MIRA
INFORM REPORT
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Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ATLANTIS PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad –
387 810, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.04.2009 |
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Com. Reg. No.: |
04-56749 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.080 millions |
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CIN No.: [Company Identification
No.] |
U17120GJ2009PTC056749 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of PP Woven Sacks. |
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No. of Employees
: |
150 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 100000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. Trade
relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.
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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
|
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
|
Name : |
Mr. Manish Kumar |
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Designation : |
Chartered Accountant |
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Contact No.: |
91-9913700174 |
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Date : |
26.08.2011 |
LOCATIONS
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Registered Office : |
Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad – 387 810, |
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Tel. No.: |
91-79-26448383 / 26568571 |
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Mobile No.: |
91-9913700174 (Mr. Manish Kumar) |
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Fax No.: |
91-79-26423595 |
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E-Mail : |
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Website : |
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Location : |
Owned by Parent Company |
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Corporate Office
: |
Rajiv House 4, Smrutikunj Society, Near Navrangpura Post Office,
Navarangpura, Ahmedabad – 380 009, |
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Tel. No.: |
91-79-26448383 / 26568571 |
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Tele Fax No.: |
91-79-26423595 |
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Website : |
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Factory : |
1207-1209, GIDC Estate, Dholka, Ahmedabad – 387 810, |
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Tel. No.: |
91-79-26448383 / 26568571 91-2714-248344 |
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E-Mail : |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Jitendra Ratilal Patel |
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Designation : |
Director |
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Address : |
5 Manavseva Society, Opp. Balolnag Ranip, Ahmedabad – 382 480, |
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Date of Birth/Age : |
01.08.1958 |
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Date of Appointment : |
18.02.2010 |
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DIN No. : |
00871873 |
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Name : |
Mr. Pathik Chandrakant Shah |
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Designation : |
Director |
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Address : |
7, Vivek Flats, Dasa Porwad Society, Paldi, Ahmedabad – 380 007, |
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Date of Birth/Age : |
30.05.1974 |
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Date of Appointment : |
28.04.2009 |
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DIN No. : |
00076715 |
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Name : |
Mr. Haresh Vallabhdas Shah |
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Designation : |
Director |
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Address : |
5, Shardul Appartment, 3, Harihar Society, Opp. Dalal Colony, Raman
Nagar, Maninagar, Ahmedabad – 380 008, Gujarat, India |
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Date of Birth/Age : |
08.03.1971 |
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Date of Appointment : |
28.04.2009 |
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DIN No. : |
02612893 |
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Name : |
Mr. Sajag Kumarbhai Metha |
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Designation : |
Director |
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Address : |
Vina 32, Sanjiv Baug, Opp. Prakruti Flats, |
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Date of Birth/Age : |
31.07.1980 |
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Date of Appointment : |
28.04.2009 |
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DIN No. : |
00870589 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pathik Chandrakant Shah |
|
4000 |
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Haresh Vallabhdas Shah |
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3000 |
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Sajag Kumarbhai Metha |
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3000 |
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Rajiv Vastrupal Mehta |
|
349000 |
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Aarti Rajiv Mehta |
|
149000 |
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Total |
|
508000 |
As on 30.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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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 PP Woven Sacks. |
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Products : |
·
PP Woven Bags ·
HDPE Bags ·
Tarpaulins ·
Woven Fabric |
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Exports : |
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Products : |
PP Woven Sacks |
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Countries : |
·
·
·
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Imports : |
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Products : |
LDP |
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Countries : |
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Terms : |
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Purchasing : |
L/C |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
PP/HDPE Bags |
-- |
NA |
3000000 |
-- |
Installed Capacities being technical matter, are taken as certified by
the management.
GENERAL INFORMATION
|
Customers : |
·
Manufacturer ·
Ambuja Cement ·
ACC Limited ·
Food Corporation of ·
Haryana Agro India Corporation ·
·
Tata Cement ·
Siddhi Cement ·
Saurashtra Cement ·
Sanghi Industries Limited ·
Shree Renuka Sugars Limited ·
Shree Cement Limited |
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No. of Employees : |
150 Approximately |
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Bankers : |
·
Syndicate Bank Manikyam Apartments, Sardar Patel Nagar,
Ellisbridge, Ahmedabad – 380 006, ·
Syndicate Bank, Navrangpura Branch, Ahmedabad, |
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Facilities : |
Note 1.
Cash Credit and L/c. Facility secured against hypothecation
of all Stocks, Debtors, Second Charge on Plot of GIDC belonging to Rajiv
Petrochemicals Private Limited, Personal Guarantees of Rajiv Mehta and
Corporate Guarantee of Rajiv Petrochemicals Private Limited 2.
Term Loan Facility secured against Plant and
Machineries.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jatin Kedia and Sharma Chartered Accountant |
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Address : |
13, Mill Officers Colony, B/H La-Gajjar Chambers, |
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Associates : |
·
Rajiv Enterprise Private Limited ·
Optic Liting Private Limited |
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Parent Company : |
Rajiv Petrochemicals Private Limited |
CAPITAL STRUCTURE
After 30.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
708000 |
Equity Shares |
Rs.10/- each |
Rs.7.080
millions |
As on 30.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
508000 |
Equity Shares |
Rs.10/- each |
Rs.5.080
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
5.080 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
20.331 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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25.411 |
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LOAN FUNDS |
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1] Secured Loans |
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95.682 |
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2] Unsecured Loans |
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21.655 |
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TOTAL BORROWING |
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117.337 |
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DEFERRED TAX LIABILITIES |
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|
0.226 |
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TOTAL |
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|
142.974 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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|
75.996 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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22.494 |
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Sundry Debtors |
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|
56.682 |
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Cash & Bank Balances |
|
|
4.119 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
20.895 |
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Total
Current Assets |
|
|
104.190 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
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|
37.334 |
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Other Current Liabilities |
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|
0.000 |
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|
Provisions |
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|
0.000 |
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Total
Current Liabilities |
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|
37.334 |
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Net Current Assets |
|
|
66.856 |
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MISCELLANEOUS EXPENSES |
|
|
0.122 |
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TOTAL |
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|
142.974 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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|
SALES |
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Income |
|
|
188.708 |
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Interest Received and Other Income |
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|
8.252 |
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TOTAL (A) |
|
|
196.960 |
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
|
|
74.723 |
|
|
|
Raw Material Consumption |
|
|
90.823 |
|
|
|
Stores and Spares Consumption |
|
|
3.259 |
|
|
|
Employees Cost |
|
|
1.027 |
|
|
|
Administrator and Selling Expenses |
|
|
31.799 |
|
|
|
Foreign Exchange Fluctuation Expenses (Net) |
|
|
0.002 |
|
|
|
(Decrease) / Increase in Stock |
|
|
(9.330) |
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|
|
TOTAL (B) |
|
|
192.303 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
4.657 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
4.657 |
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|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
4.018 |
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
0.639 |
|
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|
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|
|
|
|
|
Less |
TAX (H) |
|
|
0.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
0.411 |
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
|
|
0.411 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
14.946 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
1.04 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
500.000 |
The above information has been parted by Mr. Manish Kumar
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
0.21 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.34 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
6.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.79 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
·
Ambuja Cements
·
Birla Cements
·
J P Cements
PERFORMANCE DURING
THE YEAR
The Company has
during the year started commercial production from 26.09.2009 by setting up the
plant for manufacturing PP Woven Sacks with gross investment in Fixed Assets of
Rs.80.011 millions. The turnover achieved during this part of the year was
Rs.202.528 millions. The profit made during the year before depreciation and
taxation was of Rs.4.657 millions and profit after tax and depreciation was
Rs.0.411 million. The cash profit earned was Rs.4.429 millions. The position of
orders on hand is very good and the company is also in the process of getting
new customers during the year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
|
Bank Guarantee / LC issued in favour of Supplies and counter
Guarantees issued by Company |
4.750 |
|
Bills/LC Discounted |
25.130 |
|
Suit filed against the company |
Nil |
FIXED ASSETS
·
Electric Installation
·
Office Equipments
·
Plant and Machinery
·
Vehicle
WEB DETAILS
PROFILE
Subject a Rajiv Group company based at Ahmedabad is
one of the leading manufacturer and exporter of raffia woven sacks. It’s
manufacturing facility is based at Dholka, 40Km from Ahmedabad,
The products application ranging from cement, food grains, Fertilizers,
tarpaulin and specialty wide width fabric. They cater to an esteemed list of
customers like Ambuja cement, Shree Cement, Heidlelberg Cement, Sanghi Cement,
Saurashtra Cement, Renuka Sugar, Tata chemicals, Food Corporation of India,
Shree Ram Fertilizers and many more. They are exporting in
They are also into trading activity of commodity polymers by the name of Rajiv
Petrochemicals Private Limited, largest agency house in
They are in the process of getting an ISO certification to ensure the quality
products and in place system. The ultimate objective is to be the leading
quality woven sacks manufacturer across the breadth.
ABOUT CHAIRMAN
Team Rajiv
Rajiv Vastupal is a founder of Rajiv Group of Companies and heading
Team Rajiv. He was born in Mumbai in October, 1957. He started business in 1980
with a small capital, having turnover of Rs.0.034 million in first year, which
in 2008-09 has reached nearly 5000 Millions with a greatteam work.Team Rajiv
has become the largest Agency house in
Other Achievements
In August, 2005 for 2 years term, Rajiv Vastupal became President of
Ahmedabad Management Association, which was founded by Dr. Vikram Sarabhai and
considered to be the Best Management Association of India constantly since last
9/10 years. He is present Vice President of All India Management Association
and very active member of CII and Gujarat Chamber of Commerce and Chapter Chair
and founder of YPO Gujarat Chapter.
Career and Education
Rajiv Vastupal is a commerce graduate, LLB and ICWA (Intermediate) and
has a diploma in Marketing.
ABOUT MD
Mr. Pathik Shah born in May 1974 is having an engineering degree
of chemical stream and a management degree in marketing from
He has an experience of three years for running similar PWS industry and is
still taking care of RPPL's PWS unit. He is also on the board of various
plastic processing industries like Shree Rama Multitech Limited, which is a
leading lamitube and flexible packaging producer and Plastence India Limited,
which one of the largest PWS processing company in
ABOUT COMPANY
Subject, a venture of Rajiv
Group offers a total packaging solution. The company is constituted with an
objective to cater to international market with a range of plastic finished
goods, which can be outsourced or manufactured in house. With this Rajiv group
is entering into the international business arena to offer a total plastic
packaging solutions by exploiting its strength in terms of technical know-how,
business relations and outsourcing.
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 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.45.87 |
|
|
1 |
Rs.75.15 |
|
Euro |
1 |
Rs.66.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.