MIRA
INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
JHAVERI FLEXO INDIA LIMITED (w.e.f. 06.11.2006) |
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Formerly Known
As : |
FLEXO FILM WRAPS
( |
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Registered
Office : |
Gut No.74, Farola, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
16.04.1985 |
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Com. Reg. No.: |
11-035938 |
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Capital
Investment / Paid-up Capital : |
Rs.125.803
Millions |
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CIN No.: [Company Identification
No.] |
L25209MH1985PLC035938 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
NSKF00196A |
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PAN No.: [Permanent Account No.] |
AAACF4037F |
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Legal Form : |
Public Limited Liability Company. The Companies shares are listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer
of PVC Films, LDLLP Films. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2267000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. There appears some losses recorded
by the company in the current year. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can
be considered for business dealings with some caution. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
Gut No.74, Farola, |
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Tel. No.: |
91-2431-251663/
4 |
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Fax No.: |
91-2431-251661 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Quarters/
Sales Office : |
9th and
10th Floor, Gold Crest, 10th Road, J.V.P.D Scheme, Near
HSBC Bank, Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
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Tel. No.: |
91-22-61512121 |
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Email : |
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Factory 2 (Flexible Packing Division) : |
Survey
No.135/2, Village Dapada, |
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E-Mail : |
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Factory 3 (Barrier Film Division) : |
Survey
No.188/2/1, Opposite Government Tourism Resort, Village Luhari, Silvassa –
369 230, |
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E-Mail : |
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Indian Sales Office : |
Located at: v Chennai v Ahmedabad v
v
v
v
v Kolkata |
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European
Office : |
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Tel. No.: |
+44 20 8776 8911 |
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E-Mail : |
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5208, |
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Tel. No.: |
1-704-509-1677 |
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E-Mail : |
DIRECTORS
As on 31.03.2011
|
NON-EXECUTIVE DIRECTORS : |
|
|
Name : |
Mr. Rajul Sandeep Jhaveri |
|
Designation : |
Chair Person |
|
Address : |
Plot No.21, Nutan Laxmi Society, |
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Date of Birth/Age : |
15.12.1960 |
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Date of Appointment : |
10.09.2005 |
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Name : |
Dr. M.K. Sinha |
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Designation : |
Director |
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Name : |
Mr. Dinesh Shah |
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Designation : |
Director |
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Address : |
161-A, Kalpataru Residency, 16th Floor, Tower A, Sion (East),
Mumbai – 400 022, |
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Date of Birth/Age : |
08.10.1957 |
|
Date of Appointment : |
30.07.2005 |
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|
Name : |
Mr. Yogen Lathia |
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Designation : |
Director |
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Address : |
74, Vasan Villa, Hatkesh Co-operative Society, |
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Date of Birth/Age : |
11.04.1955 |
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Date of Appointment : |
21.01.2006 |
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Name : |
Mr. Vijay D. Ajgaonkar |
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Designation : |
Director |
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Address : |
A-10, Aparna, |
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Date of Birth/Age : |
26.12.1943 |
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Date of Appointment : |
09.06.2005 |
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Name : |
Mr. Ranjan P. Gupta |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.04.1953 |
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Date of Appointment : |
09.06.2005 |
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EXECUTIVE DIRECTORS : |
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Name : |
Mr. Sandeep Jhaveri |
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Designation : |
Managing Director |
|
Address : |
Plot No.21, Nutan Laxmi Society, |
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Date of Birth/Age : |
07.10.1959 |
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Date of Appointment : |
19.10.2006 |
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Name : |
Mr. |
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Designation : |
Joint Managing Director |
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Address : |
C-5/10, |
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Date of Birth/Age : |
25.09.1962 |
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Date of Appointment : |
28.06.2003 |
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Name : |
Mr. Abhishek Jhaveri |
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Designation : |
Whole Time Director |
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Address : |
4th Floor, R-42, |
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Date of Birth/Age : |
09.01.1986 |
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Date of Appointment : |
19.05.2008 |
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|
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Name : |
Mr.
Mrunal Jhaveri |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Gupta |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.1, Ground Floor, Nirala Apartment, Bansilal Nagar, |
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Date of Birth/Age : |
04.09.1975 |
|
Date of Appointment : |
02.09.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
18,501,326 |
73.53 |
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|
366,622 |
1.46 |
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|
18,867,948 |
74.99 |
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Total shareholding of Promoter and Promoter Group (A) |
18,867,948 |
74.99 |
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(B) Public Shareholding |
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|
50,000 |
0.20 |
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|
15,800 |
0.06 |
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|
2,600 |
0.01 |
|
|
68,400 |
0.27 |
|
|
|
|
|
|
4,384,585 |
17.43 |
|
|
|
|
|
|
934,730 |
3.72 |
|
|
653,780 |
2.60 |
|
|
251,196 |
1.00 |
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|
8,085 |
0.03 |
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|
168,111 |
0.67 |
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|
75,000 |
0.30 |
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|
6,224,291 |
24.74 |
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Total Public shareholding (B) |
6,292,691 |
25.01 |
|
Total (A)+(B) |
25,160,639 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
25,160,639 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacture
of PVC Films, LDLLP Films. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Installed
Capacity |
|
Farola Unit |
12420 Mt |
|
Dapada Unit |
12000 Mt |
|
Luhari Unit |
7500 Mt |
|
Particulars |
Unit |
Production
Qty. |
|
PVC Film |
Rolls |
1346853 |
|
Masking Film |
Kg. |
832635 |
|
Stretch Film |
Kg. |
1257548 |
|
Lamination Film |
Kg. |
2149689 |
|
CPP Film |
Kg. |
2546167 |
|
Laminates |
Kg. |
8713501 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers v
Britannia v
Cadbury v
Gulf v
Cargill v
Dabur v
Indian Oil v
Ispat v
ITC Limited v
JSW v
Jet Airways v
Nestle v
Taj Hotels Resorts and Palaces v
Pepsico v
Meridien v
Tata v
Hindustan Unilever Limited v
Videocon v
General Mills |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
v
The Saraswat Co-operative Bank Limited, v
The Saraswat Co-operative Bank Limited, CIDCO
Branch, Near CIDCO Bus Stand, v ICICI Banking Corporation Limited v HDFC Bank Limited v ABN Amro Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhatter and Company Chartered Accountants |
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Address : |
Mumbai, |
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Associate Companies : |
v
Wellworth Industries Limited v
R.S. Jhaveri Steel and Company Private Limited v
Sangam Press Private Limited v
Mars Fincom Private Limited |
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Associate Firm : |
R.S. Jhaveri and Company |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.5/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25160639 |
Equity Shares |
Rs.5/- each |
Rs.125.803
Millions |
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|
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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 |
125.803 |
125.803 |
125.803 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
441.057 |
447.303 |
444.170 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
566.860 |
573.106 |
569.973 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
552.789 |
338.819 |
328.296 |
|
|
2] Unsecured Loans |
354.873 |
407.418 |
478.009 |
|
|
TOTAL BORROWING |
907.662 |
746.237 |
806.305 |
|
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DEFERRED TAX LIABILITIES |
16.175 |
9.412 |
2.198 |
|
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|
|
|
|
|
|
TOTAL |
1490.697 |
1328.755 |
1378.476 |
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
856.811 |
795.099 |
820.692 |
|
|
Capital work-in-progress |
73.337 |
125.013 |
129.778 |
|
|
|
|
|
|
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|
INVESTMENT |
0.050 |
0.050 |
0.050 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
463.886
|
347.638
|
255.758
|
|
|
Sundry Debtors |
327.442
|
255.386
|
263.234
|
|
|
Cash & Bank Balances |
52.160
|
26.707
|
40.153
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
101.623
|
86.078
|
120.367
|
|
Total
Current Assets |
945.111 |
715.809 |
679.512
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
359.293 |
289.482 |
240.846 |
|
|
Other Current Liabilities |
27.064
|
14.072
|
10.331
|
|
|
Provisions |
3.750
|
10.988
|
9.537
|
|
Total
Current Liabilities |
390.107 |
314.542 |
260.714
|
|
|
Net Current Assets |
555.004 |
401.267 |
418.798
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
5.495 |
7.326 |
9.158 |
|
|
|
|
|
|
|
|
TOTAL |
1490.697 |
1328.755 |
1378.476 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2418.915 |
1867.743 |
1692.250 |
|
|
|
Other Income |
12.119 |
14.477 |
3.143 |
|
|
|
Profit
on |
0.214 |
1.436 |
0.000 |
|
|
|
TOTAL |
2431.248 |
1883.656 |
1695.393 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/decrease in Stock |
13.995 |
(33.674) |
(12.089) |
|
|
|
Raw Material Consumed |
1768.923 |
1371.788 |
1274.070 |
|
|
|
Manufacturing & Other Expenses |
318.051 |
253.079 |
217.343 |
|
|
|
Payment to Employees |
115.141 |
90.918 |
65.327 |
|
|
|
Selling & Distribution Expenses |
53.248 |
51.507 |
39.696 |
|
|
|
Share Issue Expenses written off |
1.832 |
1.832 |
0.000 |
|
|
|
Loss on |
0.000 |
0.000 |
0.172 |
|
|
|
TOTAL |
2271.190 |
1735.450 |
1584.519 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION |
160.058 |
148.206 |
111.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
62.658 |
42.513 |
25.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
97.400 |
105.693 |
84.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
96.617 |
84.337 |
66.473 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
0.783 |
21.356 |
18.474 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.884 |
10.844 |
8.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX BUT BEFORE PRIOR PERIOD & EXTRAORDINARY ITEM |
(6.101) |
10.512 |
11.163 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
0.145 |
0.020 |
1.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(6.246) |
10.492 |
10.021 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
117.178 |
114.045 |
111.383 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
6.290 |
6.290 |
|
|
|
Dividend Distribution Tax |
0.000 |
1.069 |
1.069 |
|
|
BALANCE CARRIED
TO THE B/S |
110.932 |
117.178
|
114.045 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports
of goods calculated on FOB basis |
55.640 |
35.806 |
14.136 |
|
|
TOTAL EARNINGS |
55.640 |
35.806 |
14.136 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
675.474 |
|
499.682 |
|
|
|
Spares Parts |
4.165 |
|
|
|
|
|
Plant and Machinery |
0.676 |
|
|
|
|
TOTAL IMPORTS |
680.315 |
508.134 |
499.682 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.25) |
0.42 |
6.45 |
|
Expected Sales (2011-2012): Rs.2600.000 millions
The above information has been parted by Mr. Kailash (Accounts Manager).
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
596.110 |
723.120 |
726.920 |
|
Total Expenditure |
557.800 |
662.070 |
665.400 |
|
PBIDT (Excl OI) |
38.310 |
61.050 |
61.520 |
|
Other Income |
0.780 |
0.610 |
0.430 |
|
Operating Profit |
39.090 |
61.660 |
61.950 |
|
Interest |
27.180 |
26.900 |
33.420 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
11.910 |
34.760 |
28.530 |
|
Depreciation |
25.760 |
26.090 |
30.700 |
|
Profit Before Tax |
(13.850) |
8.670 |
(2.170) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(13.850) |
8.670 |
(2.170) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(13.850) |
8.670 |
(2.170) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.26) |
0.56 |
0.59
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.03 |
1.14 |
1.09
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04 |
1.41 |
1.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.04 |
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.29 |
1.85 |
1.87
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42 |
2.28 |
2.61
|
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 |
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 |
Yes |
|
12) Profitability
for last three years |
-- |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation for
coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
-- |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials, if
provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
NOTE:
The Registered address of the company has been shifted from “B-22
MIDC, Industrial Area, Valunj,
PERFORMANCE:
Turnover net of
excise during the year ended on 31st March 2011 was Rs.2418.915 millions
increased by 29.51% as against Rs.1867.743 millions in previous year, owing to
increase in operational and financing cost upon getting installed and
commissioning of all new machines and lower capacity utilization of new
machines the net profit was in minus at Rs.6.246 millions for the year ended on
31.03.2011 as against net profit of Rs.10.492 millions in previous year.
The Company is
achieving sound growth rate in export. During the year export turnover was
Rs.55.640 millions registering growth of 55.39% compare to previous year.
Company's products specially Laminates, CPP, PVC and Stretch film have been
stabled in overseas market. The Company is forecasting new heights in export
turnover during the current year.
VOLUNTARY
DELISTING:
The Company has
received a requisition letter dated 9th May 2011 from Mr. Sandeep
Jhaveri on behalf of himself and other Promoters/Promoter Group, conveying
their intention to voluntarily delist the Equity Shares of the Company from
both Stock Exchanges i.e. The Bombay Stock Exchange Limited (BSE) and The
Calcutta Stock Exchange Limited (CSE) in compliance with the SEBI (Delisting of
Equity Shares) Regulations 2009 and any other rules, regulations, act related
thereto ("Delisting Proposal"). In view of above the approval of the
Shareholders was sought by means of Postal Ballot for delisting of the Equity
Shares of the Company from BSE and CSE.
The ratio of total
valid votes cast by public shareholders in favour of the proposed resolution to
the valid votes cast by public shareholders against it was, approximately 54.63
: 1. Accordingly the Director declared the results on 01st June 2011
that the special resolution for delisting of Equity Shares of the Company as
set out in notice dated 10.05.2011 has been approved and passed by requisite
majority as required under Regulation 8 of the SEBI Delisting Regulations.
After getting approval from Stock Exchanges and completions of other procedures
the promoters will send offer letter to the public shareholders for purchasing
their shares.
MANAGEMENT
DISCUSSION AND ANALYSIS:
The performance of
the company during the year 2010-11 was below the expectation. The company
could not achieve desired results during the year due to under utilization of
installed capacity of new plants and teething troubles in implementation of
expansion plans. The Company is focusing to utilize maximum installed capacity
as against current 60-65% utilization and always searches the ways to cut the
cost of production so as to achieve higher rate of return. Moving forward
towards this the company has recently imported one High Vacuum Metalizer from
German manufacturer to do metalizing on laminates/CPP Film in-house so as to
save cost involved on job work and can execute orders of metalizing of other customers
too.
Indian packaging
industry is growing with rapid rate. The large growing middle class,
liberalization, demand for ready to eat food products and organized retail
sector are the catalysts to growth in packaging. There are tremendous scopes to
develop new and advanced product variants, new applications which suit to the
customers' requirements and add value edition for their products.
Rising
inflationary pressures, high volatility in raw material prices, higher cost of
finance and growing competition from organized and un-organized players are the
key factors which can adversely affect the business and financial conditions of
the company.
Forecasting the
above risk factors, the directors had decided long back that through increase
in sales turnover and quality of products the company not only can mitigate the
above risk but it will also ensure to grow the top and bottom line and
therefore embarked upon the expansion cum diversification plans in the year of
2007-08. Long associated big and diversified customers, recently installed
state of art plants around in all three units, well spread and diversified
product range, sustained growth story of Indian economy are some of the strong
favorable ingredients which ensure that the company to move ahead on its growth
path in the ensuing years.
CONTINGENT LIABILITY: (As on 31.03.2011)
A. Guarantees
given by bank on behalf of the Company is for Rs.7.097 millions.
B. In respect to Assessment
Year 2001-02, there is a IT demand u/s 271 (1) for Rs.4.361 millions on the
erstwhile Jhaveri Flexi Laminate Private Limited. The company has appealed with
the Income tax Appeallate Tribunal.
C. In respect to
Assessment Year 2003-04, there is a IT demand against assessment u/s 154 of
Rs.1.166 millions on the erstwhile Jhaveri Flexi Laminate Private Limited. The
company has appealed with the Income Tax Appeallate Tribunal.
D. In respect to
Assessment Year 2005-06, there is a IT demand against assessment u/s 143 (3) of
Rs.2.883 millions on the erstwhile Jhaveri Flexi Laminate Private Limited. The
company has appealed with the Income Tax Appeallate Tribunal.
FIXED ASSETS:
v Land
v Building
v Plant and Machinery
v Furniture and Fixtures
v Vehicle
v Trade Mark
v Computer Equipment
v Office Equipment
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject is an India-based company. The Company is a
manufacturer of flexible food packaging. The Company makes a range of products,
from multilayered machine, ready pouches to basic films and wraps. The Company
operates in the polymer films segment. The Company’s products include durable
laminates, cling film, stretch film, surface protection film, rolls and pouch
forms, such as flexible laminates, printed/unprinted pouches, polyvinyl
chloride (PVC) cling film, and stretch hood film. As of March 31, 2010, the
Company had an installed capacity of 9,720 metric tons of Farola unit, 12000
metric tons of Dapada unit and 7,500 metric tons of Luhari unit. The Company’s
plants were located in
BOARD OF DIRECTORS
Sandeep Jhaveri
Managing Director, Executive
Director
Shri. Sandeep Jhaveri is Managing Director, Executive
Director of Subject. A commerce graduate from the
Vijay D. Ajgaonkar
Non-Executive
Independent Director
Mr. Vijay D. Ajgaonkar is Non-Executive Independent Director
of Subject. He is a Master of Commerce and a C A.I.I.B by qualification. He is
a financial consultant by profession. Earlier, Mr. Ajgaonkar worked with State
Bank of
Ranjan P. Gupta
Non-Executive Independent
Director
Mr. Ranjan P. Gupta is Non-Executive Independent Director of Subject. He is a Bachelor of Arts and a Bachelor of Law by qualification. Currently a legal consultant by profession he has worked for 24 years with SICOM Limited in its legal department. He guides in all legal matters. Apart from being an independent director of Subject, he holds directorship in Wellworth Industries Limited as well.
Abhishek S. Jhaveri
Whole Time Director
Mr. Abhishek S. Jhaveri has been appionted as Whole Time
Director of Subject, with effect from January 28, 2010.He has completed his
bachelor's in Science and in Industrial and Manufacturing Management from
Mrunal Jhaveri
Whole Time Director
Mr. Mrunal Jhaveri is Whole Time Director of Subject. Mr.
Mrunal Jhaveri was working as a Vice President- Klin Wrap Marketing in the
company. He has completed Marketing and Management from
Yogen Lathia
Non-Executive
Independent Director
Mr. Yogen Lathia is Non-Executive Independent Director of
Subject. He is a Bachelor of Science (Honors) and has completed A.N.C.R.T., FIM
from
Joint Managing
Director, Executive Director
Mr. Krishna Kumar Sadani is Joint Managing Director, Executive
Director of Subject. He is working in the whole time employment of the company
since 1995 and as Executive Director of the company form 1998. He has done his
bachelor of Commerce from the
Dinesh J. Shah
Non-Executive
Independent Director
Mr. Dinesh J. Shah is Non-Executive Independent Director of
Subject. Mr. Shah is a Commerce graduate by qualification and a share broker by
profession. He has been instrumental in Share Brokerage firm; D. J. Shah
Securities Limited in Mumbai. He has knowledge on the securities market and
SEBI’s rules and regulation. His understanding on financial instruments helps
Company in critical financial Issues. He holds directorship in D. J. Shah
Securities Private Limited and Wellworth Industries Limited.
M. K. Sinha
Non-Executive
Independent Director
Dr. M. K. Sinha, Ph. D, is Non-Executive Independent
Director of Subject. He is Master's in Mathematics from
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. 50.02 |
|
|
1 |
Rs. 79.31 |
|
Euro |
1 |
Rs. 66.02 |
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 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.