MIRA INFORM REPORT

 

 

Report Date :

18.03.2011

 

IDENTIFICATION DETAILS

 

Name :

WIM PLAST LIMITED

 

 

Registered Office :

S. No. 324/4 to 7, Off Kachigam, Village Kachigam, Swami Narayan Gurukul Road, Daman and Diu - 396210

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.10.1988

 

 

Com. Reg. No.:

001544

 

 

CIN No.:

[Company Identification No.]

L25209DD1988PLC001544

 

 

Legal Form :

A Public Limited Liability Company. The company’s shares are listed on stock exchange.

 

 

Line of Business :

Manufacturer of Plastic Moulded and Extruded Articles.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba ( 54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2730000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Trade relations are reported as fair. Business is active. Payments are correct and as per commitments.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Kapil

Designation :

Accountant

Date :

17.03.2011

 

 

LOCATIONS

 

Registered Office / Factory :

S. No. 324/4 to 7, Off Kachigam, Village Kachigam, Swami Narayan Gurukul Road, Daman and Diu – 396210, India

Tel. No.:

91-2638-52415/52416

Fax No.:

91-2638-52222

E-Mail :

wimplast@celloworld.net

 

 

Head Office/ Corporate Office :

8, Vakil Industrial Estate, 2nd Floor, Walbhat Road, Goregaon (East), Mumbai-400093

Tel. No.:

91-22-26863426 / 27

 

 

Factory :

Khasara No. 502/1, Village Akkanwall, Baddi, Tehsil Nalagarh, District Solan – 173205, Himachal Pradesh

 

 

DIRECTORS

 

AS ON 31.03.2010

 

Name :

Mr. Ghisulal D. Rathod

Designation :

Chairman

 

 

Name :

Mr. Pradeep G. Rathod

Designation :

Managing Director

 

 

Name :

Mr. Pankaj G. Rathod

Designation :

Director [up to 26.06.2008]

 

 

Name :

Mr. Ashok D. Shah

Designation :

Director [up to 26.06.2008]

 

 

Name :

Mr. Fatechand M. Shah

Designation :

Director

 

 

Name :

Mr. Harilal Laxmichand Boolani

Designation :

Director

 

 

Name :

Mr. Sohanraj Pukhraj Chhaject

Designation :

Director

 

 

Name :

Mr. Gulabchand P. Jain

Designation :

Director

 

 

Name :

Mr. Mahendra F Sundesha

Designation :

Director

 

 

Name :

Mr. Mahendra N Patel

Designation :

Director

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Madhusudan Jangid

Designation :

Chief Financial Officer

 

 

Name :

Mr. Kapil Dhirajlal Joshi

Designation :

Company Secretary

 

 

Name :

Mr. Kapil

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2010

 

Category of Shareholder

Total No. of Shares

Total Shareholding

as a % of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

4,372,087

72.85

Bodies Corporate

200

-

Sub Total

4,372,287

72.85

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

4,372,287

72.85

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

200

-

Financial Institutions / Banks

1,000

0.02

Sub Total

1,200

0.02

(2) Non-Institutions

 

 

Bodies Corporate

133,198

2.22

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

922,769

15.38

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

517,847

8.63

Any Others (Specify)

54,379

0.91

Clearing Members

43,437

0.72

Non Resident Indians

10,842

0.18

Trusts

100

-

Sub Total

1,628,193

27.13

Total Public shareholding (B)

1,629,393

27.15

Total (A)+(B)

6,001,680

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

6,001,680

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Plastic Moulded and Extruded Articles.

 

 

Products :

Item Code No. [ITC Code]

Product Description

 

 

9401

Plastic Moulded Chairs

 

9403

Other Plastic Furniture and Parts thereof like Stool, Tables etc

 

9099

Bubbled Guard Sheet

 

PRODUCTION STATUS

 

AS ON 31.03.2010

 

Particulars

Unit

Installed Capacity

 

Actual Production

Plastic Moulded and Extruded articles

Tonnes

21440.00

13460.80

 

 

GENERAL INFORMATION

 

No. of Employees :

200 Approximately

 

 

Bankers :
  • Citi Bank, 2nd Floor, Citi Tower, 61, Dr. S.S. Rao Road, Mumbai – 400012
  • IDBI Bank Limited, Marigold House, MIDC, Andheri - 400093

 

 

Facilities :

UNSECURED LOAN

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

 

 

 

Deposits from Dealers

1.628

1.598

Total

1.628

1.598

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bharat P. Shah and Company

Chartered Accountants

 

 

Associates/Subsidiaries :
  • Cello Writing Instruments And Containers Private Limited
  • Cello Household Appliances Private Limited
  • Cello Pens And Stationary Private Limited
  • Cello Pens Private Limited
  • Cello International Private Limited
  • Sunkist Moulders Private Limited
  • Health and Beauty Care Private Limited
  • Cello Plastic Products Private Limited
  • Cello Stationary Products Private Limited
  • Cello Tips And Pens Private Limited
  • Pentek Pen And Stationary Private Limited
  • Cello Capital Private Limited
  • Cello Infrastructure Limited
  • Cello Writing Aids Private Limited
  • Mulisha Chemical Works Private Limited
  • Mgee Marketing Services Private Limited
  • Puroma Private Limited

 

 

Associate Concern :

  • Cello Plast
  • Cello Plastotech
  • Cello Sales and Marketing
  • Cello World
  • Cello Home Products
  • Cello Houseware
  • Millenium Houseware
  • Cello Oral Hygiene Products
  • Cello Plastic Industrial Works

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

7000000

Equity Shares

Rs. 10/- each

Rs. 70.000 Millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

6001680

Equity Shares

Rs. 10/- each

Rs. 60.017 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

60.016

60.016

60.017

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

624.160

482.035

426.583

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

684.176

542.051

486.600

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

56.831

2] Unsecured Loans

1.628

1.598

1.573

TOTAL BORROWING

1.628

1.598

58.404

DEFERRED TAX LIABILITIES

41.006

33.746

33.804

 

 

 

 

TOTAL

726.810

577.395

578.808

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

336.809

286.900

292.862

Capital work-in-progress

3.615

0.986

1.993

 

 

 

 

INVESTMENT

17.581

30.192

0.010

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
199.266

128.224
128.215

 

Sundry Debtors
122.688

86.419
96.415

 

Cash & Bank Balances
24.826

15.845
11.033

 

Other Current Assets
0.000

0.000
0.010

 

Loans & Advances
99.921

97.063
104.669

Total Current Assets
446.701

327.551
340.342

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

12.704

21.635

0.000

 

Current Liabilities
34.464

19.494
33.326

 

Provisions
30.728

27.105
23.073

Total Current Liabilities
77.896

68.234
56.399

Net Current Assets
368.805

259.317
283.943

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

726.810

577.395

578.808

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales

1304.762

919.670

707.135

 

 

Other Income

2.860

2.740

17.740

 

 

Profit / Loss on Sale of Fixed Assets

0.999

(2.984)

0.000

 

 

TOTAL                                     (A)

1308.621

919.426

724.875

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Cost

876.070

616.970

502.856

 

 

Increase/(Decrease) in Finished Goods

(5.246)

12.843

12.231

 

 

Manufacturing, Selling and Other Expenses

180.818

142.945

120.252

 

 

TOTAL                                     (B)

1051.642

772.758

635.339

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

256.979

146.668

89.536

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1.359

5.288

11.560

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

255.620

141.380

77.976

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

30.223

29.832

35.451

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

225.397

111.548

42.525

 

 

 

 

 

Less

TAX                                                                  (H)

55.279

31.520

12.005

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

170.118

80.028

30.520

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

265.532

218.180

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

17.100

8.100

NA

 

 

Dividend

24.006

21.005

NA

 

 

Tax on Dividend

3.987

3.569

NA

 

BALANCE CARRIED TO THE B/S

390.557

265.532

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

137.923

79.897

36.917

 

 

Capital Goods

18.219

7.047

3.089

 

 

 

 

 

 

Earnings Per Share (Rs.)

28.35

13.33

--

 

 

 

QUARTERLY RESULTS

 

PARTICULARS

30.06.2010

 

30.09.2010

31.12.2010

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

358.070

372.540

430.730

Total Expenditure

291.240

311.650

349.750

PBIDT (Excl OI)

66.830

60.890

80.980

Other Income

2.570

2.700

5.260

Operating Profit

69.400

63.590

86.240

Interest

0.210

0.210

0.200

Exceptional Items

0.000

0.000

0.000

PBDT

69.190

63.380

86.040

Depreciation

10.740

10.920

11.010

Profit Before Tax

58.450

52.460

75.030

Tax

17.650

16.500

21.710

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

40.800

35.960

53.320

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

40.800

35.960

53.320

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
12.99

8.70
4.21

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
17.27

12.12
6.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
28.76

18.15
6.72

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.32

0.20
0.09

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
0.17

0.19
0.24

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
5.73

4.80
6.03

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors Details:

Rs. In Millions

 

Particulars
31.03.2010
31.03.2009

31.03.2008

Due to Micro, Small and Medium Enterprises

2.688
3.358

0.000

Other

10.016
18.277

0.000

Sundry Creditors
12.704

21.635

0.000

 

 

OPERATIONS:

The Company has reported excellent results in terms of both volume and profitability. There was sharp lift in the financial parameters of the Company. During the year under review, the company has achieved turnover of Rs. 1420.223 millions as compared to Rs. 1019.003 millions for the previous year, indicating growth of 39.37 %. Net Profit before tax is Rs. 225.397 millions for current year as compared to Rs. 111.548 millions for previous year, indicating growth of 102.06 %.

 

CAPITAL EXPENDITURE:

During the year there was replacement of old machines and also sizeable addition in the existing production capacities, resulting in much better input / output ratios and betterment in product quality. Capital Assets of worth Rs. 81.502 millions were purchased during the year and the assets of Rs. 15.182 millions were sold during the year.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY OVERVIEW:

Fiscal year 2009-10 was a promising year for the Plastic Industry. After the slow down of previous year the Industry has again come back with all around growth in consumer demands. The players has observed that with the rise in education, mass media and consumer awareness there were phased changes in the likes of consumers and the demand pattern was found to be shifted from cost conscious products to branded quality products. As a result of the change in demand pattern there was steep rise in the consumption of branded quality products. Plastic being one of the easy to recycle commodity, we are expecting wider scope for the increase in demands of Plastic Products by Retail and Industrial users.

 

OPPORTUNITIES AND THREATS:

When there is challenge there is an opportunity. The present consumer market for plastic products is highly competitive and there was sharp change in consumption pattern of retail and industrial consumers. Their  Company is amongst the largest brand player of the country for Plastic Moulded Furnitures and cello Bubble Guard Sheets. They are producing varieties of range of Moulded Furnitures i.e. Chairs, Tables, Stools, Crates including the premium range of products. Also they have developed multiple applications of cello Bubble Guard Sheets for Tile Protector, False Ceiling, Wall Panel and Packaging Materials. The brand ‘cello’ has won customers’ faith which is evident by market demand for their products and their financials. There is ample scope for our Moulded Furnitures and Bubble Guard Sheets products in the consumer market and we are in the process of expansion of production facilities and development of additional market for their products. The prime areas of concerns about their business are frequent fluctuations in prices of raw materials and changes in consumer expectations. Also the business is under pressure of reduction in prices with the increase in quality of products to fetch customer satisfaction.

 

 

FINANCIAL HIGHLIGHTS:

Company has delivered most awaited performance with expansion in all spheres of operations.

 

TURNOVER:

Total turnover has reached to Rs. 1420 millions which depicts all time high figures since inception of the Company. The key grounds for rise in turnover rests with company’s policies of providing quality products to customers by launching of new range of products to suit consumer tastes and strengthening of distribution channel throughout the country.

 

 

FIXED ASSETS

 

  • Freehold Land
  • Factory Building
  • Electrical Installation
  • Plant and Machinery
  • Furniture and Fixture
  • Moulds
  • Office 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, India Prisons Service, Interpol, etc.

 

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

UK Pound

1

Rs.72.57

Euro

1

Rs.63.00

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.