MIRA INFORM REPORT

 

 

Report Date :

04.03.2014

 

IDENTIFICATION DETAILS

 

Name :

AKASH PLASTOPACK PRIVATE LIMITED

 

 

Registered Office :

Plot No. 1, 141/142, Road No ID-1, GIDC Sachin, Surat - 394230, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

09.07.1996

 

 

Com. Reg. No.:

04-030165

 

 

Capital Investment / Paid-up Capital :

Rs. 5.000 Millions

 

 

CIN No.:

[Company Identification No.]

U25209GJ1996PTC030165

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, Selling and Jobwork of PVC and Metallised Films.

 

 

No. of Employees :

Information declined by the management

 

 

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 190000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Management has seen an increase in its sales revenue as well as net profitability during 2013.

 

The company possesses an acceptable financial profile marked by sufficient position of reserves.   

 

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

 

The subject can be considered for business dealings at 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

 

 

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 DECLINED BY

 

Name :

Ms. Sheetal

Designation :

Marketing Department

Contact No.:

91-9825100590

Date :

03.03.2014

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Plot No. 1, 141/142, Road No. ID-1, GIDC Sachin, Surat - 394230, Gujarat, India

Tel. No.:

91-261-2375742/ 2375741

Mobile No.:

91-9825100590 (Ms. Sheetal)

Fax No.:

91-261-2374757

E-Mail :

bharattulsiani@yahoo.com

info@aakashwrap.com

aakash@worldgatein.com

Website :

http://www.aakashwrap.com

 

 

Factory 2 :

402, Meridian Tower, Besides Rajkumar Cinema, Udhna Gate, Surat - 395002, Gujarat, India

Tel. No.:

91-261-2345711/ 2339751/ 2351373

Fax No.:

91-261-2346493

E-Mail :

sales@aakashwrap.com

 

 

DIRECTORS

 

AS ON 23.09.2013

 

Name :

Mr. Bharat Kishanchand Tulsiani

Designation :

Director

Address :

7-B, Jai Hind Society, Near Ambika Niketan, Athwalines, Surat - 395007, Gujarat, India

Date of Birth/Age :

08.03.1972

Date of Appointment :

09.07.1996

DIN No.:

00949243

 

 

Name :

Kishin Giyanchand Tulsiani

Designation :

Director

Address :

7-B, Jai Hind Society, Near Ambika Niketan, Athwalines, Surat - 395007, Gujarat, India

Date of Birth/Age :

20.03.1943

Date of Appointment :

09.07.1996

DIN No.:

01970530

 

 

Name :

Ms. Bharti Bharat Tulsiani

Designation :

Director

Address :

7-B, Jai Hind Society, Near Ambika Niketan, Athwalines, Surat - 395007, Gujarat, India

Date of Birth/Age :

13.10.1972

Date of Appointment :

01.05.1997

DIN No.:

02118390

 

 

KEY EXECUTIVES

 

Name :

Ms. Sheetal

Designation :

Marketing Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 23.09.2013

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Kishanchand G. Tulsiyani

4500

9.00

Rajniben K. Tulsiyani

32000

64.00

Bharat K. Tulsiyani

4500

9.00

Bharti B. Tulsiyani

4500

9.00

Pavan K. Tulsiyani

4500

9.00

 

 

 

Total

 

50000

100.00

 

 

 

 

AS ON 23.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Selling and Jobwork of PVC and Metallised Films.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :

·         The United Western Bank Limited

Surat Branch, Balkrishna Shopping Center; Chauta Pool, Surat - 395001, Gujarat, India

 

·         Industrial Development Bank of India Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

 

·         IDBI Bank Limited

CSC Surat, 801, 21st Century Business Centre, Ring Road, Surat - 395002, Gujarat, India

 

·         HDFC Bank Limited

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loan from IDBI Bank Limited

1.796

3.060

Less: Installments due within 12 months

1.491

1.295

 

0.305

1.765

SHORT TERM BORROWINGS

 

 

Working Capital Facilities from:

The IDBI Bank Limited (Cash Credit)

14.885

14.686

The IDBI Bank Limited (B.D. Account)

13.860

11.948

 

 

 

Total

 

29.050

28.399

 

LONG-TERM BORROWINGS

 

The term loans from IDBI Bank carries interest @ 13.25% to 15.00% p.a. The term loans are repayable in 48 monthly installments beginning from the date of loan. The loan is secured against the hypothecation of Plant and Machinery and is also secured by way of equitable mortgage over the factory land and building at Plot no. No. 1-141-142, G.I.D.C., Sachin, Surat and equitable mortgage over the office at 402, Meridian Tower, Near Rajkumar Cinemas, Surat and personal guarantees of directors and corporate guarantee of

 

The closing balances of unsecured loans are subject to confirmation however, the Directors have certified the respective balances. The unsecured loan from HDFC Bank carries interest I@ 15% p.a. whereas majority of unsecured loan are Interest free and few carries interest @ 12% p.a.

 

SHORT TERM BORROWINGS

 

The Working Capital facility from IDBI Bank is secured by way of exclusive charge over inventory and receivables of the company. Further, the Working Capital Facility from IDBI bank is secured by way of collateral securities of factory land and building at Plot No. 1-141-142. Road No. I-Dl, G.I.D.C., Sachin, Surat and office at 402, Meridian Tower, Near Rajkumar Cinema, Udhna Darwaja, Surat. The working facilities is also secured by way of personal guarantee of Directors of the company.

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

DSI And Company

Chartered Accountants

Address :

17-26, Nariman Point Shoping Centre, City Light Road, Surat – 395007, Gujarat, India

Tel. No.:

91-261-3992929/ 3994747

Fax No.:

91-261-3053838

E-Mail :

dsi.surat@gmail.com

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

AAFFD4002N

 

 

Associates :

·         Aakash Packaging

·         Aakash Polyfilms Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100,000

Equity Shares

Rs. 100/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50,000

Equity Shares

Rs. 100/- each

Rs. 5.000 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

5.000

5.000

5.000

(b) Reserves & Surplus

42.947

40.997

39.126

(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)

47.947

45.997

44.126

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

9.482

10.056

12.973

(b) Deferred tax liabilities (Net)

0.150

0.362

0.179

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

9.632

10.418

13.152

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

28.745

26.634

21.121

(b) Trade payables

32.364

22.955

14.767

(c) Other current liabilities

1.594

2.969

2.590

(d) Short-term provisions

3.212

7.020

7.756

Total Current Liabilities (4)

65.915

59.578

46.234

 

 

 

 

TOTAL

123.494

115.993

103.512

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

29.266

34.086

26.760

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2.068

2.053

7.164

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

31.334

36.139

33.924

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

5.148

5.148

5.148

(b) Inventories

31.923

32.132

33.803

(c) Trade receivables

39.053

16.184

20.936

(d) Cash and cash equivalents

10.054

14.397

2.740

(e) Short-term loans and advances

5.982

11.993

6.961

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

92.160

79.854

69.588

 

 

 

 

TOTAL

123.494

115.993

103.512

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

184.630

181.025

182.131

 

 

Other Income

1.005

0.182

0.189

 

 

TOTAL                                    

185.635

181.207

182.320

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

179.394

174.798

175.086

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

6.241

6.409

7.234

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

3.365

3.679

3.202

 

 

 

 

 

Less

EXTRAORDINARY ITEMS

0.021

0.010

0.001

 

 

 

 

 

 

PROFIT BEFORE TAX

2.855

2.720

4.031

 

 

 

 

 

Less

TAX                                                                 

0.906

0.849

1.236

 

 

 

 

 

 

PROFIT AFTER TAX

1.949

1.871

2.795

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

105.959

111.561

121.786

 

 

 

 

 

 

VALUE OF IMPORTS ON C.I.F. BASIS

83.957

68.669

81.024

 

 

 

 

 

 

Earnings Per Share (Rs.)

38.99

37.42

55.91

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
1.05

1.03

1.53

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.55

1.50

2.21

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.31

2.34

3.89

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.06

0.09

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.80

0.80

0.77

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.40

1.34

1.51

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. in Millions)

(Rs. in Millions)

(Rs. in Millions)

Share Capital

5.000

5.000

5.000

Reserves & Surplus

39.126

40.997

42.947

Net worth

44.126

45.997

47.947

 

 

 

 

long-term borrowings

12.973

10.056

9.482

Short term borrowings

21.121

26.634

28.745

Total borrowings

34.094

36.690

38.227

Debt/Equity ratio

0.773

0.798

0.797

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. in Millions)

(Rs. in Millions)

(Rs. in Millions)

 

182.131

181.025

184.630

 

 

(0.607)

1.991

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. in Millions)

(Rs. in Millions)

(Rs. in Millions)

Sales

182.131

181.025

184.630

Profit

2.795

1.871

1.949

 

1.53%

1.03%

1.06%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG TERM DEBT

 

Particulars

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

31.03.2011

(Rs. In Millions)

 

 

 

 

Current maturities of long term debt

1.491

2.907

2.472

 

 

 

 

 

 

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

Yes

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

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 503 of 2010

Status: PENDING                         ( Converted from : ST/591/2010 )                       CCIN No: 001073201300088

 

Last Listing Date: 11/06/2012

 

Coram: HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX - I

MR SUDHIR M MEHTA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

AAKASH PLASTOPACK PRIVATE LIMITED

MR MANISH J SHAH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On             : 15/02/2010                                            Registered On              : 15/02/2010

Bench Category         : DIVISION BENCH                                   District                         : SURAT

Case Originated From: THROUGH ADVOCATE                          Listed                           : 121 times

Stage Name                : NOTICE RETURNABLE MATTERS

 

Classification

·         DB - BANKING MATTERS - BAKING REGULATION ACT, 1949 - RELATING TO RESERVE BANK O INDIA & OTHER BANKS UNDER THE BANKING REGULATIONS ACT AND OTHER BANKING LAWS.
  • SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - DELETION OF PARTY

Act

·         INCOME-TAX ACT, 1961
  • COMPANIES ACT, 1956

 

                                                                                                

Office Details

 

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2010

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR MANISH J SHAH:1

2

15/08/2010

VAKALATNAMA

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR SUDHIR M MEHTA:1

3

02/08/2011

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 10

5

MR MANISH J SHAH:1

4

21/07/2012

APPEARANCE NOTE

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR SUDHIR M MEHTA:1

 

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

01/03/2011

10

-

FOR REGULAR ADMISSION (SPL.)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

08/03/2011

10

-

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

3

22/03/2011

10

-

FOR REGULAR ADMISSION (SPL.)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

4

18/04/2011

10

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

5

22/04/2011

10

-

FOR REGULAR ADMISSION (SPL.)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

6

20/05/2011

10

-

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

7

21/06/2011

10

-

FOR REGULAR ADMISSION (SPL.)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

8

27/06/2011

3

-

FOR REGULAR ADMISSION (SPL.)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

9

29/06/2011

10

-

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

10

04/07/2011

3

-

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

11

01/08/2011

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

12

23/08/2011

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

13

26/09/2011

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

14

10/10/2011

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

15

21/11/2011

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

16

12/12/2011

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

17

10/01/2012

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

18

24/01/2012

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

19

31/01/2012

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

20

21/02/2012

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

21

28/02/2012

1

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

22

06/03/2012

1

60

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

23

26/03/2012

1

114

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

24

30/04/2012

3

32

NOTICE RETURNABLE MATTERS

NEXT DATE

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·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

25

11/06/2012

3

-

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/503/2010

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

04/07/2011

N

ORDER

-

Y

 

 

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

05/07/2011

O/23711/2011

04/07/2011

08/07/2011

11/07/2011

Delivered

ORDER

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10256917

24/05/2013 *

68,000,000.00

IDBI BANK LIMITED

CSC SURAT, 801, 21ST CENTURY BUSINESS CENTRE, RING ROAD, SURAT - 395002, GUJARAT, INDIA

B76727494

 

* Date of charge modification

 

 

UNSECURED LOANS

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

From HDFC Bank Limited

0.000

1.612

Less: Installments due within 12 months

0.000

1.612

 

0.000

0.000

From Directors & Shareholders

9.177

8.291

 

 

 

Total

 

9.177

8.291

 

 

CORPORATE INFORMATION

 

Subject is a private limited company and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of manufacturing, sale and jobwork of PVC and metallised films.


FIXED ASSETS:

 

·         Land

·         Factory Building

·         Office

·         Plant and Machinery

·         Electric Installations

·         Gas Connections

·         Furniture

·         Computer

·         Vehicles (Heavy)

·         Vehicles (2- Wheeler)

·         Vehicles (4- Wheeler)

·         A.C. Machine

·         Weighing Machine

·         Attendance Machine

·         Strapling Machine

·         EPABX

·         Fax

·         Camera

·         Cooler

·         Mobile Phone

 

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 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. 61.86

UK Pound

1

Rs. 103.52

Euro

1

Rs. 85.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--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

YES

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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.