MIRA
INFORM REPORT
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Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.06.1995 |
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Com. Reg. No.: |
17-010299 |
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Capital
Investment / Paid-up Capital : |
Rs.45.155 Millions |
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CIN No.: [Company Identification
No.] |
U92114RJ1995PTC010299 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHE00181G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Printed Industrial
Flexible Packaging Materials including Lamination of Films. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Nirmal |
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Designation : |
Account Department |
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Contact No.: |
91-294-5130929 |
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Date : |
22.05.2012 |
LOCATIONS
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Registered/ Corporate Office : |
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Tel. No.: |
91-294- 2415479 |
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Fax No.: |
91-294- 2417808 |
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E-Mail : |
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Website : |
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Works and Administrative Office : |
Village Seth Ji Ki Kundal, |
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Tel. No.: |
91-294-2488326/ 2486937 |
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Fax No.: |
91-294-2583372 |
DIRECTORS
As on: 30.09.2011
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Name : |
Mr. Dinesh Jain |
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Designation : |
Director |
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Address : |
47, Shastri Marg, Ashok Nagar, |
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Date of Birth/Age : |
04.05.1963 |
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Date of Appointment : |
29.06.1995 |
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DIN No.: |
00144242 |
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Other Directorships :
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Name : |
Ms. Sangeeta Jain |
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Designation : |
Director |
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Address : |
47, Shastri Marg, Ashok Nagar, |
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Date of Birth/Age : |
15.04.1966 |
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Date of Appointment : |
29.06.1995 |
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DIN No.: |
00144320 |
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Other Directorships :
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KEY EXECUTIVES
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Name : |
Mr. Nirmal |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Dinesh Jain |
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936000 |
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Sangeeta Jain |
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574100 |
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Mudit Stock Enterprises Private Limited, |
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277500 |
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Mudit Polymers Private Limited, |
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30000 |
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Sun Ploy |
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50000 |
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Gamini Marketer Private Limited |
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50000 |
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Kalpesh Bordia |
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108700 |
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Kalptaru Placks India Private Limited, |
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71000 |
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V. R. Kapoor Capital Limited, |
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50000 |
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Madhu Bordia |
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7500 |
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Ashok S. Jain |
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80000 |
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Prabha Kataria |
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3000 |
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N. S. Chopra |
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2000 |
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Kusum Pajmecha |
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3500 |
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Nakoda |
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13000 |
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Dilip Pamejjha |
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3000 |
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Devashikh paul |
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3000 |
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Bheru Sjngh Chouhan |
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3500 |
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Pramil feordia |
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11150 |
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Pratima Bally |
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1900 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
53.00 |
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Other top fifty shareholders |
47.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printed Industrial
Flexible Packaging Materials including Lamination of Films. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Mancy Company |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
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Auditors : |
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Name : |
Valwat and Associates Chartered Accountants |
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Address : |
432-433, S.M. Lodha Complex, Near |
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Tel. No.: |
91-294-2413482/ 2414213 |
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Fax No.: |
91-294-2414213 |
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PAN.: |
AALPV7072N |
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Group Companies : |
Mudit Polymers Private Limited Situated at MIA,
Fax: 91-294-2492862 e-mail:mudit@edenhitech.com Kalptaru Packs ( Situated at MIA,
Fax: 91-294-2490355 e-mail:kp1@edenhitech.com Kalptaru Packs ( Situated at Sukher,
Fax: 91-294-2513249 e-mail:kp2@edenhitech.com Kalptaru Packs ( Situated at MIA,
Fax: 91-294-249 0355 e-mail:kp3@edenhitech.com |
Address: G1/296, Road no. 13, MIA,
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4600000 |
Equity Shares |
Rs.10/- each |
Rs.46.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4515500 |
Equity Shares |
Rs.10/- each |
Rs.45.155 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.155 |
45.155 |
20.155 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.756 |
6.293 |
4.165 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.911 |
51.448 |
24.320 |
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LOAN FUNDS |
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1] Secured Loans |
126.142 |
131.623 |
125.899 |
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2] Unsecured Loans |
4.549 |
5.825 |
3.444 |
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TOTAL BORROWING |
130.691 |
137.448 |
129.343 |
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DEFERRED TAX LIABILITIES |
7.556 |
7.681 |
8.225 |
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TOTAL |
190.158 |
196.577 |
161.888 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.414 |
48.013 |
53.111 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.756 |
6.306 |
6.306 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
42.948
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33.502 |
35.467
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Sundry Debtors |
74.208
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110.276 |
105.723
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Cash & Bank Balances |
1.178
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3.614 |
6.655
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
41.172
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25.396 |
20.245
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Total
Current Assets |
159.506
|
172.788 |
168.090 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.798
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27.902 |
61.851
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Other Current Liabilities |
2.720
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2.628 |
3.404
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Provisions |
0.000
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0.000 |
0.364
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Total
Current Liabilities |
23.518
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30.530 |
65.619 |
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Net Current Assets |
135.988
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142.258 |
102.471 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.00 |
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TOTAL |
190.158 |
196.577 |
161.888 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
157.802 |
201.231 |
190.020 |
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Other Income |
5.523 |
2.286 |
4.217 |
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TOTAL (A) |
163.325 |
203.517 |
194.237 |
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Less |
EXPENSES |
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Raw Material and Components |
123.987 |
146.159 |
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Manufacturing Expenses |
13.106 |
15.267 |
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Payments to and Provisions for Employees |
8.326 |
8.031 |
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Administrative and Selling Expenses |
2.788 |
4.346 |
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Increase/ Decrease in Stock |
(9.446) |
1.965 |
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TOTAL (B) |
138.761 |
175.768 |
185.263 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.564 |
27.749 |
8.974 |
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Less |
FINANCIAL
EXPENSES (D) |
19.935 |
20.119 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.629 |
7.630 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.291 |
6.008 |
8.974 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.338 |
1.622 |
3.025 |
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Less |
TAX (H) |
(0.124) |
(0.506) |
0.364 |
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PROFIT AFTER TAX
(G-H) (I) |
0.462 |
2.128 |
2.661 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.242 |
2.114 |
NA |
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BALANCE CARRIED
TO THE B/S |
4.704 |
4.242 |
2.114 |
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Earnings Per
Share (Rs.) |
0.11 |
0.80 |
1.32 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
0.28
|
1.05 |
1.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
0.81 |
1.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.16
|
0.73 |
1.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.03 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.98
|
3.26 |
8.02 |
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Current Ratio (Current Asset/Current Liability) |
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6.78
|
5.66 |
2.56 |
LOCAL AGENCY FURTHER INFORMATION
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Available
in Report [Yes/No] |
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Constitutions of the firm |
Yes |
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Premises
details |
No |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
Yes |
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No.
of Employees |
Yes |
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Name
of Person Contacted |
Yes |
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Designation
of contact person |
Yes |
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Turnover
of firm for last three years |
Yes |
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Profitability
for last three years |
Yes |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
No |
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Capital
the business |
No |
|
Details
of sister concerns |
Yes |
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Major
Suppliers |
No |
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Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
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Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
Yes |
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Incorporation
details, if applicable |
Yes |
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Last
accounts filed at ROC |
Yes |
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Major
Shareholders, if applicable |
Yes |
OPERATIONS, PERFORMANCE AND FUTURE OUTLOOK:
The Company has achieved a sales and net
profit of Rs.157.802 Millions and Rs.0.338 Millions during the year as compared
to Rs.201.231 Millions and Rs.1.622 Millions in the previous year respectively.
The sales of the company has declined as compared to previous year due to
government ban on certain plastic items, resulted the profit margin of the
company also declined.
FIXED ASSETS:
·
Land
·
Building – Factory
·
Building – Office
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Vehicle Goods
·
Factory Equipment
·
Office Equipments
·
Computers
AS PER WEBSITE
DETAILS:
PROFILE:
Established in the year 1997 with a humble moderate
production capacity of 50 MT/month
Perfect printing, marketing network and professional production capabilities
are the backbone of the company. The current area of operation covers length
and breath of the country. They are a life time member of Plastic Export
Promotion Council of India. They print on almost anything on roll form -
Polythene, Polyester, BOPP, PVC Films, etc. The inhouse infrastucture includes
rotogravure printing machines, all types of pouch making machines and adherence
to ISO 9001:2000 with Total Quality Management (TQM)and Good Manufacturing
Practices (GMP) makes sure of a very high class quality job sand timely
deliveries. The fully equipped Laboratory ensures strict quality assurance of
all materials used and produced.
The 120 member strong
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.56.29 |
|
|
1 |
Rs.88.26 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.