MIRA
INFORM REPORT
|
Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MILTON PLASTICS LIMITED |
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Registered
Office : |
2, Ashish Warehouse, Punjab Foundry Industrial Estate, Near Classic Studio, Mira Bhayander Road, Kashimira, Mira Road (East), Thane – 401104, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.05.1992 |
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Com. Reg. No.: |
11-066635 |
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Capital
Investment / Paid-up Capital : |
Rs.124.985 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH1992PLC066635 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Thermoware Products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Sick Company |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company declared as a sick industrial
undertaking by Board for Industrial and Financial Reconstruction vide case no.
335/2004 in terms of section 3(1) (0) of the Industrial companies (special
provisions) Act, 1985. The company possesses a extreme weak financial profile marked by huge
accumulated losses leading to erosion of its networth. Moreover, the huge liabilities reported also act as a threat to the
liquidity which are further mitigated by approval of restructuring proposals
by some of the major lenders. Management has witnessed a fair sales volume but has recorded a
drastic dip in its net profitability during FY14. The ratings also take into consideration, the volatile raw material
prices and prevailing competition from unorganised as well as small players
in the industry. Business is active. Payment terms are reported as slow and delayed. In view of experienced promoters and technological tie ups with some
foreign majors, the company can be considered for business dealings on a
fully safe and secured trade terms and conditions. Note: The
entity is erroneously reported as an unlisted company in the details with
statutory authorities, whereas from authenticated indirect sources we have
confirmed that the company is been actively
trading on Bombay Stock Exchange at a stock price of 17.84 as on
August 22, 2014; 11:18 |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non Cooperative (91-22-28455450)
LOCATIONS
|
Registered Office : |
2, Ashish Warehouse, Punjab Foundry Industrial Estate, Near
Classic Studio, Mira Bhayander Road, Kashimira, Mira Road (East), Thane –
401104, Maharashtra, India |
|
Tel. No.: |
91-22-28455450/ 28458967 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
Asian Building, 4th Floor, R Kamani Marg, Ballard Estate, Mumbai -400001, Maharashtra, India |
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Factory 1 : |
28/29, Nagar Road, Village Shikrapur, District Pune – 412208,
Maharashtra, India |
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|
|
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Factory 2 : |
Plot No. 72, Dhanudyog Sahakari Sangh Limited, Village Piparia,
Silvassa, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Bansilal I. Vaghani |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
10.01.1937 |
|
Qualification : |
Graduate In Commerce |
|
Date of Appointment : |
01.05.1992 |
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|
|
|
Name : |
Mr. C. I. Vaghani |
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Designation : |
Director |
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|
|
|
Name : |
Mr. Madhup B. Vaghani |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
03.11.1961 |
|
Qualification : |
Graduate In Commerce |
|
Date of Appointment : |
13.02.2013 |
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|
|
|
Name : |
Mr. Viren Bhimani |
|
Designation : |
Independent Non Executive Director |
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|
|
|
Name : |
Mr. Devendra Negi |
|
Designation : |
Independent Non Executive Director |
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Date of Birth/Age : |
24.05.1958 |
|
Qualification : |
Graduate In Commerce |
|
Date of Appointment : |
23.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No.
of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1881860 |
15.06 |
|
|
104907 |
0.84 |
|
|
2164410 |
17.32 |
|
|
2164410 |
17.32 |
|
|
4151177 |
33.21 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
4151177 |
33.21 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1800 |
0.01 |
|
|
1800 |
0.01 |
|
|
|
|
|
|
3836598 |
30.70 |
|
|
|
|
|
|
2404665 |
19.24 |
|
|
378505 |
3.03 |
|
|
1725805 |
13.81 |
|
|
67654 |
0.54 |
|
|
155851 |
1.25 |
|
|
2200 |
0.02 |
|
|
1500100 |
12.00 |
|
|
8345573 |
66.77 |
|
Total Public
shareholding (B) |
8347373 |
66.79 |
|
Total (A)+(B) |
12498550 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
12498550 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Dinesh Ishwarlal Vaghani |
4,20,000 |
3.36 |
3.36 |
|
2 |
Chiranjiv Ishwarlal Vaghani |
5,80,000 |
4.64 |
4.64 |
|
3 |
Yogini C Vaghani |
1,05,000 |
0.84 |
0.84 |
|
4 |
Yogesh I Vaghani |
1,35,240 |
1.08 |
1.08 |
|
5 |
Yogesh I Vaghani |
25,000 |
0.20 |
0.20 |
|
6 |
Vaghani Madhup Bansilal |
7,56,985 |
6.06 |
6.06 |
|
7 |
Priti Nilesh Vaghani |
58,900 |
0.47 |
0.47 |
|
8 |
Nilesh Ishwarlal Vaghani |
5,39,465 |
4.32 |
4.32 |
|
9 |
D J Holdings Private Limited |
50,464 |
0.40 |
0.40 |
|
10 |
Jai Prakash I Vaghani |
1,100 |
0.01 |
0.01 |
|
11 |
Stead Fast Holding Private Limited |
54,443 |
0.44 |
0.44 |
|
12 |
Ajay D Vaghani |
3,12,680 |
2.50 |
2.50 |
|
13 |
Yogini Chiranjiv Vaghani |
200 |
0.00 |
0.00 |
|
14 |
Chiranjiv I Vaghani |
4,85,685 |
3.89 |
3.89 |
|
15 |
Jyoti D Vaghani |
90,240 |
0.72 |
0.72 |
|
16 |
Dineshkumar I Vaghani |
4,44,425 |
3.56 |
3.56 |
|
17 |
Bansilal I Vaghani |
59,190 |
0.47 |
0.47 |
|
18 |
Indrajit Bansilal Vaghani |
32,160 |
0.26 |
0.26 |
|
|
Total |
41,51,177 |
33.21 |
33.21 |
Shareholding
belonging to the category "Public" and holding more than 1% of the Total
No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
1 |
LSE Securities Limited |
149930 |
1.20 |
1.20 |
|
|
2 |
Sweet Solutions Limited |
3250000 |
26.00 |
26.00 |
|
|
3 |
Daksha Vaghani |
125000 |
1.00 |
1.00 |
|
|
4 |
Stressed Assets Stabilization Fund |
1500000 |
12.00 |
12.00 |
|
|
|
Total |
5024930 |
40.20 |
40.20 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in
Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
1 |
Sweet Solutions Limited |
3250000 |
26.00 |
26.00 |
|
|
2 |
Stressed Assets Stabilization Fund |
1500000 |
12.00 |
12.00 |
|
|
|
Total |
4750000 |
38.00 |
38.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Thermoware Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Standard Chartered Bank |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mehta Chokshi and Shah Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Solicitors : |
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|
Name : |
Law Charter Advocates, Solicitors and Notary |
|
Address : |
Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.124.985 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12497100 |
Equity Shares |
Rs.10/- each |
Rs.124.971 Millions |
|
2900 |
Add: Equity Shares Forfeited |
Rs.5/- each |
Rs.0.014
Million |
|
|
|
|
|
|
|
Total |
|
Rs.124.985 Millions |
Reconciliation of the number of shares outstanding
|
|
No. of Shares |
|
As per last Balance Sheet |
12497100 |
|
Closing Balance |
12497100 |
Name of Shareholders holding more than 5% shares
|
|
No. of Shares |
% |
|
Madhup Bansilal Vaghani |
756985 |
6.06 |
|
Chiranjiv Ishwarlal Vaghani |
1066184 |
8.53 |
|
Dinesh Ishwarlal Vaghani |
864425 |
6.92 |
|
Sweet Solutions Limited |
3250000 |
26.01 |
|
Stressed Assets Stabization Fund |
1500000 |
12.00 |
|
|
7437594 |
59.52 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
124.985 |
124.985 |
124.985 |
|
(b) Reserves & Surplus |
(1903.296) |
(1953.936) |
(2356.585) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(1778.311) |
(1828.951) |
(2231.600) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1311.188 |
1319.532 |
1186.745 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
20.823 |
20.746 |
21.057 |
|
Total
Non-current Liabilities (3) |
1332.011 |
1340.278 |
1207.802 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
821.549 |
823.104 |
831.933 |
|
(b) Trade payables |
71.503 |
61.926 |
62.581 |
|
(c) Other current liabilities |
37.704 |
154.871 |
813.138 |
|
(d) Short-term provisions |
0.708 |
0.712 |
0.936 |
|
Total
Current Liabilities (4) |
931.464 |
1040.613 |
1708.588 |
|
|
|
|
|
|
TOTAL |
485.164 |
551.940 |
684.790 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
43.617 |
45.769 |
44.054 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14.532 |
14.532 |
14.532 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
199.260 |
199.273 |
301.999 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
257.409 |
259.574 |
360.585 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
79.206 |
67.906 |
72.952 |
|
(c) Trade receivables |
37.421 |
39.588 |
66.591 |
|
(d) Cash and cash equivalents |
3.258 |
4.619 |
3.057 |
|
(e) Short-term loans and
advances |
103.898 |
177.038 |
179.776 |
|
(f) Other current assets |
3.972 |
3.215 |
1.829 |
|
Total
Current Assets |
227.755 |
292.366 |
324.205 |
|
|
|
|
|
|
TOTAL |
485.164 |
551.940 |
684.790 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
448.800 |
386.351 |
387.431 |
|
|
Other Income |
0.200 |
0.235 |
1.177 |
|
|
TOTAL
(A) |
449.000 |
386.586 |
388.608 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
358.000 |
305.394 |
313.108 |
|
|
Purchases of Stock-in-Trade |
5.300 |
6.803 |
5.846 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(1.200) |
(2.004) |
(5.334 |
|
|
Employees benefits expense |
18.600 |
16.615 |
15.950 |
|
|
Other expenses |
73.500 |
72.290 |
90.611 |
|
|
Extraordinary Items |
(61.800) |
(421.820) |
(197.337) |
|
|
TOTAL
(B) |
392.400 |
(22.722) |
222.844 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
56.600 |
409.308 |
165.764 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.600 |
3.511 |
109.816 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
54.000 |
405.797 |
55.948 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
3.400 |
3.148 |
3.868 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
50.600 |
402.649 |
52.080 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
50.600 |
402.649 |
52.080 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.05 |
32.22 |
4.17 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
11.27 |
104.16 |
13.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.27 |
104.22 |
13.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.75 |
74.92 |
7.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
(0.22) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.20) |
(1.17) |
(0.90) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24 |
0.28 |
0.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
124.985 |
124.985 |
124.985 |
|
Reserves & Surplus |
(2356.585) |
(1953.936) |
(1903.296) |
|
Net
worth |
(2231.600) |
(1828.951) |
(1778.311) |
|
|
|
|
|
|
long-term borrowings |
1186.745 |
1319.532 |
1311.188 |
|
Short term borrowings |
831.933 |
823.104 |
821.549 |
|
Total
borrowings |
2018.678 |
2142.636 |
2132.737 |
|
Debt/Equity
ratio |
(0.905) |
(1.172) |
(1.199) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
387.431 |
386.351 |
448.800 |
|
|
|
(0.279) |
16.164 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
387.431 |
386.351 |
448.800 |
|
Profit |
52.080 |
402.649 |
50.600 |
|
|
13.44% |
104.22% |
11.27% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities
of long-term debt |
|
|
|
|
|
|
12.053 |
8.344 |
|
Secured Corporate loans from Others |
|
0.000 |
421.821 |
|
Unsecured Debentures |
|
0.000 |
20.000 |
|
|
|
|
|
|
Total |
NA |
12.053 |
450.165 |
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter 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 LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Debentures |
NA |
20.000 |
|
Interest Accrued and due on Debentures |
NA |
211.131 |
|
|
|
|
|
Total |
NA |
231.131 |
CONTINGENT LIABILITY
IN RESPECT OF:
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
|
Guarantee issued by Banks in favour of various Central and State Government Department and Local Bodies. |
2.516 |
|
Demands under Excise Act, disputed in appeal. |
0.283 |
|
Demands under Income Tax Act, disputed in appeal. |
26.040 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80042826 |
15/09/2011 * |
20,000,000.00 |
Itz Online Financial Services Private Limited |
10TH FLOOR, TIMES
TOWER,, KAMALA CITY, SENAPATI B |
B24704413 |
|
2 |
80042832 |
12/02/1999 |
20,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE
BRANCH, E-9, MAKER TOWER,, CUF |
- |
|
3 |
80063898 |
31/05/1998 |
7,000,000.00 |
Dena Bank |
HORNIMAN CIRCLE BRANCH,
MUMBAI, MUMBAI, MAHARASHT |
- |
|
4 |
80063899 |
23/01/1996 |
67,500,000.00 |
Dena Bank |
INDUSTRIAL FINANCE
BRANCH, MAKER TOWERS, CUFFE PA |
- |
|
5 |
80063900 |
25/07/1995 |
173,212,000.00 |
Dena Bank |
INDUSTRIAL FINANCE
BRANCH, CUFFE PARADE,, MUMBAI, |
- |
|
6 |
80063901 |
12/02/1996 * |
200,000,000.00 |
Standard Chartered Bank |
M.G.ROAD FORT,,
MUMBAI, MUMBAI, MAHARASHTRA - 400 |
- |
|
7 |
80042827 |
15/09/2011 * |
33,750,000.00 |
Itz Online Financial Services Private Limited |
10TH FLOOR, TIMES
TOWER,, KAMALA CITY, SENAPATI B |
B24706251 |
|
8 |
80042828 |
15/09/2011 * |
35,000,000.00 |
Itz Online Financial Services Private Limited |
10TH FLOOR, TIMES
TOWER,, KAMALA CITY, SENAPATI B |
B24705121 |
|
9 |
80042829 |
15/09/2011 * |
80,250,000.00 |
Itz Online Financial Services Private Limited |
10TH FLOOR, TIMES
TOWER,, KAMALA CITY, SENAPATI B |
B24705303 |
|
10 |
80043634 |
28/06/1994 |
24,500,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH,,
MAKER TOWERS, CUFFE P |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Factory Building
· Dies and Moulds
· Machineries
· Furniture and Fixtures
· Electrical Installation
· Vehicles
· Office / Factory Equipments
· Computer
· Material Handling Equipments
· Air-condition
· Godown
PRESS RELEASE
CARING COMPANY AWARD
2014 FOR MILTON HOLDINGS AND MILTON PLASTICS
28th Feb 2014
We are delighted to announce that on 28 of February Milton Holdings and Milton Plastics have been presented with the Caring Company Award by the Hong Kong Council of Social Service. Reaching this landmark is a reflection of Milton’s many years of dedicated care for our people, community and environment.
This is the fifth consecutive year since 2009 that the Milton Plastics is honored with the award of the Caring Company Logo for having demonstrated good corporate social responsibility.
The mission of the Caring Company Scheme is to build a caring community by encouraging corporate citizenships and strategic partnerships among the business, public and social service sectors in Hong Kong.
We are proud to be awarded by this renowned CSR icon. The award is certainly an encouragement to our commitment in this area.
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.60.44 |
|
|
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
13 |
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.