MIRA
INFORM REPORT
|
Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEGHA POLYMERS PRIVATE LIMITED |
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Registered
Office : |
2/3, Ashok Chambers, Devji Ratan Marg, Broach Street, 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
: |
26.08.1991 |
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Com. Reg. No.: |
11-173982 |
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Paid-up Capital
: |
Rs. 13.300 Millions |
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|
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CIN No.: [Company Identification
No.] |
U24134MH1991PTC173982 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM30630F |
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PAN No.: [Permanent Account No.] |
AACCM0854B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Iron and Steel |
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No. of Employees
: |
15 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 390000 |
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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 reported as 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 : |
Ms. Neeta |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-23482483 |
|
Date : |
09.09.2011 |
LOCATIONS
|
Registered Office : |
2/3, Ashok Chambers, Devji Ratan Marg, Broach Street, Mumbai – 400009,
Maharashtra, India |
|
Tel. No.: |
91-22-23482483/23771482/23480762 |
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Fax No.: |
91-22-23702807 |
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E-Mail : |
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|
Location : |
Owned |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Mansukhlal Rughnath Turakhia |
|
Designation : |
Director |
|
Address : |
141 Sjhan Apartments, Kashinath Dhru Road, OPpposite Kirti College,
Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1933 |
|
Date of Appointment : |
10.03.2005 |
|
DIN No.: |
00180243 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Company Status |
Defaulting status |
|
1 |
U27200MH1994PTC078585 |
Turakhia Ferromet Private Limited |
Director |
24.11.1994 |
24.11.1994 |
Active |
NO |
|
2 |
U63823MH1985PTC035018 |
Turakhia Steels Private Limited (CN) |
Director |
18.01.1995 |
18.01.1995 |
Active |
NO |
|
3 |
U25200MH1995PTC089966 |
Standard Conduits Private Limited |
Director |
27.06.1995 |
27.06.1995 |
Active |
NO |
|
4 |
U27100MH2002PTC134754 |
Turakhia Steel And Metal (India ) Private Limited |
Director |
31.01.2002 |
31.01.2002 |
Active |
NO |
|
5 |
U24134MH1991PTC173982 |
Megha Polymers Private Limited |
Director |
10.03.2005 |
10.03.2005 |
Active |
NO |
|
6 |
U28900MH2005PTC152644 |
Turakhia Engineering Company Private Limited |
Director |
15.04.2005 |
15.04.2005 |
Active |
NO |
|
7 |
U99999MH1996PTC103035 |
Suprapti Finvest Private Limited |
Director |
1.03.2008 |
1.03.2008 |
Active |
NO |
|
Name : |
Mr. Manoj Mansukhlal Turakhia |
|
Designation : |
Director |
|
Address : |
7/1 Tehmi Terrace, 805, Dr. Ambedkar Road, Dadar, Mumbai – 400014,
Maharashtra, India |
|
Date of Birth/Age : |
23.03.1961 |
|
Date of Appointment : |
08.10.2004 |
|
DIN No.: |
01569510 |
Other
Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U27200MH1994PTC078585 |
Turakhia
Ferromet Private Limited |
Director |
24.05.1994 |
24.05.1994 |
Active |
NO |
|
2 |
U24134MH1991PTC173982 |
Megha
Polymers Private Limited |
Director |
8.10.2004 |
8.10.2004 |
Active |
NO |
|
3 |
U99999MH1996PTC103035 |
Suprapti
Finvest Private Limited |
Director |
13.04.2005 |
13.04.2005 |
Active |
NO |
|
4 |
U28900MH2005PTC152644 |
Turakhia
Engineering Company Private Limited |
Director |
15.04.2005 |
15.04.2005 |
Active |
NO |
|
5 |
U74990MH2009PTC195588 |
Steel
Mart India Private Limited |
Director |
23.12.2009 |
23.12.2009 |
Active |
NO |
|
6 |
U15400MP2009PTC022083 |
Anuj
Spices Private Limited |
Director |
16.05.2011 |
25.04.2011 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Neeta |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Turakhia Mansukhlal Manoj |
|
129500 |
|
Turakhia Mansukhlal Manoj (HUF) |
|
212350 |
|
Turakhia Rughnath Mansukhlal |
|
125030 |
|
Turakhia Rughnath Manuskhlal (HUF) |
|
199050 |
|
Turakhia Anuj |
|
350900 |
|
Turakhia Shreyan |
|
303310 |
|
Turakhia Smita |
|
500 |
|
Turakhia Nutanbem |
|
500 |
|
Total |
|
1321140 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
68.86 |
|
Other top fifty shareholders |
31.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Iron and Steel |
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Imports : |
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Products : |
·
Iron and Steel |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
Manufacturing Company |
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No. of Employees : |
15 (approximately) |
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Bankers : |
·
Bank of India – Mandvi Branch, Kanmoor House,
281/287 Narsi Natha Street, Mumbai - 400009, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
A. C. Kamdar and Company Chartered Accountant |
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Address : |
617, Pearl Mansion, Mumbai - 400020, Maharashtra, India |
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Pan No.: |
AAAFA2793E |
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Associates/Subsidiaries : |
·
Turakhia Engineering Company Private Limited ·
Turakhia Ferromet Private Limited |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1330000 |
Equity Shares |
Rs. 10/- each |
Rs. 13.300 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1321140 |
Equity Shares |
Rs. 10/- each |
Rs. 13.211
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.211 |
13.211 |
13.211 |
|
|
2] Share Application Money |
0.0000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
84.592 |
61.770 |
57.838 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
97.803 |
74.981 |
71.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
152.936 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
38.553 |
38.085 |
39.151 |
|
|
TOTAL BORROWING |
191.489 |
38.085 |
39.151 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
289.292 |
113.066 |
110.200 |
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
1.265 |
1.706 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.500 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.088 |
0.030 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.969
|
26.637 |
50.201 |
|
|
Sundry Debtors |
217.225
|
126.714 |
73.944 |
|
|
Cash & Bank Balances |
70.931
|
14.737 |
0.001 |
|
|
Other Current Assets |
0.002
|
0.001 |
31.878 |
|
|
Loans & Advances |
72.793
|
21.666 |
3.696 |
|
Total
Current Assets |
364.920
|
189.755 |
159.720 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.564
|
73.743 |
46.678 |
|
|
Other Current Liabilities |
2.677
|
0.000 |
0.206 |
|
|
Provisions |
17.240
|
4.770 |
2.812 |
|
Total
Current Liabilities |
79.481
|
78.513 |
49.696 |
|
|
Net Current Assets |
285.439
|
111.242 |
110.024 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.088 |
0.176 |
|
|
|
|
|
|
|
|
TOTAL |
289.292 |
113.066 |
110.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
GROSS INCOME |
538.726 |
302.134 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
35.234 |
5.860 |
8.733 |
|
|
|
|
|
|
|
Less |
TAX |
12.412 |
1.928 |
2.806 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
22.822 |
3.932 |
5.927 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
11.403 |
5.476 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
15.335 |
11.403 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.27 |
NA |
NA |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
321.000 |
|
|
Due to Market
Condition, turnover is low |
||
The above information has been parted by Ms. Neeta (Accounts
Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.62
|
3.06 |
5.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
1.56 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.59
|
2.42 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
THE DETAILS OF
SUNDRY CREDITORS:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
59.564
|
73.743 |
46.678 |
Note:
The Registered Office of the company has been shifted from 3B Lal Bazar
Street, 5ht Floor, Kolkata – 700001, West Bengal, India to the present address w.e.f
29.05.2007.
CONTINGENT
LIABILITIES:
I)
Letter of Credit:
Following balance is outstanding as on
31.03.2010 under D.A.P, letter of credit facility granted by the bank of India,
Mandiv Branch against which Rs. ---/- (previous year Rs. 13.450 millions) have
been kept in Fixed Deposit and Margin Account by the banker of the company.
Form 8:
|
This form is for |
Modification of charge |
||||||
|
Charge identification number of the modified |
90248919 |
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|
Corporate identity number of the company |
U24134WB1991PTC052836 |
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Name of the company |
MEGHA POLYMERS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
3B Lal Bazar Street 5th Floor, Kolkata -
700001, West Bengal, India |
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Type of charge |
Movable Property |
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|
Particular of charge holder |
|
||||||
|
Nature of description of the instrument
creating or modifying the charge |
Supplemental Deed of Hypothecation |
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Date of instrument Creating the charge |
31.01.2007 |
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|
Amount secured by the charge |
Rs. 125.000 Millions |
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|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest - As per Bank's
Guidelines Terms of Repayment - On Demand Margin - As fixed by Bank from time to
time. Extent and Operation of the charge -
Interest Commission as per bank's guide lines from time to time. Security to
secure inland/Foreign DP/DA 180 days
L/C DA limit Rs.75.000 millions and
L/C DP limit Rs.50.000 millions
together with interest, cost, expenses, charges, commission etc. and also for
due repayment for all indebtedness & liabilities of the borrower to the
Bank of any kind in any manner. |
||||||
|
Short particulars of the property charged |
All tangible movable assets of the
borrower including in particular all stock of raw materials such as low
carbon, hot rolled coils , second defective , soft commercial quality flat
rolled product of mild steel etc. etc. both present & future wherever
situated or in transit. Details of property as per Agreement/s. |
||||||
|
Particulars of the present
modification |
1st Modification. The L/C limit of Rs.
75.000 millions is revised to aggregate L/C Limit of Rs.125.000 millions comprising inland/Foreign DP/DA 180 days L/C DA limit Rs. 75.000 millions and L/C DP limit Rs.50.000 millions |
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.46.38 |
|
|
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.