|
Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADESHWAR FLEXIPACK PRIVATE LIMITED. |
|
|
|
|
Registered
Office : |
336, Akshar Arcade, Near Memnagar Fire Station, Memnagar, Ahmedabad -
380014, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.11.2009 |
|
|
|
|
Com. Reg. No.: |
04-058652 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.306 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U2502GJ2009PTC058652 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA09486B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Flexible Packaging Laminates in Roll Films,
Stand up Pouch, Food Packaging Laminates etc. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (22) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track. The company
has incurred some losses in its first year of operations. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a secured 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 (General Details)
|
Name : |
Mr. Deepak Salecha |
|
Designation : |
Director |
|
Contact No.: |
91-9824013646 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office: |
336, Akshar Arcade, Near Memnagar Fire Station, Memnagar Ahmedabad-
380014, Gujarat, India |
|
Tel. No.: |
91-79-27551542 / 91-2764-286945 |
|
Mobile No.: |
91-9824013646 (Mr. Deepak Salecha) |
|
Fax No.: |
91-2764-286945 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No. 47/1, Bhagyalaxmi Estate, Near Manpasand Weigh, Rakanpur –
382721, Gujarat, India |
|
Tel. No.: |
91-79-27551542 / 91-2764-286945 |
|
Fax No.: |
91-2764-286945 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ganpatraj Chandanmalji Salecha |
|
Designation : |
Director |
|
Address : |
15/A, Nalanda Society, Near
Naranpura Railway Crossing, Usmanpura, Ahmedabad- 380013, Gujarat |
|
Date of Birth/Age : |
04.11.1954 |
|
Date of Appointment : |
20.11.2009 |
|
DIN No.: |
02783527 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25202GJ2009PTC058652 |
ADESHWAR
FLEXIPACK PRIVATE LIMITED |
Director |
20-11-09 |
20-11-09 |
- |
Active |
NO |
|
Name : |
Mr. Deepak Ganpatraj Salecha |
|
Designation : |
Director |
|
Address : |
15/A, Nalanda Society, Near
Naranpura Railway Crossing, Usmanpura, Ahmedabad - 380013, Gujarat |
|
Date of Birth/Age : |
24.07.1979 |
|
Date of Appointment : |
20.11.2009 |
|
DIN No.: |
02799574 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25202GJ2009PTC058652 |
ADESHWAR
FLEXIPACK PRIVATE LIMITED |
Director |
20-11-09 |
20-11-09 |
- |
Active |
NO |
|
2 |
U21014GJ2011PTC067622 |
SHAGUN
FLEXIPACK PRIVATE LIMITED |
Director |
24-10-11 |
24-10-11 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Ganpatraj Chandanmal Salecha |
93520 |
40.55 |
|
Deepak Ganpatraj Salecha |
28050 |
12.17 |
|
Neelam Deepak Salecha |
58970 |
25.58 |
|
Leeladevi Ganpatraj Salecha |
46250 |
20.06 |
|
Mamta Rajesh Bafna |
3785 |
1.64 |
|
Total |
230575 |
100.00 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Flexible Packaging Laminates in Roll Films,
Stand up Pouch, Food Packaging Laminates etc. |
||||
|
|
|
||||
|
Product: |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit (60 Days) |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit (60 Days) |
GENERAL INFORMATION
|
Supplier: |
·
Shri Hari Industries ·
Gujarat Pdmyer Private Limited |
|
|
|
|
Customers : |
Wholesalers and Manufacturers |
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
Oriental Bank of Commerce, Hotel Meghdoot building, Station road,
Ahmedabad, Gujarat– 380001, India |
|
|
|
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jintendra Shah and Associates Chartered Accountant |
|
Address : |
B - 302, ATMA House, Near Times of India, Ashram Road, Ahmedabad –
380009, Gujarat, India |
|
Tel No. : |
91-22173426 / 66302631 / 26585000 |
|
Pan No.: |
AADFJ0320R |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230575 |
Equity Shares |
Rs.10/- each |
Rs. 2.306
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.305 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
17.549 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(5.400) |
(0.000) |
|
|
NETWORTH |
|
14.454 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
84.416 |
0.000 |
|
|
2] Unsecured Loans |
|
28.328 |
0.000 |
|
|
TOTAL BORROWING |
|
112.744 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
1.054 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
128.252 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
53.141 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.013 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
31.285
|
0.000 |
|
|
Sundry Debtors |
|
53.485
|
0.000 |
|
|
Cash & Bank Balances |
|
0.742
|
0.006 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
5.679
|
0.078 |
|
Total
Current Assets |
|
91.191
|
0.084 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
13.840
|
0.000 |
|
|
Other Current Liabilities |
|
2.147
|
0.000 |
|
|
Provisions |
|
0.119
|
0.000 |
|
Total
Current Liabilities |
|
16.106
|
0.000 |
|
|
Net Current Assets |
|
75.085
|
0.084 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.013 |
0.016 |
|
|
|
|
|
|
|
|
TOTAL |
|
128.252 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
TURNOVER |
|
145.825 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
150.171 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(4.346) |
0.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
(1.055) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
(5.401) |
0.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(0.04) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(0.03) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.03) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.30) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.99 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.66 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
--------- |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
No |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
--------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
--------- |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
------- |
|
21. Market information |
------- |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
Financial Result :
During the period the company has started operations in manufacturing of
laminated packaging materials. The company has achieved turnover of Rs.132.916
Millions and incurred loss after depreciation to the tune of Rs. 4.346
Millions.
FORM 8
|
Corporate identity
number of the company |
U2502GJ2009PTC058652 |
|
Name of the
company |
ADESHWAR
FLEXIPACK PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
336, Akshar Arcade, Near Memnagar Fire Station, Memnagar Ahmedabad,
Gujarat - 380014 |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Oriental Bank of
Commerce Hotel Meghdoot Building,
Station road. Ahmedabad, Gujarat – 380001, India |
|
Nature of
instrument creating charge |
Agreement of Term
Loan |
|
Date of
instrument Creating the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs. 35.249
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Base Rate plus
5.50% i.e. 15% at present Terms of repayment 72 Equated
Monthly installments each of Rs. 0.746 Million / Commencing after a Moratorium
period of 9 months i.e. w.e.f. dated. 01.01.2012 Interest shall be
serviced as and when due during the Moratorium period. Extent and operation of the charge Bank shall
exclusive charge over entire movable assets of the company. |
|
Short particulars
of the property charged (Including location of the property) |
First charge on
all the movable assets of the company inclusing entire Plant and Machinery
both present and future having W.D.V. of Rs.59.562 Millions lying at
Bhagalaxmi Estate, Near Manpansand Weigh Bridge, Rakanpura, Taluka. Kalol,
District. Gandhinagar, Machinery in transit or lying at any other place in
India. |
Fixed Assets:
·
Plant and Machinery
·
Electric Installation
·
Furniture, Fixture and
Office Equipment
·
Vehicle
Trade References:
·
Shri Hari Industries
·
Gujarat Pdmyer Private Limited
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. 51.15 |
|
|
1 |
Rs. 81.79 |
|
Euro |
1 |
Rs. 68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
22 |
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.