MIRA INFORM REPORT

 

 

Report No. :

335571

Report Date :

08.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL PLASTIC INDUSTRIES LIMITED

 

 

Registered Office :

A-59, MIDC, Road No. 1, Marol, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-6766 9999 / 28311555

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

17.09.1987

 

 

Com. Reg. No.:

11-044707

 

 

Capital Investment / Paid-up Capital :

Rs.91.296  Million

 

 

CIN No.:

[Company Identification No.]

L25200MH1987PLC044707

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The company is engaged in manufacturing plastic injection moulded articles and mattresses.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 650000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Incorporated in 1987, subject is engaged in the business of manufacture of moulded furniture and is amongst the finest manufacturers, suppliers and exporters, of the diverse range of plastic products. It has a satisfactory track record.

 

The company’s overall financial performance seems to be good with decent profitability.

 

The rating also reflects the modest scale of operations with adequate networth and moderate debt protection metrics.

 

The directors of the company are well experienced in the plastic industry and has established brand image with diversified product profile.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered for business dealings with 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities = BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

1st April 2015

 

Rating Agency Name

CARE

Rating

Short term bank facilities = A3

Rating Explanation

Adequate degree of safety and low credit risk.

Date

1st April 2015

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Harsh Parekh

Designation :

Chief Financial Officer

Contact No.:

91-22-67669999

Date :

06.08.2015

 

 

LOCATIONS

 

Registered Office :

A-59, MIDC, Road No. 1, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-6766 9999 / 28311555

Fax No.:

91-22-2836 0422

E-Mail :

info@nationalplastic.com

Website :

www.nationalplastic.com

 

 

Plant 1 :

Plot No. 263, Damani Road, Village – Dadra, Silvassa – 396230, Union Territory of Dadra Nagarhaveli

 

 

Plant 2 :

Plot No. B – 1 to B – 7 Industrial Area, Fatuha, Patna – 803201, Bihar, India 

 

 

 

 

Unit No. 1 :

Plot no. 1 Industrial Park, Survey No. 283, 297 and 298, Naidupet (Menakur), Nellore – 524421, Andhra Pradesh, India 

 

 

Unit No. 2 :

Plot no. 2 Industrial Park, Survey No. 296, Naidupet (Menakur), Nellore – 524421, Andhra Pradesh, India

 

 

Branch :

Located At :

 

  • Thalassery
  • Vapi
  • Orissa
  • Kerala
  • Ghaziabad

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Paresh Vinod Parekh

Designation :

Managing Director

Address :

Vinod Villa, 63, Nutan Laxmi Co-Op Housing Society, Road No. 8, JVPD Scheme, Vile Parle West, Mumbai - 400056, Maharashtra, India

Date of Appointment :

10.03.1993

DIN No.:

00432673

 

 

Name :

Mr. Ketan Vinod Parekh

Designation :

Managing Director

Address :

Vinod Villa, 63, Nutan Laxmi Co-Op Housing Society, Road No. 8, JVPD Scheme, Vile Parle West, Mumbai - 400056, Maharashtra, India

Date of Appointment :

10.05.1993

DIN No.:

00432734

 

 

Name :

Mr. Dhirajlal Jamnadas Shanghavi

Designation :

Director

Address :

140, Rajiv Sewri Wadala, Scheme Road No 9, Wadala, Mumbai, 400031, Maharashtra, India

Date of Birth/Age :

05.09.1938

Qualification :

Graduate

Experience :

Expertise In Specific Area Plastic Raw Materials And Chemical

Date of Appointment :

01.04.2006

DIN No.:

02909798

 

 

Name :

Ashwin Jagmohandas Goradia

Designation :

Director

Address :

Flat 1605, B/30, 16th Floor Edenwoods CHS, Shastri Nagar, Lokhandwala Complex, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

26.08.1948

Qualification :

Graduate

Experience :

Expertise In Specific Area Plastic Raw Materials And Chemical

Date of Appointment :

28.12.2005

DIN No.:

02972495

 

 

KEY EXECUTIVES

 

Name :

Swati Jayprakash Zawar

Designation :

Company Secretary

Address :

Flat no. 1001, Building No. 9/b, cosmopolitan Housing Society, A. S. Marg, Rambaug, Powai, Mumbai, 400076, Maharashtra, India

Date of Appointment :

01.03.2013

PAN No.:

AAFPZ1672A

 

 

Name :

Harsh Paresh Parekh

Designation :

Chief Financial Officer

Address :

63,Vinod Villa, Ground Floor, Nutan Laxmi Society, 8th Road, JVPD, Juhu, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Appointment :

30.03.2015

PAN No.:

ARJPP1774A

 

 

Name :

Mr. Umesh L. Shenoy

Designation :

Vice President – Finance

 

 

SHAREHOLDING PATTERN

 

As on 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

5024626

55.04

http://www.bseindia.com/include/images/clear.gifBodies Corporate

148511

1.63

http://www.bseindia.com/include/images/clear.gifSub Total

5173137

56.66

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

5173137

56.66

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

7900

0.09

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

100

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

300

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

8300

0.09

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

230703

2.53

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

2520244

27.61

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

927425

10.16

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

269791

2.96

http://www.bseindia.com/include/images/clear.gifClearing Members

19017

0.21

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

5600

0.06

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

245174

2.69

http://www.bseindia.com/include/images/clear.gifSub Total

3948163

43.25

Total Public shareholding (B)

3956463

43.34

Total (A)+(B)

9129600

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

9129600

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in manufacturing plastic injection moulded articles and mattresses.

 

 

Products :
  • Plastic Injection Moulded Articles
  • Mattresses

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Banker Name

Corporation Bank

Branch Address

Large Corporate Branch, Eagles Flight,, Suren Road, Andheri (East), Mumbai - 400093, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Karur Vysya Bank, Everest Granade, Ground Floor, Near Ahura Center, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on 31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Term loans From banks

NA

37.098

 

 

 

SHORT TERM BORROWING

 

 

Loans repayable on demand From Banks

 

 

Guaranteed by Directors

NA

170.307

Total

NA

207.405

 

Details of Security and Terms of Repayment (As on 31.03.2014)

 

  1. Term Loan amounting to Rs.14.647 Million (Previous Year Rs.22.549 Million) Repayable in monthly installments, last installment due in 28.02.2017 Rate of interest as at year end 13.75 % and secured against First Charge on Fixed Assets and Current Assets of Patna Unit.

 

  1. Vehicle Loan amounting to Rs.2.766 Million (Previous Year Rs.4.007 Million) Repayable in monthly installments, last installment due in 31.03.2017. Rate of interest as at year end 11.75% and secured against specific vehicle.

 

  1. Vehicle Loan amounting to Rs. NIL (Previous Year Rs.2.900 Million) Repayable in monthly installments, last installment due in 05.04.2013. Rate of interest as at year end 11.72 % and secured against specific vehicle.

 

  1. Vehicle Loan amounting to Rs. NIL (Previous Year Rs.0.288 Million) Repayable in monthly installments, last installment due in 01.04.2016. Rate of interest as at year end 11.75% and secured against specific vehicle.

 

  1. Vehicle Loan amounting to Rs.1.227 Million (Previous Year Rs. 2.328 Million) Repayable in monthly installments, last installment due in 01.04.2016. Rate of interest as at year end 11.72% and secured against specific vehicle.

 

  1. Term Loan amounting to Rs. 15.637 Million (Previous Year Rs.22.120 Million) Repayable in quarterly installments, last installment due in 31.03.2017. Rate of interest as at year end 13.50% and secured against First Charge on Fixed Assets and Current Assets of Nellore Unit.

 

  1. Term loan amounting to Rs.2.820 Million (Previous Year NIL) repayable in monthly installments, last installment due on 07/01/2017 Rate of interest as at year end 13.75% and secured against First Charge on Fixed Assets and Current Assets of Silvassa Unit.

 

Auditors :

 

Name :

Sheth Doctor and Associates

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Relatives of Key Management Personnel

[AS ON 31.03.2014] :

Vinod Parekh(HUF)

Ketan Vinod Parekh(HUF)

 

 

Company in which KMP / Relatives of KMP can exercise significant influence [AS ON 31.03.2014]  :

National Plastic Industries

Enpee Credit and Capital (India) Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

20000000

Equity Shares

Rs.10/- each

Rs.200.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

9129600

Equity Shares

Rs.10/- each

Rs.91.296 Million

 

 

Rights etc. attached to Equity Shares:

 

The Company has only one class of equity having a face value of Rs.10 per share. Each shareholder is eligible for one vote per share held.

 

Details of shares held by the shareholders holding more than 5% of the aggregate shares in the Company:

 

Name of the Shareholder

As on 31st March, 2014

Number of shares

% of Holding

Smt. Nalini V. Parekh

2521200

27.62

Shri. Paresh V. Parekh

1141401

12.50

Shri. Ketan V. Parekh

704100

7.71

Ketan V. Parekh (HUF)

552000

6.05

 

Reconciliation of number of shares outstanding as on beginning and closing of the year

 

The company has neither issued nor is bought back any of its shares during the year and also in previous year and balance of share at the end of the year the same as at the beginning of the year.

 

 

As on 31.03.2015

 

Authorised Capital: Not Available

 

Issued, Subscribed & Paid-up Capital: Rs.91.296 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

91.296

91.296

91.296

(b) Reserves & Surplus

138.754

143.363

133.252

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

230.050

234.659

224.548

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

98.724

144.086

113.831

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

19.995

14.785

16.229

(d) long-term provisions

2.577

1.905

2.086

Total Non-current Liabilities (3)

121.296

160.776

132.146

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

238.549

170.307

174.012

(b) Trade payables

87.612

128.945

121.700

(c) Other current liabilities

39.492

47.581

60.058

(d) Short-term provisions

22.199

13.349

12.031

Total Current Liabilities (4)

387.852

360.182

367.801

 

 

 

 

TOTAL

739.198

755.617

724.495

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

234.958

247.412

252.476

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.062

0.062

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.061

0.061

0.061

(c) Deferred tax assets (net)

34.539

37.771

42.106

(d)  Long-term Loan and Advances

26.070

20.797

27.546

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

295.628

306.103

322.251

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

223.699

211.036

194.244

(c) Trade receivables

160.346

170.060

148.722

(d) Cash and cash equivalents

7.795

17.261

13.407

(e) Short-term loans and advances

49.609

47.899

44.424

(f) Other current assets

2.121

3.258

1.447

Total Current Assets

443.570

449.514

402.244

 

 

 

 

TOTAL

739.198

755.617

724.495

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

859.519

780.277

629.234

 

Other Income

3.683

3.359

0.264

 

TOTAL

863.202

783.636

629.498

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

558.628

423.346

449.114

 

Purchases of Stock-in-Trade

0.000

1.129

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

0.288

(22.863)

(43.287)

 

Employees benefits expense

36.317

31.886

31.184

 

Other expenses

190.591

165.538

161.808

 

TOTAL

785.824

599.036

598.819

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

77.378

184.600

30.679

 

 

 

 

 

Less

FINANCIAL EXPENSES

40.654

45.969

42.412

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

36.724

138.631

(11.733)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

17.886

23.085

21.668

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

18.838

115.546

(33.401)

 

 

 

 

 

Less

TAX

6.060

105.817

(10.823)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

12.778

9.729

(22.578)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

19.621

9.892

32.470

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

NA

0.000

0.000

 

Dividend

NA

0.000

0.000

 

Tax on Dividend

NA

0.000

0.000

 

 

 

 

 

 

Balance Carried to the B/S

NA

19.621

9.892

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 NA

185.960

110.872

 

TOTAL EARNINGS

NA

185.960

110.872

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 NA

3.212

5.158

 

Traded Purchases

NA

0.747

0.000

 

Capital goods

 NA

0.000

13.670

 

TOTAL IMPORTS

NA

3.959

18.828

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.40

1.07

(2.47)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

 NA

23.117

16.949

Cash generated from operations

NA

41.100

52.600

Net cash from operating activities

 NA

41.100

52.600

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.49

1.25

(3.59)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

9.00

23.66

4.88

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.67

16.10

(4.90)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.49

(0.15)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.47

1.34

1.28

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.14

1.25

1.09

 

STOCK PRICES

 

Face Value

Rs.10.00/-

High

Rs.41.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

91.296

91.296

91.296

Reserves & Surplus

133.252

143.363

138.754

Share Application money pending allotment

0.000

0.000

0.000

Net worth

224.548

234.659

230.050

 

 

 

 

long-term borrowings

113.831

144.086

98.724

Short term borrowings

174.012

170.307

238.549

Total borrowings

287.843

314.393

337.273

Debt/Equity ratio

1.282

1.340

1.466

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

629.234

780.277

859.519

 

 

24.004

10.156

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

629.234

780.277

859.519

Profit/(Loss)

(22.578)

9.729

12.778

 

(3.59%)

1.25%

1.49%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

---

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

---

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

---

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

---

33

Market information

---

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. in Million)

PARTICULARS

As on 31.03.2015

As on 31.03.2014

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

NA

106.988

Total

NA

106.988

 

Long-term Borrowings (As on 31.03.2014)

Unsecured Loans amounting to Rs. 106.988 Million represents loans from related parties and generally of long term nature however no repayment schedule is specified.

 

 

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Contingent liabilities

 

 

Bank Guarantees Outstanding

NA

3.825

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10478777

05/02/2014

25,000,000.00

CORPORATION BANK

LARGE CORPORATE BRANCH, EAGLES FLIGHT, SUREN ROAD, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA

B96849492

2

10410474

04/03/2013

3,330,000.00

CORPORATION BANK

MAHAKALI CAVES ROAD BRANCH, A-41, VINMAR HOUSE, 2ND MIDC ROAD, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA , INDIA

B70317664

3

10346424

21/03/2012

6,000,000.00

CORPORATION BANK

MIDC BRANCH, MUMBAI - 400093, MAHARASHTRA, INDIA

B36621753

4

10304039

01/02/2012 *

39,000,000.00

CORPORATION BANK

LARGE CORPORATE BRANCH, EAGLES FLIGHT,, SUREN ROAD, ANDHERI (EAST), MUMBAI  - 400093, MAHARASHTRA, INDIA

B32744757

5

10305618

11/11/2014 *

75,500,000.00

KARUR VYSYA BANK

EVEREST GRANADE, GROUND FLOOR, NEAR AHURA CENTER, MAHAKALI CAVES ROAD, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA

C35700921

6

10187544

23/12/2014 *

210,000,000.00

CORPORATION BANK

LARGE CORPORATE BRANCH, EAGLES FLIGHT, SUREN ROAD, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA

C39136908

 

* Date of charge modification

 

 

CORPORATE INFORMATION (As on 31.03.2014)

 

The company is engaged in manufacturing plastic injection moulded articles and mattresses. The company is having manufacturing plants at Silvassa, Patna and Nellore.

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Freehold Land
  • Leasehold Land
  • Buildings
  • Plant and Equipment
  • Dies & Moulds
  • Furniture and Fixtures
  • Vehicles
  • Office equipment
  • Electrical Installation

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.81

UK Pound

1

Rs.98.93

Euro

1

Rs.69.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

PNM / SNT

 

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

--PROFITABILITY 

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

 

 

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

 

--

 

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.