MIRA
INFORM REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHAVIR POLYMERS PRIVATE LIMITED |
|
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|
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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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Capital
Investment/ Paid-up Capital: |
Rs. 4.800 Millions |
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|
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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
|
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 43900 |
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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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
FE-16-17 Malviya Industrial Area, Jaipur – 302017, |
|
Tel. No.: |
91-141-2751684/2751287 |
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Fax No.: |
91-141-2751291 |
|
E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Shikhar Chand Mahavir Sahai Bairathi |
|
Designation : |
Managing Director |
|
Address : |
B-59-B, Yash Path Tilak Nagar, Jaipur – 302004, |
|
Date of Birth/Age : |
23.09.1947 |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00188144 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U25191RJ1984PTC003176 |
MAHAVIR POLYMERS PRIVATE LIMITED |
Managing director |
31-12-84 |
31-12-84 |
- |
Active |
NO |
|
2 |
U24117RJ1996PTC011331 |
SUPREME MINERALS PVT LTD |
Director |
17-09-01 |
17-09-01 |
- |
Active |
NO |
|
3 |
U45201RJ2006PTC022099 |
CEG TECHNOCONSULT PRIVATE LIMITED |
Director |
16-08-07 |
08-05-06 |
08-04-08 |
Active |
NO |
|
Name : |
Mr. Vikas Shikhar Chand Bairathi |
|
Designation : |
Director |
|
Address : |
B-59-B, Yash Path Tilak Nagar, Jaipur – 302004, |
|
Date of Birth/Age : |
15.05.1977 |
|
Date of Appointment : |
18.05.1998 |
|
DIN No.: |
00188136 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
|
U25191RJ1984PTC003176 |
MAHAVIR POLYMERS PRIVATE LIMITED |
Director |
18-05-98 |
18-05-98 |
- |
Active |
NO |
|
2 |
U24117RJ1996PTC011331 |
SUPREME MINERALS PVT LTD |
Director |
09-08-08 |
24-04-07 |
- |
Active |
NO |
|
Name : |
Ms. Sushila Shikhar Chand Bairathi |
|
Designation : |
Director |
|
Address : |
B-59-B, Yash Path Tilak Nagar, Jaipur – 302004, |
|
Date of Birth/Age : |
13.07.1952 |
|
Date of Appointment : |
01.04.1986 |
|
DIN No.: |
00188140 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U25191RJ1984PTC003176 |
MAHAVIR POLYMERS PRIVATE LIMITED |
Director |
01-04-86 |
01-04-86 |
- |
Active |
NO |
|
2 |
U45201RJ2006PTC022099 |
CEG TECHNOCONSULT PRIVATE LIMITED |
Director |
16-08-07 |
08-05-06 |
08-04-08 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shikhar Chand Bairathi |
|
7590 |
|
Sushila Bairathi |
|
4590 |
|
Vani Bagotia |
|
30 |
|
Megha Agarwal |
|
30 |
|
Pallavi Agarwal |
|
30 |
|
Vikas Bairathi |
|
16830 |
|
Shikhar Chand Bairathi HUF |
|
18600 |
|
P. M. Jain |
|
300 |
|
Total |
|
48000 |
Equity Share Break up (Percentage of Total Equity)
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.25 |
|
Other top fifty shareholders |
0.75 |
|
Total |
100.00 |
BUSINESS DETAILS
|
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 : |
State Bank of |
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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 |
CAPITAL STRUCTURE
As on 31.03.2011
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 |
|
|
|
|
|
|
48000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.800 |
4.800 |
4.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.176 |
0.017 |
0.017 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.976 |
4.817 |
4.817 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23.226 |
16.120 |
24.778 |
|
|
2] Unsecured Loans |
59.957 |
42.751 |
16.251 |
|
|
TOTAL BORROWING |
83.183 |
58.871 |
41.029 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.159 |
63.688 |
45.846 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
30.471 |
22.537 |
11.083 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.601 |
0.509 |
0.468 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.818
|
32.433
|
23.336 |
|
|
Sundry Debtors |
33.371
|
27.620
|
16.924 |
|
|
Cash & Bank Balances |
0.982
|
1.574
|
0.820 |
|
|
Other Current Assets |
0.130
|
0.459
|
0.000 |
|
|
Loans & Advances |
4.988
|
5.188
|
3.986 |
|
Total
Current Assets |
95.289
|
67.274 |
45.066 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.156
|
18.544
|
7.775 |
|
|
Other Current Liabilities |
8.060
|
8.779
|
10.244 |
|
|
Provisions |
1.987
|
1.982
|
1.748 |
|
Total
Current Liabilities |
32.203
|
29.305 |
19.767 |
|
|
Net Current Assets |
63.086
|
37.969 |
25.299 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.672 |
8.995 |
|
|
|
|
|
|
|
|
TOTAL |
94.159 |
63.688 |
45.846 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
299.692 |
259.664 |
189.491 |
|
|
|
Other Income |
5.190 |
6.262 |
0.857 |
|
|
|
TOTAL |
304.882 |
265.926 |
190.348 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
7.196 |
4.961 |
|
|
|
|
Administrative Expenses |
3.640 |
3.071 |
|
|
|
|
Manufacturing Expenses |
42.011 |
38.690 |
|
|
|
|
Accretion (Decretions) to work – in – Process and finished goods |
[16.049] |
[5.868] |
|
|
|
|
Other Expenses |
254.509 |
215.664 |
|
|
|
|
TOTAL |
291.307 |
256.518 |
194.798 |
|
|
|
|
|
|
|
|
|
PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.575 |
9.408 |
(4.450) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.134 |
2.829 |
1.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX |
8.441 |
6.579 |
(6.115) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.391 |
0.256 |
0.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX |
8.832 |
6.323 |
(6.203) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[2.672] |
(8.995) |
(2.792) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
[6.159] |
(2.672) |
(8.995) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
131.72 |
(61.69) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.89
|
2.38
|
(3.26) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.81
|
2.53
|
(3.23) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.71
|
7.33
|
10.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.76
|
1.37
|
1.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.51
|
18.31
|
12.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.30
|
2.28 |
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:
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
90070756 |
||||||
|
Corporate
identity number of the company |
U25191RJ1984PTC003176 |
||||||
|
Name of the
company |
MAHAVIR POLYMERS
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
7FE-16-17 Malviya Industrialarea Jaipur, Area
Jaipur, |
||||||
|
Type of charge |
Book Debts Movable Property Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
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. |
||||||
|
Date of
instrument Creating the charge |
18.05.2007 |
||||||
|
Amount secured by
the charge |
Rs. 23.500
Millions |
||||||
|
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. |
||||||
|
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. |
||||||
|
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
- Transfarmers
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.48.92 |
|
|
1 |
Rs.76.51 |
|
Euro |
1 |
Rs.66.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
4 |
|
--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 |
YES |
|
--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.