MIRA INFORM REPORT

 

 

Report No. :

345075

Report Date :

12.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MEGHMANI INDUSTRIES LIMITED

 

 

Registered Office :

Plot No 27, Phase-I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat

Tel. No.:

91-79-25833381

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.02.1993

 

 

Com. Reg. No.:

04-019013

 

 

Capital Investment / Paid-up Capital :

Rs.45.000 Million

 

 

CIN No.:

[Company Identification No.]

U29199GJ1993PLC019013

 

 

IEC No.:

0893016012

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMM00395D

 

 

PAN No.:

[Permanent Account No.]

AABCM0535G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is primarily manufactures agrochemical technical and formulations.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Meghmani Industries Limited is an established company incorporated in the year 1993 and it is having a fine track record. It is engaged into manufactures agrochemical technical and formulations.

 

The rating on company reflects strong financial risk profile supported by large net worth base, its negligible debt along with above average debt protection metrics.

 

The rating further derive strength from its extensive experienced promoters, Long track record of its business and well diversified group activities and products portfolio.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment.

 

In view of well-established group, the company can be considered good for business dealings at usual trade terms and conditions.

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating: A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

03.10.2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating: A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

03.10.2014

 

 

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 DECLINED 

 

MANAGEMENT NON CO-OPERATIVE (91-79-26569901)

 

 

LOCATIONS

 

Registered Office :

Plot No 27, Phase-I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India

Tel. No.:

91-79 25833381

Fax No.:

Not Available

E-Mail :

jignesh@meghmanidyes.com

 

 

DIRECTORS

 

AS ON 27.08.2014

 

Name :

Mr. Natwarlal Meghjibhai Patel

Designation :

Managing director

Address :

6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

22.02.1993

DIN No.:

00027540

 

 

Name :

Mr. Rameshbhai Meghjibhai Patel

Designation :

Managing director

Address :

54, Shrinathpark Society, Bh. Manekbaug Society, Ambawadi, Ahmedabad -  380015, Gujarat, India

Date of Birth/Age :

01.03.1956

Date of Appointment :

22.02.1993

DIN No.:

00027637

PAN No.:

ABHPP4316J

 

 

Name :

Mr. Lalitbhai Kantibhai Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club,, Ahmedabad, 380015, Gujarat, India

Date of Birth/Age :

15.021967

Date of Appointment :

22.02.1993

DIN No.:

00011773

PAN No.:

ACNPP2094C

 

 

Name :

Mr. Manubhai Khodidas Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club,, Ahmedabad, 380015, Gujarat, India

Date of Birth/Age :

06.11.1950

Date of Appointment :

22.02.1993

DIN No.:

00132045

 

 

Name :

Saroj Narayan Mohanty

Designation :

Director

Address :

C-103, West View Chs, Plot No.6, Sector 2, Charkop, Kandivali West, Mumbai, 400067, Maharashtra, India

Date of Birth/Age :

27.01.1953

Date of Appointment :

31.01.2011

DIN No.:

03413326

 

 

Name :

Meena Kantilal Bhatt

Designation :

Additional director

Address :

64/1, Sector-2, Gandhinagar, Gandhinagar - 382002, Gujarat, India

Date of Appointment :

06.02.2015

DIN No.:

06884949

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.08.2014

 

Names of Shareholders

 

No. of Shares

Patel Natwarlal Meghjibhai

 

897250

Patel Bhartiben Natwarlal

 

212500

Patel Disha Natwarlal

 

25000

Patel Ankit Natwarlal

 

215000

Patel Rameshbhai Meghjibhai

 

790000

Patel Kalpanaben Rameshbhai

 

7500

Patel Karan Rameshbhai

 

82500

Patel Vaishakhi Rameshbhai

 

20000

Patel Amitaben Kantibhai

 

886750

Patel Lalit Kantilal

 

140500

Patel Jagrutiben Lalit

 

7500

Patel Ganpatbhai M.

 

288750

Patel Praful Ganpatbhai

 

3000

Patel Shardaben Popatbhai

 

512250

Patel Popatbhai M.

 

15250

Patel Anil Popatbhai

 

7500

Patel Prashant Popatbhai

 

5000

Patel Kuverben Ishwerbhai

 

337250

Patel Anand I.

 

12750

Patel Darshan Anand

 

10000

Patel Haribhai M.

 

1500

Patel Ravi Haribhai

 

10375

Patel Kiranbhai M.

 

11875

Total

 

4500000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 27.08.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily manufactures agrochemical technical and formulations.

 

 

Products :

Item Code No.

Product Description

38083009

Atrazine

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Po, B/H Gujarat Vidyapith, Ahmedabad - 380014, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loans from banks

97.247

199.910

Working capital loans from banks

0.000

60.000

SHORT TERM BORROWING

 

 

Rupee term loans from banks

158.096

144.000

Working capital loans from banks

723.606

419.484

Total

978.949

823.394

 

Auditors :

 

Name :

Balkrishna T. Thakkar and Company

Chartered Accountant

Address :

602 'Saffrow' Near Bank of Baroda Ambawadi, Ahmedabad – 380006, Gujarat, India

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

AAGPT9505M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprise in which Directors & Key Managerial Personnel (KMP) have significant

influence:
  • Meghmani Dyes and Intermediates Limited, India [U24110GJ1999PLC036306]
  • Navratan Specialty Chemicals LLP,
  • Meghmani Energy Limited, India [U40105GJ2006PLC048974]
  • Meghmani Organics Limited, India [L24110GJ1995PLC024052]
  • Unison Industries Limited, India [U24100GJ2007PLC051763]
  • Meghmani Specialty Chemicals Limited, India [U24100GJ2007PLC051935]
  • Synergy Chlorination Private Limited, India [U24231GJ1993PTC020229]
  • Fidelity Exports Private Limited, India [U50101GJ1996PTC030122]
  • ALB Stock Broking Private Limited, India [U67120GJ2009PTC058361]
  • Uniworth Enterprises, LLP
  • Tapasheel Enterprise
  • Meghmani Chemicals
  • Patel Investment and Infrastructure Co
  • Trent Chemical Industries
  • Vanguard Overseas Limited, India [U51909GJ2002PLC041575]
  • Meghmani Finechem Limited, India [U24100GJ2007PLC051717]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4500000

Equity Shares

Rs.10/- each

Rs. 45.000 Million

 

 

 

 

 

 

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

45.000

45.000

45.000

(b) Reserves & Surplus

1495.986

1356.455

1307.325

(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)

1540.986

1401.455

1352.325

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

553.232

602.839

708.871

(b) Deferred tax liabilities (Net)

19.802

26.030

32.562

(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)

573.034

628.869

741.433

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

881.702

563.484

372.750

(b) Trade payables

850.870

509.403

353.012

(c) Other current liabilities

40.745

26.542

25.895

(d) Short-term provisions

16.908

2.741

2.861

Total Current Liabilities (4)

1790.225

1102.170

754.518

 

 

 

 

TOTAL

3904.245

3132.494

2848.276

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

898.275

1131.623

870.389

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

17.016

8.335

212.435

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.005

0.005

0.005

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

24.464

24.561

26.265

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

939.760

1164.524

1109.094

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1247.751

737.440

696.673

(c) Trade receivables

1525.216

1051.869

848.362

(d) Cash and cash equivalents

52.946

46.553

61.311

(e) Short-term loans and advances

16.407

23.086

32.528

(f) Other current assets

122.165

109.022

100.308

Total Current Assets

2964.485

1967.970

1739.182

 

 

 

 

TOTAL

3904.245

3132.494

2848.276

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

3624.496

2259.080

1761.325

 

Other Income

10.110

9.281

14.273

 

TOTAL (A)

3634.606

2268.361

1775.598

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2304.324

1302.279

1257.796

 

Purchases of Stock-in-Trade

228.049

185.914

174.017

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(198.909)

27.801

(72.498)

 

Employees benefits expense

80.816

69.811

60.587

 

Other expenses

664.911

481.331

367.002

 

Exceptional items

126.600

0.000

0.000

 

TOTAL (B)

3205.791

2067.136

1786.904

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

428.815

201.225

(11.306)

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

109.365

84.211

43.234

 

 

 

 

 

 

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

319.450

117.014

(54.540)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

152.923

74.256

59.585

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

166.527

42.758

(114.125)

 

 

 

 

 

Less

TAX (H)

26.996

(6.372)

0.483

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

139.531

49.130

(114.608)

 

 

 

 

 

 Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

1040.455

995.325

1109.933

 

 

 

 

 

 Less

APPROPRIATIONS

 

 

 

 

General Reserve

20.000

4.000

0.000

 

Balance Carried to the B/S

1159.986

1040.455

995.325

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Material & Others

1882.193

934.129

887.886

 

Capital Goods & Others

0.283

0.000

1.854

 

TOTAL IMPORTS

1882.476

934.129

889.740

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

31.01

10.92

(25.47)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(78.143)

110.068

(403.842)

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

3.85

2.17

-6.51

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

11.83

8.91

-0.64

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.28

1.37

-4.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.03

-0.08

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.93

0.83

0.80

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.66

1.79

2.31

 

 

 

 

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

45.000

45.000

45.000

Reserves & Surplus

1307.325

1356.455

1495.986

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1352.325

1401.455

1540.986

 

 

 

 

long-term borrowings

708.871

602.839

553.232

Short term borrowings

372.750

563.484

881.702

Current maturities of long-term debts

0.000

0.000

0.000

Total borrowings

1081.621

1166.323

1434.934

Debt/Equity ratio

0.800

0.832

0.931

 

 

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

1761.325

2259.080

3624.496

 

 

28.260

60.441

 

 

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

1761.325

2259.080

3624.496

Profit

(114.608)

49.130

139.531

 

(6.51%)

2.17%

3.85%

 

 

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

No

8

Designation of contact person

No

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

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%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 2067 of 2009

 

Status : PENDING

( Converted from : ST/2295/2009 )

CCIN No : 001092200902067

 

Last Listing Date:

16/04/2014

Coram

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

 

1

COMMISSIONER OF INCOME TAX CENTRAL - I

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

1

MEGHMANI INDUSTRIES LIMITED

MRS SWATI SOPARKAR for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

Presented On

: 02/07/2009

Registered On

: 02/07/2009

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 201 times

StageName

: TAX APPEALS U/S 80 IA

 

Classification
  • DB - OJ - TAX APPEAL - GIFT TAX ACT, 1958 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - DEDUCTION IN RESPECT OF PROFIT RETAINED FOR EXPORT BUSINESS - U/S 80HHC

Act
  • INCOME-TAX ACT, 1961

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/07/2009

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT:1

2

15/08/2009

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MRS MAUNA M BHATT:1

3

15/08/2009

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MRS SWATI SOPARKAR:1

4

18/04/2011

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MRS SWATI SOPARKAR:1

Linked Matters

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

TAX APPEAL/2069/2009

PENDING

-

-

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

TAX APPEAL/2071/2009

PENDING

-

-

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

3

TAX APPEAL/601/2010

PENDING

-

-

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

4

TAX APPEAL/602/2010

PENDING

-

-

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

13/04/2011

5

-

TAX APPEALS - GROUP B MATTERS

FIXED RULE / ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

30/11/2013

7

96

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE R.P.DHOLARIA

3

26/02/2014

7

67

TAX APPEALS U/S 80 IA

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

4

05/03/2014

7

82

TAX APPEALS U/S 80 IA

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

5

16/04/2014

7

82

TAX APPEALS U/S 80 IA

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/847/2009

·         HONOURABLE MR.JUSTICE D.A.MEHTA

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

15/04/2010

N

JUDGMENT

N N N N

Y

2

TAX APPEAL/2067/2009

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

27/04/2011

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

28/04/2011

O/15919/2011

27/04/2011

03/05/2011

04/05/2011

Delivered

ORDER

2

MRS MAUNA M BHATT

ORDINARY

14/06/2011

O/20636/2011

13/06/2011

05/10/2011

-

Notified

ORDER

 

OPERATIONS

 

Turnover for the financial year ended 31ST March, 2014 amounted to Rs.3624.496 Million as compared to Rs.2259.080 Million for the year ended 31st March 2013.

 

The Profit/(Loss) after tax for the year amounted to Rs.139.531 Million as compared to Rs.49.130 Million for the previous year.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

45.374

65.374

Intercorporate borrowings

410.611

277.555

Total

455.985

342.929

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10363110

27/06/2012

60,000,000.00

DENA BANK

2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROA
D, NAVARANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA

B42674184

2

10148356

13/08/2009 *

70,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

A69011583

3

90102662

11/01/2014 *

1,298,400,000.00

STATE BANK OF INDIA

OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN,
NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD, GU
JARAT - 380014, INDIA

B95903126

4

90100400

11/01/2014 *

1,298,400,000.00

STATE BANK OF INDIA

OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN,
NAVJIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD, GU
JARAT - 380014, INDIA

B95902862

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

 

 

 

Outstanding Bank guarantees & LC

58.500

19.082

Income-tax matters under appeal

11.798

11.798

Excise & Service Tax

105.900

163.069

 

FIXED ASSETS

 

Tangible assets

 

 

 

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.64.78

UK Pound

1

Rs.99.54

Euro

1

Rs.53.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAS 

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

53

 

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.