1. Summary Information
|
|
|
Country |
|
|
Company Name |
PLASTRUSIONS |
Principal Name 1 |
Mr. S. A. Bharath |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ashok Kumar |
|
|
|
Registration # |
|
|
Street Address |
B-87, Annexe Industrial Estate, Rajajinagar, |
||
|
Established Date |
1990 |
SIC Code |
-- |
|
Telephone# |
91-80-23151435 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-23353277 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
high impact polystyrene sheets [HIPS] |
|
|
# of employees |
17 [Approximately] |
Product Name 2 |
vacuum and thermo forming |
|
Paid up capital |
Rs.9,940,000/- |
Product Name 3 |
-- |
|
Shareholders |
|
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
21 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba [45] |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Sister
Concern |
|
K. R. Industries |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,721,000 |
Current Liabilities |
5,390,000 |
|
Inventories |
521,000 |
Long-term Liabilities |
4,418,000 |
|
Fixed Assets |
9,088,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
9,808,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
0 |
|
|
|
Net Worth |
5,522,000 |
|
Total Assets |
15,330,000 |
Total Liab. & Equity |
15,330,000 |
|
Total Assets (Previous Year) |
16,803,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
17,483,000 |
Net Profit |
179,000 |
|
Sales(Previous yr) |
17,701,000 |
Net Profit(Prev.yr) |
297,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLASTRUSIONS |
|
|
|
|
Registered
Office : |
B-87, Annexe Industrial Estate, Rajajinagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Year of
Establishment : |
1990 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.940 Millions |
|
|
|
|
VAT: |
29360074116 |
|
|
|
|
CST : |
29360074116 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP00775F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAEFP4691C |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer of high impact polystyrene sheets [HIPS] and
vacuum and thermo forming |
|
|
|
|
No. of Employees
: |
17 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [45] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having Satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Bharath |
|
Designation : |
Partner |
|
Contact No.: |
91-9845536745 |
|
Date : |
24.06.2011 |
LOCATIONS
|
Registered Office/ Factory : |
B-87, Annexe Industrial Estate, Rajajinagar, |
|
Tel. No.: |
91-80-23151435 |
|
Mobile No.: |
91-9845536745 [Mr. Bharat] |
|
Fax No.: |
91-80-23353277 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. S. A. Bharath |
|
Designation : |
Partner |
|
Address : |
No.64, 6th main Road, 6th Phase, 1st Stage,
West of Chord Road, Bengaluru – 560044, |
|
Date of Birth/Age : |
33 years |
|
Qualification : |
B. B. M. |
|
Experience : |
13 years |
|
Date of Appointment : |
1990 |
|
Net Worth : |
Rs.35.900 millions [as on 09.01.2011] |
|
PAN : |
AKKPB8549C |
|
|
|
|
Name : |
Mr. S. N. Ashok Kumar |
|
Designation : |
Partner (Promoter) |
|
Address : |
No.64, 6th main Road, 6th Phase, 1st
Stage, West of Chord Road, Bengaluru – 560044, |
|
Date of Birth/Age : |
74 years |
|
Qualification : |
Diploma in Sheet Metal Fabrication Work |
|
Experience : |
21 years |
|
Date of Appointment : |
1990 |
|
Other Proprietorship |
K. R. Industries |
|
Net Worth : |
Rs.48.000 millions [as on 09.01.2011] |
|
PAN : |
AHYPA4298B |
As on 09.01.2011
|
Profit Sharing
Ratio |
Percentage |
|
|
|
|
S. N. Ashok Kumar |
50% |
|
S. A. Bharath |
50% |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of high impact polystyrene sheets [HIPS] and vacuum
and thermo forming |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Open Account [30 to 60 Days] |
|
|
|
|
Purchasing : |
L/C / Open Account [30 to 60 Days] |
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
17 [Approximately] |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chandran and Raman Chartered Accountant |
|
Address : |
Paragon, 2, Dr. Radhakrishnan Salai, 2nd Street, Behind
Hotel President, Mylapore, Chennai – 600004, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
K. R. Industries |
|
Address : |
Bengaluru |
|
Line of Business : |
Tool and Die Makers |
CAPITAL STRUCTURE
As on 31.03.2010
|
Capital Investment : |
|
|
Owned : |
Rs.5.522 millions |
|
Borrowed : |
Rs.4.418 millions |
|
Total : |
Rs.9.940 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.522 |
4.501 |
5.441 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.522 |
4.501 |
5.441 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.900 |
4.000 |
0.000 |
|
|
2] Unsecured Loans |
0.150 |
0.000 |
0.000 |
|
|
3] Due to Relatives / Friends / Group Entities / Related Entities |
1.368 |
1.585 |
1.798 |
|
|
TOTAL BORROWING |
4.418 |
5.585 |
1.798 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.940 |
10.086 |
7.239 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.088 |
9.435 |
3.528 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.521
|
0.544 |
0.775 |
|
|
Sundry Debtors |
2.999
|
3.501 |
4.680 |
|
|
Cash & Bank Balances |
1.054
|
0.393 |
0.512 |
|
|
Other Current Assets |
1.668
|
2.930 |
3.626 |
|
|
Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
6.242
|
7.368 |
9.593 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.390
|
5.181 |
5.751 |
|
|
Other Current Liabilities |
0.000
|
1.536 |
0.131 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
5.390
|
6.717 |
5.882 |
|
|
Net Current Assets |
0.852
|
0.651 |
3.711 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.940 |
10.086 |
7.239 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17.483 |
17.701 |
17.271 |
|
|
|
TOTAL (A) |
17.483 |
17.701 |
17.271 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
0.563 |
1.093 |
0.618 |
|
|
|
Rent Repairs and Maintenance |
0.407 |
0.217 |
0.234 |
|
|
|
Electricity Charges |
1.103 |
1.003 |
1.137 |
|
|
|
Job Work Charges |
0.000 |
0.759 |
0.395 |
|
|
|
Other direct Expenses |
0.030 |
0.026 |
0.021 |
|
|
|
Raw Material Consumption Cost |
11.506 |
11.514 |
12.259 |
|
|
|
TOTAL (B) |
13.609 |
14.612 |
14.664 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.874 |
3.089 |
2.607 |
|
|
|
|
|
|
|
|
|
|
Non Operating
Income |
0.015 |
0.145 |
0.119 |
|
|
|
|
|
|
|
|
|
|
Non Operating
Expenses |
[0.034] |
[0.208] |
[0.190] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.607 |
0.290 |
0.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.248 |
2.736 |
2.250 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
[1.215] |
0.752 |
0.395 |
|
|
|
|
|
|
|
|
|
|
General Operating Expenses |
[1.686] |
[1.448] |
[1.330] |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.347 |
0.536 |
0.525 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.168 |
0.239 |
0.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.179 |
0.297 |
0.338 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
39.05% |
27.06% |
|
The above information has been parted by Mr. Bharath [Partner]
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.02
|
1.68 |
1.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.26
|
3.19 |
4.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.12 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
2.73 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.10 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Credit
Facilities : |
|
|||||||||||||||||||||||||||||||||
Background :
Plastrusions was established in the year 1990 as a partnership firm by
Mr. S.N. Ashok Kumar [Representing S. N. Ashok Kumar (HUF)] and Mr.
At present management of the subject is vested in the hands of Mr. S. A.
Bharath and Mr. S. N. Ashok Kumar.
Operations and
Products
Subject is engaged in Manufacturer of high impact polystyrene
sheets [HIPS] and vacuum and thermo forming
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Electrical
Installations
- Vehicles
- Technical
Knowhow
- Motor Car
- Sterling
- Fax Machine
- Air Conditioner
- Generator
- EPABX
- Fire Extinguisher
- Type Writer
- Xerox Machine
- Sewing Machine
- Steel Tub
- Mobile Phones
- Refrigerator
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.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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.