MIRA INFORM REPORT
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Report No. : |
343314 |
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Report Date : |
03.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JHAVERI FLEXO INDIA LIMITED (w.e.f 11.09.2006) |
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Formerly Known
As : |
FLEXO FILM WRAPS (INDIA) LIMITED |
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Registered Office
: |
Gut No. 74, Farola, Paithan Road, Aurangabad – 431105, Maharashtra |
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Tel No.: |
91-2431-251663 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.04.1985 |
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Com. Reg. No.: |
11-035938 |
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Capital
Investment / Paid-up Capital : |
Rs. 153.064 Million |
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CIN No.: [Company Identification
No.] |
U25209MH1985PLC035938 |
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IEC No.: |
0392020793 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NKSF00196A |
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PAN No.: [Permanent Account No.] |
AAACF4037F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Laminate, PPC Films, Stretch
Films, etc. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company incorporated in the year 1985 having moderate track. It is engaged in providing packaging solutions and it is the manufacturer, exporter and importer of Laminate, PPC films, stretch films, etc. The company's operational performance seems to be weak due to losses incurred from its operations during the year 2014 and has limited financial flexibility with intensely competitive nature of the industry. However, rating derives strength from the company's experienced management team, growth In scale of operations from past few years and has reputed customer base. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of the aforesaid, the company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Nilesh |
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Designation : |
Finance Manager |
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Contact No.: |
91-2431-251663 |
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Date: |
02.10.2015 |
LOCATIONS
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Registered Office/ Factory 1 : |
Gut No. 74, Farola, Paithan Road, Aurangabad – 431105, Maharashtra,
India |
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Tel. No.: |
91-2431-251663 / 664 |
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Mobile No.: |
91-9423147915 (Mr. Somani) |
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Fax No.: |
91-2431-251661 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head / Corporate Office : |
9th and 10th Floor, Gold Crest, 10th
Road, J.V.P.D Scheme, Near HSBC Bank, Vile Parle (West), Mumbai – 400049,
Maharashtra, India |
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Tel. No.: |
91-22-61512121 |
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E-Mail : |
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Factory 2: |
Dapada, Silvassa
Factory Survey No. 135/2, Village Dapada, Khanvel Road, Silvassa – 396230.
U.T. OF D.N.H. |
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Tel No.: |
91-260-2699084/ 184 |
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Factory 3: |
Luhari, Silvassa
Factory 188/2/1, Village Luhari, Opposite Govt Tourism Resort, Silvassa – 396
230, U.T OF D.N.H. |
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Tel No.: |
91-2602993437 |
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Indian Sales Offices : |
Located at: · Mumbai · Chennai · Delhi · Aurangabad · Hyderabad · Bangalore · Kolkata |
DIRECTORS
AS ON 31.03.2015
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Name : |
Mr. Sandeep Bipinchandra Jhaveri |
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Designation : |
Managing Director |
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Address : |
Plot No. 21, Nutan Laxmi Society, Crest Building, 6th
Floor, JVPD Scheme, 9th (N-S) Road, Vile Parle, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
07.10.1959 |
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Date of Appointment : |
19.10.2006 |
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PAN No.: |
AATPJ3903A |
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DIN No. : |
00080518 |
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Name : |
Mr. Rajul Sandeep Jhaveri |
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Designation : |
Director |
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Address : |
Plot No. 21, Nutan Laxmi Society, Crest Building, 6th
Floor, JVPD Scheme, 9th (N-S) Road, Vile Parle, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
15.12.1960 |
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Date of Appointment : |
10.09.2005 |
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PAN No. : |
ABKPJ5415D |
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DIN No. : |
00093998 |
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Name : |
Mr. Dinesh Chandra Shah |
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Designation : |
Director |
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Address : |
161-A, Kalpataru Residency, 16th Floor, Tower – A, Sion
(East), Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
08.10.1957 |
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Date of Appointment : |
30.07.2005 |
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DIN No. : |
00298463 |
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Name : |
Mr. Yogen Lathia Shivlal |
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Designation : |
Additional director |
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Address : |
74, Vasan Villa, Hatkesh Cooperative Society, East West, Road
no. 2, Juhu, Vile Parle West,, Mumbai - 400049, Maharashtra, India |
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Date of Appointment : |
17.12.2014 |
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DIN No. : |
00299334 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Gordhan Oza |
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Designation : |
Secretary |
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Address : |
R.N. 4, Marwadi Chl; J. V. K. Road, Koldongari,, Vile
Parle (East), Mumbai - 400057, Maharashtra, India |
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Date of Appointment : |
15.06.2015 |
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PAN No. : |
AANPO2149P |
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Name : |
Mr. Nilesh |
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Designation : |
Finance Manager |
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Name : |
Mr. Ramakant Bramhaji Lad |
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Designation : |
Chief Finance Officer |
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Address : |
A/3, Shri Sadguru Cooperatie Hosuing Society Limtied,
Nandivali,, Opposite Shri Swami Samarth Math, Dombivali (East), Thane -
421201, Maharashtra, India |
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Date of Appointment : |
28.05.2014 |
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PAN No. : |
AAQPL5102Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
Sandeep Jhaveri |
|
2209584 |
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Rajul S Jhaveri |
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5495729 |
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Abhishek Suketu Jhaveri |
|
3186875 |
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Jhaveri Family Trust |
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2828000 |
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Aniket Suketu Jhaveri |
|
2040750 |
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Arihant Suketu Jhaveri |
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2016750 |
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Alay Jhaveri |
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2193750 |
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Mrunal Jhaveri |
|
2193750 |
AS ON 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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Public financial companies |
0.01 |
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Nationalised or other banks |
0.01 |
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Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.79 |
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Bodies corporate |
12.66 |
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Directors or relatives of Directors |
82.56 |
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Other top fifty shareholders |
2.62 |
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Others |
1.35 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Laminate, PPC Films, Stretch
Films, etc. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Laminate, PPC Films, Stretch Films, etc |
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Countries : |
· UK · USA · Saudi Arabia · Sri Lanka |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
· Singapore · Hong Kong · Thailand · Japan · China |
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Terms : |
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Selling : |
Cash and Advance Payment, Credti |
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Purchasing : |
Cash and Advance Payment, Credti |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
· Reliance Industrial Limited ·
Qutar Petrochemical Limited |
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Customers : |
Wholesalers and Retailers · Pepsico Limited · Nestle Limited · Britannia · Cadbury · GULF · Cargill · Dabur · Indian Oil · ITC Limited ·
JSW |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
· The Saraswat Co-Operative Bank Limited, Rasec Borivli West Branch,Shobhana Apartment, Chandavarkar Road, Borivli (West), Mumbai - 400092, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Bhatter and Company Chartered Accountants |
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Address : |
307, Tulsiani Cha,ber, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Pan No.: |
AACPB2705R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
· Wellworth Industries Limited, India CIN No.: L21022MH1994PLC170382 · Sangam Press Private Limited, India CIN No.: U22110MH1947PTC005528 · Mars Fincom Private Limited , India CIN No.: U51909MH1995PTC197277 · Lathia Rubber Manufacfacturing Company Private Limited, India CIN No.: U99999MH1969PTC014250 · R. S. Jhaveri Steel Private Limited, India CIN: U51420MH2005GAT152798 |
CAPITAL STRUCTURE
AFTER 29.09.2014
Authorised Capital : Rs. 250.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 191.330
Million
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 5/- each |
Rs. 250.000 Million |
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|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31133640 |
Equity Shares |
Rs. 5/- each |
Rs. 155.668
Million |
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AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 5/- each |
Rs. 250.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30612764 |
Equity Shares |
Rs. 5/- each |
Rs. 153.064
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
153.064 |
153.064 |
125.803 |
|
(b) Reserves & Surplus |
569.351 |
678.307 |
451.319 |
|
(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) |
722.415 |
831.371 |
577.122 |
|
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
480.566 |
442.166 |
619.945 |
|
(b) Deferred tax liabilities (Net) |
15.802 |
27.117 |
21.994 |
|
(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) |
496.368 |
469.283 |
641.939 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
476.013 |
374.048 |
344.142 |
|
(b) Trade
payables |
593.779 |
468.540 |
442.162 |
|
(c) Other
current liabilities |
216.959 |
118.305 |
129.943 |
|
(d) Short-term
provisions |
23.662 |
26.384 |
21.582 |
|
Total Current
Liabilities (4) |
1310.413 |
987.277 |
937.829 |
|
|
|
|
|
|
TOTAL |
2529.196 |
2287.931 |
2156.890 |
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1165.599 |
938.717 |
1000.846 |
|
(ii)
Intangible Assets |
0.035 |
0.035 |
0.035 |
|
(iii)
Capital work-in-progress |
0.000 |
63.233 |
7.769 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.050 |
0.050 |
0.050 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.266 |
7.069 |
0.000 |
|
(e) Other
Non-current assets |
8.401 |
45.710 |
0.000 |
|
Total Non-Current
Assets |
1186.351 |
1054.814 |
1008.699 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
595.003 |
624.997 |
567.063 |
|
(c) Trade
receivables |
457.693 |
421.492 |
373.106 |
|
(d) Cash
and cash equivalents |
169.619 |
73.549 |
93.393 |
|
(e) Short-term
loans and advances |
119.109 |
110.938 |
109.224 |
|
(f) Other
current assets |
1.421 |
2.141 |
5.405 |
|
Total
Current Assets |
1342.845 |
1233.117 |
1148.191 |
|
|
|
|
|
|
TOTAL |
2529.196 |
2287.931 |
2156.890 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3585.141 |
3185.497 |
2768.082 |
|
|
Other Income |
16.548 |
9.799 |
10.072 |
|
|
TOTAL
(A) |
3601.689 |
3195.296 |
2778.154 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2708.264 |
2278.410 |
1984.488 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.794) |
19.531 |
(30.565) |
|
|
Employees benefits expense |
223.154 |
168.999 |
136.129 |
|
|
Other expenses |
525.874 |
430.057 |
414.692 |
|
|
Exceptional items |
1.241 |
1.881 |
(0.136) |
|
|
TOTAL
(B) |
3457.739 |
2898.878 |
2504.608 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
143.950 |
296.418 |
273.546 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
151.029 |
136.311 |
147.550 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7.079) |
160.107 |
125.996 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
124.045 |
108.024 |
105.895 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(131.124) |
52.083 |
20.101 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(22.168) |
15.919 |
9.840 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(108.956) |
36.164 |
10.261 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
121.193 |
110.932 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
157.357 |
121.193 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
905.001 |
724.666 |
734.531 |
|
|
Components and Stores parts |
250.278 |
12.111 |
2.909 |
|
|
Capital Goods |
185.586 |
1.241 |
0.000 |
|
|
TOTAL
IMPORTS |
1340.865 |
738.018 |
737.440 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.56) |
1.18 |
0.41 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
3000.000 Market
Fluctutation |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
188.423 |
104.311 |
119.655 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
243.397 |
86.920 |
84.098 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(3.04) |
1.14 |
0.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.02 |
9.31 |
9.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.18) |
2.34 |
0.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
0.06 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
1.32 |
0.98 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.25 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
125.803 |
153.064 |
153.064 |
|
Reserves & Surplus |
451.319 |
678.307 |
569.351 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
577.122 |
831.371 |
722.415 |
|
|
|
|
|
|
long-term borrowings |
619.945 |
442.166 |
480.566 |
|
Short term borrowings |
344.142 |
374.048 |
476.013 |
|
Current maturities of
long-term debts |
119.655 |
104.311 |
188.423 |
|
Total
borrowings |
1083.742 |
920.525 |
1145.002 |
|
Debt/Equity
ratio |
1.878 |
1.107 |
1.585 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2768.082 |
3185.497 |
3585.141 |
|
|
|
15.080 |
12.546 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2768.082 |
3185.497 |
3585.141 |
|
Profit |
10.261 |
36.164 |
-108.956 |
|
|
0.37% |
1.14% |
-3.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL
PERFORMANCE:
Results for the Financial Year 2013-14 are serious setback for the company. During the year under review although gross sales of the company crossed the figure of Rs. 3500.000 million but bottom line substantially went down and has registered net loss of Rs. 109.000 million. Owing to increase in operational and financing cost coupled with slow growth in domestic market and high inflation rate have impacted business sentiments.
Due to negative bottom line the company has also faced liquidity crunch which adversely affected company’s business. Simultaneously rise on the price of raw materials and its availability on account of uncertainty of oil prices and volatility in foreign exchange has increased consumption cost.
Export turnover of the company getting new heights with an increase of 25.63% as compared to previous year of export sales 3567.41. Export sales are around 15% of net sales of domestic market during the year under review. The Company has been recognized as Export House vide Export House Status Certificate issued by the Ministry of Commerce and Industry, Government of India on 14th November, 2012.
The business of the company is expanding in domestic as well as overseas market firmly which can be seen from year on year growth in turnover. The company is focusing to achieve operating efficiency and provide quality products to the customers and major thrust during the year would be to build business volumes through varieties of products targeting more customers in domestic and export markets.
MANAGEMENT DISCUSSION
AND ANALYSIS:
Industry Structure
and Outlook :
The Company is in flexible packaging business and it has industrial as well as end user applications. During the last year, Indian consumption has gone through a correction, but with the top-end urban and rural populations continuing to consume and upgrade.
Growing demands for consumer goods and setting up of retail markets are the key drivers for growth in flexible packaging. It is expected that global flexible packaging market will grow by around 5% a year. Flexible packaging is an industry relatively immune from global economic downturn because of producing one time useable items having ongoing demand.
All three units of the company are ISO certified and wherever required quality certifications like ISO, BRC and HACCP have been renewed.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10500776 |
15/05/2014 |
58,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
CIDCO BRANCH, NEAR CIDCO BUS STAND, AURANGABAD, MA |
C05464250 |
|
2 |
10455557 |
16/09/2013 |
1,836,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC, KANCHAN CHAMBERS, KRANTI CHOWK,, STATION R |
B87789376 |
|
3 |
10429260 |
26/04/2013 |
30,000,000.00 |
SARASWAT CO-OP. BANK LTD |
CIDCO BRANCH, NEAR CIDCO BUS STAND,, CIDCO, AURAN |
B76376219 |
|
4 |
10429267 |
26/04/2013 |
30,000,000.00 |
SARASWAT CO-OP. BANK LTD |
CIDCO BRANCH, NEAR CIDCO BUS STAND,, CIDCO, AURAN |
B76377860 |
|
5 |
10407737 |
07/01/2013 |
99,500,000.00 |
UNITED BANK OF INDIA |
UNITED BANK OF INDIA BUILDING, 25, SIR PHEROZ SHA |
B69506921 |
|
6 |
10388076 |
08/11/2012 |
6,668,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD |
RASEC BORIVLI WEST BRANCH,SHOBHANA APARTMENT, CHA |
B62590161 |
|
7 |
10386104 |
09/10/2012 |
875,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC, KANCHAN CHAMBERS, KRANTI CHOWK,, KRANTI CH |
B61945465 |
|
8 |
10328061 |
13/12/2011 |
1,918,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC, KANCHAN CHAMBERS,, KRANTI CHOWK, STATION R |
B29474186 |
|
9 |
10325325 |
05/12/2011 |
75,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
'MADHU SHILP', PLOT NO. 6, C/2, TOWN CENTRE,, NEA |
B28628576 |
|
10 |
10322013 |
14/11/2011 |
585,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC, KANCHAN CHAMBERS, KRANTI CHOWK,, STATION R |
B27364272 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loan from others |
190.521 |
209.712 |
|
Borrowing from government and semi-government bodies |
85.660 |
84.760 |
|
Loans and advance from directors |
99.409 |
25.095 |
|
Total |
375.590 |
319.567 |
CONTINGENT
LIABILITIES (AS ON 31.03.2014)
A.Guarantees given by bank on behalf of the Company is for Rs. 1.200 Million
B.In respect to Assessment Year 2001-02, there is a IT demand u/s 271 (1) for Rs. 4.361 Million on the erstwhile Jhaveri Flexi Laminate Private Limitd . The company has appealed with the High Court Mumbai.
C.In respect to Assessment Year 2003-04, there is a IT demand against assessment u/s 154 of Rs. 1.166 Million on the erstwhile Jhaveri Flexi Laminate Private Limitd. The company had appealed with the Income Tax Appeallate Tribunal.Tribunal has passed the order but revised demand/refund is awaited.
D.In respect to Assessment Year 2005-06, there is a IT demand against assessment u/s 143 (3) of Rs. 2.883 Million on the erstwhile Jhaveri Flexi Laminate Private Limitd. The company had appealed with the Income Tax Appeallate Tribunal.Tribunal has passed the order, but revised demand/refund is awaited.
E. In respect of Financial Year 2007-08, there is three litigations with Excise department related to Dapada unit involving sum of Rs. 81.400 Million, Rs. 5.515 Million and Rs. 3.604 Million. The matter in the Tribunal awaiting final hearing.
F. In respect of Financial Year 2008-09, there is a litigation with Excise department related to Dapada unit involving sum of Rs. 0.606 Million, The matter in the Tribunal awaiting final hearing.
FIXED ASSETS
· Land
· Buildings
· Factory Buildigns
· Plant and Equipments
· Furniture and Fixture
· Vehicles
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.55 |
|
|
1 |
Rs. 99.17 |
|
Euro |
1 |
Rs. 73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.