MIRA INFORM REPORT

 

 

Report Date :

10.01.2013

 

IDENTIFICATION DETAILS

 

Name :

PLASTENE INDIA LIMITED (w.e.f January, 2007)

 

 

Formerly Known As :

OSWAL AGLOIMPEX PRIVATE LIMITED

 

 

Registered Office :

H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus Stand, Usmanpura, Ahmedabad – 380 013, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

16.10.1998

 

 

Com. Reg. No.:

04-034861

 

 

Capital Investment / Paid-up Capital :

Rs.252.485 Millions

 

 

CIN No.:

[Company Identification No.]

U25209GJ1998PLC034861

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RKTO00008B

 

 

PAN No.:

[Permanent Account No.]

AAACO3087C

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Plastic Packaging related products.

 

 

No. of Employees :

1000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (41)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 3517000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record. The management has failed to file its latest financial with the Government Department. As per the previous year’s the company performance capability seems to be good. Financially appears to be strong.

 

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.

 

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

CARE

Rating

BBB- (Long Term Bank Facilities)

Rating Explanation

Having moderate degree of safety regarding timely servicing of financial obligations it carry moderate credit risk.

Date

April, 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 DECLINED BY

 

Name :

Ms. Munmum Sourendra Dutta

Designation :

Company Secretary

Contact No.:

91-79-27561000

Date :

09.01.2013

 

 

LOCATIONS

 

Registered Office :

H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus Stand, Usmanpura, Ahmedabad – 380 013, Gujarat, India

Tel. No.:

91-79-27561000/ 27550674

Fax No.:

91-79-27551764

E-Mail :

info@champalalgroup.com

cs@champalalgroup.com

exports@champalalgroup.com

munmuncs@champalalgroup.com

sunil@champalalgroup.com

Website :

www.champalalgroup.com

Area :

1200 sq yard

Location :

Owned

 

 

Factory 1 :

Survey No.317/1, Nani Chirai, Kutch – 370 140, Gujarat, India

Location :

Owned

 

 

Factory 2 :

Plot No.73-74, KASEZ, Gandhidham – 370 230, Gujarat, India

 

 

Factory 3 :

Survey No.1551 and 1552/1, Village Rajpur, Ahmedabad Mehsana Highway No.8., Taluka Kadi, District Mehsana – 382 715, Gujarat, India  

 

 

Factory 4 :

Plot No.828, Ambica Industrial Estate, Village Santej, Taluka Kalol, District Gandhinagar – 382 721, Gujarat, India

 

 

Gandhidham Office :

D-93, Jhanda Chowk, Gandhidham - 370 201, Gujarat, India

Tel. No.:

91-2836-226629

Fax No.:

91-2836-236872

 

 

DIRECTORS

 

As on 29.08.2011

 

Name :

Mr. Champalal Gekachand Parekh

Designation :

Chairman

Address :

Plot No. 131, Sector-4, Gandhidham, Kutch – 370 201, Gujarat, India

Date of Birth/Age :

06.10.1935

Qualification :

Inter Commerce

Date of Appointment :

08.09.2004

DIN No.:

00199884

 

 

Name :

Mr. Prakash Hiralal Parekh

Designation :

Managing Director

Address :

7/B, Sumati Nagar Society, Usmanpura, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

26.09.1973

Qualification :

Bachelor in Chemical Engineering

Date of Appointment :

08.09.2004

DIN No.:

00158264

 

 

Name :

Mr. Parvesh Chander Chamanlal Suri

Designation :

Director

Address :

A–3, Navroj Appartments Dafnala, Shahibaugh, Ahmedabad – 380 004, Gujarat, India

Date of Birth/Age :

31.12.1942

Qualification :

B.E in Civil

Date of Appointment :

12.11.2007

DIN No.:

01861687

 

 

Name :

Mr. Mahesh Sumermal Bhandari

Designation :

Director

Address :

502, Aadeshwar Appartment, Sayani Marg, Prabha Devi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

07.07.1960

Qualification :

B.Com , LLB

Date of Appointment :

06.08.2010

DIN No.:

01115263

 

 

KEY EXECUTIVES

 

Name :

Ms. Munmum Sourendra Dutta

Designation :

Company Secretary

Address :

A/3, Suresha Apartment, Navarangpura, Ahmedabad – 380 009, Gujarat, India

Date of Birth/Age :

25.12.1979

Date of Appointment :

07.02.2011

PAN No.:

AJPPD2291J

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.08.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

Kushalraj Parekh

10400

0.041

Mukesh Parekh

57200

0.227

Deepak Parekh

563200

2.231

Pritesh Parekh

10400

0.041

Suman Dhanpat Parekh

104000

0.412

Champalal G. Parekh

1022100

4.048

Ratanlal G. Parekh

68900

0.273

Ashok Parekh

765700

3.033

Geetadevi A. Parekh

130000

0.515

Dhanpat C. Parekh

742820

2.942

Reshmidevi C. Parekh

65000

0.257

Champalal G. Parekh and Reshmidevi

65000

0.257

Vidhyadevi H. Parekh

110500

0.438

Manjudevi S. Parekh

117000

0.463

Prakash H. Parekh

3066450

12.145

YMP Machineries Private Limited, India (Formerly Known as Champalal Agri-lmpex Private Limited)

3960249

15.685

Oswal Wood Private Limited, India

526500

2.085

Oswal Lumbers Private Limited, India

4437732

17.576

Lalit Labhchand Golecha

130

0.001

Oswal Commodities Private Limited, India

3916588

15.512

Prakash H. Parekh (HLIF)

1987700

7.873

Hiralal Champalal Parekh

29250

0.116

Chetan S. Parekh

359100

1.422

Kamaladevi Hiralal Jirawala

13000

0.051

Ramesh Bagrecha

52000

0.206

Sanjay Bagrecha

52000

0.206

Suman Bagrecha

52000

0.206

Parsamal Bagrecha

52000

0.206

S. Ashok Kumar (HUF)

120000

0.475

S. Vasanth Kumar (HUF)

120000

0.475

A. Vanitha

120000

0.475

Anupama V.

120000

0.475

Ranjeetmal Kastia

13000

0.051

GauravSuri

19500

0.077

Madhu Prakash Parekh and Prakash Hiralal Parekh

1436500

5.689

Sanjay Jayantilal Mandavia

13000

0.051

Siddharth Parekh

351300

1.391

Manisha Chetan Parekh

1300

0.005

Shantilal C. Parekh

21300

0.084

Veena Shukla

23400

0.093

Saurabh Amin

9750

0.039

Gyan Chand Singhvi

9750

0.039

Sanjiv Mehta

9750

0.039

Santosh Mehta

9750

0.039

Neeraj Bhandawat

5850

0.023

Madhu P. Parekh

9750

0.039

Dalpat Chand Mehta

5200

0.021

Daksha Dalpat Mehta

5200

0.021

Lalit Munnalal Jain

19500

0.07

S. Ashok Kumar

10010

0.040

Mamta Mukesh Parekh

130

0.001

Jasodadevi R.Parekh

130

0.001

Leeladevi K Parekh

130

0.001

Pinky Pritesh Parekh

130

0.001

Jhaverilal Chandanmal Salecha

130

0.001

Sangita Jhaverilal Salecha

130

0.001

Sandhya J Jain

260

0.001

Naynaben Lalitbhai Golecha

130

0.001

Ganpatraj C. Salecha

130

0.001

Deepak G. Salecha

130

0.001

Nilam D. Salecha

130

0.001

Leeladevi Salecha

130

0.001

Charmi Salecha

130

0.001

Mili Salecha

130

0.001

Sanjana Mehta

130

0.001

Saloni Mehta

130

0.001

Mahavir Parekh

130

0.001

Manju Suresh Bagrecha

130

0.001

Babita Ramesh Bagrecha

130

0.001

Daxa Sanjay Bagrecha

130

0.001

Ritu Suman Bagrecha

130

0.001

Suresh Parasmal Bagrecha

390

0.002

Pravin Jasraj Kothari

15650

0.062

Chanda Pravin Kothari

15600

0.062

Jivanjot Kumedam

42600

0.169

Ramswaroop Puranmal Soni

100

0.000

Kaushik Balabhai Kapadia

800

0.003

Dipesh Chhajer

200

0.001

Rameshbhai Gianani

200

0.001

Loonchanji Sevaramji Banthia

100

0.000

Ashok Kumar Loonchandji Banthia

100

0.000

Vandana A. Vyas

200

0.001

Jaysukh M. Lalani

400

0.002

Sanjay Mahavirchand Salecha

1200

0.005

Gulabbhai Vishindas Gidwani

4925

0.020

Sarojkumar Gupta

19500

0.077

Neetu Parekh

300000

1.188

Rahul Raj Bhandari

25000

0.099

Pradeep Tater

25000

0.099

Kirit C. Gandhi

2925

0.012

Total

25248479

100.00

 

As on 09.04.2012

 

Names of Allottees

 

 

No. of Shares

Jignesh P. Shah

 

220000

V Tex Overseas Private Limited, India

 

220000

Rohan Raj Bhandari

 

27700

Marudhar Polycot India Private Limited, India

 

111100

Muscat Polymers Private Limited, India

 

333333

Kamlesh Devraj Jain

 

83300

Chunnilal Bhura Ram Chowdhary

 

40700

Brijesh Singha

 

17777

Fizzabai Taherbai

 

52000

Rameshkumar Balar

 

27700

Akil Mosin Patel

 

111100

Total

 

1244710

 

As on 29.08.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

0.10

Bodies corporate

 

50.86

Directors or relatives of directors

 

44.99

Other top fifty shareholders

 

4.05

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Plastic Packaging related products.

 

 

Products :

Products Description

Item Code No.

 

Plastic Woven Bags/ Sacks

39232990

Plastic Multilayer Bags

39232100

Plastic Woven Fabrics

39269080

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Licensed Capacity: No license is required for plastic woven and multilayer products

 

Particulars

Unit

Installed Capacity

 

Plastic Woven Fabric/ Bags/ Tarpaulin

M.T.

38200

Plastic Multilayer Film/Bags

M.T.

6000

Plastic Filler and Master Batch

M.T.

10800

 

 

55000

 

 

Particulars

Unit

Actual Production

 

Plastic Woven Fabric/ Bags/ Tarpaulin

M.T.

19370

Plastic Multilayer Film/Bags

M.T.

3404

Plastic Filler and Master Batch and Others

M.T.

1150

 

 

23924

 

 

GENERAL INFORMATION

 

No. of Employees :

1000 (Approximately)

 

 

Bankers :

v      Bank of Baroda, Corporate Financial Services Branch Baroda, Floor, Opposite Petrol Pump, R.C. Dutt Road, Alkapuri, Vadodara – 390 007, Gujarat, India

v      Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v      State Bank of Indore

v      State Bank of India

v      State Bank of Hyderabad

v      State Bank of Patiala

v      ABN Amro Bank

v      Standard Chartered Bank

v      HDFC Bank Limited

v      Kotak Mahindra Bank Limited

v      Bhuj Mercantile Co-Operative Bank Limited

 

 

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Rupee term loans banks secured

307.228

295.080

Working capital loans banks secured

677.884

470.539

Loans taken for vehicles secured

5.339

6.577

Total

990.451

772.196

 

 

 

Banking Relations :

--

 

 

Financial Institutions :

v      Srei Infrastructure Finance Limited

v      Cholamandalam Finance Limited

 

 

Auditors :

 

Name :

Bhanwar Jain and Company

Chartered Accountants

Address :

302, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad – 380 009, Gujarat, India

Tel. No.:

91-79-26583107/ 26579367

E-Mail :

bmjain2001@yahoo.co.in

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

AACFB8898F

 

 

Subsidiary Company :

Oswal Extrusion Limited, India

(CIN No.: U25200GJ2004PLC045239)

 

 

Associates :

v      Parekh Polymers

v      Plasto Processors

v      YMP Machineries Private Limited, India (CIN No.: U01110GJ1995PTC027910)

v      Oswal Timber Industries

v      Plastene Infrastructure Limited, India (CIN No.: U45201GJ2008PLC053258)

v      Plastene Polyfilms Limited, India (CIN No.: U25200GJ2009PLC058586)

 

 

CAPITAL STRUCTURE

 

After 29.08.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

36000000

Equity Shares

Rs.10/- each

Rs.360.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

26493189

Equity Shares

Rs.10/- each

Rs.264.932 Millions

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

36000000

Equity Shares

Rs.10/- each

Rs.360.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

25248479

Equity Shares

Rs.10/- each

Rs.252.485 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

252.485

231.485

223.249

2] Share Application Money Pending Allotment

0.000

220.150

70.000

3] Reserves & Surplus

626.812

312.376

169.373

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

879.297

764.011

462.622

LOAN FUNDS

 

 

 

1] Secured Loans

990.451

772.196

954.521

2] Unsecured Loans

82.582

33.009

20.194

TOTAL BORROWING

1073.033

805.205

974.715

DEFERRED TAX LIABILITIES

107.406

83.368

51.375

 

 

 

 

TOTAL

2059.736

1652.584

1488.712

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

993.840

883.475

890.203

Capital work-in-progress

43.207

120.035

22.258

 

 

 

 

INVESTMENT

72.001

63.401

31.992

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
755.598
606.518
406.768

 

Sundry Debtors
568.133
455.645
308.627

 

Cash & Bank Balances
235.492
138.210
113.160

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
382.771
383.510
439.572

Total Current Assets
1941.994
1583.883
1268.127

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

918.977

944.339

520.084

 

Other Current Liabilities

43.603

39.351

205.265

 

Provisions
47.870
25.011
8.631

Total Current Liabilities
1010.450
1008.701
733.980

Net Current Assets
931.544
575.182
534.147

 

 

 

 

MISCELLANEOUS EXPENSES

19.144

10.491

10.112

 

 

 

 

TOTAL

2059.736

1652.584

1488.712

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Operating revenue, net

3612.864

2675.476

2015.326

 

 

Other Income

64.486

43.982

73.159

 

 

TOTAL                                    

3677.350

2719.458

2088.485

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption materials changes inventories

2796.399

1991.918

1914.518

 

 

Manufacturing service costs

239.105

191.471

 

 

 

Contract cost

43.055

33.908

 

 

 

Employee related expenses

131.810

91.965

 

 

 

Administrative selling other expenses

60.818

66.770

 

 

 

Prior Period Item

4.995

0.000

 

 

 

TOTAL                                    

3276.182

2376.032

1914.518

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

401.168

343.426

173.967

 

 

 

 

 

Less

INTEREST FINANCIAL CHARGES                    

149.198

159.918

77.780

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

251.970

183.508

96.187

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

53.586

48.238

31.687

 

 

 

 

 

 

PROFIT BEFORE TAX  

198.384

135.270

64.500

 

 

 

 

 

Less

TAX                                                                 

72.948

54.031

38.439

 

 

 

 

 

 

PROFIT AFTER TAX

125.436

81.239

26.061

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

217.292

136.053

109.992

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

342.728

217.292

136.053

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods on F.O.B. basis

131.472

205.271

NA

 

 

Export of Goods (including deemed export) on F.O.B. basis

1046.149

825.266

736.293

 

TOTAL EARNINGS

1177.621

1030.537

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

673.927

693.263

484.443

 

 

Capital Goods

0.000

9.163

0.000

 

 

Stores & Spares

3.441

1.087

0.000

 

TOTAL IMPORTS

677.368

703.513

484.443

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.97

3.51

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

3.41

2.99
1.25

 

 

 

 
 

Net Profit Margin

(PBT/Sales)

(%)
5.49

5.06

3.20

 

 

 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)

6.76

5.48
2.99

 

 

 

 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.18
0.14

 

 

 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 

2.37

2.37
3.69

 

 

 

 
 

Current Ratio

(Current Asset/Current Liability)

 

1.92

1.57
1.73

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors

 

 

 

- Creditors due small micro enterprises

0.000

0.000

0.000

- Creditors due others

918.977

944.339

520.084

Total

918.977

944.339

520.084

 

 

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

Yes

17) Major suppliers

No

18) Major customers

No 

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

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

                                                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

The registered office of the company has been shifted from 317/ 1, Nani Chirai, Kutch – 370 140, Gujarat to the present address w.e.f. 02.01.2006.

 

Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Other debt unsecured

82.582

33.009

Total

82.582

33.009

 

ALLOTMENT OF SHARES

 

Issue of shares under preferential allotment during the year, The Company made a fresh allotment of 2100000 fully paid-up equity shares (face value of Rs.10/- each) at a premium of Rs.90 per share on 21.09.2010. Due to the above allotment, the Subscribed, Issued and Paid up capital of the Company has been increased from Rs.231.485 millions divided into 23148479 Equity Shares of Rs.10/- each to Rs.252.485 millions divided into 25248479 equity shares of Rs.10/- each.

 

SUBSIDIARY COMPANY:

 

The wholly owned subsidiary, Oswal Extrusion Limited being set up in the Kandla Special Economic Zone (KASEZ) enjoys the benefit of single window clearance for import and export. Accordingly, the Subsidiary receives various government department clearances such as clearances from the ministry of Finance and ministry of Commerce and Industry from a single office situated within the KASEZ. This improves efficiency by saving the time that it takes in taking the goods to the custom clearance. Plastene India Limited made an additional Investment of Rs.30.000 millions in its wholly Owned Subsidiary i.e. Oswal Extrusion Limited. In lieu of the same the Company has been allotted 400000 equity shares on 23.09.2010.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U25209GJ1998PLC034861

Name of the company

PLASTENE INDIA LIMITED

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

H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus Stand, Usmanpura, Ahmedabad – 380 013, Gujarat, India

E-Mail: munmumcs@champalalgroup.com

This form is for

Modification of Charge

Charge identification (ID) number of the charge to be modified

90105465

Type of charge

Immovable Property

Particular of charge holder

State Bank of India, 1st Floor, Neptune Tower Annexe, Near Gandhigram Railway Station, Ahmedabad – 380 009, Gujarat, India

E-Mail : sbi.60327@sbi.co.in

Nature of instrument creating charge

Memorandum of constructive delivery of title deeds for creation of further charge for term loans and working capital facilities where the initial charge is created by way of mortgage by deposit of title deeds dated 26th July 2011

Date of instrument Creating the charge

26.07.2011

Amount secured by the charge

Rs.2635.000 Millions

Short particulars of the property charged

All that piece of parcel of immovable property situated at 314 (317/1 and 317/2) Village Nani Chirai, Ta Bhachau, District Kutch, Gujarat, India

 

All that piece of parcel of immovable property bearing 1 H.B. Jirawala House, Navbharat Co-Operative Housing Society Limited Opposite Panchsheel Society, Usmanpura, Ahmedabad, Gujarat

 

All that piece of parcel of Non Agricultural land situated at 1551 and 1552/1 Paiki 2, Village Rajpur, Taluka Kadi, District Mehsana, Gujarat, India  

Date of instrument modifying the charge

07.03.2009

Particulars of the present modification

The charge on movable properties of the company is extended from Rs.1715.000 Millions to Rs.2635.000 Millions

 

FIXED ASSETS:

 

v      Land

v      Buildings

v      Plant and Machinery

v      Electric Installation

v      Furniture, Fixtures and Office Equipments

v      Vehicles

 

WEBSITE DETAILS:

 

PRESS RELEASE:

 

PLASTENE INDIA IPO OPENS ON WEDNESDAY, 9TH MAY

 

Mumbai, 3rd May 2012: Plastene India Limited, a 5000.000 millions company based in Ahmedabad and Gandhidham, Gujarat, is entering the capital market with a public issue of 92,55,290 Equity Shares of Face Value of Rs.10 each for cash in the Price Band of Rs.81 to Rs.84 per Equity Share through a 100% book building route. The issue comprises of reservation of upto 55290 Equity Shares for subscription by eligible employees and a net issue to the public of upto 9200000 Equity Shares. The issue would constitute 25.89% of the fully diluted post issue paid-up capital and the net issue would constitute 25.74% of the fully diluted post issue paid-up capital of the company. The proposed issue shall open for subscription on 9th May, 2012 and close on 15th May, 2012.

 

Plastene India Limited, promoted by Mr. Champalal G. Parekh, Mr. Prakash Parekh and Mrs. Madhu P. Parekh, is presently engaged in the integrated business of manufacturing flexible intermediate bulk containers (jumbo bags), flexible packaging, BoPP laminated woven sacks, masterbatches, multifilament yarns, etc. The manufacturing facilities of the company are located in Kutch and Mehsana district in the state of Gujarat, with a total installed capacity of 56,200 MTPA as on March 31, 2012.

 

Plastene India has a track record of consistent growth registering a CAGR of more than 45% in net sales on a consolidated basis from Rs.750.000 Million in FY 2006 to Rs.4840.000 Millions in FY 2011. The company derives approximately 49% of its revenues from the exports to more than 30 countries.

 

To meet the growing demand of Jumbo Bags and BoPP laminated woven sacks, Plastene India is expanding its manufacturing capacity to 64,000 MTPA at an approximate cost of Rs. 530.000 Millions. It is also setting up a new venture to manufacture 5,000 MTPA block bottom valve bags in Nani Chirai, Kutch at an approximate cost of Rs. 250.000 Millions. Block bottom valve bag is a new packaging product used for packing cement, food grain, cereals, etc., which enhances the brand value of the company. The above expansion and new venture are proposed to be funded from the net issue proceeds.

 

The company manufactures a broad range of packaging products for products ranging from 5 grams to 3000 kgs. Close proximity to the Kandla and Mundra ports, expanded product portfolio, diversified customer base, distributorship of Indian Oil Corporation Limited, (IOCL), backward integration facilities, use of modern technologies, fiscal incentives and strong R&D capabilities, have helped the company in building and expanding its market position. The Equity Shares of the company are proposed to be listed on BSE and NSE.

 

The Equity Shares of the company are proposed to be listed on BSE and NSE. Motilal Oswal Investment Advisors Private Limited is the Book Running Lead Manager to the Issue.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.97

UK Pound

1

Rs.88.23

Euro

1

Rs.71.92 

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--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

 

41

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

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

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