MIRA
INFORM REPORT
|
Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLASTIBLENDS INDIA LIMITED |
|
|
|
|
Registered
Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.01.1991 |
|
|
|
|
Com. Reg. No.: |
11-059943 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 64.973 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200MH1991PLC059943 |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Masterbatches and additive compounds for
the Plastic Processing Industry. |
|
|
|
|
No. of
Employees: |
375 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be correct and as per commitments. The company can be considered normal for business dealing 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
|
Tel. No.: |
91-22-26705200/ 26736468/ 9/ 66952696/ 7/ 67205200 |
|
Fax No.: |
91-22-26736808 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Kolsite House, 30, Shah Industrial Estate, Dattaji Salvi
Marg Off. |
|
Tel. No.: |
91-22-26736468/ 9/ 67205200/ 66952696 / 7 |
|
Fax No.: |
91-22-26736808 |
|
E-Mail: |
|
|
|
|
|
Factory 1 : |
74/1, 74/2 and 75/3, |
|
Tel. No.: |
91-260-2221772/ 73/ 74 |
|
Fax No.: |
91-260-2221771 |
|
E-Mail: |
|
|
|
|
|
Factory 2 : |
Khasara No.216, Village |
|
Tel. No.: |
91-1332-235046/ 7 |
|
Fax No.: |
91-1332-235045 |
|
E-Mail: |
|
|
|
|
|
|
Hemkunt House, No. 1108-1110, |
|
Tel No: |
91-11-25750988/ 91-11-25711962 |
|
Fax No: |
91-11-25755319 |
|
Email: |
|
|
|
|
|
Chennai Office: |
C -1, Gems Court, 14, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
|
Tel No: |
91-44-28332553 |
|
Fax No: |
91-44-28332823 |
|
Email: |
|
|
|
|
|
|
507/ E, Navketan, 5th Floor, Opposite Clock Tower, S. D. Road, Secunderabad – 500003, Hyderabad, India |
|
Tel No: |
91-40-27806431 |
|
Fax No: |
91-40-27806431 |
|
Email: |
|
|
|
|
|
Ahmedabad Office: |
402, Lalita Complex, Near HDFC Bank, Jain Mandir Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel No: |
91-79-26564828/ 26447841 |
|
Fax No: |
91-79-26427281 |
|
Email: |
|
|
|
|
|
Kolkata Office: |
Shree Ganesh Centre, 216, D/ 2 Floor, Acharya J.C. Bose Road, Kolkata – 700017, West Bengal, India |
|
Tel No: |
91-33-22905963/ 91-33-22876308 |
|
Fax No: |
91-33-22904221 |
|
Email: |
|
|
|
|
|
|
Unit No. 211, II |
|
Tel No: |
91-80-25550318/ 25598897 |
|
Fax No: |
91-80-25598897 |
|
Email: |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Shreevallabh
G. Kabra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Satyanarayan G. Kabra |
|
Designation : |
Vice-Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Anand S. Kabra |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Haridas S. Sanwal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pushp Raj Singhvi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Yatish B.
Vasudeo |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sudarshan K. Parab |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu S. Mhatre (w.e.f 02.05.2011) |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,167,732 |
33.36 |
|
|
1,525,439 |
23.48 |
|
|
3,693,171 |
56.84 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3,693,171 |
56.84 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
146,390 |
2.25 |
|
|
400 |
0.01 |
|
|
114,900 |
1.77 |
|
|
261,690 |
4.03 |
|
|
|
|
|
|
248,586 |
3.83 |
|
|
|
|
|
|
1,655,222 |
25.48 |
|
|
490,322 |
7.55 |
|
|
148,309 |
2.28 |
|
|
146,415 |
2.25 |
|
|
1,894 |
0.03 |
|
|
2,542,439 |
39.13 |
|
Total Public shareholding (B) |
2,804,129 |
43.16 |
|
Total (A)+(B) |
6,497,300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
6,497,300 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Masterbatches and additive compounds for
the Plastic Processing Industry. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Masterbatches |
Tons |
|
52000 |
42144 |
GENERAL INFORMATION
|
No. of Employees : |
375 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.G. Ogale and Company Chartered Accountants |
|
|
|
|
Associate Concern/ Promoter Companies : |
Kabra Extrusiontechnik limited |
|
|
|
|
|
|
CAPITAL STRUCTURE
As on 31.03.2011
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 |
|
6497300 |
Equity Shares |
Rs. 10/- each |
Rs. 64.973
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
64.973 |
64.973 |
64.973 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
888.247 |
755.668 |
696.979 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
953.220 |
820.641 |
761.952 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
323.597 |
186.402 |
47.034 |
|
|
2] Unsecured Loans |
150.685 |
103.940 |
60.765 |
|
|
TOTAL BORROWING |
474.282 |
290.342 |
107.799 |
|
|
DEFERRED TAX LIABILITIES |
41.237 |
37.371 |
33.559 |
|
|
|
|
|
|
|
|
TOTAL |
1468.739 |
1148.354 |
903.310 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
582.786 |
544.614 |
538.369 |
|
|
Capital work-in-progress |
5.116 |
42.424 |
28.073 |
|
|
|
|
|
|
|
|
INVESTMENT |
39.874 |
58.555 |
45.655 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
550.564
|
354.475
|
246.009 |
|
|
Sundry Debtors |
526.310
|
340.711
|
222.985 |
|
|
Cash & Bank Balances |
9.380
|
12.196
|
9.100 |
|
|
Other Current Assets |
6.790
|
3.754
|
5.717 |
|
|
Loans & Advances |
103.579
|
47.801
|
53.166 |
|
Total
Current Assets |
1196.623
|
758.937 |
536.977 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
130.412
|
86.072
|
82.904 |
|
|
Other Current Liabilities |
80.239
|
127.986
|
116.512 |
|
|
Provisions |
145.009
|
42.118
|
46.348 |
|
Total
Current Liabilities |
355.660
|
256.176 |
245.764 |
|
|
Net Current Assets |
840.963
|
502.761
|
291.213 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1468.739 |
1148.354 |
903.310 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2769.269 |
2102.867 |
1672.944 |
|
|
|
Other Income |
4.196 |
3.715 |
36.520 |
|
|
|
TOTAL (A) |
2773.465 |
2106.582 |
1709.464 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
2010.718 |
1564.263 |
1143.263 |
|
|
|
Employee Cost |
82.888 |
57.990 |
53.536 |
|
|
|
Manufacturing and Other Expenditure |
438.130 |
341.155 |
282.878 |
|
|
|
Increase/ Decrease in Stock |
(61.250) |
(58.473) |
18.800 |
|
|
|
TOTAL (B) |
2470.486 |
1904.935 |
1498.477 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
302.979 |
201.647 |
210.987 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.423 |
23.759 |
25.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
272.556 |
177.888 |
185.887 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.528 |
34.491 |
31.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
236.028 |
143.397 |
154.862 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.865 |
39.813 |
37.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
181.163 |
103.584 |
117.734 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
635.084 |
586.894 |
534.871 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
10.500 |
12.500 |
|
|
|
Dividend |
45.481 |
38.984 |
45.481 |
|
|
|
Tax on Dividend |
7.378 |
6.625 |
7.729 |
|
|
BALANCE CARRIED
TO THE B/S |
667.662 |
635.084 |
586.894 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
552.813 |
517.050 |
388.792 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
969.345 |
591.660 |
367.941 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.54 |
16.05 |
NA |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
745.370 |
|
Total Expenditure |
|
|
675.730 |
|
PBIDT (Excl
OI) |
|
|
69.640 |
|
Other Income |
|
|
0.460 |
|
Operating
Profit |
|
|
70.100 |
|
Interest |
|
|
9.940 |
|
Exceptional
Items |
|
|
0.000 |
|
PBDT |
|
|
60.160 |
|
Depreciation |
|
|
9.600 |
|
Profit
Before Tax |
|
|
50.550 |
|
Tax |
|
|
10.000 |
|
Reported PAT |
|
|
40.550 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
40.550 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.53
|
4.91
|
6.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.52
|
6.82
|
9.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.22
|
10.65
|
14.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.17
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
0.66
|
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.36
|
2.96
|
2.18 |
LOCAL AGENCY FURTHER INFORMATION
DIVIDEND
The Directors are pleased to recommend a dividend of Rs. 7/- per share of the face value of Rs. 10/- each for the year ended 31st March, 2011 (Rs. 6/- per share for the previous year) subject to the Members’ approval. The dividend payment amounts to Rs. 45.481 Millions. In addition Rs. 7.378 Millions is payable towards tax on dividend.
OPERATIONS
During the year, the Company has achieved Operational and Other Income of Rs. 2773.465 Millions as against Operational and Other Income of Rs. 2106.582 Millions during the previous year, registering an increase of about 31.66 % over the previous year. Profit after providing for taxes is Rs. 181.163 Millions as against Rs. 103.584 Millions during the previous year, registering an increase of about 77.79% over the previous year. The Company has achieved production of 42144 tons for the year as compared to 33900 tons during the previous year. The Company has sold 41858 tons for the year as compared to 32691 tons during the previous year.
EXPORTS
Exports during the year were Rs. 665.2 Millions as against
Rs. 490.100 Millions in the previous financial year and contributed 24% to the
net sales. Company exports to various countries around the globe with strong
presence in Middle East, Africa and
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Masterbatches are a concentrated mixture of pigments or
additives which allow the plastic processor to add certain qualities in their
end products. They are omnipresent in all processes of plastics industry,
including injection moulding, extrusion, rotational moulding, sheet, film, and
blow moulding. Masterbatch industry consists of organised and unorganized
manufacturers. Plastiblends has been a leader in the organised sector,
manufacturing various types of masterbatches and compounds which are one of the
most essential ingredients for the plastic processing industry. Plastic
processing industry is supported by polymer manufacturers, masterbatch
manufacturers and machinery manufacturers to produce end products such as pipes
and films which find wide application in industries such as Agriculture,
Construction, Automobile, Packaging etc. Plastic is becoming one of the
preferred materials in many industries due to their mechanical, physical and
thermal properties. Due to increasing consumption of plastics, plastic
processing industry is expected to see a rise in demand of 12.5 million tons
p.a. by the year 2013 which in turn will help masterbatch industry to grow.
Internally, we estimate the demand from
BUSINESS OUTLOOK
The Company intends to continue its focus on new product development
and improve on the product mix to maximize profit. The Company will be
concentrating on masterbatches which are utilized in plastics supplied to white
goods and automobile industry as Company anticipates huge potential in these
sectors. These growth areas will contribute to significant increase in demand
in the plastic industry which will in turn help materbatch industry to grow at
a rate of around 20%. To cater to this growing market, Company has introduced
many new and innovative products to suit customer requirements. During the year
Company’s Research and Development facility at
OPPORTUNITIES AND
THREATS
The Company has maintained its leadership position, in spite
of intense competition and rising raw material prices due to its ability to
adapt new technology, product innovation, a strong distribution and dealer
network, identifying and meeting the customers’ expectation in terms of high
quality, prompt services and performance. The management expertise and their
association with the plastic industry for last four decades have always been an
added advantage to the Company. The company intends focusing on new product
development to increase its offerings to existing customers and also to tap
demand from new customers. In view of rising demand and robust industry
outlook, capacity additions will enable us to achieve organic growth and
geographical coverage. They intend improving their product mix to enhance the
contribution of color masterbatches which give better value and along with
this, additive masterbatches will also be a high focus area. The Company faces
stiff competition from various domestic masterbatch manufacturers. Apart from
that, there is a growing number of international masterbatch manufacturers who
are setting up base in
BUSINESS DESCRIPTION
Subject is an India-based company. The Company is engaged in
manufacturing and exporting of materbatches and additive compounds for the
plastic processing industry. The Company produces a range of white, black,
color and functional materbatches, additive and compounds suitable for plastic
processing types. The Company products are compatible with a range of polymers
like polyolefin, polystyrenes, polyamides, polybutylene terephthalate (PBT),
polyethylene terephthalate (PET) and a range of engineering plastics.
Masterbatch are used to impart color and various special properties to the
products manufactured from plastics. The Company products include plastic
products, plastic additive masterbatch and plastic colour masterbatch. For the
nine months ended 31 December 2010, Plastiblend India Limited's revenue
increased 30% to RS1.98B. Net income increased 67% to RS 113.7 M. Revenues
reflect an increase in income from operation, presence of other operating
income and higher other income. Net income also reflects an increase in
operating margin. The Company is engaged in manufacturing and exporting of
master batches and additive compounds for the plastic processing industry.
UNAUDITED FINANCIAL RESULTS FOR
THE QUARTER ENDED 31.12.2010
(Rs. In Millions)
|
Particulars |
Quarter Ended |
|
31.12.2010 (Unaudited) |
|
|
(a) Net Sales / Income from operations |
735.739 |
|
(b) Other Operating Income |
0.000 |
|
Total Income |
735.739 |
|
|
|
|
Expenditure |
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
(3.256) |
|
b) Consumption of raw materials |
523.943 |
|
c) Purchase of traded goods |
0.000 |
|
d) Employees cost |
19.438 |
|
e) Depreciation |
9.522 |
|
f) Other expenditure |
121.865 |
|
Total |
671.512 |
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
64.227 |
|
Other income |
0.190 |
|
Profit before interest and exceptional Items |
64.417 |
|
Interest |
9.195 |
|
Profit
after Interest but before Exceptional Items |
55.222 |
|
Exceptional Items |
0.029 |
|
Profit
(+)/Loss(-) from Oridinary Activities before tax |
55.251 |
|
Tax expense |
12.000 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
43.251 |
|
Net Profit (+) / Loss (-) for the year period |
43.251 |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
64.973 |
|
Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
|
|
Earning per share (EPS) |
|
|
(a) Basic
and diluted EPS before Extraordinary items (Rs.) |
6.66 |
|
(b)
Basic and diluted EPS after Extraordinary items (Rs.) |
6.66 |
|
Public shareholding |
|
|
Number of
shares |
2804229 |
|
Percentage
of shareholding |
43.16 |
|
|
|
|
Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
3693071 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
56.84 |
NOTES:
·
The above results were reviewed by the audit committee
and approved by the Board of Directors at their meeting held on 03.02.2011
·
These accounts have been subjected to a limited
Review by the Statutory Auditor of the company.
·
Provision for Deferred Taxation will be ascertained
at the end of financial year.
·
Prior period figures have
been regrouped/restated wherever necessary to make them comparable.
·
Exceptional items at
point No. 8 is the income due to excess provision written back during the
quarter.
·
The company is operating
only in one segment.
·
No complaints were
received during the quarter and neither was any complaint pending at the
beginning of the quarter.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Electrical Fitting
·
Office Equipment
·
R and D Equipment
BOARD OF DIRECTORS
Anand S. Kabra
Reuters Biography Executive Director RT
Shri. Anand S. Kabra is Executive Director of Plastiblend India Limited. He has over 10 years in business and industry.
Sudarshan K. Parab
Reuters Biography Non
Executive Independent Director RT
Shri. Sudarshan K. Parab is Non-Executive Independent
Director of Plastiblend India Limited. He has over 30 years in Banking
Industry; was associated with State Bank of
Haridas S. Sanwal
Reuters Biography Non
Executive Independent Director RT
Shri. Haridas S. Sanwal is Non-Executive Independent
Director of Plastiblend India Limited. He holds M. Com, LL.M, F.C.S. F.C.I. S.
(
Pushp Raj Singhvi
Reuters Biography Non
Executive Independent Director RT
Shri. Pushp Raj Singhvi is Non-Executive Independent Director
of Plastiblend India Ltd. He has Over 42 years in marketing of Petrochemicals
in India & Abroad. He is Director of Borouge (
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. 49.37 |
|
|
1 |
Rs. 78.49 |
|
Euro |
1 |
Rs. 67.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.