MIRA
INFORM REPORT
|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHESHWARI LOGISTICS PRIVATE LIMITED MAHESHWARI TRADES A DIVISION OF MAHESHWARI LOGISTICS PRIVATE LIMITED |
|
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Registered
Office : |
239, Panchratna Complex, G.I.D.C., Vapi – 396195, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 (Summarized) |
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Date of
Incorporation : |
12.10.2006 |
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Com. Reg. No.: |
04-049224 |
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Capital
Investment / Paid-up Capital : |
Rs.44.380 Millions |
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|
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CIN No.: [Company Identification
No.] |
U60232GJ2006PTC049224 |
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|
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PAN No.: [Permanent Account No.] |
AAECM8332N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading activity of Coal and Paper and Providing Logistics Solution to
the various industries. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD |
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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 a moderate track record. There appear some external borrowings which seems to be increasing
over years and also exceeds the net worth. The profitability of the company appears to be low. However, trade relations are reported as fair. Business is active.
Payments terms are slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
SHORT TERM LIMITS : ICRA A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
22.02.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
TERM LOAN : ICRA BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
22.02.2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Jagdish Patel |
|
Designation : |
Account Department |
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Contact No.: |
91-260-2431024 |
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Date : |
30.01.2013 |
LOCATIONS
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Registered Office : |
239, Panchratna Complex, G.I.D.C., Vapi – 396195, Gujarat, India |
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Tel. No.: |
91-260-2431024 |
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Mobile No.: |
91-9824481609 |
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Fax No.: |
91-260-2427024 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vinay Premnarayan Maheshwari |
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Designation : |
Whole-Time Director |
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Address : |
201, Mahavir Prakash, Mahavir Nagar, National Highway No.8, Vapi –
396195, Gujarat, India |
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Date of Birth/Age : |
18.12.1978 |
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Date of Appointment : |
12.10.2006 |
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PAN No.: |
ABWPM0867C |
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DIN No.: |
01680099 |
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|
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Name : |
Mr. Amit Kailashnarayan Maheshwari |
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Designation : |
Whole-Time Director |
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Address : |
201, Mahavir Prakash, Mahavir Nagar, National Highway No.8, Vapi –
396195, Gujarat, India |
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Date of Birth/Age : |
22.05.1976 |
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Date of Appointment : |
27.11.2007 |
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PAN No.: |
ABWPM0868P |
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DIN No.: |
01680183 |
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|
|
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Name : |
Mrs. Mukta Maheshwari |
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Designation : |
Additional Director |
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Address : |
201, Mahavir Prakash, Mahavir Nagar, National Highway No.8, Vapi –
396195, Gujarat, India |
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Date of Birth/Age : |
30.04.1973 |
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Date of Appointment : |
18.05.2012 |
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DIN No.: |
01726964 |
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Name : |
Mrs. Mayadevi Krishnaawtar Kabra |
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Designation : |
Director |
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Address : |
T4A, Shantinagar Society, Usmanpura, Ahmedabad – 380013, Gujarat,
India |
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Date of Birth/Age : |
23.07.1956 |
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Date of Appointment : |
15.07.2008 |
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PAN No.: |
ADIPK7306A |
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DIN No.: |
02226124 |
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|
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Name : |
Mr. Varun Krishnavtar Kabra |
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Designation : |
Director |
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Address : |
T4A, Shantinagar Society, Usmanpura, Ahmedabad – 380013, Gujarat,
India |
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Date of Birth/Age : |
09.03.1986 |
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Date of Appointment : |
01.09.2009 |
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DIN No.: |
02760600 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Patel |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Neerajkumar P. Maheshwari |
|
200000 |
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Vinay P. Maheshwari |
|
517500 |
|
Amit K. Maheshwari |
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480000 |
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Dineshkumar S. Maheshwari |
|
30000 |
|
Manju A. Maheshwari |
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37500 |
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Premnarayan L Maheshwari |
|
30000 |
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Radhadevi P. Maheshwari |
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30000 |
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Seema D. Maheshwari |
|
30000 |
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Kailash S. Kabra |
|
125000 |
|
varun Kabra |
|
550000 |
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Rachana A. Maheshwari |
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30000 |
|
Arihant Avenue and Credit Limited |
|
250000 |
|
Maya Texturisers Private Limited |
|
500000 |
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Mukta N. Maheshwari |
|
1150000 |
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Mayadevi Kabra |
|
300000 |
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Jagannath R. Kabra |
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100000 |
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Maheshwari InfoTech Private Limited |
|
78000 |
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Total |
|
4438000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
18.65 |
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Directors or relatives of directors |
|
81.35 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading activity of Coal and Paper and Providing Logistics Solution to
the various industries. |
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Imports : |
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Products : |
Coal |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
State Bank of India, MID Corporate Branch, Vapi - 396195, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kakaria and Associates Chartered Accountants |
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Address : |
Kakaria's Excellenza, Royal Fortune Complex, Daman Road, Chala ,Vapi, Gujarat, India |
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PAN No.: |
AAHFK2571P |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
4438000 |
Equity Shares |
Rs.10/- each |
Rs.44.380
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARIZED
FIGURES (BALANCE SHEET)
|
Particulars
|
31.03.2012 |
|
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Share Capital |
44.380 |
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Reserves & Surplus |
200.196 |
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Secured Loans |
378.447 |
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Unsecured Loans |
17.144 |
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Net Fixed Assets |
164.233 |
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Net Current Assets |
232.993 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.997 |
2.397 |
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2] Share Application Money |
|
0.000 |
10.000 |
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3] Reserves & Surplus |
|
146.703 |
105.127 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
149.700 |
117.524 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
332.315 |
217.736 |
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2] Unsecured Loans |
|
28.589 |
40.583 |
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TOTAL BORROWING |
|
360.904 |
258.319 |
|
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DEFERRED TAX LIABILITIES |
|
4.449 |
3.662 |
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|
|
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TOTAL |
|
515.053 |
379.505 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
181.673 |
139.571 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
61.709 |
20.605 |
|
|
Sundry Debtors |
|
408.399 |
266.333 |
|
|
Cash & Bank Balances |
|
19.149 |
9.061 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
37.438 |
45.993 |
|
Total
Current Assets |
|
526.695 |
341.992 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
117.679 |
66.772 |
|
|
Other Current Liabilities |
|
62.647 |
31.619 |
|
|
Provisions |
|
12.989 |
3.676 |
|
Total
Current Liabilities |
|
193.315 |
102.067 |
|
|
Net Current Assets |
|
333.380 |
239.925 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
|
515.053 |
379.505 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3268.354 |
2104.496 |
1072.300 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3268.354 |
2104.496 |
1072.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
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Administrative Expenses |
|
|
|
|
|
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Advertising Expenses |
|
|
|
|
|
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TOTAL |
3245.946 |
2083.264 |
1060.547 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
22.408 |
21.232 |
11.752 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.119 |
9.056 |
4.054 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
14.289 |
12.176 |
7.698 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.73 |
55.61 |
31.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.44 |
0.58 |
0.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
3.00 |
2.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.14 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA |
2.41 |
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA |
2.72 |
3.35 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry
Creditors |
|
|
|
|
Due small micro enterprises |
|
0.000 |
0.000 |
|
Due others |
|
117.679 |
66.772 |
|
Total |
NA |
117.679 |
66.772 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U60232GJ2006PTC049224 |
|
Name of the company |
MAHESHWARI LOGISTICS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
239, Panchratna Complex, G.I.D.C., Vapi – 396195, Gujarat, India E-mail Id : mbvapi@rediffmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10283877 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of India, MID Corporate Branch, Vapi - 396195, Gujarat, India E-mail Id : sbi.60144@sbi.co.in |
|
Nature of instrument creating charge |
Supplemental agreement of hypothecation of goods and asset dated 12.11.2012, letter regarding the grant of individual limits within the overall limit dated 12.11.2012 and supplemental agreement of loan for increase in overall limit dated 12.11.2012. |
|
Date of instrument Creating the charge |
12.11.2012 |
|
Amount secured by the charge |
Rs.564.200 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per letter regarding the grant of individual limits within the overall limit dated 12.11.2012 Terms of Repayment As per letter regarding the grant of individual limits within the overall limit dated 12.11.2012 Margin As per letter regarding the grant of individual limits within the overall limit dated 12.11.2012 Extent and Operation of the charge Modification of charge resulting in enhancement of credit limited from Rs.390.500 Millions to Rs.564.200 Millions by way of hypothecation of goods and assets. |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
All present and future goods book-debts and other movable assets |
|
Particulars of the present modification |
Modification of charge resulting in enhancement of credit limited from Rs.390.500 Millions to Rs.564.200 Millions by way of hypothecation of all present and future goods book-debts and other movable assets. |
FIXED ASSETS
·
Vehicles
·
Air Conditioner
·
Computerized Attendance System
·
Computer
·
Printer
·
Mobile Phones
·
UPS
·
Land
·
Furniture
·
Screen Machines
·
Electric Fittings
·
Building
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 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.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
35 |
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.