MIRA INFORM REPORT
|
Report Date : |
21ST June, 2006 |
IDENTIFICATION DETAILS
|
Name : |
AMARTARA PLASTICS PRIVATE
LIMITED |
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Registered Office : |
Saki Vihar Road, Powai, Mumbai – 400 072, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.09.1966 |
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Com. Reg. No.: |
11-13589 |
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CIN No.: [Company Identification No.] |
U25200MH1966PTC013589 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMA18975F/MUMA21647D |
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PAN No.: [Permanent Account No.] |
AAACA9050D |
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Legal Form : |
Private Limited Liability
Company. |
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Line of Business : |
Manufacturing and Marketing
of PVC Films for use in Blister Packaging. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 125000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company having satisfactory track.
Management made their good fortunes by selling their surplus land in a prime
location for real estate development. Thus directors are finicality
comfortable payment are correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Saki Vihar Road, Powai, Mumbai – 400 072, Maharashtra, India |
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Tel. No.: |
91-22-28572681/28576535/28572536/26976451/26915050 |
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Fax No.: |
91-22-28571559/26919090 |
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E-Mail : |
2. ashwinmohan@amartaraplastics.com 3. tarasarup@amartaraplastics.com |
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Factory 1 : |
Saki Vihar Road, Powai, Mumbai – 400 072, Maharashtra |
DIRECTORS
|
Name : |
Mrs.
Tara Sarup |
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Designation : |
Director
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Address : |
9,
Soherset House, 169 Colaba Road, Colaba – 400005, Mumbai |
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Date of Birth/Age : |
02.04.1921 |
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Date of Appointment : |
12.11.1984 |
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Name : |
Mr.
Ajay Mohan |
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Designation : |
Director
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Address : |
9,
Soherset House, 169 Colaba Road, Colaba – 400005, Mumbai |
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Date of Birth/Age : |
08.03.1954 |
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Date of Appointment : |
12.11.1984 |
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Name : |
Mr.
Ashvin Mohan |
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Designation : |
Director
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Address : |
9,
Soherset House, 169 Colaba Road, Colaba – 400005, Mumbai |
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Date of Birth/Age : |
28.09.1976 |
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Date of Appointment : |
05.09.2005 |
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Name : |
Mr.
V. Sahasranaman Iyer |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of
Shares |
|
Mrs.
Tara Sarup |
|
1000 |
|
Mr.
Ajay Mohan |
|
1000 |
|
Mr.
Ajay Mohan |
|
10000 |
|
Mr. Mohan Chand |
|
10000 |
|
Premier
Liners Limited |
|
80,000 |
|
Indian
Cork Mills Private Limited |
|
48,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing
of PVC Films for use in Blister Packaging. |
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Products : |
It’s products range include
:-
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Import |
Europe and Far East |
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Terms : |
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Purchasing : |
L/C, D/P or D/A terms |
PRODUCTION STATUS
|
Particulars |
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Installed Capacity |
Actual Production |
|
PVC Films |
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|
2400Metric Tonnes |
1321659 Kgs. |
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PVDC Films |
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NA |
533003 Kgs. |
|
PVC Compound |
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|
500 Metric Tonnes |
36650 Kgs. |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Indian Overseas Bank , Fort
Branch, 2/10, Elphinstone Building, Veer Nariman Road, Fort,
Mumbai – 400 023 |
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Facilities : |
Secured Loan Cash Credit from Bank – Rs.
32.889 Secured against
hypothecations of stocks of raw material/ finished goods & book debts Vehicle loans from bank –
Rs. 2.083 Secured against
hypothecation of vehicles Total – Rs. 34.973 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
P. C. Hansotia &
Company Chartered Accountants 12, Dr. Annie Besant road, Opposite Shiv Sagar Estate,
Worli, Mumbai – 400 018,
Maharashtra |
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Tel. No.: |
Tel. 91-22-56679000 |
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Fax No.: |
Fax.
91-22-56679100 |
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E-Mail : |
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Associates/Subsidiaries
: |
Ř
Amartara Limited Line
of Business - Manufacturers of Taxi Tapes. Ř
ICM Plastics Private
Limited Ř
ATA Investments
Private Limited and several others. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,80,000 |
Equity
Shares |
Rs.100 each |
Rs.18.000 millions |
|
20,000 |
15%
Redeemable Preference Share |
Rs.100 each |
Rs.2.000 millions |
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Total
|
|
Rs. 20.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,30,000 |
Equity
Shares |
Rs.100 each |
Rs.13.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
13.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.932 |
22.138 |
20.884 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
32.932 |
37.138 |
35.884 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
34.973 |
23.542 |
27.618 |
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2] Unsecured Loans |
36.120 |
30.006 |
27.368 |
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TOTAL
BORROWING
|
71.093 |
53.548 |
54.986 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.457 |
0.000 |
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TOTAL
|
104.025 |
91.143 |
90.870 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
25.456 |
24.689 |
25.792 |
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Capital work-in-progress
|
1.774 |
0.000 |
0.000 |
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INVESTMENT
|
5.953 |
5.952 |
9.079 |
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DEFERREX TAX ASSETS
|
0.298 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
17.483 |
13.578 |
12.945 |
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Sundry Debtors
|
61.111 |
55.510 |
50.928 |
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Cash & Bank Balances
|
8.936 |
11.367 |
9.871 |
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Other Current Assets
|
0.189 |
0.523 |
0.303 |
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Loans & Advances
|
16.852 |
9.350 |
9.237 |
Total Current Assets
|
104.571 |
90.328 |
83.284 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
30.444 |
25.362 |
22.238 |
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Provisions
|
3.583 |
4.464 |
5.047 |
Total Current Liabilities
|
34.027
|
29.826
|
27.285 |
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Net Current
Assets
|
70.544 |
60.502 |
55.999 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
104.025 |
91.143 |
90.870 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
207.696 |
176.481 |
149.031 |
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Profit/(Loss) Before Tax
|
(2.672) |
3.108 |
(4.260) |
Provision for Taxation
|
0.755 |
0.701 |
-- |
Profit/(Loss) After Tax
|
(1.917) |
2.407 |
(4.260) |
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Dividend
|
0.255 |
0.900 |
0.000 |
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Import Value
|
45.933 |
35.290 |
44.833 |
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Total Expenditure
|
210.368 |
173.372 |
153.320 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
(0.92) |
1.36
|
(2.85) |
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Net Profit Margin
(PBT/Sales) |
(%) |
(1.28) |
1.76
|
(2.85) |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
(2.05) |
2.70
|
(3.90) |
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Return on Investment (ROI)
(PBT/Networth) |
|
(0.08) |
0.08
|
(0.11) |
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Debt Equity Ratio
(Total Liability/Networth) |
|
3.19 |
0.80
|
0.76 |
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Current Ratio
(Current Asset/Current
Liability) |
|
3.07 |
3.02
|
3.05 |
LOCAL AGENCY FURTHER INFORMATION
Subject is engaged in
manufacturing and marketing of PVC Films for use in Blister Packaging.
Generic Names of the
Principal Products/Services of company are :-
|
Item Code
No. |
Product
Description |
|
3920.11 |
Rigid PVC Films |
|
3920.12 |
Flexible PVC Films |
|
3904.90 |
PVC Compound |
Operations
The company had incurred a
loss of Rs. 1.917 Millions. The balance brought forward from the previous year,
Rs. 11.878 millions has been added.
- Rs. 0.200 million transferred to General Reserve.
- Rs. 0.255 million set apart for preference
dividend.
- Rs. 0.032 million provided for tax on dividend.
- Rs. 9.472 millions being the net surplus, has
been carried to the Balance Sheet.
Value of foreign exchange
outgo – Rs. 53.054 Millions
It is in trade terms with :-
- Mudra Enterprises
- Pakrite
- R. K. Corporation
- Shanti Patra Plastics Private Limited
The company has joint venture with :-
- Packart Industries
- FZCO Incorporated in Dubai, U.A.E.
The company consumes raw
materials such as PVC Resin, D.O.P., Pigments, Chemicals and Packing Materials.
The company’s fixed assets of
important value include building, plant & machinery, electrical
installations, motor vehicles, furniture & fixtures, air conditioners,
office equipments, computers, laboratory equipments and motor vehicles.
Subject employs around 200
persons in it’s set up.
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 records 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.46.01 |
|
UK
Pound |
1 |
Rs.84.93 |
|
Euro |
1 |
Rs.58.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
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TOTAL |
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|
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |