MIRA
INFORM REPORT
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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIPUL-S PLASTOCRAFTS PRIVATE LIMITED |
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Registered
Office : |
H.No.183, Tathawade, Taluka Mulshi, Pune – 411 033, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.11.1997 |
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Com. Reg. No.: |
11-111706 |
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Capital Investment
/ Paid-up Capital : |
Rs.23.660
millions |
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CIN No.: [Company Identification
No.] |
U25209MH1997PTC111706 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04331F |
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PAN No.: [Permanent Account No.] |
AAACV6106H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of
Engineering Plastic Components and Moulds. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 231000 |
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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. The company has incurred some losses
during the year. However, networth of the company appears to be sound. 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 DECLINED
Management non-cooperative
LOCATIONS
|
Registered Office : |
H.No.183, Tathawade, Taluka Mulshi, Pune – 411 033, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office/ Factory : |
S.No.146/3 and 4, Tathawade, Taluka Mulshi, District Pune - 411 033, |
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Tel. No.: |
91-20-22932212, 22934279/ 22934270 |
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Fax No.: |
91-20-22932184 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Parameswaran Vijayan Thekkekuttu |
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Designation : |
Managing Director |
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Address : |
Plot No.85, Sector No.25, Pradhikaran, Nigdi, Pune – 411 044, |
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Date of Birth/Age : |
22.11.1954 |
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Qualification : |
B.A. |
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Date of Appointment : |
15.11.1997 |
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DIN No.: |
01715713 |
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Name : |
Mr. Puthusseril Krishnan Namboodiripad Prasad |
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Designation : |
Director |
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Address : |
Plot No.222, Sector No.26, PCNTDA, Nigdi, Pune – 411 044, |
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Date of Birth/Age : |
01.04.1955 |
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Date of Appointment : |
15.11.1997 |
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DIN No.: |
03162092 |
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Name : |
Mrs. Lathika T. Vijayan |
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Designation : |
Director |
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Address : |
Plot No.85, Sector No.25, Pradhikaran, Nigdi, Pune – 411 044, |
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Date of Birth/Age : |
26.12.1963 |
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Date of Appointment : |
15.11.1997 |
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DIN No.: |
03162127 |
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Name : |
Mrs. Sathi Prasad |
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Designation : |
Director |
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Address : |
Plot No.222, Sector No.26, PCNTDA, Nigdi, Pune – 411 044, |
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Date of Birth/Age : |
29.04.1965 |
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Date of Appointment : |
15.11.1997 |
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DIN No.: |
01715779 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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T.P. Vijayan |
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1165725 |
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P.K. Prasad |
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833407 |
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Lathika T. Vijayan |
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174275 |
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Sathi P. Prasad |
|
192593 |
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Total |
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2366000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Engineering Plastic Components and Moulds. |
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Products : |
v
Trim
Pad Cover v
Ash
Tray Cover and Housing v
Assy
Noise Shield Bottom (Front) v
Assy
Timing Cover Rear (Front and Back) v
Oil
Cap v
Fog
Lamp Cover v
RVM Cover
Inner v
Fastners v
Assy
Door Pull Handle v
Grab
Handle v
Ass.
Window Winding Handle v
Grip
Handle v
Housing
Inner Handle |
GENERAL INFORMATION
|
Customers : |
v
Tata Motors (Passenger Car and CVBU) v
Fiat v
Piaggio v
Tata Auto Plastics v
Behr v
Matsushita Washing machine India Limited v
Premium Energy v
Tata Johnson Controls v
v
Motherson Sumi Systems Limited v
Tata Ficosa v
Multitech ( |
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No. of Employees : |
Information declined by the management |
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Bankers : |
v Small Industries
Development of v The Thane Janata Sahakari Bank Limited, H
O "Deendayal Bhavan" Jambhali Naka, Thane, Through Bhosari Branch, Gavhane
Industrial Estate, Pune – 411 039, Maharashtra, India v
Central
Bank of v HDFC Bank Limited v Citi Bank Limited v
ICICI
Bank Limited v
ING
Vysya Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L.B. Laddha and Company Chartered Accountants |
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Address : |
Flat No.7 and 8, Second Floor, Sukhwani Chambers, |
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Tel. No.: |
91-20-27426966/ 27420547 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAJPL1258Q |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2366000 |
Equity Shares |
Rs.10/- each |
Rs.23.660
millions |
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|
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[25280 Equity Shares allotted for consideration other than cash and
223330 equity shares are issued as bonus shares (fully paid)]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.660 |
23.660 |
21.710 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.021 |
36.984 |
37.628 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
57.681 |
60.644 |
59.338 |
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LOAN FUNDS |
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1] Secured Loans |
134.702 |
122.280 |
77.989 |
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2] Unsecured Loans |
0.383 |
0.054 |
0.850 |
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TOTAL BORROWING |
135.085 |
122.334 |
78.839 |
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Creditors for Capital goods |
6.610 |
5.385 |
6.864 |
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DEFERRED TAX LIABILITIES |
4.351 |
2.279 |
2.301 |
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TOTAL |
203.727 |
190.642 |
147.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
160.890 |
174.948 |
141.611 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.991 |
2.723 |
4.337 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
75.364
|
48.098 |
25.962 |
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Sundry Debtors |
41.450
|
31.833 |
35.348 |
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Cash & Bank Balances |
0.563
|
0.223 |
0.213 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.463
|
7.693 |
7.688 |
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Total
Current Assets |
126.840
|
87.847 |
69.211 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.927
|
40.042 |
40.095 |
|
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Other Current Liabilities & Provisions |
34.067
|
34.846 |
27.740 |
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Total
Current Liabilities |
86.994
|
74.888 |
67.835 |
|
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Net Current Assets |
39.846
|
12.959 |
1.376 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.012 |
0.018 |
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|
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TOTAL |
203.727 |
190.642 |
147.342 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
189.931 |
156.239 |
201.973 |
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Other Income |
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TOTAL |
189.931 |
156.239 |
201.973 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
190.822 |
157.389 |
183.283 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
190.822 |
157.389 |
183.283 |
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PROFIT/ (LOSS)
BEFORE TAX |
(0.891) |
(1.150) |
18.690 |
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Add |
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Provision for
Taxation |
0.000 |
0.331 |
0.000 |
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Excess Provision
for Taxation Written off |
0.000 |
(0.991) |
2.600 |
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Provision for
FBT |
0.000 |
0.178 |
0.200 |
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Deferred Tax
Revenue |
2.072 |
(0.023) |
(0.472) |
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PROFIT/ (LOSS)
AFTER TAX |
(2.963) |
(0.645) |
16.362 |
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|
Earnings/ (Loss)
Per Share (Rs.) |
(1.25) |
(0.27) |
7.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.56)
|
(0.41)
|
8.10 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.31)
|
(0.44)
|
8.87 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.02)
|
0.31 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.85
|
3.25 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.17 |
1.02 |
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 |
52.927
|
40.042 |
40.095 |
|
|
|
|
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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 |
No |
|
10) Designation
of contact person |
No |
|
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 |
Yes |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
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 |
No |
|
30) Major
Shareholders, if available |
Yes |
OPERATIONS:
During the year ended on 31st March, 2010 Sales and Other Income amounted to Rs.189.931 millions in comparison to Rs.156.239 millions in the previous year. Company has incurred Net Loss of Rs.2.963 millions in comparison to Net Loss of Rs.0.645 million in the previous year. Company is taking necessary steps to increase its profitability by imposing strict control over overheads.
FUTURE PLANS:
Company is taking necessary steps to increase operations and earn sufficient margins on its operations and to control overheads.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209MH1997PTC111706 |
|
Name of the
company |
VIPUL-S PLASTOCRAFTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H-183, Tathawade, Taluka Mulshi, Pune – 411 033, E-Mail: iut@eth.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10270943 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others (Plant and
Machinery, Moulds and Dies, Other Fixed Assets) |
|
Particular of
charge holder |
The Thane Janata
Sahakari Bank Limited, H O "Deendayal Bhavan" Jambhali Naka, Thane,
Through Bhosari Branch, Gavhane Industrial Estate, Pune – 411 039,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1)Term Loan
Agreement 2) Hypothecation
of Goods, Plant and Machinery and Debts (All the
documents executed for a single modification) |
|
Date of
instrument Creating the charge |
18.02.2011 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: ROI - @ 13% p.a.
(at monthly rest) Floating i.e. 1% p.a. below PLR or rate prescribed by Bank
from time to time. Terms of
Repayment: Period 12 months Margin: 30% Extent and
Operation of the charge: Facility -
Project Finance Limit First Charge of
Thane Janata Sahakari Bank Limited Others: As per Agreement
with the Bank |
|
Short particulars
of the property charged |
Equitable
Mortgage of Property situated at S.No.160 to 164, 183 and 718 at Tathawade. All that piece
and parcel of one Double Storeyed Building of Factory having its
Grampanchayat Property Card No.160, 161, 162,
163 and 164 united comprising total area adm. 431.39 Sq. Mtrs. built up
situated at Tathawade. All that piece
and parcel of S. No. bearing S.No.146/4, 146/3/1 and 146/4/1 at Tathawade. All that piece
and parcel of Plot No.85, Sector No.25, adm. area 231.6 Sq. mtrs. having
Bunglow construction thereon having PCMC property card No.1011201632 situated
at Village P.C.N.T.D.A. Nigadi, Taluka Haveli, District Pune. Hypothecation of
Stock and Book-debts, Plant and Machinery, Moulds and Dies and other
miscellaneous fixed assets. |
|
Particulars of
the present modification |
Hypothecation of
Stock and Book-debts, Plant and Machinery, Moulds and Dies and other miscellaneous
fixed assets to secure the said facility availed by the Company. |
FIXED ASSETS:
v Land
v Building
v Building (S.No.146/3)
v Computer
v Electrical and Plumbing
v Installation
v Gen Set
v Furniture and Fixture
v Mould and Dies
v Office Equipment
v
Telephone (
v Transformer
v Water Pump
v Plastic Containers
v Plant and Machinery
v Plant and Machinery (WIP)
v Plant and Machinery (New Plant)
v Transport Vehicle
v Tools
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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.