MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMMBI POLYARNS LIMITED |
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Registered Office : |
309/310, 3rd Floor, Kuber Complex, Village Oshiwara, New Link
Road, Andheri (West), Mumbai – 40 053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
11-83322 |
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CIN No.: [Company
Identification No.] |
U17120MH1994PLC083322 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME02122B |
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PAN No.: [Permanent
Account No.] |
AAACE3423G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Exporter of PP and HDPE Circular Woven Sacks and other Allied Packing Materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mrs. Nirmal Gawde |
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Designation : |
Senior Accounts Manager |
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Date : |
30.09.2008 |
LOCATIONS
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Registered Office : |
309/310, 3rd Floor, Kuber Complex, Village Oshiwara, New Link
Road, Andheri (West), Mumbai – 40 053, Maharashtra , India |
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Tel. No.: |
91-22-6908310 / 67845555 |
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Fax No.: |
91-22-67845506 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Head Office : |
617, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri [west],
Mumbai 400 053, India |
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Tel No.: |
91-22-65708310 /11 / 26319485/86 |
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Fax No.: |
91-22-26392251 |
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E-Mail : |
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Corporate Office : |
108, Kartik Complex, Opposite Laxmi Ind Estate, New Link Road,
Andheri, Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-6908310 |
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E-Mail : |
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Factory 1 : |
191/2/4, Massat Village, Meghawad Road, Union Territory of Dadra and Nagar Haveli, Silvassa – 396 230, Vapi, Gujarat, India |
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Tel No.: |
91-260-3200831 |
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Factory 2 : |
99/1/2, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, Silvassa – 396 230, Gujarat, India |
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Tel No.: |
91-260-3200948 |
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Branches: |
Located at · Silvassa, Gujarat · Vapi, Gujarat |
DIRECTORS
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Name : |
Mr. Radheshyam Daliya |
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Designation : |
Director |
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Address : |
J -15/15 Bangur Nagar, Goregaon (West), Mumbai – 400 090, Maharashtra,
India |
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Name : |
Mrs. Mitravinda Appalwar |
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Designation : |
Director |
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Address : |
703/704 Indradarshan Complex, II, Building No. 14, Andheri (West),
Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
03.10.1945 |
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Date of Appointment : |
29.11.1994 |
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Name : |
Mr. Makrand Appalwar |
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Designation : |
Managing Director |
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Address : |
703/14, Indradarshan
Building, Off. Link Road, Andheri (West), Mumbai |
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Date of Birth/Age : |
21.11.1969 |
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Qualification : |
B. E. |
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Experience : |
8 years |
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Date of Appointment : |
29.11.1994 |
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Previous Employment
: |
Management Trainee |
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Other Directorships
: |
Emmbi Laboratories
Private Limited |
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Passport No. : |
I – 136202 |
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Name : |
Mrs. Rinku Appalwar |
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Designation : |
Executive Director –
Finance |
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Address : |
703/14, Indradarshan
Building, Off. Link Road, Andheri (West), Mumbai |
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Date of Birth/Age : |
19.08.1971 |
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Qualification : |
B. Sc., DMM.,DMA |
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Experience : |
8 years |
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Date of Appointment : |
29.11.1994 |
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Other Directorships
: |
Emmbi Laboratories
Private Limited |
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Passport No. : |
I – 136202 |
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Name : |
Mrs. Mrunalini Pandit |
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Designation : |
Director |
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Address : |
Flat No. 301, Dimple Heights, Aasha Nagar, Kandivali (West), Mumbai – 400 101, Maharashtra, India |
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Date of Birth/Age : |
08.01.1967 |
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Date of Appointment : |
01.02.1996 |
KEY EXECUTIVES
|
Name : |
Mrs. Nirmal Gawde |
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Designation : |
Senior Accounts Manager |
SHAREHOLDING
PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Makrand M Appalwar |
58510 |
22.31 |
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Mr. Mitravinda M Appalwar |
7760 |
2.96 |
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Mr. Rinku M Appalwar |
75262 |
28.69 |
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Mr. Mrunalini R Pandit |
1900 |
0.72 |
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Mr. Sandip T Deshpande |
420 |
0.16 |
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Mr. Pradeep l Parchure |
400 |
0.15 |
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Mr. Prashant K Lohia |
250 |
0.10 |
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Mr. Shreekant R Sastikar |
1000 |
0.38 |
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Mr. Narhar Gurunath Dani |
1000 |
0.38 |
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Mr. Saroj S Indulkar |
1000 |
0.38 |
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Mr. Ramesh G Dharkar |
1000 |
0.38 |
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Mr. Trimbak Y Deshpane |
800 |
0.30 |
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Mr. Moreshwar B Appalwar |
4249 |
1.62 |
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Mr. Nandkumar R Khole |
500 |
0.19 |
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Mrs. Maithili M Appalwar |
1250 |
0.48 |
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Mr. M B Appalwar (HUF) |
1 |
0.00 |
|
Mr. Emmbi Laboratory Private Limited |
65000 |
24.78 |
|
Maithali Agrotech Private Limited |
42000 |
16.01 |
|
|
262302 |
100.00 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 31.03.2007) |
Percentage |
|
Bodies Corporate |
40.79 |
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Directors or relative of directors |
56.78 |
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Other top fifty (50) shareholders |
2.43 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporter of PP and HDPE Circular Woven Sacks and other Allied Packing Materials. |
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Products : |
· Jumbo · Sack · Shield · Box · Twist |
GENERAL
INFORMATION
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Suppliers : |
·
Reliance Industries Limited ·
IPCL ·
Haldia Petrochemicals Limited |
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Customers : |
·
Hindustan Lever Limited ·
Tata Chemicals Limited ·
Godrej Chemicals Limited ·
DCW Limited ·
Dharmasi Morarji Chemical Company Limited &
Others |
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No. of Employees : |
Around 20 |
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Bankers : |
· The Saraswat Co-Op Bank Limited, Juhu Branch, Juhu, Mumbai – 400 049, Maharashtra, India · Union Bank of India · The Hongkong and Shanghai Banking Corporation Limited · Punjab National Bank, Goregaon (East), Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. K J Shah Chartered Accountants |
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Address : |
Shop No. D -11, Sai Darshan “B”, Ram Baug Lane, Opposite Mulji Nagar,
Borivali (West), Mumbai – 400 092, Maharashtra, India |
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Tel No.: |
91-22-8646766 / 8065318 (Res.) |
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Associates/Subsidiaries : |
Ř Emmbi Laboratories Private Limited |
CAPITAL STRUCTURE
(As on
30.09.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
290000 |
Equity Shares |
Rs. 100/- each |
Rs. 29.000 millions |
|
100000 |
Preference Shares |
Rs. 10/- each |
Rs. 1.000 million |
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Total |
Rs.
30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
262302 |
Equity Shares |
Rs. 100/- each |
Rs.26.230
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
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|
5.499 |
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2] Share Application Money |
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|
2.530 |
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3] Reserves & Surplus |
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|
16.620 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
24.649 |
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LOAN FUNDS |
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1] Secured Loans |
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|
34.783 |
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2] Unsecured Loans |
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|
2.034 |
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TOTAL BORROWING |
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|
36.817 |
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DEFERRED TAX LIABILITIES |
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|
2.148 |
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|
|
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TOTAL |
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63.614 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.375 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.100 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
15.853 |
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Sundry Debtors |
|
|
14.281 |
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Cash & Bank Balances |
|
|
0.805 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
|
|
3.321 |
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Total
Current Assets |
|
|
34.260 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
|
4.858 |
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Provisions |
|
|
0.876 |
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Total
Current Liabilities |
|
|
5.734 |
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Net Current Assets |
|
|
28.526 |
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MISCELLANEOUS EXPENSES |
|
|
0.613 |
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|
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|
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TOTAL |
|
|
63.614 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
|
Sales Turnover |
|
|
109.474 |
|
|
Other Income |
|
|
0.644 |
|
|
Total Income |
|
|
110.118 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
|
4.803 |
|
|
Provision for Taxation |
|
|
1.450 |
|
|
Profit/(Loss) After Tax |
|
|
3.353 |
|
|
|
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Expenditures : |
|
|
|
|
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Raw Material Consumed |
|
|
81.549 |
|
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Consumption of stores and spares parts |
|
|
5.135 |
|
|
Increase/(Decrease) in Finished Goods |
|
|
[2.472] |
|
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Salaries, Wages, Bonus, etc. |
|
|
1.629 |
|
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Managerial Remuneration |
|
|
0.680 |
|
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Payment to Auditors |
|
|
0.050 |
|
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Interest |
|
|
3.317 |
|
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Insurance Expenses |
|
|
0.253 |
|
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Power & Fuel |
|
|
4.533 |
|
|
Depreciation & Amortization |
|
|
1.842 |
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Other Expenditure |
|
|
8.799 |
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Total Expenditure |
|
|
105.315 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2005 |
|
PAT / Total Income |
(%) |
|
|
3.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
|
4.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
6.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.73 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
5.97 |
LOCAL AGENCY
FURTHER INFORMATION
NOTES:-
The Registered Address was 617, Sixth Floor, Laxmi Plaza Building, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai, Maharashtra, India to present Registered Address w.e.f 16.08.2006
FIXED ASSETS:-
· Land,
· Building,
· Compound Wall,
· Plant and Machinery,
· Electrical Installation,
· Vehicles
· Office Premises.
FORM 8:-
|
Corporate
identity number of the company |
U17120MH1994PLC083322 |
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Name of the
company |
EMMBI POLYARNS
LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
309/310, 3rd Floor, Kuber Complex, Village Oshiwara, New
Link Road, Andheri (West), Mumbai – 40 053, Maharashtra , India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Movable Property |
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Particular of
charge holder |
Saraswat Co-op
Bank Limited (Lead Bankers), “Juhu Branch, Juhu”, Mumbai – 400 049,
Maharashtra, India E-Mail: njbhatia@rediifmail.com |
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Nature of
instrument creating charge |
· Supplementary recording letter evidencing deposit of title deeds · Joint Deed of hypothecation of plant and machinery and current assets. |
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Date of
instrument Creating the charge |
07.10.2006 |
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Amount secured by
the charge |
Rs. 90.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : ROI: 11.5% p.a or
at such rates as may be determined by the bank from time to time. Terms of Repayment : 6 month
moratorium 53 *72500 and 1 *57500 total 54 months Margin :
Extent and Operation of the charge : As per determined
by bank from time to time. Others : The Saraswat Bank
are the lead banker for the consortium facility. This is term Loan facility. |
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Short Particulars
of the property charged |
Hypothecation by
way of first charge on plant and machinery,
dies and moulds, electric fitting and Furnitures and mortgage of immovable
property of the company consisting of
factory and building at plot survey No. 99/2/1, Madhuban Industrial Estate,
Madhuban Dam Road, Village Rakholi , UT of Dadar and Nagar Haveli, Silvassa –
396 230. The charge is joint first mortgage charge on pari-passu basis |
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Particulars of
the present modification |
Additional term
loan facility of Rs. 4.060 millions granted (The Saraswat Bank Rs. 3.060 millions
and Zoroastrian Bank Rs. 1.000 millions) Further mortgage by deposit of title
deeds all that piece and parcel of land known as plot No. 99/2/1, Rakholi,
Silvassa, more particularly described in schedule II for the limit upto Rs.
0.840 millions. |
WEBSITE DETAILs:-
Subject is India’s leading manufacturer for FIBC (Jumbo Bags) and Woven
Sacks . Subject is the first Woven Polymer processing company in
India to get certified for ISO 9001: 2000 for manufacture and supply of
'Woven sacks, FIBC ,Plastic Bags, Printed Paper Laminated Sacks, Printed
Film Laminated sacks, Leno Bags, Plastic Tarpoline, Woven fabric for various
other uses' . The manufacturing facilities are located at Silvassa, 150 km
North of Mumbai (Bombay). These facilities are augmented with adequate power
and water sources.
Polymer Processing Capacity is 6000 TPA. This translates
into 2 million FIBC and Box bags along with 24 million Small Plastic Woven
Bags Per Year. The Product is crafted by a team of highly skilled and
dedicated employees.
Subject specializes in high strength, low GSM FIBC with high safety
factor. They are among the first few global manufacturers to offer Jumbo Bags
(FIBCs) with 130 GSM Bags , 5:1 Safety factor for 1000 KG SWL and 160 GSM
Bags, 6:1 Safety Factor for 1500 KG SWL . Their 'State of the Art'
Extrusion machinery is capable of producing tapes with very high linear
tenacity. This ensures that their woven plastic products are of the highest
strength. They produce FIBCs of U+2 panel, Circular Jumbo bags, Baffle bags,
All panel bags, Conductive FIBC and Static dissipative FIBCs.
In addition to FIBC they manufacture various woven polypropylene
products including Small bags, Box woven bags, Roofing underlayment fabric,
Courier bags, Ground covers, Silt fence and Geotextiles. They offer woven bags
and fabrics in both PP and HDPE. Their products are UV stabilized and
pre-conditioned against shrinkage.
The Company is promoted by a young team of highly motivated and
qualified professionals. Mr. Makrand Appalwar a technocrat entrepreneur,
Graduate in Engineering and A Polymer Technologist, heads the Organization
as C.E.O. He is actively involved in day to day operations from production to
marketing. Mrs. Rinku Appalwar Post Graduate in Financial Management, is the
Executive Director-Finance of the company. She looks after the Financial
Management, Procurements and Banking of the company. The top management team is
assisted by competent team of qualified and trained personnel and industry
experts at its Head Office in Mumbai and Factories at Silvassa.
The company operations are managed through fully integrated ERP Software which facilitates the
accuracy and speed in its routine operation. This is first of its kind in the
Woven Polymer Processing industry in India.
NEWS:-
Emmbi CEO Reads Paper in 5th World FIBC Congress on
22/04/2008
Mr. Makrand Appalwar, our CEO, would be reading a technical
paper of "India Advantage in FIBC Market" at Amsterdam in World FIBC Congress
on 21st April 2008. World FIBC Congress is an annual event where leading
players in FIBC Market from all over the world exchange ideas on growth of
industry. The synopsis of the paper to be presented has been approved by the
Managing Committee.
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.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|