|
Report Date : |
08.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUMATI PLASTIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D–164-Barihant House, Gali No. 06, Laxmi Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.01.1996 |
|
|
|
|
Com. Reg. No.: |
55-075831 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3.797
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209DL1996PTC075831 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS19181B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Packaging Film |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred some losses in the current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
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 : |
D–164-Barihant House, Gali No. 06, Laxmi Nagar, |
|
Tel. No.: |
91-11-43036699 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Dipesh Sethia |
|
Designation : |
Director |
|
Address : |
B – 65, Surya Nagar, |
|
Date of Birth/Age : |
11.03.1978 |
|
Date of Appointment : |
27.12.2007 |
|
DIN No.: |
00045592 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U21029DL2006PTC147236 |
K.S. FLEXIPACK PRIVATE LIMITED |
Director |
08-03-06 |
08-03-06 |
Active |
NO |
|
2 |
U25209DL1996PTC075831 |
SUMATI PLASTIC PRIVATE LIMITED |
Additional director |
27-12-07 |
27-12-07 |
Active |
NO |
|
Name : |
Mr. Prakash Sethia |
|
Designation : |
Director |
|
Address : |
B – 65, Surya Nagar, |
|
Date of Appointment : |
29.01.1996 |
|
DIN No.: |
01289145 |
|
Name : |
Mr. Bimal Kumar Sethia |
|
Designation : |
Director |
|
Address : |
D – 53, Sector – 6, Gautam Bagh Nagar, Noida, Uttar Pradesh – 201301, |
|
Date of Birth/Age : |
29.11.1947 |
|
Date of Appointment : |
31.03.2008 |
|
DIN No.: |
00045456 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U15319AS1986PTC002594 |
POONAM OIL MILLS
PRIVATE LIMITED |
Director |
23-10-86 |
23-10-86 |
20-03-07 |
Under Process of
Striking off |
NO |
|
2 |
U25209DL1996PTC075831 |
SUMATI PLASTIC
PRIVATE LIMITED |
Director |
31-03-08 |
29-01-96 |
- |
Active |
NO |
|
3 |
U21029DL2006PTC147236 |
K.S. FLEXIPACK
PRIVATE LIMITED |
Director |
08-03-06 |
08-03-06 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bimal Kumar Sethia |
|
38800 |
|
Lajpat Kumar Sethia |
|
17600 |
|
L K Sethia (HUF) |
|
7500 |
|
P K Sethia (HUF) |
|
55000 |
|
Priti Sethia |
|
20000 |
|
Navipon Commodities Private Limited, |
|
10000 |
|
Shri Durga Minireses Private Limited, |
|
10000 |
|
N R I Resources Private Limited, |
|
10000 |
|
N I P U Commercial Private Limited, |
|
10000 |
|
Prakash Nath Suppliers Private Limited, |
|
10000 |
|
Sagtari Das Suppliers Private Limited, |
|
15000 |
|
Namaskar Fashion Private Limited, |
|
20000 |
|
Jaya Mercantiles Private Limited, |
|
30000 |
|
F I R R P Trading Private Limited, |
|
20000 |
|
Ashok Kumar Minni |
|
10000 |
|
Deepak Commodities Private Limited, |
|
15000 |
|
Man Mohak Commodities Private Limited, |
|
10000 |
|
F I R R O Trading Private Limited, |
|
10000 |
|
Dipesh Sethia |
|
60800 |
|
Total |
|
379700 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
45.00 |
|
Directors or relatives of Directors |
53.00 |
|
Other top fifty shareholders |
2.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Packaging Film |
|
|
|
|
Products : |
Plastic Granule |
PRODUCTION STATUS
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
License Capacity |
N.A. |
N.A. |
|
Installed Capacity |
1650.000 |
1650.000 |
|
Actual Production |
864.569 |
915.350 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Ground Floor, B-7, Ashoka
Niketan, ·
Rajasthan Financial Corporation, Bhiwadi, |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Lochan and Company Chartered Accountants |
|
Address : |
F-209/4, |
|
Tel. No.: |
91-11-43009559/ 43036699 |
|
Mobile No.: |
91-9910952969 |
|
E-Mail : |
|
|
PAN No. : |
AAIPK8554H |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000 |
Equity Shares |
Rs.10/- each |
Rs. 3.900 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
379700 |
Equity Shares |
Rs.10/- each |
Rs. 3.797
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 |
3.797 |
3.697 |
3.697 |
|
|
2] Share Application Money |
0.065 |
0.065 |
0.065 |
|
|
3] Reserves & Surplus |
1.216 |
2.250 |
2.021 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.078 |
6.012 |
5.783 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.090 |
12.798 |
10.228 |
|
|
2] Unsecured Loans |
0.202 |
2.293 |
4.836 |
|
|
TOTAL BORROWING |
16.292 |
15.091 |
15.064 |
|
|
DEFERRED TAX LIABILITIES |
0.154 |
0.184 |
0.221 |
|
|
|
|
|
|
|
|
TOTAL |
21.524 |
21.287 |
21.068 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.381 |
6.941 |
7.937 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.427 |
6.966 |
6.510 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.695
|
3.702 |
4.614 |
|
|
Sundry Debtors |
9.095
|
15.731 |
12.447 |
|
|
Cash & Bank Balances |
0.755
|
0.357 |
0.523 |
|
|
Other Current Assets |
3.882
|
3.034 |
1.954 |
|
|
Loans & Advances |
2.320
|
2.306 |
2.787 |
|
Total
Current Assets |
19.747
|
25.130 |
22.325 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.305
|
16.799 |
14.883 |
|
|
Other Current Liabilities |
0.726
|
0.790 |
0.762 |
|
|
Provisions |
0.000
|
0.161 |
0.059 |
|
Total
Current Liabilities |
10.031
|
17.750 |
15.704 |
|
|
Net Current Assets |
9.716
|
7.380 |
6.621 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.524 |
21.287 |
21.068 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.018 |
4.660 |
6.737 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.883 |
1.051 |
1.152 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.135 |
3.609 |
5.585 |
|
|
|
|
|
|
|
Less/ Add |
FINANCIAL
EXPENSES |
3.599 |
3.249 |
5.278 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(1.464) |
0.360 |
0.307 |
|
|
|
|
|
|
|
Less |
Provision for
Current Tax |
0.000 |
0.168 |
0.014 |
|
|
|
|
|
|
|
Less |
Provision for
FBT |
0.000 |
0.000 |
0.045 |
|
|
|
|
|
|
|
Less/ Add |
Provision for
Deferred Tax |
0.030 |
0.037 |
0.487 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(1.434) |
0.229 |
(0.239) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.88) |
N.A. |
N.A |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.60)
|
1.12 |
1.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.29)
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.18
|
5.46 |
5.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.42 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209DL1996PTC075831 |
|
Name of the
company |
SUMATI PLASTIC
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-164-Barihant
House, Gali No-06, Laxmi Nagar, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others (1st
charge over current assets and movable Fixed assets) |
|
Particular of
charge holder |
Axis Bank
Limited, Ground Floor, B-7, Ashoka
Niketan, Email ID: axisbank@gmail.com |
|
Nature of
instrument creating charge |
·
Link
document cum supplemental deed. ·
Amendment
cum link agreement. |
|
Date of
instrument Creating the charge |
05.05.2011 |
|
Amount secured by
the charge |
Rs. 26.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate of interest
has been modified to base rate + 5% presently effective rate 14% p.a. As per sanction
letter no. Axisb/delsme/2010-11/14233 dated 10.02.2011 to be amended from
time to time. Terms of repayment As per sanction
letter no. Axisb/delsme/2010-11/14233 dated 10.02.2011 to be amended from
time to time. Margin As per sanction
letter no. Axisb/delsme/2010-11/14233 dated 10.02.2011 to be amended from
time to time. Extent and operation of the charge Extent and
Operation - 100% Other The above is to
secure the following :- Cc - Rs. 9.400 Millions Ler - (Rs. 0.500
Millions) sub limit to cc Lc - Rs. 17.000 Millions Buyer's credit -
(Rs.10.000 Millions) (sublimit of lc) |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by way
of first charge over stocks, book debts and movable fixed assets of the
company stored or to be stored at the company's godowns or premises or
wherever else the same may be. |
|
Charge
identification number of the charge to be modified |
10038732 |
|
Date of
instrument modifying the charge |
05.02.2010 |
|
Particulars of
the present modification |
Bank's first
charge over stocks, book debts and movable fixed assets (except those already
charged) of the company stored or to be stored at the company's godowns or
premises or wherever else the same may be, already registered. For Rs. 28.400
Millions shall stand modified to Rs. 26.400 Millions and rate of interest has
been modified from 2% below plr to 5% above axis bank's base rate (base rate
presently 9% p.a.) Effective rate being 14% p.a. Payable monthly. |
Fixed Assets:
·
Land
·
Building
·
Air Conditioner
·
Bag Making Machine
·
Chiller Plant
·
·
Electricals Fitting
·
Generator
·
Laboratory Equipments
·
Machinery
·
Mobile Phone
·
Water Purifier
·
Weightment Scale
·
Motor Car
·
TVS Moped XL Super
·
Computer
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. 53.34 |
|
|
1 |
Rs. 86.09 |
|
Euro |
1 |
Rs. 70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
0 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
27 |
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.