MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NETPLAST PRIVATE LIMITED |
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Registered Office : |
2 AND 4 Uptron Estatepanki, Kanpur, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
26.05.1980 |
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Com. Reg. No.: |
005015 |
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CIN No.: [Company
Identification No.] |
U24231UP1980PTC005015 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture for plastic Injection Molded Components for the Automotive
Industry |
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 160000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard from market sources. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
2 AND 4 Uptron Estatepanki, Kanpur, Uttar Pradesh, India |
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Factory 1 : |
Plot No. 13, Uptron Estate Panki, Kanpur, Uttar Pradesh, India |
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Factory 2 : |
G-80, 85, Panki Site No. 3, Industrial Area, Kanpur, Uttar Pradesh,
India |
DIRECTORS
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Name : |
Mr. Ashok Kumar Bajaj |
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Designation : |
Director |
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Address : |
12/ 454/ D, Officer Colony, Nawabganj, Kanpur-208002, Uttar Pradesh,
India |
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Date of Birth/Age : |
22.07.1957 |
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Date of Appointment : |
10.11.1982 |
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Name : |
Mr. Bal Mukund Agarwal |
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Designation : |
Director |
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Address : |
Swarcep Nagar, Kanpu-208002, Uttar Pradesh, India |
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Date of Birth/Age : |
20.10.1943 |
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Date of Appointment : |
10.11.1982 |
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Name : |
Mr. Raj Kumar Agarwal |
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Designation : |
Managing Director |
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Address : |
10/487 A, Nirieirz, Ganj, Kanpur-208001, Uttar Pradesh, India |
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Date of Birth/Age : |
05.11.1951 |
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Date of Appointment : |
26.05.1980 |
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Name : |
Mr. Tej Narain Agarwal |
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Designation : |
Chairman |
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Address : |
4/276 3A/2, Parwati Paglh Road, Kanpur-208002, Uttar Pradesh, India |
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Date of Appointment : |
16.11.1980 |
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Date of Ceasing: |
01.04.2008 |
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Name : |
Mr. Arpit Agarwal |
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Designation : |
Director |
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Address : |
10/ 487 A, MCro Bert, Ganj, Kanpur-208001, Uttar Pradesh, India |
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Date of Birth/Age : |
16.10.1978 |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Raj Kumar Agarwal |
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443587 |
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Raj Kumar Agarwal (HUF) |
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15625 |
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Mridula Agarwal |
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286998 |
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Arpita Agarwal |
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210085 |
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Rashi Agarwal |
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60625 |
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Macroleasings fin Private Limited |
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215500 |
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Total |
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1232420 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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17.00 |
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Directors or relatives of Directors |
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83.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture for plastic Injection Molded Components for the Automotive
Industry |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
·
Small
Industrial Development Bank of India, SIDBI Towers, 15, Ashok Marg,
Lucknow-226001, Uttar Pradesh, India ·
Bank of
Baroda ·
State Bank
of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Sanjay Kukreja and Associates Chartered Accountant |
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Address : |
117/H-2/23, Pandu Nagar, Kanpur-208005, Uttar Pradesh, India |
CAPITAL STRUCTURE
As on 29.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1232420 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.324
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.324 |
12.324 |
12.324 |
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2] Share Application Money |
0.000 |
0.000 |
15.883 |
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3] Reserves & Surplus |
20.202 |
17.145 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.526 |
29.469 |
28.207 |
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LOAN FUNDS |
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1] Secured Loans |
19.326 |
24.743 |
26.284 |
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2] Unsecured Loans |
8.742 |
7.995 |
9.434 |
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TOTAL BORROWING |
28.068 |
32.738 |
35.718 |
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DEFERRED TAX LIABILITIES |
9.118 |
9.368 |
9.462 |
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TOTAL |
69.712 |
71.575 |
73.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.590 |
49.799 |
53.412 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.141 |
1.140 |
1.140 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.733
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12.052 |
10.234 |
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Sundry Debtors |
55.171
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53.198 |
44.202 |
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Cash & Bank Balances |
0.925
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3.473 |
1.137 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.381
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5.002 |
5.977 |
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Total
Current Assets |
75.210
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73.725 |
61.550 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.556
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51.431 |
42.025 |
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Provisions |
3.673
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1.658 |
0.690 |
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Total
Current Liabilities |
53.229
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53.089 |
42.715 |
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Net Current Assets |
21.981
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20.636 |
18.835 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.712 |
71.575 |
73.387 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
252.767 |
161.743 |
155.675 |
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Other Income |
0.000 |
4.049 |
5.478 |
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Total Income |
252.767 |
165.792 |
161.153 |
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Profit/(Loss) Before Tax |
5.019 |
2.344 |
2.306 |
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Provision for Taxation |
2.125 |
0.950 |
0.590 |
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Profit/(Loss) After Tax |
2.894 |
1.394 |
1.716 |
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Earnings in Foreign Currency : |
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Export Earnings |
24.017 |
NA |
NA |
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Expenditures : |
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Consumption of stores and spares parts |
0.000 |
91.329 |
83.221 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
[2.045] |
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Salaries, Wages, Bonus, etc. |
0.000 |
7.636 |
8.089 |
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Managerial Remuneration |
0.000 |
0.459 |
0.450 |
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Payment to Auditors |
0.000 |
0.011 |
0.009 |
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Interest and Financial Charges |
3.253 |
0.000 |
0.000 |
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Insurance Expenses |
0.000 |
0.365 |
0.365 |
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Power & Fuel |
0.000 |
7.485 |
9.990 |
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Depreciation & Amortization |
4.588 |
4.524 |
4.436 |
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Other Expenditure |
239.907 |
51.639 |
50.242 |
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0.000 |
163.448 |
156.802 |
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Total Expenditure |
247.748 |
163.448 |
158.847 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.14
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0.84 |
1.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.99
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1.45 |
1.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.12
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1.89 |
2.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.08 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50
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2.91 |
2.78 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.39 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Operation of
financial Year 2007-08
1.
The Gross turnover of the company increased by 52.75% approx over the
gross turnover of year 2006-07. The Net profit has been increased by 126.80% as
compared to last year.
2.
Company has been able to rebound after facing severe problems for last
few years due to one of the major customer. They have diversified customer base
and product too. On of the Major customer. They have diversified customer base
and product too. On export form also, they increased the turnover by almost 75%
vis-à-vis last year. During the year LML has also started production after a
closure of more than a year and they are supplying them on max. 2-3 days
credit.
Current year
2008-09
Because of very high inflationary pressure and very strong resistance of
the customer to increase (even legitimate increase due to raw material prices)
they are going to have effect on profitability. They are also of the opinion
that industrial growth would be effected very badly for the same reasons and
they anticipate downturn in the industry for at least one year. Thus 2008-09
would be the year where, they can’t expect improvement in sales or profit.
Nevertheless. They have decided to concentrate on exports and also work
continuously to move into new products and customer relentlessly.
Contingent
Liabilities
Trade Tax
The company is contingent liable in respect of the entry tax imposed on
the company amounting to Rs. 0.163 Millions for the year 2001-2002, the said
amount has been deposited by the company, however not accepted on technical
ground and filed an before the Deputy Commissioner of Trade Tax (Appeals) which
is pending till date.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24231UP1980PTC005015 |
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Name of the
company |
NETPLAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2 And 4 Uptron Estatepanki, Kanpur, Uttar Pradesh, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Small Industrial
Development Bank of India, SIDBI Towers, 15, Ashok Marg, Lucknow-226001,
Uttar Pradesh, India |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 09.07.2008 |
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Date of
instrument Creating the charge |
09.07.2008 |
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Amount secured by
the charge |
Rs. 1.050
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 12.5%
p.a. with monthly rests on the principal amount of loan outstanding form time
to time with SIDBI having right to reset rate of interest after two years. Terms of
Repayment Loan Shall be
repaid as per LOI dated 08.07.2008 Margin Promoters
Contribution of Rs. 35.000 Millions Extent and
Operation of the charge The Charge shall
extent upto the security hypothecated vide hypothecation deed dated 09.07.2008
executed by Netplast Limited |
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Short particulars
of the property charged |
Injection
Moulding Machine Model E-80 and Elgi Make Reciprocating Air Compressor |
Fixed Assets:
·
Land
·
Building
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Temporary Construction
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Plant and Machinery
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Dies and Moulds
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Computers
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Furniture and Fixtures
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Electrical Equipments
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Epabax Systems
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Vehicles
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Tools
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Safety Equipments
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.49.22 |
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UK Pound |
1 |
Rs.73.04 |
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Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|