MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
M G POLYBLENDS |
|
|
|
|
Registered Office : |
A-11, Lawrence Road,
Industrial Area, Delhi -110 035 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Established : |
2003 |
|
|
|
|
IEC No.: |
1200261228 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADPG4298F |
|
|
|
|
Central Sales Tax No. : |
LC/050/1200261228/0503 |
|
|
|
|
Excise Registration : |
AADPG4298FXM001 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Supplier
of Thermoplastic Compounds, Colour and Masterbatch Development |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well –
established concern having satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The concern can be
considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. A K Mohanti |
|
Designation : |
Account Manager |
|
Date : |
25.08.2008 |
LOCATIONS
|
Registered Office : |
A-11, Lawrence Road,
Industrial Area, Delhi -110 035,
India |
|
Tel. No.: |
91-11-27187157 / 32911936 |
|
Mobile No.: |
91-9811175122 |
|
Fax No.: |
91-11-27195691 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5,000
Sq. ft |
|
Location : |
Leased
(Industrial) |
SOLE PROPRIETOR
|
Name : |
Mr Manish Gupta |
|
Designation : |
Proprietor |
|
Address : |
QD-27 Vishakha Enclave,
Pitam, Pura, New Delhi, India |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
BE |
|
Experience : |
12 Years |
|
Tel. No.: |
91 11 2731 3707 |
|
Mobile no.: |
91 98111 75122 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier
of Thermoplastic Compounds, Colour and Masterbatch Development |
|
|
|
|
Products : |
·
White Masterbatches ·
Black Masterbatch ·
Colour Masterbatches ·
Pearlescent Masterbatch ·
Transparent Masterbatch ·
Fiber/Marble Masterbatch ·
Fluorescent Masterbatch ·
Metallic Masterbatch ·
Glow in dark Masterbatch ·
Additive Masterbatches ·
Clarifier/Nucleating agent ·
Anti Block ·
Slip ·
Antislip ·
UV Stabilizer ·
Silicone ·
Foam Masterbatch ·
Optical Brightener ·
Anti Oxidant ·
Polymer Processing Aid ·
Micro-beads/Micro-granules ·
Mono Color Concentrates/Mono Pigments Concentrates ·
Pre-dispersed Pigment Concentrates ·
FDA Approved Antimicrobial/Antibacterial Masterbatch ·
Anti Corrosive (VCI) Masterbatch |
|
|
|
|
Exports : |
|
|
Products : |
Plastic Components and Masterbatches |
|
Countries : |
·
Europe ·
Korea ·
China |
|
|
|
|
Imports : |
|
|
Countries : |
·
Europe ·
China
·
Korea |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (90 days -120 days) |
|
|
|
|
Purchasing : |
Letter
of Credit basis: at site / 60 to 90 days |
GENERAL
INFORMATION
|
No. of Employees : |
14 (In office 6 and In Factory 8) |
|
|
|
|
Bankers : |
HSBC Bank Punjabi Baug, New Delhi, India |
|
|
|
|
Facilities : |
The concern do not enjoy facilities from it’s banks |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Arun Jain and Company Chartered Accountants |
|
|
|
|
Membership |
Federation
of Indian Export Organisation |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.1.000 million |
|
Borrowed : |
- |
|
Total : |
Rs.1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
14.000 |
Expected Sales (2008-09) : Rs.20.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
|
Parameters |
Details |
|
|
|
|
Existence Verification |
|
|
Name |
M G POLYBLENDS |
|
|
|
|
Statutory Approvals |
|
|
Legal Status of Firm |
Proprietorship |
|
Income Tax Registration |
AADPG4298F |
|
Central Sales Tax Registration |
1200261228 - C |
|
VAT/ TIN Registration |
07140261228 - V |
|
Excise Registration |
AADPG298 FX M 001 |
|
Name of Bank |
HSBC Bank |
|
|
|
|
Credibility Factors |
|
|
Years of Establishment |
2003 |
|
Turn Over |
(2007-08) Rs.14.000 millions |
|
Turn Over Year |
(2008-09) Rs.20.000 millions |
|
|
|
|
Standards & Certifications |
|
|
Quality Management Systems |
ISO – 9001-2000 |
Trade References
·
Time Group
·
Pur Polymers Private Limited
·
Syntex Private Limited
Profile
The subject is a manufacturer of Thermoplastic
Compounds, Colour and Masterbatch development.
The inquired address is the office and production unit. The subject is importing raw materials,
silicone, plastic and chemicals from China, Europe and Korea on the purchasing
terms of LC basis.
Mr Manish Gupta (Age: 40 Years) is a professionally
qualified engineer and having experience of around 10 years. The subject is doing the business since
1995.
The Indian Plastic Industry has taken great strides in
its quest for success. The last few decades have seen it rise to the position of
a leading force in the country with a sizable base. The industry itself is
growing at a fast pace and the per capita consumption of plastics in the
country has increased manifold as compared to the earlier decade.
Plastic has undoubtedly gained notable importance in
every sphere of activities. It has helped substitute and save scarce natural
resources. It is an inseparable part of their daily life. Constant development
in polymer technology, processing machinery, knows how and cost effective
production is fast replacing plastics in every segment from its conventional
materials.
India is 8th in the world with per capita consumption
of 4.1 kgs, which is likely to increase to 7.9 kgs. by 2006. The world average
is around 20 kgs. Polymer demand in
India to touch 7.3 million tons by 2006 - 2007 and 12.4 million tons by 2010 -
2011. India is expected to be the 3rd
largest consumer of plastics after US and china by 2010. The growth rate
between 12% - 15% consistently outperforming GDP.
Industry Overview
Major Raw Material Producers 15
Processing Units 22,000
Turnover Rs.
250000.000 Millions
Capital Asset Rs.
470000.000 Millions
Raw Material produced approx. 4.2 million tones
Raw Material consumed approx. 3.7 million tones
Employment Diect / Indirect 2.5 million tones
Export value approx. USD 1104 million
Revenue to Government approx. Rs. 60000.000
Millions
Demand estimates for Machinery
Injection Moulding 32350
Blow Moulding
5050
Extrusion 16700
Demand & Supply, Competition - Plastic and
PET
Cost and efficiency of raw material are often
major factors that determine the form of packaging, because of which, plastics
are now accepted as a cost-effective material for application in several
sectors, including packaging, telecommunications, health care, and
construction. In a short span of five years, plastics has captured 40 percent
of the total Rs. 27000.000 Millions packaging market in India. However, the use of excess packaging, and
public concern over environmental problems of waste disposal, is leading to
fundamental changes in both the design and the materials used in packaging.
Producers are striving to present a "greener image" to
customers. Despite its relatively poor
environmental image, plastic will increase its market share in the packaging
sector since it is cheap, versatile, and convenient. Also, there is no viable
option for plastics as usefulness of the other popular option, paper, is
limited by the high levels of aforestation in the country.
The plastic-processing sector has more than
18,000 processors, manufacturing a range of plastic products, including plastic
packaging products. Large companies
account for 60 percent of the total industry capacity. More than 70 percent of the units are in the
unorganized (small scale) sectors, accounting for 40 percent of capacity, and
hence, collating accurate statistics for this sector is difficult.
The packaging industry provides one of the
largest single markets for the plastics industry and consumes 300,000 tons or
15 percent by volume of the total Indian plastics production. While all industries use some form of
plastics packaging, the highest demand is from food processing, construction
and the agricultural and water management sectors. Plastics packaging is estimated to account for 40 percent of the
total Indian packaging industry.
Bags, sacks, bottles, and jars are the leading Indian
exports in this sector. These are
primarily exported to Middle East and African countries where several multinational
corporations are looking at alternative sources.
As per Website Details
Subject is a company that truly reflects the spirit of
entrepreneurship.
Established by young, qualified engineers, who have more than a decade's
experience in the compounding industry, Subject has entered the challenging
field of masterbatch development.
Today, the company is offering a wide range of colour and additive
masterbatches to match different processing techniques including extrusion,
injection moulding, blow moulding, thermoforming and rotomoulding.
In this way, Subject is also contributing to a diverse spectrum of
plastic end-products : stretching from plastic bottles to car covers,
multilayer and greenhouse films to pipes, yoghurt cups to tarpaulins.
But the company's most significant strength is its ability to play the
role of a perfect partner to its valued clients. Working closely with the
customer through the entire development process, Subject delivers a masterbatch
that meets his requirements precisely.
More importantly, Subject prides itself on making available products of
excellent quality with consistent repeatability and timely deliveries. The
focus clearly is on nurturing a long term, mutually rewarding association with
a fully satisfied customer.
White Masterbatch
White masterbatch is one of the largest masterbatch
production in all the varieties of masterbatches used in plastic applications.
White masterbatch gives whiteness, brightness and opacity in the final product.
To provide these properties in platics, many chemicals such as Zinc Oxide, Zinc
sulphide, Antimony oxide, Titanium dioxide are used. Titanium dioxide is mostly
used in plastic application because of its unique properties such as high
refractive index, average particle size (0.19-0.22 micron ) etc.
Subject White masterbatches are based on
international quality Titanium dioxide which were selected based on their
excellent optical properties such as opacifying/tinting strength, undertone,
and color. This Titanium dioxide has a unique surface treatment which gives
good dispersion in plastics and also has no effect on rheological properties of
the polymer. If the Titanium dioxide does not properly disperse in plastics
then it will lead to unefficient use of pigment and a loss of optical and
mechanical properties. Subject White master batches are unique in their way in
that they contain speciality additives which makes the resin compatible with
titanium pigment and also mkaes the resin to flow so that it gets dispersed
properly. Subject has a lot number of varieties available in White
masterbatches depending on the percentage of Titanium dioxide, tone required
such as egg tone, bluish tone, violet tone etc. and also on the end use
application and processing techniques. They are giving below few of their white
masterbatch range available :
Subject has developed
various grades of Black masterbatches based on end use requirements eg: Jetness
required, Protection from UV radiation, conductivity etc. Carbon Black is widely
used black pigment because of its colouring ability, cost effectiveness and
performance. Its particle size ranges from 10 to 120 nm. Lower the particle
size higher the surface area. Higher surface area increase both jetness and UV
resistance because more surface area is available for absorption of visible and
UV light. Carbon Black has tendency to form aggregats. In other word these
aggregates are called structure. Performance of a black masterbatch is mainly
depends on the dispersion of carbon black in the carrier resin. Subject uses speciality additives and processing aids
so that carbon black gets easily and uniformly dispersed in carrier resin and
hence it gives optimum performance in the final applications. They are giving
below few of their Black masterbatch range available :
Subject Colour
masterbatches are available in over 2000 different shades to meet the
requirements of different industries. They have full facility in their colour
matching laboratory to develop colour as per customer requirment. They have in
their every little detail of the masterbatche's composition and processing
conditions and hence they are able to replicate the same masterbatch at anytime
in furture without any deviation in colour shades or other properties. Subject colour masterbatches are manufactured with
virgin raw materials and processed on the latest machinery giving high quality
products. They use international quality pigments which have high thermal
stability, colour consistency in every lot and excellent light fastness. Subject has Colour masterbatch suitable for following
plastic industries such as Mono/Multi layer film, Woven Sacks, Injection
moulding, Rotomoulding, Blow Moulding, HDPE Pipe, Wires and Cables etc
METALLIC MASTERBATCHES : These masterbatches
add glittering/metallic effect in the final product. Metallic flakes/pigments
are added to a traditional solid colouring system to create this effect. These
are mainly used in cosmetic tube , injection moulded items etc.
PEARLESCENT MASTERBATCHES : These masterbatches contains special pearl
pigments having varying particle sizes to give luster /sparkle effect. These
can be produced in silver, gold or any other colour. These are mainly used in
Injection moulded items, Cosmetic tubings etc..
FLUORESCENT MASTERBATCHES : These masterbatches contains fluorescent
pigments which are not only possess the colour it reflects but also emits
fluorescent light in same colour. The colour observed from a fluorescent
masterbatch is a combination of reflected and emitted light, thus the colour
appears extra bright. It is mainly used in toys, marker pen body and caps,
safety signs etc
PHOSPHORESCENT / GLOW in
DARK MASTERBATCHES : This is a specially
formulated masterbatch containing polycrystalline inorganic metal sulfides
along with some additives to make it suitable for easy incorporation in plastic
articles. It does not contain any radioactive substance which are harmful to
human. M.G. Polyblends has developed these masterbatches in three colours
(Green, Blue and Orange) to enchance the aesthetic appeal of the final product
along with its excellent glowing properties. It is mainly used in injection
moulded items. e.g. Toys, glass side rings in Torches etc
TRANSPARENT COLOUR MASTERBATCHES : These masterbatches gives colour to the product
without imparting any opacity to the product. These are mainly used in cosmetic
bottles, toys, stationery items.
FIBER EFFECT MASTERBATCHES : These
masterbatches are formulated to give the appearance of fibres marble in different
colours in the final product. this is also mainly used in PP chairs, bathroom
tubs, washbasins and other injection moulded items.
GRANITE MASTERBATCHES : These
masterbatches produce a stoneware or granite pattern. The granite appearance
combines a background colour with dotted/granite effect on it. These are mainly
used in PP moulded Chairs, Bathroom Tubs and other injection moulded items etc.
OPTICAL BRIGHTNER (OB) MASTERBATCHES : These
are based on bisbenzoxazole type organic derivative dispersed in polyolefinic
polymer. It is added in polymer to reduce yellowing, improve whiteness, and to
enhance the brightness of a product. It function by absorbing ultraviolet
radiation and re-emitting blue light. M.G. Polyblends has also developed OB masterbatch
which enhance whiteness and brightness of the product without giving bluer
tone.
UV MASTERBATCHES : M.G. Polyblends UV
masterbatch is based on hindered amine light stabilizer which is properly
dispersed in a polyolefin carrier. It extends the service life of moulded and
extruded product when exposed to sunlight. It provides weatherability
characteristics to moulded items for outdoor applications, Automobile
components, Irrigation pipes, Rotomoulded tanks, Garden chairs, Crates etc.
ANTIBLOCK MASTERBATCH : It is based on
combination of highly pure and ultrarefined silica and amide additives. It
counter acts the tendency of extruded films to stick together and improves the
opening characteristics of films/bags. It is mainly used in Mono/Multilayer
blown film for flexible packaging.
ANTIOXIDANT MASTERBATCHES :
Antioxidant masterbatches are used in polymers to avoid oxidative degradation
at higher processing/application temperature and thus helps in retaining gloss,
mechanical properties of the product which would otherwise deteriorate. Subject has designed this masterbatch based on
stearically hindered phenolic antioxidant properly dispersed in polyolefin
carrier. It is suitable for Blow moulded items, Rotomoulded tanks, Pipes and
profiles, Films, Injection moulded parts etc.
SILICONE MASTERBATCH : It contains ultra
high molecular weight polydimethylsiloxane additive dispersed in polythylene.
It gives lubricity, reduces coefficient of friction and improves abrasion
resistance. It is mainly used in HDPE optical fibre ducts. 
SLIP MASTERBATCH : It is
based on amide additive which migrates to the surface of the extruded/moulded
plastic product and provide a monomolecular layer which reduces coefficient of friction
(C.O.F.) between the layers of the film and other surfaces which are in contact
with film. It ensures good handling properties in automotive packaging
application and also does not effect sealing and printing properties. It is
mainly used in Mono/Multilayer films etc.
POLYMER PROCESSING AID (PPA) MASTERBATCHES : It is a
fluoropolymer based additive masterbatch properly dispersed in a polyolefin
polymer. It improves the processing of polyolefins (LLDPE, HDPE etc)
particularly in blown film extrusion alongwith other benefits such as removal
of die lines, melt fracture, back pressure and increase in gloss and output. It
is also used in blow moulded items to improve output and gloss on the surface.
ROTOFOAM MASTERBATCH : Subject Rotofoam masterbatch contains blowing agent
properly dispersed in a polyolefin resin alongwith some speciality chemicals
which helps in creating a very fine cell structure in three layer Rotomoulded
LLDPE tanks. This foam middle layer acts as a insulator and as a result water
or any other liquid remains cool during winters and vice versa
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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. |
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 |
|