MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UMA PLASTICS LIMITED |
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Registered Office : |
14 B, Camac Street, 3rd Floor, Suite 3 D, Kolkata – 70 017,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1999 |
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Com. Reg. No.: |
21-90845 |
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CIN No.: [Company
Identification No.] |
U25209wb1999plc090845 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
calu01354d |
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PAN No.: [Permanent
Account No.] |
AAACU3932E
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter
of Quality Molded Plastic Products, Plastic Moulded Furniture and Industrial
Plastic Components. |
RATING &
COMMENTS
|
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 190000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred a loss during the year 2006-07. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution, initially. |
LOCATIONS
|
Registered Office : |
14 B, Camac Street, 3rd Floor, Suite 3 D, Kolkata – 70 017,
West Bengal, India |
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Tel. No.: |
91-33-22816967 / 22810775 |
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Mobile No.: |
91-9830039044 / 9830032336 |
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Fax No.: |
91-33-22813961 |
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E-Mail : |
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Website : |
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Area : |
1400 Sq.fts |
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Location: |
Rented |
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Factory : |
3rd Lane Baniyar, Howrah - 711 106, West Bengal, India |
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Area : |
74,400 Sq.fts |
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Location: |
Leased |
DIRECTORS
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Name : |
Mr. Seksariakumar Krishna |
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Designation : |
Director |
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Address : |
6 Palm Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
06.09.1958 |
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Qualification : |
C.A. |
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Date of Appointment : |
29.12.1999 |
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Name : |
Mr. Om Prakash Seksaria |
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Designation : |
Director |
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Address : |
6 Palm Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
20.08.1949 |
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Qualification : |
B. Com |
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Date of Appointment : |
29.12.1999 |
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Name : |
Mr. Uday Shankar Seksaria |
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Designation : |
Director |
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Address : |
6 Palm Place, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
05.08.1980 |
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Qualification : |
C.A. |
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Date of Appointment : |
29.12.1999 |
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Name : |
Mr. Santosh Kumar Agarwal |
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Designation : |
Director |
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Address : |
59-3 Kings Road, Howrah – 711 106, West Bengal, India |
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Date of Birth/Age : |
13.11.1952 |
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Date of Appointment : |
01.02.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Allottee (As on 31.03.2007) |
|
No. of Shares |
|
Sadhana Trader And Credit Private Limited |
|
20000 |
|
Aristo Trade And Credit Private Limited |
|
20000 |
|
Safal Dealers Private Limited |
|
10000 |
|
Ambition Tie – Up Private Limited |
|
10000 |
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Key Engineers And Developers Private Limited |
|
10000 |
|
Heaven Suppliers Private Limited |
|
10000 |
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Probal Trader Private Limited |
|
10000 |
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Radhika Goods Private Limited |
|
10000 |
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Nischay Distributors Private Limited |
|
10000 |
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Marino Vinimay Private Limited |
|
20000 |
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Evergreen Trafin Private Limited |
|
40000 |
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Pingle Suppliers Private Limited |
|
20000 |
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Total
|
190000 |
|
Names of Allottee (As on 31.03.2006) |
|
No. of Shares |
|
Mr. Raunak Vayper Viniyog Private Limited |
|
10000 |
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Ushika Merchants Private Limited |
|
20000 |
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Gangdham Trackon Private Limited |
|
20000 |
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Aakansha Advisory Private Limited |
|
20000 |
|
K B Combines Private Limited |
|
20000 |
|
Total
|
|
90000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Bodies Corporate |
83.55 |
|
Directors or relative of directors |
2.12 |
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Other top fifty (50) shareholders |
14.33 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Quality Molded Plastic Products, Plastic Moulded Furniture and
Industrial Plastic Components. |
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Products : |
Molded Plastic Furniture |
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Brand Names : |
“SWAGATH” |
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Exports : |
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Countries : |
Bangladesh, Nepal |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
Cash, Partly Credit |
GENERAL
INFORMATION
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Customers : |
OEM’s, Wholesalers |
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No. of Employees : |
100 (30 in Office and 70 in Factory ) |
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Bankers : |
The South Indian Bank Limited, Salkiakolla Bandhaghat, Howrah - 711
106, West Bengal, India |
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Facilities : |
Credit Limited Rs. 17.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Vkash Chandgotia and Company Chartered Accountants |
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Address : |
30/3A, Jhowtala Road, Kolkata – 700 017, West Bengal, India |
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PAN No.: |
AAFFV6887R |
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Name 2 : |
K P Todi and Company Chartered Accountants |
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Address : |
110, Matrumal Lohia Lane, Bandhaghat, Salkia, Howrah – 711 106, West
Bengal, India |
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PAN No.: |
ABJPT3158Q |
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Associates/Subsidiaries : |
Name : Uma Poly Solution Private Limited Office
Address : 14 B Camac
Street, 3rd Floor, Kolkata, West Bengal, India Factory Address
: 3rd Lane Baniyar, Howrah - 711 106, West Bengal, India Activity : Exporter of Solar Panal |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1398000 |
Equity Shares |
Rs. 10/- each |
Rs. 13.980 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
13.980 |
12.080 |
11.180 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.253 |
28.569 |
20.796 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.233 |
40.649 |
31.976 |
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LOAN FUNDS |
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1] Secured Loans |
23.479 |
19.078 |
33.764 |
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2] Unsecured Loans |
112.372 |
101.408 |
108.496 |
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TOTAL BORROWING |
135.851 |
120.486 |
142.260 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
173.084 |
161.135 |
174.236 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.511 |
60.819 |
71.382 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.899 |
2.493 |
0.000 |
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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 |
52.814
|
26.917 |
54.706 |
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Sundry Debtors |
90.825
|
92.991 |
88.924 |
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Cash & Bank Balances |
6.148
|
5.470 |
5.189 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.561
|
11.236 |
2.436 |
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Total
Current Assets |
162.348
|
136.614 |
151.255 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.557
|
36.175 |
43.829 |
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Provisions |
2.125
|
2.630 |
4.590 |
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Total
Current Liabilities |
43.682
|
38.805 |
48.419 |
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Net Current Assets |
118.666
|
97.809 |
102.836 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.014 |
0.018 |
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TOTAL |
173.084 |
161.135 |
174.236 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
178.763 |
197.517 |
182.978 |
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Other Income |
3.358 |
4.374 |
2.086 |
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Total Income |
182.121 |
201.891 |
185.064 |
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Profit/(Loss) Before Tax |
[15.235] |
0.335 |
[4.811] |
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Provision for Taxation |
2.311 |
3.838 |
1.085 |
|
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Profit/(Loss) After Tax |
[17.546] |
[3.503] |
[5.896] |
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Export Value |
NA |
0.734 |
1.758 |
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Expenditures : |
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Raw Material Consumed |
121.250 |
110.026 |
119.376 |
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Purchases made for re-sale |
17.361 |
39.928 |
27.321 |
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Consumption of stores and spares parts |
NA |
NA |
1.099 |
|
|
Increase/(Decrease) in Finished Goods |
3.584 |
2.340 |
[5.563] |
|
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Salaries, Wages, Bonus, etc. |
4.156 |
3.783 |
2.297 |
|
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Payment to Auditors |
0.020 |
0.018 |
0.033 |
|
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Interest |
10.307 |
11.025 |
11.386 |
|
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Insurance Expenses |
0.564 |
0.702 |
0.704 |
|
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Power & Fuel |
10.370 |
10.569 |
9.263 |
|
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Depreciation & Amortization |
14.053 |
15.705 |
15.239 |
|
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Other Expenditure |
15.691 |
7.460 |
8.720 |
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Total Expenditure |
197.356 |
201.556 |
189.875 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[9.63]
|
[1.74] |
[3.19] |
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Net Profit Margin (PBT/Sales) |
(%) |
[8.52]
|
0.17 |
[2.63] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[7.03]
|
0.17 |
[2.16] |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.41]
|
0.01 |
[0.15] |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.82
|
3.92 |
5.96 |
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Current Ratio (Current Asset/Current Liability) |
|
3.72
|
3.52 |
3.12 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Detail |
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Statutory Approvals |
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VAT / TIN Registration |
19432073051 |
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Current account Number |
2486 |
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Account Since |
9 years |
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Creditability Factors |
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India Mart Client Since |
3 years |
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Years of Establishment |
1999 |
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Standards and Certifications |
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Quality Management Systems |
ISO - 9001 : 2000 ISO - 14001 :2004 |
TRADE REFERENCES:-
· Rangpur Foundry Private Limited, Bangladesh, Mr. S R khan
·
Padma Roto Modula Private Limited
·
Shah Enterprises, West Bengal
·
The Stella Enterprise, West Bengal
·
New Steel Craft, Kolkata
WEBSITE DETAILS:-
A professionally
managed organization, Subject has established itself as one of the leading
market players in the manufacture and export of quality molded plastic
products, plastic moulded furniture and industrial plastic components.
Company Profile:-
Subject has emerged as
a leading player in the plastic injection moulding industry with their brand
name 'SWAGATH' for quality molded plastic products and plastic furniture and
all types of injection moulding solutions. Their product range includes moulded
chairs, dining tables, center tables, plastic stools, plastic stadium and
auditorium chairs and other various industrial and consumer products. The
company is equipped with in-house R and D facility to design and develop new
products in State of the Art Designing Centre, tool room and Testing
Laboratory.
Subject has been awarded with ISO 9001:2000 and ISO 14001:2004 certification
from British Standard Institute (BSI) for Quality Management System and
Environmental Management System respectively.
The company has set a benchmark for competitors on the lines of quality and
elegance by manufacturing premium quality products to give clients excellent
services and true value for money.
Quality
They are fully committed to quality and make their molded plastic
products in accordance with the international norms. Their products are made
from the best quality virgin plastic granules and monitored at every level of
production. These are tested and re-tested for quality and efficiency before
they get approval for launch.
They have streamed the management for achieving more efficiency. They have been
awarded with ISO 9001:2000 and ISO 14001:2004 Certification from British
Standard Institute (BSI) for Quality Control in a continuous process in their
organization.
Infrastructure
Their production
unit is well equipped with state of the art machinery for customized and
precision products. They have total faith in their diligent and disciplined
team of professionals who helped them in manufacturing world class products.
Exacting standards and skilled work force are their hallmark. A well set wide
marketing network throughout its operational area gives remarkable mileage to
the company and this is reflected by their growing number of satisfied
customers nationally and internationally.
Collection :
· Plastic Chair with Arms
· Plastic Tables and Trolley
· Plastic Chairs for Kids
· Plastic Manhole Covers
· Plastic Stools
· Revolving Office Chair
· Other Plastics Molded Products
· Plastic Chair without Arms
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.54 |
|
UK Pound |
1 |
Rs. 84.86 |
|
Euro |
1 |
Rs. 66.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
|