MIRA
INFORM REPORT
|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MOKSHA
THERMOPLASTICS PRIVATE LIMITED |
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Registered Office
: |
D-1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.06.1992 |
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Com. Reg. No.: |
04-017746 |
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Capital
Investment / Paid-up Capital : |
Rs.10.100
millions |
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CIN No.: [Company Identification
No.] |
U25209GJ1992PTC017746 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in the business of manufacturing plastic-molded yarn carrier like
single use and multiple use bobbins, cones and chesses used for yarn
packaging and dyeing purpose. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 136000 |
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Status : |
Moderate |
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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. The external
borrowings appears to be exceeding the networth. The profitability of the company is low. However, 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.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
BB (Long Term Bank Facilities) |
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Rating Explanation |
Moderate risk of default. |
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Date |
August 29, 2012 |
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Rating Agency Name |
CARE |
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Rating |
A4+ (Short Term Bank Facilities) |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
August 29, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/ Corporate Office : |
D-1, |
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Tel. No.: |
91-79-32920820 to 23/ 26420860 |
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Fax No.: |
91-79-26420789 91-2764-268152 |
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E-Mail : |
snehal@mokshabobbins.com
(Marketing
and Designing) rajeev@mokshabobbins.com
(Production
and Quality) |
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Website : |
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Factory : |
224/3, Dantali Industrial Estate, Village Dantali, Post Vadsar – 382
721, District |
DIRECTORS
As on 17.09.2011
|
Name : |
Mr. Snehal Dilipbhai Shah |
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Designation : |
Director |
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Address : |
14, Dilsukh Society, |
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Date of Birth/Age : |
02.01.1960 |
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Date of Appointment : |
01.04.1998 |
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DIN No.: |
00760074 |
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Name : |
Mrs. Avani Snehal Shah |
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Designation : |
Director |
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Address : |
14, Dilsukh Society, |
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Date of Birth/Age : |
06.01.1964 |
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Date of Appointment : |
05.02.1993 |
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DIN No.: |
00768497 |
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Name : |
Mr. Rajeev Dilipbhai Shah |
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Designation : |
Director |
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Address : |
14, Dilsukh Society, |
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Date of Birth/Age : |
03.10.1970 |
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Date of Appointment : |
01.06.1992 |
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DIN No.: |
01107743 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Snehal Dilipbhai Shah |
|
274425 |
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Rajeev Dilipbhai Shah |
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274325 |
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Avani Snehal Shah |
|
221875 |
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Deepa Rajeev Shah |
|
221875 |
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Shehal D. Shah (HUF) |
|
2500 |
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Rajeev D. Shah (HUF) |
|
2500 |
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Dilip T. Shah (HUF) |
|
2500 |
|
Kirit Jayantilal Parikh |
|
6667 |
|
Asha Kirit Parikh |
|
3333 |
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Total |
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1010000 |
As on 17.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged
in the business of manufacturing plastic-molded yarn carrier like single use
and multiple use bobbins, cones and chesses used for yarn packaging and
dyeing purpose. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
Licensed Capacity
– Not Applicable
Installed Capacity
– 3400 Metric Ton/Annum
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Particulars |
Unit |
Actual
Production |
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Plastic Moulded Articles |
Pcs. |
26954103 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Bank
of v
Bank
of v
State
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.C. Kalyani and Company Chartered Accountants |
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Address : |
B-604, |
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Income-tax
PAN of auditor or auditor's firm : |
ABOPK1001K |
CAPITAL STRUCTURE
As on 17.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1010000 |
Equity Shares |
Rs.10/- each |
Rs.10.100
millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1010000 |
Equity Shares |
Rs.10/- each |
Rs.10.100
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1010000 |
Equity Shares |
Rs.10/- each |
Rs.10.100
millions |
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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 |
10.100 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.962 |
18.193 |
16.613 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.062 |
28.193 |
26.613 |
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LOAN FUNDS |
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1] Secured Loans |
77.921 |
81.908 |
95.964 |
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2] Unsecured Loans |
61.397 |
41.713 |
40.849 |
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TOTAL BORROWING |
139.318 |
123.621 |
136.813 |
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DEFERRED TAX LIABILITIES |
4.515 |
4.165 |
3.976 |
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TOTAL |
177.895 |
155.979 |
167.402 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.548 |
88.049 |
87.129 |
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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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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
49.396
|
35.496 |
44.863 |
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Sundry Debtors |
28.632
|
30.254 |
31.472 |
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Cash & Bank Balances |
3.550
|
0.765 |
0.958 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
16.488
|
3.849 |
6.424 |
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Total
Current Assets |
98.066
|
70.364 |
83.717 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.626
|
1.136 |
1.973 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.093
|
1.298 |
1.471 |
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Total
Current Liabilities |
16.719
|
2.434 |
3.444 |
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Net Current Assets |
81.347
|
67.930 |
80.273 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
177.895 |
155.979 |
167.402 |
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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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Net Turnover |
331.002 |
211.218 |
186.401 |
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Other Income |
0.390 |
0.120 |
0.065 |
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TOTAL (A) |
331.392 |
211.338 |
186.466 |
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Less |
EXPENSES |
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|
305.099 |
185.879 |
160.092 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
305.099 |
185.879 |
160.092 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.293 |
25.459 |
26.374 |
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Less |
INTEREST (D) |
7.171 |
9.662 |
11.620 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.122 |
15.797 |
14.754 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.145 |
13.695 |
14.018 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3.977 |
2.102 |
0.736 |
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Less |
TAX (H) |
1.109 |
0.521 |
1.687 |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2.868 |
1.581 |
(0.951) |
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Earnings/ (Loss)
Per Share (Rs.) |
2.84 |
1.58 |
(0.95) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.87
|
0.75 |
(0.51) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.20
|
0.99 |
0.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
|
1.33 |
0.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.58
|
4.47 |
5.27 |
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|
Current Ratio (Current Asset/Current Liability) |
|
5.87
|
28.91 |
24.31 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
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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 |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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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 |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if
applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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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 |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
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32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34)
External Agency Rating, if available |
Yes |
BUSINESS:
During the year
the directors have successfully continued Manufacture of plastic moulded
articles and Company has achieved Net
turnover to the tune Rs.331.000 millions upto 31st March 2011 against
previous year turnover of
Rs.211.200 millions and the
first half of the current year is also satisfactory. The company has completed the modernisation and expansion and the
installation and commissioned the plant in total during the year. The
Technology upgradation and the Energy saving devices installed during the
year are in full operation
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209GJ1992PTC017746 |
|
Name of the
company |
MOKSHA
THERMOPLASTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-1, E-Mail: info@mokshabobbins.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90100027 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation executed by company to secure modified, revised and
increased FB and NFB aggregate limits of Rs.184.048 millions |
|
Date of
instrument Creating the charge |
28.03.2012 |
|
Amount secured by
the charge |
Rs.184.048
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC Stock/Book
Debt / EPC / FBP / FBN / TL - 3% above BR presently 13.75% p.a. or such other
rate as may be prescribed by Bank from time to time L/C (I/F) /
GUA-as per FEDAI/Bank Rules Terms of
Repayment: TL II - Repayable
in 60 monthly install of Rs.0.634 million commenced from September 2008, TL III -
Repayable in 60 monthly install of Rs.0.366 million commencing after 3 months
of first disbursement, TL IV - Repayable
in 60 monthly install of Rs.0.345 million commencing after next month of
first disbursement, TL V - Repayable
in 60 monthly install of Rs.0.171 million commencing after 3 months of first
disbursement, working capital
CC / EPC / LC (I/F) / Bank Guarantee - on demand / annual review Margin: CC Stocks - 25%,
EPC - 10% CC Book Debts -
40%, FBP 10% Term Loan II -
25.25 %, TL III, IV and V - 25% L/C (I/F) DP/DA
90 days - 10% One Time Import
L/C DA 24 months - 25% Guarantee - 10% 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
company to secure the modified and revised and increased fund based and non
fund based maximum aggregate credit facilities of Rs.184.048 millions
alongwith interest, additional interest, penal interest, commission, cost,
charges and all such other amt due to the Bank from time to time of what so
ever nature Others: Revised Limits CC Stock –
Rs.52.500 millions, EPC Rs.52.500 millions Maximum Rs.52.500 millions CC Book Debts –
Rs.30.000 millions, FBP/FBN Rs.30.000 millions Maximum Rs.30.000 millions
Maximum FB WC Rs.82.500 millions TL II – Rs.8.217
millions, TL III – Rs.21.927 millions, TL IV – Rs.20.727 millions, TL V –
Rs.10.268 millions Total TL Rs.61.130 millions Total FB Rs.143.639 millions LC Rs.32.500
millions, One Time LC – Rs.6.909 millions Rs.(27.636) millions, Guarantee
Rs.1.000 million Total NFB Rs.40.409 millions Grand Total FB +
NFB Rs.184.048 millions |
|
Short particulars
of the property charged |
All tangible
movable machinery and plant whether installed or not and whether lying loose
or in cases at factory premises /godowns at Dantali Taluka Kalol, District:
Gandhinagar and Plot No.C1/352 GIDC Odhav Ahmedabad or else All stockk of raw
material polypropylene, finished/semi-finished goods - PP Bobbins, Speed
Frames, Cones etc at company's factory premises /godowns at Dantali Taluka
Kalol Disttrict Gandhinagar and Plot No.C1/352 GIDC Odhav Ahmedabad or else All present and
future book debts outstandings money receivable, claims, bills etc |
|
Date of latest
modification prior to the present modification |
11.02.2010 |
|
Particulars of
the present modification |
Bank granted
additional CC Stock Rs.22.500 millions, EPC Rs.22.500 millions, CC Book Debts
Rs.15.000 millions, FBP/FBN Rs.15.000 millions, realigned Term Loans on
repayment, New TL IV – Rs.20.727 millions, TL V – Rs.10.268 millions
Additional L/C Rs.6.000 millions, IMP LC Rs.6.909 millions, Bank Guarantee
Rs.0.500 million thereby Total FB + NFB Credit Limits modified, revised and
increased from Rs.105.770 millions to Rs.184.048 millions. Thus first and
exclusive hypothecation charge on all tangible movable property i.e. plant,
machinery, stock of material, book debts and other movable assets is extended
and will operate for Rs.184.048 millions w. e. f. 28.03.2012. |
FIXED ASSETS:
v Dies and Moulds
v Electrification IV
v
v Furniture and Fixtures
v Fire Safety Equipment
v Laboratory Equipment
v Plant and Machinery
v Office Equipment
v Vehicles
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 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.54.07 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.