MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
USK BALAJI PLAST PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B-302, 3rd Floor, New Link Palace CHS Limited, Opp. Kamat Club,
Lokhandwala, Andheri (West), Mumbai – 400 053, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
24.04.2003 |
|
|
|
|
Com. Reg. No.: |
11-140130 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999MH2003PTC140130 |
|
|
|
|
IEC No.: |
0304082384 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU04221A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU6082F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and
Supplier of vacuum formed packaging products and thermoformed packaging
products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
- |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
- |
|
|
|
|
Comments : |
Subject is a pretty old company having moderate track. Company’s
profitability is under pressure. General financial position is moderate having
accumulated losses. Payments are reported as slow at times. The Company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED BY
|
Name : |
Mr. Chetan Kumar |
|
Designation : |
Director |
|
Contact No.: |
91-9867978893 |
|
Date : |
27.10.2008 |
LOCATIONS
|
Registered Office : |
B-302, 3rd Floor, New Link Palace CHS Limited, Opp. Kamat
Club, Lokhandwala, Andheri (West), Mumbai – 400 053, |
|
Website : |
|
|
|
|
|
Corporate Office : |
A/7, Gautam Apartment, 7 Bunglows, Andheri (West), Mumbai – 400 053, |
|
|
|
|
Factory : |
A-14/F, Malad Industrial Unit, Co-Operative Society Limited,
Kanchpada, Malad (West), Mumbai – 400 064, |
|
Tel. No.: |
91-22-66978580 / 28806792 |
|
Mobile No.: |
91-9867978893 |
|
Fax No.: |
91-22-66978581 |
|
E-Mail : |
|
|
Area : |
Rented |
|
Location : |
800 Sq. ft. |
DIRECTORS
|
Name : |
Mr. Mohan S Shetty |
|
Designation : |
Director |
|
Address : |
401, |
|
Date of Birth/Age : |
16.12.1970 |
|
Qualification : |
B.Com |
|
Experience : |
15 Years |
|
Date of Appointment : |
24.04.2003 |
|
|
|
|
Name : |
Mr. Chetan R Kumar |
|
Designation : |
Director |
|
Address : |
A/7, Gautam Apartment, 7 Bunglows, Andheri (West), Mumbai – 400 053, |
|
Date of Birth/Age : |
15.09.1976 |
|
Qualification : |
B.Com |
|
Experience : |
10 Years |
|
Date of Appointment : |
24.04.2003 |
|
|
|
|
Name : |
Mr. Umeish T Kotwaani |
|
Designation : |
Director |
|
Address : |
202, Neelkanth, 7 Bunglows, Andheri (West), Mumbai – 400 053, |
|
Date of Birth/Age : |
15.04.1975 |
|
Qualification : |
B.Com |
|
Experience : |
10 Years |
|
Date of Appointment : |
24.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2006)
|
Names of Shareholders |
No. of Shares |
|
Mohan S Shetty |
6500 |
|
Chetan R Kumar |
6500 |
|
Umeish T Kotwaani |
6500 |
|
|
|
|
Total |
19500 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
|
Category |
Percentage |
|
Directors or Relative of director |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Supplier of vacuum formed packaging products and thermoformed packaging
products. |
|
|
|
|
Products : |
·
Food Packaging ·
Pharmaceutical Packaging ·
Transparent Packaging ·
Cosmetic Packaging ·
General Packaging ·
Frozen Food Packaging ·
3d Poster ·
Blister ·
Display Stand ·
Thermo Forming ·
Vacuum Forming ·
Clamshell |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
|
No. of Employees : |
31 (In Office 6 and In Factory 25) |
|
|
|
|
Bankers : |
Canara Bank 58/59, Govind Sagar, Seven Bunglow, Versova, Andheri (West), Mumbai –
400 061, |
|
|
|
|
Facilities : |
Over Draft |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Jayant M Chavan and Company Chartered Accountants |
|
Address : |
13, 3rd Floor, Krishna CHS, Dada Patilwadi, Thane – 400
602, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19500 |
Equity Shares |
Rs.10/- each |
Rs.0.195
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.195 |
0.195 |
0.195 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(1.049) |
(0.442) |
1.368 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.015) |
|
|
NETWORTH |
(0.854) |
(0.247) |
1.548 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.465 |
6.528 |
8.050 |
|
|
2] Unsecured Loans |
0.417 |
0.461 |
0.399 |
|
|
TOTAL BORROWING |
4.882 |
6.989 |
8.449 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.078 |
|
|
|
|
|
|
|
|
TOTAL |
4.028 |
6.742 |
10.075 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.252 |
3.582 |
4.073 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.069 |
0.061 |
0.056 |
|
|
DEFERREX TAX ASSETS |
0.062 |
0.024 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.409
|
4.032 |
3.107 |
|
|
Sundry Debtors |
0.749
|
1.345 |
3.349 |
|
|
Cash & Bank Balances |
0.012
|
0.028 |
0.156 |
|
|
Other Current Assets |
0.000
|
0.000 |
1.799 |
|
|
Loans & Advances |
1.121
|
1.297 |
0.000 |
|
Total
Current Assets |
4.291
|
6.702 |
8.411 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1.346
|
2.411 |
1.553 |
|
|
Provisions |
1.312
|
1.229 |
0.912 |
|
Total
Current Liabilities |
2.658
|
3.640 |
2.465 |
|
|
Net Current Assets |
1.633
|
3.062 |
5.946 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.012 |
0.013 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.028 |
6.742 |
10.075 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
16.460 |
10.609 |
35.968 |
|
Other Income |
0.009 |
0.026 |
0.000 |
|
Total Income |
16.469 |
10.635 |
35.968 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(0.626) |
(1.865) |
0.010 |
|
Provision for Taxation |
0.000 |
0.000 |
0.110 |
|
Profit/(Loss) After Tax |
(0.626) |
(1.865) |
(0.100) |
|
|
|
|
|
|
Total Expenditure |
17.095 |
12.500 |
35.958 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(3.80)
|
(17.54) |
(0.28) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.80)
|
(17.58) |
0.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.70)
|
(18.13) |
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.73)
|
(7.55) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(8.83)
|
(43.03) |
7.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.84 |
3.41 |
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from 401, Mehul
Palace, S V P Road, Opp. Bhgwati Hospital, Borivali (West), Mumbai - 400 103, Maharashtra, India to the present
address w.e.f. 13.11.2007.
Trustseal Acceptance Chart
|
Parameters |
Details |
|
|
|
|
Existence Verification |
|
|
Name |
USK BALAJI PLAST PRIVATE LIMITED |
|
Address |
A-14/F, Malad Industrial Unit, Co-Operative Society Limited,
Kanchpada, Malad (West), Mumbai – 400 064, Maharashtra, India |
|
Phone/ Mobile Numbers |
91-22-66978580 / 28806792 |
|
Fax Numbers |
91-22-66978581 |
|
|
|
|
Statutory Approvals |
|
|
Legal Status of Firm |
Private Limited |
|
Central Sales Tax Registration |
27480004243C w.e.f. 01.04.2006 |
|
State Sales Tax Registration |
27480004243 w.e.f 01.04.2006 |
|
Service Tax Registration |
AAACU6082F FST 001 |
|
VAT/ TIN Registration |
27480004243 w.e.f. 01.04.2006 |
|
Excise Registration |
AAACU6082F XM001 |
|
Import Export Code |
0304082384 |
|
Name of Bank |
Canara Bank |
|
Current Account Number |
0171256001969 |
|
Account Since |
2003 |
|
Company ESI Reg. Number |
35.2834 |
|
|
|
|
Credibility Factors |
|
|
IndiaMART Client Since |
2007 |
Form No. 8
|
Corporate
identity number of the company |
U74999MH2003PTC140130 |
|
Name of the
company |
USK BALAJI PLAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
401, Mehul Palace, S V P Road, Opp. Bhgwati Hospital, Borivali (West),
Mumbai - 400 103, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Equitable
mortgage or mortgage of property be depositing the title deeds |
|
Particular of
charge holder |
Canara Bank 58/59, Govind Sagar, Seven Bunglow, Versova, Andheri (West), Mumbai –
400 061, Maharashtra, India |
|
Amount secured by
the charge |
Rs.3.850 millions
|
|
Description of
the property charged indicating whether it is a charged on |
·
Plant
and Machinery ·
Stock
in trade ·
Book
debts |
|
Particulars of
the property charged |
Present and
Future stock of Raw Material, Semi finished goods, Finished goods and all the
present and future book debts outstanding, money receivable, claims which are
due and owing to the company in the course of it’s business by any person,
firm and company or by the government or local body or authority. |
|
Charge
identification number of the charge to be modified |
90146504 |
|
Brief description
of the instrument modifying the charge under section 135 |
Enhancement of
the present (OCC/ODBD) advance against book debts, stock from present
Rs.2.500 millions to Rs.3.500 millions vide an agreement dated 31st
March, 2006 |
|
Date of
instrument modifying the charge |
31.03.2006 |
|
Particulars of
the present modification |
OCC/ODBD Enhanced
from Rs.2.500 millions to Rs.3.500 millions Interest Rate @
12.50% p.a. margin @ 25% |
Performance and
Prospects
The Company had registered an annual turm over of Rs.35.968 millions during
the year as compared to the past financial year.
The Directors are continuouslt exploring the potential turnover in the
market. Further they are making constant effort to reduce the cost of
production and thereby enhancing the health competition. The directors of
achieving good market in the coming years.
Fixed Assets
·
Air Conditioner
·
Computer Equipments
·
Office Equipments
·
Furniture
·
Machinery
·
Motor Car
Web Details
Subject is one of the
nation's leading thermoformed and custom fabricated packaging materials
resources in the consumer packaged, food and medical Industry. They are
manufacturer and supplier of vacuum formed packaging products and thermoformed
packaging products.
Facilities
The shop floor used for forming different materials using thermoforming,
pressure forming and vacuum forming as a process is the latest in terms of
technology giving highest consideration to cleanliness’, traceability, coding
and GMP. The shop floor is completely jacketed and ducted giving an ambient
temperature for the workers and also keeps the finished product intact. All
filters ensure the atmosphere is as per pharmaceutical standards, they have
sealed the whole shop floor ensuring no foreign particles are found in any
finished product.
They
have dedicated 3 Extrusion Machines , 5 Automatic Vacuum Forming Machines, 2
Automatic Pressure Forming Machines, 2 Automatic Thermo forming Machines, 3
Semi-Automatic Vacuum Forming Machines, specifically to cater to the needs of
the large client base which keeps increasing as this is accepted for packaging
the world over. They also provide innovative packaging designs to the clients
for there domestic and export needs.
Thermoforming Facilities
Subject,
produce the highest quality packaging solutions using the Thermoforming
technology. They provide customized packaging for the customers. They are using
the latest quality machines for developing the thermoformed products using
materials as PP, PET, PVC, HIPS, PS.
Vacuum Forming Facilities
They
Provide quality vacuum formed plastic packaging products to the customer and
deliver on time at competitive pricing. They use materials like PET, PVC, HIPS.
HIPGP, PS, ABS, FR ABS, PC, KYDEX etc.
Profile
Subject is the specialist in the
integration of custom thermoformed packaging materials into the automated
process. Expertise in materials, machinery, and automation, as well as in
package design, makes subject the perfect partner for the packaging of
mid-to-high volume consumable products, and integrating it into the automated
lines.
They also take a fresh look at repackaging
existing products. In today's automated line, thermoformed packaging can be
cost-competitive with chipboard and other materials, while enhancing the product's
shelf appeal.
Whatever need to accomplish, Subject can
provide with the solutions to do it better, faster and more effectively. That's
because they're passionate about the clients and their needs. They make it the
business to study the clients and understand what they need to succeed. Whether
are looking at a new product or for a better way to package an existing one,
talk with subject. They have a wide range of vacuum formed packaging products
and thermoformed packaging products to offer. They have the design, tooling and
production expertise to deliver the best solution at a very competitive price.
But this is just part of the picture.
Grabbing attention for the product is what
it's all about. So they also make it the business to understand the packaging
needs and deliver exactly what works best. They start by working with to select
the perfect container. And they have them all, from blisters and clamshells to
towers and boxes. Then it's on to the design possibilities that include
printing, hot sta
Subject they believe that innovation is a
vital ingredient in achieving customer satisfaction, and that design innovation
sets them apart from the competitors.
Services
Printing
They like to think
the containers are perfect just the way they are, but print the company's name,
logo, product information and special graphics on a container and it's
outstanding, and absolutely. Gleaming metallics in a myriad of colors can be
hot stamped onto lids. Four-color screen printing is fabulous on side walls and
can design color blocks, over-prints and tints into the layout if that's what
want. Create a killer package design, and we'll get it on the container need.
Customs Designs
For that
one-of-a-kind, specialty container, they're ready to go. The in-house tooling
capabilities have kept them as the industry leader, so bring us a challenge.
We'll provide with
full service design, prototypes and samples. All work is completed on the
latest solid based CAD/CAM technology to insure consistent accuracy and total
quality. Molds are CNC machined from solid aircraft-grade aluminum, and all
tooling is finished and assembled by the highly skilled and experienced
technicians. Dream up the impossible and we'll make it happen.
In House Tooling
The in-house
tooling capabilities have kept them as the industry leader since 2001. We'll
provide with full service design, prototypes and samples. All work is completed
on the latest solid based CAD/CAM technology to insure consistent accuracy and
total quality.
Environment
policies
Today plastic is
present in virtually everything one uses. The environmentalist's concern about
mountains of plastic waste which seems to exist externally has been put to rest
by recent findings in most countries.
Plastics and
Environment
·
Plastic bags contribute up to 80 percent less solid
waste by volume than paper sacks.
·
Plastics require about 40 percent less energy to
make than paper bags.
·
Plastic packaging reduces the overall weight of the
products which in turn reduces fuel consumption and transportation costs.
·
Plastics are being recycled to produce wood/plywood
substitutes for outdoor and indoor applications
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.49.77 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.63.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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 |
|