|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
AKASH PLASTOPACK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1, 141/142, Road No. ID-1, GIDC, Sachin, Surat-394230, |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.07.1996 |
|
|
|
|
Com. Reg. No.: |
04-030165 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25206GJ1996PTC030165 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA01346C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA9803D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of PVC Twistwrap Films, PVC Heat Sealable
Films, etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Hemant |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91- 9374553039 / 91-261-2399348 |
|
Date : |
23.04.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 1, 141/142, Road No. ID-1, GIDC, Sachin, Surat-394230, |
|
Tel. No.: |
91-261-2375742 / 2375741 |
|
Mobile No.: |
91- 9374553039 (Mr. Hemant) |
|
Fax No.: |
91-261-2374757 |
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E-Mail : |
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|
Website : |
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|
Area : |
1040 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
402, |
|
Tel. No.: |
91-261-2345711 / 2339751 / 2351373 / 2346493 |
|
Fax No.: |
91-261-2346493 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Kishanchand Giyanchand Tulsiani |
|
Designation : |
Director |
|
Address : |
7 B, Jaihind Sindhi Society, Near Ambika Nikaten, Athwalines, |
|
Date of Appointment : |
09.07.1996 |
|
DIN No.: |
01970530 |
|
|
|
|
Name : |
Mr. Bharat Kishanchand Tulsiani |
|
Designation : |
Director |
|
Address : |
7 B, Jaihind Sindhi Society, Near Ambika Nikaten, Athwalines, |
|
Date of Appointment : |
09.07.1996 |
|
DIN No.: |
00949243 |
|
|
|
|
Name : |
Mrs. Bharti Bharat Tulsiani |
|
Designation : |
Director |
|
Address : |
7 B, Jaihind Sindhi Society, Near Ambika Nikaten, Athwalines, |
|
Date of Appointment : |
01.05.1997 |
|
DIN No.: |
02118390 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
No. of Shares |
|
Kishanchand Giyanchand Tulsiani |
4500 |
|
Rajniben Kishanchand Tulsiani |
32000 |
|
Bharat Kishanchand Tulsiani |
4500 |
|
Bharti Bharat Tulsiani |
4500 |
|
Pavan Kishanchand Tulsiani |
4500 |
|
Total |
50000 |
(AS ON 30.09.2011)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of PVC Twistwrap Films, PVC Heat Sealable
Films, etc. |
||||
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
DSI and Company Chartered Accountants |
|
Address : |
MF/ 14-26, Nariman Point, Shopping Centre, Near Raghuvir Bunglows, |
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Tel. No.: |
91-261-3992929 / 3994747 |
|
Fax No.: |
91-261-3053838 |
|
E-Mail : |
|
|
Pan No.: |
AAFFD4002N |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs. 100/- each |
Rs. 5.000
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 |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.126 |
36.331 |
34.364 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.126 |
41.331 |
39.364 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
25.264 |
13.769 |
22.241 |
|
|
2] Unsecured Loans |
11.302 |
5.225 |
2.586 |
|
|
TOTAL BORROWING |
36.566 |
18.994 |
24.827 |
|
|
DEFERRED TAX LIABILITIES |
0.179 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
80.871 |
60.325 |
64.191 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.760 |
23.937 |
24.052 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
8.058 |
8.058 |
8.058 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.803
|
24.160
|
18.978 |
|
|
Sundry Debtors |
20.936
|
5.756
|
9.852 |
|
|
Cash & Bank Balances |
2.739
|
2.444
|
1.909 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
11.215
|
8.704
|
11.742 |
|
Total
Current Assets |
68.693
|
41.064
|
42.481 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
14.766
|
7.472
|
5.937 |
|
|
Other Current Liabilities |
0.118
|
0.047
|
0.128 |
|
|
Provisions |
7.756
|
5.215
|
4.335 |
|
Total
Current Liabilities |
22.640
|
12.734
|
10.400 |
|
|
Net Current Assets |
46.053
|
28.330
|
32.081 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
80.871 |
60.325 |
64.191 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
182.131 |
140.745 |
140.204 |
|
|
|
Other Income |
0.189 |
0.124 |
0.486 |
|
|
|
TOTAL |
182.320 |
140.869 |
140.690 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.234 |
6.191 |
5.552 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.202 |
3.240 |
3.498 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.032 |
2.951 |
2.054 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.236 |
0.974 |
0.843 |
|
|
Less |
Previous year’s
adjustments |
0.001 |
0.009 |
0.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.795 |
1.968 |
1.191 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.332 |
34.364 |
33.172 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
39.127 |
36.332 |
34.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
121.785 |
80.378 |
84.685 |
|
|
TOTAL EARNINGS |
121.785 |
80.378 |
84.685 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
81.024 |
71.247 |
61.725 |
|
|
TOTAL IMPORTS |
81.024 |
71.247 |
61.725 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
55.91 |
59.04 |
23.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.02
|
1.40
|
0.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.02
|
2.10
|
1.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.22
|
4.54
|
3.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
0.77
|
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
3.22
|
4.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constructions of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
---------------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
---------------- |
|
Litigations that the firm/ Promoters Involved in |
---------------- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
--------------- |
|
Buyer visit details |
----------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
Operations:
During the year, the company continued trading and manufacturing activities.
The turnover of the company for the year was Rs. 182.131 Millions. The company
has earned profit before depreciation and taxation of Rs. 7.234 Millions for
the year. The company earned net profit of Rs. 2.795 Millions after providing
for depreciation and taxation.
Sundry Creditors
for Goods and Expenses:
|
Particulars |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
14.766
|
7.472
|
5.937 |
|
|
|
|
|
Bank charges:
|
Corporate
identity number of the company |
U25209GJ1996PTC030165 |
|
Name of the
company |
AKASH PLASTOPACK PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 1, 141/142, Road No. ID-1, GIDC, Sachin, Surat-394230, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10256917 |
|
Type of charge |
Immovable property |
|
Particular of charge
holder |
IDBI Bank
Limited, CSC Surat, 801, 8th Floor, 21st Century Business Centre, Ring Road,
Surat – 395002, Gujarat, India Email: rakesh.sinha@idbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum for
extension of equitable mortgage |
|
Date of
instrument Creating the charge |
24.02.2012 |
|
Amount secured by
the charge |
Rs. 66.415
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest N.A being
collateral security Terms of Repayment N.A being
collateral security Margin N.A being
collateral security Extent and Operation of the charge The limit has
been renewed from Rs. 67.000 Millions to Rs. 66.415 Millions as per sanction
letter dated 06.02.2012 and the memorandum for extension of equitable
mortgage is entered into to cover the said limits. |
|
Short particulars
of the property charged |
Land bearing Plot
No I-141 admeasuring 1293.75 sq.mts. with construction in block no. 630/P and
649/P more particularly described in the II schedule of memorandum of
extension of equitable mortgage Land bearing Plot
No I-142 admeasuring 1311.96 sq.mts. with construction in block no. 630/P and
649/P more particularly described in the II schedule of memorandum of
extension of equitable mortgage Land bearing Plot
No. 402 admeasuring 1022 sq.ft at meridian tower more particularly described
in the II schedule of memorandum of extension of equitable mortgage |
|
Date of latest
modification prior to the present modification |
14.02.2012 |
|
Particulars of
the present modification |
By this present modification,
the charge on the immovable properties mortgaged to the company as collateral
security is reduced from Rs. 67.000 Millions to Rs. 66.415 Millions as
specified in the sanction letter attached. |
Contingent Liabilities:
The company claims to have no contingent
liability and hence, it is not provided for in the books of accounts.
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. 52.22 |
|
|
1 |
Rs. 84.16 |
|
Euro |
1 |
Rs. 68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.