MIRA INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PLASTOCHEM INDIA PRIVATE LIMITED |
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Registered Office : |
1B Black Burn Lane 2nd Floor, Kolkata-700012, 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 : |
14.03.2005 |
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Com. Reg. No.: |
21-1021237 |
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CIN No.: [Company
Identification No.] |
U25209WB2005PTC102237 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALP06285G |
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PAN No.: [Permanent
Account No.] |
AADCP5107D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Innovative Packaging Materials |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 8300 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by average 30 Days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. However payments are reported as slow by average 30 days. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Abhishek Agarwal |
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Designation : |
Director |
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Contact No.: |
91-9831039436 |
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Date : |
04.09.2008 |
LOCATIONS
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Registered Office/ Factory : |
1B Black Burn Lane 2nd Floor, Kolkata-700012, West Bengal, India |
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Tel. No.: |
91-33-22367905/ 22219972 |
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Mobile No.: |
91-9831039436 |
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Fax No.: |
91-33-22154861 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Abhishek Agarwal |
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Designation : |
Director |
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Address : |
1-B, Black Burn Lane, Kolkata-700012, West Bengal, India |
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Date of Birth/Age : |
20.08.1972 |
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Qualification : |
B.Com |
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Date of Appointment : |
14.03.2005 |
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Name : |
Mr. Ramesh Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
26.02.1961 |
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Qualification : |
B.Com |
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Date of Appointment : |
14.03.2005 |
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Name : |
Mr. Mange Ram Agarwal |
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Designation : |
Director |
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Address : |
1-B, Black Burn Lane, Kolkata-700012, West Bengal, India |
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Date of Birth/Age : |
19.12.1941 |
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Qualification : |
H.S.C |
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Date of Appointment : |
01.10.2005 |
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Name : |
Mrs. Usha Agarwal |
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Designation : |
Director |
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Address : |
1-B, Black Burn Lane, Kolkata-700012, West Bengal, India |
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Date of Birth/Age : |
02.10.1962 |
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Qualification : |
B.Com |
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Date of Appointment : |
03.10.2006 |
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Name : |
Mrs. Rakhee Agarwal |
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Designation : |
Director |
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Address : |
1-B, Black Burn Lane, Kolkata-700012, West Bengal, India |
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Date of Birth/Age : |
04.05.1975 |
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Qualification : |
B.Com |
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Date of Appointment : |
03.10.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Abhishek Agarwal |
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5000 |
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Ramesh Kumar Agarwal |
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5000 |
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Abhishek Agarwal HUF |
|
100 |
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Ramesh Agarwal HUF |
|
100 |
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Rewati Dev Agarwal |
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100 |
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Vanraj Merchants Private Limited |
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10000 |
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Badal Commo Trade Private Limited |
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10000 |
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Coromandal Merchants Private Limited |
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10000 |
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Rakhee Agarwal |
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100 |
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Usha Agarwal |
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100 |
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Mange Ram Agarwal |
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100 |
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Mange Ram Agarwal HUF |
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100 |
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Total |
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40700 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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49.14 |
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Directors or relatives of directors |
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50.86 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Innovative Packaging Materials |
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Products : |
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Exports : |
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Countries : |
Nepal and Bhutan |
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Imports : |
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Countries : |
Korea ( Planning to) |
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Terms : |
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Selling : |
Cash and Credit ( 30 Days) |
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Purchasing : |
Cash and Credit ( 30 Days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
10 |
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Bankers : |
State Bank of Indore |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V K Chhnkwani and Company Chartered Accountant |
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Address : |
202/2, S P Mukhjee Road, Kolkata-700026, West Bengal, India |
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Tel. No.: |
91-33-24668037 |
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Associates/Subsidiaries : |
Shrink Pack Labels Private Limited |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40700 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.407
Million |
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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1] Share Capital |
0.407 |
0.400 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.254 |
1.219 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.661 |
1.619 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
3.904 |
2.009 |
0.000 |
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TOTAL BORROWING |
3.904 |
2.009 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.565 |
3.628 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.251 |
0.286 |
0.000 |
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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 |
4.369
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2.390 |
0.000 |
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Sundry Debtors |
8.431
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5.598 |
0.007 |
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Cash & Bank Balances |
0.641
|
0.260 |
0.044 |
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Other Current Assets |
0.026
|
0.038 |
0.051 |
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Loans & Advances |
0.420
|
0.246 |
0.000 |
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Total
Current Assets |
13.887
|
8.532 |
0.102 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.533
|
5.180 |
0.002 |
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Provisions |
0.040
|
0.010 |
0.000 |
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Total
Current Liabilities |
8.573
|
5.190 |
0.002 |
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Net Current Assets |
5.314
|
3.342 |
0.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.565 |
3.628 |
0.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
44.136 |
31.875 |
0.017 |
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Other Income |
0.289 |
0.313 |
0.000 |
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Total Income |
44.425 |
32.188 |
0.017 |
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Profit/(Loss) Before Tax |
0.081 |
0.028 |
0.001 |
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Provision for Taxation |
0.073 |
0.010 |
0.000 |
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Profit/(Loss) After Tax |
0.008 |
0.018 |
0.001 |
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Expenditures : |
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Cost of Sale |
41.440 |
29.547 |
0.000 |
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Financial Charges |
0.072 |
0.014 |
0.000 |
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Administrative Expenses |
2.748 |
2.518 |
0.016 |
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Depreciation & Amortization |
0.084 |
0.081 |
0.000 |
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Total Expenditure |
44.344 |
32.160 |
0.016 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.02
|
0.06 |
5.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.18
|
0.09 |
5.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
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0.32 |
0.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.02 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.51
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4.45 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.62
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1.64 |
51.00 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile:
Subject is a manufacturer of value-added, innovative packaging materials
for many industries worldwide including the following :
beverage, chemical, confectionery, cosmetics, dairy, food,
pharmaceutical, steel, aluminium,etc. Over the past 25 years,subject has
attained a world-wide reputation for unsurpassed quality and innovation
in the production and conversion of packaging materials.
Although they've been around a long time, their factory uses the latest
technology. Their investments in equipment and personnel ensure the very
highest quality of product and service.
Shrink Film:
Stretch Film:
Maximizes the equipment's stretch potential and provides excellent
yield. High stress retention maintains holding grip on load. Prevents sticking
and damage to film of tightly arranged pallets
Polyester Strap:
Polyester (Polyethylene Terephthalate) Strapping is a new alternative of
Steel Strap. It is being increasing used for strapping medium and heavy loads
in place of Steel (Iron) strapping. It can also be used in place of other
Plastic Straps where high tensile strength is required.
Flexible
Packaging:
Flexible packaging introduced to Indian market in mid-eighties is all
set to reach its height so far as global trends and consumption are concerned.
The new packaging substance has undoubtedly triggered off mass consumerism.
Shrink Sleeves:
The PLASTOCHEM heat shrinkable film is one of the revolutionary
products, since it is suitable for various kinds of packaging, such as cosmetics,
beverages, food products, pharmaceuticals, toys, all kind of plastic, glass and
metal containers, household appliances, etc.
The packaging method has been improved day by day. To make the products
more valuable for the marketing penetration, higher transparency packing with
bright colours was employed. Since the PLASTOCHEM Shrink packaging has features
of seal, water-proof, highly transparent and nice looking, the commercial value
and image of the product can be raised greatly.
Shrink Labels:
Shrink labelling is amongst the most advanced and versatile form of
labelling the world over. High quality of heat shrink labels which are graced
with brilliant colours and fine printing are suitable for all kinds of packing.
Proud of multiple features, these can enhance the appearance and increase the
value of the packed products, and can also resist dampness, dust and, what's
more, it can prevent counterfeiting. It is insured that this label is perfect
to protect the quality of the products packed with it. Attractive shrink labels
can be shrink on to most contours of varied container substrates including
glass, PET, Plastic, composite cans, tin cans etc.
Advantages over other packing methods :-
- Economical packing
- Water, moisture and fungus proof - increasing
shelf-life.
- Prevents duplicacy, pilfer proof, tamper evident and
all round packing.
- Scratch proof and provides extra strength preventing
damage during transportation.
- Suitable for all kinds of irregular formed bottles,
containers, etc. as the film takes any shape, contour or format.
- Over-wrapping of single or multiple units.
Pesticides
Pharmaceuticals
Food products :- Pickles, Jams, Jellies, Fruit
Juices, Tea, Coffee, Spices, Ghee, Edible Oils, etc. in bottle/can/packets.
Cosmetics :- Soap, Powder, Perfumes, Hair Oils,
etc.
Consumer Products :- Pan Masala, Tissue Boxes,
Lanterns, Stoves, Computer CD's, Disks, Stationary and Accessories, Toys and Games,
Greeting Cards, Playing Cards, various stationary items, audio and video
Cassettes, etc.
Others :- Automobile parts, welding electrode
boxes, glass bottles, beverages and liquor bottles, etc.
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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 |
|