|
Report Date : |
02.02.2013 |
|
|
|
|
Tel. No.: |
91-22-28383254 |
IDENTIFICATION DETAILS
|
Name : |
TECHNO TARP AND POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-310, Everest Grande, 3rd Floor, Mahakali Caves Road,
Opposite Ahura Centre, Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-158127 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19202MH2005PTC158127 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT12746G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers
and Exporters of Tarpaulins, Plastic Sheets, HDPE Laminated Fabrics, HDPE
Coated With LDPE, Printed Tarpaulins, etc. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 140000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
external borrowing appears to be huge which may have impact on the liquidity
position of the company. However, performance capability of the company appears to be good.
Trade relations are reported to be fair. Business is active. Payments are
slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BB- |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
December, 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
|
Name : |
Mr. Leeladhar P. |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-26873811 |
|
Date : |
01.02.2013 |
LOCATIONS
|
Registered/ Head Office : |
B-310, Everest Grande, 3rd Floor, Mahakali Caves Road,
Opposite Ahura Centre, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-26873811-16 |
|
Mobile No.: |
91-9930882362 (Mr. Valijib) |
|
Fax No.: |
91-22-26873817 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1100 sq ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No.4920/ 21, Plastic Zone, GIDC, Sarigam, Bhilad, District Valsad
– 396 155, |
|
Tel. No.: |
91-260-2780444/ 2780777/ 2780888 |
|
Fax No.: |
91-260-2780333 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2012)
|
Name : |
Mr. Hemant Shridhar Phatak |
|
Designation : |
Director |
|
Address : |
301, |
|
Date of Birth/Age : |
20.07.1964 |
|
Date of Appointment : |
01.08.2006 |
|
DIN No.: |
00609330 |
|
PAN No.: |
AICPP1925D |
|
|
|
|
Name : |
Mr. Vijaykumar Ramprakash Ojha |
|
Designation : |
Director |
|
Address : |
16/6, Mathura Road, Faridabad – 121 001, Haryana, India |
|
Date of Birth/Age : |
02.03.1957 |
|
Date of Appointment : |
19.12.2005 |
|
DIN No.: |
00284285 |
|
|
|
|
Name : |
Mr. Ram Parkash Mulakh Ojha |
|
Designation : |
Director |
|
Address : |
146-A, Sector 16A, Faridabad – 121 001, Haryana, India |
|
Date of Birth/Age : |
21.02.1929 |
|
Date of Appointment : |
19.12.2005 |
|
DIN No.: |
00284330 |
KEY EXECUTIVES
|
Name : |
Mr. Leeladhar P. |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Valijib |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vijaykumar Ramprakash Ojha |
|
1360000 |
|
Ramprakash Ojha |
|
240000 |
|
|
|
|
|
Total |
|
1600000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Tarpaulins, Plastic Sheets, HDPE Laminated Fabrics, HDPE
Coated With LDPE, Printed Tarpaulins, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Good |
|
Countries : |
· South African · USA |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Qatar |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit, T/T, Packing credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity Tones |
Installed Capacity Tones |
Actual Production |
|
|
|
|
|
|
|
Tarapaulin |
M.T. |
NA |
3600 |
1982 |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
ING Vysya Bank Limited, 103/104, A Wing, 1st Floor, Floral Deck Plaza, MIDC Central
Road, Andheri (East), Mumbai – 4000983, Maharashtra, India ·
Bank of Baroda, Mulji Apartments, 2768, S.V. Road, Borivali (East), Mumbai – 400066,
Maharashtra, India ·
HDFC
Bank |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
4Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Ramanand Aiyar and Company Chartered Accountants |
|
Address : |
501/502, 5th Floor, Next to Crescent Plaza, Opposite
Imperial Hotel, Telli Gully, Mumbai – 400069, Maharashtra, India |
|
PAN No.: |
ABJFS9507L |
|
|
|
|
Associates/Subsidiaries : |
Techno Relief
Overseas India Private Limited Address: B-310, Everest Grande, Mahakali Caves Road, Opposite Ahura
Centre, Andheri (East), Mumbai – 400093, Maharashtra, India |
CAPITAL STRUCTURE
(AS ON 30.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs.16.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.000 |
16.000 |
16.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.869 |
10.863 |
8.141 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34.869 |
26.863 |
24.141 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.434 |
53.412 |
45.063 |
|
|
2] Unsecured Loans |
31.619 |
15.149 |
18.746 |
|
|
TOTAL BORROWING |
101.053 |
68.561 |
63.809 |
|
|
DEFERRED TAX LIABILITIES |
0.545 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
136.467 |
95.424 |
87.950 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
72.259 |
34.752 |
41.494 |
|
|
Capital work-in-progress |
0.000 |
6.457 |
1.035 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
1.113 |
0.522 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.866
|
35.756
|
33.570
|
|
|
Sundry Debtors |
68.820
|
32.600
|
27.668
|
|
|
Cash & Bank Balances |
1.333
|
1.486
|
5.073
|
|
|
Other Current Assets |
4.260
|
4.180
|
0.000
|
|
|
Loans & Advances |
11.504
|
6.267
|
10.038
|
|
Total
Current Assets |
130.783
|
80.289
|
76.349
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
33.715
|
11.832 |
10.800 |
|
|
Other Current Liabilities |
30.191
|
14.642
|
21.262
|
|
|
Provisions |
2.669
|
0.713
|
1.212
|
|
Total
Current Liabilities |
66.575
|
27.187
|
33.274
|
|
|
Net Current Assets |
64.208
|
53.102
|
43.075
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.824 |
|
|
|
|
|
|
|
|
TOTAL |
136.467 |
95.424 |
87.950 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
260.854 |
235.919 |
217.798 |
|
|
|
Other Income |
2.364 |
3.999 |
1.476 |
|
|
|
TOTAL |
263.218 |
239.918 |
219.274 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
236.101 |
206.792 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
3.817 |
12.482 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.190 |
1.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
3.627 |
10.641 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
230.745 |
204.070 |
184.870 |
|
|
TOTAL EARNINGS |
230.745 |
204.070 |
184.870 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
57.790 |
86.190 |
66.157 |
|
|
TOTAL IMPORTS |
57.790 |
86.190 |
66.157 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
1.70 |
6.50 |
|
Expected Sales (2012-13): (Till Date) Rs.190.000 Millions
The above information has been parted by Mr. Leeladhar P.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
NA
|
1.51
|
4.85
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.62
|
5.73
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.32
|
10.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.14
|
0.52
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.90
|
2.55
|
2.64
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.95
|
2.29
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
Micro, Small and
Medium Enterprises |
-- |
-- |
-- |
|
Others |
33.715 |
11.832 |
10.800 |
|
|
|
|
|
|
Total |
33.715
|
11.832 |
10.800 |
|
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 two years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Loan from Directors and Shareholders |
31.619 |
15.149 |
|
|
|
|
|
Total |
31.619 |
15.149 |
NOTE:
The registered address of the company D-613, Floral Deck Plaza, MIDC,
Andheri, Mumbai – 400093, Maharashtra, India has been shifted to the present
address w.e.f. 18.03.2010
FIXED ASSETS:
· Leasehold Land
· Office Premises
· Computers
· Furniture and Fixtures
· Office Equipments
· Plant and Machinery
· Vehicles
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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.