MIRA INFORM REPORT

 

 

Report Date :

12.10.2012

 

IDENTIFICATION DETAILS

 

Name :

ARUN PLASTO MOULDERS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

C-3, Phase III, Thiru Vi Ka Industrial Estate, Chennai – 600 097, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

12.05.2004

 

 

Com. Reg. No.:

18-053231

 

 

Capital Investment / Paid-up Capital :

Rs.30.000 millions

 

 

CIN No.:

[Company Identification No.]

U25209TN2004PTC053231

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEA10353A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing of Injection Moulded Parts, Plastic Ancillary Equipments etc.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 997000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, networth of the company appears to be satisfactory. 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.

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

LOCATIONS

 

Registered Office :

C-3, Phase III, Thiru Vi Ka Industrial Estate, Chennai – 600 097, Tamilnadu, India

Tel. No.:

91-44-42038692

Mobile No.:

91-9962512176 (Ms. Shenvpagan)

Fax No.:

91-44-22253604

E-Mail :

sales@arunpla.com

info@arunpla.com

Website :

http://www.arunpla.com

 

 

Factory 1 :

M-6, RMD Yard, SIDCO Industrial Estate, Guindy, Chennai - 600 032, Tamilnadu, India

Tel. No.:

91-44-42009564/ 42609010/ 42609011

Fax No.:

91-44-42009564

 

 

Factory 2 :

Located at:

 

v      Haridwar

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Pool Thevar Marimuthu

Designation :

Managing Director

Address :

Old No.54, New No.23, Defence Officers Colony, Ekkaduthangal, Chennai – 600 097, Tamilnadu, India

Date of Birth/Age :

15.08.1965

Date of Appointment :

12.05.2004

DIN No.:

01714355

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U25209TN2004PTC053231

ARUN PLASTO MOULDERS (INDIA) PRIVATE LIMITED

Managing director

12/05/2004

12/05/2004

-

Active

NO

2

U30008TN2005PTC055624

SOLAR COMPACT DISC PRIVATE LIMITED

Managing director

10/03/2005

10/03/2005

-

Active

NO

 

 

Name :

Mariammal Marimuthu

Designation :

Director

Address :

Old No.54, New No.23, Defence Officers Colony, Ekkaduthangal, Chennai – 600 097, Tamilnadu, India

Date of Birth/Age :

04.02.1968

Date of Appointment :

12.05.2004

DIN No.:

01714392

 

 

Name :

Subramanian Pool Thevar

Designation :

Director

Address :

28, 1st Reddy Street, Ekkaduthangal, Chennai – 600 097, Tamilnadu, India

Date of Birth/Age :

02.09.1967

Date of Appointment :

12.05.2004

DIN No.:

01702138

 

 

KEY EXECUTIVES

 

Name :

Ms. Shenvpagan

Designation :

Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

P. Marimuthu

 

201498

M. Mariammal

 

14652

P. Subramanian

 

16950

P. Kandaswamy

 

5900

R. Kandaswamy

 

6000

K. Mariammal

 

2000

Pool Thevar

 

44000

Karuppaswamy

 

3000

Paramashivan C.

 

3000

Shenbagaraj

 

3000

Total

 

300000

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Injection Moulded Parts, Plastic Ancillary Equipments etc.

 

 

Products :

Item Code No. (ITC Code)

392350

Product Description

Plastic Caps and Necks

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

Unit

Actual Production

 

Components

Nos.

1457826644

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

v      Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600 001, Tamilnadu, India

v      ICICI Bank Limited

v      Karur Vysya Bank

 

 

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Standard Chartered Bank

 

 

Term Loan *

24.827

46.910

Open Cash Credit Loan **

85.456

33.873

Total

110.283

80.783

 

* Secured Against Buildings and Machineries

** Secured Against Stocks and Debtors

 

Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Share Holders and Interested Concerns

7.114

1.954

Total

7.114

1.954

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

NRG Associates

Chartered Accountants

Address :

New No.19 (Old No.10), 1st Floor, 5th Main Road, Raja Annamalaipuram, Chennai – 600 028, Tamilnadu, India

Tel. No.:

91-44-24340925

E-Mail :

info@nrgassociates.in

Website :

www.nrgassociates.in

Income-tax PAN of auditor or auditor's firm :

AAEFN7749R

 

 

Related Parties :

v      Solar Compact Disc Private Limited

v      Arun Enterprises

v      Saro Enterprises

v      Saro Plast

v      Yule Engineering Corporation

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

300000

Equity Shares

Rs.100/- each

Rs.30.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

300000

Equity Shares

Rs.100/- each

Rs.30.000 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

30.000

30.000

30.000

2] Share Application Money

0.500

0.500

0.500

3] Reserves & Surplus

218.663

195.450

81.506

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

249.163

225.950

112.006

LOAN FUNDS

 

 

 

1] Secured Loans

110.283

80.783

112.101

2] Unsecured Loans

7.114

1.954

33.585

TOTAL BORROWING

117.397

82.737

145.686

DEFERRED TAX LIABILITIES

0.443

4.684

5.687

 

 

 

 

TOTAL

367.003

313.371

263.379

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

249.647

172.997

166.489

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
22.532

34.041

30.248

 

Sundry Debtors
167.620

110.939

59.621

 

Cash & Bank Balances
19.292

13.686

15.918

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
114.802

83.631

39.472

Total Current Assets
324.246

242.297

145.259

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
82.969

39.730

36.231

 

Other Current Liabilities
119.080

38.693

5.903

 

Provisions
4.841

23.500

6.235

Total Current Liabilities
206.890

101.923

48.369

Net Current Assets
117.356

140.374

96.890

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

367.003

313.371

263.379

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

628.546

543.935

448.425

 

 

Other Income

 

 

 

 

 

TOTAL                                    

628.546

543.935

448.425

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

609.128

429.303

388.844

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

609.128

429.303

388.844

 

 

 

 

 

 

PROFIT BEFORE TAX

19.418

114.632

59.581

 

 

 

 

 

Less

TAX                                                                 

(3.795)

0.687

7.449

 

 

 

 

 

 

PROFIT AFTER TAX

23.213

113.945

52.132

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of exports (including unbilled revenue) 

17.461

5.922

2.296

 

TOTAL EARNINGS

17.461

5.922

8.218

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Material

13.445

33.195

8.503

 

 

Machineries, Components and Spares

77.053

49.622

0.887

 

TOTAL IMPORTS

90.498

82.817

9.390

 

 

 

 

 

 

Earnings Per Share (Rs.)

77.38

379.82

173.77

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
3.69

20.95

11.63

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.38

27.60

19.11

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.08

0.51

0.53

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.30

0.82

1.73

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.57

2.38

3.00

 

 

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) 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

Yes

17) Major suppliers

No

18) Major customers

No

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

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Bankers Charges Report as per Registry

 

Corporate identity number of the company

U25209TN2004PTC053231

Name of the company

ARUN PLASTO MOULDERS (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

C-3, Phase III, Thiru Vi Ka Industrial Estate, Chennai – 600 097, Tamilnadu, India

E-Mail: sales@arunpla.com

This form is for

Modification of charge

Charge identification number of the modified 

80008390

Type of charge

Book Debts

Movable Property (not being pledge)

Floating Charge

Particular of charge holder

Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600 001, Tamilnadu, India

E-Mail: Nilesh.Babar@sc.com

Nature of description of the instrument creating or modifying the charge

5th Supplemental to Unattested Memorandum of Hypothecation

Date of instrument Creating the charge

15.10.2011

Amount secured by the charge

Rs.158.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Credit Facilities.

Interest / Commission - As agreed by and with the Bank from time to time.

 

Terms of Repayment:

As agreed by and with the Bank from time to time.

 

Margin:

As agreed by and with the Bank from time to time.

 

Extent and Operation of the charge:

The Bank is having first charge on security given by the Company 

Short particulars of the property charged

Hypothecation by way of first charge on: a) all present and future book debts, o/s money receivables, claims and bills b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

Date of latest modification prior to the present modification

04.02.2011

Particulars of the present modification 

By way of present modification, the charge amount increased from Rs.108.000 millions to Rs.158.000 millions against the security of hypothecation by way of first charge on: a) all present and future book debts, o/s money receivables, claims and bills b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

 

FIXED ASSETS:

 

v      Land

v      Building

v      Plant and Machinery

v      Furniture

v      Vehicles

v      Computers

v      Office Equipments

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.53.07

UK Pound

1

Rs.84.95

Euro

1

Rs.68.23

 

 

INFORMATION DETAILS

 

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

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

4

--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

 

44

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.