MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NANTECH PLASTIC INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
22, Dheeraj
Heritage, 4th Floor, S. V. Road, Next to Santacruz Bus Depot, , Santacruz
(West), Mumbai – 400054 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.04.1992 |
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Com. Reg. No.: |
11-066238 |
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CIN No.: [Company
Identification No.] |
U25206MH1992PTC066238 |
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IEC No.: |
0398062498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN04034C |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacture, Importer,
Exporter, Trader, Retailer and
Distributor of Plastic machinery, technology of all kinds. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1864 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject markets
plastic machinery of overseas suppliers on commission. Trade relations are fair.
Financial position is moderate. Payments details are not available due to
nature of its activity. The company can
be considered normal for representative job at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
22, Dheeraj
Heritage, 4th Floor, S. V. Road, Next to Santacruz Bus Depot, ,
Santacruz (West), Mumbai – 400054 |
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Tel. No.: |
91-22-26604583/26604593 |
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Fax No.: |
91-22-26605383 |
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E-Mail : |
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Website : |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Rajesh R.
Wadhwa |
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Designation : |
Director |
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Address : |
1,Brahma Niwas,
14th Road, Khar (West), Mumbai – 52 |
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Date of
Birth/Age : |
12.08.1961 |
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Qualification
: |
M.S.M.E. |
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Date of Appointment : |
07.04.1992 |
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Name : |
Mr. Anil R.
Wadhwa |
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Designation : |
Director |
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Address : |
A-4, Uday Bhanu, Plot
No.65, Santacruz (West), Mumbai – 54 |
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Date of
Birth/Age : |
30.05.1960 |
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Qualification
: |
B.Com |
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Date of Appointment : |
07.04.1992 |
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Name : |
Ms. Divya D.
Wadhwa |
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Designation : |
Director |
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Address : |
101, Krishnagift,
Plot No.38, Corner of 6th & 12th Road, Khar(West),
Mumbai – 52 |
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Date of
Birth/Age : |
11.12.1965 |
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Qualification
: |
H. S. C. |
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Date of Appointment : |
15.09.1993 |
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|
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Name : |
Ms. Indra R.
Wadhwa |
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Designation : |
Director |
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Address : |
101, Krishnagift,
Plot No.38, Corner of 6th & 12th Road, Khar(West),
Mumbai – 52 |
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Date of
Birth/Age : |
24.10.1936 |
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Qualification
: |
H. S. C. |
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Date of Appointment : |
15.09.1993 |
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Name : |
Mr. Rajendra Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names Of Shareholders |
|
No. Of Shares |
|
Mr. Anil R Wadhwa |
|
7750 |
|
Mr. Deepak E Wadhwa |
|
10 |
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Mr. Raghunath L Wadhwa |
|
2510 |
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Mrs .Indira R Wadhwa |
|
12510 |
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Mrs. Neeloo Rv Wadhwa |
|
7760 |
|
Mrs Komal R Wadhwa |
|
5010 |
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Mrs. Sonia R Panjabi |
|
10 |
|
Mr Rajesh R Wadhwa |
|
24010 |
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Mrs. Divya D Wadhwa |
|
2500 |
|
N Electronics Private Limited |
|
15000 |
|
Pearl Marbles Private Limited |
|
20000 |
|
Malti Textiles Private Limited |
|
20000 |
|
Auto Invest Leasing (I) Private Limited |
|
6000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture,
Importer, Exporter, Trader, Retailer and
Distributor of Plastic machinery, technology of all kinds. |
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|
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Products : |
Ř
LG – Injection
Molding Machines Ř
Cinpres –
Gas Assisted Molding Ř
Wetec –
Robots Ř
Jumbo – Pipe
Straw, Strap Extruders Ř
Asari –
Zipper Extruder Ř
Prodoing –
Bag Making Ř
Chief Well –
Sheet Extruders Ř
Kortec –
Multilayer Pet Perform Molding Ř
GNB Tech
Company Limited – Molding Accessories |
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|
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Agencies Held : |
Ř
LS Cables
Limited (S. Korea) Ř
GNB Tech
Company Limited (S. Korea) Ř
Cinpres Gas
Injection Limited (U. K.) Ř
WE
Technology MFG Company Limited (Taiwan) Ř
Jumbo Steel
Machinery Company Limited (Taiwan) Ř
Asari Plastic
Corporation (Taiwan) Ř
Prodoing
Industrial Company Limited (Taiwan) Ř
Chiefwell
Engineering Company Limited (Taiwan) Ř
Kortec INC
(USA) |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users and
OEM’s |
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No. of Employees : |
20 |
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Bankers : |
Indusind Bank,
Bandra (West) |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Vinay H Panjabi and Associates Chartered Accountants |
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Address : |
206, Dalamal Chambers, 29, New Marines Lines, Mumbai – 400 020,
Maharashtra |
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Tel. No.: |
91-22-22002900 |
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Associates/Subsidiaries : |
·
N. P.
International 1, Brahma Niwas, 1st Floor, 14th Road, Khar(West), Mumbai – 52 ·
Ls Cable Limited
Formerly Lg Cable Limited (S.Korea) ·
Cinpres Gas
Injection Limited (U.K.) ·
We Technology
Automation Company Limited(Taiwan, Roc) ·
Jumbo Steel
Machinery CompanyLimited (Taiwan, Roc) ·
Asari Plastic
Corp. (Taiwan, Roc) ·
Pro Doing
Industrial Company Limited(Taiwan, Roc) ·
Gnb Tech.Company
Limited (S.Korea) ·
Chiefwell
Engineering Company Limited (Taiwan, Roc) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
123070 |
Equity shares |
Rs.10/- each |
Rs. 1.230
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.230 |
1.231 |
1.230 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.366 |
0.266 |
|
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4] (Accumulated Losses) |
(0.764) |
0.000 |
0.000 |
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NETWORTH |
0.466 |
1.597 |
1.496 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.035 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.035 |
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DEFERRED TAX LIABILITIES |
0.179 |
0.185 |
0.184 |
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TOTAL |
0.645 |
1.782 |
1.715 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.275 |
0.371 |
0.243 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.075 |
0.125 |
0.125 |
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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 |
0.000
|
0.000 |
0.000
|
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Sundry Debtors |
0.000
|
0.546 |
0.372
|
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Cash & Bank Balances |
0.278
|
0.880 |
0.420
|
|
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Other Current Assets |
0.000
|
0.000 |
0.729
|
|
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Loans & Advances |
0.032
|
0.192 |
0.280
|
|
Total
Current Assets |
0.310
|
1.618 |
1.801 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
0.000
|
0.169 |
0.170
|
|
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Provisions |
0.015
|
0.163 |
0.284
|
|
Total
Current Liabilities |
0.015
|
0.332 |
0.454 |
|
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Net Current Assets |
0.295
|
1.286 |
1.347
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
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TOTAL |
0.645 |
1.782 |
1.715 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2.269 |
6.148 |
5.692 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
2.269 |
6.148 |
5.692 |
|
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|
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|
Profit/(Loss) Before Tax |
[1.225] |
0.076 |
0.168 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.065 |
|
|
Profit/(Loss) After Tax |
[1.225] |
0.076 |
0.103 |
|
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Import Value |
NA |
NA |
0.532 |
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Expenditures : |
|
|
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Depreciation |
0.095 |
0.075 |
0.000 |
|
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Other Expenditure |
3.399 |
5.996 |
0.000 |
|
Total Expenditure |
3.494 |
6.071 |
5.256 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[53.98]
|
1.23 |
1.80
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
[53.98]
|
1.23 |
2.95
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
[2.09]
|
0.03 |
8.21
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
[2.62]
|
0.04 |
0.11
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.03
|
0.20 |
0.32
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
20.66
|
4.87 |
3.96
|
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Ř
Furniture and
Fixtures
Ř
Office
Equipment
Ř
Computer
Ř
Flat
Ř
Motorcar
Trade
References
·
Prince Pipes
and Fittings Private Limited
Ruby House, 4th Floor, B Wing,
J.K.Sawant Marg,
Dadar (West), Mumbai – 400028
Tel. No.: 91-22-24381945/46
Kind Attan: Mr. Jayantibhai Chheda/ Parag Chheda
·
Ronch Ploymer
Private Limited
11,12, Bussa Industrial Estate,
T. J. Road, Sivri (West)
Mumbai – 24116247/48
Kind Attan: Mr. C. K. Jain/ Mr. Borana
·
Parekhplast
India Private Limited
F-35, Nand Dham Industrial Estate,
Marol Maroshi Road, Andheri (East),
Mumbai – 400059
Tel. No.91-22-28503636/28501430
Kind Attn: Mr. Tushar Parekh/ Mr. Charul Ghia
OTHER INFORMATION:
Product
Injection Molding Machines
Description
They offer LG Injection Moulding Mahcines.With LG Machinery they are
offering the complete range from 25 Ton to 3000 Ton direct Clamping Injection
Molding Machines.
Outstanding features:
·
Maximum productivity and performance - high cycle
·
High quality and reliability
·
New modern style design with simple image
·
High energy saving
·
User friendly - easy operation and minimum maintenance
·
Modular design - wide variation Already installed over 55 machines in
India in the last two and half years.
Product
Gas Injection Limited (U.K.) :
Description
Along with Gas Injection they are offering a total solution for Gas
Assisted Molding with an extensive range of equipments and technology including
Phase Pressure Control (PPC), Sealed Injection of Gas Technology (SIG),
External Gas Moulding (EGM), Gas Preparation of Nitrogen, CAE analysis of gas
flow and mould trials of New Projects.
Product
Super Wong Industrial Company Limited (Taiwan) :
Description
They provide Injection Moulds for manufacturing PET Preform, Ball Pen
Chair, TV Cabinets Automotive, Gas Injection etc. Already installed over 15
moulds in above fields.
Product
Plas-Tool Company(U.S.) / Plastrends (Germany) :
Description
Injection moulds for industrial Containers/ Pails and Lids from 1 liter
to 120 liters . Technology includes ejection-through-the cavity method for
straight wall part ejection. Double stripper ejection which allows the molding
of deep undercuts without the need of side actions. Also offers 20 liter
lubricant container with triple lock, gasket less and zigzag tear Lid that is
leakproof. Normal mould life is over 10 million shots.
Product
Multiplas Enginery Company Limited (Taiwan) :
Description
They offer complete range of vertical Injection Molding Machines from 15
ton to 3000 ton for thermo plastic and thermo setting material including Insert
Moulding, Zipper Moulding, String / Bead Moulding Multi Colour, Multi Component
and Golf Ball, Liquid Silicone Rubber Molding.
Product
Full Shine Plastic Machinery Company Limited (Taiwan) :
Description
Complete range of
automatic single / double / triple / quadruple head with double station
machinery. Further, multi layers, multi color. Capacity includes 5 cc to 200
liters automatic and semi automatic PET stretch blow molding machines are also
offered and high-pressure double wall machinery and moulds.
Product
Fast Heat Inc. (U. S.) :
Description
Full range of Hot Runner Systems including Sprue bushings and machine
nozzles, manifolds (1 cavity to 64 cavity) and Temperature Controllers and
Heaters.
Product
Nan Ya Plastics Corporation (Taiwan) :
Description
Extrusion Machinery for rigid PVC Pipes, HDPE Pipes, Co-extruded fibre
optic Pipes and profiles, Q-box, foam boards., Equipment of PVC and A-PET Films
including Extrusion Walls.
Product
Jumbo Steel Machinery Company Limited (Taiwan) :
Description
Turnkey Extrusion Systems for PVC Heat Shrinkable Film making machine.
PP Straws, Flexible Straw auto bending Machine, U shaped tetra-pak straw
packing machine, PP/PET strapping band making machine and PET Heavy duty
Strapping Machine.
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 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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
38 |
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 |
|