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Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADITHYA PLASTIC INDUSTRIES |
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Registered
Office : |
No 87, Vyasar Nagar, 7th Street, Vyasarpadi, Chennai – 600039,
Tamilnadu |
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Country : |
India |
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Year of
Establishment: |
2000 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Sole Proprietary Concern |
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Line of Business
: |
Traders of Ploymers and indenting agents. |
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No. of Employees
: |
2 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Dormant |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small proprietary concern in its field. The status of the
concern appears to be dormant. Mr. Venkatasubbu (Salesman) has provided us the general information and
denied to disclose any financial information. The subject was engaged into importing and supplying of polymers which
acts as a raw material for plastic industry. As confirmed by Mr. Venkatasubbu, the significant rise in the raw
material prices and weak rupee position has strained the working conditions
of the concern, due to which the management has to stop its importing
activities and lay off its existing employees. There seems to be 2 part time employees employed by the concern with
the help of which it acts as a supply agent of polymers imported by other
firms which earns them less than a crore during 2013. However, Business is active. Payments are reported to be slow. The concern can be considered for business dealings on a safe and secured
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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Venkatasubbu |
|
Designation : |
Salesman |
|
Contact No.: |
91-9486667115 |
|
Date : |
11.12.2013 |
LOCATIONS
|
Registered Office : |
No 87, Vyasar Nagar, 7th Street, Vyasarpadi, Chennai – 600039,
Tamilnadu, India |
|
Tel. No.: |
91-44-25517754 |
|
Mobile No.: |
91-9486667115 (Mr. Venkatasubbu) |
|
Fax No.: |
Not Available |
SOLE PROPRIETOR
|
Name : |
Mr. Raju |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. Venkatasubbu |
|
Designation : |
Salesman |
BUSINESS DETAILS
|
Line of Business : |
Traders of Ploymers and indenting agents. |
|
|
|
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Terms : |
|
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Selling : |
L/C |
|
|
|
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Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
|
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|
|
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No. of Employees : |
2 (Approximately) |
|
|
|
|
Bankers : |
ICICI Bank, Chennai, Tamilnadu, India |
|
|
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Banking
Relations : |
|
|
|
|
|
Auditors : |
Not Divulged |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
The above information has been denied by Mr. Venkatasubbu (Salesman)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
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 |
No |
|
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 |
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 |
No |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
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 |
NEWS
THE LATEST NEWS ON THE POLYMER INDUSTRY IN INDIA
SINGAPORE (ICIS)--India implemented a 2.5-percentage point increase in
duties on imports of all polymers and ethylene vinyl acetate (EVA) to 7.5% on
Thursday, drawing cheers from domestic producers, but converters are likely to
be hit by higher costs, industry sources said.
The move is expected to lead to higher domestic list prices of polymers
such as polvethylene( PE), polypropylene (PP ), polyvinyl chloride (PVC) and
polystyrene (PS) in the domestic market, industry sources said.
"Prices are likely to increase [further this] evening or tomorrow.
Producers are looking at increasing list prices by at least [Indian] rupees
[Rs] 2kg ($37/tonne)," said a source close to a domestic producer.
India's polymer list prices had been raised this week prior to the
government's announcement.
"There will be fewer imports to India, as a result of the new
duties," said an Indian trader.
The government's decision to increzise the import duty on plastics was
in response to calls from industries groups to revise the country's duty
structure to protect the domestic producers from heavy competition from abroad,
industry sources said.
"If you look at the Asia Pacific region, India has one of the
lowest import duty structures, while the southeast Asian countries impose
duties well over 6.0-7.5%; said a source at one of the leading Indian PVC
producers.
"The new duty structure also motivates regional to seriousfy look
at capacity expansion," the source said.
Domestic producers view the import duty hike as a positive gesture by
the government to encourage local production. A lower import duty of 5% on
feedstocks - such as naphtha, ethylene dichloride (EDC) and vinyl chloride
monomer (VCM) - should also be positive for domestic producers, industry
sources said.
"This [import duty hike] will reduce competition from low-priced
imports and help enhance demand for domestic material," a source at a
local polymer producer said.
A consequent increase in domestic prices, however, is not likely to hit
demand, which remains relatively I strong in India, industry sources said.
"In the short term, material in the domestic market will be more
expensive. Local producers may increase prices because of this. But buying will
still continue in India because of robust demand and tight supply," the
India-based PE and PP trader said.
End-users are expected to be most adversely affected in the long term
by the hike in polymer tariffs, traders said.
"Given India's robust PVC demand and its significant dependence on
imports, buyers will continue to source foreign cargoes, as domestic supply is
not sufficient meet the market's demand for PVC today," said a source
close to a major northeast Asian producer.
India's annual PVC demand is about 2.25m tonnes - more than half of which, or 1.25m tonnes, are being sourced from the domestic market, while the rest is imported from northeast Asia and the US, industry sources said.
For PP and PS, on the other hand, India is a net exporter.
"Converters of polymers will have to pay higher prices for their raw materials as local producers will definitely raise their domestic offers further in line with the increased import prices, after factoring in the extra duty," said a Mumbai-based trader.
Major polymer producers in the country include Reliance Industries, Indian Oil, GAIL, Finolex, Chemplast Sanmar, Haldia Petrochemicals, Supreme Petrochem, DCW and LG Polymers India.
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.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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.