MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEHTA FLEX PRIVATE LIMITED (W.E.F. 05.12.2000) |
|
|
|
|
Formerly Known
As : |
MEHTA FLAX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-48, New Empire Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.09.1999 |
|
|
|
|
Com. Reg. No.: |
11-121864 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 4.740
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH1999PTC121864 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM14241D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Supplier of
Plastic Fabrics, Films and Sheets |
|
|
|
|
No. of
Employees: |
Not Divulged by
the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 DECLINED BY
|
Name : |
Mr. Deepak |
|
Designation : |
Account Department |
|
Date : |
07.09.2011 |
LOCATIONS
|
Registered Office : |
B-48, New Empire Industrial Estate, |
|
Tel. No.: |
91-22-28324463/28365625 |
|
Fax No.: |
91-22-28365901 |
|
E-Mail : |
DIRECTORS
As on 24.06.2011
|
Name : |
Mr. Vijay Nagraj Mehta |
|
Designation : |
Director |
|
Address : |
402, Bharat Apartment, |
|
Date of Birth/Age : |
06.06.1964 |
|
Date of Appointment : |
21.09.1999 |
|
DIN No.: |
00898178 |
|
|
|
|
Name : |
Mr. Ranjit Nagraj Mehta |
|
Designation : |
Director |
|
Address : |
402, Bharat Apartment, |
|
Date of Birth/Age : |
01.07.1958 |
|
Date of Appointment : |
21.09.1999 |
|
DIN No.: |
00898061 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
|
Designation : |
Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kantilal Mehta |
|
72000 |
|
Nirmala Mehta |
|
50000 |
|
Pratik Mehta |
|
21000 |
|
Rahul Mehta |
|
85000 |
|
Ranjit Mehta |
|
86000 |
|
Ranjit N Mehta HUF |
|
1000 |
|
Sunita Mehta |
|
71000 |
|
Usha Mehta |
|
1000 |
|
Vijay Mehta |
|
87000 |
|
Total |
|
474000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2011
|
S. No. |
Category |
Percentage |
|
1 |
Directors or
relatives of Directors |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of
Plastic Fabrics, Films and Sheets |
||||
|
|
|
||||
|
Products: |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Multilayer Co-Extruted Films and Bags |
KG |
NA |
10,100 |
6,542,189.70 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees: |
Not Divulged by the management. |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R Trivedi and Associates Chartered Accountant |
|
Address : |
119, Ranjit Studio, G-Block, Ground Floor, |
|
PAN No.: |
AABPT8670Q |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
474000 |
Equity Shares |
Rs.10/- each |
Rs. 4.740
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.740 |
4.740 |
4.710 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
329.131 |
263.516 |
170.402 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
333.871 |
268.256 |
175.112 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.515 |
40.968 |
30.675 |
|
|
2] Unsecured Loans |
104.900 |
104.873 |
84.180 |
|
|
TOTAL BORROWING |
157.415 |
145.841 |
114.855 |
|
|
DEFERRED TAX LIABILITIES |
8.277 |
9.948 |
5.996 |
|
|
|
|
|
|
|
|
TOTAL |
499.563 |
424.045 |
295.963 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
280.481 |
330.903 |
223.457 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
78.300
|
65.452 |
29.484
|
|
|
Sundry Debtors |
113.849
|
106.147 |
96.969
|
|
|
Cash & Bank Balances |
8.673
|
12.984 |
24.126
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
48.726
|
61.548 |
32.392
|
|
Total
Current Assets |
249.548
|
246.131 |
182.971
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.985
|
140.475 |
109.908
|
|
|
Other Current Liabilities |
0.045
|
0.465 |
0.422
|
|
|
Provisions |
7.436
|
12.049 |
0.135
|
|
Total
Current Liabilities |
30.466
|
152.989 |
110.465
|
|
|
Net Current Assets |
219.082
|
93.142 |
72.506
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
499.563 |
424.045 |
295.963 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income ( |
977.619 |
971.052 |
567.539 |
|
|
|
Other Income |
4.617 |
4.754 |
1.890 |
|
|
|
TOTAL (A) |
982.236 |
975.806 |
569.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
834.756 |
808.594 |
494.742 |
|
|
|
TOTAL (B) |
834.756 |
808.594 |
494.742 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
147.480 |
167.211 |
74.687 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.632 |
7.805 |
11.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.848 |
159.406 |
63.678 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.223 |
38.074 |
29.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
86.625 |
121.332 |
33.968 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
21.009 |
28.218 |
10.231 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
65.616 |
93.114 |
23.737 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.317 |
168.203 |
144.466 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
326.933 |
261.317 |
168.203 |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
138.43 |
196.44 |
50.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.68
|
9.54 |
4.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.86
|
12.49 |
5.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.34
|
21.03 |
8.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.45 |
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
1.11 |
1.29
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.19
|
1.61 |
1.65
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
22.985 |
140.475 |
109.908 |
|
Total |
22.985 |
140.475 |
109.908 |
Operating Results:
During the year the company has recorded the Total Income of Rs. 982.236
Millions (Previous year Rs. 985.805 Millions) and made a Net Profit of Rs.
65.616 Millions (Previous year, Net Profit of Rs. 93.114 Millions) During the
coming year the company expected to achieved better receipts and net income.
FORM 8:
|
Corporate
identity number of the company |
U25202MH1999PTC121864 |
|
Name of the
company |
MEHTA FLEX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-48, New Empire Industrial Estate, |
|
This form is for |
Modification of
charge |
|
Charge
Identification Number (ID) number of the charge to be modified |
80056124 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra, India Email: rbbform8@hdfcbank.com
|
|
Nature of
instrument creating charge |
Memorandum
recording past transactions of creation of Mortgage by Delivery of Title
Deeds. |
|
Date of
instrument Creating the charge |
01.11.2010 |
|
Amount secured by
the charge |
Rs. 131.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time Terms of
Repayment Working Capital facility
shall payable on demand and Term Loan facility shall repayable in suitable
installments Margin As may be
stipulated by the bank from time to time Extent and
Operation of the charge The company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as security for repayment of Rs. 131.500 Millions by the company,
together with principal, interests, liquidated damages, costs, charges and
expenses. |
|
Short particulars
of the property charged |
Immovable
property situated at Industrial Plot of land bearing Sr. No. 376/8, Village
Kachigam Daman |
|
Date of latest
modification prior to the present modification |
07.07.2010 |
|
Particulars of the
present modification |
The equitable
mortgage / charge shall now stand increased from Rs. 76.500 Millions to Rs.
131.500 Millions (comprising: Cash Credit of Rs. 70.000 Millions, Letter of
Credit of Rs. 5.000 Millions, Bank Guarantee of Rs. 1.500 Millions, Term Loan
of Rs. 55.000 Millions) in favour the bank. |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Motor Vehicles
- Furniture and Fixtures
- Office Equipments
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.46.02 |
|
|
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.