MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MALIWAL IMPEX PRIVATE LIMITED |
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Registered Office : |
Bhole Shiv Compound, Near Vadvali Chali Singarava, Taluka Dashroi,
Ahmedabad – 382 451, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
17.06.2002 |
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Com. Reg. No.: |
04-040870 |
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Capital
Investment / Paid-up Capital : |
Rs.17.982 Millions |
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CIN No.: [Company
Identification No.] |
U27320GJ2002PTC040870 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM02276B AHMM05881B |
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PAN No.: [Permanent
Account No.] |
AADCM1160H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Aluminum Extrusion Products. |
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No. of Employees
: |
320 (Approximately) (In Office 20 + In Factory 300(Contract Basis)) |
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 : |
-- |
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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 satisfactory 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Ronak O. Maliwal |
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Designation : |
Office Executive |
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Contact No.: |
91-9909991143 |
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Date : |
23.05.2012 |
LOCATIONS
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Registered Office/Factory : |
Bhole Shiv Compound, Near Vadvali Chali Singarava, Taluka Dashroi,
Ahmedabad – 382 451, |
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Tel. No.: |
91-79-22902126/ 27 / 25622126 |
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Mobile No.: |
91-9909991143 ( Mr. Ronak O. Maliwal) |
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Fax No.: |
91-79-22902128 / 25622130 |
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E-Mail : |
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Website : |
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Area : |
4500 Sq. ft. |
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Location : |
Owned |
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Administrative Office/ Factory : |
511/512, Shajanand Shopping Centre, Opposite Swami Narayan Temple,
Police Commissioner Road, Shahibad, Ahmedabad-380004, Gujarat, India |
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Tel. No.: |
91-79-25622126/ 27/ 22902126 |
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Fax No.: |
91-79-25622130/ 22902128 |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 3 : |
Maliwal Extrution, (A Division of Maliwal Impex Private Limited) Plot No. 640, Near |
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Tel No. : |
91-2764-292266 |
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Location : |
Owned |
DIRECTORS
As on 30.06.2011
|
Name : |
Mr. |
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Designation : |
Director |
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Address : |
18, Manjit Co-Operative Sociaety, Opposite Gayatri |
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Date of Birth/ Age: |
19.01.1964 |
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Qualification: |
Graduate |
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Date of Appointment : |
17.06.2002 |
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DIN No.: |
01129509 |
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Name : |
Mr. Vishal O. Maliwal |
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Designation : |
Director |
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Address : |
18, Manjit Co-Operative Sociaety, Opposite Gayatri |
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Date of Birth/ Age: |
29.07.1987 |
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Qualification: |
Graduate |
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Date of Appointment : |
17.10.2005 |
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DIN No.: |
01733446 |
KEY EXECUTIVES
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Name : |
Mr. Deepak Sharma |
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Designation : |
Accounts Department |
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Name : |
Mr. Rakesh Logar |
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Designation : |
Import, sales and Admin Operator |
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Name : |
Mr. Mahendra K. Baheti |
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Designation : |
Looking production activity at work |
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Name : |
Mr. Divyaprakash Chechani |
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Designation : |
Import and Banking |
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Name : |
Mr. Satish Maliwal |
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Designation : |
Chartered Accountant |
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Name : |
Mr. Suresh Rathod |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
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No. of Shares |
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|
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1218000 |
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Vishal Maliwal |
|
60 |
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Magilal Maliwal |
|
200 |
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Badamben Maliwal |
|
200 |
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Manjuben Maliwal |
|
200 |
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Nandlal Maliwal |
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27000 |
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Mukesh Maliwal |
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2000 |
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Madhu Maliwal |
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2000 |
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Prakash R. Shah |
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1920 |
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Chandrikaben Shah |
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200 |
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Suresh Rooplal Baheti |
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20 |
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Shivlal Rooplal Baheti |
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20 |
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Udaylal Kaliya |
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200 |
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Sampatlal Kaliya |
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200 |
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Rajesh U Kaliya |
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200 |
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Aruna R Kaliya |
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200 |
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Kailashchandra Kaliya |
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200 |
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Banwarilal Pasari |
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200 |
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Shakuntala Pasari |
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200 |
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Shankerlal Kumawat |
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200 |
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Suresh Rathore |
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200 |
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Ratansingh Rathore |
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200 |
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Pinky Rathore |
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20 |
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Harpalsingh J Vaghela |
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20 |
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D Kailash Satyanrayan Kabra |
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20 |
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Ram Gopal Maheshwari |
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20 |
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Kalyan Khatod |
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20 |
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Ashok Kakhani |
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245520 |
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Mukesh Kakhani |
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20 |
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Kanhyalal Jankilal Shah |
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20 |
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Mulchand Jankilal Shah |
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20 |
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Yaseen Mohamed Jamaluddin |
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298700 |
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Total |
|
1798200 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.06.2011
|
Category |
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Percentage of Holding |
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Foreign holdings
(Foreign institutional investor(s), Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or overseas corporate bodies of
others) |
|
16.61 |
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Directors
or relatives of directors |
|
83.39 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Aluminum Extrusion Products. |
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Products : |
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Imports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days, 60 Days and 90 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days, 60 Days and 90 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users ·
Kalyani Carpenter Special Stells Limited ·
Kalyani Steels Limited ·
Kalyani Hospet ·
Mukund Limited ·
Facor Steel Limited ·
Jindal Vijaynagar Steels Limited ·
Shah Alloys Limited ·
Sudarshan Chemicals and Industry Limited |
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No. of Employees : |
320 (Approximately) (In Office 20 + In Factory 300(Contract Basis)) |
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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 : |
Nidhi Banwarilal Pasari Chartered Accountant |
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Address : |
A-8, 4th Floor, Sanskar Residency, Opposite C U Shah
College, Income Tax, Ashram Road, Ahmedabad-380013, Gujarat, India |
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Mobile No.: |
91-9427805228 |
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PAN NO.: |
AWGPP1027Q |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,798,200 |
Equity Shares |
Rs.10/- each
|
Rs. 17.982
Millions |
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Note: Of the above 899100 Equity Shares (P.Y. Nil) of
Rs. 10/- each have been issued as fully paid-up bonus shares by capitalization
or Reserves during the current year.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
17.982 |
17.982 |
8.991 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.545 |
65.471 |
74.389 |
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4] (Accumulated Losses) |
(84.675) |
0.000 |
0.000 |
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NETWORTH |
(4.148) |
83.453 |
83.380 |
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LOAN FUNDS |
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1] Secured Loans |
241.284 |
214.611 |
139.916 |
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2] Unsecured Loans |
40.442 |
33.308 |
31.579 |
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TOTAL BORROWING |
281.726 |
247.919 |
171.495 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.178 |
0.343 |
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TOTAL |
277.578 |
331.550 |
255.218 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.213 |
22.803 |
24.219 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
34.092 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
57.839
|
127.042
|
32.366
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Sundry Debtors |
211.756
|
267.838
|
212.981
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Cash & Bank Balances |
19.665
|
28.197
|
29.935
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Other Current Assets |
12.930
|
0.000
|
0.000
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Loans & Advances |
9.775
|
23.054
|
33.591
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Total
Current Assets |
311.965
|
446.132
|
308.873
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
82.819
|
106.569
|
69.638
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Other Current Liabilities |
8.013
|
31.018
|
7.932
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Provisions |
0.000
|
0.000
|
0.407
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Total
Current Liabilities |
90.832
|
137.587
|
77.977
|
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Net Current Assets |
221.133
|
308.545
|
230.896
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MISCELLANEOUS EXPENSES |
0.140 |
0.202 |
0.103 |
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TOTAL |
277.578 |
331.550 |
255.218 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Services |
1282.214 (Gross) |
1030.861 |
585.149 |
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Other Income |
NA |
0.000 |
0.000 |
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TOTAL (A) |
NA |
1030.861 |
585.149 |
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Less |
EXPENSES |
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Material Cost |
|
991.462 |
534.024 |
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Direct and Manufacturing Expenses |
|
25.200 |
31.534 |
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Administrative, Selling and Other Expenses |
|
16.473 |
6.988 |
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Preliminary and Pre-Operative Expenses w/o |
|
0.078 |
0.043 |
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Increase/(Decrease) in Finished Goods |
|
[23.951] |
[4.382] |
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TOTAL (B) |
NA |
1009.262 |
568.207 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
21.599 |
16.942 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
19.412 |
10.309 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(119.897) |
2.187 |
6.633 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.945 |
2.054 |
1.000 |
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PROFIT /
(LOSS) BEFORE TAX (E-F)
(G) |
(121.842) |
0.133 |
5.633 |
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Less |
TAX (H) |
(34.242) |
0.060 |
1.902 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(87.600) |
0.073 |
3.731 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.925 |
11.843 |
8.112 |
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Less |
ISSUED BONUS
SHARES |
0.000 |
8.991 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
(84.675) |
2.925 |
11.843 |
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IMPORTS |
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Import Value |
NA |
NA |
369.547 |
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TOTAL IMPORTS |
NA |
NA |
369.547 |
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Basic/ Diluted
Earnings / (Loss) Per Share (Rs.) |
(48.72) |
0.04 |
4.15 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
NA
|
0.01
|
0.64
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.01
|
0.96
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Return on Total Assets (PBT/Total Assets} |
(%) |
(36.46)
|
0.03
|
1.69
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Return on Investment (ROI) (PBT/Networth) |
|
29.38
|
0.00
|
0.07
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Debt Equity Ratio (Total Liability/Networth) |
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(89.82)
|
4.62
|
2.99
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Current Ratio (Current Asset/Current Liability) |
|
3.43
|
3.24
|
3.96
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LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors -
Due Others |
82.819 |
106.569 |
69.638 |
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Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
REVIEW OF BUSINESS
Due to working capital constraints, increase in material cost,
devaluation of cost closing stock, Low material collection, slow recovery from trade
debtors, the company is unable to stand alone for its production and marketing
which finally lead to heavy net loss for the financial year 2010-2011. The
company finally leads to sick status.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 Rs.
in Millions |
|
Custom Matters |
0.140 |
|
Other Claim against the company not acknowledged as debts |
0.000 |
|
Total |
0.140 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U27320GJ2002PTC040870 |
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Name of the company |
MALIWAL IMPEX PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
Bhole Shiv Compound, Near Vadvali Chali Singarava, Taluka Dashroi, Ahmedabad
– 382 451, E-mail : maliwalimpex@gmail.com |
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This form is for |
Modification of charge |
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Charge identification number of the modified |
10094455 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of charge holder |
Bank of |
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Nature of instrument creating charge |
Supplemental deed of hypothecation executed by the company to secure
the modified, revised, restructured and realigned fund based and non fund
based credit facilities total max aggregate limits of Rs. 225.000 Millions Agreement of restructure / reschedulement / realignment of credit
facilities dated 31.03.2011 |
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Date of instrument Creating the charge |
31.03.2011 |
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Amount secured by the charge |
Rs.225.000 Millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC / WCDL -3.50% ABV base rate presently 13.00% p. a. or such other
rate as may be prescribed by bank fm time to time L/C DP/DA (I/F)/ buyers' CRD / GUA - 50% of appl chargs Terms of Repayment CC stock - on demand / annual review CC book debts - on demand / annual review WCDL - 9 monthly installments each of Rs. 15.000 Millions commencing
from 30th June 2011 L/C DP/DA (I/F) / buyers' CRD / GUA - on demand/ annual review Margin CC Stocks - 25% CC Book Debts - 30% LC DP/DA (I/F) 90 DAYS - 20% Buyer's Credit - 20% GUA - 20% Extent and Operation of the charge First and exclusive hypothecation charge on all the tangible movable
properties being plant and machineries, stocks, book debts and other movable
assets of the co to secure the modified, revised and realigned fund based and
non fund based total max aggregate credit facilities of Rs. 225.000 Millions along
with int, addl int, penal int, commission, cost, charges and all such other
amt due to the bank from time to time of what so ever nature Others Revised credit facilities (Rs.
In Millions)
|
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|
Short particulars of the property charged |
All tangible movable mach and plant
whether installed or not and whether lying loose or in cases at factory
premises/godowns at Singarva District Ahd and Kadi District Mehsna, Rakanpur
Taluka Kalol District Gangr All stks of rm metal scrap, fin/semi-fin goods like aluminum ingots,
slots, sheets etc and stk in proc situated at co's factory godown at Singarva
District Ahd and Kadi District Mehsna, Rakanpur Taluka Kalol District Gangr All present and future book debts outstanding money receivable,
claims, bills |
||||||||||||||
|
Date of instrument modifying the charge |
09.08.2010 |
||||||||||||||
|
Particulars of the present modification |
The bank has agreed to restructure / realign credit facilities and
thereby TOT FB + NFB LIM are modified, revised and restructured / realigned
FM Rs. 245.000 Millions to Rs. 225.000 Millions. Thus first and excl hypo ch
on all tan movable assets i. e. Plant and mach, stocks of mat, bk dts and
other movable assets is extended and will operate for Rs.225.000 Millions
w.e.f. 31.03.2011. |
FIXED ASSETS:
- Plant and Machinery
- Furniture and
Fixtures
- Computer
- Vehicles
- Land
- Motor Car
- Office
Equipments
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.55.93 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.