MIRA
INFORM REPORT
|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MEHEK OVERSEAS LIMITED (W.e.f 19.08.2010) |
|
|
|
|
Formerly Known
As : |
Mehek Overseas Private Limited |
|
|
|
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Registered
Office : |
502 Vardhman Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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|
Date of
Incorporation : |
19.08.2005 |
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|
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Com. Reg. No.: |
11-155483 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 48.994 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15130MH2005PLC155483 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter and Importers of All Kinds of Extraction, Food Grain, Agro
Product, Pulses etc. |
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|
|
|
No. of Employees
: |
Not Available |
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 370000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated as proprietory concern in the year 2000 and later
on it got converted into private limited in 2009 and in 2010 it got converted
as limited company by the name Mehek Overseas Limited. 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 dealing 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
502 Vardhman Chambers, 127 –C Kalyan Street, Dana Bunder, Masjid
Bunder (East), Mumbai – 4000049, Maharashtra, India |
|
Tel. No.: |
91-22-23723631/40380622/66372899/66390665 |
|
Fax No.: |
91-22-66372880/40380614 |
|
Mobile No.: |
91-9820239112 (Mr. Jatin) |
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E-Mail : |
|
|
Website: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Jatin Jitendra Thakkar |
|
Designation : |
Director |
|
Address : |
12-A, Radha Krishna Thata Niwas Chs, Pestem Sagar No. 3, Chembur,
Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
26.11.1976 |
|
Date of Appointment : |
19.08.2005 |
|
DIN No.: |
01923758 |
|
|
|
|
Name : |
Mr. Jitendra Premji Thakkr |
|
Designation : |
Director |
|
Address : |
12-A, Radha Krishna Thata Niwas Chs, Pestem Sagar No. 3, Chembur,
Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
14.08.1943 |
|
Date of Appointment : |
19.08.2005 |
|
DIN No.: |
01923795 |
|
|
|
|
Name : |
Mr. Gourang Kataria |
|
Designation : |
Director |
|
Address : |
6-2-150, Subhash Nagar, Nizamabad – 503002, Andhra Pradesh, India |
|
Date of Birth/Age : |
23.06.1981 |
|
Date of Appointment : |
19.08.2005 |
|
DIN No.: |
02683420 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jatin Thakkar |
|
4579030 |
|
Jitendra thakkar |
|
264000 |
|
Shakuntala Thakkar |
|
2 |
|
Dipti Thakkar |
|
2 |
|
Gourang Kataria |
|
2 |
|
Manish Kataria |
|
2 |
|
Mihir Kataria |
|
2 |
|
|
|
|
|
Total |
|
4843040 |
As on 17.01.2011
|
Names of Allotees |
|
No. of Shares |
|
Parminder Singh Bedi |
|
100000 |
|
Dhiraj Devan Dodhia |
|
100000 |
|
Sundeep N. Shah |
|
100000 |
|
Anil Kumar M Raghuvanshi |
|
100000 |
|
Janak Anand Masand |
|
100000 |
|
Pharidabanu Azim |
|
200000 |
|
Sanjay Shailesh Parekh |
|
100000 |
|
Husein Gulamabbas Nanji |
|
100000 |
|
Chetan Mehra |
|
50000 |
|
Varsha Jaishan Ajwani |
|
100000 |
|
Ketan Rukhana |
|
100000 |
|
Narain C Aditani Jointy |
|
200000 |
|
|
|
|
|
Total |
|
1350000 |
As on 28.10.2010
|
Names of Allotees |
|
No. of Shares |
|
Girish Raghunashi |
|
500000 |
|
Meenakshi Kataria |
|
500000 |
|
Jitendra Thakkar |
|
83935 |
|
Kartik Bhanushali |
|
155000 |
|
|
|
|
|
Total |
|
1238935 |
|
|
|
|
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importers of All Kinds of Extraction, Food Grain, Agro
Product, Pulses etc. |
|
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|
|
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Product: |
Item Code No |
Product Description |
|
|
10059000 |
Maiza |
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|
09103020 |
Haldi |
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|
12022010 |
Groundnut |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Canara Bank, ·
Dena Bank ·
Union Bank ·
State Bank of India |
||||||||||||||||||
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|
(Rs.
In Millions) |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
HK Chheda and Company Chartered Accountant |
|
Address : |
22, Saraswati Sadan, 1st Floor, 113, Keshavji Naik Road,
Chinch Bunder, Mumbai – 400009, Maharashtra, India |
|
Tel No.: |
91-22-23710150 |
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Email: |
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PAN.: |
AAAPC9830A |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74319750 |
Equity Shares |
Rs.10/- each |
Rs.74.319
Millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Million |
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|
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4899385 |
Equity Shares |
Rs.10/- each |
Rs. 48.994
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 |
48.994 |
0.109 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
44.109 |
(0.022) |
(0.016) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
93.103 |
0.087 |
0.084 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
325.971 |
64.904 |
0.000 |
|
|
2] Unsecured Loans |
1.459 |
45.672 |
0.023 |
|
|
TOTAL BORROWING |
327.430 |
110.576 |
0.023 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
420.533 |
110.663 |
0.107 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.999 |
0.975 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
30.169 |
19.912 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.009 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
202.561
|
108.288 |
|
|
|
Sundry debtors |
179.054
|
14.366 |
|
|
|
Cash bank and balance |
(2009)
|
12.437 |
|
|
|
Loans & Advances |
41.092
|
28.126 |
|
|
Total
Current Assets |
420.699
|
163.217 |
0.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.122
|
|
|
|
|
Other Current Liabilities |
9.681
|
7.048 |
|
|
|
Provisions |
11.899
|
1.603 |
|
|
Total
Current Liabilities |
31.702
|
73.889 |
0.009 |
|
|
Net Current Assets |
388.997
|
89.328 |
0.078 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.359 |
0.448 |
0.029 |
|
|
|
|
|
|
|
|
TOTAL |
420.533 |
110.663 |
0.107 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TOTAL TURNOVER |
|
1313.536 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
|
136.154 |
0.006 |
|
|
|
|
|
|
|
|
CASH
PROFIT / LOSS |
|
30.560 |
(0.006) |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
0.223 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
30.338 |
(0.006) |
|
|
|
|
|
|
|
|
PROVISION FOR
I.TAX |
|
10.320 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
AFTER I. TAX |
|
20.017 |
(0.006) |
|
|
|
|
|
|
|
|
PROVISION FOR I.
TAX |
|
0.008 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
AFTER I. TAX AND DTL/DTA |
|
20.025 |
(0.006) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.022 |
(0.016) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
20.003 |
(0.022) |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
1124.518 |
NA |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
21.86 |
0.64 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.21
|
0.000 |
NA
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.000 |
NA
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
849.29 |
0.10
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.27
|
2.20 |
9.66
|
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) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
No |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
BUSINESS
ACTIVITIES AND FUTURE OUTLOOK
During the year the company has achived turnover of Rs. 1313.500
Millions in spite of ban on sugar export during the year. This was possible due
to the taking over the running business of M/S Mehek Feed Industries a
Proretary concern of Mr. Jatin J. Thakkr, a director in the company. The
company expects the Turnover of Rs. 1780.000 Millions in the next year. The
company is also planning for setting up of a sugar Refinery Project at Mundra
SEZ for Which the company is planning to raises the finance through public
issue and long term borrowing from Bank / Financial Institution in near future.
The Company also plans to expand the scope of its activities in the field of
logistics and CFS. The company has obtained status of Limited and w.e.f. from
19.08.2010 it is known as Mehek Overseas Limited.
|
Corporate
identity number of the company |
U15130MH2005PLC155483 |
|
Name of the
company |
MEHEK OVERSEAS LIMITED |
|
Address of the
registered office or of the principal place of business in |
502 Vardhman Chambers, 127 –C Kalyan Street, Dana Bunder, Masjid
Bunder (East), Mumbai – 4000049, Maharashtra, India Email: chhedahk@gmail.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10182483 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Canara Bank, Fort (Main) Branch, Warden House, Sir P. M. Road, Mumbai
– 400001, Maharashtra, India Email: suyashri@vsnl.com |
|
Nature of
instrument creating charge |
Supplemental Common
Hypothecation Agreement (SCHA) dated 31/03/2011. |
|
Date of
instrument Creating the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs. 275.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
letter or as stipulated by Bank from time to time. Terms of
Repayment As per Sanction
letter or as stipulated by Bank from time to time. Margin As per Sanction
letter or as stipulated by Bank from time to time. Extent and
Operation of the charge The Credit
facilities granted by the Bank enhanced from Rs. 235.000 Millions. to
Rs.275.000 Millions. to secure various limits SCHA. The security by
hypothecation of 1st charge on all present and future stocks of RM, WIP, FG,
stocks meant for exports and export receivables, Book debts, outstanding
monies, receivables, claims etc. given earlier, des. SCHA shall continue to
secure the enhanced Limit. Others |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
·
1st
charge on preset and future stocks like RM,WIP,FG, etc.& all other mov.
Goods & properties stored at godowns, premises of Co. or elsewhere. ·
1st
charge on all Present & Future Book -debts,claims,O/s, receivables, bills
arising out of sale, isposable of goods ·
recd.
under credit facilities etc. ·
1st
charge on preset & future goods, commodities purchased, acquired under
credit facilities. |
|
Date of
instrument modifying the charge |
04.03.2011 |
|
Particulars of
the present modification |
Vide this
modification, The Credit facilities granted by the Bank enhanced from Rs.
235.000 Millions. to Rs.275.000 Millions. to secure various limits SCHA. The
security by hypothecation of 1st charge on all present and future stocks of
RM, WIP, FG, stocks meant for exports and export receivables, book debts,
outstanding monies receivables claims etc. given earlier, . SCHA shall
continue to secure the enhanced Limit. |
FIXED ASSETS:
·
Mobile phone
·
Plant and Machinery
·
CCTV Camera
·
Air Conditioner
·
Phone Instrument
·
Xerox Machine
·
Motor Car (Honda Scoda)
·
Furniture
·
Computer
·
HP Laser Jet
·
Printer
·
Cutting and Polishing Machine
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.51.99 |
|
|
1 |
Rs.83.53 |
|
Euro |
1 |
Rs.68.39 |
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 |
NO |
|
--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.