MIRA
INFORM REPORT
|
Report Date : |
07.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
INDUSTRIAL ADHESIVE
TAPES INDUSTRY |
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|
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Registered Office : |
190, Khetwadi Main Road, Corner of 8th
Khetwadi Lane, Mumbai – 400 004, Maharashtra,
India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
1985 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMI05672C |
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PAN
No.: [Permanent
Account No.] |
AAAFI0138D |
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Legal Form : |
Partnership Concern
with an unlimited liability of the partners. |
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Line of Business : |
Company is in
engaged in Polyurethane and PVC coating on textiles fabrics |
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 20000 |
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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 concern having satisfactory track. Partners are reported as experienced,
respectable and having satisfactory means of their own. Their trade relations
are reported as fair. Payments are
usually correct and as per commitments. The concern can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
190, Khetwadi Main Road, Corner of 8th
Khetwadi Lane, Mumbai – 400 004, Maharashtra,
India |
|
Tel. No.: |
91-22-23898086/23898102 |
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Fax No.: |
91-22-23874863 |
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E-Mail : |
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Website : |
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Factory 1 : |
158, GIDC, Paradi,
Valsad - 396125, Gujarat, India |
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Area
: |
7000 Sq. ft |
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Location
: |
Owned |
PARTNERS
|
Name : |
Mr. J. K. Agarwal |
|
Designation : |
Partner |
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Date of Birth/Age : |
64 years |
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Qualification : |
M. S. Plastic Technology from UDCT |
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Experience : |
+ 36 years |
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|
|
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Name : |
Mr. Jai Jariwala |
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Designation : |
Partner |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Post Graduate |
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Experience : |
+ 26 Years |
BUSINESS
DETAILS
|
Line of Business : |
Company is in
engaged in Polyurethane and PVC coating on textiles fabrics |
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Imports from : |
Netherlands |
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Terms : |
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Purchasing
: |
D/P |
GENERAL
INFORMATION
|
Customers : |
Automobiles and
defense |
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No. of Employees : |
35 |
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Bankers : |
Bank of
Maharashtra, Mahim, Mumbai – 400016 |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
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 |
8.091 |
5.078 |
2.399 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.213 |
0.213 |
0.213 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
8.304 |
5.291 |
2.612 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
0.018 |
2.743 |
3.416 |
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2] Unsecured Loans |
1.588 |
0.000 |
0.000 |
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TOTAL BORROWING
|
1.606 |
2.743 |
3.416 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
9.910 |
8.034 |
6.028 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
2.070 |
2.085 |
2.363 |
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Capital
work-in-progress
|
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INVESTMENT
|
0.147 |
0.109 |
0.073 |
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DEFERREX TAX
ASSETS
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CURRENT ASSETS,
LOANS & ADVANCES
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Inventories
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Sundry Debtors
|
19.151
|
13.931 |
14.173 |
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Other Current
Assets
|
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Loans &
Advances
|
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Cash & Bank
Balances
|
0.987
|
0.963 |
0.247 |
Total
Current Assets
|
20.138
|
14.894 |
14.420 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current
Liabilities & Provision
|
12.445
|
9.054 |
10.828 |
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Total
Current Liabilities
|
12.445 |
9.054 |
10.828 |
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Net Current Assets
|
7.693
|
5.840 |
3.592 |
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MISCELLANEOUS
EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
9.910 |
8.034 |
6.028 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover
[including other income]
|
82.000 |
75.038 |
31.149 |
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|
|
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Profit/(Loss)
Before Tax
|
3.270 |
2.370 |
0.461 |
Provision for
Taxation
|
0.000 |
0.000 |
0.000 |
Profit/(Loss)
After Tax
|
3.270 |
2.370 |
0.461 |
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Export Value
|
NA |
NA |
1.102 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
|
3.98
|
3.15 |
1.47 |
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Net
Profit Margin(PBT/Sales)
|
|
3.98
|
3.15 |
1.47 |
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Return
on Total Assets(PBT/Total Assets}
|
|
14.72
|
13.95 |
2.74 |
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Return
on Investment (ROI)(PBT/Networth)
|
|
0.28
|
0.44 |
0.17 |
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Debt Equity Ratio(Total Liability/Networth)
|
|
0.23
|
2.22 |
5.45 |
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Current Ratio(Current Asset/Current Liability)
|
|
1.62
|
1.64 |
1.33 |
LOCAL
AGENCY FURTHER INFORMATION
As per Website
Details :
Profile
Subject
specializes in manufacturing of PU, PVC and Acrylic coated woven and non-woven
industrial fabrics.
Founded by Mr. J. K.
Aggarwal, a visionary plastic technologist from UDCT, Bombay,
with over 35 years of experience in this field, Lamicoats has been
manufacturing coated industrial fabrics since 1985.
Its products are being used
for various applications in the transport, automobiles, defence, interiors,
shoe and purse, garments and advertising industries.
Products
Lamicoats manufactures a wide variety of coated and laminated fabrics,
which are used in a number of application areas. The main applications and
products are listed below
Heavy Transport
: Tarpaulins for Trucks, Tents, Canopies, Ground Covers
Automotive
: Automobile Seat Covers, Door Moldings, Jeep and Auto Rickshaw soft hoods
Interiors :
Upholstery, Blackout curtains, Venetian Blinds
Military :
Camouflage Systems, Tents, Liners, tarpaulins, Raincoats, Windcheaters, Capes.
Finished consumer
goods : Liners, Inner soles for the shoe industry, Soft coated
fabrics for soft luggage and purses
Garments:
Water proof, wind chill proof and fire retardant material for outerwear
Outdoor Signage
Material : Balloon fabric, Backlit Large Format Billboard
Materials
Credentials :
Lamicoats, a division of Industrial Adhesive Tapes
Industries, provides customized coated and laminated textiles to
meet the unique requirements of every customer.
Where you have an application in mind, but are not sure of the materials or
properties you require, company will work with you to consultatively arrive at
the appropriate materials and technical specifications. While company work with
tried and tested suppliers, that can deliver to the high standards that company
adhere to for the various applications, company also provide processing
services for materials supplied by you.
The capability to customize
a product to suit the needs, is best described by some of the past
accomplishments:
Working with partners,
company has supplied PU coated fabrics to the Indian Defence
establishment for the last five years. Company’s products conform to
or even exceed the stringent quality requirements laid down by the Government
of India for the Indian Army. As a result, company has recently been approved
as an authorized supplier to the Indian Army.
Working closely with the top global suppliers of denim fabrics, Company’s Research and
Development team has developed various PU coated denim fabrics, for
applications in the apparel industry.
Company has developed various PVC coated fabrics used in door panels
by the Automobiles Industry.
Company has supplied heavy duty PVC coated Tarpaulin material to be
used as food grains covers under the auspices of the United Nation’s
World Food Program (WFP).
Quality
Company
is currently in the process of obtaining the ISO 9002:2000 certifications
for the manufacturing facilities.
Company has a
fully equipped laboratory for carrying out testing as per the IS
specifications # 1209. Company’s range of tests include:
- Tensile strength test,
- Tear strength test,
- Flex test,
- Water proof test,
- Water repellency test,
- Fire retardancy test,
- UV resistance test.
The manufacturing processes are fully automated using an
integrated custom software system that enables us to eliminate inefficiencies,
reduce costs and increase productivity.
Company’s commitment for providing the best possible service to
the customers is reflected in the ability to cater to the individual needs of
each customer and the flexibility of the manufacturing processes.
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.44.13 |
|
UK Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.56.99 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
45 |
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 |