MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEHEK OVERSEAS LIMITED (w.e.f.19.08.2010) |
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Formerly Known
As : |
MEHEK OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
502, Vardhaman Chamber, 127-C, Kalyan Street, Dana Bunder Masjid
Bunder (East), Mumbai-400009, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.08.2005 |
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Com. Reg. No.: |
11-155483 |
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Capital
Investment / Paid-up Capital : |
Rs. 24.215 millions |
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CIN No.: [Company Identification
No.] |
U15130MH2005PLC155483 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM36438D MUMM39641A |
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PAN No.: [Permanent Account No.] |
AAECM3752C AAGCM8071L |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Exporter and Importer of All Kinds of Extraction, Food Grain,
Agro products, Pulses etc. |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 370000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject has taken over the running business of Mehek Feed Industries,
a Proprietory concern. It is a 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.
INFORMATION PARTED BY
Management non cooperative.
LOCATIONS
|
Registered Office : |
502, Vardhaman Chamber, 127-C, Kalyan Street, Dana Bunder Masjid
Bunder (East), Mumbai-400009, Maharashtra, India |
|
Tel. No.: |
91-22-40380622 / 23723631 |
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Fax No.: |
91-22-66372880 / 40380614 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Jatin Jitendra Thakkar |
|
Designation : |
Director |
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Address : |
12-A, Radha Krishna Thata Niwas Cooperative Housing Society, Pestem
Sagar Road No.3, Chembur, Mumbai-400089, Maharashtra, India |
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Date of Birth/Age : |
26.11.1976 |
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Date of Appointment : |
19.08.2005 |
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DIN No : |
01923758 |
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Name : |
Mr. Jitendra Premji Thakkar |
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Designation : |
Director |
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Address : |
12-A, Radha Krishna Thata Niwas Cooperative Housing Society, Pestem
Sagar Road No.3, Chembur, Mumbai-400089, Maharashtra, India |
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Date of Birth/Age : |
14.08.1943 |
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Date of Appointment : |
19.08.2005 |
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DIN No : |
01923795 |
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Name : |
Mr. Gourang Jivanlal Kataria |
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Designation : |
Director |
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Address : |
6-2-150, subhash Nagar, Nizamabad-503002, Andhra Pradesh, India |
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Date of Birth/Age : |
23.06.1981 |
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Date of Appointment : |
19.08.2005 |
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DIN No : |
02683420 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Jatin Thakkar |
4579030 |
|
Jitendra Thakkar |
264000 |
|
Shakuntala Thakkar |
2 |
|
Dipti Thakkar |
2 |
|
Gourang Kataria |
2 |
|
Manish Kataria |
2 |
|
Mihir Kataria |
2 |
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Total |
4843040 |
AS ON 28.10.2010
|
Names of Allotees |
No. of Shares |
|
Girish Raghunashi |
500000 |
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Meenakshi Kataria |
500000 |
|
Jitendra Thakkar |
83935 |
|
Dr. Kartik Bhanushali |
155000 |
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Total |
1238935 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of All Kinds of Extraction, Food
Grain, Agro products, Pulses etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management. |
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Bankers : |
·
Canara Bank, Fort (Main) Branch, Warden House,
Sir P M Road, Fort, Mumbai-400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H K Chheda and Company Chartered Accountant |
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Address : |
22, Saraswati Sadan, 1st Floor, 113, Keshavji Naik Road,
Chinchbunder, Mumbai-400009, Maharashtra, India |
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Tel. No.: |
91-22-23710150 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2421515 |
Equity Shares |
Rs.10/- each |
Rs. 24.215
Millions |
|
|
Share Application Money |
|
Rs. 24.779
millions |
|
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Total |
|
Rs. 48.994 millions |
AS ON 30.09.2010
Authorised Capital : Rs. 100.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 74.320 millions
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 |
24.215 |
0.109 |
0.100 |
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|
2] Share Application Money |
24.779 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.109 |
(0.023) |
0.000 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.016) |
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NETWORTH |
93.103 |
0.086 |
0.084 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
325.971 |
64.905 |
0.000 |
|
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2] Unsecured Loans |
1.459 |
45.672 |
0.023 |
|
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TOTAL BORROWING |
327.430 |
110.577 |
0.023 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
420.533 |
110.663 |
0.107 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.999 |
0.975 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
30.170 |
19.911 |
0.000 |
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DEFERREX TAX ASSETS |
0.009 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
202.562
|
108.289 |
0.000 |
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Sundry Debtors |
179.054
|
14.367 |
0.000 |
|
|
Cash & Bank Balances |
(2.010)
|
12.436 |
0.087 |
|
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Other Current Assets |
0.000
|
2.504 |
0.000 |
|
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Loans & Advances |
41.092
|
25.622 |
0.000 |
|
Total
Current Assets |
420.698
|
163.218 |
0.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.803
|
72.286 |
0.000 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
11.899
|
1.603 |
0.009 |
|
Total
Current Liabilities |
31.702
|
73.889 |
0.009 |
|
|
Net Current Assets |
388.996
|
89.329 |
0.078 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.359 |
0.448 |
0.029 |
|
|
|
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|
|
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TOTAL |
420.533 |
110.663 |
0.107 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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Sales |
1313.536 |
0.000 |
|
|
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Direct income |
10.278 |
0.000 |
|
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Indirect Income |
4.123 |
0.000 |
|
|
|
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TOTAL (A) |
1327.937 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase in Stock |
(94.273) |
0.000 |
|
|
|
|
Purchase |
1254.102 |
0.000 |
|
|
|
|
Direct Expenses |
83.492 |
0.000 |
|
|
|
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Administrative Expenses |
21.816 |
0.005 |
|
|
|
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Personal Expenses |
2.765 |
0.000 |
|
|
|
|
Legal and Professional Fees |
6.482 |
0.000 |
|
|
|
|
TOTAL (B) |
1274.384 |
0.005 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.553 |
(0.005) |
0.004 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.993 |
0.001 |
|
|
|
|
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.560 |
(0.006) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.223 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
30.337 |
(0.006) |
(0.004) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
10.311 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
20.026 |
(0.006) |
(0.004) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.022) |
(0.016) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
20.004 |
(0.022) |
NA |
|
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|
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|
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|
EXPORT VALUE |
1124.518 |
0.000 |
NA |
|
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.86 |
(0.64) |
(0.42) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.51
|
(0.00) |
(0.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.31
|
(0.00) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.19
|
(0.00) |
(4.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
(0.07) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.86
|
2144.95 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.27
|
2.21 |
9.67 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Goods |
10.122 |
65.238 |
0.000 |
|
Sundry Creditors for Expenses |
9.681 |
7.048 |
0.000 |
|
Total |
19.803 |
72.286 |
0.000 |
BUSINESS
ACTIVITIES AND FUTURE OUTLOOK:
During the Year the Company has achieved Turnover
of Rs. 1313.500 millions. in
spite of ban on Sugar Export during the year. This was possible due to the taking over the running business of M/S Mehek Feed Industries a Proprietary
concern of Mr. Jatin J. Thakkar, a
Director in the Company. The Company expects the Turnover of Rs. 1780.000
millions. in the next year. The Company is also planning for setting - up of
a Sugar Refinery Project at Mundra SEZ for which the company is
planning to raise the finance
through Public issue and Long
Term Borrowings from Banks / Financial Institution in near future. The Company
also plans to expand the scope of its activities in the field of Logistics
and CFS. The Company has obtained
status of LIMITED. and w.e.f. from 19.08.2010 it is known as Mehek Overseas Limited.
FORM 8
|
Corporate
identity number of the company |
U15130MH2005PLC155483 |
|
Name of the
company |
MEHEK
OVERSEAS LIMITED |
|
Address of the
registered office or of the principal place of business in |
502, Vardhaman Chamber, 127-C, Kalyan Street, Dana Bunder Masjid
Bunder (East), Mumbai-400009, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Canara Bank, Fort (Main) Branch, Warden House, Sir P M Road, Fort,
Mumbai-400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement (SCHA) dated 04.03.2011. |
|
Date of instrument
Creating the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs. 275.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per Sanction letter or as stipulated by Bank from time to time. Terms of
repayment As
per Sanction letter or as stipulated by Bank from time to time. Margin As
per Sanction letter or as stipulated by Bank from time to time. Extent and
operation of the charge The Credit
facilities granted by the Bank enhanced from Rs. 230.000 millions to
Rs.235.000 millions to secure various limits specified in Annexure- I to
SCHA. The security by hypothecation of 1st charge on all present and future
stocks of RM, WIP, FG, stocks meant for exports and export receivables, book
debts, outstanding monies receivables claims etc. |
|
Short particulars
of the property charged (Including location of the property) |
1st
charge on present and future stocks like RM,WIP,FG, etc and all other movable
goods and properties stored at godowns, premises of Company or elsewhere. 1st
charge on all Present and Future book debts, claims, O/s, receivables, bills
arising out of sale, disposable of goods recorded under credit facilities
etc. 1st
charge on present and future goods, commodities purchased, acquired under
credit facilities. |
|
Charge
identification number of the charge to be modified |
10182483 |
|
Date of
instrument modifying the charge |
04.03.2011 |
|
Particulars of the
present modification |
Vide
this modification the Credit facilities granted by the Bank enhanced from Rs.
230.000 millions to Rs.235.000 millions. The security by hypothecation of 1st
charge on all present and future stocks of RM, WIP, FG, stocks meant for
exports and export receivables, book debts, outstanding monies receivables
claims etc |
FIXED ASSETS
·
Mobile Phones
·
Air Conditioner
·
Phone Instrument
·
Xerox Machine
·
H P Leaser Jet
·
Printers
·
Cutting and Polishing
Machine
·
Computers
·
Furniture
·
CC TV Camera
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.