|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
PLASTENE INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
OSWAL AGLOIMPEX LIMITED (w.e.f. 24.05.2006) 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) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.10.1998 |
|
|
|
|
Com. Reg. No.: |
04-034861 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.265.932
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 of Plastic Packaging Products. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4250000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Profit margin of the company appears to be low. However, general financial position of the company seems to be sound
and healthy. Trade relation are reported to be fair. Business is active. Payment
terms are reported to be usually correct. 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 PARTED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Finance Department |
|
Contact No.: |
91-79-27561000 |
|
Date : |
08.01.2013 |
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 / 27550764 |
|
Fax No.: |
91-79-27551764 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1200 Sq Yard |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Survey No.317/1, Nani Chirai, Kutch – 370140, Gujarat, India |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Survey No.1551 and 1552/1, Village Rajpur, Ahmedabad Mehsana Highway
No.8., Taluka Kadi, District
Mehsana – 382715, Gujarat,
India |
|
|
|
|
Gandhidham Office : |
D-93, Jhanda Chowk, Gandhidham - 370201, Gujarat, India |
|
Tel. No.: |
91-2836-226629 |
|
Fax No.: |
91-2836-236872 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Prakashkumar Hiralal Parekh |
|
Designation : |
Managing Director |
|
Address : |
7/B, Sumati Nagar Society, Usmanpura, Ahmedabad – 380013, Gujarat,
India |
|
Date of Birth/Age : |
26.09.1973 |
|
Qualification : |
Bachelor in Chemical Engineering |
|
Date of Appointment : |
23.12.2010 |
|
DIN No.: |
00158264 |
|
|
|
|
Name : |
Mr. Mahesh Sumermal Bhandari |
|
Designation : |
Director |
|
Address : |
502, Aadeshwar Appartment, Sayani Marg, Prabha Devi, Mumbai – 400025,
Maharashtra, India |
|
Date of Birth/Age : |
07.07.1960 |
|
Qualification : |
B.Com , LLB |
|
Date of Appointment : |
20.09.2010 |
|
DIN No.: |
01115263 |
|
|
|
|
Name : |
Mr. Parvesh Chander Chamanlal Suri |
|
Designation : |
Director |
|
Address : |
A–3, Navroj Appartments Dafnala, Shahibaugh, Ahmedabad – 380004,
Gujarat, India |
|
Date of Birth/Age : |
31.12.1942 |
|
Qualification : |
B.E in Civil |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
01861687 |
|
|
|
|
Name : |
Mr. Harshil Ramakant Dalal |
|
Designation : |
Director |
|
Address : |
21, Jain Nagar, Opposite Sanjivani Hospital, Paldi, Ahmedabad,
Gujarat, India |
|
Date of Birth/Age : |
25.09.1981 |
|
Date of Appointment : |
12.11.2007 |
|
DIN No.: |
06481203 |
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
As on 30.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
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 |
51.72 |
|
Directors or relatives of Directors |
45.22 |
|
Other top fifty shareholders |
2.97 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Packaging Products. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
USA ·
Brazil ·
Germany |
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Imports : |
|
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Products : |
Poly Caplin (Raw Material) |
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Countries : |
Saudi Arabia |
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Terms : |
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Selling : |
L/C |
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|
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
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|
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|
Customers : |
Grief Flexibles, France |
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No. of Employees : |
800 (Approximately) |
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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 Hyderabad State Bank of Patiala HDFC Bank Limited Kotak Mahindra Bank Limited State Bank of India |
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Facilities : |
|
|
|
|
|
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 ·
K. P.
Woven Private Limited ·
Oliva
Garden |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36100000 |
Equity Shares |
Rs. 10/- each |
Rs.361.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26593189 |
Equity Shares |
Rs. 10/- each |
Rs.265.932 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
265.932 |
252.485 |
252.485 |
|
(b) Reserves & Surplus |
779.534 |
669.427 |
626.812 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
16.800 |
10.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1062.266 |
931.912 |
879.297 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
268.900 |
155.140 |
171.798 |
|
(b) Deferred tax liabilities (Net) |
140.605 |
135.010 |
107.406 |
|
(c) Other long term liabilities |
81.291 |
143.457 |
82.582 |
|
(d) long-term provisions |
6.685 |
5.099 |
3.119 |
|
Total Non-current Liabilities (3) |
497.481 |
438.706 |
364.905 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1213.759 |
903.733 |
820.273 |
|
(b) Trade payables |
1228.475 |
1060.130 |
917.781 |
|
(c) Other current
liabilities |
127.484 |
72.247 |
40.516 |
|
(d) Short-term provisions |
3.158 |
15.175 |
45.560 |
|
Total Current Liabilities (4) |
2572.876 |
2051.285 |
1824.130 |
|
|
|
|
|
|
TOTAL |
4132.623 |
3421.903 |
3068.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1176.170 |
1073.418 |
993.840 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
103.130 |
179.936 |
43.207 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
181.291 |
61.291 |
61.291 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
51.023 |
85.200 |
44.036 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1511.614 |
1399.845 |
1142.374 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10.179 |
11.679 |
10.710 |
|
(b) Inventories |
1025.325 |
858.368 |
755.598 |
|
(c) Trade receivables |
829.308 |
607.123 |
431.803 |
|
(d) Cash and cash equivalents |
163.408 |
149.855 |
223.639 |
|
(e) Short-term loans and
advances |
542.960 |
384.663 |
474.231 |
|
(f) Other current assets |
49.829 |
10.370 |
29.977 |
|
Total Current Assets |
2621.009 |
2022.058 |
1925.958 |
|
|
|
|
|
|
TOTAL |
4132.623 |
3421.903 |
3068.332 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
4336.394 |
3680.247 |
3544.004 |
|
|
|
|
Other Income |
49.878 |
67.768 |
140.487 |
|
|
|
|
TOTAL (A) |
4386.272 |
3748.015 |
3684.491 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2297.738 |
2237.077 |
2211.460 |
|
|
|
|
Purchase of Stock-in-trade |
1113.549 |
508.221 |
815.446 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(183.053) |
(43.239) |
(241.282) |
|
|
|
|
Employee Benefits Expenses |
158.613 |
137.252 |
127.879 |
|
|
|
|
Other Expenses |
569.563 |
480.743 |
378.446 |
|
|
|
|
Prior period items |
0.546 |
0.844 |
4.995 |
|
|
|
|
Exceptional items |
0.000 |
0.000 |
0.026 |
|
|
|
|
TOTAL (B) |
3956.956 |
3320.898 |
3296.970 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
429.316 |
427.117 |
387.521 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL EXPENSES (D) |
223.150 |
287.215 |
135.576 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
206.166 |
139.902 |
251.945 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
191.063 |
64.615 |
53.586 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
15.103 |
75.287 |
198.359 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
7.473 |
32.672 |
72.923 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
7.630 |
42.615 |
125.436 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
385.343 |
342.728 |
217.292 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
392.973 |
385.343 |
342.728 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export of Goods on F.O.B. basis |
1266.893 |
863.611 |
131.472 |
|
|
|
TOTAL EARNINGS |
1266.893 |
863.611 |
131.472 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
648.243 |
593.701 |
673.927 |
|
|
|
|
Capital Goods |
0.066 |
0.000 |
0.000 |
|
|
|
|
Stores & Spares |
0.441 |
4.283 |
3.441 |
|
|
|
TOTAL IMPORTS |
648.750 |
597.984 |
677.368 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
0.38 |
1.92 |
4.97 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.17 |
1.14 |
3.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.35 |
2.05 |
5.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40 |
2.43 |
6.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.08 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40 |
1.14 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.99 |
1.06 |
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand |
218.877 |
162.188 |
|
Total |
218.877 |
162.188 |
NOTE: CURRENT MATURITIES OF LONG TERM DEBT DETAILS NOT AVAILABLE.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10461106 |
19/11/2013 |
1,910,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B89906986 |
|
2 |
10453617 |
19/09/2013 |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,1ST
FLOOR, NEPTUNE TOWER, |
B86901378 |
|
3 |
10453798 |
29/08/2013 |
50,000,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, NAVRANGPURA,
AHMEDABAD, Gujarat - 380009, INDIA |
B87020962 |
|
4 |
10443222 |
08/07/2013 |
40,000,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET,
KOLKATA, West Bengal |
B81972606 |
|
5 |
10403777 |
19/01/2013 |
100,000,000.00 |
STATE BANK OF INDIA |
Industrial Finance Branch, 1st
Floor, Neptune Tower Annex, Ashram Road, AHMEDABAD, Gujarat - 380009, INDIA |
B68316751 |
|
6 |
10363532 |
04/07/2012 |
150,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA
|
B42832584 |
|
7 |
10351436 |
25/04/2012 |
150,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,, Mumbai, Maharashtra - 400005,
INDIA |
B38097648 |
|
8 |
10347902 |
26/03/2012 |
666,100,000.00 |
STATE BANK OF INDIA |
Industrial Finance Branch, 1st
Floor, Neptune Tower Annex, Ashram Road, Ahmedabad, Gujarat - 380006, INDIA |
B37060563 |
|
9 |
10246756 |
22/10/2010 |
150,000,000.00 |
THE ROYAL BANK OF SCOTLAND
N.V. |
VIVA COMPLEX,OPP. PARIMAL
GARDEN, PARIMAL CROSS R |
A96758222 |
|
10 |
10212246 |
04/03/2010 |
253,100,000.00 |
State Bank of India |
Industrial Finance Branch,
Gujarat Bhavan, Opposite M J Library,
Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA |
A82799107 |
|
11 |
10090762 |
04/02/2008 |
693,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A33781097 |
|
12 |
90104323 |
29/11/2012 * |
2,420,000,000.00 |
State Bank of India |
1st Floor, Neptune Tower
Annexe, Nr. Gandhigram railway Station, Ahmedabad, Gujarat - 380009, INDIA |
B63355036 |
|
13 |
90105465 |
29/11/2012 * |
2,420,000,000.00 |
STATE BANK OF INDIA |
1st Floor, Neptune Tower
Annexe, Nr. Gandhigram Railway Station, Ahmedabad, Gujarat - 380009, INDIA |
B63355325 |
|
14 |
80013000 |
12/01/2006 * |
365,000,000.00 |
SBS SBINDORE |
GANDHIDHAM, GANDHIDHAM,
Gujarat - 370201, INDIA |
- |
|
15 |
80013002 |
12/01/2006 * |
365,000,000.00 |
SBS SB INDORE |
GANDHIDHAM, GANDHIDHAM,
Gujarat - 370201, INDIA |
- |
*Date of modification Charges
TRADE REFERENCES:
·
Ardor International Private Limited
·
Rajiv Petrochemicals Private Limited
·
Grief Flexibles, France
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
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 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 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.
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.62.24 |
|
UK Pound |
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.