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MIRA INFORM REPORT
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Report
Date : |
21st
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
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Formerly Known As : |
FINOLEX Plastro Plasson Limited |
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Registered
Office : |
Plot No.
399, URSE, Taluka Maval, Pune - 410 506, 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 : |
27.07.1992 |
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Com.
Reg. No.: |
67896 |
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CIN
No.: [Company
Identification No.] |
U41000MH1992PTC067896 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
PNEF00451D PNEP08045C |
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PAN
No.: [Permanent
Account No.] |
AABCP1939K |
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Legal
Form : |
A Closely Held Public Limited Liability Company. |
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Line
of Business : |
Manufacturers,
dealers in high and low pressure pipes, tubes, hoses either armoured or reinforced
or otherwise required for ducting and for conveyance of water and other
liquids, fluids and gases and required for ducting for industrial,
commercial, educational and household requirements and made out of plastic
synthetic rubber or natural rubber or in combination of the said materials. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
325000 |
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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 company having satisfactory track records. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered
Office : |
Plot No.
399, URSE, Taluka Maval, Pune - 410 506, Maharashtra, India |
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Tel.
No.: |
91-2114-237045/46/47/48/225273/237045/8 |
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Fax
No.: |
91-2114-23770/237044 |
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E-Mail
: |
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Website
: |
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Area : |
3888.96 sq. mtrs. |
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Premises : |
Owned |
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Head
Office : |
Plot No.
399, Village URSE, Taluka Maval, Pune-410 506, Maharashtra. |
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Tel.
No.: |
91-2114-225273/237045-8 |
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Fax
No.: |
91-2114-223770/237044 |
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E-Mail
: |
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Factory
1 : |
Plot No.
399, Village URSE, Taluka Maval, Pune-410 506, Maharashtra. |
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Tel.
No.: |
91-2114-225273/237045-8 |
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Fax
No.: |
91-2114-223770/237044 |
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E-Mail
: |
finoplas@vsnl.com |
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Area : |
80,000 sq. fts |
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Premises : |
Owned |
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Branches: |
Ahmedabad Bangalore
Coimbatore Nashik New Delhi Secunderbad |
DIRECTORS
|
Name : |
Mr.
Prahlad Parasram Chhabria |
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Designation
: |
Chairman |
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Address
: |
9, ICS Colony, Ganeshkhind Road, Pune - 411 007,
Maharashtra, India |
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Date
of Birth: |
12.03.1930 |
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Age |
73 Years |
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Qualification
: |
Bsc. (Engineering) |
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Experience
: |
48 Years |
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Date
of Appointment : |
27.07.1992 |
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Name : |
Mr.
Mukesh Dolumal Katara |
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Designation
: |
Director |
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Address
: |
Katara Dentals Private Limited, Apurva Complex,
Pune University Road, Near Sindh Housing Society, Aundh, Pune - 411 007,
Maharashtra, India |
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Date of
Birth : |
10.07.1957 |
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Date
of Appointment : |
27.07.1992 |
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Name : |
Mr. Tsvi
Tsur |
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Designation
: |
Director |
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Address
: |
Kibbutz Gvat, Israel – 30050 |
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Date
of Birth : |
01.08.1951 |
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Date
of Appointment : |
23.02.1993 |
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Name : |
Mr.
Praveen Balkrishna Parasnis |
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Designation
: |
Director |
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Address
: |
Bungalow 52, Buena Monte, NCL Co-operative
Housing Society, 37/3, Pashan, Pune - 411 008, Maharashtra, India |
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Date
of Birth : |
01.06.1957 |
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Date
of Appointment : |
16.09.1998 |
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Name : |
Mr. Vijay
Kishan Chhabria |
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Designation
: |
Director |
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Address
: |
472 A, Hare Krishna Mandir Path, Pune - 411 007, Maharashtra, India |
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Date
of Appointment : |
20/07/1993 |
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|
Name : |
Mr. Shaul
Ashkanazi |
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Designation
: |
Director |
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Address
: |
Maagan Michael, D. N. Menashe, Israel – 37805 |
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Date
of Birth : |
01.11.1941 |
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Date
of Appointment : |
16.09.1998 |
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Name : |
Ms. Tova
Hnkin Posner |
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Designation
: |
Director |
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Address
: |
Maagan Michael, D. N. Menashe, Israel – 37805 |
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Date
of Birth : |
19.02.1946 |
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Date
of Appointment : |
16.09.1998 |
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Name : |
Mr.
Ramchandra Shridhar Pendse |
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Designation
: |
Company Secretary |
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Address
: |
1,Shanti Garden, Sinhagad Road, Anand Nagar
(West), Pune - 411 051, Maharashtra, India |
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Date
of Birth : |
11.04.1954 |
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Date
of Appointment : |
26.09.2001 |
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Name : |
Mr.
Avishay Halperin |
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Designation
: |
Director (Marketing) |
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Address
: |
Flat No. B-4, Liberty, North Main Road,Koregaon
Park, Pune - 411001, Maharashtra, India |
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Date
of Birth : |
30.03.1967 |
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Date
of Appointment : |
01.04.2002 |
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Name : |
Mr.
Satish Shriram Ghatpande |
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Designation
: |
Whole Time Director |
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Address
: |
Vishwas Bungalow, 257/4/14, Baner, Behind Anand
Park, Aundh, Pune – 411 007. |
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Date
of Birth : |
18.03.1953 |
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Date
of Appointment : |
15.02.2003 |
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Email: |
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Name : |
Mr.
Sanjay K. Asher |
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Designation
: |
Director |
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Address
: |
32, Modi Street, Fort, Mumbai – 400 001,
Maharashtra |
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Date
of Birth : |
26.11.1964 |
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Date
of Appointment : |
20.09.2003 |
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MANAGEMENT: |
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Name : |
Mr. K. R. Medhekar |
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Designation
: |
VP Finance |
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Email: |
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Name : |
Mr. Dr. N. B. Rane |
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Designation
: |
Sr. General Manager - Marketing |
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Email: |
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Name : |
Mr. Rajeev Deshmukh |
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Designation
: |
Asst. General Manager - Marketing (South
India) |
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Email: |
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Name : |
Mr. B.P.Chavan |
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Designation
: |
Asst. General Manager - Technical & Market
Support |
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Email: |
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Name : |
Mr. C.V. Shirwaikar |
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Designation
: |
Sr. General Managers - Works |
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Email: |
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Name : |
Mr. P.V. Khandekar |
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Designation
: |
General Manager - HRD & Logistics |
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Email: |
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Name : |
Mr. A. K. Srivastava |
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Designation
: |
Manager Purchase |
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Email: |
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Name : |
Mr. S.M.Dighe |
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Designation
: |
Dy. Manager QA & Product Development |
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Email: |
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Name : |
Mr. V. S. V. Kumar |
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Designation
: |
Dy. Manager Production & Maintenance |
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Email: |
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Name : |
Mr. Sunil Patil |
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Designation
: |
Design Manager |
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Email: |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Prahlad
Parasram Chhabria |
20 |
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Mukesh
Dolumal Katara |
20 |
|
Kishan
Parasram Chhabria |
20 |
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Vijay
Kishan Chhabria |
20 |
|
Subhas
Surendra Sanzgiri |
20020 |
|
Coated
Fabrics Private Limited |
214940 |
|
Majesty
Investment Private Limited |
275010 |
|
Plastro
Gvat |
1635000 |
|
Finolex
Industries Limited |
1500000 |
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Finolex
Finance Limited |
489950 |
|
Plaschin
Limited |
865000 |
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TOTAL: |
5000000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers, dealers in high and low pressure pipes,
tubes, hoses either armoured or reinforced or otherwise required for ducting
and for conveyance of water and other liquids, fluids and gases and required
for ducting for industrial, commercial, educational and household
requirements and made out of plastic synthetic rubber or natural rubber or in
combination of the said materials. |
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Exports
to : |
Israel. |
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Imports
from : |
Israel, USA and France. |
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Terms
: |
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Selling : |
L/C, Cash or Credit [30-90 days] |
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Purchasing : |
L/C, Cash or Credit [30-180 days] |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
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Drip Irrigation Systems &
Parts :- |
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|
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Moulded
Goods |
MT |
62.00 |
41 |
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Extrusion
Products |
MT |
1200.00 |
754.91 |
GENERAL INFORMATION
|
Suppliers
: |
·
Plastro
GVAT, Israel ·
Finolex
Industries Limited, India ·
Indian
Petrochemical Corporation Limited, India |
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Customers
: |
Wholesalers, retailers, plantations and horticulture farms |
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No. of
Employees : |
250 |
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Bankers
: |
·
Bank
of Baroda Pimpri Branch, Pimpri, Pune - 411 018, Maharashtra Facility :-
Sanctioned Limit as on 30.06.2004
·
Central
Bank of India Pimpri Branch, Pimpri, Pune - 411 018, Maharashtra Facility :-
·
The
Saraswat Co-operative Bank Limited Pimpri Branch,
Pimpri, Pune - 411 018, Maharashtra Facility :
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Price
Waterhouse and Company Chartered
Accountants |
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Address
: |
1102/1107,
Raheja Chambers, Nariman Point, Mumbai -
400 021, Maharashtra |
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Tel.
No.: |
91-22-22824242/22834646 |
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Fax
No.: |
91-22-22045592/22824022 |
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Associates
: |
·
Finolex
Industries Limited ·
Finolex
Cables Limited ·
Finolex
Machines Limited ·
Royale
Extrustion Systems Limited ·
Finolex
Software Services Limited |
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|
|
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Holding
Company : |
Plastro
Gvat Kibbutz, Gvat, Israel |
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Membership
: |
Engineering
Export Promotion Council |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity
Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
50.000 |
50.000 |
50.000 |
|
|
3]
Reserves & Surplus |
34.615 |
30.701 |
20.913 |
|
NETWORTH
|
84.615 |
80.701 |
70.913 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
45.687 |
29.781 |
1.785 |
|
|
2]
Unsecured Loans |
26.723 |
26.724 |
26.876 |
|
TOTAL
BORROWING
|
72.410 |
56.505 |
28.661 |
|
|
DEFERRED
TAX LIABILITIES |
1.305 |
2.796 |
4.195 |
|
|
|
|
|
|
|
TOTAL
|
158.330 |
140.002 |
103.769 |
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
38.672 |
40.329 |
44.999 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.024 |
0.010 |
0.010 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
82.957 |
72.425 |
39.882 |
|
|
Sundry Debtors
|
103.685 |
93.379 |
46.275 |
|
|
Cash & Bank Balances
|
19.790 |
11.160 |
13.636 |
|
|
Other Current Assets
|
0.226 |
0.089 |
0.049 |
|
|
Loans & Advances
|
16.624 |
10.730 |
6.266 |
Total Current Assets
|
223.282 |
187.783 |
106.108 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
87.102 |
77.720 |
45.111 |
|
|
Provisions
|
16.546 |
10.400 |
2.237 |
Total Current Liabilities
|
103.648 |
88.120 |
47.348 |
|
Net
Current Assets
|
119.634 |
99.663 |
58.760 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
158.330 |
140.002 |
103.769 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
361.403 |
211.818 |
150.470 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
20.181 |
20.248 |
11.963 |
Provision for Taxation
|
7.715 |
4.819 |
3.070 |
Profit/(Loss) After Tax
|
12.466 |
15.429 |
8.893 |
|
|
|
|
|
Export Value
|
7.048 |
8.110 |
5.782 |
|
|
|
|
|
Import Value
|
79.433 |
47.902 |
29.618 |
|
|
|
|
|
Total Expenditure
|
341.221 |
191.570 |
138.508 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
3.45 |
7.28 |
5.91 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
5.58 |
9.55 |
7.95 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.70 |
8.87 |
7.91 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.24 |
0.25 |
0.16 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.08 |
1.79 |
1.07 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.15 |
2.13 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY :
The company
was promoted by Finolex Group in collaboration with Plastro GVAT of Israel.
This is first ever Indo-Isarel joint venture.
The company
is a joint venture between the Finolex group of companies of India and Plastro
Gvat of Israel and is in existence since 1992.
Plaschin Limited, Israel a wholly owned subsidiary of
Plasson Limited, Israel has agreed to acquire shareholding in the company.
Further, Plasson Limited has entered into technical and collaboration agreement
with the company. Plasson Limited is a world leader in pipe fittings,
speciality jointing and electrofusion joints and is now in the process of launching
their products in India through the company. The company to Plastro Plasson
Industries (India) Limited and again changed its name from "Plastro
Irrigation Systems (India) Limited to present, to reflect the participation of
all three major shareholders viz. Finolex Group of Companies of India and
Plastro Gvat and Plasson Limited of Israel w. e. f. 27/11/1998
Business :
The company
is also engaged in manufacturing and marketing of sophisticated drip irrigation
system, water conservation and water management devices, fertilisation
equipments, pipe and fittings and other accessories required for the system.
Generic
Names of Principal Products of the company’s are:-
·
Dripers
·
Irrigation
Laterals
Parts & Accessories
The company
has also been approached by ten co-operative sugar factories in Maharashtra
including the Pravranagar Sugar Co-operative and the Agasti Sugar Factory to
install 500 ha pilot drip projects.
The company
has made substantial gains in the major projects market and has successfully
executed the second phase of the irrigation projects of a large sugar factory.
Volume of business could have been better for drought like condition prevailing
In view of
the agreement signed with the sugar factory and the other large orders under
negotiation and the anticipated increase of the business, the company proposes
to install an additional extrusion line for the manufacturing of irrigation
laterals and hydrology emitting pipes. The company is also considering to start
Hydrology dripper manufacturing activity.
It also
provides services required in drip irrigation, micro sprinkler irrigation, soil
analysts and treatment, water analysts and treatment.
The company
also plans to manufacture industrial and agricultural filters in association
with Amiad Filtration Systems, and PVC control valves in association with
Bermad.
The company
has continuously introduced the latest Israeli technology in the production of
Drip Irrigation System components such as high clog-resistant openable
two-part O-Tif Drippers, Hydrogol
Integral Driplines with clog-resistant
drippers since its inception five years ago.
It also
offers a comprehensive range of Mini Sprinklers, Misters, Foggers, Automatic
Filters and accessories. These products are proving to be of great benefit to
the Indian farmer and are being widely accepted for cultivation of Cotton,
Banana, Sugarcane, Horticulture, Cash Crops, Ornamental Crops and Vegetables.
The company
has successfully installed and commissioned a computerised and fully automated
drip irrigation system project for cotton covering 532 acres at Akola in
Maharashtra.
It purchases from local market 60% & international
market 40%.
Dividend:
The Directors are pleased to recommend payment of dividend
on equity shares at 15% (Rs. 1.5 per equity share). The total amount of
dividend outgo including dividend tax will be Rs. 8.55 Millions (last year Rs.
5.64 Millions)
Current Year Prospects:
The outlook for the company’s business continues to be positive. The government of Ap revised prices in December, 2004 and they expect to improve margins in this project Gujarat government has also started a similar project in June 2005 and has accepted the same side.
Other states like Maharashtra/ Karnataka/ Tamil Nadu are
also poised to announce projects with similar subsidy schemes. The company has
enhanced its presence in the states of Madhya Pradesh and Chhatisgharh during
the current year and is also considering tie-ups for exploring business in the
Eastern States of India.
The management expects sales to gain further momentum and
expects to increase it again by 50% in the current year.
During the current year the company has doubled its
extrusion capacity and also poised to its manufacturing range, the drip line
with pressure compensating (PC) drippers. This introduction of advanced
technology in drip irrigation now “Made in India”, is likely to be well
received in the market.
Future Plans:
The company has recently established a new ‘Technical and Marketing Support Division’ with this, the company has define plans to strengthen its presence in the upcoming field of Greenhouse Horticulture and Landscape Business. So also the company intends to achieve 200% growth in its Fertilizer activity during the current year and plans to have a new warehouse facility for the same at Urse.
Finance:
During the year the Saraswat Co – operative Bank Limited approved a term loan of Rs. 30.000 Millions to the company to finance the New Machinery and other requirements including addition of Warehouse Structure.
Subject
is in trade terms with the following:
v
Sahara
India Commercial Corporation Limited
Horticulture
Department, Sahara Lake City, Amby Vally, Ambavani Village, Taluka-
Mulshi,
District-Pune
v
Dhirubhai
Ambani Knowledge City
Thane-Belapur Road, Kopar Khairane, Navi
Mumbai
v
Mr.
Raosaheb Bargude
Tel:
91-94223-65073 / 91-20-22965107
v
Mr. H.
S. Bedekar
Tel.:
91-22-31049289
v
Bha Ba
Engineering Works
v
Kelba
Agro Engineers Private Limited
v
Jade
Rubber Products Private Limited
v
Yogeeta
Rubbers Products
v
Anupama
Rubber Company
v
Jainson
Steel Industries
v
Vishal
Plastic & Rubber Industries
v
Morya
Packaging Industries
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
||||||||
|
Presented By |
R.S. Pendse, Company
Secretary |
||||||||
|
1) Date and description of instrument creating the change |
Joint
Deed of Hypothecation dated 8th June, 2005 for Securing Term Loan. |
||||||||
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 88.400 Millions |
||||||||
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Stock of Raw Materials, Semi Finished goodsand Finished
Goods, consumable stores and spares, Bills receivables and Book Debts of the
company. |
||||||||
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
First charge by way of hypothecation of the Current Assets
of the company ranking pari passu interest amongst the member banks of the
Bank of Baroda Consortium, interalia, as other terms and conditions contained
in the joint Deed of Hypothecation. |
||||||||
|
5) Name and Address and description of the person entitled
to the charge. |
|
||||||||
|
6) Date and brief description of instrument modifying the
charge |
First Supplemental Joint deed of Hypothecation for current
Assets to secure enhanced previous fund and non – fund based facilities dated
10.09.2005 |
||||||||
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
|
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
||||||||
|
Presented By |
R.S. Pendse, Company
Secretary |
||||||||
|
1) Date and description of instrument creating the change |
a)
03.06.1996 Memorandum
of Entry regarding deposit of title deeds by way of equitable mortgageROC
receipt No. 129264 dated 05.08.1996 b)
Modified
on 24.07.1998 by Supplemental
Memorandum of deposit of Title Deeds extending equitable Mortgage. Registered
under S.No. 56 dated 19.08.1999. |
||||||||
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 88.400 Millions |
||||||||
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
All the piece and parcel of land bearing gat no. 399, Village: Urse, Tal, Maval, Dist.
Pune, Maharashtra together with Building and Structures. |
||||||||
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
The charge covers various facilities granted by together
with interest, costs, charges and together monies payable in request thereof. |
||||||||
|
5) Name and Address and description of the person entitled
to the charge. |
Bank of Baroda Pimri, Pune – 411 018 Central Bank of India Pimri, Pune – 411 018 The Sarawat Co-operative Bank Limited Pimri – Chinchwad, Pune – 411 019 |
||||||||
|
6) Date and brief description of instrument modifying the
charge |
Third Supplemental
Memorandum of deposit of Title Deeds extending Equitable Mortgage to Secure
various fund and non fund based facilities dated 24.09.2005 |
||||||||
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
|
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
|
Presented By |
R.S. Pendse, Company
Secretary |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement dated 05.02.2005 for securing Term Loan |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 30.000 Millions |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Plant & Machinery existing and to be acquired and
other fixed assets to be acquired. |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
The charge covers Term Loan Rs. 30.000 Millions |
|
5) Name and Address and description of the person entitled
to the charge. |
The Sarawat Co-operative Bank Limited Pimri – Chinchwad, Pune – 411 019 |
|
6) Date and brief description of instrument modifying the
charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
Not Applicable |
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
|
Presented By |
R.S. Pendse, Company
Secretary |
|
1) Date and description of instrument creating the change |
Equitable
Mortgage Deed dated 20.06.2005 for securing Term Loan. |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 30.000 Millions |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Equitable Mortgage of the Land & Building, factory
shed Situated at plot No. 399, Urse, Tal:, Maval, Dist. Pune – 410 506. |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
The charge covers Term Loan Rs. 30.000 Millions |
|
5) Name and Address and description of the person entitled
to the charge. |
The Sarawat Co-operative Bank Limited Pimri – Chinchwad, Pune – 411 019 |
|
6) Date and brief description of instrument modifying the
charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
Not Applicable |
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
|
Presented By |
R.S. Pendse, Company
Secretary |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement dated 30.06.2004 for securing Bank Guarantee and Letter of Credit
Limits. |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 20.000 Millions |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Stock of Raw materials, Stock in progress, finished goods,
Book Debts and other movables. |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
The charge covers Bank Guarantee Limit: Rs. 15.000 Millions Letter of Credit Limit: Rs. 5.000 Millions Together with interest, costs and charges. |
|
5) Name and Address and description of the person entitled
to the charge. |
Bank of Baroda, Pimri Branch, Pimri, Pune – 411
018. |
|
6) Date and brief description of instrument modifying the
charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
Not Applicable |
AS PER WEBSITE:
Company Profile:
PLASTRO PLASSON INDUSTRIES (INDIA) LTD. is an Indo Israel
Joint Venture Company, established in 1992. PPIIL an ISO 9001:2000 company, is
today a leader in the field of Micro Irrigation in India.
PPIIL offers a wide range of products and solutions in the
field of precise Irrigation and Intensive agriculture cultivation.
Our solutions includes complete tailored Drip and Micro
irrigation systems and Turn-Key projects for All Agriculture sectors such as
Row Crops, Horticulture, Green Houses, Plantations, Orchards, Nurseries and
more.
PPI(I)L's services includes Survey, Planning and Design
facilities for Drip, Mini & Micro Sprinklers, Foggers, Misters, Fertigation
equipments, etc. for various field crops, horticulture crops, plantations,
landscape, Greenhouse and Poly-house Irrigation systems.
Having technical agreement with world's leading
manufacturers, PPIIL has exclusive Distributorship for marketing of various
other Irrigation Equipments like Filters, PVC Ball Valves, Plastic Fittings,
Control Valves, Automation Devices, Central Control Systems etc.
To complete our " All Under One Roof" services for
Agriculture, PPIIL has introduced range of various grades of Water Soluble
Fertilizers imported from Belgium & Israel.
Along with its advanced systems, PPIIL also provide
comprehensive Agronomic Guidance and Knowledge Transfer Programs on Irrigation,
Fertigation and all parts of cultivation. Our goal is to maximize the user's
benefit from PPIIL systems.
The Company has around 250 qualified professionals, which
includes, Production Experts, Surveyors, application Engineers, Agronomists,
Soil Scientists, and Sales Engineers to meet the growing marketing requirement.
PPI(I)L has a wide spread network of distributors all over
India for the sales & services of all products and projects.
PPIIL is well-known for its quality products and quality services.
Quality Policy:
We at PLASTRO PLASSON INDUSTRIES ( INDIA ) LTD. are
committed to manufacture , market products and provide services to achieve
customer satisfaction through continual improvement with respect to quality,
delivery and after sales services.
We will achieve this by,
1. Building up quality consciousness amongst our employees,
associates & vendors.
2. Constantly upgrading our manufacturing facilities,
quality system, products and services to meet national
and international standards with the application of appropriate technology .
3. Training and Development of our employees, our key assets
for continual self improvement and consistent growth in
productivity.
We will accomplish the above by
developing and implementing Quality Systems in accordance with ISO 9001 : 2000
.
News:
No More A Pipe - Dream
CANARA BANK Joins
hands with
Plastro Plasson Industries (India)
Ltd.
In Kerala, Maharashtra, Tamilnadu & Karnataka
CANARA BANK
(A Govt. of India
Undertaking)
Visit us at: www.canbankindia.com
Serving to Grow-Growing to Serve
India's leading premier bank M/s.Canara Bank signs MOU with Plastro
Plasson Industries (India) Ltd. for financing Micro Irrigation Equipments to
Farmers of Karnataka, Tamilnadu, Kerala and Maharastra States with our
dealer network.
Canara
Bank has a network of 2500 Branches in 26 States and 4 Union
Territories, reaching every corner of the Country.
Canara
Bank would provide loans for setting up various Micro
Irrigation Equipments of the Company, for different sectors of
Agricultural activities such as Orchards, Nurseries, Field Crops,
Plantations, Horticulture Crops, Green House Projects. As per the terms of MOU,
Canara Bank will now become the preferred financer for installing of Micro
Irrigation Equipments supplied by us in the States of Karnataka,
Tamilnadu, Kerala and Maharastra.
With
the proposed scheme, the Canara Bank intends to extend a helping hand to
the farmers, who are desirous of increasing the production and
productivity of their lands by best utilization of water recourses.
Canara Bank has a clientele base of more than 12Lakhs Farmers.
Products:
v
Drip Irrigation
v
Jet Sprayers
v
Foggers+Mist
v
Sprinklers
Plasson
v
PVC
Fitting & Ball Valves
v
Compression
Fitting - Series 7
PP Valves, Saddles,
Threaded Fittings
v
1379
One Nut Valve x Comp
v
Electrofusion
-
Fittings and Equipment
v
Agrifit
Fittings for HDPE Pipes
v
Angel
Sets Valve/ O-Ring
(NBR) for Compression System
Amiad Filtration Systems
v
3/4"
Filter
v
Sand
Filters
v
Duplex
Fertilizer Injector
A.R.I Flow Control Accessories, Israel
v
D-040
Combination
Air Valve-Plastic
2"/50 mm-Threaded
Working Pressure :
02-16 bar (3-230psi)
v
S-050
Automatic Air Valve-Plastic
1/2"/15mm,
3/4"/20mm
1"/25mm- Threaded
Working Pressure :
02-16 bar (3-230psi)
v
AV-010
Kinetic Air Valve
3/4"/20mm
1"/25mm
2"/50mm - Threaded
Working Pressure :
02-10 bar (3-150psi)
v
NR-020
Check Valve
3"80mm-6"150mm made of
Reinforced Nylon
8"/200mm-made of
metal- Alum
ASTM SG.70A
Working Pressure :
16 bar (230psi)
v
D-050-C
Combination Air Valve
2"/50mm-8"/200mm- FLANGED
Working Pressure :
02-16 bar(3-230psi)
v
D-014,
D-016
Combination Air Valve
2"/50mm-8"/200mm- FLANGED
Working Pressure :
02-100 bar (3-1400psi)
Bermad Control Valves, Israel
v
Pressure
Sustaining Valve
Sizes : 2", 21/2", 3"R,
3", 4",
6",
8", 10", 12"
v
Electric
Control Valve
Model : 210
Sizes : 1", 1"
& 2"
Pressure : 0.7 - 10bar
v
Pressure
Reducing Valve
Sizes : 2", 21/2", 3"R,
3", 4",
6",
8", 10", 12"
v
Pressure
Reducing Control Valve
Model : 220
Sizes : 1", &
2"
Pressure : 0.7 - 10bar
Rain Bird, Landscape
Irrigation
v
UNI-SprayTMSeries
v
Rotors
- Maxi-PawTM
v
T-BIRDTMSeries
v
PGA
Series - Valves
Ferti+ Jalamrut- Imported Soluble Fertilizers from Belgium
and France
v
19:19:19 NPK ALL
v
00:52:34 Mono Potassium Phosphate
v
12:61:00 Mono Ammonium Phosphate
v
00:00:50 Potassium Sulphate
v
13:00:45 Potassium Nitrate
DOROT, Automatic Control valves
v
Electric
Control valves -
2 Way
Sizes : 3/4", 1", 1 1/2",
2"2
1/2" & 3"
v
Pressure
Reducing Valve
Model : 30 - 6 - PR
Sizes : 2", 3",
4", 6", 8" & 10
Pressure : upto 16 bar
v
Electric
Throttling Solenoid valves - 2 Way
Sizes : 3/4", 1", 1 1/2",
2"2
1/2" & 3"
v
Pressure
Sustaining & Relief Valve
Model : 30 - 6 - PS
Sizes : 2", 3",
4", 6", 8" & 10
Pressure : upto 16 bar
Eldar Shany / Galcon Automatic
Controllers
v
Automatic
Controller
v
FertiMix
v
Fertigal
Design:
Plastro as a full service company,
provides its customers with all services related to its products:
agro-technical consultation, design and planning of all types of irrigation
systems. Including assistance in installation and training local personnel how
to operate and maintain modern irrigation systems.
WCDAI - A sophisticated computer aided design software enables
Plastro design engineers to remain the most optimized state-of-art irrigation
systems utilizing all resources & equipment to the best of their
capabilities.
Plastro's design department has developed a tool to help our customers
designing their own irrigation systems. Cassiopea T is a handy
program. It process the location constraints and returns design data based on
Plastro's products properties.
Every Drop Counts is a computer program designed to help
choose the right sprinkler for your irrigation application. The program
calculates the configuration and produces a visual description of the wetting
pattern of the field under various emitter spacings, pressures, etc.
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 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
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 |