MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
EPP COMPOSITES PRIVATE LIMITED |
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Formerly Known As : |
ELASTO POLYMER PROCESSORS (GUJARAT)PRIVATE LIMITED |
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Registered Office : |
Plot No. 2646, Kranti Gate Main Road, GIDC Lodhika Industrial Estate,
Metoda-360021, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
15.03.2004 |
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Com. Reg. No.: |
04-43790 |
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CIN No.: [Company
Identification No.] |
U25209GJ2004PTC043790 |
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IEC No.: |
2494003415 |
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PAN No.: [Permanent
Account No.] |
AABCE2957Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of “Atika” Brand GRP Pipes and Pipe Specials |
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 190000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Umesh Pandya |
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Designation : |
VP Operations |
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Contact No.: |
91-9427505297 |
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Date : |
30.08.2008 |
LOCATIONS
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Registered Office : |
Plot No. 2646, Kranti Gate Main Road, GIDC Lodhika Industrial Estate,
Metoda-360021, Gujarat, India |
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Tel. No.: |
91-2827-287059/ 91-281-2361623/ 2373461/ 2375619/ 2375640 |
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Mobile No.: |
91-9427505297 |
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Fax No.: |
91-2827-287063/ 91-281-236531 |
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E-Mail : |
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Website : |
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Area : |
80000 sq. ft ( Owned) |
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Factory : |
Plot No. 1934/5, GIDC Lodhika Industrial Metoda, District Rajkot,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Siddharth Sumanbhai Shah |
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Designation : |
Whole Time Director |
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Address : |
“Maan” 5 Surashtra Kala Kendra Society,Nirmal Convent Road,
Rajkot-360005, Gujarat, India |
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Date of Birth/Age : |
04.12.1962 |
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Qualification : |
M.E |
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Experience : |
+ 25 Years |
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Date of Appointment : |
15.03.2004 |
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Name : |
Mr. Jayraj Sumanbhai Shah |
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Designation : |
Whole Time Director |
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Address : |
“Maan” 5 Surashtra Kala Kendra Society,Nirmal Convent Road,
Rajkot-360005, Gujarat, India |
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Date of Birth/Age : |
24.09.1966 |
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Qualification : |
B.Sc |
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Experience : |
+ 25 Years |
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Date of Appointment : |
15.03.2004 |
KEY EXECUTIVES
|
Name : |
Gantra and Company |
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Designation : |
Company Secretary |
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Address : |
513, Star Plaza, Phulchhab Chowk, Rajkot-360001, Gujarat, India |
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Tel No.: |
91-281-2477516 |
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Fax No.: |
91-9426201730 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Siddharth Sumanbhai Shah |
|
31046 |
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Jayraj Sumanbhai Shah |
|
31046 |
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Sumanbhai Naginbhai Shah |
|
2708 |
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Kolkilaben Sumanbhai Shah |
|
5500 |
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Sonal Siddharth Shah |
|
7500 |
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Priti Jayraj Shah |
|
7000 |
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Sumanbhai Naginbhai Shah- Karta of Suman N Shah (HUF) |
|
3050 |
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Siddjarth Sumanbhai Shah – Karta of Siddharth S Shah (HUF) |
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2850 |
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Jayraj Sumanbhai Shah – Karta of Jayraj S. Shah (HUF) |
|
3300 |
|
Atika Reinforced Plastic Products Private Limited |
|
6000 |
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Total |
|
100000 |
Equity Share Breakup ( Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Bodies Corporate ( not mentioned above) |
|
6.00 |
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Directors or relatives of directors |
|
84.80 |
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Other top Fifty ( 50) shareholders (other than listed above) |
|
9.20 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of “Atika” Brand GRP Pipes and Pipe Specials |
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Products : |
•
FRP & Dual Laminated storage Tanks and vessels •
Fume Scrubbing and Air Pollution Control Systems |
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Agencies Held : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
Germany and China |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Credit ( 30-60-90 Days) |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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GRP Pipes and Fitting |
Nos/ Months |
|
3750 |
3000 |
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FRP Pipes and Fittings |
Nos/ Months |
|
3750 |
3000 |
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FRP Storage Tank ( Average 150 KL) |
Nos. |
|
18 |
12 |
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FRP Cooling Towers |
Nos. |
|
120 |
45 |
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FRP Air Pollution Control System |
Nos. |
|
18 |
9 |
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FRP Doors |
Nos. |
|
5000 |
3600 |
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FRP Roof Light Sheets |
Nos. |
|
5000 |
4200 |
GENERAL
INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
525 ( Office 55, Factory 220, Site 250) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay Doshi and Company Chartered Accountant |
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Address : |
211, Sterling Apartments, Opposite Alfred High School, Jawahar Road,
Rajkot-360001, India |
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Tel. No.: |
91-281-2224517 |
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Mobile No.: |
91-281-2222813 |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
20.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
18.185 |
6.456 |
2.933 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.185 |
16.456 |
12.933 |
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LOAN FUNDS |
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1] Secured Loans |
52.620 |
35.439 |
27.116 |
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2] Unsecured Loans |
13.799 |
7.899 |
2.392 |
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TOTAL BORROWING |
66.419 |
43.338 |
29.508 |
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DEFERRED TAX LIABILITIES |
1.574 |
0.957 |
0.770 |
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TOTAL |
106.178 |
60.751 |
43.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.077 |
42.308 |
33.512 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
0.000
|
0.000 |
2.206 |
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Sundry Debtors |
0.000
|
0.000 |
21.198 |
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Cash & Bank Balances |
0.000
|
0.000 |
4.367 |
|
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Other Current Assets |
125.644
|
57.692 |
0.000 |
|
|
Loans & Advances |
5.507
|
3.860 |
4.365 |
|
Total
Current Assets |
131.151
|
61.552 |
32.136 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Current Liabilities |
69.932
|
39.548 |
20.739 |
|
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Provisions |
13.139
|
3.602 |
1.759 |
|
Total
Current Liabilities |
83.071
|
43.150 |
22.498 |
|
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Net Current Assets |
48.080
|
18.402 |
9.638 |
|
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MISCELLANEOUS EXPENSES |
0.021 |
0.041 |
0.062 |
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TOTAL |
106.178 |
60.751 |
43.211 |
|
\
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
250.000 |
104.991 |
|
|
Other Income |
|
0.000 |
16.737 |
|
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Total Income |
|
250.000 |
121.728 |
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|
|
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|
|
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Profit/(Loss) Before Tax |
|
28.611 |
5.811 |
|
|
Provision for Taxation |
|
11.054 |
2.288 |
|
|
Profit/(Loss) After Tax |
|
17.557 |
3.523 |
|
|
|
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Earnings in Foreign Currency : |
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|
|
|
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Export Earnings |
|
0.625 |
2.114 |
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Imports : |
|
|
|
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Raw Materials |
|
2.347 |
0.379 |
|
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Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
|
107.494 |
0.000 |
|
|
Financial charges |
|
0.000 |
5.079 |
|
|
Manufacturing Expenses |
|
64.531 |
0.000 |
|
|
Administrative Expenses |
|
19.351 |
0.000 |
|
|
Interest |
|
8.727 |
0.000 |
|
|
Depreciation & Amortization |
|
6.360 |
5.429 |
|
|
Other Expenditure |
|
15.537 |
105.409 |
|
Total Expenditure |
|
222.000 |
115.917 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
7.02
|
2.89 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
11.44
|
5.53 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.12
|
5.59 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.35 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.91
|
5.26 |
4.02 |
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.43 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
The registered office of the company has been shifted form Atika Rubber
Mills Compound Atika Industrial Area Road, No. 1 Dhebar Road ( South)
Rajkot-360002, Gujarat, India to present address w.e.f 05.12.2006
Bankers Charges
Report as per Registry
|
Name of the company |
ELASTO POLYMER
PROCESSORS (GUJARAT) PRIVATE LIMITED |
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Presented By |
Mr. Siddharth S.
Shah Director |
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1) Date and description of instrument creating the change |
All dated
27.09.2004 and constituting a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
JIVAN COMMERCIAL
CO-OPERATIVE BANK LLIMITED “Vitalay”
Dhebarbhai Road, Rajkot |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80006637 |
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Corporate
identity number of the company |
U25209GJ2004PTC043790 |
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Name of the
company |
EPP COMPOSITES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 2646, Kranti Gate Main Road, GIDC Lodhika Industrial Estate,
Metoda-360021, Gujarat, India |
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Type of charge |
Book Debts Immovable
Property Floating Charge Others |
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Particular of
charge holder |
The Karpur Vysya Bank Limited, R.G.C. Complex,Trikot-360001, Gujarat,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
Credit Facilities Agreement of
Hypothecation of Movables Confirmation of
Deposit of Title Deeds |
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Date of
instrument Creating the charge |
15.03.2007 |
|
Amount secured by
the charge |
Rs. 49.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For OCC and its sub
limit CCBD and Term Loan, The rate of interest is 13.00% per annum and for
ILC/FLC dn Bank Guarantee as per C.O. Circuloar Terms of
Repayment OCC and it sub
CCBD is repayable on demand subject to review every year and term loan to be
repaid in 36 months Margin For OCC and Term
Loan- 25%, For CCBD – 50% and for ILC/ FLC and Bank Guarantee 50% Extent and
Operation of the charge The charge by way
way of hypothecation and Equitable Mortgage extends as security for the
enhanced facility of Rs. 49.000 Millions as under. OCC Rs. 24.000
Millions (sub Limit CCBD- 10.000 Millions), Machinery Term Loan – Rs. 5.000
Million ICL/FLC Rs.
10.000 Millions and Bank Guarantee R.s 10.000 Millions Others As per documents
executed by the borrower from time to time. |
|
Date of latest
modification prior to the present modification |
07.07.2006 |
|
Particulars of
the present modification |
The present limit
of Rs. 28.300 Millions is enhanced to Rs. 49.000 Millions additional properties
offered as security and accordingly the charge by way of hypothecation and
Equitable mortgage on the assets offered as security extends a security for
the enhancement facility of Rs. 49.000 Millions as under. OCC Rs. 24.000
Millins ( Sub Limit CCBD -10.000 Millins) Machinery Term
Loan Rs. 5.000 Millions ILC/ FLC Rs.
10.000 Millions Bank Guarantee
Rs. 10.000 Milllions |
AS PER WEBSITE
Profile:
Subject is established in 1986 with clear intention to develop its place
in rapidly growing composite industry with a sheer focus on quality and
customer services. Today the company’s office and plant is having more than
50,000 sft. Area with CNC filament winding machine for making FRP Tanks,
Equipments, Pipes and Fittings. Testing facilities for FRP products and above
all it’s an ISO 9001-2000 certified company. Owing to all these efforts the
customer list is constantly growing with the prestigious and esteemed customers
repeating their demand requirements.
A dedicated and well experienced team of engineers, marketing personnel,
skilled technicians and supporting professionals led by young and Dynamic
Directors under the guidance of their father Shri Sumanbhai Shah (Founder).
Subject is committed to continual improvement in quality and within the
organization, to adopt new technologies, to develop new products in composite
materials, to achieve highest ranking from their customers for quality, on time
delivery and service. They have established themselves as a total engineering
service provider by offering them complete turn key services which includes
their sheer involvement from design to commissioning.
EPP is now well established company in the field of composites products from
FRP Pipe to FRP equipments. Today EPP is ISO 9001 -2000 certified company to
deliver the high quality FRP products. EPP is the only second company in India
to attain B.I.S. mark for FRP piping for potable water supply as per IS: 12709
(1994) standards.
Engineering Services
EPP has been designing and supplying Composites products for over 20
years. A service that they offer, at no monetary cost, is a preliminary review
and assistance of designs and specifications. For FRP products to perform right
in the field, it takes a high level of engineering and design skills with
project related expertise- the kind that comes from years of experience, the
skills and the knowledge, to help you with virtually any project related to FRP
solutions.
If you can provide them with the conceptual drawings and written specifications,
they will be happy to review all aspects of the design and provide information,
which may make the design more effective and/or cost efficient. Because of
their extensive experience in this specific area they have encountered and
overcome many issues and deficiencies in product designs and applications. It
is their extensive experience in the industry which has provided them with the
background and knowledge to be able to provide valuable insight on the
applications. They have also used and been exposed to a great many variations
of equipment, from a variety manufacturers, which will enable them to provide
valuable insight for the equipment specifications and selection.
Field Services
Subject’s field services team have truly
been there and done that. Nothing takes the place of knowledge and experience.
EPP have both. Call EPP today for help with :
• Procurement assistance
• Inspection of Equipment and Piping System / Maintenance Inspection
• Repair and Installation services
• Equipment rebuilding
• On-site modifications
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.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|