MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
Note: The Given Address of the company has been
Verified and validation by us. Given Address is the Residence address of Mr. Sudhir
Marketing Manager. It is not the company property.
IDENTIFICATION DETAILS
|
Name : |
AUTOTECH POLYMERS INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.09.2004 |
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Com. Reg. No.: |
11-148778 |
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CIN No.: [Company Identification
No.] |
U24134MH2004PTC148778 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA23517E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Plastic Raw
Materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
|
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 458740 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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
|
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 DECLINED BY
|
Name : |
Mr. Sudhir |
|
Designation : |
Marketing Manager |
|
Date : |
18.02.2011 |
LOCATIONS
|
Registered Office : |
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E-Mail : |
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Corporate Office
: |
1165/2, |
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Tel. No.: |
91-124-4226250/58 |
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Fax No.: |
91-124-4226259 |
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Factory : |
Plot No. 60/8 13, 14/1, 14/2, Village. |
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Tel. No.: |
91-1275-263132/33/34/35/37 |
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Fax No.: |
91-1275-263136 |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Aniruddha Sarin |
|
Designation : |
Director |
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Address : |
401, Devashish , Tithal Road, Valsad, Valsad, 396001, |
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Date of Birth/Age : |
01.07.1965 |
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Date of Appointment : |
14.01.2010 |
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Name : |
Mr. Baldev Garhwal |
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Designation : |
Director |
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Address : |
H-4/ 803 , |
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Date of Birth/Age : |
19.06.1964 |
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Date of Appointment : |
14.01.2010 |
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Name : |
Mr. Ankur Kirti Betai |
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Designation : |
Director |
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Address : |
Sw 33, Soami Bagh, Radha Soami Satsang, |
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Date of Birth/Age : |
22.02.1978 |
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Date of Appointment : |
23.09.2004 |
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Name : |
Mr. Achal Nirmal Thakkar |
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Designation : |
Director |
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Address : |
Dayaniketan , 78 Nutan Laxmi Co Op Hsg Soc Ltd, Road No. 8, J.V.P.D.
Scheme, Juhu,, Mumbai, 400049, Maharashtra, India |
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Date of Birth/Age : |
02.03.1967 |
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Date of Appointment : |
14.01.2010 |
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Name : |
Mr. Laurence W. Dummett. |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.11.1949 |
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Date of Appointment : |
10.03.2007 |
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Name : |
Mr. Andre Fritz |
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Designation : |
Director |
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Address : |
Bionstrasse 18, |
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Date of Birth/Age : |
07.04.1939 |
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Date of Appointment : |
03.07.2007 |
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Name : |
Mr. Dinesh T. Kotak |
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Designation : |
Director |
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Address : |
B - 203, Padma Sagar, |
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Date of Birth/Age : |
18.08.1953 |
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Date of Appointment : |
20.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir |
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Designation : |
Marketing Manager |
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Address : |
Flat No.403, III Floor, KNS Samarpana, #1st B Cross,
Sampige Layout, Amarjyoti Nagar, Bangalore-560 040, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Aditya P Jhaveri |
|
5000 |
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Nikunj Hasmukh Shah |
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5000 |
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Plasticom Products Private Limited, Mumbai |
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985000 |
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Baldev Garhwal Jt. With Suman Garhwal |
|
99500 |
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Aniruddha Sarin jt. With Nishi Sarin |
|
99500 |
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TOTAL |
|
1194000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
82.50 |
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Directors or relatives of Directors |
16.70 |
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Other top fifty shareholders |
0.80 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plastic Raw Materials |
GENERAL INFORMATION
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No. of Employees : |
50 (approximately) |
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Bankers : |
·
Jammu and Kashmir Bank Limited Address: Corporate Headquater :
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Ganesh K. Bhat Chartered Accountant |
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Address : |
6D, Pilcourt, (Sherbanco), 6th Floor, 111, Maharshi Karve
Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Holding Company : |
·
Plasticom Products Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11,94,000 |
Equity Shares |
Rs.10/- each |
Rs. 11.940 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.940 |
9.950 |
2.000 |
|
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2] Share Application Money |
52.677 |
118.207 |
163.950 |
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3] Reserves & Surplus |
50.068 |
47.428 |
15.172 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
114.685 |
175.585 |
181.122 |
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LOAN FUNDS |
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1] Secured Loans |
54.367 |
43.193 |
4.144 |
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2] Unsecured Loans |
8.825 |
11.075 |
16.850 |
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TOTAL BORROWING |
63.192 |
54.268 |
20.994 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
177.877 |
229.853 |
202.116 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.318 |
50.883 |
27.318 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
40.000 |
40.000 |
26.816 |
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DEFERREX TAX ASSETS |
0.096 |
0.404 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
11.468
|
11.135 |
5.796 |
|
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Sundry Debtors |
66.601
|
43.131 |
33.001 |
|
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Cash & Bank Balances |
1.838
|
0.919 |
2.341 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
38.955
|
110.508 |
124.780 |
|
Total
Current Assets |
118.862
|
165.693 |
165.918 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Sundry Creditors |
25.916
|
20.988 |
10.291 |
|
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Other Current Liabilities |
1.101
|
0.096 |
1.217 |
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Provisions |
2.412
|
6.079 |
6.470 |
|
Total
Current Liabilities |
29.429
|
27.163 |
17.978 |
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Net Current Assets |
89.433
|
138.530 |
147.940 |
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MISCELLANEOUS EXPENSES |
0.030 |
0.036 |
0.042 |
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TOTAL |
177.877 |
229.853 |
202.116 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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|
|
|
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Sales & Other Income |
|
249.823 |
166.522 |
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|
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TOTAL (A) |
|
249.823 |
166.522 |
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL (B) |
|
233.277 |
154.858 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
16.546 |
11.664 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
7.445 |
4.664 |
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
9.101 |
7.000 |
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4.593 |
5.364 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
4.508 |
1.636 |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
|
1.832 |
0.996 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-I) (J) |
|
2.676 |
0.640 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.07
|
0.38 |
NA |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.80
|
0.98 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.69
|
0.75 |
NA |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.00 |
NA |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
0.46 |
0.21 |
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|
|
Current Ratio (Current Asset/Current Liability) |
|
4.03
|
6.09 |
9.22 |
LOCAL AGENCY FURTHER INFORMATION
Note – The registered office
address of the company has been shifted from 42-B Yusuf Bldg 4th Floor veer
Form 8
|
This form is for |
Creation of
charge |
||||||
|
Corporate identity
number of the company |
U24134MH2004PTC148778 |
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Name of the
company |
AUTOTECH POLYMERS
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
Book Debts Movable Property Immovable
property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Loan Agreement
dt.06.06.2008 |
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Date of
instrument Creating the charge |
06.06.2008 |
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Amount secured by
the charge |
Rs. 74.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR -1% effective
rate 12% per annum Terms of
Repayment Term Loan is repayable
in 16 quarterly instalments of Rs.2.500 Millions each after an initial
moratorium period of 12 months from the date of first disbursement. Margin Term Loan -
33.77% on immovables Cash Credit - 25%
on stocks 40% on Book Debts Extent and
Operation of the charge 1)First Charge by
equitable mortgage of land and building and other fixed assets, for property
located at Village Aurangabad, District Faridabad, Haryana 2)First Charge
by hypothecation of all moveable fixed
assets of the company, at Village Khandsa, Gurgaon, Haryana. 3)First Charge
by hypothecation of raw material,
stocks semi-finished and finished goods, Village Aurangabad, District
Faridabad, Haryana and stocks in transit. 4)First Charge
by hypothecation of receivables of the
company. Others Nil |
||||||
|
Short particulars
of the property charged |
1)First Charge by
equitable mortgage of land and building and other fixed assets, for property
located at Village Aurangabad, District Faridabad, Haryana 2)First Charge
by hypothecation of all moveable fixed
assets of the company, at Village Khandsa, Gurgaon, Haryana. 3)First Charge
by hypothecation of raw material,
stocks semi-finished and finished goods, Village Aurangabad, District
Faridabad, Haryana and stocks in transit. 4)First Charge
by hypothecation of receivables of the
company. |
|
This form is for |
Creation of charge |
|
Corporate
identity number of the company |
U24134MH2004PTC148778 |
|
Name of the
company |
AUTOTECH POLYMERS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
42 - B, |
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Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
|
|
Nature of description
of the instrument creating or modifying the charge |
Loan Agreement dt : 06.06.2008 |
|
Date of
instrument Creating the charge |
06.06.2008 |
|
Amount secured
by the charge |
Rs. 74.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : PLR - 1% Effective rate 12% p.a., Terms of repayment : Term Loan is repayable in 16 quarterly
instalments of Rs.2.500 each after an initial moratorium period of 12 months
from the date of first, Margin :
Term Loan - 33.77% on immovable Cash Credit - 25% on stocks, 40% on Book Debts disbursement Extent and operating of the charge : 1) First Charge by equitable mortgage of land
and building and other fixed assets, for property located at Village
Aurangabad, District Faridabad, Haryana 2 )First Charge by hypothecation of all moveable fixed assets
of the company, at Village Khandsa, Gurgaon, Haryana. 3) First Charge by hypothecation of raw material, stocks
semi-finished and finished goods, Village Aurangabad, District Faridabad,
Haryana and stocks in transit. 4) First Charge by hypothecation of receivables of the
company. Others |
|
Date of latest
modification prior to the present modification |
1) First Charge by equitable mortgage of
land and building and other fixed assets, for property located at Village
Aurangabad, District Faridabad, Haryana 2) First Charge by hypothecation of all moveable fixed assets
of the company, at Village Khandsa, Gurgaon, Haryana. 3) First Charge by hypothecation of raw material, stocks
semi-finished and finished goods, Village Aurangabad, District Faridabad,
Haryana and stocks in transit. 4) First Charge by hypothecation of receivables of the
company. |
FIXED ASSETS:
- Plant and Machinery
- Vehicles
- Office Equipments
- Furniture and Fixture
- Computers
- Air Conditioner
- Cooler
- Cooling Tower
- Cycle
- Electric Fitting and Fixture
- Electric HT Connection
- Generator
- Mobile Phone
- Motor Bike
- Motor Car – Honda City
- Specific Gravity Balance
- Stitiching Machine
- Testing Equipments
- Tools
- Water Cooler
- Water Geyser
- Weighing Scales
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.