MIRA
INFORM REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
HARSHSMIT PLASTICS PRIVATE LIMITED |
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Registered
Office : |
D-14, Kubera Gulshan Aundh, Pune – 411007, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
04.10.2006 |
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Com. Reg. No.: |
11-129142 |
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Capital Investment
/ Paid-up Capital : |
Rs.4.662
Millions |
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CIN No.: [Company Identification
No.] |
U25209PN2006PTC129142 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05392C |
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PAN No.: [Permanent Account No.] |
AABCH7912E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cartridges, Plungers, Nozzles etc. |
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No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses being recorded by the company However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Gaurang |
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Designation : |
Director |
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Contact No.: |
91-9324049450 |
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Date : |
30.05.2011 |
LOCATIONS
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Registered Office : |
D-14, Kubera Gulshan Aundh, Pune – 411007, Maharashtra, India |
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Mobile No.: |
91-9324049450 (Mr. Gaurang) |
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E-Mail : |
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Factory : |
Plot No.E-70 and 71, MIDC Industrial Area, Rajangaon, Taluka –Shirur,
Pune – 412220, Maharashtra, India |
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Tel. No.: |
91-2138-232724 |
DIRECTORS
(AS ON 30.09.2009)
|
Name : |
Mr. Abhay Nankishor Sarda |
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Designation : |
Director |
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Address : |
D-14, Kubera Gulshan Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
20.06.1967 |
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Qualification |
B. E. |
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Date of Appointment : |
04.10.2006 |
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PAN No.: |
ACQPS4421H |
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Name : |
Mr. Rajesh Sanghavi |
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Designation : |
Director |
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Address : |
Plot No.13, Panalal Nagar, Aurangabad – 431005, Maharashtra, India |
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Date of Birth/Age : |
15.07.1967 |
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Qualification |
B. E. |
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Date of Appointment : |
04.10.2006 |
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Pan No.: |
ACHPS7527B |
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Name : |
Mr. Gaurang Pravin Bavishi |
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Designation : |
Director |
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Address : |
3/10, Guru Darshan CHSL, Jagdusha Nagar, Ghatkiopar (west), Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
01.03.1978 |
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Qualification |
B. E. |
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Date of Appointment : |
04.10.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Names of Shareholders |
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No. of Shares |
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Abhay Sarda |
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80000 |
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Rajesh Sanghavi |
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145000 |
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Gaurang Bavishi |
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116500 |
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Uma Somani |
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50 |
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Ramanarayan Malpani |
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50 |
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Vimal Malpani |
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50 |
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Brijmohan Rathi |
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10000 |
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Dhanlaxmi Kishor Sanghavi |
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14500 |
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Nandkishore Sarda |
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20000 |
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Shivkanyadevi Rathi |
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10000 |
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Urmila Sanjay Sarda |
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20000 |
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Veena A. Sarda |
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50000 |
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Total |
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466150 |
(AS ON 30.09.2009)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cartridges, Plungers, Nozzles etc. |
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Products : |
· Cartridges · Plungers · Nozzles · Silicone Based Sealant |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
· Bajaj Auto Limited · Videocon Appliances Limited · Endurance Systems Private Limited ·
Varroc Engineering Private Limited ·
B.
Cat Securities Services ·
Blue
Star Engineers Advance ·
Akansha
Packs ·
Winner
Screen ·
R. R.
Construction, Aurangabad |
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Customers : |
Wholesalers · Varroc Engineering Private Limited · LG Electronics Private Limited · Videocon Appliances Limited · Dow Corning India Private Limited · Anabond Limited ·
Resinova Chemie Limited ·
Darshan Plastics, Aurangabad ·
Kosi Plast private Limited ·
Miltech Industries Private Limited ·
Okay
Industries ·
Savera
Mouldings private limited |
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No. of Employees : |
12 (Approximately) |
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Bankers : |
· State Bank of India Madam Cama Road, Mumbai – 400021, Maharashtra, India · Union Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RMSM and Associates Chartered Accountant |
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Address : |
Office No.11, Purva Plaza, 515 Sadashiv Peth, Pune – 411030, Maharashtra,
India |
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Tel. No.: |
91-20-24480183 |
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Associates/Subsidiaries : |
· Printers Engineers |
CAPITAL STRUCTURE
(AS ON 31.03.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Share |
Rs.10/- each |
Rs.6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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466150 |
Equity Share |
Rs.10/- each |
Rs.4.662
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.662 |
4.662 |
0.100 |
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2] Share Application Money |
1.338 |
1.338 |
4.403 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.756) |
(1.315) |
(0.036) |
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NETWORTH |
2.244 |
4.685 |
4.467 |
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LOAN FUNDS |
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1] Secured Loans |
7.974 |
6.101 |
1.604 |
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2] Unsecured Loans |
5.175 |
3.825 |
0.317 |
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TOTAL BORROWING |
13.149 |
9.926 |
1.921 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.393 |
14.611 |
6.388 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.016 |
11.532 |
2.858 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
2.046 |
0.803 |
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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 |
0.243
|
0.000 |
0.000 |
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Sundry Debtors |
1.153
|
0.175 |
0.000 |
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Cash & Bank Balances |
0.082
|
0.065 |
0.087 |
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Other Current Assets |
2.257
|
1.591 |
0.432 |
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Loans & Advances |
0.125
|
0.040 |
2.786 |
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Total
Current Assets |
3.860
|
1.871 |
3.305 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
1.209
|
0.817 |
0.676 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.331
|
0.108 |
0.016 |
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Total
Current Liabilities |
1.540
|
0.925 |
0.692 |
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Net Current Assets |
2.320
|
0.946 |
2.613 |
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MISCELLANEOUS EXPENSES |
0.057 |
0.087 |
0.114 |
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TOTAL |
15.393 |
14.611 |
6.388 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
3.860 |
0.931 |
0.000 |
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Other Income |
0.062 |
0.334 |
0.000 |
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TOTAL |
3.922 |
1.265 |
0.000 |
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Less |
EXPENSES |
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TOTAL |
5.062 |
1.746 |
0.036 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.140) |
(0.481) |
(0.036) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.298 |
0.798 |
0.000 |
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PROFIT BEFORE
TAX |
(2.438) |
(1.279) |
(0.036) |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
(2.438) |
(1.279) |
(0.036) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.315) |
(0.036) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
(3.753) |
(1.315) |
(0.036) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(62.16)
|
(101.11) |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
(63.16)
|
(137.38) |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(14.45)
|
(9.54) |
(0.58) |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.09)
|
(0.27) |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.55
|
2.32 |
0.58 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
2.02 |
4.78 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
· Dow Corning India Private Limited
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25209PN2006PTC129142 |
|
Name of the
company |
Harshsmit
Plastics Private Limited |
|
Address of the registered
office or of the principal place of
business in |
D-14, Kubera
Gulshan, Aundh, Pune – 411007, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
· State Bank of India Madam Cama Road, Mumbai – 400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Loan-Cum-Hypnotization |
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Date of
instrument Creating the charge |
22.11.2007 |
|
Amount secured by
the charge |
Rs.2.250 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per state bank
advance rate (SBAR) Terms of
Repayment In 60 monthly
installments of Rs.37,500/- each.25 Margin 25% Extent and
Operation of the charge 1st
Charge on all Assets kept as securities. Others Branch Address : Retail Assets, Small
and Medium Enterprises City Credit Center, Aurangabad. |
|
Short particulars
of the property charged |
1. Raw Material,
Semi Finished Goods, Finished Goods, Consumables Stock In Trade, Book Debts,
All Receivables. 2. 2-Cav,
Cartridge-OH-20207808- Mould, 2007, Suppliers- OTTO Hofstetter AG,
Zurcherstrasse 73, CH-8730, Uznach, Cost- Rs.3.000 Millions |
FIXED ASSETS
· Building
· Computers
· Crates
· Electrical Fittings
· Fire Fighting Equipment
· Furniture
· Machinery
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
12 |
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.