|
Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
WELLMAC PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
204, Amar
Business Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.04.2010 |
|
|
|
|
Com. Reg. No.: |
11-201554 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25200MH2010PTC201554 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW03634B |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Plastic Bottle and Container. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 201000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
successor of Wellmac Plastics, a partnership concern started in the year
2003. It 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 PARTED BY
|
Name : |
Mr. Satish Shah |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-26763701 |
|
Date : |
08.05.2012 |
LOCATIONS
|
Registered Office : |
204, Amar
Business Centre, |
|
Tel. No.: |
91-22-26763701/ 26763624 |
|
Fax No.: |
91-22-26764006 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No.172/2, Aathiyawad, Village Dabhel, Daman – 396 210, |
|
Tel. No.: |
91-260-2240489/ 3256181 |
|
Fax No.: |
91-260-2241489 |
|
E-Mail: |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rupesh Suryakant Shah |
|
Designation : |
Director |
|
Address : |
A-302, |
|
Date of Birth/Age : |
22.06.1975 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00482504 |
|
|
|
|
Name : |
Mr. Nikhil Suryakant Shah |
|
Designation : |
Director |
|
Address : |
B-201, |
|
Date of Birth/Age : |
11.10.1972 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00482604 |
|
|
|
|
Name : |
Mr. Suryakant Poonamchand Shah |
|
Designation : |
Director |
|
Address : |
244/1, Laxminivas, Jawahar Nagar, Goregaon (West), Mumbai – 400 062, |
|
Date of Birth/Age : |
26.04.1946 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
01495538 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Shah |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Suryakant Poonamchand Shah |
|
10000 |
|
Nikhil Suryakant Shah |
|
475000 |
|
Rupesh Suryakant Shah |
|
475000 |
|
Nirmalaben Suryakant Shah |
|
10000 |
|
Heena Nikhil Shah |
|
10000 |
|
Nehal Rupesh Shah |
|
10000 |
|
Jigna Chandrakant Shah |
|
10000 |
|
Total
|
|
1000000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Plastic Bottle and Container. |
|
|
|
|
Products : |
v Virgin Plastic Blow v Fully Automatic Blow Moulding Machine v Blow Moulding Machine v
Injection
Moulding Machine |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60 days) |
|
|
|
|
Purchasing : |
Credit (60 days) |
GENERAL INFORMATION
|
Suppliers : |
v
Webtech Industries Private Limited v
Reliance Industries |
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
Manufacturer v
Savita Oil Technology v
Sale India Limited |
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
150 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
HDFC Bank Limited,
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
Cash Credit – Rs.30.000 millions (HDFC Bank Limited)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Prasad and Company Chartered Accountants |
|
Address : |
14, B.J. Industrial Estate, Kanchpada , Malad (West), Mumbai – 400
064, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEPP7800K |
|
|
|
|
Associates/Subsidiaries : |
Nirmal Chem Plast Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
40.218 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
50.218 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6.733 |
|
|
2] Unsecured Loans |
|
|
115.394 |
|
|
TOTAL BORROWING |
|
|
122.127 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
172.345 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
95.737 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
35.146 |
|
|
Sundry Debtors |
|
|
57.269 |
|
|
Cash & Bank Balances |
|
|
0.478 |
|
|
Other Current Assets |
|
|
4.141 |
|
|
Loans & Advances |
|
|
4.179 |
|
Total
Current Assets |
|
|
101.213 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
22.547 |
|
|
Other Current Liabilities |
|
|
1.978 |
|
|
Provisions |
|
|
0.241 |
|
Total
Current Liabilities |
|
|
24.766 |
|
|
Net Current Assets |
|
|
76.447 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.161 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
172.345 |
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
700.000 |
650.000 |
|
|
|
|
|
|
Net Profit |
|
NA |
54.635 |
Expected Sales (2012-2013): Rs.800.000 millions
The above information has been parted by Mr. Satish Shah (Account
Manager).
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
4.09 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
|
Sundry Creditors |
15.761 |
|
Sundry Creditors
for Expenses |
6.260 |
|
Sundry Creditors
for Assets |
0.526 |
|
Total |
22.547 |
|
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 |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last two years |
Yes |
|
12) Profitability
for last one year |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in the
business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
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 |
Yes |
|
30) Major
Shareholders, if available |
Yes |
FINANCIAL RESULTS:
The Working for the year has resulted in a Net Profit 54.635 millions.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U25200MH2010PTC201554 |
|
Name of the
company |
WELLMAC PLASTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
204, Amar
Business Centre, E-Mail: wellmac@vsnl.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10308094 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
CIN No.:
L65920MH1994PLC080618 HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
Recording Past Transactions of Creation of Mortgage by Delivery of Title
Deeds. |
|
Date of instrument
Creating the charge |
18.04.2012 |
|
Amount secured by
the charge |
Rs.41.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment: On demand. Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as security for repayment of Rs.41.500 millions by the Company
together with principal, interest, liquidated damages, costs, charges and
expenses. |
|
Short particulars
of the property charged |
Immovable
property being lying and situated at Plot No.257/3, Survey No.172/2, Navi
Daman, Village Dabhel, Daman. |
|
Date of latest
modification prior to the present modification |
21.09.2011 |
|
Particulars of the
present modification |
The charge shall
now stand increased from Rs.31.500 millions to Rs.41.500 millions, in favour
the Bank against the equitable mortgage of immovable properties being lying
and situated at Plot No.257/3, Survey No.172/2, Navi Daman, Village Dabhel, |
FIXED ASSETS:
v
Air Conditioner
v
Dies and Moulds
v
Electric Installation
v
Plant and Machinery
v
Computer
v
Industrial Gala at Goregaon
v
Land at
v
Printer
v
Motor Car
v
Scooter
v
Office Equipment
v
Furniture and Fixture (Unit II)
v
v
Factory Equipment (Unit II)
v
Software
v
Generator
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.52.85 |
|
|
1 |
Rs.85.44 |
|
Euro |
1 |
Rs.68.80 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.