MIRA
INFORM REPORT
|
Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELITE PLAST AUTOSYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S 77/1, MIDC, Bhosari, Pune
– 411026, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.02.2012 |
|
|
|
|
Com. Reg. No.: |
25-142199 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35923PN2012PTC142199 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE03194C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCE0104D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Plastic Moulding. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having a moderate track record. Net worth of the company has been eroded due to loss incurred from its
first year of operations. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on 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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the
political and economic development in the dragon economy and has figured out
something that is quite worrying. He is of the view that the Chinese economy
could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed
that asset classes like real estate and equities were the biggest beneficiaries
of the liberalization policies. A firm called Ciane
Analytics studied returns from assets including equities, gold, fixed deposits,
G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17
crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Laxman |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9921366366 |
|
Date : |
08.09.2014 |
LOCATIONS
|
Registered Office : |
S 77/1, MIDC, Bhosari, Pune
– 411026, Maharashtra, India |
|
Tel. No. : |
91-20-27120618 |
|
Mobile No. : |
91-9921366366 (Mr. Laxman) |
|
Fax No. : |
91-20-66304570 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Factory : |
Gat No. 162, Village Bhamboli, Chakan MIDC, Taluka Khed, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-20-27120619 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Yuvraj Sadashiv Borate |
|
Designation : |
Managing Director |
|
Address : |
Ratnadip, 373, Sector 2, Indrayani Nagar, Bhosari, Pune - 411026, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1986 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
01188831 |
|
|
|
|
Name : |
Aruna Sachin Fulsundar |
|
Designation : |
Director |
|
Address : |
Ratnageet, Plot No. 193 Sector, Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1980 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
03589862 |
|
|
|
|
Name : |
Mr. Uttam Yeshwant Borate |
|
Designation : |
Director |
|
Address : |
F No.193, Sector 2, Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India |
|
Date of Birth/Age : |
21.08.1964 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
03632171 |
|
|
|
|
Name : |
Shubhangi Rahul Naikwadi |
|
Designation : |
Director |
|
Address : |
H No. 2088/B, Raviwar Peth Wai, Satara – 412803, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1975 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
03632187 |
|
|
|
|
Name : |
Sushma Deepak Bhosale |
|
Designation : |
Director |
|
Address : |
F/4, Plot No. 25/26, S No. 19/20A, Sai Residency Visawa Park, Satara – 415002, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1977 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
03632193 |
|
|
|
|
Name : |
Gargi Yuvraj Borate |
|
Designation : |
Director |
|
Address : |
373, Ratnadeep, Sector No. 02, Indrayani Nagar, Pune – 411026, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1989 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
05147522 |
|
|
|
|
Name : |
Ratnamala Sadashiv Borate |
|
Designation : |
Director |
|
Address : |
373, Ratnadeep Sector No. 02, Indrayani Nagar, Pune – 411026, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1949 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
05147530 |
|
|
|
|
Name : |
Mr. Sadashiy Rambhau Borate |
|
Designation : |
Director |
|
Address : |
House No 373, Ratnadeep, Sector No 2 Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1946 |
|
Date of Appointment : |
08.02.2012 |
|
DIN No. : |
05158100 |
KEY EXECUTIVES
|
Name : |
Mr. Laxman |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Yuvraj Sadashiv Borate |
6500 |
65.00 |
|
Aruna Sachin Fulsundar |
500 |
5.00 |
|
Uttam Yeshwant Borate |
2000 |
20.00 |
|
Shubhangi Rahul Naikwadi |
500 |
5.00 |
|
Sushma Deepak Bhosale |
500 |
5.00 |
|
Total |
10000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Plastic Moulding. |
|
|
|
|
Terms : |
|
|
Selling : |
Cheque and Credit |
|
|
|
|
Purchasing : |
Cheque and Credit |
GENERAL INFORMATION
|
No. of Employees : |
20 (Approximately) |
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Bankers : |
Central Bank of India, Pimpri Branch, Jewel of Pimpri, "B" Wing, 1st Floor, Kamla Cross Road, Opposite PCMC Building, Pimpri, Pune - 411018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
||
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||
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Auditors : |
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||
|
Name : |
R. S. Bora and Company Chartered Accountants |
||
|
Address : |
Sancheti Corner, Above Canara Bank, Opposite Vasant Talkies Road, Ahmednagar – 414001, Maharashtra, India |
||
|
Income-tax
PAN of auditor or auditor's firm : |
AALFR7901G |
||
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||
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Sisters Concern : |
· Plasto-Mech Industries Borate Plastic Pack Industries Elite Plastics Industries Yuvraj Plastic
Industries |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71500 |
Equity Shares |
Rs.10/- each |
Rs. 0.715 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
0.100 |
|
(b) Reserves & Surplus |
|
|
(4.359) |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
2.400 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(1.859) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
24.445 |
|
(b) Deferred tax liabilities (Net) |
|
|
1.450 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current Liabilities (3) |
|
|
25.895 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
27.218 |
|
(b) Trade payables |
|
|
5.992 |
|
(c) Other current
liabilities |
|
|
7.908 |
|
(d) Short-term provisions |
|
|
0.155 |
|
Total Current Liabilities (4) |
|
|
41.273 |
|
|
|
|
|
|
TOTAL |
|
|
65.309 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
52.340 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
0.274 |
|
Total Non-Current Assets |
|
|
52.614 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
1.145 |
|
(c) Trade receivables |
|
|
6.502 |
|
(d) Cash and cash
equivalents |
|
|
1.106 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
3.942 |
|
Total Current Assets |
|
|
12.695 |
|
|
|
|
|
|
TOTAL |
|
|
65.309 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
12.950 |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
(2.909) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
(2.909) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(22.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(4.45) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
1.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
(27.79) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.31 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
one year |
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 |
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10365091 |
09/06/2012 |
39,600,000.00 |
CENTRAL BANK OF INDIA |
PIMPRI BRANCH, JEWEL OF PIMPRI, "B"WING, 1ST FLOOR, KAMLA CROSS ROAD, OPPOSITE PCMC BLDG,PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA |
B43454354 |
OPERATIONS
Company was incorporated on 08th February, 2012 as a Private Limited Company. Registrar of Companies, Maharashtra has issued certificate of incorporation no. U35923PN2012PTC142199 to that effect. During the year ended on 31st March, 2013 Revenue of operation amounted to Rs. 12.950 Millions. Company has incurred net loss of Rs. 2.909 Millions in the year. Company is taking necessary steps to improve its profitability by imposing strict control over overheads.
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.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.