MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ECOTREND POLYPLUS PRIVATE LIMITED |
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Registered Office : |
802, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.05.2005 |
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Com. Reg. No.: |
11-153606 |
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CIN No.: [Company
Identification No.] |
U24139MH2005PTC153606 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME06028B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers of Reprocessed Plastic Granules [PE Based]. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 2000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively
small 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 for small business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
802, Dimple Heights, Asha Nagar, W. E. Highway, Kandivali [East],
Mumbai – 400101, Maharashtra, India |
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E-Mail : |
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Corporate Office : |
A 0001 Nirav |
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Tel. No.: |
91-22-28547705 |
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E-Mail : |
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Warehouse : |
47, 1st Floor, Bhartiya Shopping |
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Tel. No.: |
91-260-3299866 |
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Fax No.: |
91-9377772243 / 9322853852 |
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Mobile No. : |
91-260-2240514 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jwalin Bipinchandra Gandhi |
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Designation : |
802, Dimple Heights, Asha Nagar, W. E. Highway, Kandivali [East],
Mumbai – 400101, Maharashtra, India |
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Address : |
13.10.1975 |
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Date of Appointment : |
30.05.2005 |
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Name : |
Mr. Vijaykumar Shantilal Gandhi |
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Designation : |
Director |
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Address : |
201, Rimple, Asha Nagar, |
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Date of Birth/Age : |
28.07.1951 |
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Date of Appointment : |
30.05.2005 |
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Name : |
Mr. Siddik Pirmohammed Nathani |
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Designation : |
Director |
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Address : |
2/43, 8th Floor, |
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Date of Birth/Age : |
27.06.1960 |
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Date of Appointment : |
30.05.2005 |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Importers of Reprocessed Plastic Granules [PE Based]. |
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Products : |
· Plastic Reprocessed Granules (PE Based) · Recycled Plastic Granules · Loose Granules ·
· Off Grade Granules · Wide Specs |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. D. Jimulia and Company Chartered Accountants |
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Address : |
206, Avon Arcade, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.636 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.736 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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6.300 |
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TOTAL BORROWING |
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6.300 |
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DEFERRED TAX LIABILITIES |
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0.006 |
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TOTAL |
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7.042 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.445 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.118 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.421 |
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Sundry Debtors |
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2.496 |
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Cash & Bank Balances |
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0.789 |
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Other Current Assets |
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0.028 |
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Loans & Advances |
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1.449 |
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Total
Current Assets |
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8.183 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.181 |
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Provisions |
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0.534 |
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Total
Current Liabilities |
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1.715 |
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Net Current Assets |
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6.468 |
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MISCELLANEOUS EXPENSES |
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0.011 |
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TOTAL |
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7.042 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Total Income |
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22.920 |
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Profit/(Loss) Before Tax |
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0.964 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.964 |
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Expenditures : |
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Cost of Goods Sold |
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Interest |
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0.368 |
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Depreciation & Amortization |
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0.038 |
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Other Expenditure |
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21.550 |
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Total Expenditure |
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21.956 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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4.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.17 |
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Return on Investment (ROI) (PBT/Networth) |
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1.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.89 |
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Current Ratio (Current Asset/Current Liability) |
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4.77 |
LOCAL AGENCY FURTHER INFORMATION
Profile
A multi-faceted enterprise engaged in a vast spectrum of activities has
successfully redefined the paradigms of professional excellence by the virtue of
its synchronized and streamlined endeavors that define its areas of expertise.
They have grown and diversified into various directions, creating opportunities
unlimited.
They are capable of importing large volumes of products to satisfy their
clients' demands and specifications. They take utmost care to deliver the best
quality product at a very competitive price. Their prime objective is to win
the trust and confidence of the customers by supplying top quality products.
They also import all kinds of Plastic
Raw Material
Facilities
Their infrastructural set up
forms the backbone of their company. They possess a spacious warehouse, which
has the capacity to store large quantities of products. Their efficient
transportation facilities ensure smooth deliveries of products to their
clients. Their team of experts source the highest quality products from the
best manufacturers.
They stand on the edifice of
quality and reliability. They ensure that premium quality products are sourced
for the total satisfaction of their clients. In their company, emphasis is laid
on quality control at all levels, with a final check of all their products
prior to dispatch. This effectively assists us in meeting the high quality
standards required by their customers with on time delivery.
They have clinched a set of high
profile and satisfied clients who vouch for their quality products. The
overwhelming response of their clients has helped us to elevate their standard
of excellence.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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29 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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