MIRA INFORM REPORT
|
Report Date : |
11.07.2013 |
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 – 380013, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
The company performance seems to be good, due to better growth in turnover
and profit margin during 2012. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
April, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
April, 2013 |
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 : |
Mr. Amit Chopra |
|
Designation : |
Assistant Manager in Legal Department |
|
Contact No.: |
91-79-27561000 |
|
Date : |
10.07.2013 |
LOCATIONS
|
Registered Office : |
H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus Stand,
Usmanpura, Ahmedabad – 380013, Gujarat, India |
|
Tel. No.: |
91-79-27561000 / 27550674 |
|
Fax No.: |
91-79-27551764 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1200 sq yard |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Survey No.317/1, Nani Chirai, Kutch – 370140, |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No.73-74, KASEZ, Gandhidham – 370230, |
|
|
|
|
Factory 3 : |
Survey No.1551 and 1552/1, Village Rajpur, |
|
|
|
|
Factory 4 : |
Plot No.828, Ambica Industrial Estate, Village Santej, Taluka Kalol,
District Gandhinagar – 382 721, |
|
|
|
|
Gandhidham Office : |
D-93, Jhanda Chowk, Gandhidham - 370201, |
|
Tel. No.: |
91-2836-226629 |
|
Fax No.: |
91-2836-236872 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Prakashkumar Hiralal Parekh |
|
Designation : |
Managing Director |
|
Address : |
7/B, Sumati Nagar Society, Usmanpura, Ahmedabad – 380013, |
|
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 – 380004, |
|
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 – 400025, |
|
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, |
|
Date of Birth/Age : |
25.12.1979 |
|
Date of Appointment : |
07.02.2011 |
|
PAN No.: |
AJPPD2291J |
|
|
|
|
Name : |
Mr. Amit Chopra |
|
Designation : |
Assistant Manager in Legal Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
Note: SHAREHOLDING DETAILS FILE ATTACHED
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.09 |
|
Bodies corporate |
48.54 |
|
Directors or relatives of Directors |
42.89 |
|
Other top fifty shareholders |
8.48 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Packaging related products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
Licensed Capacity : No licence is required for plastic woven and multilayer
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production (Net of Captive Consumption) |
|
Jumbo Bags |
M.T. |
8000 |
7347 |
|
Plastic Woven Fabric/Bags/Tarpaulin |
M.T. |
30200 |
12542 |
|
Plastic Multilayer Film/Bags |
M.T. |
6000 |
4977 |
|
Filler, Master Batch, Webbing Multi Filament Yarn |
M.T. |
12000 |
2472 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India · State Bank of India · State Bank of Hyderabad · State Bank of Patiala |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Note : Term Loans from Banks: Secured by way of 1 st pari passu basis with State Bank of India, State Bank of Hyderabad and State Bank of Patiala over factory Land, Building and Hypothecation of entire Fixed Assets of the Company situated at Unit I: Survey No. 317 (317/1 and 317/2), Mouje: Nani Chirai, Taluka: Bhachau, District : Kutch and Unit II: Survey No. 1551, 1552/1 paiki 2, situated at Mouje: Rajpur, Ta: Kadi, Dist: Mehsana, Gujarat. 1st Paripassu charge on office Building of the Company situated at Ground Floor, Plot No. 8, Flat No. 1 situated at H. B. Jirawala House, Navbharat Society, Opp. Panchsheel Bus Stop, Usmanpura, Ahmedabad. By way of Second Pari-Passu Charge by way of Hypothecation of the Borrower’s entire current assets namely stocks, receivables, book debts and other movables of the Borrower, both present and future excluding movables as may be permitted by the said Banks from time to time. By way of second pari-passu charge on other movable assets i.e. movable plant and machinery of the Borrower save and except those movable assets (other than the current assets) of the Borrower situated at both the units of the company as stated above or at other places both present and future as described in the Third Schedule of Hypothecation Agreement dated 26th July 2011. All the aforesaid facilities are also secured by personal guarantees of the Chairman and Managing Director. Working Capital
Facilities from Banks: Secured by the way of first pari passu charge by way of hypothecation of the Borrower’s Current Assets (Raw Material, Semi Finished Goods, Finished Goods, Stores and Spares not relating to the Plant and Machineries (Consumable Stores and Spares), Bills Receivables and Book Debts and Other movables of the borrower , both present and future excluding movables as may be permitted by the said Banks from time to time. By way of second paripassu charge in favour of the said Banks on other movable assets i.e. movable plant and machinery of the Borrower situated at both the units of the Company or at other places both present and future as described in the Third Schedule of Hypothecation Agreement dated 26th July 2011 situate, lying and being at Unit I: Survey No. 317 (317/1 and 317/2), Mouje: Nani Chirai, Taluka: Bhachau, District : Kutch and Unit II: Survey No. 1551, 1552/1 paiki 2, situated at Mouje: Rajpur, Taluka: Kadi, District: Mehsana, Gujarat. By way of second pari-passu Mortgage on all the piece and parcel on the immovable properties of the Company situated at both the units of the company as mentioned above. All the aforesaid facilities are also secured by personal guarantees of the Chairman and Managing Director. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vinay Kumbhat and Associates Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
PAN No. : |
ANHPK6541Q |
|
|
|
|
Subsidiary Company : |
Oswal Extrusion Limited, India CIN No.: U25200GJ2004PLC045239 |
|
|
|
|
Associates : |
· Parekh Polymers · Plasto Processors · YMP Machineries Private Limited, India CIN No.: U01110GJ1995PTC027910 · Oswal Timber Industries · Plastene Infrastructure Limited, India CIN No.: U45201GJ2008PLC053258 · Plastene Polyfilms Limited, India CIN No.: U25200GJ2009PLC058586 |
CAPITAL STRUCTURE
As on 29.09.2012
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 31.03.2012
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 |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
252.485 |
252.485 |
|
(b) Reserves & Surplus |
|
669.427 |
626.812 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
10.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
931.912 |
879.297 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
155.140 |
171.798 |
|
(b) Deferred tax liabilities (Net) |
|
135.010 |
107.406 |
|
(c) Other long term
liabilities |
|
143.457 |
82.582 |
|
(d) long-term
provisions |
|
5.099 |
3.119 |
|
Total Non-current
Liabilities (3) |
|
438.706 |
364.905 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
903.733 |
820.273 |
|
(b) Trade
payables |
|
1060.130 |
917.781 |
|
(c) Other
current liabilities |
|
72.247 |
40.516 |
|
(d) Short-term
provisions |
|
15.175 |
45.560 |
|
Total Current
Liabilities (4) |
|
2051.285 |
1824.130 |
|
|
|
|
|
|
TOTAL |
|
3421.903 |
3068.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1073.418 |
993.840 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
179.935 |
43.207 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
61.301 |
61.291 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
85.200 |
44.036 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1399.854 |
1142.374 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
11.669 |
10.710 |
|
(b)
Inventories |
|
858.368 |
755.598 |
|
(c) Trade
receivables |
|
607.123 |
431.803 |
|
(d) Cash
and cash equivalents |
|
149.855 |
223.639 |
|
(e)
Short-term loans and advances |
|
384.664 |
474.231 |
|
(f) Other
current assets |
|
10.370 |
29.977 |
|
Total
Current Assets |
|
2022.049 |
1925.958 |
|
|
|
|
|
|
TOTAL |
|
3421.903 |
3068.332 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
231.485 |
|
|
2] Share Application Money |
|
|
220.150 |
|
|
3] Reserves & Surplus |
|
|
312.376 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
764.011 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
772.196 |
|
|
2] Unsecured Loans |
|
|
33.009 |
|
|
TOTAL BORROWING |
|
|
805.205 |
|
|
DEFERRED TAX LIABILITIES |
|
|
83.368 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1652.584 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
883.475 |
|
|
Capital work-in-progress |
|
|
120.035 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
63.401 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
606.518 |
|
|
Sundry Debtors |
|
|
455.645 |
|
|
Cash & Bank Balances |
|
|
138.210 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
383.510 |
|
Total
Current Assets |
|
|
1583.883 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
944.339 |
|
|
Other Current Liabilities |
|
|
39.351 |
|
|
Provisions |
|
|
25.011 |
|
Total
Current Liabilities |
|
|
1008.701 |
|
|
Net Current Assets |
|
|
575.182 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
10.491 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1652.584 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3680.247 |
3544.004 |
2675.476 |
|
|
|
Other Income |
67.768 |
140.487 |
43.983 |
|
|
|
TOTAL (A) |
3748.015 |
3684.491 |
2719.459 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2237.077 |
|
|
|
|
|
Purchases of stock-in-trade |
508.221 |
815.446 |
|
|
|
|
Employee benefit expense |
137.252 |
127.879 |
|
|
|
|
Other expenses |
480.743 |
378.446 |
|
|
|
|
Prior period items |
0.844 |
4.995 |
|
|
|
|
Exceptional items |
00.000 |
0.026 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(43.239) |
(241.282) |
|
|
|
|
TOTAL (B) |
3320.898 |
3296.970 |
2376.033 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
427.117 |
387.521 |
343.426 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
287.215 |
135.576 |
159.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
139.902 |
251.945 |
183.508 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.615 |
53.586 |
48.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
75.287 |
198.359 |
135.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.672 |
72.923 |
54.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
42.615 |
125.436 |
81.239 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
342.728 |
217.292 |
136.053 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
385.343 |
342.728 |
217.292 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. basis |
863.611 |
131.472 |
205.271 |
|
|
TOTAL EARNINGS |
863.611 |
131.472 |
205.271 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
593.701 |
673.927 |
693.263 |
|
|
|
Capital Goods |
0.000 |
0.000 |
91.625 |
|
|
|
Stores & Spares |
4.283 |
3.441 |
1.087 |
|
|
TOTAL IMPORTS |
597.984 |
677.368 |
785.975 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.69 |
4.97 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.14
|
3.40 |
2.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.05
|
5.60 |
5.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.37
|
6.69 |
5.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.23 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14
|
1.13 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.06 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
1060.130 |
917.781 |
944.339 |
|
|
|
|
|
|
Total |
1060.130 |
917.781 |
944.339 |
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Short term
borrowings |
|
|
|
Loans repayable on demand |
162.188 |
256.973 |
|
Total |
162.188 |
256.973 |
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 |
H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus
Stand, Usmanpura, Ahmedabad – 380013, Gujarat, India E-mail: cs@champalalgroup.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts |
|
Particular of
charge holder |
State Bank of
India, Industrial Finance Branch, 1st Floor, Neptune Tower Annex, Ashram
Road, Ahmedabad -380009, Gujarat, India E-mail: sbi.60327@sbi.co.in |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Book Debts Dated 19th January, 2013. |
|
Date of
instrument Creating the charge |
19.01.2013 |
|
Amount secured by
the charge |
Rs. 100.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Terms of Repayment Working Capital :
Repayable on Demand Margin Cash Credit 25% RM Domestic 25%
RM Imported : 25% SIP 25% FG 25% Domestic Receivables
(Cover Period 90 Days) 25% Export Receivables (Cover Period 90 days) 20% Receivables
(Cover Period 91 days to 120 days) 50% Letter of Credit
10% BG 10% BG under e - DFS
scheme 10% Extent and Operation of the charge Exclusive charge
of 100% IOCL receivables for which invoices have been raised on customers and
all other details more particularly
mentioned in the Hypothecation Agreement dated 19th January,2013. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Charge by way of
hypothecation of book debts more particularly mentioned in the Hypothecation
Agreement dated 19th January, 2013. |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Letter of Credit |
882.819 |
747.354 |
|
Bank Guarantee |
68.537 |
36.320 |
|
Claim against company but not acknowldged as debt |
0.000 |
4.202 |
PRESS RELEASE
PLASTENE INDIA IPO OPENS ON 9TH MAY
May 03, 2012
Plastene India Limited, a Rs. 5000.000 millions turnover 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 55,290 Equity Shares for subscription by eligible employees and a net issue to the public of upto 92,00,000 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 millions 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. 25 crores. 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 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. Motilal Oswal Investment Advisors Private Limited is the Book Running Lead Manager to the Issue.
FIXED ASSETS
· Land
· Buildings
· Office Building
· Factory Building
· Other building
· Plant and Equipment
· Factory Equipments
· Other plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
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 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.60.13 |
|
|
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.