MIRA
INFORM REPORT
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Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
COLOURFLEX LAMINATORS LIMITED |
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Registered
Office : |
1st Floor, 130 Shukan Mall, Near Punchamrut Bunglows-I,
Science City Road, Sola Ahmadabad – 380060, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1994 |
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Com. Reg. No.: |
04-22339 |
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Capital
Investment / Paid-up Capital : |
Rs.39.025 Millions |
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CIN No.: [Company Identification
No.] |
U51909GJ1994PLC022339 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00173F |
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PAN No.: [Permanent Account No.] |
AAACC4768L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Packaging and Packing Machinery |
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No. of Employees
: |
165 ( In Office) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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.
INFORMATION PARTED BY
|
Name : |
Mr. Harshad Patel |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9879586217 |
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Date : |
05.07.2011 |
LOCATIONS
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Registered Office : |
1st Floor, 130 Shukan Mall, Near Punchamrut Bunglows-I,
Science City Road, Sola Ahmadabad – 380060, Gujarat, |
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Tel. No.: |
91-79-27494985/ 27451510/ 27473361 |
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Mobile No.: |
91-9879586217 (Mr. Harshad Patel) |
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Fax No.: |
91-79-27415630 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Survey No. 821, Near Kothari Char Rasta, Village: Santej, Taluka
Kalol, District Gandhingar, |
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Tel. No.: |
91-2764-286214/ 15/ 16/ 286322 |
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Fax No.: |
91-2764-286214/ 15/ 16/ 286322 |
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E-Mail : |
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Area : |
1000 Sq. mtrs |
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Location : |
Owned |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Pradip Kumar K Patel |
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Designation : |
Director |
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Address : |
B-201, Shilpgram, Near Gyanda Girl’s School, Ghatlodia,
Ahmedabad-380061, |
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Date of Birth/Age : |
22.01.1968 |
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Date of Appointment : |
23.06.1994 |
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Name : |
Mr. Shashikant S Patel |
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Designation : |
Director |
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Address : |
11, Kalakunj Society, Near K K Nagar, Ghatlodia, Ahmedabad-380061, |
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Date of Birth/Age : |
08.08.1973 |
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Date of Appointment : |
19.10.1999 |
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Name : |
Mr. Arun C Patel |
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Designation : |
Director |
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Address : |
26, Nityanand Society, Part-I, Ghatlodial, Ahemedabad-380061, |
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Date of Birth/Age : |
15.07.1974 |
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Date of Appointment : |
19.10.1999 |
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Name : |
Mr. Jagdishkumar C Patel |
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Designation : |
Director |
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Address : |
25, Nityanand Society, Part-I, Ghtlodia, Ahemdabad-380061, |
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Date of Birth/Age : |
10.10.1971 |
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Date of Appointment : |
23.06.1994 |
KEY EXECUTIVES
|
Name : |
Mr. A F Patel |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Pradipkumar K Patel |
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1448300 |
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Shakarbhai G Patel |
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122500 |
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Chunibhai S Patel |
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31000 |
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Savitaben C Patel |
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73000 |
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Yogeshkumar C Patel |
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72000 |
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Arun C Patel |
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181000 |
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Harshaben Y Patel |
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16000 |
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Kokilaben S Patel |
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5000 |
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Gitaben S Patel |
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5000 |
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Shardben C Patel |
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6000 |
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Mitaben G Patel |
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4000 |
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Jagdishbhai C Patel |
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230200 |
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Gautam C Patel |
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6000 |
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Madhavlal D Patel |
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10000 |
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Mukeshbhai M Patel |
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46000 |
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Renukaben M. Patel |
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44000 |
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Ambaben M Patel |
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6000 |
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Dharmisthaben K Patel |
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15200 |
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Khodabhai V Patel |
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33000 |
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Rashiklal S Patel |
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28400 |
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Amritbhai Atmaramdas Patel |
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20000 |
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Harshad Baldevbhai Patel |
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28000 |
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Manishaben A Patel |
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45000 |
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Baldevbhia M Patel |
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20000 |
Equity Share Breakup (Percentage of Total Equity)
As on : 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Packaging and Packing Machinery |
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Products : |
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Exports : |
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Products : |
Packaging Materials |
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Countries : |
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Imports : |
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Products : |
Granules |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit ( 30 Days) |
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Purchasing : |
L/C, Cash and Credit (depends) |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Laminated Printed Films |
Kgs |
2084385.045 |
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Laminated Printed Pouches |
Nos. |
92863335 |
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Plain Flexible Film |
Kgs. |
1446023.300 |
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Plain Flexible Waste |
Kgs. |
64818.700 |
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Printed Bopp Film |
Kgs. |
1257.500 |
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Printed Flexible Film |
Kgs. |
15019.270 |
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Printed Plastic Waste |
Kgs. |
366226.150 |
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Printed Polyester Film |
Kgs. |
3191.550 |
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GENERAL INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
165 ( In Office) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
Indiabulls Financial Services Limited |
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Auditors : |
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Name : |
Shah Rajesh and Associates Chartered Accountant |
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Address : |
4, Third Floor, Rambha Complex, Opposite Gujarat Vidhyapith, |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
3902500 |
Equity Shares |
Rs. 10/-
each |
Rs.39.025
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
39.025 |
39.025 |
39.025 |
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2] Share Application Money |
1.399 |
0.300 |
2.150 |
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3] Reserves & Surplus |
59.014 |
50.975 |
41.269 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
99.438 |
90.300 |
82.444 |
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LOAN FUNDS |
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1] Secured Loans |
164.996 |
161.702 |
157.534 |
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2] Unsecured Loans |
26.215 |
30.553 |
15.441 |
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TOTAL BORROWING |
191.211 |
192.255 |
172.975 |
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DEFERRED TAX LIABILITIES |
25.348 |
21.006 |
19.302 |
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TOTAL |
315.997 |
303.561 |
274.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
186.224 |
146.206 |
140.792 |
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Capital work-in-progress |
0.000 |
28.903 |
0.000 |
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INVESTMENT |
1.327 |
1.328 |
1.328 |
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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 |
59.410
|
48.466
|
50.441 |
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Sundry Debtors |
117.563
|
115.911
|
94.619 |
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Cash & Bank Balances |
18.003
|
13.666
|
16.511 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
35.010
|
28.788
|
41.442 |
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Total
Current Assets |
229.986
|
206.831
|
203.013 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
92.379
|
66.235
|
50.586 |
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Other Current Liabilities |
1.096
|
1.036
|
1.176 |
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Provisions |
8.065
|
12.436
|
18.650 |
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Total
Current Liabilities |
101.540
|
79.707
|
70.412 |
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Net Current Assets |
128.446
|
127.124
|
132.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
315.997 |
303.561 |
274.721 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
512.270 |
433.211 |
412.632 |
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Other Income |
17.582 |
28.115 |
16.188 |
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TOTAL (A) |
529.852 |
461.326 |
428.820 |
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Less |
EXPENSES |
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Manufacturing and Other Expenses |
421.475 |
349.676 |
338.586 |
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Repairs and Maintenance |
9.571 |
7.732 |
6.910 |
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Salaries, Waters and Bonus Benefits |
16.115 |
13.281 |
11.028 |
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Administrative, Selling and Other Expenses |
36.319 |
29.892 |
30.772 |
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Increase/ Decrease in Stock |
(5.292) |
6.352 |
[0.545] |
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TOTAL (B) |
478.188 |
406.933 |
386.751 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
51.664 |
54.393 |
42.069 |
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Less |
FINANCIAL
EXPENSES (D) |
20.949 |
21.636 |
17.944 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.715 |
32.757 |
24.125 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.251 |
8.432 |
7.238 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.464 |
24.325 |
16.887 |
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Less |
TAX (H) |
7.842 |
9.574 |
5.932 |
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PROFIT AFTER TAX
(G-H) (I) |
12.622 |
14.751 |
10.955 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.351 |
36.645 |
50.768 |
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Add/ Less |
TAXATION
OF EARLIER YEARS |
0.017 |
0.479 |
0.000 |
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TRANSFER
TO SHARE CAPITAL ALLOTTED AS BONUS SHARES |
0.000 |
0.000 |
19.513 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
1.000 |
1.000 |
1.000 |
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Proposed Final Dividend |
3.902 |
3.903 |
3.903 |
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Tax on Proposed Final Dividend |
0.663 |
0.663 |
0.663 |
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BALANCE CARRIED
TO THE B/S |
52.389 |
45.351 |
36.644 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
92.567 |
93.531 |
76.930 |
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TOTAL EARNINGS |
92.567 |
93.531 |
76.930 |
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IMPORTS |
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Raw Materials |
62.851 |
44.447 |
33.374 |
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TOTAL IMPORTS |
62.851 |
44.447 |
33.374 |
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Earnings Per
Share (Rs.) |
|
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|
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Basic |
3.23 |
3.78 |
2.81 |
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Diluted |
3.23 |
3.78 |
2.81 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
750.000 |
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The above information has been parted by Mr. Harshad Patel.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.38 |
3.20
|
2.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.99 |
5.62
|
4.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.91 |
6.89
|
4.91 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.27
|
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.94 |
3.01
|
2.95 |
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Current Ratio (Current Asset/Current Liability) |
|
2.26 |
2.59
|
2.88 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
92.379 |
66.235 |
50.586 |
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NOTE :
The registered office address of the company has been shifted from L L 4
Maruti Centernr Gurukul Tower, Drive-In-Road Memnagar, Ahmadabad – 380052, Gujarat,
India, to present w.e.f. 08.07.2010.
TRADE REFERENCES:
·
Pelicon Poly and Pallets Private Limited, Vadodara
·
Pioneer Fabrics and Packaging Private Limited,
Naroda, Ahmedabad
FORM : 8
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U51909GJ1994PLC022339 |
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Name of the
company |
COLOURFLEX LAMINATORS LIMITED |
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Address of the
registered office or of the principal place of business in |
L L 4, Maruti Centre, Near Gurukul Tower, Drive-in-road, Memnagar,
Ahmedabad-380052, |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80015344 |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
Memorandum
relating to deposit of Title Deed for extension/ creation of further charge
for overall limit where the initial charge are created by way of Memorandum
of Deposit of Title-Deed |
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Date of
instrument Creating the charge |
23.04.2010 |
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Amount secured by
the charge |
Rs. 283.400
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit: At
0.25% above SBAR (Presently 12.50% p.a. with monthly rests) Term Loan: AT
0.75% below SBAR p.a. with monthly rest (Min. 11.50%), ROI to be reset every two
years Terms of
Repayment Working Capital:
Payable on demand Term Loan- I and
II As per existing repayment schedules Term Loan- III :
Repayable in 13 quarterly installments commencing form 31.12.2010 as per
following schedule
Margin Raw Materials,
Stocks in process, Finished Goods : 25% Book-debts/
Receivables (90 Days cover Period) 50% Land and building
/ Plant and Machinery: 34.54% Letter of Credit:
20% EPC: 10% Extent and
Operation of the charge Exclusive charge
of State Bank of India over movable properties for the limit of Rs. 283.400
Millions sanctioned to the company Others Within the
overall limit of Rs. 283.400 Millions the following individual limits are
sanctioned.
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Short particulars
of the property charged |
Part A(I) : All
that piece of parcel of Part A – (II) :
All that piece or parcel of N.A. Land bearing sub-Plot No. 2 admeasuring
about 2316 sq,mtrs with construction of factory building at Block No. 821/
Paiki at Village: Satej Taluka Kadi Part A-(III) :
All that piece or parcel of N.A. land bearing Sub-Plot No. 3 admeasuring
about 2531.7 sq.mtrs with construction of factory building at Block No. 821/
Paiki at Villages Santej, Taluka Kadi Part B- (I) : All
that piece or parcel of immovable property bearing Flat No. 1 201 in Block
No. admeasuring about 100 sqa. Yards of shilpgarm co-Operative Housing
Society at S No. 265/2 Final Plot No. 153 of TP Scheme No. 2 of Mouje
Ghatlodiya, Taluka City, Registration District Ahmedabad and Sub-District
Ahmedabad- 2 (Wadaj) |
|||||||||||||||
|
Date of
instrument modifying the charge |
22.04.2010 |
|||||||||||||||
|
Particulars of
the present modification |
The Total credit
limits of Rs. 28.34 are also secured by immovable properties |
TRADE REFERENCES :
·
Ploy Flex Corporation
Limited – Aurangabad
·
SRF Limited – Indore
FIXED ASSETS:
·
Air conditioner
·
Building
·
Computer
·
Crain-Lift Machine
·
Cylinder and Rubber Rools
·
Electrical Fittings
·
Freesze Purchase
·
Lab Testing Equipments
·
Land
·
Machinery
·
Office Equipments
·
Office Furniture
·
Stores Furniture
·
Vaccum Cleaner
·
Water Cooler
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.49 |
|
|
1 |
Rs. 71.24 |
|
Euro |
1 |
Rs. 64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.