MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MALWA OXYGEN AND INDUSTRIAL GASES PRIVATE LIMITED |
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Registered
Office : |
Sector C, Industrial Area, Ratlam 457001, Madhya Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.12.1981 |
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Com. Reg. No.: |
10-001866 |
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CIN No.: [Company Identification
No.] |
U24111MP1981PTC001866 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BPLM02654B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Specialty Chemicals Intermediates and Bulk
Drugs |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 113600 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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: |
Sector C, Industrial Area, Ratlam 457001, |
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Tel. No.: |
91-7412-260840 / 260170 |
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Fax No.: |
91-7412-260667 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Sanjay Vyas |
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Designation : |
Director |
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Address : |
Pushpak, 22, |
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Date of Appointment : |
16.08.1988 |
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DIN : |
00019326 |
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Name : |
Mr. Pushpa Vyas |
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Designation : |
Director |
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Address : |
Pushpak, 22, |
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Date of Appointment : |
03.10.1984 |
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DIN : |
00019360 |
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Name : |
Mr. Rajesh Vyas |
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Designation : |
Director |
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Address : |
Pushpak, 22, |
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Date of Appointment : |
27.09.2001 |
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DIN : |
00019368 |
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|
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Name : |
Mr. Pramod Kumar Vyas |
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Designation : |
Director |
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Address : |
Pushpak, 22, |
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Date of Appointment : |
07.12.1981 |
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DIN : |
00052630 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Sanjay Vyas |
7000 |
|
Mrs. Pushpa Vyas |
11600 |
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Mr. Rajesh Vyas |
4000 |
|
Mr. Pramod Kumar Vyas |
13402 |
|
Ms. Seema Bohra |
2080 |
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Mr. Sandeep Vyas |
7446 |
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Mrs. Rena Vyas |
1930 |
|
Mr. Meetu Vays |
1930 |
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Total |
49388 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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Directors or relatives of directors |
|
98.35 |
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Other top fifty shareholders |
|
1.65 |
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Total
|
100.00 |
BUSINESS DETAILS
GENERAL INFORMATION
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No. of Employees : |
51-100 (approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Basant Jain and Company Chartered Accountant |
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Address : |
84 |
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PAN No.: |
ABAPJ2601H |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
50000 |
Equity Shares |
Rs. 100 each |
Rs. 5.000 million |
|
5000 |
Preference Shares |
Rs. 100 each |
Rs. 0.500 million |
|
|
Total |
|
Rs. 5.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49988 |
Equity Shares |
Rs. 100 each |
Rs. 4.998
million |
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|
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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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.999 |
4.999 |
2.499 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.416 |
20.405 |
17.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
28.415 |
25.404 |
20.399 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.424 |
6.022 |
0.000 |
|
|
2] Unsecured Loans |
0.267 |
0.000 |
15.083 |
|
|
TOTAL BORROWING |
18.691 |
6.022 |
15.083 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
47.106 |
31.426 |
35.482 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.838 |
40.411 |
29.977 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.800 |
1.800 |
1.800 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.828
|
2.295 |
9.658 |
|
|
Sundry Debtors |
31.403
|
31.541 |
32.331 |
|
|
Cash & Bank Balances |
28.217
|
13.588 |
19.654 |
|
|
Other Current Assets |
2.843
|
1.557 |
1.459 |
|
|
Loans & Advances |
20.016
|
8.640 |
4.294 |
|
Total
Current Assets |
87.307
|
57.621 |
67.396 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
62.267 |
48.134 |
0.000 |
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Other Current Liabilities |
8.475
|
7.901 |
57.928 |
|
|
Provisions |
28.097
|
12.371 |
5.763 |
|
Total
Current Liabilities |
98.839
|
68.406 |
63.691 |
|
|
Net Current Assets |
(11.532)
|
(10.785) |
3.705 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
47.106 |
31.426 |
35.482 |
|
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 |
|
186.045 |
119.286 |
|
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|
Other Income |
|
6.259 |
3.546 |
|
|
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TOTAL |
164.086 |
192.304 |
122.832 |
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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 |
141.523 |
180.492 |
115.077 |
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|
PROFIT BEFORE
TAX (E-F) |
22.563 |
11.812 |
7.755 |
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Less |
TAX |
7.800 |
5.800 |
2.800 |
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PROFIT AFTER TAX
(G-H) |
14.763 |
6.012 |
4.955 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.856 |
4.888 |
NA |
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Less: |
APPROPRIATIONS |
|
|
|
|
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Transfer to General Reserve |
4.000 |
|
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|
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Dividend |
9.998 |
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|
|
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|
Tax on Dividend |
1.699 |
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|
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Corporate Dividend on Tax on interim
dividend |
0.000 |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.922 |
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|
Earnings Per
Share (Rs.) |
259.32 |
120.28 |
198.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.00
|
3.12
|
4.03 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
6.34
|
6.50 |
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.65
|
9.12
|
7.96 |
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.46
|
0.38 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.14
|
4.16
|
3.86 |
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|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.84 |
1.06 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS RESULTS:
The profit and loss account for the year ended review reveals a surplus of
Rs. 22.563 millions after providing normal depreciation and usual expenses.
EXPORT CHEMICAL
DIVISION :
The export turnover for the year amounted to Rs.113855 million (net)
against Rs.156.229 million in previous year.
There was an increase in input, cost and other incidentals. They are
hopeful of better in future and hope they will find them to be satisfactory.
TURNOVER :
The turnover of current year is Rs.1.544 million against previous year’s
Rs.186.045 millions. They are hopeful of better in future and hope they will
find them to be satisfactory.
FIXED ASSETS :
- Plant and
Machinery
- Electric
Installation
- Furniture and
Fittings
- Computer
- Tools
- Weighing
Machine
- Fax Machine
- Air
Conditioner
- Ice Plant
- Vehicle (4
Wheeler)
- Vehicle (2
Wheeler)
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10049768 |
|
Corporate
identity number of the company |
U24111MP1981PTC001866 |
|
Name of the
company |
MALWA OXYGEN AND INDUSTRIAL GASES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sector C, Industrial Area, Ratlam 457001, |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
State Bank of Email: sbi.09452@sbi.co.in |
|
Nature of instrument
creating charge |
Supplemental
Agreement For Loan-Cum Hypothecation Dated 12.02.2009 For Rs 42.282 millions |
|
Date of
instrument Creating the charge |
12.02.2009 |
|
Amount secured by
the charge |
Rs. 42.282
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 1)Cash Credit
: 1.50% Above SBAR, Current Effective
Rate Is 13.75% 2)Term Loan :
2.0% Above SBAR, Current
Effective Rate Is 14.25% 3)Letter Of
Credit : As Per Agreement 4)Stand By Line
Of Credit :1% Above The Rate Applicable For (CC Hypo.) 5) Export Packing
Credit Limit : As Per Agreement. Terms of repayment A) Working
Capital Facilities Rs. 29.800 millions
Payable On Demand I.E. Cash Credit Rs. 12.000 millions and Letters Of Credit Rs.
16.000 millions and Stand By Line Of Credit Rs 1.800 millions B) Term Loan
: 1) RS 3.882
millions ( old tl o/s ) 20 QT. inst.
of Rs 0.225 million each as per existing arrangement 2) Rs 3.600
millions (old tl o/s) 20 qt. inst of
Rs 0.200 million each as per existing arrangement 3) Rs 5.000
millions (new term loan) payable by 20 qt. inst of Rs 0.250 million each from
31.03.09 as per agreement Margin RAW MATERIAL 25% STOCK IN
PROCESS 25% FINISHED
GOODS
25% RECEIVABLES (60
days) 40% LETTER OF
CREDIT 25% (Cash
Margin) TERM LOAN
31.37% EXPORT CREDIT
PACKING LIMIT 10% Extent and operation of the charge For term loan First charge on
entire fixed assets (present and to be acquired) Extension of
charge on entire current assets of the company For working
capital First charge on
entire current assets of the company Extension of
charge on entire fixed assets (present and to be acquired) Other The Loan As
Guarnteed By Directors And Others |
|
Short particulars
of the property charged (Including location of the property) |
1) 2) House Property Located At 22, |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes, Shri Pramod Kumar
Vyas |
|
Date of
instrument modifying the charge |
13.04.2007 |
|
Particulars of
the present modification |
Renewal cum enhancement
of facilities from Rs.26.850 millions to Rs.42.282 millions |
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.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.