MIRA
INFORM REPORT
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Report Date : |
07.05.2007 |
IDENTIFICATION DETAILS
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Name : |
RESINS AND PLASTICS LIMITED |
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Registered Office : |
A- 8, Marol Industrial Estate, Cross Road B, Street # 5, Andheri
(East), Mumbai – 400 093, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.12.1961 |
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Com. Reg. No.: |
012223 |
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CIN No.: [Company
Identification No.] |
U25209MH1961PLC012223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14062G |
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PAN No.: [Permanent
Account No.] |
AAACRI888C |
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Legal Form : |
Public Limited liability company. Company’s shares are listed on stock
exchange |
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Line of Business : |
Manufacturing and Dealing in all types of alky resins, synthetic
resins and plastics such as oxidizing, semi oxidizing and non oxidizing,
styrenated, thixotropic, phenolated, sinconated and acrylate and other
unmodified types, polyesters, polyamides, urea and melamine phenol
formaldehyde, vinyls of all types, coumarone, indenes, Phenolic, maleics,
funnories & Cyclised rubber resins, amino-resins, Phenolic-resins and
polyurethanes in primary forms. |
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 460000 |
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Status : |
Satisfactory |
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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 : |
A- 8, Marol Industrial Estate, Cross Road B, Street # 5, Andheri
(East), Mumbai – 400 093, Maharashtra |
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Tel. No.: |
91-22-28207897 / 28321671 / 28347897 |
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Fax No.: |
91-22-28217906 / 27412380 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 3 – A, Taloja Industrial Estate of M I D C, Post Box. No. 6,
Taloja A V 410 208, Dist: Raigad |
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Tel. No.: |
91-2646-223262 / 91-22-7412229, 7412380 |
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Factory 2 : |
Plot No. 3607, GIDC Industrial Estate,
Ankleshwar, District Bharuch – 393 002, |
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Tel. No.: |
91-2646-223262 |
DIRECTORS
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Name : |
Shri Ashwin S Dani |
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Designation : |
Chairman |
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Name : |
Shri. P Ananthanarayanan |
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Designation : |
Managing Director |
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Name : |
Shri. Mahendra C Choksi |
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Designation : |
Director |
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Name : |
Shri. Amar A Vakil |
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Designation : |
Director |
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Name : |
Shri. S. Sridhar |
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Designation : |
Director |
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Name : |
Shri. Bharat B Chovatia |
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Designation : |
Director |
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Name : |
Shri. Chatrabhuj D Kapadia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. D B Godbole |
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Designation : |
General Manager |
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Name : |
Mr. S. Gangan |
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Designation : |
Marketing Manager |
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Name : |
Mr. Bhagat |
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Designation : |
Purchase General Manager |
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Name : |
Mr. Shrikant Naik |
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Designation : |
General Manager Sales |
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Name : |
Ms. Smita S. Gawde |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Directors, Relatives and Associates |
2573800 |
72.05 |
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Individuals |
988300 |
27.66 |
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Domestic Companies |
9200 |
0.26 |
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Financial Institutions |
--- |
--- |
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Mutual Funds / Banks / FIIS / OCBs |
--- |
--- |
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Non-Resident Individuals |
1000 |
0.03 |
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Total |
3572300 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Dealing in all types of alky resins, synthetic
resins and plastics such as oxidizing, semi oxidizing and non oxidizing, styrenated,
thixotropic, phenolated, sinconated and acrylate and other unmodified types,
polyesters, polyamides, urea and melamine phenol formaldehyde, vinyls of all
types, coumarone, indenes, Phenolic, maleics, funnories & Cyclised rubber
resins, amino-resins, Phenolic-resins and polyurethanes in primary forms. |
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Products : |
Products
Descriptions ITC
Code Alkyd Resins 3 9 0 7 5 0 0
0 Phenolic Resins 3 9 0 9 4 0 9 0 Polyamide Resins 3 9 0 8 9 0 9 0 |
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Exports to : |
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Imports from : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Synthetic Resin 100% |
M.T. |
NA |
5150 |
4207 |
GENERAL INFORMATION
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No. of Employees : |
80 |
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Bankers : |
State Bank of |
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Facilities: |
Secured Loans:
Against security by
way of Hypothecation of raw materials, finished stock and
trade bills and mortgage of Company’s Immovable and
movable properties situated at Taloja. (Guaranteed by some
of the Directors of the Company)
Against Hypothecation of vehicles [Amount repayable
within one year Rs. 1.168 million Unsecured Loans: ·
Fixed Deposits – Rs. 2.145 millions
[Amount repayable within one year Rs. 1.009 million] ·
Trade Deposits – Rs. 0.125 millions Contingent
Liabilities: Counter Guarantees given by the Company to banks against Guarantees
given by them to third parties on letter of credit and bank guarantee
accounts Rs. 5.890 millions. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Shah and Company Chartered Accountants |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
Pragati Chemicals Limited Asian Paints ( |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,00,000 |
Equity Shares |
Rs. 10.00 each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36,61,100 |
Equity Shares |
Rs. 10.00 each |
Rs.36.611
millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35,72,300 |
Equity Shares |
Rs. 10.00 each |
Rs.35.723
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
36.179 |
36.179 |
36.179 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
79.094 |
69.400 |
61.785 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
115.273 |
105.579 |
97.964 |
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LOAN FUNDS |
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1] Secured Loans |
29.313 |
26.040 |
23.803 |
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2] Unsecured Loans |
2.270 |
2.635 |
3.637 |
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TOTAL BORROWING |
31.583 |
28.675 |
27.440 |
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DEFERRED TAX LIABILITIES |
11.397 |
12.678 |
13.052 |
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TOTAL |
158.253 |
146.932 |
138.456 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.378 |
54.932 |
56.859 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.502 |
0.002 |
0.002 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
45.212 |
48.525 |
41.901 |
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Sundry Debtors |
87.423 |
71.615 |
56.798 |
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Cash & Bank Balances |
6.542 |
2.869 |
5.369 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
3.546 |
3.512 |
5.935 |
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Total
Current Assets |
142.723
|
126.521 |
110.003 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
42.350 |
34.523 |
28.627 |
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Provisions |
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Total
Current Liabilities |
42.350 |
34.523 |
28.627 |
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Net Current Assets |
100.373 |
91.998 |
81.376 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.219 |
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TOTAL |
158.253 |
146.932 |
138.456 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
377.153 |
332.477 |
296.803 |
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Other Income |
8.919 |
6.334 |
0.000 |
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Total Income |
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Profit/(Loss) Before Tax |
20.999 |
21.895 |
15.078 |
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Provision for Taxation |
6.970 |
8.225 |
6.545 |
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Profit/(Loss) After Tax |
14.029 |
13.670 |
9.163 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
0.000 |
1.221 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
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Total Earnings |
0.000 |
0.000 |
0.000 |
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Imports : |
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Raw Materials |
60.487 |
44.391 |
39.342 |
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Stores & Spares |
0.000 |
0.000 |
0.000 |
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Capital Goods |
0.000 |
0.000 |
0.000 |
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Others |
0.134 |
0.000 |
0.000 |
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Total Imports |
60.621 |
44.391 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
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Manufacturing Expenses |
39.849 |
36.431 |
34.446 |
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Administrative Expenses |
|||
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Raw Material Consumed |
297.572 |
253.629 |
220.699 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
23.778 |
22.945 |
22.289 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.000 |
0.000 |
0.000 |
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Interest |
0.000 |
0.000 |
0.000 |
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Insurance Expenses |
0.000 |
0.000 |
0.000 |
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Power & Fuel |
0.000 |
0.000 |
0.000 |
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Depreciation & Amortization |
3.874 |
3.911 |
4.291 |
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Other Expenditure |
0.000 |
0.000 |
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Total Expenditure |
365.073 |
316.916 |
281.725 |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 1st
Quarter |
30.09.2006 2nd
Quarter |
31.12.2006 3rd
Quarter |
|
Sales Turnover |
116.000 |
109.300 |
120.300 |
|
Other Income |
0.300 |
0.300 |
0.600 |
|
Total Income |
116.300 |
109.600 |
120.900 |
|
Total Expenditure |
109.400 |
102.300 |
113.200 |
|
Operating Profit |
6.900 |
7.300 |
7.700 |
|
Interest |
0.800 |
0.800 |
0.600 |
|
Gross Profit |
6.100 |
6.500 |
7.100 |
|
Depreciation |
1.000 |
1.000 |
1.000 |
|
Tax |
1.900 |
2.000 |
2.300 |
|
Reported PAT |
3.100 |
3.500 |
4.000 |
200606 (1st
Quarter)
The above results were reviewed by the Audit Committee at its meeting held on 27.07.2006 and approved by the Board of Directors at its meeting held on the same day. In view of the Accounting Standard (AS) 15 (revised 2005) ‘Employee Benefits’, issued by the Institute of Chartered Accountants of India, which is applicable w.e.f. 01.04.2006, the adjustments on account of transitional provisions will be dealt in the opening general reserve t the year ended. Status of Investor Complaints: Opening balance – Nil, Received during the Quarter:2, Disposed off during the Quarter:2, Closing balance: Nil.
200609 (2nd
Quarter)
The above results were subjected to limited review by the Statutory Auditors, reviewed by the Audit Committee at its meeting held on the same day. Status of Investor Complaints: Opening balance –Nil, Received during the Quarter:2, Disposed off during the Quarter:2, Closing balance: Nil.
200612 (3rd
QUARTER)
The Un-audited financial results have been subjected to limited reviewed by the Audit Committee at its meeting held on 22.01.2007 and approved by the Board of Directors t its meeting held on the same date. Status of Investors complaints: Opening balance – 0, Received and resolved – 1, Closing Balance – 0.
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt- Equity Ratio |
|
0.27
|
0.28 |
0.29 |
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Long Term Debt- Equity Ratio |
|
0.04
|
0.03 |
0.05 |
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Current Ratio |
|
1.76
|
1.71 |
1.61 |
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TURNOVER RATIOS |
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Fixed Assets |
|
4.17
|
3.75 |
3.32 |
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Inventory |
|
9.78
|
8.93 |
8.83 |
|
Debtors |
|
5.76
|
6.29 |
6.00 |
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Interest Cover Ratio |
|
9.75
|
10.13 |
7.57 |
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Operating Profit Margin |
% |
5.96
|
6.99 |
6.12 |
|
Profit Before Interest and Tax Margin |
% |
5.11
|
6.02 |
4.91 |
|
Cash Profit Margin |
% |
3.91
|
4.36 |
3.81 |
|
Adjusted Net Profit Margin |
% |
3.05
|
3.39 |
2.60 |
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Return on Capital Employed |
% |
16.65
|
18.74 |
14.17 |
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Return on Net Worth |
% |
12.68
|
13.46 |
9.64 |
LOCAL AGENCY FURTHER INFORMATION
Management Discussion and analysis:
The Company caters various kinds of synthetic
resins manufactured by it mainly to the industrial segment and hence the growth
for the Company depends entirely on the growth of the industrial segment as
also its ability to be competitive in the environment.
The higher price of the crude oil in the
global market during the year 2005-06 compared the prices prevailing in the
earlier years has led to higher input costs and has impacted the margins. The Company has therefore, initiated steps to
overcome higher input cost by focusing on controlling other cost and improving
the existing products. Projects have
also been undertaken to launch new and value added products.
The introduction of VAT has affected to some
extent the ability to compete in other states.
The delay in the phasing out of the central sales tax by the Central
Government is also having its impact on the growth.
The Board considers the performance of the
Company as reasonable in view of the difficult market conditions and is
optimistic about its prospects in the coming years.
The Company has good internal control systems,
the adequacy of which has been reported by the Auditors in their Report. The financial performance for 2005-06 shows
that the margins are under pressure.
Industrial relations during the year was cordial. The number of employees stood at 113 as on
31.03.2006
Operations: The Total income for the year has grown from Rs.
338.811 millions in the previous year to
Rs. 386.072
Business: Subject is engaged in manufacturing and dealing in all types of alky
resins, synthetic resins and
plastics such as
oxidizing, semi oxidizing and non oxidizing, styrenated, thixotropic,
phenolated,
sinconated and
acrylate and other unmodified types, polyesters, polyamides, urea and melamine
phenol
formaldehyde, vinyls of all types, coumarone, indenes, Phenolic, maleics,
funnories & Cyclised
rubber resins,
amino-resins, Phenolic-resins and polyurethanes in primary forms.
Fixed Assets:
- Leasehold
land
- Buildings
- Plant and
Machinery
- Effluent
Treatment Plant
- Electric and
Pipe Fittings
- Other
Equipments and Accessories
- Furniture and
Office Equipments
- Vehicles
- Research and
- Research and
Development Equipment
- Intangible
Assets
Subject is one of the India’s leading Synthetic Resin manufacturer
catering to a wide range of industries today such as Adhesives, Coatings,
Printing Inks, Insulating Varnishes, Wire Enamels, Lamination, Construction,
Cosmetics, Textiles and Foundries.
Concern commenced its operations in 1971 for manufacturing Alkyd Resins
some of which are import substitutes. Subject’s manufacturing facilities are
located at MIDC, Taloja in Maharashtra and GIDC, Ankleshwar in
Concern also has an associate Company, Pragati Chemicals Limited. (PCL)
that focuses on the manufacturing of Amino Resins, Ketonic Resins and Epoxy
Resins. It has a plant in Ankleshwar in
Subject believes in leveraging technology to achieve a competitive
advantage. It has a well designed
comprehensive in-house System that does demand generation and Sales forecast
projections. They also have an in-house
CRM Software that ensures efficient customer service and maintenance of long
term business relations.
Over the years, Subject has also established itself as net worthy
exporter of Synthetic Resins to the coating and Printing Ink manufacturers of
the neighboring countries. In the coming
years, we are also focusing on expanding their wings further across Asia,
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. 40.91 |
|
|
1 |
Rs. 81.46 |
|
Euro |
1 |
Rs. 55.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
|