MIRA
INFORM REPORT
|
Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PASUPATI ACRYLON
LIMITED |
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Registered Office : |
M-14, Connaught Circus, Middle Circle, New Delhi – 110 001, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.10.1982 |
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Com. Reg. No.: |
11-15532 |
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CIN No.: [Company
Identification No.] |
U99999DL2000PTC014564 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08493C |
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Legal Form : |
A Public Limited
Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers and
Marketers of Acrylic Staple Fibre. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Poor |
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Payment Behaviour : |
Slow and delayed
by 90 days |
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Litigation : |
Unknown |
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Comments : |
Financial position
of the company is poor. Payments are reported as slow and delayed. Trade
relations are fair. The company continue to incur heavy losses. It can be
considered for any business dealings on fully safe and secured trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
M-14, Connaught Circus, Middle Circle, New Delhi – 110 001, India |
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Tel. No.: |
91-11-23715125 /
23723682 / 3656 / 23315901 |
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Fax No.: |
91-11-2331 0684 /
23730598 |
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E-Mail : |
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Website: |
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Factory: |
Village Thakurdwara, Kashipur Road, District Moradabad – 244 601, Uttar
Pradesh, India |
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Tel. No.: |
91-591-2362747 / 2241352 / 2241263 / 2241353 / 2241354 / 2241355 /
23715125 / 23315901 / 91-5947-275506 |
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Fax No.: |
91-591-2241262 / 23411684 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Sanjiv Nair |
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Designation : |
Chairman (PICUP Nominee) |
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Name : |
Mr. Vijay Kumar
Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Vijay Kumar
Jain |
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Designation : |
Director |
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Name : |
Mr. Vineet Jain |
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Designation : |
Managing Director |
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Date of Birth/Age : |
34 years |
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Qualification : |
B.B.A. (London) |
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Experience : |
13 years |
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Date of Appointment : |
01.01.1990 |
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Name : |
Mr. Ramesh Kumar
Jain |
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Designation : |
Director |
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Name : |
Mr. M. M. Kohli |
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Designation : |
Director |
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Name : |
Mr. B. N. Pasari |
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Designation : |
Director |
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Name : |
Mr. Ravinder
Kapur |
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Designation : |
Director |
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Name : |
Mr. R. G. Nirmal |
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Designation : |
Director – Nominee IFCI |
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Name : |
Mr. S. C. Malik |
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Designation : |
Director – Finance |
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Date of Birth/Age : |
53 years |
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Qualification : |
B.Com. (Hons.), F.C.A. |
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Experience : |
31 years |
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Date of Appointment : |
16.07.1990 |
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Name : |
Mr. Anil Sharma |
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Designation : |
Director – Nominee PICUP |
KEY EXECUTIVES
|
Name : |
Mr. S. D. Jain
(F.C.S., F.C.A.) |
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Designation : |
Company Secretary |
SHAREHOLDING
PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
promoters' holdings
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Indian Promoters |
29700740 |
46.79 % |
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Foreign Promoters |
420740 |
0.66 % |
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30121480 |
47.45 % |
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non promoter's holdings
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Mutual Funds and
UTI |
165150 |
0.26 % |
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Banks, Financial
Institutions and Insurance Companies |
8475 |
0.01 % |
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FIIs |
628100 |
0.99 % |
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|
801725 |
1.26 % |
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others
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|
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Private Corporate
Bodies |
1953075 |
3.08 % |
|
NRIs / OCBs |
5110261 |
8.05 % |
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Sub
Total |
7063336 |
11.13 % |
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General Public |
25494705 |
40.16 % |
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GRAND TOTAL |
63481246 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Marketers of Acrylic Staple Fibre. |
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Products : |
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Imports : |
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Countries : |
U.S.A., Japan,
Italy, France |
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Terms : |
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Purchasing : |
against L/C, D/A
and D/P terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Acrylic Fibre |
MT |
22500 |
22500 |
24311.732 |
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GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
Ř
Allahabad
Bank Ř
State Bank
of Patiala Ř
Sanwa Bank
Limited Ř
UCO Bank Ř
Bank of
Maharashtra Ř
State Bank
of Travancore Ř
Bank of
Baroda Ř
Canara Bank Ř
Punjab National
Bank |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
B. K. Shroff
& Company, New Delhi Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
10,000,000 |
Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Total: |
|
Rs. 850.000 Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,35,06,950 |
Equity Shares |
Rs.10/- each |
Rs. 635.070 Millions |
Paid-up
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
6,34,81,246 |
Equity Shares |
Rs.10/- each |
Rs. 635.070 Millions |
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Add :- Forfeited Shares |
|
Rs. 0.079 Million |
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Total: |
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Rs. 634.891 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
711.400 |
634.900 |
634.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
163.400 |
272.400 |
(188.300) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
874.800 |
907.300 |
446.600 |
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LOAN FUNDS |
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1] Secured Loans |
644.900 |
736.500 |
1132.600 |
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2] Unsecured Loans |
12.600 |
146.800 |
124.600 |
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TOTAL BORROWING |
657.500 |
883.300 |
1257.200 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1532.300 |
1790.600 |
1703.800 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
1354.400 |
1463.500 |
1553.000 |
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Capital work-in-progress |
85.400 |
47.700 |
44.100 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
622.100
|
544.300 |
393.300 |
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Sundry Debtors |
114.800
|
80.400 |
86.400 |
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Cash & Bank
Balances |
42.800
|
32.000 |
21.800 |
|
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Other Current
Assets |
0.000
|
0.000 |
0.000 |
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|
Loans &
Advances |
76.900
|
71.700 |
63.000 |
|
Total Current Assets |
856.600
|
728.400 |
564.500 |
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|
Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
763.600
|
448.900 |
457.800 |
|
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Provisions |
0.500
|
0.100 |
0.100 |
|
Total Current Liabilities |
764.100
|
449.000 |
457.900 |
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Net
Current Assets |
92.500
|
279.400 |
106.600 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1532.300 |
1790.600 |
1703.800 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
3062.400 |
3452.000 |
2403.900 |
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Other Income |
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|
Total Income |
3062.400 |
3452.000 |
2403.900 |
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|
Profit/(Loss) Before Tax |
(164.100) |
386.000 |
(68.400) |
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Provision for Taxation |
2.300 |
0.000 |
0.100 |
|
|
Profit/(Loss) After Tax |
(166.400) |
386.000 |
(68.500) |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
3048.000 |
2883.200 |
2188.700 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
3048.000 |
2883.200 |
2188.700 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales
Turnover |
733.600 |
811.700 |
606.400 |
|
Other
Income |
12.400 |
9.700 |
28.000 |
|
Total
Income |
746.000 |
821.400 |
634.400 |
|
Total
Expenditure |
724.700 |
766.700 |
609.300 |
|
Operating
Profit |
21.300 |
54.700 |
25.100 |
|
Interest |
20.200 |
22.000 |
19.800 |
|
Gross
Profit |
1.100 |
32.700 |
5.300 |
|
Depreciation |
26.500 |
26.500 |
26.600 |
|
Tax |
0.400 |
0.400 |
0..700 |
|
Reported
PAT |
[25.800] |
5.800 |
[22.000] |
Notes :
200606
Quarter 1 –
Expenditure Includes (Increase) / Decrease in Stock(s) Rs
3.20 million Consumption of Raw Materials Rs 550.00 million Power & fuel Rs
73.70 million Staff Cost Rs 23.20 million Other Expenditure Rs 74.60 million
EPS is Basic Tax indicates Provision for Taxation Status of Investor Complaints
for the quarter ended June 30, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 141 Complaints disposed off
during the quarter 141 Complaints unresolved at the end of the quarter Nil 1.
The Net Deferred Tax Assets of Rs 217.10 million as on March 31, 2006 has not
been recognised in view of uncertainty of its realisation as recommended under
Accounting Standard - 22 on 'Deferred Taxation' issued by Institute of
Chartered Accounts of India. 2. Figures have been regrouped wherever considered
necessary. 3. These results have been taken on record by the Board of Directors
in the meeting held on July 27, 2006.
200609
Quarter 2 –
EPS is Basic & Diluted Status of Investor Complaints for
the quarter ended September 30, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 42 Complaints disposed off
during the quarter 42 Complaints unresolved at the end of the quarter Nil 1.
The Net Deferred Tax Assets of Rs 217.10 million as on March 31, 2006 has not
been recognised in view of uncertainty of its realisation as recommended under
Accounting Standard - 22 on 'Deferred Taxation' issued by Institute of Chartered
Accounts of India. 2. Figures have been regrouped wherever considered
necessary. 3. Implementation of AS-15, as revised will be taken up at the close
of the year. 4. These results have been taken on record by the Board of
Directors at meeting held on October 31, 2006.
200612
Quarter 3 –
Expenditure Includes (Increase)/Decrease in stock in Trade
Rs (189.10)million Excise Duty on increase / Decrease in Stock Rs 14.30 million
Consumption of Raw Material Rs 642.50 million Power & fuel Rs 68.10 million
Staff Cost Rs 23.10 million Other expenditure Rs 64.70 million Tax indicate
Provision for Taxation (incl. Fringe Benefit Tax) EPS is Basic & Diluted
Status of Investor Complaints for the quarter ended December 31, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 199 Complaints disposed off during the quarter 199
Complaints unresolved at the end of the quarter Nil 1. The Net Deferred Tax
Assets of Rs 217.10 million as on March 31, 2006 has not been recognised in
view uncertainty of its realisation as recommended under Accounting Standard
-22 on Deferred Taxation issued by Institute of Chartered Accountants of India.
2. Figures have been regrouped wherever considered necessary. 3. Implementation
of AS-15 as revised will be taken up at the close at the year. 4. These results
have been taken on record by the Board of Directors at meeting held at January
24, 2007.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
6.38 |
4.25 |
2.89 |
|
Long Term Debt-Equity Ratio |
4.54 |
3.36 |
2.34 |
|
Current Ratio |
0.96 |
0.95 |
0.84 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.09 |
1.05 |
0.70 |
|
Inventory |
5.04 |
6.82 |
6.78 |
|
Debtors |
30.10 |
38.33 |
24.42 |
|
Interest Cover Ratio |
-1.27 |
3.35 |
0.62 |
|
Operating Profit Margin(%) |
0.49 |
11.39 |
9.08 |
|
Profit Before Interest And Tax Margin(%) |
-3.13 |
8.09 |
4.66 |
|
Cash Profit Margin(%) |
-2.05 |
8.98 |
1.53 |
|
Adjusted Net Profit Margin(%) |
-5.66 |
5.68 |
-2.89 |
|
Return On Capital Employed(%) |
0.00 |
15.91 |
0.00 |
|
Return On Net Worth(%) |
0.00 |
32.70 |
0.00 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.4.93/- |
|
Low |
Rs.4.66/- |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was
incorporated on 22nd October, 1982 at Moradabad in Uttar Pradesh
having Company Registration Number 15532.
It started its
commercial production in November, 1990.
The company was
promoted by Mukesh Jain and has established an acrylic fibre plant at
Thakurdwara, Uttar Pradesh, in technical collaboration with SNIA-BPD (of the
Fiat group), Italy, which has supplied the technology to produce acrylic fibre
by the continuous wet process. The project with an installed capacity of 15,000
tpa, commenced production in November, 1990. After the de-bottlenecking scheme,
the installed capacity rose to 18,000 tpa in July, 1993.
The company has
installed an additional thermo-stretching line to produce more value-added high
shrinkage fibres. The acrylic fabres find application in woollen knitwear,
hand-knitting yarn, woollen and worsted Fabrics, blankets, carpets, sportswear,
etc. It went public with a rights offer in October, 1993 to enhance the margin
money for working capital.
Bio Data:
Pasupati Acrylon (PAL), promoted by Mukesh Jain, has
established an acrylic fibre plant at Thakurdwara, UP, in technical
collaboration with SNIA-BPD (of the Fiat group), Italy, which has supplied the
technology to produce acrylic fibre by the continuous wet process. The project,
with an installed capacity of 15,000 tpa, commenced production in Nov.'90.
After the de-bottlenecking scheme, the installed capacity rose to 18,000 tpa in
Jul.'93.
The company has installed an additional thermo-stretching line to produce
more value-added high-shrinkage fibres. The acrylic fibres find application in
woollen knitwear, hand-knitting yarn, woollen and worsted fabrics, blankets,
carpets, sportswear, etc. It went public with a rights offer in Oct.'93 to
enhance the margin money for working capital.
To achieve better marginal contribution without any substantial increase in
fixed overheads, to meet global competition company has taken up expansion plan
during 1993, to increase the production capacity from 15000 TPA to 22500 TPA.
By increasing level of production this would give company a competitive edge.
The Company's extraction based turbine to reduce utility cost has been
commissioned during the last quarter of 1999-2000.
OPERATIONS
During the year under review, the company produced 31063 MT
of Acrylic Fibre (ASE) as against 32093 MT during the previous financial year,
achieving 103% average capacity utilisation. During the year, Sales of the
product of the company has been to 30596 MT of Acrylic Fibre against 32026 MT
during the last financial year. The Production and sales are marginally lower
due to drop in exports. The turn over has been down to Rs.294 Crores as against
Rs.320 Crores in the previous year. The year under review witnessed abnormal
increase in cost of main raw materials i.e ACN by more than 20% due to continue
spurt in crude oil prices and various external factors. Though Government
reduced custom duty from 10% to 5% w.e.f., 01.07.2005 but the rise was so
sharp, that it only has nominal effect. The rise in raw material prices and
other input cost could not be passed on to market causing melancholy in
margins.
In the recent budget, the excise duty on acrylic fibre reduced to 8%, whereas
the excise duty on raw material kept unchanged at 16%.
The Government also imposed 4% additional custom duty, thus effectively the
company is paying 22%, custom duty while it can adjust only 8% duty on output.
This has resulted in an inverted duty structure for the Company resulting into
accumulation of Cenvat credit, causing strain on cash flow. The Company has
made several representation both directly and through various Chambers to the
Ministry of Finance for the correction of this anomaly, but Government's
response is yet awaited.
current year’s outlook
Though the rise in ACN Prices is continuing, but the Fibre Prices is also showing sign of improvement due to pick up in demand. It is expected that in the course of the year the market will further look up. The Crude Oil is also seems to be settling down at 70 dollar a barrel, which would help in stabilizing ACN Prices.
It is
in trade terms with :-
v
Amar Engineer
Fabricator
v
Agreni Polimer
Limited
v
Cambrian
Minerals & Chemical Private Limited
v
Dinesh Rubber
Industry
v
Laxminarain
Visambhamrnath
v
RM Mundy &
Company
v
Schentech
C.O.O.
v
Sanjay
Plastics and Industrial Service
v
Siri Ram
Filteration & Engineering Company
v
Hi-Tech
Equipment (Private) Limited
v
Industrial
Filter & Fabric Private Limited
v
Jalan Colour
Corporation
v
Mohta
Enterprises
v
Rohan Industries
v
BP Chemicals,
U.S.A.
v
Annexco, USA
v
Gantrade
Corporation, USA
v
Companex, The
Netherlands
v
ICC, USA
v
DSM Limited,
The Netherlands
v
American
Cyanamide, U.S.A.
v
Lubrizol,
U.S.A.
v
Mitsubisi,
Japan
v
Mitaka Fine
Chemicals, Japan
v
Caffaro, Italy
v
Prochemica,
Italy
v
Nissho-Iwai,
Japan
v
L. G.
Chemicals, Korea
v
ELF Atochem,
France
v
Samsung Fine
Chemicals, Korea
v
Dupont South
East Asia Limited
v
Akzo Nobel,
Holland
v
Lambertti,
Italy
v
UCB, Belgium
v
Sinopec Int.
Jingling Company, China
The company has technical
collaboration with SNIA BPD (Fiat Group) of Italy.
Fixed Assets:
Leasehold Land,
Freehold Land, Office Premises, Buildings, Plant & Machinery, Electric
Installations, Furniture & Fixtures, Factory & Office Equipments and
Vehicles.
AS PER WEBSITE:
Multi-Dimentional
Product
Acrylic fibre have traditionally been used as substitutes to wool and
cotton.
Consequently , the market has historically been limited, and somewhat seasonal
in nature.
Being a technology
leader, Pasupati Acrylon has rapidly changed the scenario. Through intensive,
customer-oriented research, score of new uses have been found for Acrylic
fibre. These include carpets, blankets,Toys, towels, bathrobes, bathmats, table
linen, furnishings, shirtings, sarees
At present there are Branches of Pasupati Acrylon in New Delhi, Ludhiana,
Mumbai, Kolkata and Erode. Several more are slated to open.
Over the next two years, new kinds of Acrylon will also be produced -
modacrylic, hydrophilic, geldyed and flame retardant. All these new uses are
still, so to speak, the tip of the proverbial iceberg.
Acrylon's potential is virtually limitless.Pasupati Acrylon's objectives is to
tap this potential and take Acrylon into every facet of life.
COMPANY PROFILE:
Whichever way you
look at it, along whatever dimension, Pasupati Acrylon is today an extremely
successful company. In purely financial sense of the term, its achievements are
more than impressive.In terms of product quality, Pasupati Acrylon enjoys an
enviable reputation, both in India and overseas. By constantly finding new uses
for Acrylon, it has converted an essentially seasonal market into a year-long
one. Pasupati Acrylon's record in the area of pollution control is matchless.
Its activities as a corporate citizen are turning backward area into a model of
planned development. Indeed many are the facets of success at Pasupati Acrylon.
Come, take a look at some of them. .
Product Acrylic staple fibre
Year of establishment 1987
Commercial Production Commenced November 1990
Present capacity 30,000 TPA
Technical collaboration SNIA BPD (Fiat Group) of Italy.
Capital employed Rs. 2 Billion
Sales Turnover Rs. 3.2 Billion
Employee strength 525
Pasupati Acrylon Limited had become a market leader within less than five years
after its establishment. The secret of its success has been superlative product
quality and constant innovation. A firm commitment to cater to diverse user
needs has been the Company's motto.
GLOBAL MARKET PLACE
When world-class
technology produces a multi-facet, high quality product, new markets are bound
to open up, not just in India but all over the world. Given India's acute and
continuing foreign exchange crisis, Pasupati Acrylon is planning to spread its
wings by entering into global market with its widely accepted products in fibre
of Denier 0.9,1.2,1.5,2.0,3.0,5.0,8.0 & 15.0 along with speciality products
such as tow, tops, dyed & hydrolon fibre.
Pasupati Acrylon produces Acrylic fibre of international standards, hence the
fibre is import substitute, resulting in saving of precious foreign exchange
for the country.
Pasupati Acrylon has business relations with internationally reputed
companies in connection with imports of raw materials etc.
Annexco, USA
Gantrade Corporation, USA
Companex / DSM Ltd., THE NETHERLANDS
ICC, USA
MITSUI, Singapur
Mitsubisi, Japan
Vinmar International
Lubrizol, USA
Taminco, Belgium
Caffaro,Italy
Air Products Netherland
Prochemica,Italy
Nissho-Iwai,Japan
ARKEMA, France
Marubeni, Japan
L.G.Chemicals,Korea
Samsung Fine Chemicals,Korea
Dupont South East Asia Ltd.
Akzo Nobel,Holland
UCB,Belgium
Sinopec Int. Jingling Co. , China
WORLD
CLASS TECHNOLOGY
There are ways and
ways of making acrylic fibre. Pasupati Acrylon has opted for one- the continuos
wet process which is acknowledged internationally to be the best.
Its collaborator SNIA BPD of Italy, part of the famed FIAT group-is the proven
world leader in the manufacture of acrylic fibre.
The acrylic fibre that comes out from Pasupati Acrylon's plant at
Thakurdwara, in U.P., meets all SNIA BPD quality specifications.
Not surprisingly, buyers are flocking to Pasupati Acrylon's door steps.
A classic Instance, if any, of demand outstripping supply!
FOCUS ON HUMAN RESOURCES:
One notable
facet of Pasupati Acrylon is the organizational culture it has developed in a
short span of time.
By
consciously putting human resources at the centre of every activity, the organization
today throbs with a vigorous dynamism.
The
environment is open and informal. The lines communication are free, and cut
across hierarchies and departments.
The
outcome is a cohesive, goal-directed, achievement-oriented, fast-moving family
of over 600 professionals.
An
organization where excellence is achieved on a day-to-day basis, not through
technology, but essentially through people.
As
a consequence, Pasupati Acrylon has quickly emerged as a leader in its chosen
field of activity.
CORPORATE COMMITMENT:
Thakurdwara in U.P. has always been a backward area.
With the arrival of Pasupati Acrylon, however, things have started changing.
As a first step, Pasupati Acrylon is starting a school. To give further impetus
to education, several scholarships have been instituted.
Pasupati Acrylon is also encouraging residents of the area to set up
ancillary units.
Thanks to all these efforts, Thakurdwara is today experiencing a mini-economic
boom.
A free medical clinic is already under operation. A bridge is being
constructed across the river kosi, to facilities access to the Girija temple.
HYDROLON
Hydrolon - The comfort Fibre
Hydrolon - a
product of Pasupati Acrylon is a specialty fibre developed after years
of in-house Research & Development and has acquired a special position in
the field of textile applications due to its unique features.
Hydrolon provide excellent capillary action & helps it to transfer
to moisture. Due to this capillary action, it has quick absorption & a fast
drying property.
Properties
of Hydrolon
v Cotton like water absorption.
v Quick drying.
v Soft, supple & lofty handle.
v Lightweight.
v Easy dyeing & excellent fastness.
v Comfortable fabric breathing property.
v Easy care
v Good wash-n-wear quality
Hydrolon is most suitable for Apparel wear, Sport wear, Polo-Shits, T-shirts,
Summer & Spring wear, Socks, Towels, Bath-mats, Bed-spreads etc.
MICRO DENIER:
Micro Denier 0.9 - another product of Pasupati Acrylon
which is being used by their customers for producing extra soft & fine yarn
for export.
This yarn will produce high aesthetic value garments, which will have extra
softness & suppleness, with the cotton look.
RAW MATERIAL:
Major Raw Materials for Acrylic
Fibre
- Acrylonitrile (ACN)
- Methyl Acrylate (MA)
- Di Methyl Formamide (DMF)
- Acrylo Meth. Prop. Sulph.Acid (AMPS)
- Org. Surface Active Agent APAN 41&
43D
- Ventron 5/32
- Azobis Iso Butyro Nitrile (AZDN)
- DL Malic Acid
CHERACTERISTICS:
Characteristics of the Acrylic
fibre
- Soft & Fluffy feel
- Light weight & warmth
- Durable & strong
- High crease recovery
- Color fastness to both washing &
sunlight
- Easy care - Easy laundering & law
maintenance cost
- High abrasion resistance - No pilling
- Good aesthetics - High luster
- Good wicking action - Helps in quick
transfer of moisture & sweat resulting in quick drying
- No allergic & Non-toxic
- Resistant to moth mildew & insects
RESEARCH
AND DEVELOPMENT
Pasupati
Research and Development Centre was set-up in year 1992 and same was
recongnised by Ministry of Science and Technology in the year 1993 based on
excellent R & D results.
The main
objective of Pasupati R & D Centre is :
a) Absorption
and updating of imported technology.
b) Import
Substitution : To promote the use of indigenously developed raw material
such as catalyst, heat stabilizer, spin finish and other auxiliary materials.
c) Development
of speciality Fibre : New fibre grades such as hydrophilic, super bright
and micro denier fibre. Know-how and manufacturing processes of these speciality
fibres has been developed by extensive R & D efforts.
Through R &
D, Pasupati Acrylon also achieved export promotion by improving the existing
quality of fibre to match with International Standards.
Based on
excellent R & D efforts, Dept. of Scientific & Industrial Research
Ministry of Science and Technology, Government of India awarded National award
for R & D efforts to Pasupati Acrylon in year 1994.
POLLUTION FREE:
Safety
and Environmental concern
Pasupati Acrylon
felt the need to care for human and material safety and the concern for the
environmental protection much prior to the world started realising the
importance of the same. In view of the nature of chemicals used in the
manufacture of Acrylon, the best possible safety systems against fire, air and
water pollution have been installed even before the production equipment were
installed.
Well designed auto fire prevention systems and alarms are in place which are
frequently and periodically tested and checked for performance and accuracy.
All employees have been assigned specific roles in case of a fire and are
trained on these roles every month. On Site Emergency Plan developed by us
serve as a model for other industries in the State. All employees are kept
abreast of the plan and frequent quiz contests are conducted for keeping alive
the alertness and awareness.
The technology adopted for the manufacture was selected to have the minimum
polluting effect. In addition, the most advanced treatments are meted to the
effluents whether it is water or air.
An effluent water treatment plant at a running cost of over 1.2 million Rupees
per year has been functioning in their factory. This plant is based on extended
aeration and suspendcd growth activatcd sludge proccss to give an output
performance that is much higher than the recommended specifications laid down
by Statutory Authorities. Treated effluent water used for irrigating a green
belt and horticultural use has responded well for the healthy growth of plants.
Three
ambient air monitoring stations with sophisticated instrument, located at
strategic points in the factory keep reporting the pollutant levels which are
well below the desired levels. The instruments used for measuring the pollution
levels are all sensitive and sophisticated to do their jobs with maximum
accuracy.
The
effluent gases from the plant are scrubbed and pollutant free air is released
into the atmosphere. Areas where chemicals are used are well protected so that
the vapours do not affect the operators.
The
boilers are equipped with bag filters to totally eliminate suspended particles
from the exhaust.
As
natural means to keep the atmosphere pollution free, an 80 Mt wide natural and
thick forest has been developed along the boundary of the factory premises
which has been instrumental in restoring ecological balance and adding to the
aesthetic appearance.
FOCUS
ON HUMAN RESOURCES
They, at Pasupati Acrylon,
regard human beings as their most valuable asset. They do not stop at employees
alone but extend this feeling to all persons who have any links with the
company.
All
activities of the Company have one common and basic element of concern for
people. In fact there are many activities that exclusively centre around
employees and their families. A beautifully built and well maintained Temple
observing all religious occasions, sports and cultural events, picnics and
get-together of the employees and their families in groups of manageable sizes,
Recreational Club, Cooperative Society to inculcate savings habit and help
during financial needs and Mahila Samiti / Ladies Club for the spouses of the
employees are only a few of the welfare activities which the Company offers to
the employees.
Employes
are considered as individuals even prior to their becoming a part of the
Pasupati family and given due regards while they visit for pre-employment
discussions. They look for points of strength in people rather than the
possible reasons to reject them. Induction, orientation and on the job training
for new colleagues are individual based and exclusively designed for each.
A
scientifically designed and tested appraisal system is in place to assess the
performance and potential of each employee. The system helps in identifying
star performers for suitable raise and growth. It also helps to ascertain the
areas where employees need help and improvement to put forth their best
performance. Training for upgrading skills, knowledge and mental abilities is
taken up as a major activity.
Communication
is given its due place with monthly meetings of different groups of employees
covering all the employees. The Chief Executive makes it a point to be present
in these meetings to have first hand interaction. A house magazine is also
periodically published in Hindi and English.
Employees
are encouraged to interact with similar levels of neighbouring units for
sharing of knowledge and experiences in specific areas of interest.
Openness
without barriers of hierarchy has been the culture of the organisation.
However, mutual respect and disciplined management is also having their own
importance. Rules are the same for all levels of employees. This has resulted
in every one having self-discipline and need for no one to impose rules.
The
focus on the human resources has made Pasupati Acrylon unique among all
organisations in the location and a leader in the industry in terms of quality
and productivity.
TECHNOLOGY UPGRADATION:
The original fibre
manufacturing facility set-up in technical collaboration with M/s Snia bpd S P
A was designed for a rated capacity of 15000 TPA. By means of various
innovative modifications carried out in plant & machinery, the production
capacity of fibre has been enchanced in phases to a level of 30,000 TPA.
The conventional three
Reactor polymerisation was modified to a five Reactor system. In the Fibre
Line, process & machinery modifications were carried out to a fibre
production capacity of 30,000 TPA.
Besides enhancing the
production capacity, the technological advancements made have resulted in :
- Plant scale production of specialty fibre such as Hydrophilic,
Super bright & Micro denier.
- Marked improvement in fibre quality.
- Smooth runnability of fibre line at enhanced operating speeds.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No 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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
16 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|