MIRA
INFORM REPORT
|
Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
TECHNO TARP AND POLYMERS PRIVATE LIMITED |
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Registered
Office : |
B-310, Everest Grande, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.12.2005 |
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Com. Reg. No.: |
11-158127 |
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Capital
Investment / Paid-up Capital : |
Rs.16.000 millions |
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CIN No.: [Company Identification
No.] |
U19202MH2005PTC158127 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT12746G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of PE Tarpaulin Tents and Related Products. |
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No. of Employees
: |
Approximately 300 (In Office) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 97000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. The company has successful in wiping
off the accumulated losses of previous years. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Valijib Ojha |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9930882362 |
|
Date : |
05.09.2011 |
LOCATIONS
|
Registered/ Head Office : |
B-310, Everest Grande, |
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Tel. No.: |
91-22-26873811-16 |
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Mobile No.: |
91-9930882362 (Mr. Valijib Ojha) |
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Fax No.: |
91-22-26873817 |
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E-Mail : |
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Website : |
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Area : |
1100 sq ft |
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Location : |
Owned |
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Factory : |
Plot No.4920/ 21, Plastic Zone, GIDC, Sarigam, Bhilad, District Valsad
– 396 155, |
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Tel. No.: |
91-260-2780444/ 2780777/ 2780888 |
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Fax No.: |
91-260-2780333 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vijay Kumar Ram Prakash Ojha |
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Designation : |
Director |
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Address : |
16/6, |
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Date of Birth/Age : |
02.03.1958 |
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Qualification : |
MBA |
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Date of Appointment : |
19.12.2005 |
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DIN No.: |
00284285 |
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Name : |
Mr. Ram Prakash Mulakh Raj Ojha |
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Designation : |
Director |
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Address : |
146-A, Sector 16A, |
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Date of Birth/Age : |
21.02.1929 |
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Date of Appointment : |
19.12.2005 |
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DIN No.: |
00284330 |
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Name : |
Mr. Hemant Sridhar Phatak |
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Designation : |
Director |
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Address : |
301, |
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Date of Birth/Age : |
20.07.1964 |
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Qualification : |
BSC |
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Date of Appointment : |
01.08.2006 |
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DIN No.: |
00609330 |
KEY EXECUTIVES
|
Name : |
Mr. Valijib Ojha |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Kumar Ojha |
|
1360000 |
|
Ram Prakash Ojha |
|
240000 |
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Total |
|
1600000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PE Tarpaulin Tents and Related Products. |
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Products : |
v
Tarpaulin and Plastic Sheeting v
Flexible Intermediate Bulk Containers |
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Exports : |
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Products : |
v
Tents |
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Countries : |
v
v
v
v
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Imports : |
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Products : |
v
HDPE v
LDPE |
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Countries : |
v
v
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Licensed
Capacity |
Installed
Capacity (Tones)
|
Actual
Production |
|
Tarpaulin |
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N.A. |
3600 M.T. |
1982 M.T. |
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GENERAL INFORMATION
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Customers : |
v
Wholesalers v
NGO’s |
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No. of Employees : |
Approximately 300 (In Office) |
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Bankers : |
v
ING Vysya Bank Limited, 103/104, A–Wing, 1st
Floor, Deck Plaza, MIDC Central Road Branch, Andheri (East), Mumbai – 400
093, Maharashtra, India v
Bank of v
ING Vysya Bank Limited, Patel Chambers, Ground
Floor, Sandhurst Bridge, Opera House, Mumbai - 400 007, Maharashtra, India v
HDFC
Banks |
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Facilities : |
Total Facility – Rs.100.000 millions (ING Vysya Bank Limited)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Ramanand Aiyar and Company Chartered Accountants |
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Address : |
501/502, 5th Floor, Next To Crescent Plaza, Opposite
Imperial Hotel, Telli Gully, Mumbai – 400 069, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
ABJFS9507L |
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Associates/Subsidiaries : |
Techno Relief
Overseas India Private Limited Address: B-310, Everest Grande, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000 millions |
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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 |
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1] Share Capital |
16.000 |
16.000 |
16.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.141 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(2.258) |
(10.131) |
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NETWORTH |
24.141 |
13.742 |
5.869 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
45.063 |
36.963 |
56.179 |
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2] Unsecured Loans |
18.746 |
24.758 |
24.099 |
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TOTAL BORROWING |
63.809 |
61.721 |
80.278 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
87.950 |
75.463 |
86.147 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.494 |
47.154 |
48.851 |
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Capital work-in-progress |
1.035 |
0.042 |
4.415 |
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INVESTMENT |
0.000 |
0.000 |
0.020 |
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DEFERRED TAX ASSETS |
0.522 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
33.570
|
25.918 |
13.522 |
|
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Sundry Debtors |
27.668
|
24.629 |
19.192 |
|
|
Cash & Bank Balances |
5.073
|
0.598 |
1.417 |
|
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Other Current Assets |
0.000
|
0.000 |
3.296 |
|
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Loans & Advances |
10.038
|
10.331 |
5.559 |
|
Total
Current Assets |
76.349
|
61.476 |
42.986 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.800 |
35.426 |
11.508 |
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Other Current Liabilities |
0.219
|
0.092 |
1.504 |
|
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Provisions |
22.255
|
0.427 |
0.761 |
|
Total
Current Liabilities |
33.274
|
35.945 |
13.773 |
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Net Current Assets |
43.075
|
25.531 |
29.213 |
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MISCELLANEOUS EXPENSES |
1.824 |
2.736 |
3.648 |
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TOTAL |
87.950 |
75.463 |
86.147 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
217.798 |
203.351 |
76.853 |
|
|
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Other Income |
1.476 |
6.954 |
NA |
|
|
|
Increase/ (Decrease) in Stock |
4.927 |
(1.621) |
NA |
|
|
|
TOTAL |
224.201 |
208.684 |
NA |
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
211.719 |
200.766 |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
211.719 |
200.766 |
NA |
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PROFIT BEFORE
TAX |
12.482 |
NA |
NA |
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Less |
TAX |
1.841 |
NA |
NA |
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PROFIT AFTER TAX
|
10.641 |
NA |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export of Goods |
184.870 |
176.271 |
70.235 |
|
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TOTAL EARNINGS |
184.870 |
176.271 |
70.235 |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
0.000 |
0.000 |
5.993 |
|
|
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Trading Goods |
66.157 |
47.740 |
0.000 |
|
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TOTAL IMPORTS |
66.157 |
47.740 |
5.993 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.50 |
NA |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
210.000 |
|
|
|
|
|
The above information has been parted by Mr. Valijib Ojha (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.75
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.73
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.59
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.02
|
7.11 |
16.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
1.71 |
3.12 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
10.800 |
35.426 |
11.508 |
|
|
|
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FORM 8:
|
Corporate
identity number of the company |
U19202MH2005PTC158127 |
|
Name of the
company |
TECHNO TARP AND POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-310, Everest Grande, E-Mail: india@technotarp.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10130511 |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst
Bridge, Opera House, Mumbai - 400 007, Maharashtra, India E-Mail: cms@companiesinn.com |
|
Nature of
description of the instrument creating or modifying the charge |
Mortgage by
deposit of title deeds. |
|
Date of
instrument Creating the charge |
18.01.2011 |
|
Amount secured by
the charge |
Rs.95.342
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: No Change Terms of
Repayment: No Change Margin: No Change Extent and
Operation of the charge: First charge on
the immovable property of the company. |
|
Short particulars
of the property charged |
The immovable
property bearing Plot No.4920/ 4921/ 4913/ 4914/ 4915, GIDC, Sarigam,
District Valsad, |
|
Particulars of
the present modification |
There is no
change in the total limit of Rs.95.342 millions. The limit has been
additionally secured by the immovable property of the company. All other terms
and conditions are remain same. |
TRADE REFERENCES:
v
Aditya Polymers Limited
v
Soltex India Limited
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Description |
31.03.2010 (Rs.
in millions) |
|
Letter of Credit (Open and Outstanding) |
14.314 |
|
|
|
FIXED ASSETS:
v
v Office Premises
v Computers
v Furniture and Fixtures
v Office Equipments
v Plant and Machinery
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,
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.45.90 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.