MIRA
INFORM REPORT
|
Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNION QUALITY PLASTICS LIMITED |
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Registered Office : |
379/381, Narsi Natha St. AGH Chambers, Mumbai-400009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.07.1984 |
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Com. Reg. No.: |
11-33595 |
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CIN No.: [Company
Identification No.] |
U25209MH1984PTC033595 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU04625F |
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PAN No.: [Permanent
Account No.] |
AAACU3472D |
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Legal Form : |
Public Limited Liability Company. The Company’s shares are listed in the
Stock Exchange. |
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Line of Business : |
Manufacturer and
Distribution of HDPE Bags, Fabrics, Tarpaulins and Textile Machinery |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
Financial Position of the company is poor. Payments are reported as
slow and delayed. The company can be considered for any business dealings on safe and secured
trade terms and conditions. |
LOCATIONS
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Registered Office : |
379/381, Narsi Natha St. AGH Chambers, Mumbai-400009, Maharashtra,
India |
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Tel. No.: |
91 - 22 -
2344 9885 / 6 |
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Fax No.: |
91 - 22 -
2340 1643 |
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E-Mail : |
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Factory : |
204, GIDC
Industrial Estate, Umbergaon - 396171 |
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Fax No.: |
91 - 260 -
2562 591 |
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E-Mail : |
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Branch Office: |
Rajkot
Branch: 6, Mehta Chambers, Opposite Santorium, Dhebarabhai Road,
Rajkot |
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Tel No.: |
91-288-23084 |
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Branch Office: |
Ahmedabad 806,
Hemkot, Ashram Road, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-288-462182 |
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Branch Office: |
Vash
Branch 712/714, J.K. Chambers, Sec. No. 17, Vashi, New
Mumbai-400703, Maharashtra, India |
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Tel No: |
91-22-7686683/ 7683068 |
DIRECTORS
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Name : |
Mr. A G Kathawala |
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Designation : |
Chairman (Non-Executive) |
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Name : |
Mr. J A Kathawala |
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Designation : |
Managing Director |
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Name : |
Mr. D J Kathawala |
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Designation : |
Non Executive Director |
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Name : |
Mr. A Jayaram |
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Designation : |
Non Executive Director |
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Name : |
Mr. P K Gopinathan |
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Designation : |
Nominee |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distribution
of HDPE Bags, Fabrics, Tarpaulins and Textile Machinery |
GENERAL
INFORMATION
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Customers : |
·
Poly Pack Industries ·
Reltex Relief Supp Limited ·
Shamco Trading Company Limited ·
Techno Relief Services Limited ·
Unicef ·
Jai Plastics ·
Shree Shyam Polyplastics ·
Tripal Traders ·
Anand Traders ·
Atishbhai ·
B B Traders ·
Classic Product Private Limited ·
Goyal Aluminium Bhandar ·
Goylka Commercials ·
International Linker ·
Jai Suprabha Protective Products ·
Kailash Plastics ·
L and M Associates |
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Bankers : |
·
Bank of Baroda, Baroda ·
BMC Bank ·
HDFC Bank ·
ICICI Bank ·
Oriental Bank of Commerce ·
State Bank of India ·
Development Credit Bank Limited ·
Bank of India-London |
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Facilities : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
N O Mehta and Company Chartered Accountant |
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Address: |
207, Dalamal Chambers, 2nd Floor, Behind Aayakar
Bhavan, 29, New Marine Lines, Mumbai-400020, Maharashtra, India |
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Tel No.: |
91-22-2002834/5870/ 3989/ 3991 |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4835000 |
Equity Shares |
Rs. 10/-
each |
Rs. 48.350
Millions |
|
Less: |
Calls In Arrears |
|
Rs. 0.156
Millions |
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Total |
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Rs. 48.194 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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48.194 |
48.194 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
28.284 |
28.284 |
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4] (Accumulated Losses) |
|
[220.306] |
[212.522] |
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NETWORTH |
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[143.828] |
[136.044] |
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LOAN FUNDS |
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1] Secured Loans |
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129.423 |
129.423 |
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2] Unsecured Loans |
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70.800 |
59.802 |
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TOTAL BORROWING |
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200.223 |
189.225 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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56.395 |
53.181 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.611 |
25.789 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.248 |
0.248 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.830
|
13.960 |
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Sundry Debtors |
|
28.551
|
20.692 |
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Cash & Bank Balances |
|
3.791
|
2.728 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
25.652
|
21.921 |
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Total
Current Assets |
|
74.824
|
59.301 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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40.525
|
32.428 |
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Provisions |
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0.000
|
0.000 |
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Total
Current Liabilities |
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40.525
|
32.428 |
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Net Current Assets |
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34.299
|
26.873 |
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MISCELLANEOUS EXPENSES |
|
0.237 |
0.271 |
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TOTAL |
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56.395 |
53.181 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
160.941 |
158.633 |
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Other Income |
|
0.241 |
0.169 |
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Total Income |
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161.182 |
158.802 |
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Profit/(Loss) Before Tax |
|
[7.625] |
[6.625] |
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Provision for Taxation |
|
0.159 |
0.099 |
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Profit/(Loss) After Tax |
|
[7.784] |
[6.724] |
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Expenditures : |
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Employees Remuneration and Benefits |
|
2.173 |
2.077 |
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Manufacturing Expenses |
|
153.625 |
141.828 |
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Administrative Expenses |
|
10.696 |
14.889 |
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Increase/(Decrease) in Finished Goods |
|
[1.941] |
[1.107] |
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Depreciation & Amortization |
|
4.220 |
5.492 |
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Preliminary Expenses written off |
|
0.034 |
0.034 |
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Total Expenditure |
|
168.807 |
165.427 |
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SUMMARISED RESULTS
|
PARTICULARS |
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|
31.03.2008 Full Year |
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Sales Turnover |
|
|
201.500 |
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Other Income |
|
|
1.200 |
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Total Income |
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|
202.700 |
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Total Expenditure |
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|
198.200 |
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Operating Profit |
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|
4.500 |
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Interest |
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|
0.000 |
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Gross Profit |
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|
4.500 |
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Depreciation |
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|
3.800 |
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Tax |
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|
0.300 |
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Reported PAT |
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|
0.400 |
|
Dividend (%) |
|
|
0.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 1st
Quarter |
30.09.2008 2nd
Quarter |
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Sales Turnover |
|
74.100 |
56.200 |
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Other Income |
|
0.100 |
0.000 |
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Total Income |
|
74.200 |
56.200 |
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Total Expenditure |
|
72.700 |
57.200 |
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Operating Profit |
|
1.500 |
[1.000] |
|
Interest |
|
0.000 |
0.000 |
|
Gross Profit |
|
1.000 |
[1.000] |
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Depreciation |
|
0.000 |
0.900 |
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Tax |
|
0.000 |
0.000 |
|
Reported PAT |
|
0.500 |
[1.900] |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[4.82] |
[4.23] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[4.74] |
[4.18] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[7.91] |
[7.79] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
[0.05] |
[0.05] |
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Debt Equity Ratio (Total Liability/Networth) |
|
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[1.67] |
[0.43] |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.85 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Engaged in the business of manufacturing HDPE/PP woven sacks and PP
tarpaulins, Union Quality Plastics is promoted by Ahmed G Kathawala, Zuzar A
Kathawala and Durriya Z Kathawala, of the Adamji Kaderbhoy group which is in the
packaging industry for more than 50 years.
In 1994, the company expanded the capacity of HDPE woven sacks and
tarpaulins from 1080 mtpa to 3600 mtpa and also diversified into the production
of flexible intermediate bulk containers (FIBCs). It has entered into a
technical collaboration with Custom Packaging Systems, US, for the manufacture
of FIBCs. It also has a 100% buy-back arrangement with the collaborator for the
FIBC produced by the company. It came out with a public issue in Nov.'94 to
part-finance the project. Commercial production of this project commenced in
1995.
Dividend:
In View of the losses, the Directors regret their liability to declare
any dividend for the year ended 31st March 2007.
Fixed Assets:
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipment
·
Residential Plot
·
Staff Quarters
·
Computer
·
Vehicle
AS PER WEBSITE
Tarpaulin is sold under the brand name of "UNI TARP".
The company had Certified by Orion Registrar Inc. U.S.A. The quality of
the consumer tarps are comparable to the tarps sold in major US markets.
The tarps are made to order in different color, durability, thickness
and size according to customer specification. All of the tarps are
water-resistant, mild water proof, tear resistant, acid resistant and have
artic flexibility.
UNI TARP HDPE Tarpaulins are just the right protective gear for the products.
These "Uni Tarp” is made from HDPE fabric cross weaving, plus the fabric
is laminated on both sides with Virgin LDPE (Plastic) - the latest
technological concept in the evolution of plastic. What's more is... Uni Tarp
is available in 3 layers (one layer of fabric and two layers of coating) and
also in 5 layers (two layers of fabric and three layers of coating).
USES / APPLICATIONS OF UNI-TARP
·
Floor lining for storage or stacking, railway wagon covers, ground work
sheet, transportation. Click here to view photos
·
Water proof liner for trucks, tempos, warehouses, sheds, etc. Click here
to view photos
·
Mulching - to retain earth moisture. Click here to view photos
·
Storage tarps, fumigation covers, poultry shading.
·
Construction sites - covering for cement bags, equipment, metal rods.
Click here to view photos
·
Curtains for unfinished buildings. Click here to view photos
·
Recreational uses at picnics and camps. Click here to view photos
The Latest Technology:
"Uni Tarp” is manufactured by the latest technology using modern imported
machinery.
"Uni Tarp” contains special UV stabilizing agents ensuring a longer
life... without any discolouration whatsoever hence they are immune to Ultra
Violet Rays.
Unleashed Features of “UNI-TARP”:
·
"Uni Tarp” is Light Weight. i.e. it is merely 1/7th weight of
conventional cotton canvas Tarpaulins and has the highest strength to weight
ratio among plastics.
·
"Uni Tarp” is Water Proof, Rot Proof and also Weather Proof... That
means no leakages, no Seepages and no attacks from Microbes or Fungus or
Chemicals.
·
Besides "Uni Tarp” is flexible and puncture resistant because the
high tensile strength and high elongation makes the "Uni Tarp” extremely
flexible, so the "Uni Tarp” is ideal for covering odd shaded objects and
can be used to cover blunt or solid objects.
·
Also compared to cotton Tarpaulins "Uni Tarp” is far more
economical and it is also available in an attractive range Colours, Quality and
GSM.
·
"Uni Tarp” is available in conventional sizes and also tailor made.
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
-- |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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 |
|