MIRA
INFORM REPORT
|
Report Date : |
22.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MULTIFILMS PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
27.11.1981 |
|
|
|
|
Com. Reg. No.: |
11-025717 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209MH1981PTC025717 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20041A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM3017A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Multi Layer Plastic Films. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Production Department |
|
Date : |
21.03.2011 |
LOCATIONS
|
Registered Office : |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, |
|
Tel. No.: |
91-2355-256527 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Ground Floor, Office No. 2, Laxmi Nilayam, |
|
Tel. No.: |
91-22-26120607 / 26153794 / 26153994 |
|
Tel Fax No.: |
91-22-26185992 |
|
E-Mail : |
DIRECTORS
As on : 30.09.2010
|
Name : |
Mr. Sudhir Shankar Bandiwadekar |
|
Designation : |
Whole Time Director |
|
Address : |
6, Sudarshan CHS, |
|
Date of Birth/Age : |
26.02.1952 |
|
Date of Appointment : |
27.11.1981 |
|
|
|
|
Name : |
Ms. Rita Pavankumar |
|
Designation : |
Director |
|
Address : |
49-B, Bhagirathi, |
|
Date of Birth/Age : |
08.09.1962 |
|
Date of Appointment : |
01.02.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sudhir Shankar Bandiwadekar |
|
111800 |
|
Mrs. Manisha Bandiwadekar |
|
100 |
|
S. M. Sheti Seva Private Limited, Mumbai |
|
539000 |
|
Elite Agencies Private Limited, Mumbai |
|
539000 |
|
HBL Plastics Limited, Mumbai |
|
10000 |
|
Mahal Plastics and Fibers Private Limited, Mumbai |
|
10000 |
|
Resham Resha Private Limited, Mumbai |
|
539000 |
|
Mr. Bandiwadekar Sudhir |
|
100 |
|
D.S. Agro Farms Private Limited, Mumbai |
|
539000 |
|
Mr. Pavankumar Sanwarmal |
|
100 |
|
|
|
|
|
Total |
|
2288100 |
As on : 30.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
95.00 |
|
Directors or relatives of directors |
|
5.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Multi Layer Plastic Films. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
125
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Fair |
|
|
|
|
Auditors : |
|
|
Name : |
A.
K. Nevatia and Associates Chartered Accountant |
|
Address : |
19, Laxmi Narayan Shopping Centre, First Floor, Poddar Road, Malad (East),
Mumbai-400097, Maharashtra, India |
|
Tel. No.: |
91-22-28836667 |
|
Tel Fax No.: |
91-22-28829045 |
|
E-Mail : |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2288100 |
Equity Share |
Rs.10/- Each |
Rs.22.881
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 |
22.881 |
1.680 |
1.680 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.924 |
6.935 |
6.945 |
|
|
4] (Accumulated Losses) |
(27.169) |
(28.034) |
(28.722) |
|
|
NETWORTH |
2.636 |
(19.419) |
(20.097) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.442 |
29.290 |
31.983 |
|
|
2] Unsecured Loans |
10.059 |
25.000 |
21.250 |
|
|
TOTAL BORROWING |
54.501 |
54.290 |
53.233 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57.137 |
34.871 |
33.136 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.748 |
20.381 |
17.244 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.866 |
0.055 |
0.055 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.184
|
5.655
|
10.351 |
|
|
Sundry Debtors |
7.229
|
16.546
|
13.382 |
|
|
Cash & Bank Balances |
2.188
|
1.634
|
0.975 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
14.397
|
8.783
|
8.570 |
|
Total
Current Assets |
41.998
|
32.618
|
33.278 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
6.604
|
7.068
|
4.119 |
|
|
Sundry Creditors |
13.316 |
11.440 |
13.322 |
|
|
Provisions |
0.800
|
0.000
|
0.000 |
|
Total
Current Liabilities |
20.720
|
18.508
|
17.441 |
|
|
Net Current Assets |
21.278
|
14.110
|
15.837 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.245 |
0.325 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57.137 |
34.871 |
33.136 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
136.224 |
121.380 |
139.801 |
|
|
|
Other Income |
0.528 |
0.569 |
0.107 |
|
|
|
TOTAL (A) |
136.752 |
121.949 |
139.908 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
19.568 |
15.285 |
16.413 |
|
|
|
Administrative Expenses |
4.439 |
3.678 |
3.669 |
|
|
|
Raw Material, Printing and Packing Material
Consumed |
105.217 |
88.918 |
114.523 |
|
|
|
Increase/(Decrease) in Finished Goods |
(4.636) |
3.676 |
(3.264) |
|
|
|
Selling and Distribution Expenses |
1.621 |
2.628 |
2.208 |
|
|
|
Miscellaneous Expenses w/off |
0.081 |
0.081 |
0.000 |
|
|
|
Other Expenditure |
0.551 |
0.242 |
0.115 |
|
|
|
TOTAL (B) |
126.841 |
114.508 |
133.664 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.911 |
7.441 |
6.244 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.652 |
4.699 |
5.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.259 |
2.742 |
0.555 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.720 |
2.952 |
2.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.539 |
(0.210) |
(2.332) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.802 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.737 |
(0.210) |
(2.332) |
|
|
|
|
|
|
|
|
|
Less |
PREVIOUS
YEAR ADJUSTMENTS |
0.000 |
0.967 |
-- |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEAR ADJUSTMENTS |
0.011 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add / Less |
FRINGE
BENEFIT TAX FOR P.Y. |
(0.003) |
0.070 |
0.063 |
|
|
|
|
|
|
|
|
|
Less |
LOSS
ON |
0.010 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add |
EXCESS
PROVISION WRITTEN BACK |
0.129 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add /Less |
LESS BALANCE
BROUGHT FORWARD FROM PREVIOUS YEAR |
(28.033) |
(28.033) |
(26.325) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(27.169) |
(28.033) |
(28.721) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.32 |
1.25 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.53 |
(0.17) |
(1.67) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.12 |
(0.17) |
(1.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00 |
(0.40) |
(4.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
(0.01) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
28.53 |
3.75 |
3.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02 |
1.76 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Detail
|
Particulars |
As on 31.03.2010 (Rs. In Millions ) |
As on 31.03.2009 (Rs. In Millions ) |
As on 31.03.2008 (Rs. In Millions ) |
|
Sundry Creditors |
13.316 |
11.440 |
13.322 |
Operations and Expansion
The company’s operational results are not satisfactory and the directors
expect improvement during the current year.
Form : 8
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209MH1981PTC025717 |
|
Name of the
company |
MULTIFILMS
PLASTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, Email ID: mppl@bom7.vsnl.net.in |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India, Mumbai Corporate Banking Branch, Bank of India Building,
Mezzanine Floor, 70/80 M G Road, Fort,, Mumbai-400001, Maharashtra, India Email ID: mcbb.mumbaisouth@bankofindia.com
|
|
Nature of
instrument creating charge |
Memorandum of Entry
dated 06.10.2009 |
|
Date of
instrument Creating the charge |
06.10.2009 |
|
Amount secured by
the charge |
Rs. 39.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
and with the Bank from time to time. Terms of
Repayment As stipulated by
and with the Bank from time to time. Extent and
Operation of the charge The Bank is
having first charge on the security, as described in Sr. No. 15, given by the
Company. |
|
Short particular
of the property or asset(s) charged |
Equitable
Mortgage by deposit of title deeds of immovable assets present and future of
the Company situated at C-11, MIDC, Chiplun and W3 and W/4, MIDC, Chiplun, |
|
Corporate
identity number of the company |
U25209MH1981PTC025717 |
|
Name of the
company |
MULTIFILMS
PLASTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, Email ID: mppl@bom7.vsnl.net.in |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Bank of India,
Mumbai Overseas Branch, 70 - 80, Mahatma Gandhi Road, Mezzaine Floor, Mumbai
– 400023, Maharashtra, INDIA |
|
Nature of
instrument creating charge |
1) First Supplemental
deed of Hypothecation dated 09/02/2011,
2) Extension of equitable mortgage dated 09/02/2011 ( Both constitute
a single modification) |
|
Date of
instrument Creating the charge |
09/02/2011 |
|
Amount secured by
the charge |
Rs. 49.800
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest
/Commission as per Schedule III of Supplemental deed of hyp. and Oral Assent attached
or at such other rate/s of interest as may be notified by the Bank from time
to time. Terms of repayment : TL: First 8
Quarters since Dec.09 Rs.0.800 millions p.q, Next 4 Quarters Rs.0.900
millions p.q., Next 4 Quarters Rs.1.000 millions p.q. CC: On Demand and
L/C: On Due Date. Margin : As required by
the bank from time to time . Extent and operation of the charge : The bank is
having first charge on the security, as described in Sr.No.15, given by the
company. Other : Revised
Facilities and Limits : A) Borrowal Limits: 1) TL : Rs.10.800 millions, 2)
(i) CC(Stocks and BDs) Rs.21.000 millions, (ii) EPC/PCFC/FBP DP/DA 90 days
Rs.21.000 millions Max.(i + ii) Rs.21.000 millions B)Non Borrowal Limits: 3)
L/C (I /F) DP/DA 120 days/Buyers Credit Rs.18.000 millions, 4)Bank Guarantee
(I/F) (within L/C Limit Rs.2.500 millions), Total (A + B) Rs.49.800 millions. |
|
Short particulars
of the property charged (Including location of the property) |
1. A) All that piece
and parcel of land known as Gr. Floor, Shop No.2, Laxmi Nilayam, Nanda Patkar
Road, Ville Parle(E),Mumbai - 400057
in the state of Contd. in..(ii),(iii),(iv),and (v) 2. Maharashtra
admeasuring 415 Sq. ft.(Carpet Area) together with the construction standing
thereon and together with the construction that hereafter be made and also
together with fixtures, 3. Fittings and
other things attached thereto. 4. Hypothecation
of Stock, book debts and machinery (more particularly described in part A and
B of Schedule II of attached Supplemental deed of Hypothecation.) 5. C)Equitable
mortgage by deposit of title deeds of immovable assets(present and future) of
the company situated at C - 11, MIDC, Chiplun, and W/3 & W/4, MIDC,
Chiplun, |
|
Date of instrument
modifying the charge |
06/10/2009 |
|
Particulars of
the present modification |
The Account is
transferred from Mumbai Corporate Banking |
Fixed Assets
- Land
- Plant and
Machinery
- Motor Car
- Furniture and
Fixture
- Office
Equipment
- Typewriters
- Motor Cycle
- Computer
- Air
Conditioners
- Office
Premises
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. 45.05 |
|
|
1 |
Rs. 73.05 |
|
Euro |
1 |
Rs. 63.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.