|
Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PLENCO CLOSURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
72, Raja Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.08.2003 |
|
|
|
|
Com. Reg. No.: |
11-141823 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.36.450
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29195MH2003PTC141823 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15755F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP1787D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tamper Evident Plastic Caps for Non Carbonated
Beverages. |
|
|
|
|
No. of Employees
: |
14 (Approximately) (In office 04 + In
factory 10) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 333000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some losses being incurred by the company 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 small 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 BY
|
Name : |
Mr. Prasad |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-25662146 |
|
Date : |
12.05.2012 |
LOCATIONS
|
Registered Office : |
72, Raja Industrial Estate, |
|
Tel. No. : |
91-22-25662146/ 25645457 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Correspondence Address : |
B-504, Pratik Industrial Estate, Opposite Wockhardt Hospital, Mulund-Goregaon Link Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India |
|
Tel. No.: |
91-22-41622828 (100 Lines) |
|
Fax No.: |
91-22-41622803 |
|
|
|
|
Factory : |
Plot Number 22 /
28, Government, Industrial Estate, Phase II, Piparia, Silvassa - 396 230 (D.
and N.H.) |
|
Tel. No.: |
91-260-3206837/ 2640171 |
|
|
|
|
Regional Office 1 : |
805, |
|
Tel. No.: |
91-11-25526011 |
|
E-Mail : |
|
|
|
|
|
Regional Office 2 : |
No. 74, 1st |
|
Tel. No.: |
91-80-23346772/ 3/ 23463220 |
|
Fax No.: |
91-80-23346774 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Anand Monappa Shetty |
|
Designation : |
Managing Director |
|
Address : |
1801, Odyssey-1, 18th Floor, |
|
Date of Birth/Age : |
08.01.1953 |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
01287510 |
|
|
|
|
Name : |
Mr. Adish Anand Shetty |
|
Designation : |
Director |
|
Address : |
1801, Odyssey-1, 18th Floor, |
|
Date of Birth/Age : |
02.09.1988 |
|
Qualification : |
IT |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
01210843 |
|
|
|
|
Name : |
Mr. Pravir Anand Shetty |
|
Designation : |
Director |
|
Address : |
1801, Odyssey-1, 18th Floor, |
|
Date of Birth/Age : |
24.01.1984 |
|
Qualification : |
MBA Finance |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
01287484 |
|
|
|
|
Name : |
Ms. Shashirekha Anand Shetty |
|
Designation : |
Director |
|
Address : |
18, Odyssey, |
|
Date of Birth/Age : |
01.06.1959 |
|
Qualification : |
BA |
|
Date of Appointment : |
21.08.2003 |
|
DIN No.: |
02135741 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anand M. Shetty |
|
1015000 |
|
Adish A. Shetty |
|
580000 |
|
Organic Industries Limited, |
|
980000 |
|
Trident Polymers Private Limited, |
|
300000 |
|
Pravir A. Shetty |
|
590000 |
|
Shashirekha A. Shetty |
|
180000 |
|
Total
|
|
3645000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
35.12 |
|
Directors
or relatives of directors |
|
64.88 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tamper Evident Plastic Caps for Non Carbonated
Beverages. |
|
|
|
|
Products : |
v Hotfill/ Warmfill Juices v Package Drinking Water v Cold Filling Applications v Pharma Formulation v Edible Oil v Paints Strainers |
GENERAL INFORMATION
|
Customers : |
v
Coca Cola v
Pepsico v Parle Agro Private Limited v Bisleri International Limited v Cavin Care v Godrej Foods Limited v Hindustan Unilever Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
14 (Approximately) (In office 04 + In factory
10) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
The Shamrao Vithal Co-Operative Bank Limited, Jayant Acrade,
Rajawadi Naka, Ghatkopar (East), Mumbai – 400 077, v HDFC Bank v ICICI Bank v The NKGSB Co-Operative Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rakesh R. Agarwal and Associates Chartered Accountants |
|
Address : |
M-2, Sharda Chamber No.1, 31, Keshavji Naik Road, Bhat Bazar, Masjid
Bunder (West), Mumbai – 400 009, Maharashtra, India |
|
Tel. No.: |
91-22-23716074/ 23715405 |
|
Mobile No.: |
91-9869056042/ 9323496448 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AABPA9684P |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3645000 |
Equity Shares |
Rs.10/- each |
Rs.36.450
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 |
36.450 |
36.450 |
36.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
46.851 |
52.512 |
38.112 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
83.301 |
88.962 |
74.562 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
271.511 |
282.352 |
275.556 |
|
|
2] Unsecured Loans |
39.920 |
40.073 |
2.331 |
|
|
TOTAL BORROWING |
311.431 |
322.425 |
277.887 |
|
|
DEFERRED TAX LIABILITIES |
10.001 |
7.320 |
7.625 |
|
|
|
|
|
|
|
|
TOTAL |
404.733 |
418.707 |
360.074 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
243.530 |
278.146 |
255.552 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.302 |
0.302 |
0.302 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
125.781
|
99.313
|
46.408
|
|
|
Sundry Debtors |
34.801
|
29.838
|
49.390
|
|
|
Cash & Bank Balances |
0.491
|
8.705
|
1.962
|
|
|
Other Current Assets |
38.200
|
34.951
|
26.779
|
|
|
Loans & Advances |
0.000
|
0.000
|
0.000
|
|
Total
Current Assets |
199.273
|
172.807
|
124.539
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
29.479 |
23.841 |
15.400 |
|
|
Other Current Liabilities |
3.467
|
3.389
|
2.463
|
|
|
Provisions |
5.750
|
5.750
|
2.995
|
|
Total
Current Liabilities |
38.696
|
32.980
|
20.858
|
|
|
Net Current Assets |
160.577
|
139.827
|
103.681
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.324 |
0.432 |
0.539 |
|
|
|
|
|
|
|
|
TOTAL |
404.733 |
418.707 |
360.074 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
TOTAL
INCOME |
296.476 |
325.099 |
389.004 |
|
|
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
259.323 |
266.693 |
325.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
37.153 |
58.406 |
63.326 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.133 |
41.143 |
36.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(2.980) |
17.263 |
26.344 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.682 |
2.863 |
4.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(5.662) |
14.400 |
21.740 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
52.512 |
38.112 |
16.372 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
52.512 |
38.112 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
54.713 |
35.621 |
27.394 |
|
|
TOTAL EARNINGS |
54.713 |
35.621 |
27.394 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
25.982 |
|
|
|
Capital Goods |
NA |
NA |
0.200 |
|
|
TOTAL IMPORTS |
NA |
NA |
26.182 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.55) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.91)
|
4.43 |
5.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.67)
|
3.83
|
6.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.19
|
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.20
|
4.00
|
4.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.15
|
5.24
|
5.97
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors
for Capital Goods |
4.880 |
0.521 |
0.731 |
|
Sundry Creditors
for Expenses |
11.342 |
6.444 |
4.487 |
|
Sundry Creditors
for Purchases |
6.391 |
5.291 |
4.447 |
|
Sundry Creditors
for Raw Material |
6.866 |
11.585 |
5.735 |
|
Total |
29.479 |
23.841 |
15.400 |
|
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 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 |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29195MH2003PTC141823 |
|
Name of the
company |
PLENCO CLOSURES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
72, Raja Industrial Estate, E-Mail: sales@plencoindia.com |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable property
(not being pledge) |
|
Particular of
charge holder |
The Shamrao Vithal Co-Operative Bank Limited, Jayant Acrade, Rajawadi
Naka, Ghatkopar (East), Mumbai – 400 077, E-Mail: legaldept@svcbank.com |
|
Nature of
instrument creating charge |
Joint Deed of
Hypothecation for Term Loan |
|
Date of
instrument Creating the charge |
03.02.2011 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 1) The Shamrao
Vithal Co-operative Bank Limited ("SVC Bank") Term Loan of
Rs.11.200 Millions: Rate of Interests: PLR-1.5% p.a. 2) The NKGSB
Co-operative Bank Limited ("NKGSB
Bank") Term Loan of
Rs.8.800 Millions: Rate of Interest: 14% p.a. Terms of Repayment: The terms of
repayment of principal amount Margin As may be
Decided, From time to time, by the Bank. Extent and
operation of the charge To secure the due
repayment of Term Loan(s) aggregating Rs.20.000 Millions granted to the Company
(being Rs.12.200 Millions granted by SVC Bank and Rs.8.800 Millions granted
by NKGSB Bank). |
|
Particulars of
the property charged
|
All Plant and
Machinery, other assets at Company's Factory at Plot No. 27 and 29,
Village-Paud, Taluka- Khalapur, District-Raigad and all other Tangible
Movable Assets. All Present and
Future, stocks of raw materials, WIP, finished goods, etc. and Books-Debts of the Company |
FIXED ASSETS:
v Plant and Machinery
v Dies and Tools
v Factory Equipments
v Electricity Fittings
v Furniture and Fixtures
v Factory Premises
v Computer
v Office Equipment
v Vehicles
v Land
v Buildings
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
30 |
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.