MIRA
INFORM REPORT
|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WELSET PLAST EXTURSIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8, Metalage Industrial Compound, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-048042 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.21.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24134MH1988PTC048042 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW01069F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Plastic Products. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
Maximum Credit Limit : |
USD 515000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The management has failed to file its financial with the government
department since 2011. As per the of 2011, the company was found normal for business. Trade relations are reported as fair. Business is active. Payment
terms are unknown. The company 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB (Long term rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
15, November 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4+ (Short term rating) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
15, November 2012 |
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 : |
Ms. Sadhana |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-28215734 |
|
Date : |
21.08.2013 |
LOCATIONS
|
Registered Office : |
8, Metalage Industrial Compound, |
|
Tel. No.: |
91-22-28215734/ 28387054/ 28388320 |
|
Fax No.: |
91-22-28381083/ 28381088 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
19, Sheetal Industrial Estate , Unit 1, Dadra and Nagar Haveli –
396230, India |
|
|
|
|
Factory 2 : |
Located at: v
Silvassa Indian Territory, |
|
Area : |
30000 sq. ft |
|
Location : |
Owned |
|
|
|
|
Overseas Office : |
Located at: v
|
|
Tel. No.: |
+1 - 978 264 0617, 978 406 7056 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Arvind Mathuradas Mehta |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
5, Neetdeep 12, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
27.08.1945 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.07.1988 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00141465 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Indira Arvind Mehta |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
5, Neetdeep 12, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.04.1950 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.07.1988 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00141569 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Paresh Arvind Mehta |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
5, Neetdeep 12, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.06.1972 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.03.1996 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00141586 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Ms. Sadhana |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Arvind Mathuradas Mehta |
71900 |
|
Indira Arvind Mehta |
75800 |
|
Paresh Arvind Mehta |
38200 |
|
Arvind Mathuradas Mehta (HUF) |
21800 |
|
Nehal Paresh Mehta |
3800 |
|
Tanisha Paresh Mehta |
1500 |
|
Total |
213000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Plastic Products. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Exports : |
|
||||||||||
|
Products : |
Finished Goods |
||||||||||
|
Countries : |
·
China ·
Singapore ·
Japan |
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
L/C, Cash and Credit |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
PVC Compound |
Kgs. |
4462090 |
|
PVC Extruded Items |
Kgs. |
246819 |
|
Master Batches |
Kgs. |
8270941 |
|
Reprocessed Plastic Powder |
Kgs. |
-- |
|
TPE Compound |
Kgs. |
10139 |
.
GENERAL INFORMATION
|
Customers : |
End Users and Manufacturing Companies |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
State Bank of v
HDFC Bank Limited, Jogeshwari (East), Mumbai, Maharashtra,
India Tel.
No.: 91-22-28236134 v
ICICI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.P. Patwa and Company Chartered Accountants |
|
Address : |
102, Sudaive, |
|
Tel. No.: |
91-22-24118146/ 24115870/ 24114590 |
|
E-Mail : |
|
|
PAN No.: |
AAGFN2813E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
499000 |
Equity Shares |
Rs.100/- each |
Rs.49.900 Millions |
|
1000 |
13.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
213000 |
Equity Shares (94000 Equity Shares of Rs.100/- each fully paid issued in terms of resolution
passed at Extra Ordinary General Meeting held on 01.10.2008) |
Rs.100/-
each |
Rs.21.300
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 |
21.300 |
21.300 |
21.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
107.365 |
100.361 |
86.169 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
128.665 |
121.661 |
107.469 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
120.934 |
122.745 |
138.187 |
|
|
2] Unsecured Loans |
44.580 |
45.505 |
15.310 |
|
|
TOTAL BORROWING |
165.514 |
168.250 |
153.497 |
|
|
DEFERRED TAX LIABILITIES |
13.072 |
9.370 |
8.295 |
|
|
|
|
|
|
|
|
TOTAL |
307.251 |
299.281 |
269.261 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
108.190 |
102.369 |
96.662 |
|
|
Capital work-in-progress |
1.053 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.019 |
0.019 |
0.019 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
178.330
|
149.267 |
129.523 |
|
|
Sundry Debtors |
135.792
|
136.269 |
99.614 |
|
|
Cash & Bank Balances |
18.411
|
10.560 |
9.344 |
|
|
Other Current Assets |
1.127
|
(1.038) |
0.399 |
|
|
Loans & Advances |
27.926
|
28.202 |
24.652 |
|
Total
Current Assets |
361.586
|
323.260 |
263.532 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
122.168
|
102.031 |
62.309 |
|
|
Other Current Liabilities |
41.487
|
24.453 |
28.820 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
163.655
|
126.484 |
91.129 |
|
|
Net Current Assets |
197.931
|
196.776 |
172.403 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.058 |
0.117 |
0.177 |
|
|
|
|
|
|
|
|
TOTAL |
307.251 |
299.281 |
269.261 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
743.658 |
630.374 |
567.758 |
|
|
|
Other Income |
35.868 |
13.553 |
24.668 |
|
|
|
TOTAL |
779.526 |
643.927 |
592.426 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
758.076 |
620.654 |
572.634 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
758.076 |
620.654 |
572.634 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.450 |
23.273 |
19.792 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.208 |
6.521 |
5.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14.242 |
16.752 |
13.936 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.267 |
4.075 |
4.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.975 |
12.677 |
9.314 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
98.256 |
84.064 |
75.127 |
|
|
|
|
|
|
|
|
|
|
BALANCE
AVAILABLE FOR APPROPRIATION |
105.231 |
96.741 |
84.441 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
21.635 |
17.395 |
19.598 |
|
|
TOTAL EARNINGS |
21.635 |
17.395 |
19.598 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.571 |
60.328 |
13.856 |
|
|
TOTAL IMPORTS |
35.571 |
60.328 |
13.856 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.74 |
59.51 |
43.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.89
|
1.96 |
1.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.92
|
2.65 |
2.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.03
|
3.93 |
3.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.29
|
1.38 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.56 |
2.89 |
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 |
Yes |
|
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 |
No |
|
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 |
No |
|
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 |
Yes |
FINANCIAL RESULTS
In the current
year, the Company has a turnover of Rs.743.658 Millions as against Rs.630.374
Millions in the previous year. The Net Profit after tax is Rs.6.975 Millions as
against Rs.12.677 Millions in the previous year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10094298 |
14/03/2009 * |
13,400,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, S.V. ROAD, MALAD WEST, |
A67524579 |
|
2 |
10093753 |
01/12/2007 |
10,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, S V ROAD, MALAD (WEST), MUMBAI, MAHARASHTRA - 400064, INDIA |
A34810515 |
|
3 |
10004495 |
20/12/2012 * |
249,400,000.00 |
STATE BANK OF INDIA |
IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (E), MUMBAI, MAHARASHTRA 400069, INDIA |
B66226150 |
|
4 |
90237687 |
04/05/2009 * |
50,000,000.00 |
SBI FACTORS AND COMMERCIAL SERVICES PRIVATE LIMITE |
102, ORACLE POINT, 3 TURNER ROAD, OPP BANDRA RAILWAY STATION, BANDRA (WEST), MUMBAI, MAHARASHTRA - 400050, INDIA |
A63327548 |
|
5 |
90236300 |
24/05/2005 * |
20,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, MALAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
6 |
90237603 |
19/05/2005 * |
20,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, MALAD WEST, MUMBAI, MAHARASHTRA - 400064, INDIA |
- |
|
7 |
90237240 |
24/05/2005 * |
1,425,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, MALAD WEST, MUMBAI, MAHARASHTRA - 400064, INDIA |
- |
|
8 |
90237153 |
24/05/2005 * |
2,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, MALAD WEST, MUMBAI, MAHARASHTRA - 400064, INDIA |
- |
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (AS CERTIFIED BY THE MANAGEMENT)
|
Particulars |
As
on 31.03.2011 (Rs.
In Millions) |
|
Capital Commitment (net of Advances) |
17.964 |
|
Letter of Credits (against FDR of Rs.6.750 Millions) |
43.516 |
|
Bank Guarantees (against FDR of Rs.0.738 Million) |
7.000 |
|
Bills Discounted (since realised) |
7.056 |
FIXED ASSETS
v Air Conditioners
v Computers
v Dies and Tools
v Electrical Fittings
v Mobile Phones
v Office Equipments
v Plant and Machinery
v Vehicles
v Heavy Vehicles
v Furniture and Fixtures
v Building
v Fire Fighting Equipment
v Factory Utilities
v Laboratory Equipment
v Weighing Scales
v
WEBISTE DETAILS:
PROFILE:
Subject originated way back in late sixties as a manufacturer of PVC
Compounds, Masterbatches and precolouring of CAB.
With a new vision, setting new business goals, the present company took
shape in mid eighties.
Subject, is today one of the leading companies in the business of
colouring and compounding solutions for plastics industry.
The Subject initiative of quality manufacturing has grown from 100
Sq.Ft. to 85,000 Sq.Ft. covering three modern manufacturing units at Silvassa,
With all the above growth and changes, what is constant is, the
commitment to “Engineer in” quality in all walks of business which is amply
started in their “Vision” and “Strategy” to achieve this vision.
Management
Steering, the company to its present shape and size, is its Chairman
and Managing Director Mr. Arvind Mehta. Mr. Mehta has been a
pioneering stalwart in
President – Plastindia Foundation
President – All
President – Society of Plastics Engineers (SPE) Indian Section
Member – CII National Council
Co steering the company is Paresh Arvind Mehta, also a Director
of Subject
Paresh A Mehta comes with his contagious
youthful vibrancy and has successfully chartered the growth of the company
in newer areas of business. His inherent quality approach made WELSET responsible for consistently delivering
quality products and services to customer’s satisfaction. Under him the
company has made significant investments in R and D activities so as to
substantiate the motto ‘Innovation in Compounding’.
Subject management is backed by a highly qualified and dedicated
professional and technical team in running its business, operations and
innovation centres.
Corporate Milestones
1968
Welset Extrusion was started as a partnership
firm in Mumbai manufacturing PVC Compounds and Masterbatches and pre-colouring
of CAB.
1987
Subject was formed.
1999
Established manufacturing operations at
Silvassa with an installed capacity of 960 MTPA Masterbatches and 1800 MTPA of
PVC Compounds.
2001
Doubled production capacity of Masterbatches
to 2000 MTPA.
2004
Commissioned world class, state-of-the-art
fully automated plant for manufacture of Medical grade PVC Compounds with the
capacity of 7500 MTPA.
2005
Commenced production of Filler Masterbatches,
installed of capacity 3600 MTPA and increased production of
Masterbatches to 4000 MTPA.
2006
Increased production capacity of PVC Compounds
to 13000 MTPA and Masterbatches to 20000 MTPA
2007
Recognized by the Government of India as an
approved ‘Export House’.
2008
Set up of a new state-of-the-art R&D Centre.
2009
Established an overseas office in
2009
Lauched ‘UV Life’ masterbatches in strategic
alliance with 3V
2010
Strategic Alliances:
v UV MBs with 3V
v Black Masterbatches with Modern Dispersions Inc.(MDI) –
v Specialty Masterbatches with Chroma Corporation –
v High End Filler MBs with Heritage Plastics, Inc., -
Manufacturing Infrastructure
Subject has three manufacturing facilities in Silvassa, 200 kms north of
Mumbai. With a high level of efficiency in operations, a combined capacity to
produce over 40000 metric tonnes per annum and a variety of compounding
capabilities, Subject is equipped to handle bulk orders as well as small orders
up to 25 kg with aplomb. Investment in technology is an ongoing activity at
Subject to manufacture products to exacting standards, have efficient
manufacturing processes and adhere to challenging timelines of delivery.
Masterbatch Facility
This facility houses seven compounding lines with an annual capacity of
9000 MT. It consists of Banbury type mixers, high intensity mixers,
single screw extruders, twin screw extruders and more. It has the
capability to produce concentrates with different pellet shapes and sizes.
PVC Compounding Facility
This is a one of its kind state-of-the-art manufacturing site in
v
PVC Tubing and Sheeting Facility : This facility is
also equipped to produce tubing and sheeting with an installed capacity of 1000
MT per annum with four tubing extruders and two sheet extruders.
v
Compounding Facility
This facility is tailored to produce high volume compounds and concentrates and
has two mega compounding lines with 14000 MT per annum capacity. It consists of
the banbury type mixer and twin screw extruders. The company is specialised in
manufacturing calcium carbonate, talc and other mineral based concentrates and
has the capability to produce concentrates with mineral loadings up to 80% and
moisture levels below 750 ppm. It is well equipped for toll compounding of
various materials.
Anti-fibrillation, Filler Master Batches, and Additive Master Batches
Facility
This facility has two mega compounding lines with 14000 MT per annum capacity.
It consists of the Banbury type mixer and twin screw extruders. The company is
specialised in manufacturing calcium carbonate, talc and other mineral based
concentrates and has the capability to produce concentrates with mineral
loadings up to 80% and moisture levels below 750 ppm. It is well equipped for
toll compounding of various materials.
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.62.67 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.