%20LIMITED%20-%20138346%2008-Apr-2011_files/image006.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TAINWALA CHEMICALS AND PLASTICS ( |
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Registered Office : |
“Tainwala House”,
Road No. 18, Opposite Plot No. 118, M.I.D.C., Marol, Andheri (East), Mumbai -
400 093, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.09.1985 |
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Com. Reg. No.: |
11-37387 |
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CIN No.: [Company
Identification No.] |
L24100MH1985PLC037387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09140F |
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PAN No.: [Permanent
Account No.] |
AAACT0212C |
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Legal Form : |
A Public Limited
liability Company. The Company’s
shares are listed on the Stock Exchanges. |
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Line of Business : |
The Company
is engaged in the business of
manufacturing and distribution of extruded plastic sheets of various polymers
like PVC, PP, HDPE, ABS etc. from 0.5mm to 30mm thickness. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1457400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. There appears
some accumulated losses recorded by the company. However, as per
profitability of last few years it appears that the company will be
successful in wiping off those losses in near future. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre 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. Simram Mansukhani |
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Designation : |
Vice Precedent |
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Contact No.: |
91-22-67166100 |
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Date : |
06.04.2011 |
LOCATIONS
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Registered Office : |
“Tainwala
House”, Road No. 18, Opposite Plot No. 118, M.I.D.C., Marol, Andheri (East),
Mumbai - 400 093, |
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Tel. No.: |
91-22-66926120 / 22 / 28350675 / 28350388 |
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Fax No.: |
91-22-28387039
/ 28219592 |
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Email: |
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Factory : |
87, Government Industrial
Estate, |
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Tel. No.: |
91-260-2699074 |
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Fax No.: |
91-260-2699145 |
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Email: |
DIRECTORS
AS ON 28.09.2010
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Name : |
Mr. Dungarmal Tainwala |
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Designation : |
Chairman and Whole Time Director |
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Address: |
71, Kalptaru, Nutan Laxmi Co-operative housing Society, JVPD Scheme,
Juhu, |
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Date of Birth/Age: |
16.05.1939 |
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Date of Appointment: |
04.10.1985 |
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Name : |
Mr. Rakesh Tainwala |
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Designation : |
Managing Director |
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Address: |
71, Kalptaru, Nutan Laxmi Co-operative housing Society, JVPD Scheme,
Juhu, |
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Date of Birth/Age : |
05.05.1968 |
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Qualification : |
B. Tech (Computer Engineering) |
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Date of Appointment : |
26.06.1992 |
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Name : |
Mr. Abhay Sheth |
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Designation : |
Director |
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Address: |
B/55, Tarang, Gilbert Hill Road, Near Bhavans Collage, Andheri West,
Mumbai – 400058, India |
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Date of Birth/Age: |
29.04.1949 |
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Date of Appointment: |
28.09.2002 |
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Name : |
Mr. Subhash Kadakia |
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Designation : |
Director |
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Address: |
Plot No.42, Anu, Vitthal Nagar Society, |
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Date of Birth/Age: |
27.09.1947 |
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Date of Appointment: |
19.11.1987 |
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Name : |
Mr. Mayank Dhuldhoya |
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Designation : |
Director |
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Address: |
14 Delstar, 9/9 A, N S Patkar Marg, 3rd
Floor, Mumbai – 400036, |
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Date of Birth/Age: |
02.07.1957 |
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Date of Appointment: |
31.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Ashok
Mukherjee |
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Designation : |
Senior Vice-President Marketing and Administration |
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Name : |
Mr. Rajesh Patel |
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Designation : |
General Manager Works |
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Name : |
Ms. Simran Mansukhani |
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Designation : |
Vice President Accounts and Chief Financial Officer |
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Name : |
Mr. Vikas Lad |
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Designation : |
Company Secretary |
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Name : |
Mr. Milind Burde |
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Designation : |
General Manager (Commercial) |
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Name : |
Mr. Anirudh Kumar Tanvar |
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Designation : |
Director |
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Address: |
C-42/403, Sector -8, |
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Date of Birth/Age: |
02.12.1975 |
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Date of Appointment: |
01.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Individuals / Hindu Undivided Family |
4448969 |
47.51 |
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b) Bodies corporate |
1814358 |
19.38 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
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a) Mutual Funds |
16200 |
0.17 |
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b) Financial Institutions/Banks |
217214 |
2.32 |
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c) Central Government/State Government(s) |
91.500 |
0.98 |
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d) Foreign Institutional Investors |
3509 |
0.04 |
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2) Non – Institution |
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a) Bodies corporate |
224294 |
2.40 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
1751274 |
18.70 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
452054 |
4.83 |
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c) Any other |
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i) Clearing Member |
14050 |
0.15 |
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ii) Market Maker |
6567 |
0.07 |
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iii) NRI – Repatriable |
280774 |
3.00 |
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iv) Office Bearer |
2400 |
0.03 |
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v) Foreign Corporate Bodies |
40700 |
0.43 |
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Total |
9363863 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company
is engaged in the business of
manufacturing and distribution of extruded plastic sheets of various polymers
like PVC, PP, HDPE, ABS etc. from 0.5mm to 30mm thickness. |
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Products : |
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Brand Names : |
` |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Suppliers : |
·
Brassomatic Private Limited ·
Doshi Heaters Private Limited ·
Gaurav Engineering ·
King Heat Electrical Works ·
Noble Polymers ·
Patkar Extrusion Limited ·
Saiyed Packaging Private Limited ·
Super Heat Technologies |
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Customers: |
·
End Users ·
OEM’s |
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No. of Employees : |
800 |
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Bankers : |
HDFC Bank Limited, Central Processing Unit, Retail Asset Division, 26-A, Narayan properties, Chandivali, Andheri East, MUMBAI - 400072, Maharashtra, INDIA |
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Facilities : |
# Secured against hypothecation of vehicles purchased there against. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rungta and Associates Chartered Accountant |
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Address : |
504, Rainbow Chambers, |
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Tel No.: |
91-22-28625153 |
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Associates : |
·
Concept Reality and Securities Limited ·
Katyayan Construction and Developers Private
Limited ·
Tainwala Trading and Investment Company Private
Limited ·
Tainwala Holdings Private Limited ·
Tainwala Personal Care Products Private Limited ·
Abhishri Polycontainers ·
Abhishri Packaging Private Limited ·
Samsonite South Asia Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
9363863 |
Equity Shares |
Rs.10/- each |
Rs.93.639
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
93.638 |
93.638 |
93.639 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
275.766 |
275.766 |
275.766 |
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4] (Accumulated Losses) |
(5.054) |
(22.075) |
(68.652) |
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NETWORTH |
364.350 |
347.329 |
300.753 |
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LOAN FUNDS |
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1] Secured Loans |
1.984 |
3.089 |
0.357 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.984 |
3.089 |
0.357 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
366.334 |
350.418 |
301.110 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.044 |
69.836 |
66.384 |
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Capital work-in-progress |
0.000 |
0.000 |
0.054 |
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INVESTMENT |
119.715 |
146.365 |
92.951 |
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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 |
45.311
|
37.597 |
48.231
|
|
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Sundry Debtors |
10.962
|
6.651 |
16.927
|
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Cash & Bank Balances |
36.027
|
28.785 |
30.752
|
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Other Current Assets |
1.786
|
0.562 |
10.032
|
|
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Loans & Advances |
102.838
|
73.468 |
49.335
|
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Total
Current Assets |
196.924
|
147.063 |
155.277 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.445
|
6.643 |
NA
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Other Current Liabilities |
2.388
|
2.992 |
10.690
|
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Provisions |
2.516
|
3.211 |
2.866
|
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Total
Current Liabilities |
13.349
|
12.846 |
13.556
|
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Net Current Assets |
183.575
|
134.217 |
141.721
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
366.334 |
350.418 |
301.110 |
|
Expected Sales (2010-2011) : Rs.150.000 Millions
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 |
76.089 |
101.248 |
123.286 |
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Income from Investment |
27.153 |
26.270 |
0.000 |
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Other Income |
10.758 |
6.704 |
26.838 |
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TOTAL (A) |
114.000 |
134.222 |
150.124 |
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Less |
EXPENSES |
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Raw Material Consumed |
38.298 |
59.478 |
77.926 |
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Purchase for Resale |
0.000 |
0.245 |
0.200 |
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Purchase of Shares for Resale |
29.262 |
12.716 |
22.009 |
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Manufacturing and Others
Expenses |
30.620 |
34.703 |
3.100 |
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Increased / (Decreased) In Stock |
(9.745) |
6.964 |
(11.674) |
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TOTAL (B) |
88.435 |
114.106 |
85.361 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.565 |
20.116 |
64.763 |
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Less |
FINANCIAL
EXPENSES (D) |
1.325 |
0.311 |
0.193 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.240 |
19.805 |
64.570 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.263 |
6.859 |
6.359 |
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PROFIT BEFORE
TAX (E-F) (G) |
16.977 |
12.946 |
58.211 |
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Less |
TAX (I) |
(0.044) |
(33.631) |
0.383 |
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PROFIT AFTER TAX
(G-I) (J) |
17.021 |
46.577 |
57.828 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(22.075) |
(68.652) |
NA |
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BALANCE CARRIED
TO THE B/S |
(5.054) |
(22.075) |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
|
|
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Export Earnings |
NA |
NA |
0.564 |
|
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TOTAL EARNINGS |
NA |
NA |
0.564 |
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IMPORTS |
|
|
|
|
|
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Raw Materials |
18.652 |
19.279 |
32.514 |
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|
Stores & consumables |
0.000 |
0.000 |
0.810 |
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TOTAL IMPORTS |
18.652 |
19.279 |
33.324 |
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Earnings Per
Share (Rs.) |
1.81 |
4.97 |
-- |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
25.190 |
22.030 |
26.980 |
|
Total Expenditure |
25.550 |
21.520 |
32.770 |
|
PBIDT (Excl
OI) |
(0.360) |
0.510 |
(5.790) |
|
Other Income |
12.220 |
3.180 |
10.870 |
|
Operating
Profit |
11.860 |
3.690 |
5.080 |
|
Interest |
0.060 |
0.060 |
0.340 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
11.800 |
3.630 |
4.740 |
|
Depreciation |
1.790 |
1.780 |
1.740 |
|
Profit
Before Tax |
10.010 |
1.850 |
3.000 |
|
Tax |
(0.040) |
0.400 |
0.000 |
|
Reported PAT |
10.050 |
1.450 |
3.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
10.050 |
1.450 |
3.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.93
|
34.70 |
38.52
|
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
22.31
|
12.79 |
47.22
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.53
|
5.97 |
26.26
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.19
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.04
|
0.05 |
0.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
14.75
|
11.45 |
11.45
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
Outstanding dues of Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
8.445
|
6.643 |
0.000 |
OPERATION:
The financial year 2009-10 was a year of challenges and uncertainties for businesses across various segments of industry with the financial crisis and volatile Markets, but the Company continues to demonstrate the robustness of its business model. The Company has been able to achieve a turnover of Rs.76.090 Millions and a competitive Net Profit before exceptional items of Rs.16.977 Millions
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
L24100MH1985PLC037387 |
|
Name of the
company |
TAINWALA CHEMICALS
AND PLASTICS ( |
|
Address of the
registered office or of the principal place of business in |
"Tainwala
House" Road No 18, Opp. Plot No 118, Midc, Marol Andheri (East), Mumbai
- 400093, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
HDFC Bank Limited |
|
Nature of
description of the instrument creating or modifying the charge |
Loan Cum
Hypothecation Cum Gurantee Agreement No. 14319423 |
|
Date of instrument
Creating the charge |
06/01/2009 |
|
Amount secured by
the charge |
Rs.3.200 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.01% per annum,
monthly reducing (plus applicable interest tax and other statutory levies)
payable on the date(s) specified in Section below in relation to repayment of
the Facility. Terms of
Repayment No. of
Installments - 36, Amount of each installment - Rs.0.105, Million , Due
dates: 7th day of each successive month. First Due Date: 07/01/09 and
Maturity Date: 07/12/11. |
|
Short particulars
of the property charged |
BMW 525i Car |
TRADE REFERENCES:
- Exide
Industries Limited
- Grauer and
Weil CD Limited
- Balaji
Industries Limited
FIXED ASSETS
·
·
·
Buildings
·
Plant and Machinery
·
Dies and Moulds
·
Laboratory Equipments
·
Office Equipments
·
Computers and Software
·
Furniture and Fixture
·
Vehicles
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.