MIRA INFORM REPORT
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Report Date : |
25.09.2012 |
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IDENTIFICATION DETAILS
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Name : |
PETRO PLAST INDUSTRIES LIMITED |
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Registered
Office : |
A 68, 1thh Street, Anna Nagar East Chennai – 600102, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.03.1995 |
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Com. Reg. No.: |
18-030545 |
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Capital
Investment/ Paid-up Capital: |
Rs.17.398 Millions |
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CIN No.: [Company Identification
No.] |
U25209TN1995PLC030545 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP06584E |
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PAN No.: [Permanent Account No.] |
AAACP4423B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Traders of Plastic Granules. |
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No. of
Employees: |
32 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 1213000 |
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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. 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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
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Registered Office : |
A 68, 1thh Street, Anna Nagar East Chennai – 600102, |
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Tel. No.: |
91-44-4341 8858-8888 |
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Mobile No.: |
91-9841001203 (Mr. Ajay Agarwal) |
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Fax No.: |
Not Available |
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E-Mail : |
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DIRECTORS
As on 30.09.2011
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Name : |
Mr. |
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Designation : |
Managing Director |
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Address : |
G -1125 1, Street 10, |
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Date of Birth/Age : |
03.12.1961 |
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Qualification : |
Higher secondary |
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Date of Appointment : |
14.06.2009 |
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Din No.: |
00634853 |
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Other Directorship:
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Name : |
Ms. Saroj Agarwal |
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Designation : |
Director |
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Address : |
G -1125 1, Street 10, |
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Date of Birth/Age : |
15.07.1956 |
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Qualification : |
BBA |
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Date of Appointment : |
14.06.2009 |
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Din No.: |
00638955 |
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Other Directorship:
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Name : |
Mr. Ajay Kumar Agarwal |
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Designation : |
Director |
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Address : |
G -1125 1, Street 10, |
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Date of Birth/Age : |
02.11.1982 |
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Qualification : |
Higher secondary |
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Date of Appointment : |
14.06.2009 |
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Din No.: |
00638926 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Ajay Kumar Agarwal |
|
85800 |
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Bhagwathi Devi Agarwal |
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22800 |
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Jagdish S. Pancholi |
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5000 |
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Madanlal Surana |
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5000 |
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Manju Agarwal |
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149000 |
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10800 |
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158400 |
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Praful H. Shah |
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5000 |
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Pravin J. Kamdar |
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5000 |
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Raj Kumar Agarwal |
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157000 |
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Saroj Agarwal |
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124450 |
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Shree Ganeshji |
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110 |
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Shree Pitrarji Pitranji and Samast Devata |
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110 |
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Usha Agarwal |
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163700 |
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Shree Tirupati Balaji |
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110 |
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M. Balasubramaniam |
|
800 |
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Amit Kumar Agarwal |
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157720 |
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Petro Enterprises Limited, |
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689000 |
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Total |
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1739800 |
As on 30.09.2011
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Category |
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Percentage |
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Bodies corporate |
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40.00 |
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Directors or relatives of directors |
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59.00 |
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Other top fifty shareholders |
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1.00 |
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Total
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100.000 |
BUSINESS DETAILS
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Line of Business : |
Traders of Plastic Granules. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
32 (Approximately) |
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Bankers : |
·
Tamilnad Mercantile Bank Limited, GT Branch, ·
ICICI Bank Limited |
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Facilities : |
Rs.
In Millions
Note:(A) Tamilnad Mercantile Bank Limited - O.D ICICI Bank Limited -Mercedez Benz Loan ILC Discounted (TMB Ltd) Term Loan
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C Ramasamy and B Srinivasan Chartered Accountants |
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Address : |
37, Alagiri Nagar, |
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PAN.: |
AAAFC4336M |
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Associate Concerns
: |
· Indus Valley Housing Limited · Petro Enterprises Limited ·
Petro Plast ( |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1739800 |
Equity Shares |
Rs.10/- each |
Rs.17.398
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
17.398 |
17.398 |
17.398 |
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2] Share Application Money |
196.500 |
196.500 |
100.000 |
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3] Reserves & Surplus |
89.372 |
80.843 |
70.750 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
303.270 |
294.741 |
188.148 |
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LOAN FUNDS |
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1] Secured Loans |
274.472 |
119.164 |
169.682 |
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2] Unsecured Loans |
0.000 |
2.326 |
40.592 |
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TOTAL BORROWING |
274.472 |
121.49 |
210.274 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
577.742 |
416.231 |
398.422 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.561 |
7.440 |
20.087 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.020 |
0.750 |
0.750 |
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DEFERREX TAX ASSETS |
0.438 |
0.189 |
0.303 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
251.868
|
91.912
|
252.018 |
|
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Sundry Debtors |
389.030
|
378.541
|
386.026 |
|
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Cash & Bank Balances |
64.145
|
52.478
|
50.131 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
98.696
|
41.283
|
27.163 |
|
Total
Current Assets |
803.739
|
564.214 |
715.338 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
231.779
|
149.914
|
332.265 |
|
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Other Current Liabilities |
1.382
|
2.222
|
3.112 |
|
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Provisions |
3.855
|
4.226
|
2.679 |
|
Total
Current Liabilities |
237.016
|
156.362 |
338.056 |
|
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Net Current Assets |
566.723
|
407.852
|
377.282 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
577.742 |
416.231 |
398.422 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
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Income |
1669.705 |
1917.271 |
1091.771 |
|
|
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Other Income |
14.950 |
11.656 |
15.804 |
|
|
|
Closing Stock |
0.000 |
0.000 |
197.043 |
|
|
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TOTAL (A) |
1684.655 |
1928.927 |
1304.618 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1635.257 |
1872.464 |
|
|
|
|
Manufacturing service costs |
0.000 |
0.000 |
|
|
|
|
Employee related expenses |
1.255 |
1.448 |
|
|
|
|
Administrative selling other expenses |
7.648 |
7.498 |
|
|
|
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TOTAL (B) |
1644.160 |
1881.410 |
1251.213 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.495 |
47.517 |
53.405 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
25.123 |
31.670 |
37.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.372 |
15.847 |
15.527 |
|
|
|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.591 |
1.390 |
7.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.781 |
14.457 |
8.431 |
|
|
|
|
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|
|
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Less |
TAX (H) |
4.251 |
4.365 |
2.671 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
8.530 |
10.092 |
5.760 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
57.250 |
47.158 |
41.397 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
65.780 |
57.250 |
47.157 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.9 |
5.8 |
3.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.51 |
0.52
|
0.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.77 |
0.76
|
0.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.57 |
2.55
|
1.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.05
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69 |
0.94
|
2.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39 |
3.61
|
2.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
PERFORMANCE
The company’s turnover decreased by 12.91% ,profit before tax decreased by 11.59%
NOTE:
The Registered office of the company has been shifted
from No.82,
FORM 8
|
Corporate
identity number of the company |
U25209TN1995PLC030545 |
|
Name of the
company |
PETRO
PLAST INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
A 68, 1thh Street, Anna Nagar East Chennai – 600102, Email: padma_rcp@yahoo.com |
|
This form is for |
Creation of charg |
|
Type of charge |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Tamilnad Mercantile Bank Limited, GT Branch, Email: chennai_gt@tnmbonline.com
|
|
Nature of
instrument creating charge |
Agreement
for demand cash credit on Hypothecation of Movable Properties, Letter of
Hypothecation of Book Debts |
|
Date of
instrument Creating the charge |
04.04.2012 |
|
Amount secured by
the charge |
Rs. 60.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Nil Term
of Payment: Repayable on demand Margin 15% in term Deposits Extent and
operation of the charge The borrower shall not, during the
continuance of this agreement of Hypothecation or otherwise, charge or
encumber any of the assets for the time being the subject or indented to be
the subject of the security nor do or
permit any act whereby the security herein before expressed to be given to
the bank shall be any way prejudicially affected. Others: The
company has availed FLC Limit of Rs. 60.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of Stock in trade and receivables Em
of Land to the extent of 30056 sq.ft at Door No 1, New No 3, Ambattur - Vanagaram
, Ayanambakkam Village, Chennai -95 comprised in S.No 6/3 part and 6/3A and
Industrial Building constructed thereat |
AS PER WEB SITE DETAILS
PROFILE:
Subject was conceptualized and started in Chennai in April
1985 by its Founder Late Sri. Anand Prakashji Agarwal. He has successfully
completed more than two decades in the Business field. He is credited with May
design and development innovations in the plastic industry. He has worked in
various management positions in leading plastic raw material plant such as
Subject firstly started with Importing the Plastic Raw Material from Saudi in
1986, with Saudi Based Companies like SABIC and Exxon Mobil. Later in the year
1987 the company approached QPCL (Qatar Petrochemicals Limited) and then in the
year 1989 the company started importing Borough Material from
Subject has today grown in to a dominant trader and one of the largest
importers of Plastic Granules in
The company is mainly importing the all types of Plastic raw materials
especially which are very frequently used by the Indian plastic industry grades
like PP, LDPE, HDPE, LLDPE etc. The Company also they deal and trade in local
manufactured Mastarbatches (both off grades and on grades) and as per the
market trend they are selling their goods as such. With over 65 employees
consisting of Marketing and skilled work force, it occupies and enviable
position among the leading traders, importers and dealers of plastic granules
in
Subject has emerged as the largest trader of plastic raw material such as HDPE,
LLDPE, LDPE and PP etc. to top most manufacturers and traders in
Today the company also deals in the grades manufactured by HALDIA
Petrochemicals Limited and GAIL (Gas Authority of India Limited) which are one
of the biggest government undertakings.
The Company has lately also started trading in chemical products. The company
now imports chemicals from different parts of the world like
FIXED
ASSETS
- Land
- Building
- Office
Equipment
- Furniture and
Fixture
- Computer
- Car
- Motor Cycle
- Machinery
- Trailor
- Tripper
- Weighing
Scale
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 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.53.29 |
|
|
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
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 |
|
45 |
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.