MIRA INFORM REPORT
|
Report
Date : |
31.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AMARTARA
PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Saki Vihar Road, Powai, Mumbai – 400 072,
Maharashtra |
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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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|
|
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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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|
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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 |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
125000 |
|
|
|
|
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 financially comfortable. Payments
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 |
|
Tel.
No.: |
91-22-28572681/28576535/28572536/26976451/26915050 |
|
Fax
No.: |
91-22-28571559/26919090 |
|
E-Mail
: |
2. ashwinmohan@amartaraplastics.com 3. tarasarup@amartaraplastics.com |
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|
|
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Factory
1 : |
Saki Vihar Road, Powai, Mumbai –
400 072, Maharashtra |
DIRECTORS
|
Name : |
Mrs. Tara Sarup |
|
Designation
: |
Director |
|
Address
: |
9, Soherset House, 169 Colaba Road, Colaba – 400005,
Mumbai |
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Date
of Birth/Age : |
02.04.1921 |
|
Date
of Appointment : |
12.11.1984 |
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|
|
|
Name : |
Mr. Ajay Mohan |
|
Designation
: |
Director |
|
Address
: |
9, Soherset House, 169 Colaba Road, Colaba – 400005,
Mumbai |
|
Date
of Birth/Age : |
08.03.1954 |
|
Date
of Appointment : |
12.11.1984 |
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|
|
|
Name : |
Mr. Ashvin Mohan |
|
Designation
: |
Director |
|
Address
: |
9, Soherset House, 169 Colaba Road, Colaba – 400005, Mumbai
|
|
Date
of Birth/Age : |
28.09.1976 |
|
Date
of Appointment : |
05.09.2005 |
|
|
|
|
Name : |
Mr. V. Sahasranaman Iyer |
|
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. |
|
|
|
|
Products
: |
PVC Resin PVC Films
Rigid – 3920.11 D.O.P. Pigments Chemicals PVC Jumbo
Rolls PVDC
Jumbo Rolls Packing
Materials Flexible
PVC Films – 3920.12 PVC
Compound – 3904.90 |
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|
|
|
Import
|
Europe
and Far East |
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|
|
|
Terms
: |
|
|
Purchasing : |
L/C, D/P
or D/A terms |
PRODUCTION STATUS
|
Particulars |
|
|
Installed Capacity |
Actual Production |
|
PVC Films |
|
|
2400Metric
Tonnes |
1321659 Kgs. |
|
PVDC
Films |
|
|
NA |
533003 Kgs. |
|
PVC
Compound |
|
|
500 Metric Tonnes |
36650 Kgs. |
GENERAL INFORMATION
|
No. of
Employees : |
200 |
|
|
|
|
Bankers
: |
Indian
Overseas Bank , Fort Branch, 2/10, Elphinstone Building, Veer
Nariman Road, Fort, Mumbai – 400 023 |
|
|
|
|
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 |
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
P. C.
Hansotia & Company Chartered
Accountants 12, Dr.
Annie Besant road, Opposite
Shiv Sagar Estate, Worli,
Mumbai – 400 018, Maharashtra |
|
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 |
|
|
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 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
13.000 |
15.000 |
15.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
19.932 |
22.138 |
20.884 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
32.932 |
37.138 |
35.884 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
34.973 |
23.542 |
27.618 |
|
|
2]
Unsecured Loans |
36.120 |
30.006 |
27.368 |
|
TOTAL
BORROWING
|
71.093 |
53.548 |
54.986 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.457 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
104.025 |
91.143 |
90.870 |
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
25.456 |
24.689 |
25.792 |
|
Capital work-in-progress
|
1.774 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
5.953 |
5.952 |
9.079 |
|
DEFERREX TAX ASSETS
|
0.298 |
0.000 |
0.000 |
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|
|
|
|
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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 |
|
|
Loans & Advances
|
16.852 |
9.350 |
9.237 |
Total Current Assets
|
104.571 |
90.328 |
83.284 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
30.444 |
25.362 |
22.238 |
|
|
Provisions
|
3.583 |
4.464 |
5.047 |
Total Current Liabilities
|
34.027
|
29.826
|
27.285 |
|
Net
Current Assets
|
70.544 |
60.502 |
55.999 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
104.025 |
91.143 |
90.870 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
207.696 |
176.481 |
149.031 |
|
|
|
|
|
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) |
|
|
|
|
|
Dividend
|
0.255 |
0.900 |
0.000 |
|
|
|
|
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Import Value
|
45.933 |
35.290 |
44.833 |
|
|
|
|
|
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) |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
(1.28) |
1.76
|
(2.85) |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
(2.05) |
2.70
|
(3.90) |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
(0.08) |
0.08
|
(0.11) |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
3.19 |
0.80
|
0.76 |
|
|
|
|
|
|
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.44.11 |
|
UK Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
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 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
46 |
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 |