MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ECOPLAST 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 : |
07.05.1981 |
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Com. Reg. No.: |
044375 |
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CIN No.: [Company Identification
No.] |
L25200GJ1981PLC004375 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTE00181G |
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PAN No.: [Permanent Account No.] |
AAACE5030H |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Multilayer Co-extruded Plastic Films. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 510000 |
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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 a well established and a reputed company having satisfactory
track. Directors are reported to be experienced and respectable businessmen.
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 PARTED BY
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Name : |
Mr. Sanjay Desai |
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Designation : |
Accountant |
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Contact No.: |
91-2362-226257 |
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Date : |
17.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
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Tel. No.: |
91-2632-226257 |
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Fax No.: |
91-2632-226073 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
4, Magan Mahal, 215, Sir, |
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Tel. No.: |
91-22-26830064 |
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Fax No.: |
91-22-28366384 |
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E-Mail : |
DIRECTORS
AS ON 11.09.2009
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Name : |
Mr. Pheroze Pestonji Kharas |
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Designation : |
Chairman |
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Address : |
25 Spenta, B. G. Kher Marg, Mumbai-400006, |
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Date of Birth/Age : |
08.12.1934 |
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Date of Appointment : |
07.05.1981 |
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Name : |
Mr. Jaymin Balawantrai Desai |
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Designation : |
Managing Director |
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Address : |
Aashiana, 4th Floor, Valsad-396001, |
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Date of Birth/Age : |
30.09.1960 |
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Date of Appointment : |
23.06.1990 |
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Name : |
Mr. Bankim Bhupendra Desai |
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Designation : |
Director |
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Address : |
5/24 Varma Nagar, |
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Date of Birth/Age : |
14.06.1956 |
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Date of Appointment : |
25.08.2007 |
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Name : |
Mr. Jehangir Adi Moos |
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Designation : |
Director |
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Address : |
Karai Estate, |
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Date of Birth/Age : |
21.05.1944 |
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Date of Appointment : |
04.08.1989 |
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Name : |
Mr. Bhupendra Maganlal Desai |
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Designation : |
Director |
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Address : |
26, Vaikunth Society, Near |
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Date of Birth/Age : |
26.08.1947 |
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Date of Appointment : |
27.01.2009 |
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Name : |
Mr. Dhananjay Thakorbhai Desai |
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Designation : |
Director |
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Address : |
Shree Rang, Madanwad, Valsad-396001, |
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Date of Birth/Age : |
23.08.1942 |
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Date of Appointment : |
20.01.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
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Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1,633,450 |
54.45 |
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59,367 |
1.98 |
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1,692,817 |
56.43 |
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Total shareholding of Promoter and Promoter Group (A) |
1,692,817 |
56.43 |
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(B) Public Shareholding |
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307,533 |
10.25 |
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850,844 |
28.36 |
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142,655 |
4.76 |
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6,151 |
0.21 |
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6,151 |
0.21 |
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1,307,183 |
43.57 |
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Total Public shareholding (B) |
1,307,183 |
43.57 |
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Total (A)+(B) |
3,000,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
3,000,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Multilayer Co-extruded Plastic Films. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
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Co-extruded film |
MT |
NA |
7300 |
4174 |
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* As certified by a
Director on which Auditors have placed reliance, this being a technical matter.
Notes :
1) Production and
Turnover includes 77 MT of film converted from raw materials supplied by
customers and
which were invoiced
at Rs.1.015 Millions (Previous year 404 MT invoiced at Rs. 5.659 millions)
2) The Turnover
does not include Sale of Scrap for Rs.0.819 million (Previous year Rs.0.109
million).
3) The Turnover
includes Sale of Polyethylene Granules of Rs.6.080 millions (Previous year
Rs.3.640 milions).
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 (approximately) [50 - In Office + 150
– In Factory] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Akkad Mehta and Company Chartered Accountant |
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Address : |
2, Vatika, 14, |
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Associates/Subsidiaries : |
·
Synergy Films Private Limited ·
Propack Industries (Prop. Kunal Plastics Private
Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- Each |
Rs.30.000
millions |
NOTE
3,000,000 Equity
Shares of Rs. 10/- each fully paid-up (1,500,000 Equity Shares of Rs.10 each
have been allotted as fully paid up
Bonus shares by capitalising Rs. 5,000 millions out of General Reserve and Rs.10,000
millions out of Revaluation Reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
99.013 |
92.244 |
92.530 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
129.013 |
122.244 |
122.530 |
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LOAN FUNDS |
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1] Secured Loans |
65.755 |
28.428 |
50.524 |
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2] Unsecured Loans |
8.949 |
8.605 |
41.702 |
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TOTAL BORROWING |
74.704 |
37.033 |
92.226 |
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DEFERRED TAX LIABILITIES |
19.002 |
18.993 |
21.847 |
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TOTAL |
222.719 |
178.270 |
236.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
105.360 |
117.257 |
126.647 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.575 |
3.525 |
3.525 |
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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 |
45.630 |
33.423 |
52.272 |
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Sundry Debtors |
104.835 |
39.039 |
77.181 |
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Cash & Bank Balances |
11.657 |
6.877 |
21.200 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
15.117 |
10.799 |
16.121 |
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Total
Current Assets |
177.239
|
90.138
|
166.774 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
47.329
|
27.982
|
48.182 |
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Other Current Liabilities |
9.830
|
4.668 |
5.843 |
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Provisions |
6.296 |
0.000 |
6.318 |
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Total
Current Liabilities |
63.455
|
32.650
|
60.343 |
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Net Current Assets |
113.784 |
57.488 |
106.431 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.719 |
178.270 |
236.603 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
484.717 |
318.030 |
371.583 |
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Other Income |
1.339 |
1.759 |
2.740 |
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TOTAL (A) |
486.056 |
319.789 |
374.323 |
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Less |
EXPENSES |
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Manufacturing and Other Expenses |
448.745 |
297.352 |
338.923 |
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Increase/(Decrease) in Finished Goods |
(5.811) |
3.094 |
0.437 |
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Prior period adjustments |
0.000 |
0.409 |
(1.130) |
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Loss on impairment of assets |
1.356 |
0.000 |
0.000 |
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Excess/short provision of tax for prior
years |
(0.037) |
0.001 |
(0.463) |
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TOTAL (B) |
444.253 |
300.856 |
337.767 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41.803 |
18.933 |
36.556 |
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Less |
FINANCIAL
EXPENSES (D) |
8.139 |
10.644 |
10.538 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.664 |
8.289 |
26.018 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
10.929 |
10.945 |
10.176 |
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PROFIT BEFORE
TAX (E-F) (G) |
22.735 |
(2.656) |
15.842 |
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Less |
TAX (H) |
9.669 |
(2.369) |
5.459 |
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PROFIT AFTER TAX
(G-H) (I) |
13.066 |
(0.287) |
10.383 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.962 |
28.249 |
25.183 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
1.500 |
0.000 |
1.000 |
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Dividend on Equity Shares |
5.400 |
0.000 |
5.400 |
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Dividend Distribution Tax |
0.897 |
0.000 |
0.918 |
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BALANCE CARRIED
TO THE B/S |
33.231 |
27.962 |
28.249 |
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EARNINGS IN
FOREIGN CURRENCY |
127.486 |
78.182 |
134.367 |
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IMPORTS |
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Raw Materials |
131.182 |
92.695 |
121.370 |
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Components and Spare Parts |
0.237 |
1.862 |
0.516 |
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TOTAL IMPORTS |
131.419 |
94.557 |
121.886 |
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Earnings Per
Share (Rs.) |
4.07 |
(0.10) |
3.46 |
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Expected Sales (2010-2011) : Rs. 750.000 Millions
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
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|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
143.450 |
164.920 |
171.370 |
|
Total Expenditure |
127.800 |
148.440 |
152.500 |
|
PBIDT (Excl OI) |
15.650 |
16.480 |
18.870 |
|
Other Income |
(0.390) |
0.170 |
0.360 |
|
Operating Profit |
15.260 |
16.650 |
19.230 |
|
Interest |
2.180 |
2.320 |
3.370 |
|
Exceptional Items |
0.000 |
0.000 |
0.010 |
|
PBDT |
13.080 |
14.330 |
15.870 |
|
Depreciation |
2.730 |
2.920 |
3.070 |
|
Profit Before Tax |
10.350 |
11.410 |
12.800 |
|
Tax |
3.100 |
3.610 |
4.150 |
|
Profit After Tax |
7.250 |
7.810 |
8.640 |
|
Net Profit |
7.250 |
7.810 |
8.640 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.69
|
0.04
|
2.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.68
|
(0.71)
|
3.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.03
|
(0.84)
|
4.86 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
(0.02)
|
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
0.57
|
1.25 |
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Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.76
|
2.76 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
47.329 |
27.982
|
48.182 |
HISTORY
Incorporated in May 1981 as a private limited company, Ecoplast
became a public limited company in Jun.'94. The company was promoted by Pheroze
P Kharas. The company commenced commercial production in 1982 with an installed
capacity of 540 tpa of plastic films (mainly LDPE/HDPE or a combination) for
flexible packaging. Ecoplast came out with a public issue (at a premium of Rs
30) in Nov.'94 to part-finance the expansion of its multilayer film capacity to
4500 tpa by installing a new multilayer blown film co-extrusion line of 2500
tpa. The new plant went on-stream in Aug.'95. During 2003-04 the company has
replaced its old Blown Film line(installed in 1982 with a capacity of 670 MT
Capacity) with a new Blown Film line with 1200 MT capacity per annum at a cost
of Rs.11.1 Million. Jampore Printers Limited engaged in Multicolour Printing on
Polyethylene Film became a subsidiary company in the year 1999-2000.
OPERATING RESULTS
During the year,
net sales increased by 52% to Rs. 486.100 millions compared to Rs.319.008
millions of the previous year. Operating Profit before depreciation increased
threefold to Rs. 35.000 millions. The Company has earned Net Profit after tax
and prior period adjustment, of Rs.13.200 millions, against net loss of
Rs.0.287 millions of the previous year.
OPERATIONS
From last year’s
depressed levels, the business improved significantly during second half of the
current year. The Capital investment made in the previous years and the
significant efforts made in promoting sales of Specialty films, resulted in
higher sales volumes and profitability that will be sustained in the current
year. During the year the export business has also improved significantly. The
export sales volume and value during the year were 1360 MT and Rs.134.298
millions respectively against 740 MT and Rs. 77.984 millions of the previous
year.
The volatility in
the raw material prices continued as in the previous year. However, the prices
fluctuated in a narrower range; with continuous monitoring and control of sales
prices and all operating variables, a slide in profit margins was prevented.
Bankers Charges
Report as per Registry
|
Name of the company |
ECOPLAST LIMITED |
|
Presented By |
Union Bank of |
|
1) Date and description of instrument creating the change |
S-3 Hypothecation
(Goods) Agreement Dated: 26th March, 2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Blow Film Plant and Auxiliary equipments belonging to the Borrower which now
or hereinafter from Lime to time dining this security shall be brought in or
about the Borrowers premises or godown/s at |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 2% points over the Bank rate subject to minimum of 11.75% per annum
and I or at such other rate as may be prescribed by the Bank from time to
time for the Term Loan of Rs. 1.00 crate granted by the Bank to the Company.
Margin 25%. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
N. A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N. A. |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10048419 |
|
Corporate
identity number of the company |
L25200GJ1981PLC004375 |
|
Name of the
company |
ECOPLAST LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of charge
holder |
Bank of Email ID: bulsar@bankofbaroda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
a) Memorandum of
Entry dated 26.11.2007 creating Equitable Mortgage of the Company's Fixed
Assets at Valsad and Mumbai. |
|
Date of
instrument Creating the charge |
26.11.2007 |
|
Amount secured by
the charge |
Rs.161.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest a) 0.5% over
BPLR, presently 13.75% p.a. payable with monthly rests. b) 1.25% over BPLR
i.e. 14.50% p.a. payable monthly. c) 1.25% over
BPLR i.e. 14.50% p.a. payable monthly. d) 1.25% over
BPLR i.e. 14.50% p.a. payable monthly. Terms of
Repayment a) Payable with
monthly rests. b) In ten equal
monthly installments of Rs.0.280 millions, commencing one month from the date
of first disbursement of the loan. c) In twenty
eight equal monthly installments of Rs. 0.068 Limited commencing one month
from the date of first disbursement of the loan. d) In sixty equal
monthly installments of Rs. 0.447 Limited, commencing 12 months from the date
of first disbursement of the loan. Margin a) 25% on
inventory and Book Debts. b) TERM LOAN I -
Nil. c) TERM LOAN II -
Nil. d) TERM LOAN III
- 27% of the Project cost. Extent and Operation
of the charge (1) Term Loan 1 -
Rs. 2.400 millions (2) Term Loan 2 -
Rs. 1.800 millions (3) Term Loan 3 -
Rs. 26.800 millions (4) Line of
Credit (C/C/ WCTL/ PC/ FBP/ UFBP/ Foreign and Inland L/C) - Rs.112.500
millions (5) Import L/c
for import of Plant and Machinery to be adjusted by disbursement of Term Loan
Rs. 16.000 millions and (6) Guarantee -
Rs. 1.500 Millions |
|
Short particulars
of the property charged |
1) NA Land and
Building bearing Block No: 309/1/P/4 situated at Abrama, Valsad. 2) NA Land and
Building bearing Block No: 309/1/P/3 situated at Abrama, Valsad. 3) NA Land
bearing Block No: 309/1/P/1 of CS No: 2886 situated at Abrama, Valsad 4) NA Land
bearing Block No. 309/1/P/2 situated at Abrama, Valsad. 5) Office
premises bearing Flat No.4 Magan Mahal, 2nd Floor, No. 215, M.V. Road,
Andheri (East), Mumbai - 400069. (Admeasuring 1000 sq.ft.). |
|
Date of latest
modification prior to the present modification |
12.03.2007 |
|
Particulars of
the present modification |
Bank's Exclusive
Charge being noted on the Company's Fixed Assets at Valsad and Mumbai, |
Contingent
Liabilities (Rs. In Millions)
a. On account of capital commitments (net of advances) 14.630
b. Customs duty on
raw materials imported under advance
0.697
licensing, against
which export obligation is to be fulfilled
c. The Company has
given irrevocable and unconditional Corporate Guarantee 40.000
to North Eastern
Development Finance Corporation Limited. (NEDFC).
on behalf of
Synergy Films Private Limited, a joint venture company in which the
company is holding 25%
of the equity shares as a collateral security for Term
Loan and Working
Capital Terms Loan availed by joint venture company.
d. In respect of
claims against the Company not acknowledged as debts. (Net) 0.224
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Equipments and Utilities
·
Electrical Installation
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
Un-audited
financial results (Provisional) for the quarter ended 31.12.2010
(Rs.
In millions)
|
|
|
Quarter
ended 31.12.2010 (Unaudited) |
Nine
Months ended 31.12.2010 (Unaudited) |
|
1 |
(a) Net Sales/ Income from
operation |
171.265 |
4,796.30 |
|
|
(b) Other Operating Income |
0.115 |
9.91 |
|
|
Total Income |
1,713.80 |
4,806.21 |
|
2 |
Expenditure |
|
|
|
|
a. Increase(-) /Decrease(+) in
Stock in trade & W.I.P. |
32.34 |
(46.35) |
|
|
b. Consumption of Raw-Materials |
1,194.73 |
3,491.32 |
|
|
c. Purchase of Traded Goods |
- |
- |
|
|
d. Employees Cost |
82.38 |
227.72 |
|
|
e. Depreciation |
30.69 |
87.21 |
|
|
f. Other Expenditure |
215.57 |
623.43 |
|
|
g. Total |
1,555.71 |
4,383.33 |
|
3 |
Profit(+)/ Loss(-) from Operations before other Income |
158.09 |
422.88 |
|
|
Interest & Exceptional Item(1-2) |
|
|
|
4 |
Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
3.56 |
1.40 |
|
5 |
Profit(+)/ Loss(-) before Interest & Exceptional Item |
161.65 |
424.28 |
|
6 |
Interest |
33.74 |
78.74 |
|
7 |
Profit(+)/ Loss(-) after Interest but before Exceptional |
127.91 |
345.54 |
|
|
Item (5-6) |
|
|
|
8 |
Exceptional Items |
(0.06) |
(0.06) |
|
9 |
Profit(+)/ Loss (-) from ordinary activities before Tax |
127.97 |
345.60 |
|
|
(7-8) |
|
|
|
10 |
Tax Expenses |
41.53 |
108.55 |
|
11 |
Net Profit(+)/ Loss (-) from ordinary activities after Tax |
86.44 |
237.05 |
|
|
(9-10) |
|
|
|
12 |
Extraordinary Items |
- |
- |
|
13 |
Net Profit (+)/ Loss(-) for the period (11-12) |
86.44 |
237.05 |
|
14 |
Paid Up Equity Share Capital (Face Value of Rs.10 Per |
300.00 |
300.00 |
|
|
Share) |
|
|
|
15 |
Reserves excluding Revaluation Reserves as per |
|
|
|
|
Balance Sheet of Previous Accounting Year |
|
|
|
16 |
Earning per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before extraordinary items for |
2.88 |
7.90 |
|
|
the period,for the year to date & for the previous year |
|
|
|
|
(not annualised) |
|
|
|
|
b) Basic and diluted EPS after extraordinary items for |
2.88 |
7.90 |
|
|
the period,for the year to date & for the previous year |
|
|
|
|
(not annualised) |
|
|
|
17 |
Public Shareholding |
|
|
|
|
Number of Shares |
1,307,183 |
1,307,183 |
|
|
% of Share holding |
43.57% |
43.57% |
|
18 |
Promoters and promoter group. |
|
|
|
|
Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total
shareholding |
Nil |
Nil |
|
|
of promoter and promoter
group) |
|
|
|
|
- Percentage of shares (as a %
of the total share capital |
Nil |
Nil |
|
|
of the company) |
|
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
1,692,817 |
1,692,817 |
|
|
- Percentage of shares (as a % of the total
shareholding |
100.00% |
100.00% |
|
|
of promoter and promoter
group) |
|
|
|
|
- Percentage of shares (as a
% of the total share capital |
56.43% |
56.43% |
|
|
of the company) |
|
|
Note:
1) The above results for the quarter ended 31.12.2010, have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at its meeting held on 10.03.2011.
2) The Company has only one Segment of activity namely "Plastic Film"
3) There were no complaints from investors outstanding at the beginning of the quarter and at the end of the quarter
4) Figures of the previous period have been regrouped wherever necessary.
5) 'Limited Review' has been carried out by the Auditors for the quarter ended 31.12.2010.
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.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.