MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
HITESH PLASTICS PRIVATE LIMITED |
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Registered Office : |
405 Acme Industrial Park, 2nd Floor, Off I |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.03.1989 |
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Com. Reg. No.: |
11 – 50912 |
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CIN No.: [Company
Identification No.] |
U25209MH1989PTC050912 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06997E |
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PAN No.: [Permanent
Account No.] |
AAACH3437P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 713456 |
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Status : |
Satisfactory |
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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 reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Chandra Prakash Sodani |
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Designation : |
VP in Finance |
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Contact No.: |
91-9320099180 |
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Date : |
06.04.2011 |
LOCATIONS
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Registered Office : |
405 Acme Industrial Park, 2nd Floor, Off I |
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Tel. No.: |
91-22-26861701 / 26861781 |
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Fax No.: |
91-22-26862714 / 26865372 |
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E-Mail : |
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Area : |
Approximately Above 1000 Sq. ft. |
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Location : |
Owned |
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Factory 1 : |
40, DIC Industrial Area, Tehsil, Nalagarh, Solan, Baddi, |
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Factory 2 : |
B-5/6 18 and 19, Zero Tax Industrial Estate, Dadra – 396 230, |
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Tel. No.: |
91-260-2668627 |
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Factory 3 : |
Survey 221/5/2/ Dadra Nagar Haveli – 396191 |
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Factory 4 : |
J – 59, MIDC, Jalgaon – 425003 |
DIRECTORS
AS ON 28.09.2010
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Name : |
Mr. K. L. Mundhra |
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Designation : |
Director |
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Address : |
601 C, |
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Date of Birth/Age : |
01.01.1944 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Hitesh Kumar Mundhra |
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Designation : |
Director |
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Address : |
601 C, |
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Qualification : |
M.B.A. |
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Date of Appointment : |
10.04.2005 |
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Name : |
Mr. Bhagvandas Glida |
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Designation : |
Director |
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Address : |
802, Rajendra Ratna CHS Limited, Mahesh Nagar, S.V. Road, Goregaon
(W), Mumbai – 400063, Maharashtra, India
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Date of Birth/Age : |
09.08.1953 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Sanjay R Singh |
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Designation : |
Director |
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Address : |
C – 33, Purvanchal CHS Limited, Plot No. 1 E, Sector I, Airoli, Navi Mumbai
– 400706, |
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Date of Birth/Age : |
17.08.1979 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Arya Mitra |
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Designation : |
Director |
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Address : |
E 1/19, Godrej Park, Barve Village, Kadakppa, Kalyan (W), Mumbai –
421301, Maharashtra, India |
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Date of Birth/Age : |
09.01.1957 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.2009 |
KEY EXECUTIVES
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Name : |
Mr. Ramesh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
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Names of Shareholders |
No. of Shares |
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Smt Chandadevi Mundhra |
1144000 |
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Shri Kanhaiyalal Mundhra |
7220400 |
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Shri Hitesh Kumar Mundhra |
1232000 |
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Shri Brijmohan Rathi |
8800 |
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Smt Geeta Rathi |
4400 |
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Total |
9609600 |
AS ON 28.09.2010
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Equity Share
breakup (percentage of total equity) |
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Products |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Exports : |
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Products : |
Plastic Products |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Pet Preforms and Jar and Bolt |
Pcs. |
-- |
-- |
59199843 |
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Cap |
Pcs. |
-- |
-- |
807260958 |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Dealers ·
Corporates |
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No. of Employees : |
180 (Approximately) |
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Bankers : |
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State Bank of ·
The North Kanara GSB Co-operative Bank Limited,
361, Laxmi Sadan, V.P. Road, Firgaon, Mumbai – 400004, Maharashtra, India ·
HDFC Bank Limited |
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Facilities : |
NOTES :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain Vijay and Company Chartered accountant |
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Address : |
305, Sona Chambers, 507/509, |
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Pan No.: |
AACPJ0536E |
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Associates/Subsidiaries : |
Address : 4th
Floor, Tel No.: 91-22-26861701
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CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity shares |
Rs.10 /- Each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9609600 |
Equity shares |
Rs.10 /- Each |
Rs.96.096
Millions |
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Note : Out of above 95,00,400 Equity Shares of Rs 10/- each have been issued by capitalisation of General Reserve (P.Y Nil)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
96.096 |
1.092 |
1.092 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
82.268 |
122.162 |
111.555 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
178.364 |
123.254 |
112.647 |
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LOAN FUNDS |
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1] Secured Loans |
403.060 |
151.473 |
(12.076) |
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2] Unsecured Loans |
82.250 |
0.000 |
0.000 |
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TOTAL BORROWING |
485.310 |
151.473 |
(12.076) |
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DEFERRED TAX LIABILITIES |
8.871 |
3.515 |
0.000 |
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TOTAL |
672.545 |
278.242 |
100.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
396.883 |
170.740 |
37.709 |
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Capital work-in-progress |
5.313 |
4.154 |
2.455 |
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INVESTMENT |
0.908 |
0.908 |
0.907 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.940 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
65.806
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25.478
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22.010
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Sundry Debtors |
105.572
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34.277
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25.726
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Cash & Bank Balances |
86.197
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28.366
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4.810
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
56.318
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42.098
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23.529
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Total
Current Assets |
313.893
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130.219
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76.075 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.088
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9.690 |
4.483 |
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Other Current Liabilities |
8.976
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8.023 |
4.632 |
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Provisions |
16.389
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10.066
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9.400 |
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Total
Current Liabilities |
44.453
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27.779
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18.515
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Net Current Assets |
269.440
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102.440
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57.560
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
672.545 |
278.242 |
100.571 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income and Other Income |
512.655 |
284.190 |
300.718 |
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TOTAL (A) |
512.655 |
284.190 |
300.719 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
139.733 |
40.902 |
37.896 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
139.733 |
40.902 |
37.896 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.766 |
14.993 |
11.106 |
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PROFIT BEFORE
TAX (E-F) (G) |
80.967 |
25.909 |
26.790 |
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Less |
TAX (I) |
12.481 |
11.470 |
6.302 |
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PROFIT AFTER TAX
(G-I) (J) |
68.486 |
14.439 |
20.488 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
19.758 |
NA |
NA |
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TOTAL EARNINGS |
19.758 |
NA |
NA |
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IMPORTS |
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Raw Materials |
185.094 |
122.986 |
26.292 |
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Stores & Spares |
67.475 |
17.148 |
3.593 |
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Capital Goods |
0.530 |
0.421 |
0.202 |
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TOTAL IMPORTS |
253.099 |
140.555 |
30.087 |
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Earnings Per
Share (Rs.) |
7.13 |
1.50 |
-- |
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Expected Sales (2010-11) : Rs.800.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
13.36 |
4.66 |
6.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.39 |
8.61 |
23.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.45 |
0.21 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.97 |
1.45 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
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7.06 |
4.69 |
4.11 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
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Particulars
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Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
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Sundry Creditors |
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a)Micro, Small and Medium Enterprises (to the extent identified with available information) |
0.000 |
0.000 |
0.000 |
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Others |
19.088
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9.690 |
4.483 |
Trade References
·
Ranbaxy Limited
·
Bajaj Foods Limited
Form No. 8
|
Name of the company |
HITESH PLASTICS
PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
a) Agreement of
hypo of goods and assets F-C-2 b) Letter regarding
the grant of individual limits within the overall limit F-C.5 All the above
agreement are dt 05.02.2003 and executed for the creation of a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15.000
Millions D.C.C
(Stocks) Rs.5.000
Millions D.C.C (Book
debts) Rs.5.000 Millions Inland Bills
Discounting Rs.(1.500) Millions Within D,C.C
–Book debts Letter of
credit Rs.4.000
Millions Bank
Guarantee Rs.1.000
Millions Total Rs.15.000
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 |
A first charge by
way of Hypothecation of the Borrowers entire goods, movables and other assets
present and future including documents of title to goods and other assets,
such as book debts outstanding moneys, receivables including receivables by
way of cash assistance and/or cash incentives under the cash incentive scheme
or any other scheme, claims, including claims by way of refund of
customs/excise duties under the duty drawback credit scheme or any other
scheme, bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights uncalled capital
and all machinery present and future of such form satisfactory to the Bank
Book debts/receivables, Letter of credit, , Bank Guarantee, machinery such
as: Movaclour, Air
compressor, Air Dryer, weighing Machine, Sewing Machine, Cooling Machine,
Strapping Machine, Blow Injection Moulding Machine etc. Dies and Moulds: For Preform 8
Cavities, cap Mould 4 Cavities, cap Mould, Lip Cavity, Capital Expenditure
Allocated, perform Mould Imported, 26 GM Mould 52 GM Mould etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I: D.C.C. (Stocks): 11.85% p.a. Margin: Raw Materials :25% Stock in process
: 100% Finished Goods
:33.33% Book debts /
receivables :40% Letter of credit
: 25% Bank Guarantee :
25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Arrangement Letter for grant of FCNRB (TL) dt 14.08.2004 |
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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. |
The original
charge was created on dt 05.02.2003 for Rs.15.000 Millions 1stly modified on
04.03.2003 by giving an additional collateral security. 2ndly modified on
1.12.2003 for Rs.52.000 Millions. 3dly modified 10.12.2003 by giving an
additional collateral security. Now by the present modification Dt 14.8.2004
bank has sanctioned Foreign Currency Term Loan FCNRB (TL) of US$ 3,66,0 on
1.12.2003 for Rs.52.000 Millions. 3dly modified 10.12.2003 by giving an
additional collateral security. Now by the present modification Dt 14.8.2004
bank has sanctioned Foreign Currency Term Loan FCNRB (TL) of US$ 3,66,000
within limit of Rs.52.000 Millions. The INR limit are as follows: DCC (Stock and
Book debts) Rs.12.500 Millions EPC
Rs.(5.000) Millions Term Loan Rs.20.000
Millions Letter of
credit Rs.4.000
Millions Bank
guarantee
Rs.2.500 Millions One time letter of
credit Rs.13.000 Millions
Rs.52.000 Millions Rate of interest: The loan shall carry a floating rate of interest (exclusive of interest tax) at 3.75% p.a. over the applicable LIBOR (London Inter Bank rate as on the date of each disbursement/drawdown payable on the outstanding amount of Loan on reducing balance basis on the last working day of each month.) Repayment: 48 monthly installments of US $ 7625 w.e.f September, 2004.0 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90242408 |
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Corporate
identity number of the company |
U25209MH1989PTC050912 |
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Name of the
company |
HITESH PLASTICS
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
405, |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
State bank of
India, Industrial Finance Branch, Chincholi Phatak, S.V. Road, Malad (West),
Mumbai – 400 064, Maharsahtra, India E-Mail:
sbi.04760@sbi.o.ib |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds. |
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Date of
instrument Creating the charge |
01.12.2008 |
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Amount secured by
the charge |
Rs.189.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge Security to cove
the principal amount together with interest, charges, costs, expenses etc. |
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Short particulars
of the property charged |
Immovable
property of the company viz. all piece or parcel of the non agricultural land
bearing S. No. 221/2/2 admng 1600 sq mtrs and existing factory building
ground + 1 up, village dadra of the Union Territory of Dadra and Nagar Haveli
for industrial purpose with all rights, title and interest connected with the
said premises |
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Date of latest
modification prior to the present modification |
20.10.2008 |
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Corporate
identity number of the company |
U25209MH1989PTC050912 |
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Name of the
company |
HITESH PLASTICS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
405, |
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This form is for |
Creation of
charge Modification of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds by constructive delivery. |
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Date of
instrument Creating the charge |
06/12/2010 |
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Amount secured by
the charge |
Rs.469.800
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge Security to cover
the principal amount together with interest, charges, costs, expenses etc. |
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Short particulars
of the property charged |
Immovable
property of the company viz., all piece or parcel of the non agricultural
land bearing S.No.221/5/2 admg. 1600 sq. mtrs. and existing factory building
ground + 1 up, village Dadra of the |
|
Date of instrument
modifying the charge |
06/12/2010 |
|
Particulars of
the present modification |
Charge over
Immovable properties is now extended to secure the enhanced credit facilities
aggregating Rs.469.800 Millions. |
Fixed Assets
·
·
·
Plant and Machinery
·
Mould and Dies
·
Electrical Installation
·
Furniture and Fixtures
·
Scooter
·
Office Equipments
·
Air Conditioner
·
Generator
·
Computer
·
Cycle
·
Flat
·
Motor Car
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.