|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TECH PLASTIC INDUSTRIE |
|
|
|
|
Registered
Office : |
V.S. Towers, # 41-42, Sree Kamatchi Amman Nagar, Madhanandhapuram, Porur, Chennai – 600116, Tamilnadu |
|
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|
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Country : |
India |
|
|
|
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Year of
Establishment : |
1975 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of Injection Moulding, Compression Moulding, Thermoset Injection Moulding, Contract Manufacturing. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established partnership concern having a moderate track
record. Mr. Krishnan, Director has provided general information but denied to disclose
any financial detail to us. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The concern 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. M P Krishnan |
|
Designation : |
Partner |
|
Contact No.: |
91-44-24829325 |
|
Date : |
08.08.2013 |
LOCATIONS
|
Registered Office / Factory : |
V.S. Towers, # 41-42, Sree Kamatchi Amman Nagar, Madhanandhapuram, Porur, Chennai – 600116, Tamilnadu, India |
|
Tel. No.: |
91-44-24829325 / 24825177 |
|
Fax No.: |
91-44-24826872 |
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E-Mail : |
|
|
Website : |
PARTNERS
|
Name : |
Mr. M P Krishnan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. M P Shankar |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Injection Moulding,
Compression Moulding, Thermoset Injection Moulding, Contract Manufacturing. |
|
|
|
|
Products : |
· Injection Moulding · Compression Moulding · Thermoset Injection Moulding ·
Contract Manufacturing |
|
|
|
|
Exports : |
|
|
Products : |
Automotive Parts |
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|
|
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Terms : |
|
|
Selling : |
L/C / Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
OEM’s GENERAL AUTO
ENGINEERING · Lucas TVS – Padi · Lucas TVS – Pondy · Lucas TVS – Uttarkand TECH PLAASTIC
INDUSTRIE · Lucas TVS – Padi · Lucas TVS – Uttarkand · Brakes India · SL Lumax · SMR ·
NVH · 3 S Srini sons · Rane TRW SEPL · Lucas TVS – Padi · Lucas TVS – Pondicherry · Areva TandD · Ramsays corporation · Rams Engineering · Philips · Rotark OVERSEAS · ZF Suspension systems USA |
|
|
|
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
State Bank of India, Porur, Chennai, Tamilnadu, India |
|
|
|
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Banking
Relations : |
--- |
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|
|
|
Auditors : |
Not Available |
|
|
|
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Sister Concern : |
General Auto Engineering Industries Private Limited Address: 5/264, Kunrathur
Road, Madhanandhapuram Shanmuga Nagar, Porur, Chennai, Tamilnadu, India Southern Electro Plastic Private Limited Address: V.S. Towers, # 41-42, Sree Kamatchi Amman Nagar, Madhanandhapuram, Porur, Chennai – 600116, Tamilnadu, India Tel. No. : 91-44-24829325 / 24825177 Fax. No.:
91-44-24826872 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
The above information has been denied by Mr. M P Krishnan
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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 |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
PROFILE
This is a partnership firm started in the year 1976. Tech Plaastic Industrie (TPI) is an established manufacturing company based in Chennai, INDIA. From its inception in 1976, TPI has been growing steadily and has become a one-stop-shop for molded components, especially in the field of engineering plastics. TPI is involved in :
· Injection mouldinq
· Compression mouldinq
· Thermoset injection mouldinq
· Contract manufacturing
Now, Tech Plaastic Industrie is a part of a group of companies,. The group has 3 companies. They are:
1. Tech Plaastic Industrie
2. General Auto Engineering Private Limited
3. Southern Electro Plastics Private Limited
The founder of the group Late Mr. M.S. Parthasarathy started Southern Electro Plastics Private Limited in the year 1975. SEPL has 14 hydraulic machines manufacturing compression and transfer moulded components, using DMC, SMC, Phenol and Urea Formaldehyde (filled and unfilled).
Mr. Parthasarathy, a Chemical Engineer by qualification was a pioneer with vision. Late Mr. M.S. Parthasarathy anticipated the growing requirements for plastics and started manufacture of thermoset components in a small way, for Lucas TVS Limited. The company has now grown along with the needs of the customer and is now the single source supplier of over 45 critical components. Apart from being a Technocrat, Late Mr. M.S. Parthasarathy was the spokesperson for Small Scale Industry in the country. He has served as the President of Federation of All India Small Scale Industries and was the member of Planning Commission, Government of India.
TPI has obtained the ISO 9002 certification in recognition of the quality systems being practiced by the company.
Tech Plaastic Industrie was established as a proprietorship firm in the beginning. Later when Mr. Parthasarthy's sons qualified themselves and joined the firm they were appointed as directors. Mr. Parthasarathy passed away very recently. (15.6.2013). the firm is now to be changed as a partnership firm with Mr. Krishnan and Mr. Shankar as partners. Given below is the profile of the current directors and future partners. The changes in ownership will take some time as the family is now in mourning.
Mr. MP. Krishnan, is an Electrical Engineer from Madras University and an MBA in Finance from University of Texas at Arlington, USA. After completion of studies, Mr. Krishnan joined in the day-to-day operation of the companies at SEPL. He is involved in the overall management as the Executive Director of the group, with primary focus on Finance and Customer Satisfaction.
Mr. MP. Shankar, joined the group after completion of MS in Marketing and Planning from Temple University, USA. Mr. Shankar looks after the production planning and General Administration of the group.
The factory is operated by staff with formal education in plastic processing with a minimum of 5 years experience in injection molding. In order to keep in touch with the latest technological developments, the staff also attend seminars conducted by CIPET. The injection molding machines are operated 3 shifts 7 days a week while the compression molding machines are operated 3 shifts 6 days a week.
The following are some of the components manufactured by TPI.
· Automotive Electrical
· Electrical
· Appliances
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.61.12 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.