MIRA
INFORM REPORT
|
Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
UMASREE TEXPLAST PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
MEENAXI FASHIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
30 Gandhi Purshottam Park, Naranpura Charasta, Ahmedabad – 380013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
15.12.1994 |
|
|
|
|
Com. Reg. No.: |
023882 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U9999GJ1994PTC023882 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of PP Woven Fabrics/ Sacks |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 196000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
|
Name : |
Mr. Mitesh |
|
Designation : |
Account Officer |
|
Contact No.: |
91- 9979886840 |
|
Date : |
22.12.2008 |
LOCATIONS
|
Registered Office : |
30 Gandhi Purshottam Park, Naranpura Charasta, Ahmedabad – 380013, |
|
Tel. No.: |
91- 79- 30917378 |
|
Mobile No.: |
91- 9825009056 |
|
Fax No.: |
91- 79- 27452199 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
728/1 Vill Moti Bhuyan, Taluka Kalol, Dist. Gandhinagar, |
|
Tel. No.: |
91- 2764- 2281232 |
|
Mob No.: |
91- 9979898983 |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Mahendrakumar Gopalka |
|
Designation : |
Director |
|
Address : |
8 Tejal Apartment, Near Inqulab Society, Gulabai Tekra, Ahmedabad, |
|
Date of Birth/Age : |
12.07.1944 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.10.2003 |
|
|
|
|
Name : |
Mr. Anup Gopalka |
|
Designation : |
Director |
|
Address : |
8 Tejal Apartment, Near Inqulab Society, Gulabai Tekra, Ahmedabad, |
|
Date of Birth/Age : |
05.10.1967 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.10.2003 |
|
|
|
|
Name : |
Mr. Sunil Ranasaria |
|
Designation : |
Director |
|
Address : |
12 Surat Bunglows, Shreyas foundation, Ahmedabad – 380015, |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.10.2004 |
|
|
|
|
Name : |
Mr. Ajaykumar Jagnani |
|
Designation : |
Director |
|
Address : |
12 Surat Bunglows, Shreyas foundation, Ahmedabad – 380015, |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.10.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Mitesh |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Anup Gopalka |
|
92800 |
|
Mr. Mahendrakumar Gopalka |
|
158700 |
|
Mr. Sunil Ranasaria |
|
62000 |
|
Mr. Ajaykumar Jagnani |
|
215000 |
|
Mr. Bansidhar Mahendra Kumar (HUF) |
|
50900 |
|
UMA Gopalka |
|
137200 |
|
Mrs. Varsha Gopalka |
|
96500 |
|
Mr. Mahendra Kumar Gopalka – HUF |
|
33900 |
|
Mr. Punit Gopalka |
|
55000 |
|
Mrs. Vishaka Gopalka |
|
32500 |
|
Mr. Anupriya Gopalka |
|
7500 |
|
Mr. Manekchand Duggar |
|
500 |
|
Chopra Yarn Private Limited |
|
60000 |
|
Shelja Finlease Private Limited |
|
70000 |
|
Vishal Construction Services Private Limited |
|
40000 |
|
Vishesh Plastics Private Limited |
|
40000 |
|
Gopalka Savings and Investment Private Limited |
|
19000 |
|
Mr. Anil Kumar Gopalka |
|
20 |
|
Mrs. Sharda Devi Gopalka |
|
20 |
|
Total |
|
1171540 |
AS ON 30.08.2008
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
19.55 |
|
Directors or relatives of directors |
|
80.45 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PP Woven Fabrics/ Sacks |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
|
|
|
|
No. of Employees : |
80 |
|
|
|
|
Bankers : |
Central Bank of India, Gulbai Tekra Branch, Sears Tower, Panchvati,
Ambawadi, Ahmedabad – 380015, Gujarat, India ICICI Bank, JMC Branch |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Jitendra and Company Chartered Accountant |
|
Address : |
303, Harikrishna Complex, City Gold Cinema, Off |
|
Tel. No.: |
91- 79- 26582272 |
|
Mobile No.: |
|
|
Fax No.: |
91- 79- 26583476 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 30.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- Each |
Rs.12.500
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1171540 |
Equity Shares |
Rs. 10/- Each |
Rs.11.715 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.715 |
11.715 |
8.805 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.677 |
23.570 |
9.130 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.392 |
35.285 |
17.935 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.031 |
35.246 |
30.314 |
|
|
2] Unsecured Loans |
8.500 |
7.300 |
10.000 |
|
|
TOTAL BORROWING |
57.531 |
42.546 |
40.314 |
|
|
DEFERRED TAX LIABILITIES |
4.308 |
3.218 |
1.993 |
|
|
|
|
|
|
|
|
TOTAL |
101.231 |
81.049 |
60.242 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
50.458 |
47.527 |
38.858 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
3.126 |
|
|
Sundry Debtors |
33.826
|
15.349 |
8.174 |
|
|
Cash & Bank Balances |
0.266
|
0.654 |
5.691 |
|
|
Other Current Assets |
32.717
|
19.960 |
6.063 |
|
|
Loans & Advances |
1.020
|
0.970 |
0.716 |
|
Total
Current Assets |
67.829
|
36.933 |
23.770 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
16.445
|
2.878 |
1.857 |
|
|
Provisions |
0.611
|
0.533 |
0.530 |
|
Total
Current Liabilities |
17.056
|
3.411 |
2.387 |
|
|
Net Current Assets |
50.772
|
33.522 |
21.384 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
101.231 |
81.049 |
60.242 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
214.767 |
166.882 |
95.506 |
|
|
Other Income |
0.081 |
0.158 |
0.000 |
|
|
Total Income |
214.848 |
167.040 |
95.506 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
5.809 |
4.530 |
5.346 |
|
|
Provision for Taxation |
1.702 |
1.732 |
2.259 |
|
|
Profit/(Loss) After Tax |
4.107 |
2.798 |
3.087 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchase |
173.883 |
140.468 |
69.682 |
|
|
Direct Expenses |
27.232 |
21.463 |
11.757 |
|
|
Office and Administrative Expenses |
1.511 |
1.591 |
1.154 |
|
|
Selling Expenses |
4.537 |
2.198 |
1.058 |
|
|
Personal Expenses |
1.601 |
0.922 |
0.782 |
|
|
Increase/(Decrease) in Finished Goods |
8.130 |
(10.739) |
0.169 |
|
|
Financial Expenses |
5.842 |
4.215 |
3.639 |
|
|
Depreciation |
2.484 |
2.304 |
1.836 |
|
|
Donation |
0.016 |
0.004 |
0.003 |
|
|
Other Expenditure |
0.063 |
0.084 |
0.080 |
|
Total Expenditure |
209.039 |
162.510 |
90.160 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
01.91
|
01.67 |
03.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
02.70
|
02.71 |
05.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
04.91
|
05.36 |
08.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.12 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.89
|
1.30 |
2.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.97
|
10.82 |
9.95 |
LOCAL AGENCY FURTHER INFORMATION
PROFILE
Subject is renowned manufacturers dealing with economical packaging
material Polypropylene /
HDPE Woven Sack & Fabric which could serve the purpose of packing anything.
They are one of the larger and integrated unit for manufacturing of the
Polypropylene / HDPE Woven Sack & Fabric both laminated and unlaminated.
Their company was launched in the year 1993. The PP/HDPE Woven Sacks / Bags manufactured by
them are most suitable for packing products like fertilizer, cement, sand, food
grains, sugar, cattle feed, fish meal, pulses, spices, dates, agro products,
minerals, resin, polymers, rubber etc.
Umasree Texplast Private Limited offers PP / HDPE Circular Woven Sacks, Bags,
Sacos, Bolsas ranging from 35 cms to 120 cms in width and of any length and
weight as per clients' requirement. The products may be unlaminated, single or
double fold bottom stitched with yarn like rayon, PP yarn or Cotton yarn,
printed as per customers logo on one or both sides , UV stabilised for open
storage protection.
Trade Reference
- Rana Sariya
Poly Pack Private Limited – Kalol, Ahmedabad
- Gopala Poly
Plast Limited – Vadsar, Ahmedabad
Fixed Assets
- Land and
Building
- Plant and
Machinery
- Office
Equipment
- Vehicle – Two
Wheeler
- Car
- Computers
- Furniture and
Fixture
Form 8
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
80003334 |
||||||
|
Corporate
identity number of the company |
U99999GJ1994PTC023882 |
||||||
|
Name of the
company |
UMASREE TEXPLAST PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
30 Gandhi Purshottam Park, Naranpura Charasta, Ahmedabad – 380013, |
||||||
|
Type of charge |
Movable Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of Hypothecation to secure demand cash credit against goods |
||||||
|
Date of
instrument Creating the charge |
21.03.2007 |
||||||
|
Amount secured by
the charge |
Rs.54.505 Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For term loan:
Existing rate For cash credit
(Hypo): at BPLR and cash Credit- BD: 1% above BPLR Terms of
Repayment Term Loan:
repayment: 60 EMI commencing from 1st April, 2006 Cash Credits: on
Demand Margin For term loan:
25% For cash Credit:
Hypo. Of stock: 25% and Hypo. Of Book Debt: 250% Extent and
Operation of the charge The charge
operates as first and excusive charges
|
||||||
|
Short particulars
of the property charged |
All tangible
movable property such as products, stock in trade and good of the borrowers
which now or hereinafter from time to time during this securities shall
brought in, stored or be in or about the premises warehouse or any ware else
or godowns of the borrowers at plot no.728/ 1, at motibhuyan, in taluka
kalol, in the registration district of gandhinagar and sub district of
kalol., or anywhere else including any such goods in course of transit or
delivery. |
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.47.39 |
|
|
1 |
Rs.70.65 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|