MIRA
INFORM REPORT
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Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AVI VINYL PRIVATE LIMITED |
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Registered Office : |
49, Bharagava House, Marol Co-op. Industries Estate, Sakinaka, Andheri
(E),Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.07.2005 |
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Com. Reg. No.: |
154963 |
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CIN No.: [Company
Identification No.] |
U24130MH2005PTC154963 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA27017E |
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PAN No.: [Permanent
Account No.] |
AAFCA3195C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing Calendered PVC films |
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. |
Small |
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Maximum Credit Limit : |
USD 400 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company and in the process of established
itself. The company has incurred some initial losses. It has been successful
in obtaining some loan from its bank. Trade relations are reported as fair.
Payment are reported as slow but correct. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered/Admin. Office : |
49, Bharagava House, Marol Co-op. Industries Estate, Sakinaka, Andheri
(E),Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28502929/28592027 |
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Mobile No.: |
91-9820452598 |
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Fax No.: |
91-22-28592027 |
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E-Mail : |
Sukhdeep.sethi@avivinyl.com |
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Factory 1 : |
Plot No. 143 ABC, Gamtalao, Village Dabhel, Nani Daman, Daman U.T.,
India |
DIRECTORS
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Name : |
Akhilesh K. Bhargava |
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Designation : |
Director |
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Address : |
604, Hill-n-sea Apartments, Nargis Dutt Road, Palli Hill, Bandra West,
Mumbai -400050, Maharashtra, India |
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Date of Birth/Age : |
26.07.1975 |
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Date of Appointment : |
21.07.2005 |
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E-mail: |
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Name : |
Pranay B. Bhargaya |
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Designation : |
Director |
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Address : |
18/3, Andheri Vyas Building Co-op. Housing Society, VP Road, Andheri
West, Mumbai – 400058, Maharshtra, India |
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Date of Birth/Age : |
29.12.1980 |
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Date of Appointment : |
21.07.2005 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Category |
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Percentage of
Holding |
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Director |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing Calendered PVC films |
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GENERAL
INFORMATION
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Bankers : |
State Bank of India, Andheri (E) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. T. Bhargava Chartered Accountants |
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Address : |
25, Saibaba Shopping Center, Keshav Rao Kadam Marg, Mumbai – 400008,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs.10/- each |
Rs.20.000Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs.10/- each |
Rs.0.100
Million |
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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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0.000 |
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NETWORTH |
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0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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27.962 |
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2] Unsecured Loans |
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14.820 |
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TOTAL BORROWING |
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42.782 |
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TOTAL |
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42.882 |
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FIXED ASSETS [Net Block] |
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3.616 |
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Capital work-in-progress |
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30.631 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Cash & Bank Balances |
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2.981 |
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Loans & Advances |
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8.792 |
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Total
Current Assets |
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11.773 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.259 |
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Provisions |
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0.036 |
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Total
Current Liabilities |
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3.295 |
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Net Current Assets |
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8.478 |
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MISCELLANEOUS EXPENSES |
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0.119 |
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TOTAL |
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42.882 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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N.A. |
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Other Income |
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N.A. |
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Total Income |
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N.A. |
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Profit/(Loss) Before Tax |
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(36.627) |
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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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(36.627) |
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Total Expenditure |
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36.627 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(238.00) |
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Return on Investment (ROI) (PBT/Networth) |
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(366.27) |
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Debt Equity Ratio (Total Liability/Networth) |
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460.77 |
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Current Ratio (Current Asset/Current Liability) |
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3.57 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporate
identity number (CIN) Foreign company registration number |
U24130MH2005PTC154963 |
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Name of the
Company |
AVI VINYLS
PRIVATE LIMITED |
|
Address |
49, Bharagava House, Marol Co-op. Industries Estate, Sakinaka, Andheri
(E),Mumbai – 400059, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of Charge |
·
Book debts ·
Movable
Property (not being pledge) ·
Other |
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Particulars of
the charge holder |
State Bank of
India Industrial Finance
Branch, Snehal Chambers, Telli Galli, Andheri (E), Mumbai – 400069,
Maharshtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental Agreement
of Loan-Cum-Hypothecation (SME-4) |
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Date of the
instrument creating or modifying the charge |
03.03.2007 |
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Amount secured by
the charge |
Rs.72.734
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Demand Cash
Credit : 1.25% Below SBAR (Presently 11.50%W.E.F. 27.12.2006) Terms Loan :
1.25% Below SBAR (Presently 11.50%W.E.F. 27.12.2006)
All the working
capital facilities are payable on demand. Term Loan: WEF 01.07.2006 @ Rs.6.75
Lacs for 40 months and last installment of Rs.7.34 Lacs Term Loan : In 60
monthly installments of Rs.50,000/- W.E.F. 01.04.2007
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Short particulars
of the property charged (including location of the property) |
All present and
future stocks, raw materials, goods, book-debts and vehicles and all other
movable assets of the borrower (S) including receivables, documents of title
to goods, out standing monies, bills, invoices, documents, contracts,
insurance policies, guarantees, engagements, securities, investments and
rights and the present and future machinery (as per annexure) |
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Particular of the
present modification |
Now by the
present MODFN. Date-03.03.2007 the limit has been increased from
Rs.6,15,00,000/- to Rs.7,27,34,000/-(As per annexure-A) |
Company
Subject has been
established in the year 2006, with an objective of manufacturing Calendered PVC
films in India. For this purpose it imported a technologically advanced,
L-Type, 5 Roll Calendering Line, with a production capacity of over 400 tons of
Rigid PVC Film per month...
Avi Vinyl has a
production capacity of over 350 tons of Rigid PVC Film, manufactured on a state-of-the-art L-Type, 5 Roll
Calendering Line. Although Clear Transparent PVC Film is the forte of Avi
Vinyl, they are also specialised in a whole range of translucent and
opaque colours, targeted at pharma and other segments.Avi Vinyl's state-of-the-art manufacturing facility is located at
Daman, India (a Union Territory near Vapi, Gujarat). The plant is
professionally managed by a team of highly skilled engineers, specialised in
the manufacture of Calendered PVC
Film, who are ably assisted by semi-skilled engineers and workers.
Avi Vinyl's administration
office is located at Mumbai, the financial capital of India. This office houses
the marketing and finance operations of the company and ensures complete
backend support to the plant to meet its requirements.
Avi Vinyl employs over 80 skilled, semi-skilled and unskilled personnel, for
ensuring maximum customer service and product quality. They have qualified
engineers operating and maintaining the plant, as well as a qualified team of
quality control personnel, to ensure that only the best quality products leave
the factory. The factory staff is ably assisted by the Head Office, ensuring
optimum Supply Chain Management and timely handling of issues or problems that
may arise. The two locations are connected live at all times through a
state-of-the art web-based ERP package to ensure complete timely communication
and support. This system assists in following the progress of the order
processing and in keeping the customer informed and updated of the same
Workers
As a responsible citizen of India and the world, it is the constant effort at Avi Vinyl to ensure that people
everywhere benefit from the safe use of PVC
and PVC products. As a result,
they are engaged in a constant quest for efficient processing techniques,
cost-effective manufacturing, safer working conditions and products that more
accurately meet customer needs. Their objective is to build an organisation
that is profitable and sustainable, working for the ultimate long-term benefit
of their business, their employees and their world.
History of the Company
Avi Vinyl is
the result of a union between the promoters of Collar Pack Pvt. Ltd. and Amisha Vinyl Pvt. Ltd. A brief history of these two companies is
as under:
Collar Pack was setup in 1993 and is engaged in the manufacture of Extruded
Rigid PVC Film as well as
Plastic Garment Accessories, viz. Collar Bands, Collar Butterfly and Collar
Stays. Collar Pack draws on
years of rich experience of its founders in the plastics industry. This,
coupled with continued focus on research and development and adopting latest
manufacturing techniques and technologies has assisted Collar Pack in achieving quantum growth over the last decade. Collar Pack is manufacturing over 200
tons of Extruded Rigid PVC film per month for captive
consumption as well as external sales. Collar
Pack's customers include a host of FMCG and other companies and vendors to such companies, including
Anchor, HLL, Parle, ITC, etc.
Amisha
Vinyl's Amisha Vinyl was established
in 1997 with a Calendering unit for manufacturing Soft PVC Film. Currently, Amisha
Vinyl is manufacturing over 400 tons of Soft PVC Film monthly.
Amisha Vinyl
manufactures PVC Film for a vast
range of products, such as rainwear, playing cards, shower curtains, table
covers, carry bags, pouches, stationery items such as diary covers, luggage,
seat covers, urine bags, etc.
Products:
Avi Vinyl
offers a wide range of Rigid PVC
Films to meet the varied
requirement of the packaging market. They guarantee the best film quality by
the utilization of selected raw materials, the consistency of formulations and
adhering to extensive quality controls, including online
thickness checks.
The entire production process of Avi
Vinyl's films is conducted by adhering rigorously to ISO quality assurance
standards, which enables them to achieve consistently high product quality.
The PVC Film manufactured by Avi Vinyl is completely Non-Toxic and
complies with International Guidelines and Standards prescribed for contact of
plastics with foodstuff, pharmaceuticals and drinking water. This makes their PVC Film ideal and safe for use in
food and pharma packaging.
Their complete range of PVC Films conform to international quality
standard demands with respect to gas, fumes and smell. Avi Vinyl's PVC
films are free of cadmium and lead stabilizers. Their PVC Films are
Plasticizer Free, Calendered Rigid Films, available in a wide range of
thicknesses and colours.
Avi Vinyl'srange of Rigid PVC Films can be used for
a host of applications and uses, including pharmaceutical blister packaging, food packaging, speciality thermoforming, box making, printing and stationery.
Their films can be thermoformed, welded, sealed, printed or laminated and offer
good chemical resistance and optimised protection. Their film quality ensures
hassle-free and convenient processing on all types of machines.
Avi Vinyl's range of Rigid PVC Films is characterized by the
following properties:
Excellent clarity, transparency and gloss
Least thickness variation
Non-toxic
Excellent formability
Smooth die cutting
Superior sealing and welding
Excellent impact strength
Higher processing yields
Non-sticky
Excellent printability with all common printing methods
Available in a range of tints and transparent and opaque
colours
Range of surface finishes (Glossy/ Matt)
General Specifications of the PVC Films are as under:
Thickness range
100 to 800 microns (0.10 to 0.80mm)
Maximum width
1000mm (1 meter)
Colours
All translucent and opaque colours
Thickness tolerance
± 2.5% for higher thickness and 5% for thickness lower than
250 microns
Width tolerance
± 2mm
Their Rigid PVC Films have been sorted out according to the
following grades, depending on the required applications, for convenience of
selection: .
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.39 |
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UK Pound |
1 |
Rs.81.31 |
|
Euro |
1 |
Rs.57.44 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
YES |
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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 |
|
27 |
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 |
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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 |
|
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. |
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 |
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