MIRA INFORM REPORT
|
Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ITAL PLASTIC COMPOUNDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. D-16, Sipcot Industrial Park, Irrungattukottai, Pennalur
Post, Taluka Sriperumbuthur-602105, Tamilnadu
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.01.2007 |
|
|
|
|
Com. Reg. No.: |
18-062123 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24134TN2007PTC062123 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Grinding and Cut off Wheels |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Recently Started Its Commercial Activity |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Even though the company was incorporated during 22nd
January 2007, it has recently commenced its commercial activities during 1st
April 2012. The net worth of the company appears to be good. Trade relations are
improving. Business is active. Payment terms are unknown. The company can be considered for business dealings with some
caution. Note : Profit and Loss accounts is not available. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
Management non co-operative
LOCATIONS
|
Registered Office : |
Plot No. D-16, Sipcot Industrial Park, Irrungattukottai, Pennalur Post,
Taluka Sriperumbuthur-602105, Tamilnadu, India |
|
Tel. No.: |
91-44-27474474 / 26412830 / 27156667 |
|
Fax No.: |
91-44-27156668 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Sriperumbudur, Chennai, Tamilnadu, India |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Shabbir Bhai |
|
Designation : |
Director |
|
Address : |
Basera Apartments, Flat No.2 C, 46, Besant Avenue, Adayar,
Chennai-600020, Tamilnadu, India |
|
Date of Birth/Age : |
16.04.1961 |
|
Date of Appointment : |
27.03.2008 |
|
DIN No.: |
00958177 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51909TN1988PTC016489 |
CLASSIC
ENGINEERS (INDIA) PRIVATE LIMITED |
Director |
22-11-88 |
22-11-88 |
- |
Active |
NO |
|
2 |
U25209TN1996PTC034257 |
POLYHOSE
INDIA PRIVATE LIMITED |
Managing
director |
24-01-96 |
24-01-96 |
- |
Active |
NO |
|
3 |
U28939TN2004PTC053838 |
PLATINUM
PROFILE (INDIA) PRIVATE LIMITED |
Director |
28-07-04 |
28-07-04 |
- |
Active |
NO |
|
4 |
U25191TN2004PTC053900 |
POLY
HOSE INDIA (RUBBER) PRIVATE LIMITED |
Managing
director |
05-08-04 |
05-08-04 |
- |
Active |
NO |
|
5 |
U63040TN2007PTC064135 |
AKASAKA
HOSPITALITY PRIVATE LIMITED |
Director |
28-06-07 |
28-06-07 |
31-03-10 |
Active |
NO |
|
6 |
U45200TN2008PTC066122 |
PH
FOUNDATIONS PRIVATE LIMITED |
Director |
21-01-08 |
21-01-08 |
- |
Active |
NO |
|
7 |
U24134TN2007PTC062123 |
ITAL
PLASTIC COMPOUNDS PRIVATE LIMITED |
Director |
27-03-08 |
27-03-08 |
- |
Active |
NO |
|
8 |
U28939TN2008PTC068438 |
POLYMAK
TOOLS (INDIA) PRIVATE LIMITED |
Director |
02-07-08 |
02-07-08 |
- |
Active |
NO |
|
9 |
U24131TN1961PLC004560 |
IND-ITAL
CHEMICALS LIMITED |
Director |
30-09-10 |
05-04-10 |
- |
Active |
NO |
|
10 |
U25203TN2010PTC076613 |
VECTOR
HYDRAULICS PRIVATE LIMITED |
Director |
16-07-10 |
16-07-10 |
- |
Active |
NO |
|
11 |
U34300PN2011PTC139272 |
POLYHOSE
AUTOMOTIVE PRIVATE LIMITED |
Director |
20-04-11 |
20-04-11 |
- |
Active |
NO |
|
12 |
U28112TN2011PTC081269 |
ADDLIFE
COATING SYSTEMS PRIVATE LIMITED |
Director |
29-06-11 |
29-06-11 |
08-11-12 |
Active |
NO |
|
13 |
U25209TN2012PTC089150 |
KOHYEI
TRADING (INDIA) PRIVATE LIMITED |
Director |
24-12-12 |
24-12-12 |
- |
Active |
NO |
|
Name : |
Mr. Shamsuddin Ali Asger |
|
Designation : |
Director |
|
Address : |
No. 163, Santhome High Road, Mylapore, Chennai-600004, Tamilnadu,
India |
|
Date of Birth/Age : |
30.01.1979 |
|
Date of Appointment : |
22.01.2007 |
|
DIN No.: |
01345230 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U25209TN1996PTC034257 |
POLYHOSE
INDIA PRIVATE LIMITED |
Director |
07-02-98 |
07-02-98 |
Active |
NO |
|
2 |
U28939TN2004PTC053838 |
PLATINUM
PROFILE (INDIA) PRIVATE LIMITED |
Director |
28-07-04 |
28-07-04 |
Active |
NO |
|
3 |
U25191TN2004PTC053900 |
POLY
HOSE INDIA (RUBBER) PRIVATE LIMITED |
Director |
05-08-04 |
05-08-04 |
Active |
NO |
|
4 |
U31300MH1988PTC048980 |
MEGA
RUBBER PRODUCTS PRIVATE LIMITED |
Director |
24-01-06 |
24-01-06 |
Active |
NO |
|
5 |
U24134TN2007PTC062123 |
ITAL
PLASTIC COMPOUNDS PRIVATE LIMITED |
Director |
22-01-07 |
22-01-07 |
Active |
NO |
|
6 |
U45200TN2008PTC066122 |
PH
FOUNDATIONS PRIVATE LIMITED |
Director |
21-01-08 |
21-01-08 |
Active |
NO |
|
7 |
U24131TN1961PLC004560 |
IND-ITAL
CHEMICALS LIMITED |
Director |
30-09-10 |
05-04-10 |
Active |
NO |
|
8 |
U25203TN2010PTC076613 |
VECTOR
HYDRAULICS PRIVATE LIMITED |
Director |
16-07-10 |
16-07-10 |
Active |
NO |
|
9 |
U34300PN2011PTC139272 |
POLYHOSE
AUTOMOTIVE PRIVATE LIMITED |
Director |
20-04-11 |
20-04-11 |
Active |
NO |
|
10 |
AAA-8196 |
FILLIN
QUICK SERVICE RESTAURANT LLP |
Designated
Partner |
01-03-12 |
01-03-12 |
Active |
NO |
|
Name : |
Mr. Sundarajan Selvaraj |
|
Designation : |
Director |
|
Address : |
No.131, Chandran Nagar, Chrompet, Chennai-600004, Tamilnadu, India |
|
Date of Birth/Age : |
27.06.1970 |
|
Date of Appointment : |
14.06.2011 |
|
DIN No.: |
03562936 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24134TN2007PTC062123 |
ITAL
PLASTIC COMPOUNDS PRIVATE LIMITED |
Director |
24-09-11 |
14-06-11 |
Active |
NO |
|
Name : |
Mr. Venkatesan Vasudevan |
|
Designation : |
Additional Director |
|
Address : |
New No. 4, Old No.40, Masilamani Road, Balaji Nagar, Royapettah,
Chennai-600014, Tamilnadu, India |
|
Date of Birth/Age : |
07.07.1956 |
|
Date of Appointment : |
02.12.2011 |
|
Date of Cessation : |
30.01.2013 |
|
DIN No.: |
05107729 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Shares |
|
Polyhose India Private Limited, India |
42500 |
|
Y J Shabbir |
313750 |
|
Nafisa Shabbir |
118750 |
|
TOTAL
|
475000 |
AS ON 24.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
9.00 |
|
Directors or relatives of Directors |
91.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Grinding and Cut off Wheels |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Somasundaram and Sivaraman Chartered Accountant |
|
Address : |
10E, Karthick Apartments, 46, Vijayaragava Road, T Nagar,
Chennai-600017, Tamilnadu, India |
|
PAN No.: |
AASPS4961Q |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475000 |
Equity Shares |
Rs.10/- each |
Rs. 4.750
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 |
4.750 |
0.250 |
0.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.863 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.613 |
0.250 |
0.250 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
74.953 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
47.441 |
9.653 |
9.560 |
|
|
TOTAL BORROWING |
122.394 |
9.653 |
9.560 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
161.007 |
9.903 |
9.810 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
124.341 |
9.364 |
9.364 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.738
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.144
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.073
|
0.013 |
0.014 |
|
|
Other Current Assets |
24.288
|
0.703 |
0.000 |
|
|
Loans & Advances |
2.865
|
0.004 |
0.004 |
|
Total
Current Assets |
51.108
|
0.720 |
0.018 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.753
|
0.141 |
0.141 |
|
|
Other Current Liabilities |
2.993
|
0.000 |
0.030 |
|
|
Provisions |
0.696
|
0.040 |
0.000 |
|
Total
Current Liabilities |
14.442
|
0.181 |
0.171 |
|
|
Net Current Assets |
36.666
|
0.539 |
(0.153) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.041 |
|
|
PRE OPERATIVE EXPENSES |
0.000 |
0.000 |
0.558 |
|
|
|
|
|
|
|
|
TOTAL |
161.007 |
9.903 |
9.810 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.17
|
38.61 |
38.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
3.98 |
0.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last three
years |
No |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
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 |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Loans and
Advances from Related Parties |
|
|
|
Fatima Shabbir |
8.300 |
0.000 |
|
Nafisa Shabbir |
13.263 |
0.000 |
|
Y J Shabbir |
17.144 |
0.000 |
|
Polyhose India Private Limited |
0.000 |
9.653 |
|
Short Term
Borrowings |
|
|
|
Loans Repayable
on Demand |
|
|
|
From Banks – Canara Bank |
8.734 |
0.000 |
|
|
|
|
|
TOTAL |
47.441 |
9.653 |
STATUS OF THE
PROJECT
The Project for the manufacture of Bonded Abrasive wheels was
implemented as per schedule. Out of 6 Bando presses planned for the project, 4
presses has arrived and 2 more planned to arrive and get installed by August /
September 2012. The company started trial production from 15th
February 2012 and produced about 150000 nos. during February and March 2012.
They started sending the products to their potential customers in the Domestic
Market for trials and approvals during the month of February and March. The
Commercial production started w.e.f. 1st April 2012.
As there was no commercial production during the financial year ended 31st
March 2012, no profit and loss account was prepared for last year.
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. 54.91 |
|
|
1 |
Rs. 84.44 |
|
Euro |
1 |
Rs. 71.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
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 |
|
29 |
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.