|
|
|
MIRA INFORM REPORT
|
Report No. : |
502314 |
|
Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
JHAVERI FLEXO INDIA LIMITED (w.e.f 11.09.2006) |
|
|
|
|
Formerly Known
As : |
FLEXO FILM WRAPS (INDIA) LIMITED |
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Registered
Office : |
Gut No. 74, Farola, Paithan Road, Aurangabad- 431105, Maharashtra |
|
Tel. No.: |
91-2431-251663/ 664/ 665 |
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|
Country : |
India |
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|
Financials (as on)
: |
31.03.2017 |
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|
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|
Date of
Incorporation : |
16.04.1985 |
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|
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Com. Reg. No.: |
11-035938 |
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Capital
Investment / Paid-up Capital : |
INR 192.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1985PLC035938 |
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|
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IEC No.: [Import-Export Code No.] |
0392020793 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACF4037F1ZY (Maharashtra) 26AAACF4037F1Z0 (Silvassa) |
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TIN No: |
27540267468 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
Subject is engaged in the business of manufacturing of polymer packaging products such as Laminated Packaging Material, PVC Cling Film, CPP Metalized Film, Surface Protection Tapes, Lamination Film, LLDPE Stretch Film etc. (Registered Activity) |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 2300000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. It is a manufacturer of all
kinds of Plastic Films. For the financial year 2017, the company has achieved 10.94% growth in
its revenue as compared to previous year revenue and has maintained average
profitability margin of 1.27% during the year under review. The sound financial risk
profile of the company is marked by adequate networth base along with
negligible debt level. The rating takes into consideration equity infused by its promoters. The also rating takes into consideration the subject’s long track
record of business operations along with extensive experience of its
promoters. However, rating strengths are partially offset by exposure to
volatility in raw material prices and intense competition in the industry. Business is active. Payments are seems to
be usually correct. In view of aforesaid, the company can be considered 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities (BBB-) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
22.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities (A3) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
22.02.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 05.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Prakash |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-61512121 |
|
Date : |
05.04.2018 |
91-9824002331 (Wrong Number)
91-260-2699184 (does not exists)
91-2431251663 (does not exists)
LOCATIONS
|
Registered Office/ Factory 1 : |
Gut No. 74, Farola, Paithan Road, Aurangabad – 431105, Maharashtra,
India |
|
Tel. No.: |
91-2431-251663/ 664/ 665 |
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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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Locality: |
Industrial |
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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 |
|
Tel. No.: |
91-22-61512121 |
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E-Mail : |
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|
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Factory 2: |
Dapada, Silvassa
Factory Survey No. 135/2, Village Dapada, Khanvel Road, Silvassa – 396230.
U.T., Dadra and Nagar Haveli |
|
Tel No.: |
91-260-2699084/ 184 |
|
|
|
|
Factory 3: |
Luhari, Silvassa
Factory 188/2/1, Village Luhari, Opposite Government Tourism Resort, Silvassa
– 396 230, U.T., Dadra and Nagar
Haveli |
|
Tel No.: |
91-260-2993437 |
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Indian Sales Offices : |
Located at: · Mumbai · Chennai · Delhi · Aurangabad · Hyderabad · Bangalore · Kolkata |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sandeep Bipinchandra Jhaveri |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 21, Nutan Laxmi Society, Crest Building, 6th
Floor, JVPD Scheme, 9th (N-S) Road, Vile Parle, Mumbai – 400049, Maharashtra,
India |
|
Date of Birth/Age : |
07.10.1959 |
|
Date of Appointment : |
19.10.2006 |
|
Qualification: |
Graduate |
|
PAN No.: |
AATPJ3903A |
|
DIN No. : |
00080518 |
|
|
|
|
Name : |
Mr. Rajul Sandeep Jhaveri |
|
Designation : |
Director |
|
Address : |
Plot No. 21, Nutan Laxmi Society, Crest Building, 6th
Floor, JVPD Scheme, 9th (N-S) Road, Vile Parle, Mumbai – 400049,
Maharashtra, India |
|
Date of Birth/Age : |
15.12.1960 |
|
Date of Appointment : |
10.09.2005 |
|
Qualification: |
Graduate |
|
PAN No. : |
ABKPJ5415D |
|
DIN No. : |
00093998 |
|
|
|
|
Name : |
Mr. Dinesh Chandra Shah |
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Designation : |
Director |
|
Address : |
161-A, Kalpataru Residency, 16th Floor, Tower – A, Sion
(East), Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1957 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
30.07.2005 |
|
DIN No. : |
00298463 |
|
|
|
|
Name : |
Mr. Yogen Lathia Shivlal |
|
Designation : |
Director |
|
Address : |
74, Vasan Villa, Hatkesh Cooperative Society, East West,
Road no. 2, Juhu, Vile Parle West,, Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
11.04.1955 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
17.12.2014 |
|
DIN No. : |
00299334 |
|
|
|
|
Name : |
Alay S Jhaveri |
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Designation : |
Additional Director |
|
Address : |
6th Floor, Crest Building Plot No-21, Nutan Laxmi Society, 9th Road, JVPD Scheme, Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
03.10.1988 |
|
Date of Appointment : |
05.05.2017 |
|
DIN No. : |
02349963 |
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|
|
|
Name : |
Mr. Mrunal S Jhaveri |
|
Designation : |
Additional Director |
|
Address : |
21, Crest, Nutan Laxmi Society N.S. Road, No.9, JVPD Scheme, Vileparle (West), Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1985 |
|
Date of Appointment : |
05.05.2017 |
|
DIN No. : |
02350001 |
KEY EXECUTIVES
|
Name : |
Mr. Ramakant Bramhaji Lad |
|
Designation : |
Chief Finance Officer |
|
Address : |
A/3, Shri Sadguru Cooperative Housing Society Limited,
Nandivali, Opposite Shri Swami Samarth Math, Dombivali (East), Thane -
421201, Maharashtra, India |
|
Date of Appointment : |
28.05.2014 |
|
PAN No. : |
AAQPL5102Q |
|
|
|
|
Name : |
Mr. Kunal Suresh Karsi |
|
Designation : |
Company Secretary |
|
Address : |
A-404, Bijlee Apartment, Devchand Nagar Road, Near Jain Temple, Bhayander (West), Thane-401101, Maharashtra, India |
|
Date of Appointment : |
17.01.2017 |
|
PAN No. : |
BCEPK2945P |
|
|
|
|
Name : |
Vikas R. Chomal and Associates |
|
Designation : |
Company Secretary |
|
Address : |
A/B-201, 2nd Floor, Manas Building, Near Mahajan Wadi, Kharkar Ali, Thane (West) – 400601, Maharashtra, India |
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Tel. No: |
91-22-25410931 |
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Mob. No: |
91-9867811641/ 9819811641 |
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Email: |
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Website: |
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PAN No: |
AMIPC5913C |
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|
Name : |
Mr. Prakash |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS
As on 31.03.2017
SHAREHOLDER DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 18.07.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
76.60 |
|
Promoters (Body corporate) |
12.55 |
|
Public/Other than promoters (Others – Relative of Promoter(s)) |
6.77 |
|
Public/Other than promoters [Individual/Hindu Undivided Family - Indian)] |
3.30 |
|
Public/Other than promoters [Individual/Hindu Undivided Family - Non-resident Indian (NRI)] |
0.11 |
|
Public/Other than promoters [Government - Central Government] |
0.01 |
|
Public/Other than promoters [Financial institutions] |
0.04 |
|
Public/Other than promoters (Banks) |
0.01 |
|
Public/Other than promoters (Body corporate) |
0.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the business of manufacturing of polymer packaging products such as Laminated Packaging Material, PVC Cling Film, CPP Metalized Film, Surface Protection Tapes, Lamination Film, LLDPE Stretch Film etc. (Registered Activity) |
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Products/Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Bhatter and Company Chartered Accountants |
|
Address : |
307, Tulsiani Chamber, 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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|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 5/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38400000 |
Equity Shares |
INR 5/- each |
INR 192.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
192.000 |
191.330 |
191.330 |
|
(b) Reserves and Surplus |
617.155 |
576.187 |
587.979 |
|
(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) |
809.155 |
767.517 |
779.309 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
286.272 |
375.711 |
318.264 |
|
(b) Deferred tax liabilities (Net) |
24.043 |
15.816 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
21.403 |
20.800 |
19.141 |
|
Total Non-current
Liabilities (3) |
331.718 |
412.327 |
337.405 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
373.698 |
392.964 |
469.944 |
|
(b) Trade
payables |
436.323 |
314.912 |
461.875 |
|
(c) Other
current liabilities |
80.318 |
111.752 |
120.163 |
|
(d) Short-term
provisions |
27.335 |
10.714 |
21.907 |
|
Total Current
Liabilities (4) |
917.674 |
830.342 |
1073.889 |
|
|
|
|
|
|
TOTAL |
2058.547 |
2010.186 |
2190.603 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
963.244 |
1012.553 |
1119.989 |
|
(ii)
Intangible Assets |
0.035 |
0.035 |
0.035 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
1.785 |
0.095 |
|
(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 loans and advances |
18.989 |
15.995 |
11.833 |
|
(e) Other
Non-current assets |
6.354 |
48.280 |
19.025 |
|
Total Non-Current
Assets |
988.672 |
1078.698 |
1151.027 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
374.598 |
393.581 |
450.478 |
|
(c) Trade
receivables |
497.874 |
415.637 |
413.671 |
|
(d) Cash and
bank balances |
81.546 |
60.413 |
77.974 |
|
(e)
Short-term loans and advances |
97.928 |
44.561 |
97.453 |
|
(f) Other
current assets |
17.929 |
17.296 |
0.000 |
|
Total Current
Assets |
1069.875 |
931.488 |
1039.576 |
|
|
|
|
|
|
TOTAL |
2058.547 |
2010.186 |
2190.603 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2999.172 |
2703.494 |
2893.510 |
|
|
Other Income |
19.714 |
33.208 |
18.166 |
|
|
TOTAL |
3018.886 |
2736.702 |
2911.676 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2121.113 |
1826.392 |
2222.709 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(5.405) |
(2.648) |
(1.653) |
|
|
Employee benefit expense |
243.287 |
213.651 |
232.254 |
|
|
Other expenses |
435.700 |
423.482 |
354.139 |
|
|
Exceptional items before tax |
0.341 |
41.283 |
(3.610) |
|
|
TOTAL |
2795.036 |
2502.160 |
2803.839 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
223.850 |
234.542 |
107.837 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
87.185 |
112.902 |
104.183 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
136.665 |
121.640 |
3.654 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
90.284 |
115.849 |
88.401 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
46.381 |
5.791 |
(84.747) |
|
|
|
|
|
|
|
Less |
TAX |
8.227 |
17.583 |
(15.802) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
38.154 |
(11.792) |
(68.945) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
642.284 |
511.341 |
314.652 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
660.806 |
621.986 |
635.683 |
|
|
Components and spare
parts |
6.464 |
3.012 |
6.598 |
|
|
TOTAL IMPORTS |
667.270 |
624.998 |
642.281 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.994 |
(0.308) |
(1.802) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
34.931 |
73.645 |
100.179 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
162.414 |
(11.497) |
(6.229) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
249.599 |
101.405 |
97.953 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
60.59 |
56.12 |
52.18 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
6.02 |
6.50 |
6.99 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
75.08 |
62.93 |
75.85 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.60 |
0.60 |
0.24 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.23 |
0.23 |
0.10 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.60 |
0.64 |
0.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.86 |
1.10 |
1.14 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
1.13 |
1.08 |
1.38 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
1.19 |
1.32 |
1.44 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
2.57 |
2.08 |
1.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
1.27 |
(0.44) |
(2.38) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
1.85 |
(0.59) |
(3.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
4.72 |
(1.54) |
(8.85) |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.17 |
1.12 |
0.97 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.76 |
0.65 |
0.55 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.39 |
0.38 |
0.36 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
3.62 |
4.40 |
4.64 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
1.17 |
1.12 |
0.97 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
191.330 |
191.330 |
192.000 |
|
Reserves & Surplus |
587.979 |
576.187 |
617.155 |
|
Net
worth |
779.309 |
767.517 |
809.155 |
|
|
|
|
|
|
Long-term borrowings |
318.264 |
375.711 |
286.272 |
|
Short term borrowings |
469.944 |
392.964 |
373.698 |
|
Current maturities of
long-term debts |
100.179 |
73.645 |
34.931 |
|
Total
borrowings |
888.387 |
842.320 |
694.901 |
|
Debt/Equity
ratio |
1.140 |
1.097 |
0.859 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2893.510 |
2703.494 |
2999.172 |
|
|
0.000 |
(6.567) |
10.937 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2893.510 |
2703.494 |
2999.172 |
|
Profit/ (Loss) |
(68.945) |
(11.792) |
38.154 |
|
|
(2.38
%) |
(0.44
%) |
1.27
% |
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 two/ 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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF OPERATIONS:
Company is engaged in the business of manufacturing of polymer packaging products such as Laminated Packaging Material, PVC Cling Film, CPP Metalized Film, Surface Protection Tapes, Lamination Film, LLDPE Stretch Film etc. The Company provides end to end packaging solutions to food and FMCG Sector and is also serving the hospitality industry. At present products are sold in local as well as overseas market.
PERFORMANCE REVIEW:
During financial year 2016-17, company achieved sales turnover of INR 2930.844 Million in comparison to INR 2631.402 Million during F.Y. 2015-16. Company able to achieve profit after tax amounting to INR 38.154 Million as Compared to previous year loss of INR 11.792 for period.
The FMCG industry which consumes the company's products has been a high growth industry and is expected to sustain growth in future. Company consolidated its operations of its flexible laminates packaging business unit by transferring machinery and equipment's from its unit located at Village Dapada, Silvassa to unit at Village Luhari, Silvassa during end of previous financial year. This has helped company to pursue efficiency and productivity improvement programs.
During the year, the company continued its efforts to develop new customers as a means to mitigate the impact of the off-take reduction. With the various initiatives launched by the government, the directors are hopeful of the economy and hence the India business will be back to days of robust growth. Company with its efforts to develop export market, has been able to achieve growth of 25% in export business over previous year. Company continued with its drive to cost control and reduction. During the year company repaid substantial amount of term loans which resulted in reduction of finance cost.
COMPANY OVERVIEW
JFIL is engaged in the business of manufacturing of polymer packaging products such as Laminated Packaging Material, PVC Cling Film, CPP Metalized Film, Surface Protection Tapes, Lamination Film, LLDPE Stretch Film etc. The Company provides end to end packaging solutions to food and FMCG Sector and is also serving the hospitality industry. Presently the Company has two manufacturing plants, out of which one is located at Silvassa and one at Aurangabad.
NOTE: Registered office of the company has been shifted from “B-22 MIDC, Industrial Area, Valunj, Aurangabad – 431136, Maharashtra, India” to the present address w.e.f. 28.01.2007.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR in Million) |
31.03.2016 (INR in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loan from others |
33.172 |
60.192 |
|
Deferred sales tax loan |
69.216 |
74.576 |
|
Loans and advances from related parties |
161.930 |
191.507 |
|
Total |
264.318 |
326.275 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G05966361 |
100034063 |
SARASWAT CO-OPERATIVE BANK LIMITED |
31/05/2016 |
- |
- |
510000.0 |
Plot No. 6, Town CentreC-3, CIDCOAurangabadMH431003IN |
|
2 |
G05928627 |
100033826 |
SARASWAT CO-OPERATIVE BANK LIMITED |
31/05/2016 |
- |
- |
520000.0 |
Plot No. 6, Town CentreC-3, CIDCOAurangabadMH431003IN |
|
3 |
G05928114 |
100033827 |
SARASWAT CO-OPERATIVE BANK LIMITED |
31/05/2016 |
- |
- |
520000.0 |
Plot No. 6, Town CentreC-3, CIDCOAurangabadMH431003IN |
|
4 |
G05966510 |
100034064 |
SARASWAT CO-OPERATIVE BANK LIMITED |
31/05/2016 |
- |
- |
520000.0 |
Plot No. 6, Town CentreC-3, CIDCOAurangabadMH431003IN |
|
5 |
C05464250 |
10500776 |
The Saraswat Co-operative Bank Ltd. |
15/05/2014 |
- |
- |
58000000.0 |
CIDCO Branch, Near Cidco Bus StandAurangabadMH431003IN |
|
6 |
B62590161 |
10388076 |
The Saraswat Co-operative Bank ltd |
08/11/2012 |
- |
- |
6668000.0 |
RASEC Borivli West Branch,Shobhana ApartmentChandavarkar Road, Borivli WestMumbaiMH400092IN |
|
7 |
B28628576 |
10325325 |
The Saraswat Co-Operative Bank Limited |
05/12/2011 |
- |
- |
75000000.0 |
'Madhu Shilp', Plot No. 6, C/2, Town Centre,Near CIDCO Bus Stand, CIDCO,AurangabadMH431003IN |
|
8 |
B17674821 |
10323982 |
The Saraswat Co-Operative Bank Limited |
06/05/2011 |
- |
- |
96600000.0 |
Madhu Shilp, Plot No. 6, Town CentreNear CIDCO Bus Stand, CIDCOAurangabadMH431003IN |
|
9 |
B09188947 |
10276207 |
The Saraswat Co-opeartive Bank Ltd. |
16/03/2011 |
- |
- |
50000000.0 |
Madhu Shilp, Plot No. 6,Town Centre,Near CIDCO Bus Stand, CIDCO,AurangabadMH431003IN |
|
10 |
A46333621 |
10123981 |
SARASWAT CO-OP. BANK LTD |
09/09/2008 |
- |
- |
50000000.0 |
CIDCO, NEAR CIDCO BUS STAND,CIDCOAURANGABADMH431003IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Other money for which company is contingently liable |
6.451 |
6.451 |
FIXED ASSETS
· Land
· Buildings
· Factory Buildings
· 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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.