|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
AISHWARYA PLAST EXPORTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
AISHWARYA LEASING AND FINANCE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-226, Sharad Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-095827 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65910MH1996PTC095827 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Plastics Refuse Bags. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjesh Jain |
|
Designation : |
Director |
|
Contact No.: |
91-22-25007155 |
|
Date : |
16.04.2012 |
LOCATIONS
|
Registered Office : |
F-226, Sharad Industrial Estate, |
|
Tel. No.: |
91-22-25007155 |
|
Fax No.: |
91-22-25007166 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
84, GIDC Estate, Por Ramangambi, Vadodara, |
|
Tel. No.: |
91-265-2830664/ 2830862 |
|
|
|
|
Corporate Office/ Admin Office : |
C-205A-206, Ghatkopar Industrial Estate, L B S Marg, Ghatkopar (West),
Mumbai – 400086, |
|
Tel. No.: |
91-22-25007155 |
|
Fax No.: |
91-22-25007166 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vijayachandran Govindan Menon |
|
Designation : |
Director |
|
Address : |
303/9, |
|
Date of Birth/Age : |
27.04.1970 |
|
Date of Appointment : |
10.05.2004 |
|
DIN No.: |
00347937 |
|
|
|
|
Name : |
Mr. Joseph John ParakkotT |
|
Designation : |
Director |
|
Address : |
1303 – 1304, C – Wing, Lake Florence, Lake home phase, Off Adi
Shandhara Charya Marg, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1970 |
|
Date of Appointment : |
28.06.2003 |
|
DIN No.: |
01032342 |
|
|
|
|
Name : |
Mr. Samakulam Adhimurthy Viswanathan |
|
Designation : |
Director |
|
Address : |
C-403, Laxmi Narayan Complex, Sector – 12A, Koparkh Airne, Navi Mumbai
– 400709, |
|
Date of Birth/Age : |
30.07.1963 |
|
Date of Appointment : |
14.05.2008 |
|
DIN No.: |
02179426 |
|
|
|
|
Name : |
Mr. Sanjesh Jinnalal Jain |
|
Designation : |
Additional director |
|
Address : |
6/7, Pankaj Apartments, Near |
|
Date of Birth/Age : |
12.09.1972 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
02436515 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Suneeta Hemani Jain |
|
60 |
|
Hemantkumar P Jain |
|
60 |
|
Govindan P |
|
20 |
|
Chandra Shekhar Joshi |
|
20 |
|
Bhagawati M Patel |
|
20 |
|
Joseph Parakkot |
|
400070 |
|
Rosamma Parakkot |
|
100 |
|
Madhani Investment and Finance Private Limited, |
|
58650 |
|
Parakkott Investments India Limited, |
|
441000 |
|
TOTAL |
|
900000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
55.52 |
|
Directors or relatives of Directors |
44.48 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastics Refuse Bags. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
The Saraswat Co-operative Bank Limited, Prabhat Bhavan, Block – B, 1st
Floor, 96, L B S Marg, Opp. Cipla, Vikhroli (West), Mumbai – 400083,
Maharashtra, India |
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R Devrajan and Company Chartered Accountant |
|
Address : |
408, Anurag Business Centre, Near Amar Theatre, Chembur, Mumbai –
400071, |
|
Tel. No.: |
91-22-67655502/ 67695511 |
|
Fax No.: |
91-22-67655510 |
|
E-Mail : |
|
|
PAN.: |
AAEFR0229A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 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 |
9.000 |
9.000 |
6.137 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(6.503) |
(6.823) |
(10.468) |
|
|
NETWORTH |
2.497 |
2.177 |
(4.331) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.219 |
11.820 |
2.106 |
|
|
2] Unsecured Loans |
0.906 |
11.943 |
9.454 |
|
|
TOTAL BORROWING |
21.125 |
23.763 |
11.560 |
|
|
DEFERRED TAX LIABILITIES |
0.058 |
0.090 |
0.068 |
|
|
|
|
|
|
|
|
TOTAL |
23.680 |
26.030 |
7.297 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.179 |
5.714 |
5.760 |
|
|
Capital work-in-progress |
0.000 |
11.597 |
0.307 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.025 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.489
|
13.273 |
7.249 |
|
|
Sundry Debtors |
16.514
|
7.157 |
11.789 |
|
|
Cash & Bank Balances |
6.814
|
4.406 |
4.356 |
|
|
Other Current Assets |
0.058
|
0.068 |
0.069 |
|
|
Loans & Advances |
3.178
|
2.133 |
5.967 |
|
Total
Current Assets |
46.053
|
27.037 |
29.430 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.178
|
13.770 |
22.922 |
|
|
Other Current Liabilities |
15.580
|
3.347 |
5.112 |
|
|
Provisions |
0.819
|
1.226 |
0.191 |
|
Total
Current Liabilities |
40.577
|
18.343 |
28.225 |
|
|
Net Current Assets |
5.476
|
8.694 |
1.205 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.680 |
26.030 |
7.297 |
|
]
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
90.120 |
74.622 |
100.234 |
|
|
|
Other Income |
1.810 |
3.083 |
0.272 |
|
|
|
TOTAL (A) |
91.930 |
77.705 |
100.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
81.782 |
65.521 |
85.701 |
|
|
|
Payment to and provision for employee |
1.333 |
1.223 |
1.649 |
|
|
|
Sales and Distribution Expenses |
3.446 |
3.613 |
4.447 |
|
|
|
Establishment and Other Expenses |
1.683 |
1.086 |
3.378 |
|
|
|
Bad Debts Written Of |
0.000 |
0.000 |
6.131 |
|
|
|
TOTAL (B) |
88.244 |
71.443 |
101.306 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.686 |
6.262 |
(0.800) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.064 |
0.602 |
1.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.622 |
5.660 |
(2.326) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.267 |
1.388 |
0.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
0.355 |
4.272 |
(2.931) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.039 |
0.627 |
(0.011) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
0.316 |
3.645 |
(2.920) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6.823) |
(10.468) |
(7.548) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Excess provision for Taxation |
0.004 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(6.503) |
(6.823) |
(10.468) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
76.133 |
57.760 |
68.361 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.35 |
4.05 |
(5.94) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.34
|
4.69 |
(2.92) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.39
|
5.72 |
(2.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.55
|
13.04 |
(8.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
1.96 |
0.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
24.71
|
19.34 |
(9.19) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.47 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CREDITORS
|
Particulars |
31.03.2011 |
31.03.2010
|
31.03.2009 |
|
|
Rs in Millions |
||
|
Sundry Creditors |
24.178 |
13.770
|
22.922 |
|
|
|
|
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
PROSPECTS
The revenues have grown by 20%
and continue to grow in the coming years. The capital expenditure incurred on
installation of double degasification machine has started yielding revenues for
the Company. The jump in the DTA sales is due to higher productivity due to the
installation of the double degasification machine. The Company has started
turnaround and look forward to a promising future with various capital
expansion and modernization plans lined up.
FORM 8
|
Corporate
identity number of the company |
U65910MH1996PTC095827 |
|
Name of the
company |
AISHWARYA PLAST
EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-226, Sharad Industrial Estate, Email: info@jjpolyimpex.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Prabhat Bhavan, Block – B, 1st
Floor, 96, L B S Marg, Opp. Cipla, Vikhroli (West), Mumbai – 400083,
Maharashtra, India Email: tm_desai@saraswatbank.com |
|
Nature of instrument
creating charge |
In addition to
facilities granted by the bank, Bank has provided further guarantee for
Rs.0.250 millions in favour of the Office of the Deputy Commissioner of
Central Excise, Kalyan for setting up a 100% EOU unit at survey No. 265/B,
Village Kalamgaon, Taluka Shahapur, District - Thane, |
|
Date of
instrument Creating the charge |
01.03.2012 |
|
Amount secured by
the charge |
Rs.0.250 Millions
|
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 3% p.a. Terms of
Repayment As per terms of
Agreement Margin 25% in Fixed
Deposit Extent and
Operation of the charge In case the
Company fails to fulfill its obligations under the agreement, the bank shall
be entitled to take possession of the hypothecated properties and sell them
and utilize the proceeds in full or part settlement of its claims. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stock, Book
Debts, Plant and machinery, etc. of the Company at its godown, at C-206, 2nd
Floor, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai -
400086. |
FIXED ASSETS
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.51.63 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.