MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

PVC CONVERTERS INDIA PRIVATE LIMITED

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Legal Form :

Private Limited Liability Company

 

 

No. of Employees :

Not Divulged

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Seller of PVC Sheets and Films.

 

 

Products :

Products Description

Item Code No.

 

Rigid PVC Film

392041

Flexible PVC Film

392042

PVC Leather Cloth

590310

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :

·         Indian Overseas Bank

Bandra (West) Branch, Radhasoami Apartments, T P S III, 36th Road, Bandra (West), Mumbai-400050, Maharashtra, India

 

·         HDFC Bank

·         ICICI Bank

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Term Loans from Banks

70.598

70.501

Current Maturities of Long Term Debt

(19.159)

(17.936)

Car Loans from banks

1.892

4.102

Current Maturities of Long Term Debt

(1.411)

(2.212)

Loan for Fork Lift From Bank

0.000

0.226

Current Maturities of Long Term Debt

--

(0.226)

SHORT TERM BORROWINGS

 

 

Cash Credit

79.539

60.924

 

 

 

Total

 

131.459

115.379

 

NOTE:

 

LONG TERM BORROWINGS

 

NAME OF THE BANK

TERMS OF REPAYMENT AND SECURITIES

IOB Term Loan

 

Amount sanctioned

Terms of Repayment

Rate of Interest

Nature of security

Rs.77.500 Millions

Repayable in 59 installments of BR+3.50% Millions

BR+3.50%

Charge on entire fixed assets of the factory land, building, plant and machinery and other fixed assets of the company located in Sy No.193/3 admeasuring 4000 Sq. Mtrs., Village-Bhimpore, Nani, Daman-396210. Personal guarantee of Mr. Raoul Verma, director of the company

IOB Term Loan

 

Amount sanctioned

Terms of Repayment

Rate of Interest

Nature of security

Rs.7.397 Millions

Repayable in 25 Installments of Rs.0.306 Million and 26th installment of Rs.0.306 Million

BR+3.50%

Hypothecation of Plant and Machinery costing Rs.17.658 Millions. Personal guarantee of Mr. Ajay Verma and Ms. Kim Verma.

 

Collateral security for both the above term loans:

1)       Extension of EM of Plot No.60, 72 and 73 at panchal udyog nagar, Vill Bhimpore, Nani and Daman valued at Rs.40.000 Millions as per valuation report dated 31st March 2011 of M/s AVSA India, approved valuer

2)       Plant and machinery with FMV of Rs.187.200 Millions

3)       Residual value of plant and machinery purchased out of the term loan sanctioned in May 2011. Value of machinery is about Rs.17.658 Millions and present outstanding is Rs.7.397 Millions.

4)       Residual value of plant and machinery purchased out of the term loan of Rs.77.500 Millions (Total Cost 99.000 Millions) sanctioned on 15th November 2011

 

 

ICICI Bank Limited

(Car Loan)

 

Amount sanctioned

Terms of Repayment

Rate of Interest

Nature of security

Rs.3.872 Millions

Repayable in 36 EMI’s of Rs.0.128 Million

10%

Mortgage of car

 

 

Mr. Ajay Verma (Deceased on 10.10.2012 Probate Awaited)

 

Amount taken

Terms of Repayment

Rate of Interest

Nature of security

Rs.8.000 Millions

Repayable on demand

Interest free

NA

 

 

SHORT TERM BORROWINGS

 

Details terms of repayment of term loans from banks and security provided in respect of the secured long term borrowings

 

Name of Party : Indian Overseas Bank

 

Type of Loan : Cash Credit/ OD

 

Amount : Rs.75.000 Millions

 

Security: Hypothecation of stock and book debts.

 

Collateral security

1)       Extension of EM of Plot No.60, 72 and 73 at Panchal Udyog Nagar, Vill Bhimpore, Nani and Daman valued at Rs.40.000 Millions as per valuation report dated 31st March 2011 of M/s AVSA India, approved valuer

2)       Plant and machinery with FMV of Rs.187.200 Millions

3)       Residual value of plant and machinery purchased out of the term loan sanctioned in May 2011. Value of machinery is about Rs.17.658 Millions and present outstanding is Rs.7.397 Millions.

4)       Residual value of plant and machinery purchased out of the term loan of Rs.77.500 Millions (total cost 99.000 Millions) sanctioned on 15th November 2011. Personal Guarantee of Mr. Raoul Verma, Director of the company.

 

Rate of Interest : Base rate plus 3.5%

 

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Loans from Related Parties

8.000

5.000

Loans Others

0.000

2.500

 

 

 

Total

 

8.000

7.500

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Patkar and Pendse

Chartered Accountants

Address :

9/204, Chartered House, 297/298, Dr. Cawasji Hormasji Street, Marine Lines, Mumbai - 400002, Maharashtra, India

Tel. No.:

91-22-22060309/ 22062272/ 65224568

Fax No.:

91-22-22060868

PAN No.:

AAAFP2081Q

 

 

Other Related Parties :

·         Rishav Accumulation Trust

·         Plastchem F.Z.C.

·         Thor Polymers Private Limited

·         Bombay Kunstoff Pharma Private Limited

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Shares

(Voting Rights Equity Shares)

Kim Verma

167667

Raoul Verma

166667

Master Rishav Verma Through Natural Kawal Verma

83333

Trustees of Rishav Accumulation Trust

83333

Fazal M.K. Ali Manekia

125000

Anil Nanda

27000

Ajai Verma

164800

 

 

Total

817800

 

 

 

Particulars

Non-Voting Rights Equity Shares

Plastchem FZC, UAE

70000

 

 

Total

 

887800

 

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

8.878

8.878

6.250

(b) Reserves & Surplus

102.368

99.810

70.031

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.083

0.083

19.272

Total Shareholders’ Funds (1)+(2)

111.329

108.771

95.553

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

59.920

61.955

0.482

(b) Deferred tax liabilities (Net)

4.796

0.000

0.113

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.690

0.466

0.257

Total Non-current Liabilities (3)

65.406

62.421

0.852

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

79.539

60.924

56.570

(b) Trade payables

135.245

98.182

87.519

(c) Other current liabilities

43.467

31.299

8.814

(d) Short-term provisions

4.140

5.586

4.309

Total Current Liabilities (4)

262.391

195.991

157.212

 

 

 

 

TOTAL

439.126

367.183

253.617

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

203.902

107.981

70.281

(ii) Intangible Assets

0.058

0.059

0.059

(iii) Capital work-in-progress

0.000

62.207

1.179

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.208

0.000

(d)  Long-term Loan and Advances

2.028

2.429

1.814

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

205.988

172.884

73.333

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

52.271

33.175

30.048

(c) Trade receivables

120.677

93.464

95.194

(d) Cash and cash equivalents

13.764

14.201

8.462

(e) Short-term loans and advances

46.426

53.459

46.580

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

233.138

194.299

180.284

 

 

 

 

TOTAL

439.126

367.183

253.617

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

NA

NA

390.502

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

373.795

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

NA

NA

6.661

 

 

 

 

 

Less

TAX                                                                 

NA

NA

2.033

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

2.558

8.149

4.628

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

79.356

54.266

59.706

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

NA

44.276

 

 

Capital Goods

NA

NA

3.996

 

TOTAL IMPORTS

NA

NA

48.272

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.13

9.96

--

 

 

BACKGROUND

 

Subject was incorporated on 12th December 2000 under the provisions of Companies Act, 1956. The company is engaged in the manufacturing and selling PVC sheets and Films. The company caters both domestic and international market. The company has manufacturing units at Daman (Union Territory of India) and Head Office in Mumbai.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

LOCATIONS

 

Registered/ Head Office :

P O Box 6043, 7-B, Trust House, 7th Floor, 35 Hospital Avenue, Dr. E Borges Road, Parel-400012, Maharashtra, India 

Tel. No.:

91-22-61331000/ 24110674/ 24110675/ 24110676

Fax No.:

91-22-61331099/ 24110673

E-Mail :

pvcjayesh@gmail.com

Website :

http://www.pvcconverters.com

 

 

Factory :

Plot No.60, 61, 72, Panchal Udyog Nagar, Bhimpore, Daman-396210, Daman and Diu, India

 

 

CHANGE OF ADDRESS:

 

The Registered office has been shifted from 701-B, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India to the present address w.e.f.01.02.2012.

 

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

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