan R Wadhwani |
|
224 |
|
Jawahar Lekhraj Sipahimalani |
|
358 |
|
Ranjit M Shahani and Son (HUF) |
|
2817 |
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Rajesh Thadani / Sheila Thadani |
|
1736 |
|
Rajesh Thadani and Son (HUF) |
|
1021 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Hair Shampoo, Liquid |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Chinatrust Commercial Bank A1-16, Wenger House, Rajiv Chowk, ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Virendra K Jain and Company Chartered Accountant |
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Address : |
3618/11, Sudershan Market, Chawari Bazar, |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44318 |
Equity Shares |
Rs.100/- each |
Rs.4.432
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 |
|
|
|
|
|
1] Share Capital |
4.432 |
4.432 |
4.432 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37.418 |
37.418 |
37.418 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.850 |
41.850 |
41.850 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.771 |
20.290 |
18.353 |
|
|
2] Unsecured Loans |
29.601 |
25.751 |
18.396 |
|
|
TOTAL BORROWING |
52.372 |
46.041 |
36.749 |
|
|
DEFERRED TAX LIABILITIES |
0.532 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.752 |
87.891 |
78.599 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
56.857 |
52.353 |
51.454 |
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Capital work-in-progress |
5.282 |
2.998 |
3.758 |
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|
|
|
|
|
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|
INVESTMENT |
0.109 |
0.109 |
0.109 |
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|
DEFERREX TAX ASSETS |
0.000 |
3.228 |
3.276 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.613
|
23.513 |
24.099 |
|
|
Sundry Debtors |
35.555
|
35.772 |
7.979 |
|
|
Cash & Bank Balances |
3.258
|
4.229 |
2.915 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.474
|
8.226 |
8.456 |
|
Total
Current Assets |
76.900
|
71.740 |
43.449 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
37.543
|
44.318 |
24.150 |
|
|
Other Current Liabilities |
5.394
|
4.904 |
5.451 |
|
|
Provisions |
1.672
|
0.622 |
1.473 |
|
Total
Current Liabilities |
44.609
|
49.844 |
31.074 |
|
|
Net Current Assets |
32.291
|
21.896 |
12.375 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.213 |
7.307 |
7.627 |
|
|
|
|
|
|
|
|
TOTAL |
94.752 |
87.891 |
78.599 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
410.909 |
319.016 |
147.483 |
|
|
|
Handling Commission (Warehousing Charges) |
10.389 |
9.471 |
10.095 |
|
|
|
Interest Income |
0.042 |
0.030 |
0.470 |
|
|
|
Profit on |
0.000 |
0.015 |
0.001 |
|
|
|
Job Work Income |
0.352 |
0.000 |
0.000 |
|
|
|
Prior Period Expenses Written Back |
0.029 |
0.000 |
0.000 |
|
|
|
Miscellaneous Receipts |
1.147 |
0.429 |
0.404 |
|
|
|
TOTAL (A) |
422.868 |
328.961 |
158.453 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
346.205 |
267.705 |
112.932 |
|
|
|
Personnel Expenses |
17.869 |
17.677 |
18.839 |
|
|
|
Other Expenses |
36.364 |
32.342 |
22.847 |
|
|
|
Prior Period Expenses |
0.020 |
0.039 |
0.000 |
|
|
|
Excise Duty Paid |
0.000 |
0.000 |
7.399 |
|
|
|
TOTAL (B) |
400.458 |
317.763 |
162.017 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.410 |
11.198 |
(3.564) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCIAL EXPENSES (D) |
3.956 |
4.316 |
4.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.454 |
6.882 |
(7.832) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.551 |
5.953 |
5.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.903 |
0.929 |
(13.735) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.809 |
0.609 |
(4.982) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.094 |
0.320 |
(8.753) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(7.307) |
(7.626) |
1.127 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.213) |
(7.306) |
(7.626) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
2.407 |
3.465 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
160.07 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.68
|
0.10 |
(5.52) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.90
|
0.29 |
(9.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.90
|
0.75 |
(14.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.02 |
(0.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.32
|
2.29 |
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.44 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from 15 and 16, 2nd
Floor, H Block, Indra Place, Connaught Place, Delhi – 110 001, India to the
present address.
OPERATIONS
The production at new facility at Selaqui has picked up during the year.
The company was able to achieve a turnover of Rs.422.868 millions during the
year as compared with Rs.328.961 millions in previous year. Net profit before
tax rose to Rs.11.903 millions as against a profit of Rs.0.929 million during
the same period in previous year. The company earned Rs.7.094 million as a net
profit after tax as against profit of Rs.0.320 million during the previous
year. After adjusting carried forward losses of Rs.7.307 million, an amount of
Rs.0.213 million is still unadjusted loss to be carried forward for
future.
FORM 8
|
Corporate
identity number of the company |
U74899DL1948PLC001454 |
|
Name of the
company |
MGSHAHANI AND CO DELHI LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-4, Mahavir Bhawan, C-2, Karampura Commercial Complex, |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10193914 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Chinatrust Commercial Bank A1-16, Wenger House, Rajiv Chowk, |
|
Nature of
instrument creating charge |
Supplementary
Deed of hypothecation of Current Assets dated 26.04.2011, Supplementary Deed
of hypothecation of Fixed Assets dated 26.04.2011, Memorandum of Entry dated
26.04.2011 and Overdraft Agreement dated 26.04.2011. |
|
Date of
instrument Creating the charge |
26.04.2011 |
|
Amount secured by
the charge |
Rs.33.337
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Overdraft and
General Term Loans @3.5% over Base
Rate of Rs.8.25% p.a. at present at monthly rests Terms of
Repayment Overdraft :
Payable on demand Term Loans : Existing
terms Margin Overdraft : 25% Term Loans : 40% Extent and
Operation of the charge 100% Others To secure all
amounts payable under various working capital facilities aggregating to Rs.33.337
millions including Overdraft limit of Rs.26.000 millions now being granted to
the Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary Exclusive charge on
entire current assets of the Company – both present and future. Exclusive first
charge on entire fixed assets of the Company – both present and future. Collateral Equitable
mortgage of immovable properties of the company situated at 12/1, Mall
Mathura Road, Faridabad, Haryana together with all buildings, structures,
fixed plant and machinery. Fixtures and
fittings constructed, erected or installed thereon or to be constructed,
erected installed therein. |
|
Particulars of
the present modification |
The exclusive
first charge on entire current and fixed assets of the Company – both present
and future and equitable mortgage of immovable properties of the Company
situated at 12/1, |
FIXED ASSETS
·
Land
·
Land – Lease Hold
·
·
Other Building
·
Plant and Machinery
·
Furniture and Fittings
·
Electric Fittings and
Fans
·
Office Equipment and
Machinery
·
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
30 |
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.