MIRA
INFORM REPORT
|
Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
AMARTARA PLASTICS
PRIVATE 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 : |
30.09.1966 |
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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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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
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 163000 |
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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 and reputed company having satisfactory track records. 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
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Registered
Office/ Head Office / Factory : |
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Tel. No.: |
91-22-4005 9955 /
59 |
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Fax No.: |
91-22-5691 9090 /
4005 7722 |
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E-Mail : |
2. ashwinmohan@amartaraplastics.com 3. tarasarup@amartaraplastics.com |
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Corporate Office : |
7, Mahalaxmi, |
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Tel. No.: |
91-265-2517213 |
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Mobile No.: |
91-92271 35111 |
DIRECTORS
|
Name : |
Mrs. Tara Sarup |
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Designation : |
Director |
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Address : |
9, Soherset
House, |
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Date of
Birth/Age : |
02.04.1921 |
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Date of
Appointment : |
12.11.1984 |
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Name : |
Mr. Ajay Mohan |
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Designation : |
Director |
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Address : |
9, Soherset
House, |
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Date of
Birth/Age : |
08.03.1954 |
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Date of
Appointment : |
12.11.1984 |
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Name : |
Mr. Ashvin Mohan |
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Designation : |
Director |
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Address : |
9, Soherset
House, |
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Date of
Birth/Age : |
28.09.1976 |
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Date of
Appointment : |
05.09.2005 |
KEY EXECUTIVES
|
Name : |
Mr. V.
Sahasranaman Iyer |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Tara Sarup |
|
1000 |
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Mr. Ajay Mohan |
|
1000 |
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Mr. Ajay Mohan |
|
10000 |
|
Mr. Mohan Chand |
|
10000 |
|
Premier Liners Limited |
|
80,000 |
|
Indian Cork Mills Private Limited |
|
48,000 |
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Category |
|
Percentage of
Holding |
|
Bodies Corporate
(not mentioned above) |
|
95.00 |
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Directors or
relatives of directors |
|
5.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of PVC Films for use in Blister Packaging. |
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Products : |
v
PVC
Resin v
PVC
Films Rigid – 3920.11 v
D.O.P. v
Pigments v
Chemicals v
PVC
Jumbo Rolls v
PVDC
Jumbo Rolls v
Packing
Materials v
Flexible
PVC Films – 3920.12 v
PVC
Compound – 3904.90 |
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Imports from: |
Europe and |
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Terms : |
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Purchasing : |
L/C, D/P or D/A
terms |
PRODUCTION STATUS
|
Particulars |
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Installed
Capacity |
Actual
Production |
|
PVC Films |
|
|
2400Metric Tonnes |
1321659 Kgs. |
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PVDC Films |
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NA |
533003 Kgs. |
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PVC Compound |
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|
500 Metric Tonnes |
36650 Kgs. |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Indian Overseas
Bank , Veer |
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Facilities : |
Secured
Loan Cash Credit from
Bank – Rs. 32.889 millions Secured against
hypothecations of stocks of raw material/ finished goods & book debts Vehicle loans
from bank – Rs. 2.083 millions Secured against
hypothecation of vehicles Total
– Rs. 34.973 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. C. Hansotia
& Company Chartered
Accountants |
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Address : |
12, Dr. Annie
Besant road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, |
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Tel. No.: |
Tel.
91-22-56679000 |
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Mobile No.: |
Fax.
91-22-56679100 |
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E-Mail : |
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Name : |
Pravin Doctor Chartered
Accountants |
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Address : |
Dalal Doctor and Associates,
305, TV Industrial Estate, 245/A, S K Ahire Marg, Worli, Mumbai – 400 025, |
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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
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
1,80,000 |
Equity Shares |
Rs.100.00 each |
Rs.18.000 millions |
|
20,000 |
15% Redeemable
Preference Share |
Rs.100.00 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.100.00 each |
Rs.13.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
13.000 |
13.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.917 |
19.932 |
22.138 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
40.917 |
32.932 |
37.138 |
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|
LOAN FUNDS |
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1] Secured Loans |
40.609 |
34.973 |
23.542 |
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2] Unsecured Loans |
41.582 |
36.121 |
30.006 |
|
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TOTAL BORROWING |
82.191 |
71.094 |
53.548 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.457 |
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TOTAL |
123.108 |
104.026 |
91.143 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.278 |
25.457 |
24.689 |
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Capital work-in-progress |
0.000 |
0.343 |
0.000 |
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INVESTMENT |
5.952 |
5.952 |
5.952 |
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DEFERREX TAX ASSETS |
0.184 |
0.298 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.265
|
17.483 |
13.578 |
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Sundry Debtors |
80.884
|
61.111 |
55.510 |
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Cash & Bank Balances |
8.357
|
8.937 |
11.367 |
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Other Current Assets |
0.207
|
0.190 |
0.523 |
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Loans & Advances |
17.788
|
18.283 |
9.350 |
|
Total
Current Assets |
120.501
|
106.004 |
90.328 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.898
|
30.444 |
25.362 |
|
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Provisions |
8.909
|
3.584 |
4.464 |
|
Total
Current Liabilities |
26.807
|
34.028 |
29.826
|
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Net Current Assets |
93.694
|
71.976 |
60.502 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
123.108 |
104.026 |
91.143 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
NA |
207.696 |
171.732 |
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Other Income |
|
0.000 |
4.748 |
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Total Income |
NA |
207.696 |
176.480 |
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Profit/(Loss) Before Tax |
NA |
(2.672) |
3.108 |
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Provision for Taxation |
NA |
0.755 |
0.701 |
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Profit/(Loss) After Tax |
NA |
(1.917) |
2.407 |
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Dividend
|
NA |
0.255 |
0.900 |
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Import Value
|
NA |
45.933 |
35.290 |
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Expenditures : |
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Administrative Expenses |
- |
0.000 |
12.233 |
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Raw Material Consumed |
- |
0.000 |
119.106 |
|
|
Increase/(Decrease) in Finished Goods |
- |
0.000 |
1.076 |
|
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Depreciation & Amortization |
- |
0.000 |
4.173 |
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Interest |
- |
0.000 |
5.924 |
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Other Expenditure |
- |
210.368 |
30.860 |
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Total Expenditure |
NA |
210.368 |
173.372 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
0.92 |
1.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.29 |
1.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.03 |
2.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.08) |
0.08 |
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
3.19 |
2.24 |
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Current Ratio (Current Asset/Current Liability) |
|
4.50
|
3.12 |
3.03 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
AMARTARA PLASTICS
PRIVATE LIMITED |
||
|
Presented By |
AMARTARA PLASTICS
PRIVATE LIMITED AND INDIAN OVERSEAS BANK, |
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1) Date and description of instrument creating the change |
27.01.1994 Letter of
Hypothecation for securing machineries dated 27.01.1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 14.000
millions Consisting of
cash credit limit of Rs.6.000 millions and Guarantee Facility of Rs. 2.000
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 |
Hypothecation of
Plant and machineries installed at Powai, Mumbai / any other place in |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest /
Commission / Discount / will be charged by the Bank on the Company as per Bank
Rules subject to RBI Guidelines in force from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank |
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6) Date and brief description of instrument modifying the charge |
07.06.2004 Letter of
Hypothecation (for securing Machineries / Goods / Book Debts) dated
07.06.2004. |
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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. |
By the present
Modification, the Credit facility granted by the Bank is modified as follows: |
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Facility |
Existing (Rs. in millions) |
Revised (Rs. in millions) |
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|
CC-stocks CC-Book Debts LC-Inland / Foreign |
10.000 10.000 12.000 |
15.000 20.000 12.000 |
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Total |
32.000 |
47.000 |
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Interest: @ BPLR + 1.75% or as may be revised by the Bank from time to
time. Margin: Stocks
- 25 % Book Debts - 50 % LC (I/F) - 15 % Further the enhanced amount shall continue to be secured by the
Hypothecation of Raw materials, work-in-process, Finished Goods, consumable
and stores relating to manufacture of PVC films / compounds, Book Debts of
the Company, all present and future, plant machinery, furniture and fixtures,
equipments and all other block assets of the Company. Save and except as stated above, all the other terms and conditions
shall remain unchanged. |
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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
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.
Fixed Assets
v
Building
v
Plant
and Machinery
v
Electrical
Installation
v
Furniture
and Fixtures
v
Air
Conditioners
v
Office
Equipment
v
Computer
v
Laboratory
Equipment
v
Vehicles
Website details attached
Introduction
Subject was established in 1966 & ever
since we have been in the calendaring of Rigid PVC Films. A separate facility
to manufacture Coated PVC Film with PVDC setup in 2002.
The company has its own
In-house Testing Facilities for testing Input materials as well as Final
Products. Some of the critical Parameters such as W.V.T.R., R.V.C.M.,
Biological reactivity test where in-house facilities are not available are
getting tested through contract analytical testing laboratories such as Italab
Pvt Ltd., Indian Institute of Packaging (IIP), Central Institute of Plastic
Engineering and Technology (CIPET) etc., all approved by local Food and Drug
Administration / Central Government recognized Agencies.
The company executes orders
for prestigious customers like Aventis, Pfizer, Cipla, RPG Life Sciences etc.
for their various types of PVDC coated PVC Film for Blister Packaging of their
Oral tablets/ capsules dosage forms.
Product Description
PVDC Coated PVC Film for Blister Packing of
Oral Tablets and Oral Hard/Soft Gelatin Capsules Dosage Forms.
Process Description
Subject is equipped to carry out application
of Polyvinylidene Chloride (PVDC) on to PVC Film used in its rigid form. After
applying Primer Coats, the PVDC coats are applied using two grades of Aqueous
Anionic Dispersion of a Vinylidene Chloride – Methyl Acrylate Copolymer
Compound. This application is to minimize Water Vapour Transmission through the
film; thus offering improved stability to the pharmaceutical product blistered
packed therein.
Products - Introduction
They produce pharmaceutical grade, non-toxic
rigid PVC films on their calendar. Thickness ranges from .20mm to .50mm and
widths from 40 mm to 1000 mm. They also have an in-house state-of-art PVdC
coating plant which has been imported from the
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. 40.47 |
|
|
1 |
Rs. 80.28 |
|
Euro |
1 |
Rs. 54.43 |
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 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 |
|