MIRA INFORM REPORT

 

 

Report Date :

14.02.2013

 

IDENTIFICATION DETAILS

 

Name :

NOVA FLEXIPACK PRIVATE LIMITED (w.e.f.07.12.2004)

 

 

Formerly Known As :

NOVA FLEXIPACK LIMITED

 

 

Registered Office :

Seksaria Chambers, 3rd Floor, 139, Nagindas Master Road, Mumbai – 400023, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

08.09.1995

 

 

Com. Reg. No.:

11-092509

 

 

Capital Investment / Paid-up Capital :

Rs. 11.485 Millions

 

 

CIN No.:

[Company Identification No.]

U25209MH1995PTC092509

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN05541E

 

 

PAN No.:

[Permanent Account No.]

AAACN3161C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Multilayer, Polyethylene Films for Packing Industry.

 

 

No. of Employees :

35 (In Office-10, In Factory-25) (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 193000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record. The profit and loss statement of the company is not available.

 

However, the financial position appears to be good.

 

Trade relations are reported as fair. Business is active. Payment terms are slow but correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Vikram More

Designation :

Assistant Manager

Contact No.:

91-22-22673455

Date :

12.02.2013

 

 

LOCATIONS

 

Registered Office :

Seksaria Chambers, 3rd Floor, 139, Nagindas Master Road, Mumbai – 400023, Maharashtra, India

Tel. No.:

91-22-22673455/ 56

Fax No.:

91-22-22671612

E-Mail :

novaflexipack@yahoo.com

info@novaflexipack.com

Website :

www.novaflexipack.com

Location :

Owned

 

 

Factory :

Plot H-11, H-12, OIDC Udyognagar Ringanwada, Daman – 396215, U.T., India

Tel. No.:

91-260-2242325/ 2242326

Fax No.:

91-260-2244425

Email :

csverma@novaflexipack.com

Location :

Rented

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Paresh Virendra Kothari

Designation :

Director

Address :

B-205, Simla House, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

03.11.1944

Date of Appointment :

07.12.2004

DIN No.:

00267104

 

 

Name :

Nehal Paresh Kothari

Designation :

Director

Address :

B-205, Simla House, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

08.09.1970

Date of Appointment :

07.12.2004

DIN No.:

00267192

 

 

Name :

Mr. Vijay Thanawala

Designation :

Director

Address :

304-A, Deep Jyoti Apartment, Veer Savarkar Marg, Naupada, Thane – 400602, Maharashtra, India

Date of Birth/Age :

24.04.1947

Date of Appointment :

07.12.2004

DIN No.:

00001974

 

 

Name :

Mr. Vishwabhushan Kedarnath Tandon

Designation :

Director

Address :

7/206, Laxmi Court, Wadala, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

26.03.1959

Date of Appointment :

07.12.2004

DIN No.:

00222972

 

 

Name :

Mr. Hiren Ajit Vora

Designation :

Director

Address :

Birla Mansion, 3rd Floor, Prarthana Samaj, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.10.1972

Date of Appointment :

01.02.2002

DIN No.:

00037810

 

 

KEY EXECUTIVES

 

Name :

Mr. Vikram More

Designation :

Assistant Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Paresh Virendra Kothari jointly with Kalpana Paresh Kothari

 

55010

Nehal Paresh Kothari jointly with Paresh Virendra Kothari

 

50010

Kalpana Paresh Kothari jointly with Paresh Virendra Kothari

 

56060

Vijendra Manjunath Shenai jointly with Sulekha Vijendra Shenai

 

568500

Bindu Ajit Vora jointly with Hiren Ajit Vora

 

60010

Bindu Ajit Vora and Arun Narayana Bhalerao for and on behalf of Asha Techno Fin

 

60000

Jyotsna Vijay Thanawala jointly with Vijay Kantilal Thanawala

 

42510

Vijay Kantilal Thanawala jointly with Jyotsna Vijay Thanawala

 

20500

Vishwabhushan Kedarnath Tandon jointly with Rachna Vishwabhushan Tandon

 

20510

Rachna Vishwabhushan Tandon jointly with Vishwabhushan Kedarnath Tandon

 

30010

Thanawala Consultancy Private Limited, India

 

22400

Pitamaha Investment and Finance Private Limited, India

 

148000

Nimisha Vijay Thanawala jointly with Vijay Kantilal Thanawala

 

5000

V.K. Tandon (HUF)

 

10000

Total

 

1148520

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

14.85

Directors or relatives of directors

 

35.65

Other top fifty shareholders

 

49.50

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Multilayer, Polyethylene Films for Packing Industry.

 

 

Exports :

 

Products :

Finished Goods

Countries :

v      Saudi Arabia

v      Dubai

 

 

Terms :

 

Selling :

L/C, Cash and Credit (30 Days)

 

 

Purchasing :

L/C, Cash and Credit (30 Days)

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers and Retailers

 

 

No. of Employees :

35 (In Office-10, In Factory-25) (Approximately)

 

 

Bankers :

v      The Saraswat Co-operative Bank Limited, Pragraj, 80/82, Issaji Street, Masjid Bunder, Mumbai - 400003, Maharashtra, India

Tel No.: 91-22-22881816

v      HDFC Bank Limited

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Loan repayable on demand

 

 

From Bank

 

 

Saraswat Co-operative Bank Limited

 

 

Cash Credit (Against Debtors and Stock)

15.151

15.496

Purchase Bill Discounting

14.134

13.962

Total

29.285

29.458

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J M. Doshi and Company

Chartered Accountants

Address :

112/21, Piparwala Building, V. V. Chandan Street, Vadgadi, Masjid (West), Mumbai – 400003, Maharashtra, India

Tel. No.:

91-22-23402390

Income-tax PAN of auditor or auditor's firm :

AABPD6129Q

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,000,000

Equity Shares

Rs. 10/- each

Rs. 20.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,148,520

Equity Shares

Rs. 10/- each

Rs. 11.485 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

11.485

11.485

11.485

2] Share Application Money

5.561

5.561

5.561

3] Reserves & Surplus

31.169

29.863

28.380

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

48.215

46.909

45.426

LOAN FUNDS

 

 

 

1] Secured Loans

29.285

29.458

29.173

2] Unsecured Loans

5.693

13.702

12.816

TOTAL BORROWING

34.978

43.160

41.989

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

83.193

90.069

87.415

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

26.270

30.046

33.744

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

3.735

1.551

0.298

DEFERRED TAX ASSETS

3.135

2.466

1.987

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
6.325

7.090

8.516

 

Sundry Debtors
36.826

36.127

35.757

 

Cash & Bank Balances
9.411

7.815

5.434

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
10.565

14.513

11.707

Total Current Assets
63.127

65.545

61.414

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
9.316

6.770

8.478

 

Other Current Liabilities
0.326

0.418

0.000

 

Provisions
3.432

2.351

1.550

Total Current Liabilities
13.074

9.539

10.028

Net Current Assets
50.053

56.006

51.386

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

83.193

90.069

87.415

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

Income

 

147.662

167.361

 

 

Other Income

 

1.480

0.635

 

 

TOTAL                                     (A)

N.A.

149.142

167.996

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Raw Material Consumed 

 

114.642

125.442

 

 

Manufacturing Expenses

 

10.881

13.395

 

 

Administrative Expenses

 

9.095

8.403

 

 

Selling and Distribution Expenses

 

3.022

3.737

 

 

Loss on sale of assets

 

0.000

0.071

 

 

Bad debts w/off

 

1.453

1.975

 

 

Increase/ (Decrease) in stock

 

(1.530)

2.101

 

 

TOTAL                                     (B)

N.A.

137.563

155.124

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

11.579

12.872

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

5.456

6.609

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

6.123

6.263

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

3.714

3.469

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

N.A.

2.409

2.794

 

 

 

 

 

Less

TAX                                                                  (H)

N.A.

0.927

1.133

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.306

1.482

1.661

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

29.863

28.380

26.719

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

31.169

29.863

28.380

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

N.A.

0.000

1.365

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

17.977

14.029

 

 

Plant and Machinery 

 

0.000

0.455

 

TOTAL IMPORTS

N.A.

17.977

14.484

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.14

1.29

1.45

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
N.A.

0.99

0.99

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
N.A.

1.63

1.67

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
N.A.

2.52

2.94

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
N.A.

0.05

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.73

0.92

0.92

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.83

6.87

6.12

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.03.2012

31.03.2011

 

31.03.2010

Sundry Creditors for Material/ Supplies

(Rs. In Millions)

For Purchase

7.045

5.014

2.860

For Expense

2.249

1.734

5.587

For Capital Expenditure

0.022

0.022

0.031

Total

9.316

6.770

8.478

 

 

Sr. No.

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

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last two years

Yes

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

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

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

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Term Loan

 

 

Others

 

 

Intercorporate

3.127

8.247

From related parties

2.566

5.455

Total

5.693

13.702

 

Note:

* Above debts are secured against Personal Guarantee of Director and payable in 15 instalments

** The instalment following due within 12 months after report date is Nil as terms of repayment are not predetermined.

 

 

FIXED ASSETS:

 

v      Air Conditioner

v      Vehicles

v      Furniture and Fixture

v      Refrigerator

v      Office Equipment

v      Computers

v      Electrical Installation

v      Machinery

v      Land

v      Staff Quarters

v      Building


 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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 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. 53.85

UK Pound

1

Rs. 84.43

Euro

1

Rs. 72.40

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

44

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.