MIRA
INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MULTI-FLEX LAMI-PRINT LIMITED |
|
|
|
|
Formerly Known
As : |
MULTI-FLEX LAMI-PRINT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D-54-55, MIDC, Mahad,
Raigad, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
12.03.1991 |
|
|
|
|
Com. Reg. No.: |
11-060717 |
|
|
|
|
Paid-up Capital
: |
Rs. 121.720 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22219MH1991PLC060717 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21417E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM3316J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Multilayer Plastic Laminated and Printed Packaging Films. |
|
|
|
|
No. of Employees
: |
400 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track. Profit margin
is very low. However, 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
|
Name : |
Mr. Bindesh Shah |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-66473002 |
|
Date : |
05.09.2011 |
LOCATIONS
|
Registered Office/Factory : |
D-54-55, MIDC, Mahad,
Raigad, |
|
Tel. No.: |
91-2145-232126 / 32127 |
|
Fax No.: |
91-2145-232240 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
210, |
|
Tel. No.: |
91-22-56473000 |
|
Fax No.: |
91-22-56473001 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
Unit No. 205,Local Shopping Complex, Pocket D and E, Sarita Vihar, New
Delhi 110076, India |
|
Tel. No.: |
91-11-32590126 |
|
Fax No.: |
91-11-29944871 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
22, |
|
Tel. No.: |
91-80-32975425 |
|
Fax No.: |
91-80-22372105 |
|
E-Mail : |
DIRECTORS
As On 23.09.2010
|
Name : |
Mr. Anil Kundanlal Dang |
|
Designation : |
Managing Director |
|
Address : |
House No. 10, Palm Springs, Near Chandan Cinema, Juhu Road, Vile
Parle, Mumbai -400 049, Maharashtra, India |
|
Date of Birth/Age : |
28.03.1962 |
|
Date of Appointment : |
12.01.1995 |
|
Din No.: |
00276893 |
|
|
|
|
Name : |
Mr. Phootermal Pukhraj Surana |
|
Designation : |
Director |
|
Address : |
8 A, Purushottam Nagar, Jari Mari Mandir Marg, Bandra (West), Mumbai
400050, Maharashtra, |
|
Date of Birth/Age : |
15.08.1947 |
|
Date of Appointment : |
24.10.1991 |
|
Din No.: |
01239903 |
|
|
|
|
Name : |
Mr. Uday Champaklal Shah |
|
Designation : |
Additional Director |
|
Address : |
81, Jawahar Nagar, Road No. 4, 2nd Floor, Flat No. 5,
Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1966 |
|
Date of Appointment : |
27.11.2009 |
|
Din No.: |
02852104 |
|
|
|
|
Name : |
Mr. Amrit Agrawal |
|
Designation : |
Director |
|
Address : |
M-4/8, Model Town II, |
|
Date of Birth/Age : |
27.01.1968 |
|
Date of Appointment : |
01.12.2000 |
|
Din No.: |
00064314 |
|
|
|
|
Name : |
Mr. Vijay Rajaram Shahane |
|
Designation : |
Additional Director |
|
Address : |
Ichha Poorti, 79, Anant Patil Road, Off Gokhale Road, Mumbai 400028,
Maharashtra, India |
|
Date of Birth/Age : |
12.02.1944 |
|
Date of Appointment : |
01.12.2000 |
|
Din No.: |
00277332 |
|
|
|
|
Name : |
Mr. Sajid Siraj Malik |
|
Designation : |
Director |
|
Address : |
702, Vastu Bandstand, BJ Road, Bandra West, Mumbai- 400050, Maharashtra,
India. |
|
Date of Birth/Age : |
01.04.1964 |
|
Date of Appointment : |
30.11.2007 |
|
Din No.: |
00400366 |
|
|
|
|
Name : |
Mr. Jason Glenn Edwards |
|
Designation : |
Nominee Director |
|
Address : |
27, |
|
Date of Birth/Age : |
10.11.1968 |
|
Date of Appointment : |
20.08.2009 |
|
Din No.: |
02581362 |
|
|
|
|
Name : |
Mr. Karthik Balachandran Athreya |
|
Designation : |
Nominee Director |
|
Address : |
502, 5th Floor, Gayatri Apartments, 87, Road No. 3, Hindu
Colony, Dadar East, Mumbai- 400014, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1974 |
|
Date of Appointment : |
20.08.2009 |
|
Date of Cessation : |
13.07.2010 |
|
Din No.: |
01797014 |
|
|
|
|
Name : |
Mrs. Mrinal Ramesh Chandran |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. F- 704, Lloyds Estate, 7th Floor, Salt Pan Road,
Wadala East, Mumbai- 400037, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1976 |
|
Date of Appointment : |
20.08.2009 |
|
Din No.: |
02578553 |
|
|
|
|
Name : |
Mr. Manish Jai Jain |
|
Designation : |
Nominee Director |
|
Address : |
A-1/403, Ascent Residency, Behind Poonam Nagar, Off Mahakali Caves
Road, Andheri East, Mumbai- 400093, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1979 |
|
Date of Appointment : |
20.08.2009 |
|
Din No.: |
02578269 |
|
|
|
|
Name : |
Mr. Mahesh Ganeshlal Trivedi |
|
Designation : |
Additional Director |
|
Address : |
B/502, Vasundhara-5, Poonam Sagar Complex, Mira Road (East), Thane –
401107, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1980 |
|
Date of Appointment : |
29.07.2010 |
|
Din No.: |
03074569 |
|
|
|
|
Name : |
Mr. Shrigopal Ramprasad Rathi |
|
Designation : |
Additional Director |
|
Address : |
42/3, Nav Chandrakunj CHS Limited, Road No. 4, Jawahar Nagar, Goregaon
(W), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1963 |
|
Date of Appointment : |
27.11.2009 |
|
Din No.: |
02852578 |
|
|
|
|
Name : |
Mr. Dhiren Narendra Jhaveri |
|
Designation : |
Nominee Director |
|
Address : |
104, Dun Apartments, 1st Floor, 224/225, Javji Dadaji
Street, Tardeo, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
20.06.1970 |
|
Din No.: |
02166590 |
|
|
|
|
Name : |
Mr. Amit Asharatan Pachisia |
|
Designation : |
Nominee Director |
|
Address : |
11, Dream Queen, V.P. Road, Santacruz (W), Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
06.01.1979 |
|
Din No.: |
02600012 |
KEY EXECUTIVES
|
Name : |
Mr. Bindesh Shah |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anil Kundanlal Dang |
|
357636 |
|
Phootermal Pukhraj Surana |
|
54400 |
As On 23.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
18.07 |
|
Bodies corporate |
69.67 |
|
Directors or relatives of Directors |
7.87 |
|
Other top fifty shareholders |
4.39 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Multilayer Plastic Laminated and Printed Packaging Films. |
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Products : |
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Terms : |
|
||||||
|
Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
|
Laminates |
MT |
14400 |
GENERAL INFORMATION
|
Customers : |
·
Manufacturer ·
Britannai Industries Limited ·
Parle Products Limited ·
Dabur India Limited ·
Warner Lambert ·
Perfetti India Limited ·
Hindustan Lever Limited ·
Cavin Care Limited ·
Bajaj Sevashram Limited ·
Tura International ·
Godrej Soaps Limited ·
Tata Tea Limited ·
Jivraj Tea Limited ·
Amar Tea |
|
|
|
|
No. of Employees : |
400 [Approximately] |
|
|
|
|
Bankers : |
·
The Lakshmi Vilas Bank Limited- 8, Kapoor
Apartment, Chandavarkar Road, Borivali (West), Mumbai- 400092, Maharashtra,
India ·
Union
Bank of India- Santacruz (West) Branch, La Avanti Junction of S. V. Road and
Main Avenue Santacruz (West), Mumbai 400054, Maharashtra, India ·
Corporation
Bank, Industrial Finance Branch, 104, Bharat House, B.S. Marg, Mumbai-400001,
Maharashtra, India · Bank of Baroda, Khetwadi Branch, Shah Mansion, 213, Khetwadi Main Road, Mumbai – 400 004, Maharashtra, India. |
|
|
|
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Atul C Shah and Associates Chartered Accountant |
|
Address : |
A/101, Sharda Gram, |
|
Tel. No.: |
91-22-28634919/22959560 |
|
Fax No.: |
91-22-28634920 |
|
|
|
|
Name : |
Chaturvedi Sohan and Company Chartered Accountant |
|
Address : |
319/320, Tulsiani Chambers, 212 Nariman Point, Mumbai-400021, |
|
Pan No.: |
AABFC7158A |
|
|
|
|
Associates/Subsidiaries : |
·
Pallav Chemicals and Solvents Private Limited |
CAPITAL STRUCTURE
As On 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12172018 |
Equity Shares |
Rs.10/- each |
Rs.121.720
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 |
121.720 |
121.720 |
121.720 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share Warrants |
5.692 |
5.692 |
5.692 |
|
|
4] Reserves & Surplus |
322.478 |
332.255 |
313.959 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
449.890 |
459.667 |
441.371 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
719.604 |
660.873 |
525.107 |
|
|
2] Unsecured Loans |
96.306 |
100.664 |
103.036 |
|
|
TOTAL BORROWING |
815.910 |
761.537 |
628.143 |
|
|
DEFERRED TAX LIABILITIES |
33.379 |
28.089 |
34.686 |
|
|
|
|
|
|
|
|
TOTAL |
1299.179 |
1249.293 |
1104.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
414.944 |
465.789 |
502.538 |
|
|
Capital work-in-progress |
2.274 |
1.778 |
8.495 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.914 |
0.914 |
0.914 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
596.842
|
579.091 |
427.205 |
|
|
Sundry Debtors |
254.261
|
212.268 |
175.664 |
|
|
Cash & Bank Balances |
29.042
|
34.118 |
28.948 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
212.952
|
187.748 |
185.913 |
|
Total
Current Assets |
1093.097
|
1013.225 |
817.730 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
191.526 |
191.025 |
|
|
Other Current Liabilities |
209.239
|
35.299 |
29.758 |
|
|
Provisions |
2.811
|
5.588 |
4.694 |
|
Total
Current Liabilities |
212.050
|
232.413 |
225.477 |
|
|
Net Current Assets |
881.047
|
780.812 |
592.253 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1299.179 |
1249.293 |
1104.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
1261.545 |
1352.849 |
1071.333 |
|
|
|
TOTAL (A) |
1261.545 |
1352.849 |
1071.333 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
833.434 |
1019.463 |
767.495 |
|
|
|
Purchases |
0.000 |
0.000 |
14.575 |
|
|
|
Payment to employees |
71.378 |
77.080 |
57.602 |
|
|
|
Manufacturing expense |
79.751 |
89.526 |
82.577 |
|
|
|
Repairs and maintenances |
1.623 |
4.409 |
4.380 |
|
|
|
Administrative expenses |
38.291 |
45.756 |
33.589 |
|
|
|
Selling and distribution expenses |
35.856 |
52.223 |
45.114 |
|
|
|
Prior period income/ expenses paid |
1.893 |
2.008 |
(0.534) |
|
|
|
Prior period adjustments |
(0.175) |
0.000 |
0.191 |
|
|
|
Increase in stocks |
(20.391) |
(130.596) |
(67.354) |
|
|
|
Extraordinary items |
0.000 |
0.000 |
(1.425) |
|
|
|
TOTAL
(B) |
1047.548 |
1159.869 |
936.210 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
213.997 |
192.980 |
135.123 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
145.013 |
122.737 |
80.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
68.984 |
70.243 |
54.674 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.692 |
55.377 |
40.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
15.292 |
14.866 |
14.264 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.290 |
(3.444) |
18.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
10.002 |
18.310 |
(3.805) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
104.502 |
86.206 |
90.030 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
0.000 |
0.000 |
|
|
|
Wealth Tax |
0.003 |
0.014 |
0.019 |
|
|
BALANCE CARRIED
TO THE B/S |
64.501 |
104.502 |
86.206 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4.604 |
12.677 |
12.454 |
|
|
TOTAL EARNINGS |
4.604 |
12.677 |
12.454 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7.729 |
17.887 |
85.034 |
|
|
|
Stores & Spares |
0.404 |
1.333 |
1.207 |
|
|
|
Capital Goods |
0.000 |
1.405 |
129.789 |
|
|
TOTAL IMPORTS |
8.133 |
20.625 |
216.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
0.86 |
1.53 |
NA |
|
|
|
Diluted |
0.72 |
1.29 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
1400.000 |
The above information has been parted by Mr. Bindesh Shah (Finance
Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.79
|
1.35 |
0.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.01
|
1.01 |
1.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
2.16 |
1.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.15
|
4.36 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
For Goods |
|
154.420 |
160.704 |
|
For Expenses |
NA |
31.590 |
18.521 |
|
For Capital Goods
|
|
5.516 |
11.800 |
|
Total |
NA |
191.526 |
191.025 |
CONTINGENT
LIABILITIES:
·
Bill discounting Rs. 210.890 Millions
·
Outstanding letter of credit Rs. 8.026 Millions
·
Bank Guarantee Rs. 0.354 Millions
·
Claims against company not acknowledged as debts
and disputed Rs. 28.600 millions (P.Y. Rs. 33.113 Millions)
·
Excise Duty under dispute Rs. 10.169 Millions (P.Y.
10.965 Millions) against which Rs. 3.605 Millions ( P.Y. Rs. 3.605 Millions)
has been paid and shown as advances.
·
Sales tax liability under dispute Rs. 55.219 Millions
(P.Y. Rs. 55.219 millions against which Rs. 8.500 Millions has been paid and
show in advances, however as per expert opinion this liability will be deleted
in appeal.
·
Sales tax liability under dispute Rs. 18.222
Millions (P.Y. Rs. 18.222 Millions) against which Rs. 0.500 Millions has been
paid and shown in advance, however as per expert opinion this liability will be
deleted in appeal.
·
The company has obtained EPCG licenses issued under
and subject to condition contained in export and import policy 2002-2007. These
license entitle the company to import capital goods at concessional rate. In
accordance with the terms of the EPCG license the company has undertaken in
export obligation of Rs. 713.681 millions to be discharged as per details given
below. The company has discharged export obligation of approximately Rs. 90.063
millions (P.Y. Rs. 89.538 Millions).
|
Year |
Obligation to be
discharged upto |
Value of
machineries |
Export
obligation |
Obligation
discharge upto March 2010 |
Obligation to be
discharge |
|
2004-05 |
2012-2013 |
106.970 |
295.632 |
90.063 |
205.569 |
|
2007-08 |
2015-2016 |
128.964 |
264.492 |
-- |
264.492 |
|
Machinery to
Import |
73.519 |
153.557 |
-- |
-- |
|
|
|
Total |
|
713.681 |
90.063 |
470.061 |
Form 8:
|
Corporate identity number of the company |
U22219MH1991PLC060717 |
||||||
|
Name of the company |
MULTI-FLEX LAMI-PRINT LIMITED |
||||||
|
Address of the registered office or of the
principal place of business in |
D-54-55
MIDC, Mahad, Raigad Maharashtra, India |
||||||
|
This form is for |
Modification of charge |
||||||
|
Type of charge |
Book Debts Movable Property |
||||||
|
Particular of charge holder |
|
||||||
|
Nature of instrument creating charge |
Supplemental composite instrument of
hypothecation of goods, book-debt, moveable machinery and vehicles. |
||||||
|
Date of instrument Creating the charge |
11.08.2011 |
||||||
|
Amount secured by the charge |
Rs. 202.500 Millions |
||||||
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - 15.75% p.a. (Base Rate
+5.10 %) at present subject to revision from time in the base rate. Terms of Repayment - On Demand. Margin - 25% on the Stocks. 40% on Book Debt. Extent and Operation of the charge - The
charge is created to secure paripassu first charge on cash credit/WCDL (Hypn.
of stocks, Book Debt & Current Assets)-Rs.165.000 millions and Letter of Credit
(Inland/Foreign)-Rs.37.500 millions, aggregating to Rs. 202.500 millions,
together with interest, additional interest further interest by way of
liquidated damages, compound interest, commitment charges, commission,
Premium on prepayment, cost, charges, expenses & other moneys payable by
the Borrower to the Bank. Paripassu Second charge on the Fixed Assets. |
||||||
|
Particulars of the property charged |
All the Borrower's stocks of RMs, SIP,
FGs, consumable, spares and packing materials, all the book debts in respect
of supplies made to various Govt. Department or limited companies etc. as evidenced by supply bills, receipted
challans/receipted invoices deposited with the banks from time to time and
all the moveable machinery of the borrower, including all stores and spare
parts. both present and future to the Borrower
and all the vehicles. |
||||||
|
Date of instrument modifying the charge |
06.11.2010 |
||||||
|
Particulars of the present modification |
The charge is increased to Rs.202.500 millions
to cover Cash Credit (Hypn. of Stocks and Book Debts)- Rs.165.000 millions
(increased from Rs.110.000 millions to Rs165.000 Millions ie Increased by
Rs.55.000 Millions) and letter of Credit (Inlad /Foreign)-Rs. 37.500 millions
(increased from Rs.25.000 millions to Rs.37.500 millions ie increased by
Rs.12.500 millions.) |
Trade References:
·
Hindustan Lever Limited
·
Britannia Industries Limited
·
MTR Foods Limited
Fixed Assets:
·
Leasehold Land
·
Factory premises
·
Office premises
·
Factory equipment
·
Electrical fitting
·
Plant and machinery
·
Office equipment
·
Furniture and fixtures
·
Vehicles
·
Software
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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
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 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.