MIRA
INFORM REPORT
|
Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MORBI POLYPACK PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S. No. 375/P2, B/H. Aegis Gas Pump, Taluka Tankara, Virpar-363650, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
17.08.2009 |
|
|
|
|
Com. Reg. No.: |
04-057807 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs 22.500 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25200GJ2009PTC057807 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of PP Woven Sack Bags, Woven Fabric, PP
Bags, Hdpe Bags, Salf Bags, Fertilizer Bags, PP Woven Bags. |
|
|
|
|
No. of Employees : |
200 (Approximately) (In Office) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commence Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 2009, the company is yet
to commence its commercial business activities. Payment terms are unknown Initially, the company can be considered for business dealings on a
secured trade terms and condition |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mayur Panara |
|
Designation : |
Director |
|
Contact No.: |
91-9099042043 |
|
Date : |
16.08.2011 |
LOCATIONS
|
Registered Office/ Factory : |
S. No. 375/P2, B/H. Aegis Gas Pump, Taluka Tankara, Virpar-363650, |
|
Tel. No.: |
91-2822-285001 |
|
Mobile No.: |
91-9099042043 (Mr. Mayur Panara) |
|
Fax No.: |
91-2822-285001 |
|
E-Mail : |
|
|
Area : |
2500 sq. ft. |
|
Location: |
Owned |
DIRECTORS
AS ON 30.11.2010
|
Name : |
Mr. Kiran Ranchhod Charola |
|
Designation : |
Director |
|
Address : |
At. Amreli, Taluka Morbi, District |
|
Date of Birth/Age : |
26.09.1986 |
|
Date of Appointment: |
17.08.2009 |
|
Date of Cessation: |
16.08.2010 |
|
CIN No.: |
02709851 |
|
|
|
|
Name : |
Mr. Mayurkumar Prabhulal Panara |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
28.11.1983 |
|
Date of Appointment: |
17.08.2009 |
|
CIN No.: |
02181241 |
|
|
|
|
Name : |
Mr. Bharat Maganbhai Kamariya |
|
Designation : |
Director |
|
Address : |
At. |
|
Date of Birth/Age : |
03.08.1982 |
|
Date of Appointment: |
01.02.2010 |
|
CIN No.: |
02933946 |
|
|
|
|
Name : |
Mr. Prabhulal Virjibhai Panara |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.06.1957 |
|
Date of Appointment : |
01.02.2010 |
|
CIN No.: |
02933936 |
|
|
|
|
Name : |
Mr. Tejas Prabhubhai Panara |
|
Designation : |
Director |
|
Address : |
101- Avenue
Appartment, District |
|
Date of Birth/Age : |
18.12.1987 |
|
Date of Appointment : |
16.08.2010 |
|
CIN No.: |
03249968 |
|
|
|
|
Name : |
Mr. Rameshbhai Manjibhai Bhagia |
|
Designation : |
Director |
|
Address : |
At. Kalyanpar, Taluka Tankara, Kalyanpar – 363650, |
|
Date of Birth/Age : |
05.04.1969 |
|
Date of Appointment : |
16.08.2010 |
|
CIN No.: |
02117187 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prabhulal Virjibhai Panara |
|
339600 |
|
MayurKumar Prabhulal Panara |
|
225800 |
|
Tejas Prabhulal panara |
|
139600 |
|
Hasmukh Laljibhai Fultariya |
|
125000 |
|
Prabhulal Tapubhai Kamariya |
|
66000 |
|
Pushpaben Prabhulal Kamariya |
|
40000 |
|
Gauriben Maganbhai Kamariya |
|
50000 |
|
Chiragbhai Prabhulal Kamariya |
|
45000 |
|
Bharatbhai Maganbhai Kamariya |
|
50000 |
|
Nileshbhai Manganbhai Kamariya |
|
30000 |
|
Jayshreeben Valijibhai Bhagiya |
|
52500 |
|
Tapubhai Manjibhai Bhagiya |
|
52500 |
|
Rameshbhai Manjibhai Bhagiya |
|
52500 |
|
Meghabhai Bhagvanjibhai Bhagiya |
|
40000 |
|
Tribhovanbhai Muljibhai Bhagiya |
|
40500 |
|
Manjulaben Bhudarbhai Bhagiya |
|
40000 |
|
Manishaben Bhavanbhai Bhagiya |
|
26000 |
|
Jayshreeben Bhavanbhai Bhagiya |
|
20000 |
|
Ratanben Gangarambhai Bhagiya |
|
36000 |
|
Narmadaben Prabhubhai Panara |
|
210000 |
|
Nareshbhai Ukabhai Marvaniya |
|
60000 |
|
Sonalben Mayurbhai Panara |
|
105000 |
|
Jitendrabhai Bachubhai Santoki |
|
20000 |
|
Jagdishbhai Ganeshbhai Low |
|
50000 |
|
Maganbhai Raghavjibhai Kaila |
|
62500 |
|
Kiiritbhai Pragjibhai Kamariya |
|
25000 |
|
Asmitaben Jagdishbhai Low |
|
12500 |
|
Meghaben Bhagvabjibhai Bhagiya |
|
5000 |
|
Jayshreeben Valjibhai Bhagiya |
|
4000 |
|
Manoj Becharbhai Detroji |
|
50000 |
|
Becharbhai Karmanbhai Detroji |
|
45000 |
|
Girish Becharbhai Detroji |
|
17500 |
|
Virijibhai Raghavjibahi Bhagiya |
|
65000 |
|
Fremjibhai Raghavjibhai Bhagiya |
|
20000 |
|
Harilal Raghavjibhai Bhagiya |
|
2500 |
|
Jasmatbhai Raghavjibhai Bhagiya |
|
25000 |
|
Total |
|
2250000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of PP Woven Sack Bags, Woven Fabric, PP Bags,
Hdpe Bags, Salf Bags, Fertilizer Bags, PP Woven Bags. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
PP bags, Woven Fabric |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
200 (Approximately) (In Office) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Cash Credit Rs.57.000 Millions |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Chitabra and Associates Chartered Accountant |
|
Address: |
123-Shri Hari Commercial Complex 6, Savsar Plot, Near Parth Hospital,
Morbi – 363641, Gujarat, India |
|
Tel. No.: |
91-2822-230134 |
|
Mobile No.: |
91-9825130134 |
|
PAN No.: |
AQNPK4272B |
CAPITAL STRUCTURE
As on 30.11.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs 22.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs 22.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
(MORBI POLYPACK
PARTNERSHIP FIRM)
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner Capital |
|
|
0.200 |
|
|
2] Share Application Money |
|
|
21.431 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
21.631 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
21.631 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.364 |
|
|
Capital work-in-progress |
|
|
7.171 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
7.956 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
6.172 |
|
Total
Current Assets |
|
|
14.128 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.400 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.015 |
|
Total
Current Liabilities |
|
|
0.415 |
|
|
Net Current Assets |
|
|
13.713 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.383 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
21.631 |
|
Note:
The company has yet to start his business activities
The above information has been parted by Mr. Mayur
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
34.04 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10280029 |
|
Corporate
identity number of the company |
U25200GJ2009PTC057807 |
|
Name of the
company |
Morbi Polypack Private Limited |
|
Address of the
registered office or of the principal place of business in |
S. No. 375/P2, B/H. Aegis Gas Pump, Taluka Tankara, Virpar-363650, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Rajkot Nagrik Sahkari Bank Limited, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Equitable Mortgage. |
|
Date of instrument
Creating the charge |
06.04.2011 |
|
Amount secured by
the charge |
Rs 92.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.75% Terms of
Repayment CC: On demand, TL: 57/60 months. Margin As per
rules/sanction. Extent and
Operation of the charge First charge of
RNSB Limited. |
|
Short particulars
of the property charged |
EM of factory
land & building situated at S. 375p2, Village Virpar, Taluka Tankara more
particularly described in copy of agreement annexed. |
|
Particulars of
the present modification |
The factory land
& building have been given as collateral security for Credit Facilities
of Rs 92.400 Millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.