MIRA
INFORM REPORT
|
Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEHTA FLEX PRIVATE LIMITED (w.e.f. 05.12.2000) |
|
|
|
|
Formerly Known
As : |
MEHTA FLAX PRIVATE LIMITED |
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|
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Registered
Office : |
B-4/8, New Empire Industrial Estate, Kondivita Road, Andheri (East),
Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
21.09.1999 |
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|
|
|
Com. Reg. No.: |
11-121864 |
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Capital
Investment / Paid-up Capital : |
Rs.4.740
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH1999PTC121864 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM14241D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of
all kinds of Plastics Bags, Shrink Tubing and Films. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1340000 |
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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 is an established company having a satisfactory track record.
The latest financial are not available. As per the financial of 2011, the company performance seems to be
good. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for normal business dealings 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 DENIED BY
|
Name : |
Mr. Deepak |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-28366208 |
|
Date : |
26.06.2013 |
LOCATIONS
|
Registered Office : |
B-4/8, New Empire Industrial Estate, Kondivita Road, Andheri (East),
Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-28324463/ 28365625 |
|
Fax No.: |
91-22-28365901 |
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E-Mail : |
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|
Website: |
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Factory : |
Survey No. 376/2 (4,5,6) and 376/8, Zaricauseway Road, Kachigam, Daman,
Daman and Diu, India |
DIRECTORS
(AS ON 27.09.2012)
|
Name : |
Mr. Vijay Nagraj Mehta |
|
Designation : |
Director |
|
Address : |
402, Bharat Apartment, |
|
Date of Birth/Age : |
06.06.1964 |
|
Date of Appointment : |
21.09.1999 |
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DIN No.: |
00898178 |
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|
|
|
Name : |
Mr. Ranjit Nagraj Mehta |
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Designation : |
Director |
|
Address : |
402, Bharat Apartment, |
|
Date of Birth/Age : |
01.07.1958 |
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Date of Appointment : |
21.09.1999 |
|
DIN No.: |
00898061 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Kantilal Mehta |
|
72000 |
|
Nirmala Mehta |
|
50000 |
|
Pratik Mehta |
|
21000 |
|
Rahul Mehta |
|
85000 |
|
Ranjit Mehta |
|
86000 |
|
Ranjit N Mehta HUF |
|
1000 |
|
Sunita Mehta |
|
71000 |
|
Usha Mehta |
|
1000 |
|
Vijay Mehta |
|
87000 |
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|
|
|
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Total |
|
474000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or
relatives of Directors |
|
100.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
all kinds of Plastics Bags, Shrink Tubing and Films. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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|
|
|
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|
Multilayer Co-Extruted Films and Bags |
KG |
NA |
10,100 |
6,542,189.70 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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Bankers : |
· HDFC Bank HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
R Trivedi and Associates Chartered Accountant |
|
Address : |
119, Ranjit Studio, G-Block, Ground Floor, |
|
PAN No.: |
AABPT8670Q |
|
|
|
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Associates : |
o
Barrier Films Private Limited o
Clearex Flims o
Metropolythene Manufacturers o
Anand Polyrotex |
CAPITAL STRUCTURE
(AS ON 27.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
474000 |
Equity Shares |
Rs.10/- each |
Rs. 4.740
Millions |
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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 |
4.740 |
4.740 |
4.710 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
329.131 |
263.516 |
170.402 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
333.871 |
268.256 |
175.112 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.515 |
40.968 |
30.675 |
|
|
2] Unsecured Loans |
104.900 |
104.873 |
84.180 |
|
|
TOTAL BORROWING |
157.415 |
145.841 |
114.855 |
|
|
DEFERRED TAX LIABILITIES |
8.277 |
9.948 |
5.996 |
|
|
|
|
|
|
|
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TOTAL |
499.563 |
424.045 |
295.963 |
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APPLICATION OF FUNDS |
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|
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|
|
|
|
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FIXED ASSETS [Net Block] |
280.481 |
330.903 |
223.457 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
78.300
|
65.452 |
29.484
|
|
|
Sundry Debtors |
113.849
|
106.147 |
96.969
|
|
|
Cash & Bank Balances |
8.673
|
12.984 |
24.126
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
48.726
|
61.548 |
32.392
|
|
Total
Current Assets |
249.548
|
246.131 |
182.971
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.985
|
140.475 |
109.908
|
|
|
Other Current Liabilities |
0.045
|
0.465 |
0.422
|
|
|
Provisions |
7.436
|
12.049 |
0.135
|
|
Total
Current Liabilities |
30.466
|
152.989 |
110.465
|
|
|
Net Current Assets |
219.082
|
93.142 |
72.506
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
499.563 |
424.045 |
295.963 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sale of Products and Services) |
977.619 |
971.052 |
567.539 |
|
|
|
Other Income |
4.617 |
4.754 |
1.890 |
|
|
|
TOTAL (A) |
982.236 |
975.806 |
569.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
834.756 |
808.594 |
494.742 |
|
|
|
TOTAL (B) |
834.756 |
808.594 |
494.742 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
147.480 |
167.211 |
74.687 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
11.632 |
7.805 |
11.009 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.848 |
159.406 |
63.678 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.223 |
38.074 |
29.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
86.625 |
121.332 |
33.968 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.009 |
28.218 |
10.231 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
65.616 |
93.114 |
23.737 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.317 |
168.203 |
144.466 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
326.933 |
261.317 |
168.203 |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
138.43 |
196.44 |
50.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.68
|
9.54 |
4.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.86
|
12.49 |
5.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.34
|
21.03 |
8.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.45 |
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47
|
0.54 |
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.19
|
1.61 |
1.65
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Director, if available |
Yes |
|
32] |
PAN of Director, if
available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2011 Rs. in Millions |
31.03.2010 Rs. in Millions |
|
|
|
|
|
Loan from Directors, Shareholders and Others |
104.900 |
104.873 |
|
|
|
|
|
Total |
104.900 |
104.873 |
OPERATING RESULTS:
During the year the company has recorded the Total Income of Rs. 982.236
Millions and made a Net Profit of Rs. 65.616 Millions (Previous year, Net
Profit of Rs. 93.114 Millions) during the coming year the company expected to
achieved better receipts and net income.
FORM 8:
|
Corporate
identity number of the company |
U25202MH1999PTC121864 |
|
Name of the
company |
MEHTA FLEX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-48, New Empire Industrial Estate, |
|
This form is for |
Modification of
charge |
|
Charge
Identification Number (ID) number of the charge to be modified |
80056124 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
HDFC Bank HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India Email: rbbform8@hdfcbank.com
|
|
Nature of
instrument creating charge |
Memorandum
recording past transactions of creation of Mortgage by Delivery of Title
Deeds. |
|
Date of
instrument Creating the charge |
25.07.2011 |
|
Amount secured by
the charge |
Rs.146.500
Millions |
|
Brief of the principal
terms and conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time Terms of
Repayment Working Capital
facility shall payable on demand Term Loan
facility shall repayable in suitable installments Margin As may be
stipulated by the bank from time to time Extent and
Operation of the charge The company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as security for repayment of Rs. 131.500 Millions by the company,
together with principal, interests, liquidated damages, costs, charges and
expenses. Others Nil |
|
Short particulars
of the property charged |
Immovable
properties situated at Factory Land and Building at Survey No. 376/2,
Kachigam, Nani Daman. Immovable
properties situated at Factory Land and Building at Survey No. 376/8, Plot No
5, Kachigam, Daman. |
|
Date of latest modification
prior to the present modification |
01.11.2010 |
|
Particulars of
the present modification |
The charge shall
now increased from Rs.131.500 Millions to Rs.146.500 Millions in favour the Bank
against the equitable mortgage of immovable properties being situated at
Kachigam, Nani Daman. |
FIXED ASSETS:
o
o
Buildings
o
Plant and Machinery
o
Motor Vehicles
o
Furniture and Fixtures
o
Office Equipments
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 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 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.59.15 |
|
UK Pound |
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.