MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
29.06.1995 |
|
|
|
|
Com. Reg. No.: |
17-010299 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92114RJ1995PTC010299 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHE00181G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Printed Industrial Flexible
Packaging Materials including Lamination of Films. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 97000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. 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.
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 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-294- 2415479/ 2417808 |
|
Fax No.: |
91-294- 2417808 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory and Administrative Office : |
Village Seth Ji Ki Kundal, |
|
Tel. No.: |
91-294-2488326/ 2486937 |
|
Fax No.: |
91-294-2583372 |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Dinesh Laxmi Lal Jain |
|
Designation : |
Director |
|
Address : |
47, Shastri Marg, Ashok Nagar, |
|
Date of Birth/Age : |
04.05.1963 |
|
Date of Appointment : |
29.06.1995 |
|
DIN No.: |
00144242 |
|
|
|
|
Name : |
Ms. Sangeeta Sukh Lal Jain |
|
Designation : |
Director |
|
Address : |
47, Shastri Marg, Ashok Nagar, |
|
Date of Birth/Age : |
15.04.1966 |
|
Date of Appointment : |
29.06.1995 |
|
DIN No.: |
00144320 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Jain |
|
936000 |
|
Sangeeta Jain |
|
574100 |
|
Mudit Stock Enterprises Private Limited, |
|
277500 |
|
Mudit Polymers (Private) Limited, |
|
30000 |
|
Sun Ploy |
|
50000 |
|
Kalpesh Bordia |
|
108700 |
|
Pramila Properties Private Limited, |
|
100000 |
|
Emerrald Silk Mills (Private) Limited, |
|
200000 |
|
Anish Jain |
|
120000 |
|
Shikhar Capital and Finance Limited, |
|
300000 |
|
Man Mohan Agarwal |
|
100000 |
|
Metex International (Private) Limited, |
|
275000 |
|
Prakash Jain (HUF) |
|
125000 |
|
Sunil Kumar Jain (HUF) |
|
150000 |
|
Chandan Lal Jain (HUF) |
|
125000 |
As on 29.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
53.00 |
|
Other
top fifty shareholders |
|
47.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Industrial
Flexible Packaging Materials including Lamination of Films. |
|
|
|
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
|
|
|
Actual
Production |
|
Poly/ Polyester Pouch |
|
|
|
1252183 |
|
Wastage |
|
|
|
98027 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Valwat and Associates Chartered Accountants |
|
Address : |
432-433, S.M. Lodha Complex, Near |
|
Tel. No.: |
91-294-2413482/ 2414213 |
|
Fax No.: |
91-294-2414213 |
|
|
|
|
Group Companies : |
Mudit Polymers Private Limited Situated at MIA,
Fax: 91-294-2492862 e-mail:mudit@edenhitech.com Kalptaru Packs ( Situated at MIA,
Fax: 91-294-2490355 e-mail:kp1@edenhitech.com Kalptaru Packs ( Situated at Sukher,
Fax: 91-294-2513249 e-mail:kp2@edenhitech.com Kalptaru Packs ( Situated at MIA,
Fax: 91-294-249 0355 e-mail:kp3@edenhitech.com |
Address: G1/296, Road no. 13, MIA,
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4600000 |
Equity Shares |
Rs.10/- each |
Rs.46.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4515500 |
Equity Shares |
Rs.10/- each |
Rs.45.155 millions |
|
|
|
|
|
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs.26.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2015500 |
Equity Shares |
Rs.10/- each |
Rs.20.155 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.155 |
20.155 |
20.155 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.165 |
1.833 |
2.051 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(2.901) |
|
|
NETWORTH |
24.320 |
21.988 |
19.305 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
125.899 |
101.098 |
90.915 |
|
|
2] Unsecured Loans |
3.444 |
5.723 |
6.651 |
|
|
TOTAL BORROWING |
129.343 |
106.821 |
97.566 |
|
|
DEFERRED TAX LIABILITIES |
8.225 |
7.866 |
7.890 |
|
|
|
|
|
|
|
|
TOTAL |
161.888 |
136.675 |
124.761 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
53.111 |
58.871 |
63.158 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.306 |
6.306 |
6.306 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.467
|
31.878 |
36.157 |
|
|
Sundry Debtors |
105.723
|
91.316 |
67.016 |
|
|
Cash & Bank Balances |
6.655
|
7.458 |
5.926 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20.245
|
11.304 |
10.359 |
|
Total
Current Assets |
168.090
|
141.956 |
119.458 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
60.234
|
64.760 |
60.273 |
|
|
Other Current Liabilities |
5.021
|
5.281 |
3.503 |
|
|
Provisions |
0.364
|
0.417 |
0.385 |
|
Total
Current Liabilities |
65.619
|
70.458 |
64.161 |
|
|
Net Current Assets |
102.471
|
71.498 |
55.297 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
161.888 |
136.675 |
124.761 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
214.689 |
246.589 |
214.113 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.974 |
9.006 |
8.325 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.949 |
5.930 |
5.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.025 |
3.076 |
2.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.364 |
0.418 |
0.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.661 |
2.658 |
2.214 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.32 |
2.32 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41
|
1.25 |
1.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
1.53 |
1.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.02
|
8.06 |
8.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.01 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND
FUTURE OUTLOOK:
The Company has achieved a sales and net profit of Rs.214.689 millions
and Rs.2.661 millions during the year as compared to Rs.246.589 millions and
Rs.2.658 millions in the previous year respectively. Due to the Global
recession the sales of the company has declined as compared to previous year.
In spite of cut thought competition and recession in the economy, the company
could have maintained the level of profits of the previous year.
The directors feel that the forthcoming year will be more fruitful as
compared to previous year.
|
Corporate
identity number of the company |
U92114RJ1995PTC010299 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
E-Mail: valawat@yahoo.co.in |
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
90113727 |
|
Type of charge |
Immovable property Book Debts Movable Property Floating Charge Others (Plant and Machinery and Other Assets of the Company) |
|
Particular of
charge holder |
State Bank of E-Mail: sbbj10766@sbbj.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Hypothecation of goods and Assets for increase in the overall
Limit. 2) Supplemental
Agreement of Loan for increase in the overall Limit. 3) Sanction
Letter. 4) Letter
regarding the Grant of Individual Limits within the overall Limit. |
|
Date of instrument
Creating the charge |
26/09/2009 |
|
Amount secured by
the charge |
Rs.159.100
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at 0.75%
below BPLR with a minimum of 11.75% per annum subject to change in State Bank
advance rate as per RBI instruction. Terms of
Repayment: On Demand. Margin: Raw Material -
25% Stock in
process - 25% Finished
Goods - 25% Book debts (up to 105 Days
) -
50% Stores & Spares -
50% Extent and
Operation of the charge: The charge will
be operate as first charge to the extant of Rs.159.100 millions to secure
fund based and non fund based limit. |
|
Short particulars
of the property charged |
Equitable
mortgage of factory land and building standing in the name of company, plant
and machinery and other misc. fixed assets present and future financed by the
bank. First charge by
way of hypothecation of company's entire stock of raw material, WIP, finished
goods, semi finished goods, stores and spares and book-debts & other
current assets lying in factory. At the Company's
factory premises stock point approved by the bank. |
|
Date of latest
modification prior to the present modification |
12/06/2009 |
|
Particulars of
the present modification |
CC Hypothecation
Limit enhanced from 95.000 millions to 110.000 millions along with existing
TL limit of Rs.27.500 millions and Rs.1.600 millions and LC Limit of Rs.20.000
millions. |
FIXED ASSETS:
·
Land
·
Building – Factory
·
Building – Office
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Vehicle Goods
·
Factory Equipment
·
Office Equipments
·
Computers
WEBSITE DETAILS:
PROFILE:
Established in the year 1997 with a humble moderate
production capacity of 50 MT/month
Perfect printing, marketing network and professional production capabilities are
the backbone of the company. The current area of operation covers length and
breathof the country. They are a life time member of Plastic Export Promotion
Council of India. They print on almost anything on roll form - Polythene,
Polyester, BOPP, PVC Films, etc. The inhouse infrastucture includes rotogravure
printing machines, all types of pouch making machines and adherence to ISO
9001:2000 with Total Quality Management (TQM)and Good Manufacturing Practices
(GMP) makes sure of a very high class quality job sand timely deliveries. The fully
equipped Laboratory ensures strict quality assurance of all materials used and
produced.
The 120 member strong
The corporate office in
The In-House Laboratory analyses both the raw materials and finished films leading to Total Quality Management T.Q.M. Some of the tests include:tensile strength, bond test, coefficient of friction, vaccum test, opacity test etc.
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
- |
MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
29.06.1995 |
|
|
|
|
Com. Reg. No.: |
17-010299 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92114RJ1995PTC010299 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHE00181G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Printed Industrial Flexible
Packaging Materials including Lamination of Films. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 97000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. 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.
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 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-294- 2415479/ 2417808 |
|
Fax No.: |
91-294- 2417808 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory and Administrative Office : |
Village Seth Ji Ki Kundal, |
|
Tel. No.: |
91-294-2488326/ 2486937 |
|
Fax No.: |
91-294-2583372 |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Dinesh Laxmi Lal Jain |
|
Designation : |
Director |
|
Address : |
47, Shastri Marg, Ashok Nagar, |
|
Date of Birth/Age : |
04.05.1963 |
|
Date of Appointment : |
29.06.1995 |
|
DIN No.: |
00144242 |
|
|
|
|
Name : |
Ms. Sangeeta Sukh Lal Jain |
|
Designation : |
Director |
|
Address : |
47, Shastri Marg, Ashok Nagar, |
|
Date of Birth/Age : |
15.04.1966 |
|
Date of Appointment : |
29.06.1995 |
|
DIN No.: |
00144320 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Jain |
|
936000 |
|
Sangeeta Jain |
|
574100 |
|
Mudit Stock Enterprises Private Limited, |
|
277500 |
|
Mudit Polymers (Private) Limited, |
|
30000 |
|
Sun Ploy |
|
50000 |
|
Kalpesh Bordia |
|
108700 |
|
Pramila Properties Private Limited, |
|
100000 |
|
Emerrald Silk Mills (Private) Limited, |
|
200000 |
|
Anish Jain |
|
120000 |
|
Shikhar Capital and Finance Limited, |
|
300000 |
|
Man Mohan Agarwal |
|
100000 |
|
Metex International (Private) Limited, |
|
275000 |
|
Prakash Jain (HUF) |
|
125000 |
|
Sunil Kumar Jain (HUF) |
|
150000 |
|
Chandan Lal Jain (HUF) |
|
125000 |
As on 29.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
53.00 |
|
Other
top fifty shareholders |
|
47.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Industrial
Flexible Packaging Materials including Lamination of Films. |
|
|
|
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
|
|
|
Actual
Production |
|
Poly/ Polyester Pouch |
|
|
|
1252183 |
|
Wastage |
|
|
|
98027 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Valwat and Associates Chartered Accountants |
|
Address : |
432-433, S.M. Lodha Complex, Near |
|
Tel. No.: |
91-294-2413482/ 2414213 |
|
Fax No.: |
91-294-2414213 |
|
|
|
|
Group Companies : |
Mudit Polymers Private Limited Situated at MIA,
Fax: 91-294-2492862 e-mail:mudit@edenhitech.com Kalptaru Packs ( Situated at MIA,
Fax: 91-294-2490355 e-mail:kp1@edenhitech.com Kalptaru Packs ( Situated at Sukher,
Fax: 91-294-2513249 e-mail:kp2@edenhitech.com Kalptaru Packs ( Situated at MIA,
Fax: 91-294-249 0355 e-mail:kp3@edenhitech.com |
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4600000 |
Equity Shares |
Rs.10/- each |
Rs.46.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4515500 |
Equity Shares |
Rs.10/- each |
Rs.45.155 millions |
|
|
|
|
|
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs.26.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2015500 |
Equity Shares |
Rs.10/- each |
Rs.20.155 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.155 |
20.155 |
20.155 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.165 |
1.833 |
2.051 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(2.901) |
|
|
NETWORTH |
24.320 |
21.988 |
19.305 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
125.899 |
101.098 |
90.915 |
|
|
2] Unsecured Loans |
3.444 |
5.723 |
6.651 |
|
|
TOTAL BORROWING |
129.343 |
106.821 |
97.566 |
|
|
DEFERRED TAX LIABILITIES |
8.225 |
7.866 |
7.890 |
|
|
|
|
|
|
|
|
TOTAL |
161.888 |
136.675 |
124.761 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
53.111 |
58.871 |
63.158 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.306 |
6.306 |
6.306 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.467
|
31.878 |
36.157 |
|
|
Sundry Debtors |
105.723
|
91.316 |
67.016 |
|
|
Cash & Bank Balances |
6.655
|
7.458 |
5.926 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20.245
|
11.304 |
10.359 |
|
Total
Current Assets |
168.090
|
141.956 |
119.458 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
60.234
|
64.760 |
60.273 |
|
|
Other Current Liabilities |
5.021
|
5.281 |
3.503 |
|
|
Provisions |
0.364
|
0.417 |
0.385 |
|
Total
Current Liabilities |
65.619
|
70.458 |
64.161 |
|
|
Net Current Assets |
102.471
|
71.498 |
55.297 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
161.888 |
136.675 |
124.761 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
214.689 |
246.589 |
214.113 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.974 |
9.006 |
8.325 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.949 |
5.930 |
5.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.025 |
3.076 |
2.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.364 |
0.418 |
0.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.661 |
2.658 |
2.214 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.32 |
2.32 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41
|
1.25 |
1.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
1.53 |
1.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.02
|
8.06 |
8.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.01 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND
FUTURE OUTLOOK:
The Company has achieved a sales and net profit of Rs.214.689 millions
and Rs.2.661 millions during the year as compared to Rs.246.589 millions and
Rs.2.658 millions in the previous year respectively. Due to the Global
recession the sales of the company has declined as compared to previous year.
In spite of cut thought competition and recession in the economy, the company
could have maintained the level of profits of the previous year.
The directors feel that the forthcoming year will be more fruitful as
compared to previous year.
|
Corporate
identity number of the company |
U92114RJ1995PTC010299 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
E-Mail: valawat@yahoo.co.in |
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
90113727 |
|
Type of charge |
Immovable property Book Debts Movable Property Floating Charge Others (Plant and Machinery and Other Assets of the Company) |
|
Particular of
charge holder |
State Bank of E-Mail: sbbj10766@sbbj.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Hypothecation of goods and Assets for increase in the overall
Limit. 2) Supplemental
Agreement of Loan for increase in the overall Limit. 3) Sanction
Letter. 4) Letter
regarding the Grant of Individual Limits within the overall Limit. |
|
Date of instrument
Creating the charge |
26/09/2009 |
|
Amount secured by
the charge |
Rs.159.100
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at 0.75%
below BPLR with a minimum of 11.75% per annum subject to change in State Bank
advance rate as per RBI instruction. Terms of
Repayment: On Demand. Margin: Raw Material -
25% Stock in
process - 25% Finished
Goods - 25% Book debts (up to 105 Days
) -
50% Stores & Spares -
50% Extent and
Operation of the charge: The charge will
be operate as first charge to the extant of Rs.159.100 millions to secure
fund based and non fund based limit. |
|
Short particulars
of the property charged |
Equitable
mortgage of factory land and building standing in the name of company, plant
and machinery and other misc. fixed assets present and future financed by the
bank. First charge by
way of hypothecation of company's entire stock of raw material, WIP, finished
goods, semi finished goods, stores and spares and book-debts & other
current assets lying in factory. At the Company's
factory premises stock point approved by the bank. |
|
Date of latest
modification prior to the present modification |
12/06/2009 |
|
Particulars of
the present modification |
CC Hypothecation
Limit enhanced from 95.000 millions to 110.000 millions along with existing
TL limit of Rs.27.500 millions and Rs.1.600 millions and LC Limit of Rs.20.000
millions. |
FIXED ASSETS:
·
Land
·
Building – Factory
·
Building – Office
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Vehicle Goods
·
Factory Equipment
·
Office Equipments
·
Computers
WEBSITE DETAILS:
PROFILE:
Established in the year 1997 with a humble moderate
production capacity of 50 MT/month
Perfect printing, marketing network and professional production capabilities are
the backbone of the company. The current area of operation covers length and
breathof the country. They are a life time member of Plastic Export Promotion
Council of India. They print on almost anything on roll form - Polythene,
Polyester, BOPP, PVC Films, etc. The inhouse infrastucture includes rotogravure
printing machines, all types of pouch making machines and adherence to ISO
9001:2000 with Total Quality Management (TQM)and Good Manufacturing Practices
(GMP) makes sure of a very high class quality job sand timely deliveries. The fully
equipped Laboratory ensures strict quality assurance of all materials used and
produced.
The 120 member strong
The corporate office in
The In-House Laboratory analyses both the raw materials and finished films leading to Total Quality Management T.Q.M. Some of the tests include:tensile strength, bond test, coefficient of friction, vaccum test, opacity test etc.
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.