MIRA INFORM REPORT

 

 

Report Date :

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MEERA PLASTIC INDUSTRIES

 

 

Registered Office :

Plot No.201/A, Phase II, G.I.D.C., Vapi, Taluka Pardi, Valsad – 396 195, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011 (Provisional)

 

 

Date of Incorporation :

01.05.1992

 

 

Com. Reg. No.:

5360

 

 

Capital Investment / Paid-up Capital :

Rs.1.980 millions

 

 

IEC No.:

5201001530

 

 

PAN No.:

[Permanent Account No.]

AAFFM5028D

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners

 

 

Line of Business :

Manufacturers of M.M.A. Monomer Acrylic Sheet.

 

 

No. of Employees :

10 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Concern

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small concern in its field. Trade relations are reported as fair. No valuation report has been provided as the proposal is under the CGTSME Scheme as informed by the management. The networth statement provided however seems to be satisfactory. No complaints have been heard from indirect or market sources.

 

It would be advisable to take adequate securities while dealing with the subject. 

 

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 PARTED BY

 

Name :

Mr. Narpatsingh Premraj Chaudhary

Designation :

Partner

Contact No.:

91-9328261505

Date :

25.05.2011

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.201/A, Phase II, G.I.D.C., Vapi, Taluka Pardi, Valsad – 396 195, Gujarat, India 

Tel. No.:

91-260-2420793

Mobile No.:

91-9328261505 (Mr. Narpatsingh Premraj Chaudhary)

Fax No.:

91-260-2420793

E-Mail :

meeraplastic@rediffmail.com

Area :

5400 sq ft

Location :

Leased

 

 

PARTNERS

 

Name :

Mr. Narpatsingh Premraj Chaudhary

Designation :

Partner

Address :

401, Golden Town Co-Operative Housing Society Limited, Chharwada Road, Vapi, Gujarat, India

Date of Birth/Age :

28.03.1970

Qualification :

10th Pass

Experience :

19 Years

PAN No.:

AAVPC0470F

 

 

Name :

Mr. Nagaram Lachharam Chaudhary

Designation :

Partner

Address :

Plot No.B-97, Morarji Circle, Vapi, Gujarat, India

Date of Birth/Age :

01.06.1961

Qualification :

9th Pass

Experience :

19 Years

PAN No.:

AAVPC0471E

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

 

Percentage of Holding

Narpatsingh Premraj Chaudhary

 

50.00

Nagaram Lachharam Chaudhary

 

50.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of M.M.A. Monomer Acrylic Sheet.

 

 

Terms :

 

Selling :

Credit (60 days)

 

 

Purchasing :

Credit (30 days)

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

Installed Capacity

 

Actual Production

Acrylic Sheet

400 pcs./ day

100 pcs./ day

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

v      Chirag Enterprises

v      Colour Chemical and Coatings

v      Elson Packaging Indu Private Limited

v      Gautam Security Service

v      Hemali Trading Company

v      Jay Khodiyar Chemicals

v      Mky Enterprise Private Limited

v      Paras Plastic and Chemicals

v      Patkar Extrusions Limited

v      Sahaj International

v      Sheth Enterprises

v      Sun Plastic

v      Tradewell Corporation

 

 

Customers :

Wholesalers and Retailers

 

v      Acryland

v      Acrylic House

v      Bhavna Engineering Works

v      D.D. Plastic

v      Ghanshyam Polyplast

v      Hari Om Stikar Baroda

v      Kesar Trading

v      Madhur Ply and Hardware Stores

v      Mili Enterprise

v      Min Sangram H/W Stores (H.P.)

v      Navrang Enterprise

v      Prachi Impex

v      Prakash Traders

v      Shiv Plywood and Aminates

v      Sudhir Genset Limited (Athal)

v      Sudhir Gensets (Jammu-11)

v      Sun Enterprise

v      Suprabhat Enterprise

 

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

v      Bank of India, Vapi Industrial Estate (SPL. SME) Branch

 

v      Sardar Bhiladwala Pardi People's Co-Operative Bank Limited

 

 

Facilities :

Unsecured Loans

 

31.03.2011

Rs. In Millions

Gavriben G. Choudhary

 

0.089

Isvar K. Patel

 

0.100

Jayash L. Mehta (Loan)

 

0.275

N.P. Choudhary (HUF)

 

0.075

Rajesh N. Shirvi

 

0.225

Sai Enterprises

 

0.240

Santosh M. Chaudhary

 

0.137

Total

 

1.141

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.N. Shah and Associates

Chartered Accountants

Address :

403, Hemkoot, B/h L.I.C. Building, Ashram Road, Ahmedabad, Gujarat, India

Tel. No.:

91-79-66624949

E-Mail :

snshah_asso@hotmail.com

 

 

Associate Concern :

Meera Acrylic

 

Legal Form : Partnership concern with an unlimited liability of the partners

 

Address: Plot No.201/A, 2nd Phase, GIDC-Vapi, Taluka Pardi, District Valsad, Gujarat, India

 

Line of Business: Manufacturing of Acrylic Pipes of Grade-I and Grade-II. 

 

Banker’s Name: Current Account with Indusind Bank, Vapi

Sardar Bhiladwala Pardi People's Co-Operative Bank Limited

 

PAN No.: AAMFM0745Q

 

 

CAPITAL STRUCTURE

 

MR. NAGARAM LACHARAM CHAUDHARY

LEDGER ACCOUNT

01.04.2010 TO 31.03.2011

 

Date

Particulars

Debit

(Rs. in millions)

Credit

(Rs. in millions)

1.4.2010

By Opening Balance

 

1.185

 

 

 

 

1.4.2010

To Advance Income Tax

0.002

 

 

 

 

 

18.6.2010

To Bank of India – Vapi I.E. (2331)

Ch. No.: 820375

0.010

 

 

 

 

 

 

To Bank of India – Vapi I.E. (2331)

Ch. No.: 820376

0.020

 

 

 

 

 

28.8.2010

To Bank of India – Vapi I.E. (2331)

Ch. No.: 820397

0.025

 

 

 

 

 

24.11.2010

To Bank of India – Vapi I.E. (2331)

Ch. No.: 156574

0.025

 

 

 

 

 

19.01.2011

To Bank of India – Vapi I.E. (2331)

Ch. No.: 172405

0.030

 

 

 

 

 

17.02.2011

To Bank of India – Vapi I.E. (2331)

Ch. No.: 172410

0.500

 

 

 

 

 

31.3.2011

To Cash

CASH W/D

0.060

 

 

 

 

 

 

By Partner’s Capital Interest

CAPITAL INT.

 

0.062

 

 

 

 

 

By Partner’s Remuneration

PARTNER’S SALARY

 

0.190

 

 

 

 

 

By Profit & Loss A/c

T/R NET PROFIT

 

0.060

 

 

0.672

1.497

 

To Closing Balance

0.825

 

 

 

1.497

1.497

 

MR. NARPATSING PREMJI CHAUDHARY

LEDGER ACCOUNT

01.04.2010 TO 31.03.2011

 

Date

Particulars

Debit

(Rs. in millions)

Credit

(Rs. in millions) 

1.4.2010

By Opening Balance

 

1.191

 

 

 

 

1.4.2010

To Advance Income Tax

0.002

 

 

 

 

 

26.4.2010

To Bank of India – Vapi I.E. (2331)

 

0.100

 

 

 

 

24.11.2010

To Bank of India – Vapi I.E. (2331)

Ch. No.: 156573

0.130

 

 

 

 

 

15.1.2011

To Bank of India – Vapi I.E. (2331)

Ch. No.: 172404

0.130

 

 

 

 

 

24.1.2011

To Bank of India – Vapi I.E. (2331)

Ch. No.: 156594 advance tax 

0.010

 

 

 

 

 

30.1.2011

To Bank of India – Vapi I.E. (2331)

Ch. No.: 156600

0.050

 

 

 

 

 

11.2.2011

To Bank of India – Vapi I.E. (2331)

Ch. No.: 903582

0.100

 

 

 

 

 

31.3.2011

To Cash

CASH W/D

0.060

 

 

 

 

 

 

By Partner’s Capital Interest

CAPITAL INT.

 

0.097

 

 

 

 

 

By Partner’s Remuneration

PARTNER’S SALARY

 

0.190

 

 

 

 

 

By Profit & Loss A/c

T/R NET PROFIT

 

0.059

 

 

0.482

1.637

 

To Closing Balance

1.155

 

 

 

1.637

1.637

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

(Provisional)

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

 

1] Partner’s Capital

1.980

2.376

1.990

1.168

2] Share Application Money

0.000

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

0.000

NETWORTH

1.980

2.376

1.990

1.168

LOAN FUNDS

 

 

 

 

1] Secured Loans

0.000

0.000

0.000

0.000

2] Unsecured Loans

1.141

1.041

0.875

0.350

TOTAL BORROWING

1.141

1.041

0.875

0.350

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

0.000

 

 

 

 

 

TOTAL

3.121

3.417

2.865

1.518

 

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.541

0.638

0.708

0.494

Capital work-in-progress

0.000

0.000

0.000

0.000

 

 

 

 

 

INVESTMENT

0.007

0.007

0.007

0.007

DEFERREX TAX ASSETS

0.000

0.000

0.000

0.000

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

 

Inventories
3.461

3.241

1.566

1.870

 

Sundry Debtors
1.461

1.171

1.361

1.796

 

Cash & Bank Balances
0.114

0.082

0.137

0.050

 

Other Current Assets
0.000

0.000

0.000

0.000

 

Loans & Advances
0.612

0.456

1.012

0.971

Total Current Assets
5.648

4.950

4.076

4.687

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

 

Sundry Creditors
2.964

2.076

1.867

3.603

 

Other Current Liabilities
0.061

0.076

0.059

0.000

 

Provisions
0.050

0.026

0.000

0.067

Total Current Liabilities
3.075

2.178

1.926

3.670

Net Current Assets
2.573

2.772

2.150

1.017

 

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

0.000

 

 

 

 

 

TOTAL

3.121

3.417

2.865

1.518

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

(Provisional)

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

 

Income

7.854

8.094

6.240

6.361

 

 

Other Income

0.000

0.000

0.000

0.000

 

 

TOTAL                      

7.854

8.094

6.240

6.361

 

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

 

Cost of Goods Sold

6.203

6.386

4.506

5.208

 

 

Power Charges

0.146

0.222

0.517

0.183

 

 

Wages and Salaries

0.235

0.224

0.206

0.119

 

 

Partner’s Capital Interest

0.159

0.212

0.151

0.147

 

 

Partner’s Remuneration

0.380

0.356

0.147

0.152

 

 

Rent Charges

0.120

0.125

0.108

0.108

 

 

Telephone and Mobile Expenses

0.033

0.054

0.065

0.063

 

 

Traveling Expenses

0.081

0.109

0.024

0.015

 

 

Other Expenses

0.276

0.203

0.239

0.176

 

 

TOTAL            

7.633

 7.891

5.963

6.171

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

0.221

0.203

0.277

0.190

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION   

0.102

0.131

0.132

0.070

 

 

 

 

 

 

 

PROFIT BEFORE TAX

0.119

0.072

0.145

0.120

 

 

 

 

 

 

Less

TAX                                         

0.000

0.026

0.000

0.000

 

 

 

 

 

 

 

PROFIT AFTER TAX

0.119

0.046

0.145

0.120

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

(Provisional)

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.52

0.57

2.32

1.89

 

 
 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.52

0.89

2.32

1.89

 

 
 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.92

1.29

3.03

2.32

 

 
 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.03

0.07

0.10

 

 
 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.13

1.35

1.41

3.44

 

 
 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.84

2.27

2.12

1.28

 

 

LOCAL AGENCY FURTHER INFORMATION

 

STATEMENT OF TOTAL INCOME

 

ASSESSMENT YEAR 2010-11

 

Particulars

Amount

(Rs. in millions)

Amount

(Rs. in millions)

NET PROFIT AS PER P & L A/C

 

0.072

 

 

 

ADD: ITEM TREATED SEPARATELY/ DISALLOWABLE EXPENSES

 

 

Donations

0.006

 

Fringe Benefit Tax

0.005

 

Working Partners’ Interest

0.212

 

Working Partners’ Remuneration

0.356

 

Depreciation

0.131

 

 

0.710

 

 

 

 

LESS: ITEM TREATED SEPARATELY/ ALLOWABLE EXPENSES

 

 

Working Partners’ Interest

(0.211)

 

Depreciation (As per I.T. Act)

(0.128)

 

 

 

0.371

INCOME BEFORE WORKING PARTNERS’ REMUNERATION

 

0.443

 

 

 

Working Partners’ Remuneration admissible

 

 

On Rs.0.300 million                                                                       90%

0.270

 

On Balance Profit                                                                          60%

0.086

(0.356)

 

 

 

GROSS TOTAL INCOME

 

0.087

Less: Deduction Under Section 80G

 

(0.003)

NET TAXABLE INCOME (ROUNDED OFF)

 

0.084

 

 

 

COMPUTATION OF TAX PAYABLE

 

 

Ta Payable on                                              Rs.0.084 million – 30.00%

 

0.025

Edu. Cess – 2.00%

 

0.001

SHEC – 1.00%

 

0.000

TOTAL TAX ON INCOME

 

0.026

 

 

 

Advance Tax paid on 17.09.2009

(0.010)

 

Advance tax Paid on 17.12.2009

(0.010)

 

Advance Tax paid on 17.03.2010

(0.010)

(0.030)

TAX PAYABLE BEFORE INTEREST

 

(0.004)

 

 

 

Less: Interest under Section 234C

 

 

upto 15th September 2009                                                            0.008

0.000

 

 

 

0.000

Balance tax Payable/ (Refund)

 

(0.004)

 

__________________________________________________________________________________________

 

PROJECT REPORT

Security Offered:

 

The firm requests for loan under CGTSME Scheme and hence offers following primary securities for the financial assistance required by it:

 

Sr. No.

Description of Assets

Approximately Market Value

(Rs. in millions)

A.

Primary Security

 

1

Hypothecation of Stocks of Raw Materials, finished goods, consumables, packing materials and Receivables both present and future

4.413

 

Sub Total A (Primary Security)

4.413

 

 

 

B.

Collateral Security:

 

1

Nil

 

 

Sub Total B (Collateral Security)

--

C.

Total Securities

4.413

II

Security Coverage Ratio

176.52%

 

Concessions Requested:

 

The firm requests for the followings:

 

a. Waiver of intersole charges for any dealings from outside city.

 

b. Lowest possible rate of interest on the loans requested.

 

c. Waiver of 75% of applicable processing charges.

 

INTRODUCTION:

 

History of the Company

 

Subject is a partnership firm established in the year 1992, registered as a SSI Unit in the year 2008. It had been established by Shri Narpatsingh Premji Chaudhary, and Shri Nagaram Lachharam Chaudhary who is in this field since more than 19 years. The manufacturing unit of the firm is located at Plot No.201/A, 2nd phase GIDC-Vapi Tal: Pardi, District: - Valsad, having area of 5400 sq. ft. The firm is engaged in the business of manufacturing and trading of acrylic sheets.

 

Registrations Obtained

 

The unit has obtained following registrations:

1. SSI Registration No: 24-025-11-00682 dated 23/01/2008

 

2. Central Sales Tax Registration No- 24750700512 dated 23/9/2005

 

BACKGROUND OF THE PROMOTER

 

Shri Narpatsingh P. Choudhary

 

Shri Narpatsingh P. Choudhary, aged about 42 years, is an energetic and enthusiastic person. He had worked in Meera Plastic Udhyog, Pali (Rajasthan), which was engaged in the business of manufacturing of acrylic/plastic bags in which his father was a proprietor, for a period of 3 years. Thereafter, from the last 19 years he is a partner in subject, which is engaged in the business of manufacturing of M.M.A. Monomar Acrylic Sheets. And he is also partner in the firm Meera Acrylic since October, 2003, which is engaged in the business of manufacturing of acrylic pipes of grade-I and grade-Il.

 

Brief details of last three years of his income are as under:

(Rs. in millions)

Financial year

2007-08

2008-09

2009-10

Gross Income

0.273

0.324

0.461

Tax Payable

0.015

0.010

0.027

Net Income

0.183

0.245

0.361

 

Shri Nagaram Lachharam Choudhary

 

Shri Nagaram Lachharam Choudhary, aged about 43 years, is a young, energetic and dynamic person. After leaving studies, he joined farming. Then for 2 years he served as a sales-man at Shree Trading, Surat that was dealing in cloth trading. Thereafter, from the last 19 years he is a partner in subject, which is engaged in the business of manufacturing of M.M.A. Monomar Acrylic Sheet.

 

Brief details of last three years of his income are as under:

(Rs. in millions)

Financial year

2007-08

2008-09

2009-10

Gross Income

0.303

0.360

0.432

Tax Payable

0.015

0.011

0.021

Net Income

0.203

0.260

0.332

 

PRODUCTS AND INPUTS

 

The Products

 

Acrylic plastic refers to a family of synthetic, or man-made, plastic materials containing one or more derivatives of acrylic acid. The most common acrylic plastic is polymethyl methacrylate (PMMA), which is a tough, highly transparent material with excellent resistance to ultraviolet radiation and weathering. It can be colored, molded, cut, drilled, and formed. These properties make it ideal for many applications including airplane windshields, skylights, automobile taillights, and outdoor signs. One notable application is the ceiling of the Houston Astrodome which is composed of hundreds of double-insulating panels of PMMA acrylic plastic.

 

The Manufacturing Process

 

Acrylic Scraps are purchased as raw material for their product which is sorted out, cleaned and crushed to small pieces which are dumped into bhatti. The top lid of the bhatti is then closed and bolted and thereafter manual fire by fire wood is given to the bhatti to obtain 300 Deg. Temperature. Then the plastic scraps become vapour which is passed through condenser through cold water and collected in a storage tank in liquid form which is called Blank Monomer (Semi-finished product).

 

The liquid black Monomer is distilled through the distillation plant at temperature of 80 Deg by firewood for purifying colout4ess materials. And thereafter it is allowed to pass through condenser and through cold water and then collected in a storage tank which is colourless and clean Monomer.

 

The clear Monomer (100 Kgs.) then put in a vessel and heated upto 60 Deg. Temperature then added chemical AIBN. Then the polymerization of Monomer is done upto 90 Deg. Temperature. When it becomes in Syrup form then it is added with required colour. The above syrup put in glass die as per the size and requirement. And then put the proper gasket to maintain the required thickness of the sheet. The glass is clamped and put into frame.

 

Then the frame is allowed to water bath. They maintain 60 Deg. Temperature in water bath for 4 hours time. On the next day they remove the frame from the water bath and then remove the frame and glass. The Acrylic Sheet is ready as a finished product.

 

The Future

 

The average annual increase in the rate of consumption of acrylic plastics has been about 10%. A future annual growth rate of about 5% is predicted. Despite the fact that acrylic plastics are one of the oldest plastic materials in use today, they still hold the same advantages of optical clarity and resistance to the outdoor environment that make them the material of choice for many applications.

 

LOCATIONAL ANALYSIS:

 

Introduction

 

It is utmost important to select appropriate location for any industrial project. Most important! critical location parameters include raw material availability. Manpower availability, and Basic infrastructure status, access to market both domestic and global at the location.

 

Locational Parameters:

 

Basic Infrastructure Status

 

The unit is located in Vapi Industrial Estate. Vapi and is at about 250 Krns. away from Nandesari, 150 Kms. from Ankleshwar, 150 Km. from Mumbai and about 375 kms. from Ahmedabad, where largest chemical estates of India are located. Since the Firm is situated at an Industrial Estate, all the basic infrastructural facilities like power, road, transport etc. are available at the location.

 

Raw Material Availability

 

Raw material of the firm is Acrylic scrap and MMRAO. The unit is procuring Acrylic scrap from. Mumbai and when scrap is not available, they manufacture Acrylic .sheets from Monomer, which is procured from Jamnagar and Rajkot. As such the city is well connected of all means of transportation , raw material availability is not a problem for the firm.

 

Manpower Availability

 

The location of the unit is at G.I.D.C. Estate with all the amenities and hence the location is connected by rail and road with full conveyance facilities and hence required manpower is easily available at reasonable rates.

 

Further, necessary transportation and conveyance facility are easily available.

 

Market Accessibility

 

The unit is situated at one of the largest chemical estate of Gujarat-Vapi and is at about 250 Kms. away from Nandesari 150 Kms from Ankleshwar and about 375 kms. from Abmedabad, where largest chemical estates of India are located, This ensures immediate market for the product of the firm.

 

Transportation:

 

As the location is connected with Rail, Road and Air with all the parts of country, easy transportation facilities are available.

 

MARKET POTENTIAL:

 

v      The plastic sheet/thermoformed product market was significant in 2004 with an estimated consumption of 6.3 billion pounds. This will increase to nearly 8 billion pounds by 2009, at a 4.8% average annual growth rate (AAGR).

v      Growth in this market is driven mostly by the increasing use of thermoformed plastics, especially in the rigid packaging market led by the food industry.

v      This industry is characterized by the predominance of commodity thermoplastics led by polystyrene and including high-density polyethylene, polypropylene and PVC.

v      Significant consumption also is provided by the two major clear plastic sheet resins, polyacrylates and polycarbonate.

 

Products:

 

The product has got wide market. The partners are already’ in the field since more than 19 years and are already having good rapport with all the parties.

 

The products have multiple uses as under:

 

v      Manufacturing of bangles

v      Decorative furniture

v      Decorative signboards

v      Railway window glass

v      Manufacturing of gift articles

v      Curtain stand in residences etc.

 

Selling and Marketing Arrangement:

 

The firm proposes to directly supply the products to all major customers in all over India. However, it also proposes to supply the materials to dealers/traders.

 

The following is the list of major customers of the firm:

 

i) Culcutta Store Supply

ii) Acrylic House- Surat

iii) Butolite Industries- Mumbai

iv) Gopi Enterprise-Ahmedabad

v) Rajendra Plast-Mumbai

vi) Sai Plastic- Mumbai

 

Actual and Estimated Year wise Sales

(Rs. in millions)

Particulars

2008-09

2009-10

2010-11

2011-12

2012-13

Sales

6.240

8.093

7.000

12.500

14.000

 

 

 

 

 

 

 

The firm has achieved sales of Rs.6.240 millions in the year 2008-09 which has been increased to Rs.8.093 millions, registering growth of 30%. The firm has estimated to achieve turnover of Rs.7.000 millions for the year 2010-11.

 

Monthly sales figures for the current year is as under:

 

Month

Rs. in millions

 

April 2010

0.687

May 2010

1.227

June 2010

0.151

July 2010

0.320

August 2010

1.098

September 2010

0.854

October 2010

0.263

November 2010

0.221

December 2010

0.389

January 2011

0.834

February 2011

0.331

Total

6.375

 

The firm has achieved turnover of Rs.6.375 millions till February 2011 and confident to achieve the estimated sales for the current year. Further, the company is till now doing business without having any bank finance and no with the help of bank finance, the firm is confident to achieve the estimated turnover of Rs.12.500 millions in the year 2011-12. With bank finance, the firm is confident to achieve the projected sales in future.

 

Competition

 

Some of the major players of the industry are as follows:

 

v      Chaudhary Plastics

v      Kesar Industries

 

There are not much competitors of the unit. There is no effective competition of the products in Gujarat.

 

RATIO ANALYSIS

 

Gross Profit Ratio

 

The firm has achieved GP ratio of 9.52% and 4.84% in the years 2008-09 and 2009-10. Further, the firm has estimated GP at 10.01% in 2010-11 which will increase to 12.56% in 2011-12 due to increase in turn over.

 

Current Ratio

 

The firm has achieved current ratio 0.99 in the current year 2009-10, further, the firm has estimated 1.33 in 2010-11, which will be 1.34 in 2011-12, which is well above the benchmark level. With the increase in internal accruals and their expected plough back, and consequent build-up of NWC, current ratio is expected to improve further in the coming years.

 

Debt Equity Ratio

 

The firm has achieved DIE ratio at 25.60 in the year 2009-10. Further, it has been estimated at 2.34 in 2010-11 and 2.49 in 2011-12. Debt equity ratio is maintained at benchmark level of the bank.

 

Security Coverage:

 

The firm requests for loan under CGTSME Scheme and hence offers following primary securities for the financial assistance required by it:

 

Sr. No.

Description of Assets

Approximately Market Value

(Rs. in millions)

A.

Primary Security

 

1

Hypothecation of Stocks of Raw Materials, finished goods, consumables, packing materials and Receivables both present and future

4.413

 

Sub Total A (Primary Security)

4.413

 

 

 

B.

Collateral Security:

 

1

Nil

 

 

Sub Total B (Collateral Security)

--

C.

Total Securities

4.413

II

Security Coverage Ratio

176.52%

 

ASSOCIATE CONCERN

 

MEERA ACRYLIC is a partnership firm established by the Shri Narpatsingh Premji Chaudhary and Shri Nagaram Lachharam Chaudhary with effect from 21st October 2003. The firm is engaged into the business of manufacturing of acrylic pipes of grade-I and grade-Il

 

The financials of the firm are as under:

 

Particulars

2008-09

(Rs. in millions)

Turn Over

2.335

Net Profit

0.173

Capital

4.147

Unsecured Loans

0.431

Secured Loan From SIDBI

0.500

 

Bank Details: The firm is having current account with Indusind Bank, Vapi and not enjoying any credit limits with any bank/FIs.

__________________________________________________________________________________________

 

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

 

OPERATING STATEMENT

(Rs. in millions)

PARTICULARS

2010-11

2011-12

2012-13

Estimates

Projections

Sales - Local

7.000

12.500

14.000

Export

0.000

0.000

0.000

Less: Excise Duty and VAT

0.000

0.000

0.000

Total Sales

7.000

12.500

14.000

 

 

 

 

COST OF SALES

 

 

 

Raw materials

 

 

 

- Indigenous

3.208

12.203

10.934

 

 

 

 

Stoics & Spares

0.000

0.000

0.000

Power& Fuel

0.192

0.343

0.384

Direct Labour

0.194

0.346

0.387

Repairs and maintenance

0.017

0.031

0.035

Depreciation

0.102

0.083

0.069

Other Manufacturing Expenses –

Transportation Charges

 

0.124

 

0.221

 

0.235

 

 

 

 

Sub Total

3.836

13.227

12.044

 

 

 

 

Add: Opening stock of WIP/ FG

3.241

0.959

3.307

Deduct Closing stock of WIP/FG

(0.959)

(3.307)

(3.011)

Sub Total (Total cost of Sales)

6.118

10.879

12.340

 

 

 

 

Gross Profit

0.882

1.621

1.660

Interest and Bank charges

0.000

0.313

0.313

Selling, general and administrative expenses

0.279

0.374

0.398

Sub Total

0.602

0.934

0.950

 

 

 

 

OPERATING PROFIT

 

 

 

Other Income/ Expenses

 

 

 

Add Other Income

0.000

0.000

0.000

Deduct Other Expenses

0.000

0.000

0.000

Remuneration to partners

(0.360)

(0.360)

(0.360)

Interest to Partners

(0.214)

(0.235)

(0.267)

Sub Total

(0.574)

(0.595)

(0.627)

 

 

 

 

PROFIT BEFORE TAX

0.028

0.340

0.323

 

 

 

 

PROVISION FOR TAXES

(0.010)

(0.100)

(0.100)

 

 

 

 

NET PROFIT

0.018

0.240

0.223

 

 

 

 

CASH ACCRUALS

0.614

0.918

0.919

 

 

 

 

RATIOS

 

 

 

 

 

 

 

a. PROFITABILITY RATIOS:

 

 

 

 

 

 

 

Gross Profit as % of Net Safes

12.60%

12.97%

11.86%

Operating Profit as % of Net Sales

8.60%

7.47%

6.78%

PBT as % of Net Sales

0.41%

2.72%

2.31%

Net Profit as % of Net Sales

0.26%

1.92%

1.59%

Cash Accruals as % of Net Sales

4.78%

3.50%

3.13%

 

 

 

 

b. GROWTH RATIOS:

 

 

 

 

 

 

 

% Growth in sales

(13.51%)

78.57%

12.00%

% Growth in Depreciation

(22.14%)

(18.71%)

(16.82%)

% Growth in Gross profit

(8.73%)

83.84%

2.43%

%Growth in Operating profit

(5.74%)

55.11%

1.65%

% Growth in PBT

(60.46%)

1092.54%

(4.85%)

% Growth in Net profit

(59.85%)

1196.79%

(6.87%)

% Growth in Cash Accruals

88.88%

30.77%

0.34%

 

 

 

 

c. VOLUME RATIOS: (Times)

 

 

 

 

 

 

 

Turnover/Net Block

13.06

27.59

36.45

Turnover/Networth

2.52

4.00

4.00

Net profit/capital employed

0.54%

6.84%

6.38%

PBT to Total Tangible Assets (%)

0.62%

3.54%

3.63%

Operating Cost to Sales (%)

91.40%

92.53%

93.22%

Bank Finance to Current Assets (%)

0.00%

27.35%

29.36%

Inventory + Receivables to Net sales

156

230

201

Inventory/Net Sales (Days)

73

146

118

Receivables/ Gross Sales (Days)

83

85

83

Sundry’ Creditors/ Purchases (Days)

91

91

76

 

 

 

 

d. OTHER RATIOS

 

 

 

 

 

 

 

Current ratio

3.62

1.50

1.58

 

 

 

 

Debt equity Ratio

0.64

2.07

1.54

 

__________________________________________________________________________________________

 

ANALYSIS OF BALANCE SHEET

 

Balance Sheet Spread

(Rs. in millions)

PARTICULARS

2010-11

2011-12

2012-13

Projections

CURRENT LIABILITIES

 

 

 

 

 

 

 

Short term Borrowings from banks (including bills purchase and excess borrowing placed on repayment basis)

 

 

 

(i) From Applicant Bank-CC

0.000

2.500

2.500

                                     -P/C

0.000

0.000

0.000

(ii) From Other Banks

0.000

0.000

0.000

 

0.000

2.500

2.500

 

 

 

 

Short-term borrowings within from others

0.802

3.051

2.278

Deposits (maturing within one year)

0.000

0.000

0.000

Sundry Creditors

0.000

0.000

0.000

Unsecured Loans

0.000

0.000

0.000

Advances/progress payments

0.000

0.000

0.000

From customer /deposits from dealers, selling Age Interest and other charges

0.000

0.000

0.000

Accrued but not due

0.000

0.000

0.000

Provision for Taxation

0.010

0.100

0.100

Dividend Payable

0.000

0.000

0.000

Other statutory liabilities

0.030

0.030

0.030

Installments of Term Loan

 

 

 

Unsecured deposits

0.200

0.300

0.375

Other current liability and Provisions

(due within one year -- major items to be specified)

 

 

 

 

 

 

 

Sundry Creditors for Expenses

0.067

0.110

0.120

 

 

 

 

Sub-total (B)

1.110

3.591

2.903

 

 

 

 

Total Current Liabilities

1.110

6.091

5.403

 

 

 

 

TERM LIABILITIES

 

 

 

 

 

 

 

Debentures (not maturing within one year)

0.000

0.000

0.000

Redeemable preference share

0.000

0.000

0.000

Term Loans (excluding of inst. payable within one year)

0.000

0.000

0.000

Deferred payments credit

0.000

0.000

0.000

Term Deposits (payable after one year)

0.000

0.000

0.000

Sundry Creditors for Cap. Expenses

0.675

0.375

0.000

Other Term Liabilities

0.000

0.000

0.000

 

 

 

 

TOTAL TERM LIABILITIES

0.675

0.375

0.000

 

 

 

 

TOTAL OUTSIDE LIABILITIES

1.785

6.466

5.403

 

 

 

 

NET WORTH

 

 

 

 

 

 

 

Partners Capital

2.608

2.963

3.332

Interest Free Deposits

0.166

0.166

0.166

Profit and Loss Account

0.000

0.000

0.000

Preliminary expenditure not v/off

0.000

0.000

0.000

 

 

 

 

NET WORTH

2.774

3.129

3.498

 

 

 

 

TOTAL LIABILITIES

4.559

9.594

8.902

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash and Bank Balances

0.200

0.200

0.200

 

 

 

 

Investments (other than long term investments)

 

 

 

(i)Government and other trustee securities

0.000

0.000

0.000

(ii) Fixed deposits with Banks

0.005

0.005

0.005

 

 

 

 

(i) Receivables other than deferred and export receivables (including bills discounted)

1.600

2.900

3.200

(ii) Export receivables (including bills purchased)

0.000

0.000

0.000

 

 

 

 

Installments of deferred receivables

0.000

0.000

0.000

 

 

 

 

INVENTORY

 

 

 

 

 

 

 

(i) Raw-materials (including stores and other items used in the process of manufacture)

 

 

 

(a) Imported

0.000

0.000

0.000

(b) Indigenous

0.440

1.680

1.500

(ii) Finished goods & WIP

0.959

3.307

3.011

(iii) Work in process

0.000

0.000

0.000

(iv) Stores & Spares & Steam

0.000

0.000

0.000

 

 

 

 

Advances to suppliers of raw-materials and stores /spares consumable

0.300

0.300

0.300

 

 

 

 

Advance payment of taxes

0.009

0.085

0.085

 

 

 

 

Other current assets (major items to be specified)

0.000

0.000

0.000

 

 

 

 

Loans, advances & other current assets

0.508

0.663

0.214

 

 

 

 

TOTAL CURRENT ASSETS

4.021

9.139

8.515

 

 

 

 

FIXED ASSETS

 

 

 

 

 

 

 

WDV

0.638

0.536

0.453

Depreciation

(0.102)

(0.083)

(0.069)

Addition

0.000

0.000

0.000

Net Block

0.536

0.453

0.384

 

 

 

 

OTHER NON-CURRENT ASSETS

 

 

 

 

 

 

 

Investments/ book debts, advances/ deposits which are not current assets

 

 

 

(i) (a) Investment in Subsidiaries/ affiliates

0.000

0.000

0.000

(b) Others

0.000

0.000

0.000

(ii) Advances to suppliers of capital goods spares and contractors for capital expenditure

0.000

0.000

0.000

(iii) Deferred receivables (other than those maturing within one year)

0.000

0.000

0.000

(iv) Others-Deposits

0.002

0.002

0.002

Non-consumable stores and spares

0.000

0.000

0.000

Other miscellaneous assets including dues from directors

0.000

0.000

0.000

 

 

 

 

Total other Non-current Assets

0.002

0.002

0.002

 

 

 

 

Intangible Assets - Deferred Revenue Expenditure preliminary exp. etc.)

0.000

0.000

0.000

Doubtful recovery

0.000

0.000

0.000

 

 

 

 

TOTAL ASSETS

4.559

9.594

8.902

 

 

 

 

Tangible Net Worth

2.774

3.129

3.498

 

 

 

 

% Growth in TNW

8.37%

11.32%

10.57%

 

 

 

 

Net Working Capital

2.911

3.048

3.112

 

 

 

 

ADDITIONAL INFORMATION

 

 

 

 

 

 

 

Arrears of Depreciation

--

--

--

Arrears of cumulative dividend

--

--

--

Arrears of cumulative dividend

--

--

--

Arrears of cumulative dividend

--

--

--

 

__________________________________________________________________________________________

 

POSITION REGARDING CURRENT ASSETS AND CURRENT LIABILITIES

 

(Rs. in millions)

PARTICULARS

2010-11

2011-12

2012-13

Projections

CURRENT ASSETS

 

 

 

 

 

 

 

(i) Raw-materials (including stores and other items used in the process of manufacture)

 

 

 

(a) Imported

0.000

0.000

0.000

(months consumption)

0.00

0.00

0.00

 

 

 

 

(b) Indigenous

0.440

1.680

1.500

(month’s consumption)

(1.65)

(1.65)

(1.65)

 

 

 

 

(ii) Stores Spares & Tools

0.000

0.000

0.000

(months consumption)

0.00

0.00

0.00

 

 

 

 

(iii) Finished Goods

0.959

3.307

3.011

(months cost of sales)

(1.88)

(3.65)

(2.93)

 

 

 

 

(iv) Work in Process

0.000

0.000

0.000

(months cost of production)

0.00

0.00

0.00

 

 

 

 

(v) Receivables other than Export receivables but including bills discounted

1.600

2.900

3.200

(month’s domestic sales)

(2.74)

(2.78)

(2.74)

 

 

 

 

(vi) Export Receivables

(including bill discounting)

0.000

0.000

0.000

(months export sales)

0.00

0.00

0.00

 

 

 

 

(vii) Other current assets including cash and bank balances and deferred receivables (due with in one year)

1.022

1.253

0.804

 

 

 

 

TOTAL CURRENT ASSETS

4.021

9.139

8.515

 

 

 

 

CURRENT LIABILITIES (other than bank borrowings for taking working capital)

 

 

 

 

 

 

 

(i) Creditors for purchase

0.802

3.051

2.278

(month’s purchase)

(3.00)

(3.00)

(2.50)

 

 

 

 

(ii) Advance from Customers

0.000

0.000

0.000

 

 

 

 

(iii) Accrued expenses

0.000

0.000

0.000

 

 

 

 

(iv) Statutory Liabilities

0.040

0.130

0.130

 

 

 

 

v) Other Current Liabilities

0.267

0.410

0.495

 

 

 

 

Sub-total

1.110

3.591

2.903

 

 

 

 

WORKING CAPITAL GAP

2.911

5.548

5.612

 

 

 

 

Actual/projected bank borrowings for working capital including bill purchases and discounted and excess borrowing placed on repayment basis

0.000

2.500

2.500

 

 

 

 

Total current liabilities

1.110

6.091

5.403

 

 

 

 

Net Working Capital

2.911

3.048

3.112

 

__________________________________________________________________________________________

 

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

 

(Rs. in millions)

PARTICULARS

2010-11

2011-12

2012-13

Projections

1ST METHOD OF LENDING

 

 

 

1. Working Capital gap

2.911

5.548

5.612

 

 

 

 

2. Minimum stipulated net working capital

0.728

1.387

1.403

 

 

 

 

3. Actual/projected net working capital

2.911

3.048

3.112

 

 

 

 

4. Item I minus Item 2

2.183

4.161

4.209

 

 

 

 

5. Item I minus Item 3

0.000

2.500

2.500

 

 

 

 

6. Maximum permissible bank finance (item 4 or item 5 whichever is lower)

0.000

2.500

2.500

 

 

 

 

7. Excess borrowings (representing short fall in Working Capital to be con- vetted into working capital term loan (Item 2 minus 3)

0.000

0.000

0.000

 

 

 

 

2ND METHOD OF LENDING

 

 

 

 

 

 

 

8. Working Capital gap

2.911

5.548

5.612

 

 

 

 

9. Minimum stipulated net working capital (25% of total current assets)

1.005

2.285

2.129

 

 

 

 

10. Actual/projected net working capital

2.911

3.048

3.112

 

 

 

 

11. Item 8 minus item 9

1.906

3.264

3.483

 

 

 

 

12. Item 8 minus item 10

0.000

2.500

2.500

 

 

 

 

13. Maximum permissible bank finance (item 11 or 12 whichever is lower)

0.000

2.500

2.500

 

 

 

 

14. Excess borrowing (representing short fall in net working capital) (Item 9 minus Item 10)

0.000

0.000

0.000

 

__________________________________________________________________________________________

 

ANALYTICAL AND COMPARATIVE RATIOS (PROJECTIONS)

(Rs. in millions)

PARTICULARS

2010-11

2011-12

2012-13

Projections

Net Sales

7.000

12.500

14.000

 

 

 

 

% rise (+) or fall (-) in net sales during the year as compared to previous year

(13.51%)

78.57%

12.00%

 

 

 

 

Profit before tax (+) or loss

0.028

0.340

0.323

 

 

 

 

Net Profit (i.e. after tax) or loss (-)

0.018

0.240

0.223

 

 

 

 

(a) Equity Share dividend declared

0.000

0.000

0.000

(b) Equity Share dividend paid

0.000

0.000

0.000

(c) Rate % of (a)

0.00%

0.00%

0.00%

(d) Rate % of (b)

0.00%

0.00%

0.00%

 

 

 

 

Retained Profit

0.018

0.240

0.223

 

 

 

 

Retained Profit

100.00%

100.00%

100.00%

Net profit

 

 

 

 

 

 

 

Raw materials (including stores and other items used in the process of manufacture)

 

 

 

(a) Imported

How many months consumption do these represent?

0.000

0.00

0.000

0.00

0.000

0.00

 

 

 

 

(b) Indigenous

How many months consumption do these represent?

0.959

(1.65)

3.307

(1.65)

3.011

(1.65)

 

 

 

 

Stock in process

0.000

0.000

0.000

How many months, cost of production do these represent?

0.00

0.00

0.00

 

 

 

 

Finished goods

0.959

3.307

3.011

How many months cost of sales do these represent?

(1.88)

(3.65)

(2.93)

 

 

 

 

Other consumable spares

0.000

0.000

0.000

What is the % total inventory

How many months normal consumption do these represent?

0.00

0.00

0.00

 

 

 

 

(a)Receivables other than deferred receivables and export receivables (including bills purchased and discounted by bankers)

How many months domestic sales other than sales on deferred payment basis do these represent?

1.600

 

 

(2.74)

2.900

 

 

(2.78)

3.200

 

 

(2.74)

 

 

 

 

(b) Export receivables

How many months’ export sales do these represent?

0.000

(0.00)

0.000

(0.00)

0.000

(0.00)

 

 

 

 

(c) Deferred receivables

0.000

0.000

0.000

 

 

 

 

Sundry Creditors

0.802

3.051

2.278

How many months’ purchases do these represent?

(3.00)

(3.00)

(2.50)

 

 

 

 

Net working capital

2.911

3.048

3.112

 

 

 

 

Current ratio

3.62

1.50

1.58

 

 

 

 

Current Ratio without term loan instilments

3.62

1.50

1.58

 

 

 

 

Tangible net worth

2.774

3.129

3.498

 

 

 

 

(a) Total outside liabilities/ tangible net worth

0.064

0.207

0.154

 

 

 

 

(b) Total term liabilities/ tangibles net worth

0.024

0.012

0.000

 

 

 

 

(a) Bank borrowings/Total outside liabilities

0.000

0.039

0.046

 

 

 

 

(b) Net sales/Total tangible assets

0.154

0.130

0.157

 

__________________________________________________________________________________________

 

FUND FLOW STATEMENT

 

(Rs. in millions)

PARTICULARS

2010-11

2011-12

2012-13

Projections

A. Profit before Tax

0.028

0.340

0.323

Add depreciation

0.102

0.083

0.069

Add Preliminary Expenses w/o

 

 

 

Interest & Salary to partners

0.574

0.595

0.627

Gross funds generated

0.704

1.017

1.019

Less taxes paid/ payable (relating to the year)

(0.010)

(0.100)

(0.100)

Less (Withdrawals)/Increase in capital

(0.360)

(0.480)

(0.480)

Sub-total (net fund generated)

0.334

0.437

0.439

 

 

 

 

B. Increase in Capital/Share Application

0.000

0.000

0.000

Increase in Interest free deposits

0.000

0.000

0.000

Increase in Term Loans/Debentures/deferred loans

0.000

0.000

0.000

Increase in Term Deposit (including interest free deposit)

0.000

0.000

0.000

Decrease in Fixed Assets

0.000

0.000

0.000

Decrease in Other non-current assets

0.000

0.000

0.000

Decrease in Intangible Assets

0.000

0.000

0.000

Increase in Deferred liabilities

0.000

0.000

0.000

SUB-TOTAL

0.000

0.000

0.000

 

 

 

 

C. Increase in short-term bank borrowings (including bills purchased and discounted by bankers)

0.000

2.500

0.000

Increase in other current liabilities

0.000

2.481

0.000

Decrease in inventory

1.842

0.000

0.476

Decrease in receivables (including bills purchased and discounted by bankers)

0.000

0.000

0.000

Decrease in Other current assets (including cash and bank balances)

0.000

0.000

0.448

SUB-TOTAL

1.842

4.981

0.924

 

 

 

 

TOTAL FUNDS AVAILABLE (A+B+C)

2.176

5.418

1.362

 

 

 

 

D. Increase in Fixed Assets

0.000

0.000

0.000

Increase in Interest free deposits

0.000

0.000

0.000

Decrease in capital/ Quasi equity

0.000

0.000

0.000

Decrease in Term Loan/ Debentures/ Deferred payment liabilities in Term/ Public deposit

0.200

0.300

0.375

Increase in other non-current assets

0.000

0.000

0.000

SUB-TOTAL

0.200

0.300

0.375

 

 

 

 

E. Decrease in short term bank borrowings (including bills purchased and discounted by bankers)

0.000

0.000

0.000

Decrease in other current liabilities

1.069

0.000

0.687

Increase in inventory

0.000

3.588

0.000

Increase in receivables (including bills purchased and discounted by bankers

0.429

1.300

0.300

Other current assets (including cash and bank balances)

0.478

0.231

0.000

SUB-TOTAL

1.976

5.118

0.987

 

 

 

 

F. Loss

0.000

0.000

0.000

Less Depreciation

0.000

0.000

0.000

Balance i.e. Gross funds lost (-) or Gross funds generated (+)

0.000

0.000

0.000

Add taxes paid/payable (relating to the year)

0.000

0.000

0.000

Add dividends paid/payable (relating to the Year)

0.000

0.000

0.000

 

 

 

 

SUB TOTAL – NET FUNDS LOST

0.000

0.000

0.000

 

 

 

 

TOTAL FUNDS USED (D+E+F)

2.176

5.418

1.362

 

 

 

 

Long Term Sources

0.334

0.437

0.439

 

 

 

 

Less: Long Term uses

(0.200)

(0.300)

(0.375)

 

 

 

 

Surplus (+)/Short Fall (-)

0.134

0.137

0.064

 

 

 

 

Short term sources

1.842

4.981

0.924

 

 

 

 

Less: Short term uses

(1.976)

(5.118)

(0.987)

 

 

 

 

Surplus (+)/Short fall (-)

(0.134)

(0.137)

(0.064)

 

__________________________________________________________________________________________

 

COMPUTATION OF TOTAL INCOME

 

MEERA ACRYLIC

 

(YEAR ENDED 31.03.2010)

(Rs. in millions)

INCOME FROM BUSINESS OR PROFESSION (CHAPTER IV D) (MAXIMUM SALARY Rs.0.218 million)

 

 

0.000

 

 

 

 

MEERA ACRYLIC

 

 

 

Profit as per Profit & Loss A/c

0.147

 

 

Add:

 

 

 

Depreciation Debited in P & L A/c

0.237

 

 

Interest paid to Partners

0.332

 

 

Remuneration Paid to Partners

0.096

 

 

Total

0.812

 

 

Less:

 

 

 

Depreciation as per Chart u/s 32                                        0.237

 

 

 

Interest as per Deed u/s 40(b)                                            0.332

 

 

 

 

0.569

 

 

 

 

0.243

 

 

 

 

 

Profit as per Profit and Loss a/c

0.000

 

 

 

 

 

 

Profit Before Remuneration

 

0.243

 

Remuneration Allowable

 

0.096

 

 

 

0.147

 

Brought Forward Business Loss Set off

 

(0.147)

 

 

 

 

 

Gross Total Income

 

 

0.000

 

 

 

 

Total Income

 

 

0.000

 

 

 

 

Round off u/s 288 A

 

 

0.000

 

 

 

 

Tax Due

 

0.000

 

 

 

 

 

Tax Payable

 

0.000

--

 

__________________________________________________________________________________________

 

MEERA ACRYLIC

 

(As on 31.03.2011)

(Rs. in millions)

Capital Account

 

 

 

 

 

Kamla N. Chaudhary

1.041

 

N.L. Choudhary

1.750

 

N.P. Chaoudhary

1.668

 

Santosh N. Chaudhary

1.179

 

Total

 

5.638

 

BALANCE SHEET

 

(Rs. in millions)

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

5.638

5.147

4.147

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5.638

5.147

4.147

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.166

0.501

2] Unsecured Loans

0.061

0.381

0.431

TOTAL BORROWING

0.061

0.547

0.932

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

Suspense A/c

0.008

0.000

0.000

 

 

 

 

TOTAL

5.707

5.694

5.079

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.796

3.002

3.240

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.231

1.961

1.306

 

Sundry Debtors
0.697

0.667

0.467

 

Cash & Bank Balances
0.079

0.084

0.047

 

Other Current Assets
0.523

0.647

0.793

 

Loans & Advances
0.059

0.063

0.034

Total Current Assets
3.589

3.422

2.647

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.506

0.570

0.634

 

Other Current Liabilities
0.170

0.170

0.170

 

Provisions
0.020

0.014

0.037

Total Current Liabilities
0.696

0.754

0.841

Net Current Assets
2.893

2.668

1.806

 

 

 

 

MISCELLANEOUS EXPENSES

0.018

0.024

0.033

 

 

 

 

TOTAL

5.707

5.694

5.079

 

PROFIT & LOSS ACCOUNT

(Rs. in millions)

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

2.909

2.034

2.335

 

 

Other Income

0.171

0.108

0.108

 

 

TOTAL                                    

3.080

2.142

2.443

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

1.446

0.879

1.101

 

 

Power Charges

0.161

0.074

0.096

 

 

Wages and Salaries

0.228

0.195

0.182

 

 

Partner’s Capital Interest

0.412

0.332

0.275

 

 

Partner’s Salary

0.120

0.096

0.072

 

 

Water Charges

0.092

0.016

0.048

 

 

Telephone and Mobile Expenses

0.012

0.010

0.007

 

 

Traveling Expenses

0.009

0.009

0.007

 

 

Other Expenses

0.269

0.146

0.209

 

 

TOTAL                                    

2.749

1.757

1.997

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

0.331

0.385

0.446

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.207

0.238

0.273

 

 

 

 

 

 

NET PROFIT 

0.124

0.147

0.173

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
4.03

6.86

7.08

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.26

7.23

7.41

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.94

2.29

2.94

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.02

0.03

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.13

0.25

0.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
5.16

4.54

2.22

 

__________________________________________________________________________________________

 

COMPUTATION OF TOTAL INCOME

 

(MR. NAGARAM LACHHARAM CHAUDHARY)

 

(YEAR ENDED 31.03.2010)

 

(Rs. in millions)

Income From Business Or Profession (Chapter IV D) 

 

 

0.430

From Firm MEERA PLASTIC INDUSTRIES

 

 

 

Remuneration

 

0.178

 

Interest

 

0.095

 

 

 

 

 

From Firm MEERA ACRYLIC

 

 

 

Remuneration

 

0.048

 

Interest

 

0.109

 

 

 

0.430

 

Income from Other Sources (Chapter IV F)

 

 

0.002

Interest From Bank

 

0.002

 

Gross Total Income

 

 

0.432

Less: Deductions (Chapter VI-A)

 

 

 

u/s 80C

 

 

 

L.I.P.

0.094

 

 

Tution Fee

0.006

 

 

Total

0.100

 

 

 

 

0.100

 

 

 

 

0.100

Total Income

 

 

0.332

Round off u/s 288 A

 

 

0.332

Income Exempt u/s 10

 

 

0.023

Tax Due

0.020

 

 

Educational Cess

0.001

 

 

 

0.021

 

 

Advance Tax

0.015

 

 

 

0.006

 

 

Interest u/s 234 A/B/C

0.002

 

 

 

0.008

 

 

Deposit u/s 140(A)

0.008

 

 

Tax Payable

0.000

 

 

Interest Charged

Amount

(in Rs.)

u/s 234A(4)

240

u/s 234B (10)

540

u/s 234C

777

(189+378+210)

 

 

 

 

 

__________________________________________________________________________________________

 

STATEMENT SHOWING ASSETS AND LIABILITIES (NET WORTH STATEMENTS)

 

Name of the Applicant: Mr. Nagaram Lachharam Chaudhary)

 

Immovable Properties

 

Applicant

Address of the property with Survey No./ Door No. etc.

Plot No.B-97, Morarji Circle, Vapi, Gujarat, India

 

 

Description: Land/ Site/ Building

Bunglow

 

 

Whether freehold/ leasehold

Freehold

 

 

Type of property: Commercial/ residential/ agricultural

Residential

 

 

Area/ Extent of land

101 mtr

 

 

Mortgaged for availing loan if any, details thereof

No

 

 

Present market/ Assesses value

Rs.5.000 millions

 

 

Deposited held with Bank’s/ Companies/ Other lender etc.:

 

Name of the Bank/ Company where deposits are held

Sardar Bhiladwala Pardi People's Co-Operative Bank Limited

Nature of deposits

Savings

Present Value of deposits

Rs.0.010 million

 

 

Vehicles owned :

 

Model/ Make

Motor Cycle

Date of Purchase

Honda

Whether Hypothecated for loan

No

Details of loan against vehicle

--

Present market value

Rs.0.020 million

 

 

Other Assets:

 

Furniture and Fixtures

Rs.0.075 million

Jewellery

Rs.0.800 million

Total value of Other Assets

Rs.0.875 million

 

 

Total Assets

 

Rs.5.905 millions

 

 

Total Liabilities

 

Nil

 

Net Worth (Assets – Liabilities)

 

Rs.5.905 millions

 

__________________________________________________________________________________________

 

MR. NAGARAM LACHHARAM CHAUDHARY

 

CAPITAL ACCOUNT

 

Particulars

31.03.2010

(Rs. in millions)

Particulars

31.03.2010

(Rs. in millions)

Cash Withdrawals

0.032

Opening Balance 01.04.2009

1.866

L.I.P. Paid

0.094

 

 

Firm Tax

0.014

MEERA PLASTIC INDUSTRIES

 

Income Tax Paid

0.002

Partner’s Salary

0.178

Advance Tax

0.015

Partner’s Capital Interest

0.095

Tution Fee

0.006

Net Profit (08-09)

0.023

Loan Interest

0.031

 

 

 

0.194

MEERA ACRYLIC

 

 

 

Partner’s Salary

0.048

 

 

Partner’s Capital Interest

0.109

 

 

 

 

C/F Balance 31.03.2010

2.269

Bank Interest

0.002

 

 

Gift

0.040

 

 

LIC Received

0.102

Total

2.463

Total

2.463

 

BALANCE SHEET

 (Rs. in millions)

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

LIABILITIES

 

 

 

CAPITAL ACCOUNT

(N.L. Chaudhary)

2.269

1.866

1.621

 

 

 

 

UNSECURED LOAN

 

 

 

Channaram Chaudhary

0.020

0.020

0.020

Kamla N. Chaudhary

0.100

0.100

0.100

Nalinbhai

0.100

0.100

0.100

Nilesh

0.100

0.100

0.100

HUF

0.591

0.390

0.000

I.K. Patel

0.100

0.100

0.000

 

 

 

 

TOTAL

3.280

2.676

1.941

 

 

 

 

ASSETS

 

 

 

PARTNER’S CAPITAL

(Meera Plastic Industries)

1.185

0.843

0.518

 

 

 

 

PARTNER’S CAPITAL

(Meera Acrylic)

1.565

1.358

1.000

 

 

 

 

Residence Building

0.405

0.405

0.350

 

 

 

 

Two Wheeler

0.049

0.049

0.048

 

 

 

 

F.D. (Rajasthan Bank)

0.010

0.000

0.000

 

 

 

 

Gas Deposit

0.004

0.004

0.000

 

 

 

 

The Bank of Rajasthan

0.056

0.000

0.000

S.B.P.P. Bank (A/c No.7196)

0.004

0.015

0.005

Cash on hand

0.002

0.002

0.020

 

 

 

 

TOTAL

3.280

2.676

1.941

 

__________________________________________________________________________________________

 

COMPUTATION OF TOTAL INCOME

 

(MR. NARPATSINGH PREMRAJ CHAUDHARY)

 

(YEAR ENDED 31.03.2010)

 

(Rs. in millions)

Income From Business Or Profession (Chapter IV D) 

 

 

0.460

From Firm MEERA PLASTIC INDUSTRIES

 

 

 

Remuneration

 

0.178

 

Interest

 

0.116

 

 

 

 

 

From Firm MEERA ACRYLIC

 

 

 

Remuneration

 

0.048

 

Interest

 

0.118

 

 

 

0.460

 

Income from Other Sources (Chapter IV F)

 

 

0.001

Interest From Bank

 

0.001

 

Gross Total Income

 

 

0.461

Less: Deductions (Chapter VI-A)

 

 

 

u/s 80C

 

 

 

L.I.P.

0.081

 

 

Tution Fee

0.021

 

 

Total

0.102

 

 

 

 

0.100

 

 

 

 

0.100

Total Income

 

 

0.361

Round off u/s 288 A

 

 

0.361

Income Exempt u/s 10

 

 

0.023

Tax Due

0.026

 

 

Educational Cess

0.001

 

 

 

0.027

 

 

Advance Tax

0.015

 

 

 

0.012

 

 

Interest u/s 234 A/B/C

0.002

 

 

 

0.014

 

 

Deposit u/s 140(A)

0.014

 

 

Tax Payable

0.000

 

 

Interest Charged

Amount

(in Rs.)

u/s 234A(2)

238

u/s 234B (8)

952

u/s 234C

992

(240+483+269)

 

 

 

 

 

__________________________________________________________________________________________

 

STATEMENT SHOWING ASSETS AND LIABILITIES (NET WORTH STATEMENTS)

 

Name of the Applicant: Mr. Narpat Singh Premraj Chaudhary)

 

Immovable Properties

 

Applicant

Address of the property with Survey No./ Door No. etc.

401, Golden Town Co-Operative Housing Society Limited, Chharwada Road, Vapi, Gujarat, India

 

 

Description: Land/ Site/ Building

Flat

 

 

Whether freehold/ leasehold

Freehold

 

 

Type of property: Commercial/ residential/ agricultural

Residential

 

 

Area/ Extent of land

737 sq ft

 

 

Mortgaged for availing loan if any, details thereof

No

 

 

Present market/ Assesses value

Rs.0.750 millions

 

 

Deposited held with Bank’s/ Companies/ Other lender etc.:

 

Name of the Bank/ Company where deposits are held

Bank of India, Vapi

Nature of deposits

Savings

Present Value of deposits

Rs.0.010 million

 

 

Vehicles owned :

 

Model/ Make

Motor Cycle

Date of Purchase

Freedom

Whether Hypothecated for loan

No

Details of loan against vehicle

--

Present market value

Rs.0.020 million

 

 

Other Assets:

 

Furniture and Fixtures

Rs.0.050 million

Jewellery

Rs.1.000 million

Total value of Other Assets

Rs.1.050 millions

 

 

Total Assets

 

Rs.1.830 millions

 

 

Total Liabilities

 

Nil

 

 

Net Worth (Assets – Liabilities)

 

Rs.1.830 millions

 

__________________________________________________________________________________________

 

MR. NARPATSINGH PREMRAJ CHAUDHARY

 

CAPITAL ACCOUNT

 

Particulars

31.03.2010

(Rs. in millions)

Particulars

31.03.2010

(Rs. in millions)

Cash Withdrawals

0.033

Opening Balance 01.04.2009

2.130

Firm Tax

0.014

 

 

L.I.P. Paid

0.081

MEERA PLASTIC INDUSTRIES

 

Advance Tax

0.015

Partner’s Salary

0.178

Tution Fee

0.021

Partner’s Capital Interest

0.116

Loan Interest

0.028

Net Profit 

0.023

 

0.192

 

 

 

 

MEERA ACRYLIC

 

 

 

Partner’s Salary

0.048

 

 

Partner’s Capital Interest

0.118

 

 

 

 

C/F Balance 31.03.2010

2.517

Bank Interest

0.001

 

 

Gift

0.045

 

 

LIC Received

0.050

Total

2.709

Total

2.709

 

BALANCE SHEET

 (Rs. in millions)

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

LIABILITIES

 

 

 

CAPITAL ACCOUNT

(N.P. Chaudhary)

2.517

2.130

1.860

 

 

 

 

UNSECURED LOAN

 

 

 

I.K. Patel

0.150

0.150

0.150

Sarla N. Sanghvi

0.100

0.100

0.100

HUF (N.P. Chaudhary)

0.378

0.350

0.000

Unsecured Loan

0.015

0.000

0.000

Nalin D. Sanghvi

0.000

0.200

0.200

 

 

 

 

TOTAL

3.160

2.930

2.310

 

 

 

 

ASSETS

 

 

 

PARTNER’S CAPITAL

(Meera Plastic Industries)

1.191

1.147

0.650

 

 

 

 

PARTNER’S CAPITAL

(Meera Acrylic)

1.674

1.478

1.388

 

 

 

 

Motor Cycle

0.046

0.046

0.046

 

 

 

 

Flat

0.207

0.207

0.155

 

 

 

 

Furniture

0.022

0.022

0.022

 

 

 

 

ICICI Bank (A/c No.000699)

0.018

0.005

0.009

Cash on hand

0.002

0.025

0.040

 

 

 

 

TOTAL

3.160

2.930

2.310

 

__________________________________________________________________________________________

 

TRADE REFERENCES:

 

v      Sudhir Genset Limited

v      Britolite Industries

v      Calcutta Store

v      Nirav Distributors

v      Acrylic House

v      Madhur Plywood and Hardware

v      Laxmi Glass 

 

__________________________________________________________________________________________

 

FIXED ASSETS:

 

v      Building

v      Plant and Machinery

v      Phone Hand Set

v      Air Conditioner

v      Office Equipments 

v      Computer

v      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.45.21

UK Pound

1

Rs.74.30

Euro

1

Rs.64.40

 

 

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

-

 

 

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.