MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
EXTRUSION PROCESSES PRIVATE LIMITED |
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Registered Office : |
Patel Vanika Western Express, Highway, Goregaon (East), Mumbai – 400
063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.08.1956 |
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Com. Reg. No.: |
9844 |
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CIN No.: [Company
Identification No.] |
U28129MH1956PTC009844 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05421D |
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PAN No.: [Permanent
Account No.] |
AAACE2486M |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer of Aluminium Collapsible Tubes, Cans, Containers
Aerosol Cans and Bottles. |
RATING &
COMMENTS
|
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 : |
--- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Company’s
Profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
|
Registered Office : |
Patel Vanika Western Express, Highway, Goregaon (East), Mumbai – 400
063, Maharashtra |
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Tel. No.: |
91-22-28771293 / 191-22-28771294 |
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Tele Copier : |
91-22-28773298 / 191-22-2877 0570 |
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E-Mail : |
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Website : |
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Area : |
2,500 sq.mtrs. |
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Plants:: |
Ř Ram Baug, S. V. Road, Malad (West), Mumbai- 400 064, Maharashtra Tel. 91-22-28824975/2644 Ř Gulab Wadi, Old Radra Road, Baroda – 390 020, Gujarat Tel. 91-265-2324048 Ř Goa Ř Goregaon, Mumbai, Maharashtra Ř Silvassa, Gujarat Ř Vapi, Gujarat |
DIRECTORS
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Name : |
Dr. Mohanbhai I. Patel |
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Designation : |
Managing Director |
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Address : |
Sanjiv New India Society, 12th Road, JVPD
Scheme (West), Mumbai-400049, Maharashtra |
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Date of Birth/Age : |
1.08.1929 |
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Date of Appointment : |
13.08.1956 |
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Name : |
Mr. Nayan M. Patel |
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Designation : |
Director |
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Address : |
Sanjiv New India Society, 12th Road, JVPD Scheme (West), Mumbai-400049, Maharashtra |
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Date of Birth/Age : |
18.11.1952 |
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Date of Appointment : |
20.12.1977 |
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Name : |
Mr. Kartik M. Patel |
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Designation : |
Director |
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Address : |
Sanjiv New India Society, 12th Road, JVPD
Scheme (West), Mumbai-400049, Maharashtra |
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Date of Birth/Age : |
06.10.1958 |
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Date of Appointment : |
01.08.1982 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Mr. Mohanbhai Patel |
|
72375 |
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Mr. Nayan Mohanbhai Patel |
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3909 |
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Mr Kartik Mohanbhai Patel |
|
10600 |
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Mr. Narendra Patel |
|
92 |
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Mrs. Parul Nayan Patel |
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2 |
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Mrs. Gangaben M patel |
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1316 |
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Mr Jaggannath L Jani |
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105 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Collapsible Tubes, Cans, Containers
Aerosol Cans and Bottles. |
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Exports : |
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Products : |
Finished products |
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Countries : |
African and Far East countries. |
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Imports : |
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Products : |
Raw Materials, Spares and Components and Capital Goods |
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Countries : |
Europe |
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Terms : |
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Purchasing : |
L/C |
PRODUCTION STATUS
as on 31.03.2001:-
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Tubes, Cans and Pen
(Barrels):- |
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Mumbai |
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120 |
120 |
38083544 |
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Baroda |
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30 |
75 |
200191013 |
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Jobwork |
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--- |
---- |
1023318 |
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Section and Slug Ton |
||||
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Baroda |
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6000 |
6000 |
--- |
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Machine (Lines) and Other Machineries |
||||
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4 |
4 |
1 |
GENERAL
INFORMATION
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Customers : |
· Alteco · Astra – IDL · Bayer · Bostik · Chemence · Cipla · Colgate – Palmolove · E-Merck · German Remedies · GlaxoSmithkline · Henkel · Hoechst-Marion-Roussel · Imperial Chemical · Johnson and Johnson · Knoll · Loctite · Nicholas Piramal · Novartis · Pfizer · Pidilite · Procter and Gamble · Ranbaxy · Rhone-Poulence · Uni Lever · Warner Lambert · Wockhardt |
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No. of Employees : |
600 |
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Bankers : |
· Canara Bank, Address 1: 38, Brij Bhoomi, Nehru Road, Vile Parle (East), Mumbai – 400 057 Address 2 : Malad (East), Mumbai-400064, Maharashtra, India · Vividhalaxmi Audhyogik Samsodhan Vikas Address: Kendra , S V road, malad (West), Mumbai – 400 064 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Christopher D’souza and Associates Chartered Accountants |
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Address : |
2, Wits End, 70-D, Hill Road, Peter Church, Bandra (West), Mumbai-400050, Maharashtra, India |
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Tel. No.: |
91-22-26430078 |
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E-Mail : |
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Associates/Subsidiaries : |
· Patel Aluminium Private Limited · Impact Containers Private Limited · Lans Metals Private Limited · Crown Closures Private Limited · Patcart Packing Limited · Punit Prints Limited · Baroda Containers Private Limited · Kalinga Udyog Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88400 |
Equity shares |
Rs. 10/- each |
Rs. 0.884 million |
|
1616 |
Preference shares |
Rs. 1000/- each |
Rs. 1.616 millions |
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Total |
Rs. 2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88399 |
Equity shares |
Rs. 10/-
each |
Rs. 0.883
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.883 |
0.883 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
33.210 |
33.210 |
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4] (Accumulated Losses) |
|
[36.767] |
[31.569] |
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NETWORTH |
|
[2.674] |
2.524 |
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LOAN FUNDS |
|
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|
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1] Secured Loans |
|
13.031 |
26.559 |
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2] Unsecured Loans |
|
20.648 |
6.447 |
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TOTAL BORROWING |
|
33.679 |
33.006 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
31.005 |
35.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
5.141 |
10.847 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.202 |
0.202 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
5.277 |
21.917 |
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Sundry Debtors |
|
33.379 |
38.373 |
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Cash & Bank Balances |
|
0.099 |
2.210 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
13.708 |
9.009 |
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Total
Current Assets |
|
52.463 |
71.509 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Current Liabilities |
|
26.686 |
47.028 |
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Provisions |
|
0.115 |
0.000 |
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Total
Current Liabilities |
|
26.801 |
47.028 |
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Net Current Assets |
|
25.662 |
24.481 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
31.005 |
35.530 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
98.418 |
128.202 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
98.418 |
128.202 |
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Profit/(Loss) Before Tax |
|
[5.002] |
[3.657] |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
[5.002] |
[3.657] |
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Expenditures : |
|
|
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Depreciation & Amortization |
|
1.486 |
1.627 |
|
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Other Expenditure |
|
101.932 |
122.918 |
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Total Expenditure |
|
103.418 |
124.545 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
[5.08] |
[2.85] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[5.08] |
[2.85] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[8.68] |
[4.44] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
1.87 |
[1.44] |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
[22.61] |
[31.70] |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.95 |
1.52 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
EXTRUSION PROCESS PRIVATE LIMITED |
|
Presented
By |
Mr. Nayan Patel
, director |
|
1) Date and
description of instrument creating the change |
06.01.1975 Letter of
hypothecation |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
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 |
Company’s Machinery
, and 1) Equitable
mortgage by deposit of title deed in respect of the following immovable
properties of the Borrower Company: · Immovable properties at Ram Baug, S V road, Malad (West), Mumbai – 400 064; and · Immovable properties at Gulabwadi, old Padra Road, Akola, Baroda –5 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The
aforesaid loan of Rs. 2.000 millions shall be secured against the property
mentioned under column No. 3 above |
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5) Name and
Address and description of the person entitled to the charge. |
Vividhalaxmi Audhyogik Samsodhan Vikas Address: Kendra , S V road, malad (West),
Mumbai – 400 064 |
|
6) Date and brief description of instrument
modifying the charge |
Letter No. Vasvik
/ 90 dated 22.01.1990 from Vividhalaxmi Audhyogik Samsodhan Vikas Kendra
ceding first and prior charge on the movable properties of the borrowers
company to the extent of Rs. 8.000 millions |
|
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. |
· Vividhalaxmi Audhyogik Samsodhan Vikas Kendra earlier ceded first and prior charge in respect of movable plant and machinery of the company to the extent of loan advances in the form of open cash credit, book debts, bills discounting, Letter of Credit, Bank Guarantee or any other form of credit to the extent of Rs. 2.000 millions granted to the company by Canara Bank From time to time vide agreement dated 14.06.1977 · By the present modification, Vividhalaxmi Audhyogik Samsodhan Vikas Kendra vide its Letter No. Vasvik / 90 dated 22.01.19990 further ceded first and prior charge on the movable property of the said company to the extent of Rs. 8.000 millions instead of rs. 2.000 millions as provided in clause of the earlier agreement dated 14.06.197. the said agreement dated 14.06.1977 is therefore, deeeme3d to have been amended and modified accordingly, so that Canara Bank, Malad, Mumbai – 64 shall have a first and prior charge in respect of movable plant and machinery of the company to the extent of loan advance in the form of open Cash Credit, Bank guarantee or nay other form of credit to the tune of Rs. 8.000 millions granted to the Company by the said Canara Bank from time to time. |
|
Name of the
company |
EXTRUSION
PROCESS PRIVATE LIMITED |
|
Presented
By |
Canara Bank and Extrusion Processes private
Limited |
|
1) Date and description
of instrument creating the change |
Dated :
09.01.2004 Letter Evidencing
Deposit of title Deeds |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 21.500
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 |
All that piece
and parcel of land and building existing and / or to be constructed thereon
bearing New Survey No. 140 , Old Survey No. 139, 140, 143 admeasuring to
12417 .50 sq.mtrs lying at Village Akola, Taluk Gulabwadi, District Baroda |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
An equitable Mortgage was created by deposit of title deeds in respect
of aforesaid properties of the Company together with all buildings,
structures, fixtures, fitting , machineries standing / installed thereon and
to be erected / installed and put up in future to secure the repayment of the
credit facilities by borrower to Canara Bank inclusive of renewals thereof
from time to time and / or any other monies in any accounts standing in
Borrower’s individual account or jointly with any other or others that may
become due and payable from time to time by the borrower to Canara Bank and /
or any liability arising out of the aforesaid facilities granted and that may
be granted by the Bank as also such other and further limits, upto a maximum
limit of Rs. 21.500 millions for principal and also to secure their interest
Costs, Charges and expenses thereon. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara bank Address: 38, Brij Bhoomi, Nehru Road, Vile Parle (East), Mumbai – 400
057 |
|
6) Date and brief description of instrument
modifying the charge |
Dated :
04.02.2005 Letter of
evidencing Deposit of tile Deeds to be used where additional limit is granted
on the very6 security (inclusive of third party property already given to the
bank) |
|
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. |
Past Modification: The original
charge created 09.01.2004 for Rs. 21.500 millions was modified and increased
to Rs. 29.000 millions on 10.04.2004 Further modified
on 14.07.2004 for Rs. 32.000 millions, thereby extending the existing
equitable mortgage in respect of Company’s immovable properties as security. Further modified on
15.07.2004 for Rs. 32.000 millions Further modified
on 27.07.2004 for Rs. 36.822 millions Present modification: The Company gave
and accorded oral consent to the bank to hold and continue to hold the title
deed already deposited on 08/09.01.2004 admeasuring to 12417.50 sq.mtrs lying
at Village Akola, Taluk Gulabwadi, district Baroda, including all buildings
and machinery, shall be held and retained by bank also as security for
repayment of the principal sum, interest and all other money that may be due
to Bank on account of the present additional loan / working limits of Rs.
3.951 millions (additional limit permitted to the party) availed and to be
availed by Impact Containers Private
limited and P and R Automation Products Private limited from Canara Bank and
all pecuniary liability arising therefrom Thus, the charge
now stands increased from Rs. 36.822 millions to Rs. 40.773 millions. to be
availed |
FIXED ASSETS:
· Buildings
· Land and buildings
· Ownership Flat
· Plant and Machinery
· Equipment and Appliances
· Electrical Installation
· Furniture and fixtures
· Vehicles
· Computers
· Dies
OTHER INFORMATION:
The company became Private Limited Company with effect from 1st July, 2001.
The company consumes important raw materials such as Aluminium, Plastic Powder, Inks, Caps, Coatings and N. C. Thinner.
The company offers following services:-
· A Superior quality products
· Prompt delivery with short lead times
· Customised packing to save on freight volume and cost
· Most competitive prices
· Development of artwork at no origination cost
· Guarantee of complete satisfaction
· Guidance on quality control
· Supply from an ISO 9001:2000 certified plant
· Total trace ability to raw material purchased
· Wide range of tubes and caps
· Supplying testing equipment
· Product compatibility and stability trials at no additional cost
iso 9001:2000
· The company is an ISO 9001:2000 accredited company since 1997. The plant has been certified by the BVQI register.
· All activities of the overall management function that determine the quality policy. Objectives and responsibilities are well defined, implemented and maintained.
· Customers receive product or services of a known level of quality – that is independently audited.
· Customers had increased confidence in products and services.
· Products are of consistent quality and will produce fewer rejects because of the layered down and documental procedure.
· Every dispatch is accompanied by a final inspection reports, as EPL’s certification its quality.
· Manufacturing facilities are of total area admeasuring 60,000 sq.mts.
WEBSITE DETAILS:
A totally self-sufficient organisation in the manufacture of aluminium
collapsible tubes, undertaking all processes and activities involved:
slug-making, designing, printing and manufacturing caps, cartons and
partitions.
Perhaps the only company in the world with
all the manufacturing and service capabilities under one roof.
OPERATIONS:
·
11 Manufacturing
facilities across India
·
ISO
9001:2000-accredited plants
·
Representation across
the world
·
Fully-integrated
plants
·
Exports to over 50
countries
·
High GMP standards
·
Total computerisation
/ networking
·
Flexibile manufacturing processes
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.39.33 |
|
UK Pound |
1 |
Rs.81.75 |
|
Euro |
1 |
Rs.57.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
33 |
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 |
|