MIRA
INFORM REPORT
|
Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PERMALI WALLACE PRIVATE LIMITED |
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Formerly Known As : |
PERMALI WALLACE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.08.1961 |
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Com. Reg. No.: |
10-927 |
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CIN No.: [Company
Identification No.] |
U02001MP1961PTC000927 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLP01367C |
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PAN No.: [Permanent
Account No.] |
AABCP7557R |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of reinforced plastic composite materials. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
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Tel. No.: |
91-755-2550085 / 2550508 / 2555633 / 2552192 / 5272657 |
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Fax No.: |
91-755-2550504 |
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E-Mail : |
purchase@permaliwallace.com |
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Website : |
DIRECTORS
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Name : |
Mr. Jaisinh Vithaldas |
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Designation : |
Chairman |
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Address : |
7B, |
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Date of Birth/Age : |
11.11.1918 |
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Date of Appointment : |
17.08.1961 |
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Election Commission Identity Card No. : |
MT/05/030/012641 |
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Name : |
Mr. Hamir Karsondas |
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Designation : |
Director |
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Address : |
92/93 Ashutosh, 9th Floor, 38 A, L. Jagmohandas Marg,
Mumbai – 400036, |
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Date of Birth/Age : |
24.02.1926 |
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Date of Appointment : |
30.09.1974 |
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Name : |
Mr. Nalin Karsondas |
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Designation : |
Director |
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Address : |
3A, Woodlands, 3rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai –
400026, |
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Date of Birth/Age : |
14.01.1931 |
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Date of Appointment : |
05.04.1995 |
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Name : |
Ms. Nirmala Malin |
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Designation : |
Director |
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Address : |
3A, Woodlands, 3rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai –
400026, |
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Date of Birth/Age : |
18.03.1933 |
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Date of Appointment : |
05.04.1995 |
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Name : |
Mr. Subhash Vithaldas Kanji |
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Designation : |
Director |
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Address : |
Permali House, |
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Date of Birth/Age : |
07.01.1946 |
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Date of Appointment : |
01.11.1996 |
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Name : |
Mr. Rajendrapal N. Kapoor |
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Designation : |
Director |
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Address : |
E-4/16, Arera Colony, |
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Date of Birth/Age : |
01.04.1933 |
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Date of Appointment : |
29.08.1998 |
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Name : |
Mr. Bankim Hamir Vissanji |
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Designation : |
Director |
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Address : |
92, Ashutosh Co-operative Housing Society Limited, 38 A, |
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Date of Birth/Age : |
09.03.1947 |
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Date of Appointment : |
18.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Vissanji Khimji and Company Private Limited |
|
16225 |
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BMD Chemicals Private Limited |
|
7000 |
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Nirmala Nalin and Nalin Karsondas |
|
84000 |
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Nalin Karsondas and Chandrahas Karsondas Vissanji |
|
6918 |
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Subhash Vithaldas and Harshika Subhash |
|
8247 |
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Sushila Virendra and Panna Bankim |
|
1688 |
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Rukshmini Hamir and Hamir Karsondas |
|
5931 |
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Hamir Karsondas, Rukshmani Hamir and Bankim Hamir |
|
3379 |
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Kumud Pratapsinh and Mahesh Vithaldas |
|
10000 |
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Chandrahas Karsondas |
|
8166 |
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Kunal S. Merchant |
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10000 |
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Bharat Ratansey and Rekha Bharat |
|
9501 |
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Equity Share Breakup
|
No. of Shares |
Percentage of
Holding |
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Category |
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Bodies corporate |
23225 |
11.61 |
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Directors of relatives of directors |
163811 |
81.90 |
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Other top fifty shareholders |
12964 |
6.49 |
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Total |
200000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of reinforced plastic composite materials. |
GENERAL INFORMATION
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Bankers : |
Sachivalaya
Branch, M. P. Nagar,
Consortium Commercial Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vidya and Company Chartered Accountants |
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Address : |
Room No. 316, 3rd Floor, Centre Point, 21, Hemanta Basu
Sarani, Kolkata – 700001, West Bengal, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
20.000 |
20.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
6.493 |
5.984 |
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4] (Accumulated Losses) |
|
0.000 |
[14.977] |
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NETWORTH |
|
26.493 |
11.007 |
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LOAN FUNDS |
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1] Secured Loans |
|
55.227 |
56.103 |
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2] Unsecured Loans |
|
6.927 |
11.655 |
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TOTAL BORROWING |
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62.154 |
67.758 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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88.647 |
78.765 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
19.205 |
15.185 |
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Capital work-in-progress |
|
1.592 |
0.831 |
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INVESTMENT |
|
0.118 |
0.352 |
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DEFERREX TAX ASSETS |
|
0.601 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.092 |
32.955 |
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Sundry Debtors |
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59.041 |
54.196 |
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Cash & Bank Balances |
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2.867 |
3.871 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
8.531 |
10.710 |
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Total
Current Assets |
|
105.531 |
101.732 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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36.306 |
39.335 |
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Provisions |
|
2.094 |
0.000 |
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Total
Current Liabilities |
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38.400 |
39.335 |
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Net Current Assets |
|
67.131 |
62.397 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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88.647 |
78.765 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [Expected] |
|
200.000 |
175.000 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.80 |
9.73 |
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Current Ratio (Current Asset/Current Liability) |
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2.75 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
PERMALI WALLACE
PRIVATE LIMITED |
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Presented By |
PERMALI WALLACE
PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation Cum
Loan Agreement [Plant and Machinery, Stock and Book Debts] dated 28.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500
Millions |
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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 |
By way of First
Charge on all the said hypothecated machinery, hypothecated goods and the
said book debts and Stock of Veneers, Fibre Glass, Chemicals, Densified Wood,
Fiberglass Laminates, etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Demand Loan to be
repaid by 26.11.2005 at the rate of 3.25 % above the Bank’s BPLR with a
minimum 14 % p.a. with monthly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Sachivalaya
Branch, M. P. Nagar, |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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 Available |
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This form is for |
Modification of
Charge |
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Charge
identification number of the charge to be modified |
90203278 |
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Corporate
identity number of the company |
U02001MP1961PTC000927 |
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Name of the
company |
PERMALI WALLACE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
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Particular of
charge holder |
State Bank of Commercial Branch, |
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Nature of description
of the instrument creating or modifying the charge |
Joint deed of hypothecation dated 16.03.2007 Memorandum of entry dated 16.03.2007 |
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Date of
instrument Creating the charge |
16.03.2007 |
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Amount secured by
the charge |
Rs. 72.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement
or sanction letter of respective bank. Terms of
repayment As per the
agreement or sanction letter of respective bank Margin As per the
agreement or sanction letter of respective bank Extent operation
of the charge As per the
agreement or sanction letter of respective bank |
|
Short particulars
of the property charged |
First charge on all
the current assets of the borrower, namely raw materials, semi finished
goods, finished goods, stores nor relating or plant and machinery, bills
receivable and book debts and all other movable, both present and future, as
Hoshangbad Road, Bhopal second charge on all immovable properties of the
company a described in memorandum of entry. |
|
Date of latest
modification prior to the present modification |
01.09.2004 |
|
Particulars of
the present modification |
First charge of SBI
consortium on movable assets of the company increased to Rs. 72.500 Millions Second charge of
SBI consortium on immovable properties of the company increased to Rs. 72.500
Millions |
AS PER WEBSITE
PROFILE
Subject was established in 1961 in Technical and Financial collaboration
with Permali Limited,
In 1982 they entered into another Technical collaboration with BTR Permali RP
limited U.K. for developing Sheet Moulding Compounds, Dough Moulding Compounds
and components thereof.
They started as manufacturers of wood based densifed impregnated
laminates for Industrial and Engineering applications. Over the years they have
grown and have built up on their vast fund of experience and expertise in the
line and they believe they are second to none.
They have also extended their products range and this can broadly be
described as ranging from wood Veneer based Components, glass reinforced
composites SMC & DMC moulded components, epoxy resin castings, cotton
fabric composites, composites using combination of both glass and wood compreg,
other composites using high tech fibres like polyster, kevlar, etc.
PRODUCT APPLICATIONS
Their products find application in almost every industry. The industries they
have served in the past include -
- Electrical :
Transformer, Switch Gear, Generator, Motor, Control Panel, etc.
- Defence :
Established Applications in Military, Navy & AirForce
- Railways :
- Automobile :
Instrument Panel, Parcel Tray, Flooring, Under Bonnet Applications,
Bumpers, etc.
- Foundries :
Match Plates & Pattern etc.
- Forgings :
Pattern Making, etc.
- Textile
machineries : Picking Sticks, etc for High Speed Automatic Looms.
- Telecommunications
: Underground Cable Covers & Castings, Joint Boxes, Telephone Booths
etc.
- Chemical :
Pipelines, Tanks, Cryogenic Applications, etc.
- Petroleum :
Off-shore applications, pipelines, Non-corrosive doors, Partition, etc.
- Construction
: Doors, Flooring Material, etc.
- Atomic Energy
: Neutron Shielding Application.
This range can be briefly described as
Wood Based Composites
PERMALI
Vacuum impregnated
material based on wood veneers and phenolic resin. Components like Arc
Control Pot, Tension Plates, Lifting Bar, Fish Plates Stud Nuts having
application in oil Circuit Breakers, Tap Changers, Turbo Generators,
Transformers & Railways.
Partially impregnated wood veneer and synthetic resin based compreg
material.
Components like coil clamping Rings, coil support Platform, etc having
application in Transformers upto
400Kv
PERMATRED
Resin
Impregnated hard wearing chequered densified wood based insulated flooring
material.
Components like insulated flooring sheets having application in power stations.
HYDULIGNUM
Densified Wood Material for Engineering purposes.
Components like match Plates, Patterns, Jig fixtures having application
in Foundries and for Neurton Shielding application.
Glass Reinforced
Composite
PERMAGLASS
Polyster,
Phenolic, Melamine, silicone, polymide and other modified resin systems.
Prepregs, semiconducting materials and cotton fabric based laminates. Components
like Mounting Panel, Operating Rod, Base Plate, Studs, Nuts having application
in circuit Breakers, Rectifiers, Generators, Motors, etc.
PERMAGLASS TUBES
Glass Fiber/ Filament
Wound & vacuum moulded tubes with epoxy polyster, phenolic and other
modified resing systems. Components like EDF Tube, Resistor Tube, Arc chamber
tube having application in MOCG’S & SF breakers upto 400 KV.
Moulding Compounds
and Components
SMC & DMC
Sheet Moulding Compound
(SMC), Dough Moulding Compound (DMC) and compression moulding thereof, as well
as resin transfer moulding.
Components like switch segments OLTC, Gear Case Parcel tray having application
in Switcher locomotives, Automobiles & Defence applications.
Resinoid Casting
PERMACAST
Epoxy Resin Casting
using vacuum pressure gellation process.
Components like Bushings, Insulator, Tank top moulding having
application in Switchgears and Transformers.
STANDARD PERMALI’G’
Construction of permali Sandwitched with glass fibre surfaces for addes
mechanical strength and excellent anti tracking surface properties.
PERMAWOOD’G’
Standwitched construction of Permawood with glass fibre surfaces for
higher mechanical and electrical properties.
Prepreg
Based on glass fibre, nomex, high silica, carbon fibre, etc for
electrical and defence applications.
COMPOSITES
A composite material is an anisotropic, heterogeneous medium, made by
combining two or more materials with differing properties. Properties of the
composite are different do not merge completely into each other and can be
physically identified alongwith the interface between them. The properties of
the interface also contribute to the properties of the composite.
Present day engineering materials must combine good mechanical,
chemical, electrical and thermal properties, apart from having good aesthetic
characteristics. Several of these properties are expected in a single material
when very high mechanical properties were required. The need for composites
arose when marked increase in performance of metals could no longer be achieved
at reasonable developmental cost.
Composite is the material for the future and finds application in almost
each and every industry.
ADVANTAGES OF COMPOSITES V/s CONVENTIONAL MATERIALS
- Excellent
Insulating Property.
- Able to meet
high terminal stiffness requirements
- Weight saving
- Able to meet
high terminal stiffness requirements
- Corrosion
resistance
- Excellent
impact and damage tolerance
- Excellent
dent resistance
- Have
indefinite shelf life.
- Low thermal
expansion can be achieved.
- Manufacturing
and assembly are simple.
- Composite
tooling is two to five times cheaper than metals
- Composites
are less noisy and provide lower vibration transmission than metals.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.37 |
|
|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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 |
|