MIRA
INFORM REPORT
|
Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
RIDDHI PLASTICS |
|
|
|
|
Registered Office : |
Siddhi House, 6, Virkunj Society, Near Vidyanagar School, Usmanpura,
Ahmedabad- 380014, Gujarat, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1992 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00152F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACFR3117P |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturers and suppliers of Quality ABS Plastic Sleeve for Cops and
COPS Accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Siddhi House, 6, Virkunj Society, Near Vidyanagar School, Usmanpura,
Ahmedabad- 380014, Gujarat, |
|
Tel. No.: |
91-79-27542909 |
|
Fax No.: |
91-79-27545089 |
|
|
|
|
Factory 1 : |
Survey No: 767 / 5, Village: Vadsar – 382 721, Taluka : Kalol,
District: Gandhinagar, |
|
Tel. No.: |
91-2764-2286387 |
PARTNERS
|
Name : |
Mr. Prashant Gandhi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
43 years |
|
Qualification : |
Graduate |
|
Experience : |
20 years |
|
|
|
|
Name : |
Mr. Shailesh Patel |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Hiraben Patel |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and suppliers of Quality ABS Plastic Sleeve for Cops and
COPS Accessories. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
ABS Sleeve |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash or Credit (30 days) / Advance Payment |
|
|
|
|
Purchasing : |
Cash or Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
25 (Office: 5; Factory: 20) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
The concern enjoys Cash Credit facilities from their Bankers. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
|
|
Name : |
Siddhi Engineers |
|
Address: |
Plot No. 1708, Phase II, G I D C Estate, Chhatral – 382 729, Taluka –
Kalol (N. G.), District- Gandhinagar, |
|
Tel. No.: |
91-2764-2233825 |
|
Fax No.: |
91-2764-2232096 |
|
|
|
|
Name : |
Siddhi Enterprises |
|
Address: |
Survey No. 767 / 2, Village –Vadsar- 382 721, Taluka- Kalol, District
– Gandhinagar, |
|
Tel. No.: |
91-2764-2286021 |
|
|
|
|
Name : |
Samruddhi Engineering |
|
Address: |
Survey No. 767 / 3, Village –Vadsar- 382 721, Taluka- Kalol, District –
Gandhinagar, |
|
Tel. No.: |
91-2764-2286382 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 3.000 millions (Estimated) |
|
Borrowed : |
-- |
|
Total : |
Rs. 3.000 millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
10.000 |
|
|
|
|
|
|
Export Value |
|
|
2.000 |
Expected Sales (2007-08): Rs. 15.00 millions
Expected Export Value (2007 -08): Rs. 5.00 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Chiripal
Industries, Ahmedabad
- ABS Bayer,
Vadodara
Website details Attached:
Subject is the largest Indian manufactures exporters of ABS
sleeves, Top & Bottom Adaptors and other Parts for textile
Cops/Bobbins for Yarn Winding subject is a ISO 9001 : 2000
accredited company and exporting its products world over since last more than
seven years. Concern offers sleeves in different sizes
and qualities with micro grooving, matt finish or Orange Pipe finish in
various colours suitable to one-way (Single use) and multi-use
Cops/Bobbins.
Subject with the best quality and timely delivery
of their products could win the confidence of most of the
customers in the group of textile industry based countries
where synthetic yarn is major product in recognition of export
performance, Government of India, Ministry of Small scale industry,
selected subject as the Entrepreneur of the year 1999.
Subject is exporting ABS Sleeves, Adaptors and other parts to
Part from the sleeves concern also manufactures ABS tubes and rods for
various applications. These Tubes
are available in ABS as well as
in different plastics material the size
range – from 3mm OD to 85mm OD in the thickness of 0.26mm to 5mm for
manor applications such as conveyance
of drinking water, Natural gas chemicals, sewerage purpose, food, dairy
products, fertilizers, in sub
zero temperature countries ABS Tubes are more preferred because of it’s
inherent properties to withstand wide
range of temperature fluctuations where as in Gulf countries they are
also preferred as electrical conduits.
ABS rods are used for manufacturing machineries parts and for
bushing. The ABS rods are available in diameter from 10mm to 50mm.
Subject exports plastic rods to
For your requirement of ABS Sleeves,
Top & Bottom Adaptors, ABS Tubes, Pipes and Rods you may contact at
our address.
Incorporated
in 1993, subject an ISO 9001 : 2000 Certified Company by RWTUV Cert of Germany,
offers special type of ABS Antistatic Cop Sleeves (Plain or micro-grooved) as
per National and International Standards. These sleeves are available in
variety of colours and sizes ranging from OD 6 mm to 80 mm and thickness from
0.15 mm to 6 mm. subjects have specialized in manufacture of cop accessories
like Bottom Adapters, Top Adapters, Spindle Guide, "U"-Rings, etc. as
per ISO: 1472 Standards. Concern also caters to wide varieties of rods, tubes and
profiles in different sizes and material for various uses. The company rightly
owns the prestige of being the largest exporter of Sleeves from
Manufacturing
Facility:
Company procured a modern Single Screw Extruder with Synchronizer / Techno feed
back arrangement, Digital temperature controllers, vacuum sizing units from a
reputed Indian Manufacturer.
Company has also developed Semiautomatic Post Extrusion machines such as:
1) Cutting Machine: to cut
sleeves to exact length
2) Furling Machine: to bend sleeve
at one end. Movie Of Furling Machine
3) Knurling Machine: to give
rough surface for better yarn grip.
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. 40.93 |
|
|
1 |
Rs. 81.20 |
|
Euro |
1 |
Rs. 55.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|