MIRA INFORM REPORT

 

 

Report Date :

26.07.2007

 

IDENTIFICATION DETAILS

 

Name :

PERMALI WALLACE PRIVATE LIMITED

 

 

Formerly Known As :

PERMALI WALLACE LIMITED

 

 

Registered Office :

Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

17.08.1961

 

 

Com. Reg. No.:

10-927

 

 

CIN No.:

[Company Identification No.]

U02001MP1961PTC000927

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BPLP01367C

 

 

PAN No.:

[Permanent Account No.]

AABCP7557R

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer of reinforced plastic composite materials in the form of sheets / Machine component and moldings.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 140000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track records. 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

 

Registered Office /

Factory :

Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh, India

Tel. No.:

91-755-2550085 / 2550508 / 2555633 / 2552192 / 5272657/ 2550516/ 4272657

Mobile No.:

91-9826097824

Fax No.:

91-755-2550504

E-Mail :

permali@vsnl.com

permali@sancharnet.in

info@permaliwallace.com

sales@permaliwallace.com

purchase@permaliwallace.com

Website :

http://www.permaliwallace.com

Area:

359267 sq. fts.

Location:

Owned

 

 

Branch :

9, Wallace Street, Fort, Mumbai-400001, Maharashtra, India

 

 

DIRECTORS

 

Name :

Mr. Jaisinh Vithaldas

Designation :

Chairman

Address :

7B, Worli Sea Face, Vishnu Villa, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

11.11.1918

Date of Appointment :

17.08.1961

Election Commission Identity Card No. :

MT/05/030/012641

 

 

Name :

Mr. Hamir Karsondas

Designation :

Non Executive Director

Address :

92/93 Ashutosh, 9th Floor, 38 A, L. Jagmohandas Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

80 years

Qualification :

M. Com.

Experience :

56 years

Date of Appointment :

30.09.1974

Other Directorships :

BMD Chemicals Private Limited – Director

Vissanji Khimji And Company - Partner

 

 

Name :

Mr. Nalin Karsondas

Designation :

Non Executive Director

Address :

3A, Woodlands, 3rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

75 years

Qualification :

Graduate

Experience :

50 years

Date of Appointment :

05.04.1995

Other Directorships :

v      B Trikamal & Company Private Limited

v      The Indian Plastics And Chemicals Private Limited

v      Karnataka Resins Private Limited

v      Vissanji Khimji And Company Private Limited

v      Vissanji Khimji And Company (Partner)

 

 

Name :

Mrs. Nirmala Nalin Karsondas

Designation :

Non Executive Director

Address :

3A, Woodlands, 3rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

73 years

Qualification :

Under Graduate

Experience :

46 years

Date of Appointment :

05.04.1995

 

 

Name :

Mr. Subhash Vithaldas Kanji

Designation :

Director

Address :

Permali House, Hoshangabad Road, Bhopal – 462011, Madhya Pradesh, India

Date of Birth/Age :

60 years

Qualification :

B.Sc. and Specialized in Training in composite in U.K.

Experience :

35 years

Date of Appointment :

01.11.1996

Other Directorships :

Pumik Engineering Components Private Limited

Vissanji Khimji and Company Private Limited

Previous Employment :

v      CII M. P Committee : Past Co-Chairman

v      Institute of Standard Engineers (Bhopal) : Past Vice Chairman

v      Executive Committee of Maharishi Mahesh Yogi Vishwavidyalaya (Bhopal : Past Chairman

v      Rotary Foundation Committee : Past Chairman

 

 

Name :

Mr. Rajindra Pal Kapoor

Designation :

Nominee Director from MP Financial Corporation

Address :

E-4/16, Arera Colony, Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

73 years

Qualification :

I. A.S.

Date of Appointment :

29.08.1998

Note :

He is a Nominee Director of the company appointed by Madhya Pradesh Financial Corporation.

 

He is IAS Retired, Fellow Haward University CIFTA (USA) and Former Chief Secretary, Government of Madhya Pradesh.

 

 

Name :

Mr. Bankim Hamir Vissanji Karsondas

Designation :

Non Executive Director

Address :

93, Ashutosh Co-operative Housing Society Limited, 38 A, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

anchor72@vsnl.com

Date of Birth/Age :

58 years

Qualification :

B. Com.

Experience :

34 years

Date of Appointment :

18.08.2004

Other Directorships :

v      Superior Board Products Private Limited -  Director

v      Vanmali Corporation – Partner

v      Anchor Plywood and Panel Pro Private Limited - Director

 

 

Name :

Mr. Ranjit Vithaldas

Designation :

Director

Address :

Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh, India

Date of Birth/Age :

79 years

Qualification :

B. Com.

Experience :

54 years

Other Directorships :

The Indian Plywood Manufacturing Company Private Limited – Chairman

M P Audyogik Vikas Nigam Limited – Director

Previous Employment :

v      1985-1990 – M P Consultancy Organisation Limited, Bhopal – Nominee director of IFCI

v      1993-1998 -  Madhya Pradesh Financial Corporation, Indore – Director

v      1986-1991 – Madhya Pradesh Export Corporation Limited, Bhopal– Director

v      1985-1998 – Alpine Industries Limited, Indore - Chairman

v      1983-1988 – Elecon Engineering Company Limited – Director

v      1986-1998 – BSI Limited, Bhopal – Director

v      1989-1992 – Bhopal Rehabilitation – Director

v      1969-1998 – Madhya Pradesh Kendra of Bharatiya Vidya Bhavan – Vice Chairman

 

 

KEY EXECUTIVES

 

Name :

Mr. S K Kadosia

Designation :

Chief Executive

 

 

Name :

Mr. D R Sharma

Designation :

Head Accounts

Qualification

Bachelor of Commerce

 

 

Name :

Mr. Mihir Merchant

Designation :

Head Marketing

Qualification

Bachelor of Engineering (Mechanical)

Master in Business Administration

 

 

Name :

Mr. Kunal Merchant

Designation :

Head Purchase

Qualification

Masters of Commerce

Masters in Business Administration

 

 

Name :

Mr. S K Kodesia

Designation :

Head Sales/ Marketing

Chief Executive Officer

Qualification

Bachelor of Engineering (Electrical)

Post Graduate degree in Business Administration

 

 

Name :

Mr. Milind Bhagwat

Designation :

Head Engineering and Design

Qualification

Bachelor of Engineering (Electrical)

Master of Technology

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

 

Names of Shareholders

 

No. of Shares

Vissanji Khimji and Company Private Limited

 

16225

BMD Chemicals Private Limited

 

7000

Nirmala Nalin and Nalin Karsondas

 

84000

Nalin Karsondas and Chandrahas Karsondas Vissanji

 

6918

Subhash Vithaldas and Harshika Subhash

 

8247

Sushila Virendra and Panna Bankim

 

1688

Rukshmini Hamir and Hamir Karsondas

 

5931

Hamir Karsondas, Rukshmani Hamir and Bankim Hamir

 

3379

Kumud Pratapsinh and Mahesh Vithaldas

 

10000

Chandrahas Karsondas

 

8166

Kunal S. Merchant

 

10000

Bharat Ratansey and Rekha Bharat

 

9501

 

Category

No. of Shares

Percentage of Holding

Bodies corporate

23225

11.61

Directors of relatives of directors

163811

81.90

Other top fifty shareholders

12964

6.49

Total

200000

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of reinforced plastic composite materials in the form of sheets / Machine component and moldings.

 

 

Products :

Laminates

Mouldings

Resins

Tubes

Resinoid Castings

Prepregs

 

 

Exports :

 

Products :

v      Electrical insulating

v      Fittings

v      Wood laminates

v      Glass laminate

v      Fibre Glass

v      Moulding etc.

Countries :

UAE, USA, Egypt, Turkey, Malaysia, France, Australia, Middle East, Europe

 

 

Imports :

 

Products :

v      Resign

v      Timber logs

Countries :

Malaysia, Europe, China , Thailand, Singapore, United States of America

 

 

Terms :

 

Selling :

Local Sales : Open account 90 days

                     Letter of Credit 90 days

Export :Letter of Credit 60 days

 

 

Purchasing :

Local Purchase : Open account 60 days

Import : Open account 120 days

             Letter of Credit 120 days

 

PRODUCTION STATUS

 

Particulars

 

 

Installed Capacity

Actual Production

Densified Wood

 

 

1000

815.04

Glass fibre laminates

 

 

460

183.64

Cast eproxies

 

 

60

4.19

SMC, DMC and their Mouldings

 

 

1000

4.42

 

 

GENERAL INFORMATION

 

Suppliers :

Atul Limited (Valsad) India

Akzo Chemicals, Netherlands

Synteen Gmbh Technich

Saint Gobain Vetrotex India Limited, Mumbai India

Great Lakes Chemicals Corporation, United States of America

Plast Labor SA, Switzerland

 

 

Customers :

v      OEM’s

v      Manufacturers of electrical equipments

v      Railways

v      Defense

v      Automobile industries

v      Steel plants

v      Atomic power plants

v      Engineering Industries

 

Major Customers

 

v      Bharat Heavy Electricals Limited (BHEL)

v      Crompton Greaves Limited India

v      ABB Limited India

v      Alston India

v      ABB Limited, Baroda

v      ABB Limited, Nasik

v      Areva Transmission And Distribution, Chennai

v      Areva Transmission And Distribution, Naini

v      Beicco Lawrie Limited, Kolkata

v      Bharat Heavy Electricals Limited, Bhopal

v      Bharat Heavy Electricals Limited, Hardwar

v      Bharat Heavy Electricals Limited, Jhansi

v      Bharat Bijlee Limited, Thane

v      Crompton Greaves Limited, Nasik

v      Crompton Greaves Limited, Mumbai

v      Crompton Greaves Limited, Mandideep

v      Chittaranjan Locomotive Works, Chittaranjan

v      Mishra Dhatu Nigam Limited, Midhani, Hyderabad

v      Ordnance Factory, AMB

v      Inductotherm, AMD

v      Voltamp, Baroda

 

 

No. of Employees :

242 (Office: 104; Factory: 138)

 

 

Bankers :
  • Bank of India

             Sachivalaya Branch, Plot No.228, Zone 1, Maharana Pratap Nagar  Nagar, Bhopal – 462011, , Madhya Pradesh, India

 

  • State Bank of India

Consortium Commercial Branch, Beside Local Head Office Complex, Hoshangabad Road, Bhopal –

             462011, Madhya Pradesh, India

 

 

Financial Institutions :

Madhya Pradesh Financial Corporation

Finance House, Agra Bombay Road, Indore-452001, Madhya Pradesh, India

 

Technology Information, Forecasting and Assessment Council (TIFAC)

Vishwakarma Bhavan, A Wing, shaheed Jeet Singh Marg, New Delhi-110016, India

 

 

Facilities :

Bank of India

 

Loan Amount : Rs.22.886 millions

 

Primary Security : Hypothecation of stock/ book debts

Hypothecation of computer system

 

Collateral security : Factory land building located at Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh, India, charge over movable fixed assets on pari passu basis with consortium leader State Bank of India

 

Other Security : Personal Guarantee of all directors

Ranjit Vithaldas

Subhash Vithaldas

 

The subject has been dealing with Bank of India since 1966

 

The subject enjoys the following facility from the bank as on 13.07.2006.

(Rs. In millions)

Type of facilities

Amount sanctioned

Amount disbursed

Amount Overdrawn

Cash Credit

13.800

12.500

Nil

Term loan

0.686

0.549

Nil

Letter of credit

7.000

5.800

Nil

Bank guarantee

1.400

0.500

Nil

Total

22.886

19.349

Nil

 

State Bank of India

 

Loan Amount : Rs.33.300 millions

 

Primary Security : Hypothecation of company’s entire stocks of raw materials, finished goods, stocks in process, consumables, (including goods in transit/ shipment) stores and spares, packing materials, book debts, outstanding moneys, receivables, claims and bills etc. on first pari passu charge basis with Bank of India

 

Collateral Security : Equitable mortgage of factory land and building and hypothecation over movable fixed assets situated at Hoshangabad Road, Opposite RBI, Bhopal -462011, Madhya Pradesh, India on second p[ari passu charge basis between State Bank of India nad Bank of India

 

Other Facility : Personal Guarantee of all directors

Mr. Rajit Vithaldas

Mr. Subhash Vithaldas

 

The subject has been dealing with State Bank of India since 1963

 

The subject enjoys the following facility from the bank as on 14.07.2006.

(Rs. In millions)

Type of facilities

Amount sanctioned

Amount disbursed

Amount Overdrawn

Cash Credit/ Working Capital Demand Loan

20.700

19.600

Nil

Bank guarantee

2.100

2.100

 

Letter of credit

10.500

10.500

Nil

Total

33.300

32.200

Nil

 

 

Madhya Pradesh Financial Corporation

 

Loan amount : Rs.12.240 millions

 

Security Details : First charge ranking pari passu with State Bank and Bank of India on the fixed assets of the subject i.e Land, Building, Plant and machinery (existing and future), Residential Bunglows, Staff Quarters, etc. situated at Kh. No.956/1, 1556 and 1516/1, Hoshangabad Road, Opposite RBI, Bhopal-462011, Madhya Pradesh, India

 

Other Security : Personal Guarantee of Mr. Subhash Vithaldas

 

The subject has been dealing with the Madhya Pradesh Financial Corporation since 1996.

 

The subject enjoys the following facility from MPFC as on 19.07.2006.

(Rs. In millions)

Type of facilities

Amount sanctioned

Amount disbursed

Amount outstanding

Working capital medium term loan

7.000

7.000

6.500

Term loan

5.240

1.650

0.910

Total

12.240

8.650

7.410

 

Technology Information, Forecasting and Assessment Council (TIFAC)

 

Loan Amount : Rs.15.298 millions

 

Security Details : Third Charge on all movable plant and machineries, machinery spares, tools and accessories and other movable, both present and future

 

The subject has been dealing with Technology Information, Forecasting and Assessment Council (TIFAC) since 2005

 

The subject enjoys the following facility from the bank as on 30.08.2006.

(Rs. In millions)

Type of facilities

Amount sanctioned

Amount disbursed

Amount Outstanding

Fund Based I

10.298

2.758

2.758

Fund Based II

5.000

5.000

0.600

Total

15.298

2.758

2.758

 

* Of the disbursed amount of Rs.5.000 millions, the subject company was required to pay Rs.1.200 millions per year for five years i.e. a total amount of Rs.6.000 millions (including interest) to TIFAC w.e.f. February 2002. an amount of Rs.5.400 millions has already been paid by the subject company.

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Vidya and Company

Chartered Accountants

Address :

Room No. 316, 3rd Floor, Centre Point, 21, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India

Tel No.:

91 – 33 - 2213 3231 / 32

E-Mail :

vidya@cal3.vsnl.net.in

 

 

Group Companies :

The Indian Plywood Manufacturing Company Private Limited

61, Ghorupdeo Cross Road, No.1, Ray Road, Mumbai-400010, Maharashtra, India

Line of Business : Manufacturing of plywood and resins

 

Pumik Engineering Components Private Limited

Permalli House, Hoshangabad Road, Opposite RBI, Bhopal-462011, Madhya Pradesh

Line of Business : Manufacturing reinforced plastic components

 

Vissanji Khimji And Company Private Limited

Commercial Union House, 9, Wallace Street, Fort, Mumbai-400001, Mahrashtra

Line of Business : Body Corporate engaged in trading of plywood and allied products

 

BMD Chemicals Private Limited

Commercial Union House, 9, Wallace Street, Fort, Mumbai-400001, Mahrashtra

Line of Business : Manufacturing raw materials fro various application including plywood

 

B Trikamlal And Company Private Limited

Commercial Union House, 9, Wallace Street, Fort, Mumbai-400001, Mahrashtra

Line of Business : Trading of plywood

 

The Indian Plastics And Chemicals Private Limited

Opposite Railway Station, Dandeli (N.K.), Karnataka, India

Line of Business : Manufacturers of Resins

 

Superior Board Products Private Limited

Commercial Union House, 9, Wallace Street, Fort, Mumbai-400001, Mahrashtra

Line of Business : Trading of plywood and wood based board products

 

Vanmali Corporation

Commercial Union House, 9, Wallace Street, Fort, Mumbai-400001, Mahrashtra

Line of Business : Trading of wood and wood products

 

Anchor Plywood and Panel Pro. Private Limited

Commercial Union House, 9, Wallace Street, Fort, Mumbai-400001, Mahrashtra

Line of Business : Trading of wood and wood products

 

 

Associates/ Subsidiaries :

Vissanji Khimji And Company Private Limited

Line of Business : Body Corporate engaged in trading of plywood and allied products

 

BMD Chemicals Private Limited

Line of Business : Manufacturing Raw materials for resins

 

B. Trikamal And Company Private Limited

Line of Business : Trading in Plywood

 

Superior Board Products Private Limited

Line of Business : Trading of plywood and wood based products

 

Vanmali Corporation

Line of Business : Trading of wood and wood based products

 

Anchor Plywood And Panel Pro. Private Limited

Line of Business : Trading of wood and wood based products

 

 

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

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

20.000

20.000

20.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

15.114

6.493

5.984

4] (Accumulated Losses)

0.000

0.000

[14.977]

NETWORTH

35.114

26.493

11.007

LOAN FUNDS

 

 

 

1] Secured Loans

55.665

55.227

56.103

2] Unsecured Loans

7.977

6.927

11.655

TOTAL BORROWING

63.642

62.154

67.758

DEFERRED TAX LIABILITIES

1.487

0.000

 

 

 

 

 

TOTAL

 100.243

88.647

78.765

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

19.961

19.205

15.185

Capital work-in-progress

4.463

1.592

0.831

 

 

 

 

INVESTMENT

0.118

0.118

0.352

DEFERREX TAX ASSETS

0.000

0.601

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
41.385

35.092

32.955

 

Sundry Debtors
69.248

59.041

54.196

 

Cash & Bank Balances
3.781

2.867

3.871

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
15.162

8.531

10.710

Total Current Assets
129.576

105.531

101.732

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
44.600

36.306

39.335

 

Provisions
9.275

2.094

0.000

Total Current Liabilities
53.875

38.400

39.335

Net Current Assets
75.701

67.131

62.397

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

100.243

88.647

78.765

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

(Estimated)

Sales Turnover

205.345

187.270

175.000

Other Income

0.820

0.836

0.000

Total Income

206.165

188.106

175.000

 

 

 

 

Profit/(Loss) Before Tax

18.392

17.752

NA

Provision for Taxation

6.929

0.052

NA

Profit/(Loss) After Tax

11.463

17.700

NA

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

9.778

8.241

6.714

 

Other Earnings

0.046

0.201

NA

Total Earnings

9.824

8.442

6.714

 

 

 

 

Imports :

 

 

 

 

Raw Materials

29.551

29.740

22.930

 

Stores & Spares

0.657

0.000

 

Total Imports

30.208

29.740

22.930

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

91.163

76.537

 

Manufacturing Expenses

187.418

157.850

 

 

Depreciation

3.698

3.168

NA

 

Interest

7.062

6.901

 

Total Expenditure

289.341

244.456

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
5.56

9.41

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
8.96

9.48

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
12.30

14.23

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.52

0.67

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.35

3.80

9.73

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.41

2.75

2.59

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Changes in Legal Structure

 

Date : 13.05.2004

Change : Reconstitution under local laws from Public Limited company to Private Limited Company

Former Legal Status : Public Limited Company

Started : 17.08.1961

 

Subject is rated by SMERA as SMERA C3.

 

Subject is an ISO 9001:2000 certified company

 

 

Registrations/ Memberships/ Certificates/ Awards

 

v      Subject is registered with Department of Sales tax vide TIN No.23643602339 dated 01.07.2003

 

v      Subject is registered under Madhya Pradesh Pollution Control Board under the consent for operation of the plant under section 21 of the Air (Prevention and Control of Pollution) Act -1981 vide Registration Number -1454/TB/MPPCB/2006 dated 01.04.2006 valid upto 31.03.2011.

 

v      Subject is registered under Madhya Pradesh Pollution Control Board under the consent for existing discharge of sewage effluents under section 25/26 of Water (Prevention and control of pollution) Act – 1974 vide Registration No.1452/TS/MPPCB/2006 dated 01.04.2006 valid upto 31.03.2011.

 

v      Subject has received an award from Reinforced Plastics for Best Compound / Prepreg dated 21.04.1997

 

v      Subject has received a letter of appreciation from Defence research and Development Organization (Pune), for prompt services and quick delivery vide Do.No.RED/93104/XANTEX/FD dated 02.08.1990

 

v      Subject has received a letter of appreciation from Continental Electronics for providing professionalism in work vide reference No.GM/10/8-21/15051 dated 08.07.1985

 

 

Bankers Charges Report as per Registry

 

Name of the company

PERMALI WALLACE PRIVATE LIMITED

Presented By

PERMALI WALLACE PRIVATE LIMITED

Hoshangabad Road, Bhopal – 462011, Madhya Pradesh, India

1) Date and description of instrument creating the change

Hypothecation Cum Loan Agreement [Plant and Machinery, Stock and Book Debts] dated 28.09.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 3.500 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

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.

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.

5) Name and Address and description of the person entitled to the charge.

Bank of India

Sachivalaya Branch, M. P. Nagar, Bhopal – 462011, , Madhya Pradesh, India

6) Date  and brief description of instrument modifying the charge

Not Available

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

 

 

This form is for

Modification of Charge

Charge identification number of the charge to be modified

90203278

Corporate identity number of the company

U02001MP1961PTC000927

Name of the company

PERMALI WALLACE PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh

Type of charge
  • Immovable Property
  • Book Debts
  • Movable Property

Particular of charge holder

State Bank of India Consortium

Commercial Branch,

Hoshangabad Road,

Bhopal – 462011,

Madhya Pradesh, India

sbi.01920@sbi.co.in

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

Date of instrument Creating the charge

16.03.2007

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 Hoshangabad 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, Gloucester, U.K. and Chase Lowe & Company, Manchester, U.K.


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 densified 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 & Air Force
  • Railways: Coach Buildings, Electrical Equipments, Traction Equipments, Rail Track components etc.
  • 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, and Fish Plates Stud Nuts having application in oil Circuit Breakers, Tap Changers, Turbo Generators, and Transformers & Railways.

 

PREMAWOOD

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 resign 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, 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.40.27

UK Pound

1

Rs.82.53

Euro

1

Rs.55.23

 

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions