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MIRA INFORM REPORT

 

 

Report Date :

13.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MAYUR POLY FILMS PRIVATE LIMITED

 

 

Registered Office :

111, Chancellor Building, Oppodite R T O Office, Ring Road, Surat – 395001, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

28.02.1994

 

 

Com. Reg. No.:

021407

 

 

CIN No.:

[Company Identification No.]

U25209GJ1994PTC021407

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of PVC twist wrap films, PVC lamination Films, PVC blister packaging films, PVC cling/stretch wrap, PVC films for sticker and labels.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 38000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow bur Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

111, Chancellor Building, Oppodite R T O Office, Ring Road, Surat – 395001, Gujarat, India

Tel. No.:

91-261-2669636 / 2669702

Fax No.:

91-261-2660033

E-Mail :

sales@mayurpolyfilms.com

 

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Bhimjibhai Lanhunhai Patel

Designation :

Director

Address :

Sy No. 7RS No. 110 S. PL-25GR Floor Navchetan Society, Opposite RTO Ring Road, Majuragate, Surat – 395001, Gujarat, India

Date of Birth/Age :

12.06.1948

Date of Appointment :

28.02.1994

 

 

Name :

Mr. Labhubhai Ankoor Patel

Designation :

Director

Address :

25, Navchetan Society, Opposite RTO Ring Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

29.06.1978

Date of Appointment :

25.12.2000

 

 

Name :

Mr. Labhubhai Ankoor Patel

Designation :

Director

Address :

25, Navchetan Society, Opposite RTO Ring Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

05.12.1980

Date of Appointment :

27.05.2010

 

 

Name :

Mr. Raghavjibhai Mayurkumar Patel

Designation :

Director

Address :

54/A, Adarsh Society, Athwa Lines, Surat – 395001, Gujarat, India

Date of Birth/Age :

22.06.1975

Date of Appointment :

27.05.2010

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

Patel Labhubhai HUF

 

3336

Patel RAilaben Labhubhai

 

1073

Patel Raghavjibhai HUF

 

2926

Patel Tejas Labhubhai

 

4283

Patel Labhubhai Bhimjibhai

 

2812

Patel Santokben Bhimjibhai

 

8306

Patel Bhimjibhai HUF

 

1802

Patel Maniben Raghavjibhai

 

7177

Patel Raghavijibhai Bhimjibhai

 

9825

Patel Ankoor Labhubhai 

 

1000

Patel Mayur Raghavjibhai

 

4550

 

 

 

Total

 

47090

 

AS ON 30.09.2010

 

Category

Percentage

 

 

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of PVC twist wrap films, PVC lamination Films, PVC blister packaging films, PVC cling/stretch wrap, PVC films for sticker and labels.

 

 

 

 

GENERAL INFORMATION

 

Bankers :
  • Bnak of Baroda, Bhagat Talao Branch, Surat – 395003, Gujarat, India
  • IDBI Bank

 

 

Facilities :

 

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

IDBI Bank

1.352

0.000

 

 

 

Total

1.352

0.000

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

From Directors

9.980

0.000

From Other Members

4.566

3.381

 

 

 

Total

14.546

3.381

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jagdish K Kapadia and Company

Chartered Accountant

Address :

301/302, Sagar Appartment, Near Mabhuvan Society, Godha Street, nanpura, Surat – 395001, Gujarat, India

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75000

Ordinary Shares

Rs.100/- each

Rs. 7.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

47090

Ordinary Shares

Rs.100/- each

Rs. 4.709 Millions

 

 

 

 

 

Note : Includes 100 Shares issued for Consideration other than Cash.  

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.709

3.500

3.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4.719

2.548

1.912

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

9.428

6.048

5.412

LOAN FUNDS

 

 

 

1] Secured Loans

1.352

0.000

0.000

2] Unsecured Loans

14.546

3.381

5.628

TOTAL BORROWING

15.898

3.381

5.628

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

25.326

9.429

11.040

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.101

1.000

1.101

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
7.696

2.698

4.261

 

Sundry Debtors
12.824

6.621

7.219

 

Cash & Bank Balances
0.742

0.335

0.172

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
0.694

0.149

0.082

Total Current Assets
21.956

9.803

11.734

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Other Current Liabilities
3.781

1.374

1.795

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
3.781

1.374

1.795

Net Current Assets
18.175

8.429

9.939

 

 

 

 

MISCELLANEOUS EXPENSES

0.050

0.000

0.000

 

 

 

 

TOTAL

25.326

9.429

11.040

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

GROSS INCOME

40.802

23.508

19.951

 

 

 

 

 

Less

EXPENSES

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

39.270

22.865

20.156

 

 

Interest

 

 

 

 

 

Depreciation

 

 

 

 

 

TOTAL                                    

39.270

22.865

20.156

 

 

 

 

 

 

PROFIT BEFORE TAX

1.532

0.643

(0.205)

 

 

 

 

 

Less

TAX     

0.262

0.007

0.010

 

 

 

 

 

 

PROFIT AFTER TAX

0.262

0.636

(0.215)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3.449

1.991

2.127

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

4.719

2.548

1.911

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.56

13.50

(4.56)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
5.27

5.95

(1.59)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.10

(0.03)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.08

0.78

1.37

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
5.80

7.13

6.53

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FINANCIAL RESULTS :

 

The company has amalgamated with M/s Tejas Techniplast Private Limited from 1st April, 2009 under the order issued by Hon’ble Gujarat High Court on 6th May, 2010. Accordingly all income and expenditure of the amalgamated company are reported herein above.

 

During the year the company has posted gross income of Rs. 40.802 millions as compared to Rs. 23.508 millions  in corresponding previous year. However in view of increased sales and reduced cost, the company has posted net profit at Rs. 0.636 millions as compared to a net loss of Rs. 0.215 millions in the corresponding previous year. In view of the small amount of profit, the directors do not recommend any dividend and the entire amount of profit carried to Balance Sheet under the head of “Reserve and Surplus”.

 

FORM : 8

 

Corporate identity number of the company

U25209GJ1994PTC021407

Name of the company

MAYUR POLY FILMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

111 Chancelloropp Rto  Office, Surat – 395001, Gujarat, India

This form is for

Creation of charge

Type of charge

Immovable property

Particular of charge holder

Bank Of Baroda, Bahga Talao Branch, Surat, Gujarat, India

Nature of instrument creating charge

Memorandum Of Entry Of Deposit Of Title Deeds

Date of instrument Creating the charge

29/10/2007

Amount secured by the charge

Rs. 6.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest :

As may be prescribed from time to time

 

Terms of repayment :

As prescribed

 

Margin :

As prescribed

 

Extent and operation of the charge :

The Mortgage Over Company's Immovable Situated At Office No. 111-B Admeasuring About 425 Sq. Fts,

Equivalent To 44.15 Sq. Mts., On The Second Floor Of Chanceller Apartment And Also Undivided Proportionate Share To The Extent Of 8.39 Sq. Mtrs., In The Land Below The Construction Of Chancellor Appartment Constructed On The Land Bearing R.S. No.24 T.P.S. Ivo. 5 F. P. No. 600-6 City Survey Ward Athwa Nond No. 1013-A-I Of Village Athwa Taluka Choryasi, Dist : Surat For Due Repayment Of Loan Granted .

 

Other :

The charge operates for the OD facility granted to Parthiv Sales Agency and guaranteed by mortgage of company's immovable assets

Short particulars of the property charged (Including location of the property)

Office No. 111-B admeasuring about 425 sq. fts, Equivalent to 44.15 sq. mts., on the second floor of Chanceller Apartment and also undivided proportionate share to the extent of 8.39 sq. mtrs., in the land below the construction of Chancellor Appartment custructed on the land bearing R.S. No. 24 T.P.S. IVo. 5 F. P. No. 600-6 City Survey Ward Athwa Nond No. 1013-A-I of Village Athwa Taluka Choryasi, Dist : Surat GJ, India

 

 

FIXED ASSETS :

 

  • Factory Building
  • Furniture and Fixtures
  • Mobile A/c
  • Electrical Installation
  • Vehicles
  • Plant and Machinery
  • Building Flat
  • Office Premises
  • Land
  • Computer 

 

 

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. 44.20

UK Pound

1

Rs. 72.26

Euro

1

Rs. 63.90

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

30

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.