1. Summary Information
|
|
|
Country |
|
|
Company Name |
PLASTEX PRODUCTS PRIVATE LIMITED |
Principal Name 1 |
Mr. Bimal Kantilal Haria |
|
Status |
Moderate |
Principal Name 2 |
Mr. Kantilal Lakhamshi Haria |
|
|
|
Registration # |
11-018832 |
|
Street Address |
Haria Centre 8, |
||
|
Established Date |
20.02.1976 |
SIC Code |
-- |
|
Telephone# |
91-22-55023205 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28367052 |
Business Style 2 |
Exporter |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
16000000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 100.00% |
Banking |
IDBI Bank
Limited |
|
Public Limited Corp. |
NO |
Business Period |
35 Years |
|
IPO |
NO |
International Ins. |
--- |
|
Public |
NO |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
28,891,000 |
Current Liabilities |
4,441,000 |
|
Inventories |
10,838,000 |
Long-term Liabilities |
41,352,000 |
|
Fixed Assets |
27,635,000 |
Other Liabilities |
1,276,000 |
|
Deferred Assets |
-- |
Total Liabilities |
47,069,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
4,295,000 |
|
|
|
Net Worth |
20,295,000 |
|
Total Assets |
67,364,000 |
Total Liab. & Equity |
67,364,000 |
|
Total Assets (Previous Year) |
33,723,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
75,135,000 |
Net Profit |
2,854,000 |
|
Sales(Previous yr) |
8,000 |
Net Profit(Prev.yr) |
3,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLASTEX PRODUCTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
HARIA GARMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Haria Centre 8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.02.1976 |
|
|
|
|
Com. Reg. No.: |
11-018832 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 16.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17200MH1976PTC018832 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07582B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1453K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of readymade garments. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 81000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Head Office : |
Haria Centre 8, |
|
Tel. No.: |
91-22-55023205/28388881-90/40973000 |
|
Fax No.: |
91-22-28367052/28367054/55/40973030 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 345/358, GIDC Industrial Zone, |
|
|
|
|
Factory 2 : |
N 7, Shree Raj Laxmi Hitech, Bhiwandi Nasik Bypass Road, Between
Satyam Petrol Pump and Popular Petrol Pump, Sonale Village, Bhiwandi-421302,
Thane, Maharashtra, India. |
|
Tel No.: |
91-2522-646136 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Bimal Kantilal Haria |
|
Designation : |
Director |
|
Address : |
7, |
|
Date of Birth/Age : |
08.09.1974 |
|
Date of Appointment : |
01.03.1996 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Plot No. 57, Jaygunsagar, |
|
Date of Birth/Age : |
18.12.1970 |
|
Date of Appointment : |
03.08.2009 |
|
|
|
|
Name : |
Mr. Kunal Ramesh Shah |
|
Designation : |
Director |
|
Address : |
Plot No. 353, Pushpkunj Opposite Lions Club, Gunjan, Vapi,
Valsad-396195, |
|
Date of Birth/Age : |
19.06.1985 |
|
Date of Appointment : |
31.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kantilal Lakhamshi Haria |
|
23400 |
|
Sheetal Manish Haria |
|
7800 |
|
Manish Haria as Karta and Manager of M K Haria HUF |
|
15600 |
|
Minti Bimal Haria |
|
7800 |
|
Bimal Kantilal Haria |
|
15600 |
|
Ratanben Dhirajlal Haria |
|
9800 |
|
Best Paper Mills Private Limited, India |
|
78000 |
|
Kunal R. Shah |
|
2000 |
|
|
|
|
|
Total |
|
160000 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of readymade garments. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Fabrics |
KGS |
NA |
1080000 |
519078 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
IDBI Bank Limited, |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.C Chag and Company Chartered Accountant |
|
Address : |
403, Everest Classique, |
|
Tel. No.: |
91-22-26182270 |
|
Mobile No.: |
91-9821032431 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000 |
Equity Shares |
Rs.100/- each |
Rs.16.000
Millions |
|
|
|
|
|
AS ON 30.09.2010
Authorised Capital : Rs. 30.000 millions
Issued, Subscribed & Paid-up Capital : Rs. 26.000
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 |
16.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.295 |
6.721 |
6.717 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.295 |
8.721 |
8.717 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.952 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
26.400 |
24.637 |
0.000 |
|
|
TOTAL BORROWING |
41.352 |
24.637 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.276 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62.923 |
33.358 |
8.717 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27.635 |
23.323 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.007 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.838
|
0.000
|
0.000 |
|
|
Sundry Debtors |
21.944
|
0.960
|
0.000 |
|
|
Cash & Bank Balances |
1.050
|
0.306
|
0.029 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
5.897
|
9.134
|
9.662 |
|
Total
Current Assets |
39.729
|
10.400
|
9.691 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.361
|
0.011 |
|
|
Other Current Liabilities |
4.441
|
0.000
|
0.970 |
|
|
Provisions |
0.000
|
0.004
|
0.000 |
|
Total
Current Liabilities |
4.441
|
0.365
|
0.981 |
|
|
Net Current Assets |
35.288
|
10.035
|
8.710 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62.923 |
33.358 |
8.717 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
75.135 |
0.000 |
0.000 |
|
|
|
Other Income |
0.380 |
0.008 |
0.014 |
|
|
|
TOTAL |
75.515 |
0.008 |
0.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
61.811 |
0.000 |
0.000 |
|
|
|
Cost of Consumable Used |
0.193 |
0.000 |
0.000 |
|
|
|
Manufacturing Expenses |
3.924 |
0.000 |
0.000 |
|
|
|
Office and administrative expenses |
7.725 |
0.000 |
0.012 |
|
|
|
Selling Expenses |
1.060 |
0.000 |
0.000 |
|
|
|
Closing Expenses |
(7.855) |
0.000 |
0.000 |
|
|
|
TOTAL |
66.858 |
0.000 |
0.012 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8.657 |
0.008 |
0.002 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.445 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.212 |
0.008 |
0.002 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.079 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.133 |
0.008 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.279 |
0.005 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.854 |
0.003 |
0.002 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.517 |
5.514 |
5.512 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.854 |
5.517 |
5.514 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.84 |
0.02 |
0.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.77
|
37.50 |
14.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.50
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.00 |
0.000 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.25
|
2.87 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.94
|
28.49 |
9.88 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
:
During the financial year the company has earned a net profit of Rs. 2.854
millions as against profit of Rs. 0.003 millions previous year.
FORM : 8
|
Corporate identity number of the company |
U17200MH1976PTC018832 |
|
Name of the company |
Plastex Products Private Limited |
|
Address of the registered office or of the
principal place of business in |
Haria Centre, 8 Subhash Road, Mumbai -
400057, Maharashtra, INDIA |
|
This form is for |
Modification of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
IDBI BANK LIMITED, IDBI Tower WTC Complex,
Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Nature of instrument creating charge |
Loan cum Hypothecation Agreement dated
30th April, 2010. Sanction Letter No.: IDBI/SME/CSC/2010/991
dated April 26,2010 issued by the IDBI Bank Limited. |
|
Date of instrument Creating the charge |
30/04/2010 |
|
Amount secured by the charge |
Rs. 4.400 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest BPLR i.e. currently @12.75%p.a. interest
application to be at monthly rests on the last working day of the month. Terms
of repayment The term loan shall be paid in 36 equal
monthly installments of Rs.1,22,223/- each starting from April, 2010. Margin NIL Extent
and operation of the charge The present charge of Rs.17.500 millions
(consisting of Rs.15.000 millions of Cash Credit facility and Rs.2.500
millions of Bank Guarantee) now stands increased to Rs. 21.900 millions by
grant of additional Term Loan of Rs. 4.400 millions. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
High performance tricot machine with all
standard accessories. |
|
Date of instrument modifying the charge |
30/04/2010 |
|
Particulars of the present modification |
The present charge of Rs.17.500 millions
(consisting of Rs.15.000 millions of Cash Credit facility and Rs.2.500
millions of Bank Guarantee) now stands increased to Rs. 21.900 millions by grant
of additional Term Loan of Rs. 4.400 millions. |
FIXED ASSETS:
- Furniture and
Fixtures
- Electrical
Fittings
- Plant and
Machinery
- Air
Conditioner
- Computer
- Factory
Equipments
- 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. 44.41 |
|
|
1 |
Rs. 72.49 |
|
Euro |
1 |
Rs. 63.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.