MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MULTI FLEX LAMI PRINT LIMITED |
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Registered Office : |
Plot No. D-54, MIDC, Mahad, Dist. Raigad, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.1991 |
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Com. Reg. No.: |
060717 |
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CIN No.: [Company
Identification No.] |
L22219MH1991PLC060717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21417E |
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PAN No.: [Permanent
Account No.] |
AAACM3316J |
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Legal Form : |
Subject is a closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturing and sale of Multilayer Plastic Laminated and Printed Packaging Films. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as
experienced, respectable and having satisfactory means of their own. Trade relations are fair. Business is active. Payments are reported as usually correct
and as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Plot No. D-54, MIDC, Mahad, Dist. Raigad, Maharashtra, India |
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Tel. No.: |
91-2145-32126 / 32127 |
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Fax No.: |
91-2145-32340 |
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E-Mail : |
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Website : |
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Corporate Office : |
210, Shalimar Morya Park, Link road, Andheri [West], Mumbai 400053,
Maharashtra, India |
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Tel. No.: |
91-22-56473000 |
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Fax No.: |
91-22-56473001 |
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E-Mail : |
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Branch 1 : |
94, Uday Park, New Delhi 110049, India |
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Tel. No.: |
91-11-26862809 |
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Fax No.: |
91-11-26961681 |
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E-Mail : |
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Branch 2 : |
138, South Block, Raheja Arcade, Koramangala, Bangalore 560095, India |
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Tel. No.: |
91-80-5538393 |
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Fax No.: |
91-80-5520407 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Anil K. Dang |
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Designation : |
Director |
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Address : |
House No. 10, Palm Springs Premises Co-operative Society Limited, Near
Chandan Cinema Juhu Road, Vile Parle, Mumbai 400 049, Maharashtra, India |
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Date of Birth/Age : |
28.03.1962 |
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Date of Appointment : |
12.08.1994 |
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Name : |
Mr. Surana P. Phootermal |
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Designation : |
Director |
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Address : |
8 A, Purushottam Nagar, Jari Mari Mandir Marg, Bandra (West), Mumbai
400050, Maharashtra, India |
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Date of Birth/Age : |
15.08.1947 |
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Date of Appointment : |
12.03.1991 |
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Name : |
Mr. Hitash Dang |
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Designation : |
Director |
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Address : |
1, Prem Court, Peddar Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
28.04.1974 |
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Date of Appointment : |
17.12.1998 |
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Name : |
Mr. Amrit Agrawal |
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Designation : |
Director |
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Address : |
M-4/8, Model Town II, Delhi 110009, India |
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Date of Birth/Age : |
27.01.1968 |
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Date of Appointment : |
01.12.2000 |
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Name : |
Mr. Vijay Rajaram Shahane |
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Designation : |
Director |
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Address : |
Ichha Poorti, 79, Anant Patil Road, Off Gokhale Road, Mumbai 400028,
Maharashtra, India |
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Date of Birth/Age : |
27.01.1968 |
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Date of Appointment : |
01.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manish Doiphode, Vilas Doiphode |
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22000 |
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Vandana Kakade |
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22500 |
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Vidya Hardikar , Vilas Doiphode |
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29000 |
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Shripad Hardikar, Anil Hardikar |
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15000 |
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Leela Hardikar, Anil Hardikar |
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24000 |
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Phootermal Surana, Sayari Surana
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54400 |
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Ratanchand Surana, Kamla Surana |
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48000 |
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Anil Purohit, Manju Purohit |
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36500 |
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Anil Dang, Neena Dang |
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2745000 |
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Ventura Guarantee Limited |
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1920000 |
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Anil Dang, Neena Dang |
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84640 |
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Anil Dang [HUF] |
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102341 |
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Babulal Rathod, Shantaben Rathod |
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16000 |
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Sicom Limited |
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150000 |
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Multi Flex Financial Service Private Limited |
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813333 |
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Meena Verma, Sandeep Verma |
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370000 |
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Tarang Dang, Sanjay Dang |
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17433 |
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Mission Packaging Industries Limited |
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290100 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Foreign Holdings |
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34.88 |
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Bodies Corporate |
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15.77 |
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Directors or relatives of the Directors |
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44.88 |
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Other top fifty Shareholders |
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4.47 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and sale of Multilayer Plastic Laminated and Printed Packaging Films. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Laminates |
M.T. |
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10800 |
GENERAL
INFORMATION
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Bankers : |
Ø
Union Bank
of India Santacruz [ West]
Branch, La Avanti Junction of S. V. Road and Main Avenue Santacruz [ West],
Mumbai 400054, Maharashtra, India Ø
The Shamrao
Vithal Co-operative Bank Limited Goregaon Branch,
Mumbai 400 062 Ø IDBI Bank Limited, Mittal Court, Mumbai – 400 021 Ø Bank of Baroda, Khetwadi Branch, Mumbai – 400 004 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. M. Dakhera and Company Chartered Accountants |
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Address : |
22, Gopal Bhuvan, 1st floor, 199, Shamaldas Gandhi Marg,
Mumbai 400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12172018 |
Equity Shares |
Rs. 10/-
each |
Rs. 121.720
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
121.720 |
77.003 |
48.127 |
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2] Share Application Money |
0.000 |
0.000 |
43.184 |
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3] Reserves & Surplus |
317.784 |
146.765 |
123.552 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
439.504 |
223.768 |
214.863 |
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LOAN FUNDS |
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1] Secured Loans |
245.240 |
274.657 |
312.985 |
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2] Unsecured Loans |
108.745 |
118.205 |
102.836 |
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TOTAL BORROWING |
353.985 |
392.862 |
415.821 |
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DEFERRED TAX LIABILITIES |
19.121 |
24.523 |
36.176 |
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Share Warrants |
5.692 |
0.000 |
0.000 |
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TOTAL |
818.302 |
641.153 |
666.860 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
210.640 |
246.651 |
289.647 |
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Capital work-in-progress |
7.327 |
0.000 |
1.632 |
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INVESTMENT |
0.914 |
0.914 |
1.084 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
358.212
|
327.957 |
298.923 |
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Sundry Debtors |
196.745
|
163.931 |
183.167 |
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Cash & Bank Balances |
33.813
|
34.968 |
31.152 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
184.117
|
120.195 |
109.206 |
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Total
Current Assets |
772.887
|
647.051 |
622.448 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
155.880
|
238.897 |
245.379 |
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Provisions |
17.586
|
14.566 |
2.572 |
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Total
Current Liabilities |
173.466
|
253.463 |
247.951 |
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Net Current Assets |
599.421
|
393.588 |
374.497 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
818.302 |
641.153 |
666.860 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
892.231 |
898.551 |
932.725 |
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Other Income |
37.314 |
29.048 |
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Total Income |
929.545 |
927.599 |
932.725 |
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Profit/(Loss) Before Tax |
[26.056] |
16.421 |
30.586 |
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Provision for Taxation |
[4.793] |
6.830 |
10.255 |
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Profit/(Loss) After Tax |
[21.263] |
9.591 |
20.331 |
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Earnings in Foreign Currency : |
27.843 |
38.872 |
25.409 |
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Total Imports |
-- |
-- |
99.690 |
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Expenditures : |
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Raw Material Consumed |
667.307 |
617.928 |
631.055 |
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Manufacturing Expenses |
0.000 |
0.000 |
67.310 |
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Repairs and Maintenance |
0.000 |
0.000 |
4.031 |
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Administrative Expenses |
0.000 |
0.000 |
51.161 |
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Selling Expenses |
0.000 |
0.000 |
37.583 |
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Purchases made for re-sale |
2.543 |
0.000 |
5.456 |
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Consumption of stores and spares parts |
11.963 |
12.554 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[30.274] |
[24.059] |
[33.330] |
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Salaries, Wages, Bonus, etc. |
45.330 |
42.902 |
0.000 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.483 |
0.436 |
31.682 |
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Interest |
69.810 |
59.595 |
60.309 |
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Insurance Expenses |
3.285 |
4.005 |
0.000 |
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Power & Fuel |
31.555 |
31.199 |
0.000 |
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Depreciation & Amortization |
40.750 |
44.649 |
46.882 |
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Other Expenditure |
112.849 |
121.969 |
0.000 |
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Total Expenditure |
955.601 |
911.178 |
902.139 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[2.28]
|
1.03 |
2.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
[2.92[
|
1.82 |
3.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[2.64]
|
1.83 |
3.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.05]
|
0.07 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
2.88 |
3.08 |
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Current Ratio (Current Asset/Current Liability) |
|
4.45
|
2.55 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets :
Ø Land
Ø Factory premises
Ø Office Premises
Ø Electrical Fittings
Ø Furniture and Fixtures
Ø Vehicles
Ø Plant and machinery
CONTINGENT LIABILITIES NOT PROVIDED: [as on 31.03.2005]
Ø Outstanding letter of credit issued by bank of Rs. 25.587 Millions
Ø Bills discounted of Rs. 55.609 Millions
Ø Bank guarantee outstanding Rs. 0.358 Millions
Ø Claims against company not acknowledged as debts and disputed Rs. 5.621
Millions
Ø Sales Tax liability under dispute Rs. NIL
Ø Income Tax liability under dispute Rs. 3.530 Millions
Ø Excise Duty under dispute Rs. 29.921 Millions against which Rs. 4.078
Millions has been paid and shown as advances
Ø The company has obtained EPCG licenses issued under and subject to
condition contained in Export and Import policy 2002-2007. These licenses entitle the company to import
capital goods at concessional rate. In
accordance with the terms of EPCG license the company has undertaken an export
obligation of Rs. 295.631 Millions to be discharged over a period of 8 years
w.e.f. 01.04.2004. As on 31.03.2005 the
company has discharged export obligation of approximately Rs. 21.071 Millions.
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of Charge |
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Charge
identification number of the charge to be modified |
80037612 |
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Corporate
identity number of the company |
L22219MH1991PLC060717 |
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Name of the
company |
MULTI FLEX LAMI
PRINT LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. D-54, MIDC, Mahad, Dist. Raigad, Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Union Bank of
India Santacruz [ West]
Branch, La Avanti Junction of S. V. Road and Main Avenue Santacruz [ West], Mumbai
400054, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement to hypothecation agreement of goods and debts |
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Date of
instrument Creating the charge |
09.10.2007 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest BPLR + 3.50% per
annum with monthly rests [b] Terms of
repayment Demand [c] Margin As per sanction
terms [d] Extent and
operation of the charge To secure cash
credit [hypothecation] stocks and book debts to the extent of Rs. 50.000
Millions granted by the Bank to the company |
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Short particulars
of the property charged |
That the hypothecated
goods, Book Debts and movable property covered by the Principal Hypothecation
agreement shall continue to be security for the bank for the enhanced cash
credit [hypothecation] stocks and book debts facility Rs. 50.000 Millions
granted by the bank to the Company. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
The original
charged dated 25.05.2005 for Rs. 40.000 Millions is hereby modified by
granting an additional sum of Rs. 10.000 Millions thereby enhancing cash
credit [hypothecation] stocks and book debts facility from Rs. 40.000
Millions to Rs. 50.000 Millions and that the hypothecated goods, book debts
and movable property covered by the principal hypothecation agreement shall
continue to be security for the bank for the enhanced cash credit
[hypothecation] stocks and book debts facility of Rs. 50.000 Millions |
|
Name of the company |
MULTI FLEX LAMI
PRINT LIMITED |
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Presented By |
The Shamrao
Vithal Co-operative Bank Limited Goregaon Branch,
Mumbai 400 062 |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 19.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 100 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
All present and
future stocks of raw materials, gods in process of manufacture and all
finished and manufactured goods and articles such as polyester film, Boop
Film, CPP Film, Aluminum Foll, Polythene Granules, Inks, Packing Materials
etc. with all stores of the borrower All present and
future, book debts outstanding monies, receivables, claims, bills rights to
or in movable properties and movable assets of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
To secure due
repayment of the following credit facilities granted by the Bank to the Borrower
:
Rate of Interest
13.5% The charge shall
be the first charge raking Pari passu with the ‘A Bank Consortium’ |
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5) Name and Address and description of the person entitled to the
charge. |
The Shamrao
Vithal Co-operative Bank Limited Goregaon Branch,
Mumbai 400 062 |
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6) Date and brief description
of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
AS PER WEBSITE DETAILS:
Subject is a professionally managed company, is among the significant
players in the field of flexible packaging in India. They cater to the
requirements of a wide spectrum of industries and their list of clients includes leading Multinationals and
Indian Corporate. Their facilities incorporate state-of-the-art machinery and
include:
Ø Multi-colour (up to 8 colours) rotogravure lines
Ø Solvent based and solventless laminating machines
Ø Slitting machines
Ø Centre sealed and gusseted bag making machines
Ø Side sealed bag making machines without zipper - also with zipper
Ø Stand-up bag making machines without zipper - also with zipper
Ø Extrusion blown film lines
Ø PVC Sleeves
Their Strengths:
Ø Proactive team of experienced personnel
Ø Commitment to product development
Ø Techno-economic and competitive advantages
Ø
Adherence to quality standards
Ø Supply in short span of time
CLIENTS:
|
Industry
|
Customer |
Brands |
|
Biscuits |
1.Britannia Industries
Limited
|
Snax, 50-50, Tiger |
|
Confectionery
|
1.Dabur India
Limited |
Hajmola, Hingoli, 6 Tabs
Halls, Clorets, |
|
Personal
Products |
|
|
|
Tea/Coffee/Skimmed
Milk Powder |
1.Tata
Tea Limited |
Agni, Chakra |
|
Snacks/Baby
Foods |
1.Frito Lays (Pepsi) |
Ruffles Lays |
|
Spices |
1.S
Narendrakumar & Company |
Everest range of spices |
|
Edible
Oil |
1.Marico Industries
Limited 2.Dabur India
Limited |
Parachute |
|
Lube
Oil |
1.Pennzoil |
2T Premium |
|
Agro
Products |
|
|
|
Pesticides |
1.Rhone-Poulenc
Agro 2.United Phosphorous |
Top Star |
|
Writing
Instrument |
1.GM Pens |
Reynolds |
|
Ice
Cream & Beverages |
1.Hindustan Lever
Limited |
Max Orange, Feast Chocobar |
|
Rice
& Cereals |
1.Satnam Overseas
Limited |
Kohinoor, Super Silky,
Trophy |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 39.29 |
|
UK Pound |
1 |
Rs. 77.02 |
|
Euro |
1 |
Rs. 58.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|