MIRA INFORM REPORT

 

 

Report No. :

340573

Report Date :

12.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SAASTHA PLASTICS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

40-1-1, 1st Main, 1 Cross, D. D. K. 2nd Phase, Mahadevapura, Bangalore – 560048, Karnataka

Tel. No.:

91-80-41157634 / 57682738

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

14.11.1995

 

 

Com. Reg. No.:

08-019155

 

 

Capital Investment / Paid-up Capital :

Rs.1.015 Million

 

 

CIN No.:

[Company Identification No.]

U31909KA1995PTC019155

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Precision injection moulded plastic components.

 

 

No. of Employees :

55 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1995 and it is a manufacturer of precision injection molded and plastic components. Subject is an established company having moderate track record.

 

Management has failed to file its financial record with government department for the year 2014.

 

Rating remain constrained on account of company’s small scales of business operations marked by lower profitability margins and small networth base of the company.

 

However, trade relations are reported as fair. Payment are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing with some caution.

 

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

 

NOT AVAILABLE

 

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Mr. Vikas Pyant

Designation :

Manager

Contact No.:

91-9886183960

Date :

10.09.2015

 

LOCATIONS

 

Registered Office / Factory :

40-1-1, 1st Main, 1 Cross, D. D. K. 2nd Phase, Mahadevapura, Bangalore – 560048, Karnataka, India

Tel. No.:

91-80-41157634 / 57682738

Mobile No.:

91-9886183960 (Mr. Vikas Pyant)

Fax No.:

91-80-28524397

E-Mail :

vspynat@spipl.com

bhrugu@spipl.com

Website :

www.spipl.com

Location :

Owned

Locality :

Industrial

 

 

DIRECTORS

 

As on 30.09.2013

 

Name :

Mr. Pynat Raghavannair Sasidharan

Designation :

Director

Address :

No. 40. I/1, I St Main, I St Cross, D.D.K. II Nd Phase, Mahadevapura, Bangalore - 560048, Karnataka, India

Date of Birth/Age :

23.01.1954

Date of Appointment :

14.11.1995

DIN No.:

01917039

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31909KA1995PTC019155

SAASTHA PLASTICS (INDIA) PRIVATE LIMITED

Director

14/11/1995

14/11/1995

-

Active

NO

2

U24100KA2013PTC071424

PYNAT CORPORATION INDIA PRIVATE LIMITED

Managing director

14/10/2013

14/10/2013

-

Active

NO

 

 

Name :

Girija Krishnappa

Designation :

Director

Address :

No. 2070 14th Main Road, 60 Feet Road, Bangalore - 560048, Karnataka, India

Date of Birth/Age :

23.07.1959

Date of Appointment :

14.11.1995

DIN No.:

03357887

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31909KA1995PTC019155

SAASTHA PLASTICS (INDIA) PRIVATE LIMITED

Director

14/11/1995

14/11/1995

-

Active

NO

2

U24100KA2013PTC071424

PYNAT CORPORATION INDIA PRIVATE LIMITED

Director

14/10/2013

14/10/2013

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Vikas Pyant

Designation :

Manager

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2013

 

Names of Shareholders

No. of Shares

%age holding

Pynat Raghavannair Sasidharan

21000

50.00

Girija Krishnappa

21000

50.00

Total

42000

100.00

 

 

As on 30.09.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Precision injection moulded plastic components.

 

 

Products :

Precision injection moulded plastic components

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

PTP Polymers Private Limited

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 :

Wholesalers and Retailers

Reference :

Applicomp India Limited

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 :

55 (Approximately)

 

 

Bankers :

Banker Name

Canara Bank

Branch Address

Mahadevapura, Bangalore, Karnataka, 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)

Cash Credit = Rs.3.300 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2013

As on

31.03.2012

SHORT TERM BORROWING

 

 

Kotak Mahindra Prime Limited

0.000

(0.144)

SBI CC Account (Secured by charge on Factory Building, Inventories , Debtors, Plant and Machinery and Personal Guarantees of Directors )

1.833

0.867

SBI Loan (Loan taken during May 2013 for purchase of plastic moulding machinery)

1.654

0.000

Vehicle loan

0.771

0.492

Total

4.258

1.215

 

Auditors :

 

Name :

Hari and Vasu

Chartered Accountants

Address :

231, Krishna 32 A Cross, 7th Block Jayanagar, Bangalore – 560082, Karnataka, India

Tel. No.:

91-80-22440932

E-Mail :

khari@vsnl.com

PAN No.:

AAAFH7184G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

After 30.09.2013

 

Authorised Capital:  Rs.1.500 Million

 

Issued, Subscribed & Paid-up Capital: Rs.1.500 Million

 

 

As on 31.03.2013

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

150000

Equity Shares

Rs.10/- each

Rs.1.500 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

42000

Equity Shares

Rs.10/- each

Rs.0.420 Million

 

Bonus shares out of capitalization of profits shares pending allotment

 

Rs.0.595 Million

 

Total

 

Rs.1.015 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

1.015

1.015

1.015

(b) Reserves & Surplus

3.603

3.557

2.838

(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)

4.618

4.572

3.853

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6.785

4.450

1.774

(b) Trade payables

2.638

2.315

2.337

(c) Other current liabilities

0.658

1.600

0.856

(d) Short-term provisions

0.079

0.425

0.300

Total Current Liabilities (4)

10.160

8.790

5.267

 

 

 

 

TOTAL

14.778

13.362

9.120

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6.409

5.940

4.485

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(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

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6.409

5.940

4.485

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1.422

1.203

1.031

(c) Trade receivables

5.790

5.037

2.641

(d) Cash and cash equivalents

0.224

0.051

0.067

(e) Short-term loans and advances

0.933

1.131

0.896

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

8.369

7.422

4.635

 

 

 

 

TOTAL

14.778

13.362

9.120

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

 

GROSS REVENUE

23.125

25.362

17.923

 

 

 

 

 

EXPENSES

 NA

 NA

 NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

1.103

2.029

1.201

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

0.979

0.886

0.445

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

0.124

1.143

0.756

 

 

 

 

 

Less

TAX

0.079

0.424

0.300

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.045

0.719

0.456

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.07

17.11

10.85

 

Particulars

 

 

31.03.2015

31.03.2014

Sales Turnover (Approximately)

 

50.000

35.000

 

Expected Sales (2015-16): Rs.70.000 Million

 

The above information has been parted by Mr. Vikas Pyant (Manager).

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from operating activities

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Return on Total Assets

(PBT/Total Assets}

(%)

0.84

8.55

8.29

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.25

0.20

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.47

0.97

0.46

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.82

0.84

0.88

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1.015

1.015

1.015

Reserves & Surplus

2.838

3.557

3.603

Net worth

3.853

4.572

4.618

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

1.774

4.450

6.785

Total borrowings

1.774

4.450

6.785

Debt/Equity ratio

0.460

0.973

1.469

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Revenue

17.923

25.362

23.125

 

 

41.505

(8.820)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Revenue

17.923

25.362

23.125

Profit

0.456

0.719

0.045

 

2.54%

2.83%

0.19%

 

 

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

Yes

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

No

18

Major suppliers

Yes

19

Major customers

Yes

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

No

26

Turnover of firm for last five years

Yes

27

Reasons for variation <> 20%

----------------------

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

----------------------

33

Market information

----------------------

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2013

As on

31.03.2012

SHORT TERM BORROWING

 

 

Loan from Director

2.527

3.235

Total

2.527

3.235

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10588208

29/06/2015

30,800,000.00

CANARA BANK

SME BRANCH, DYAVASANDRA INDUSTRIAL ESTATE, MAHADEVAPURA, WHITEFIELD MAIN ROAD, BANGALORE - 560048, KARNATAKA, INDIA

C62691126

2

10588210

19/06/2015

9,300,000.00

CANARA BANK

SME BRANCH, DYAVASANDRA INDUSTRIAL ESTATE, MAHADEVAPURA, WHITEFIELD MAIN ROAD, BANGALORE - 560048, KARNATAKA, INDIA

C62691894

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Factory Land
  • Plant and Machinery
  • Factory Building
  • Electrical Installations
  • Office Equipments
  • Motor Vehicles
  • Computers and Accessories
  • Furniture and Fixtures

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.66.38

UK Pound

1

Rs.102.59

Euro

1

Rs.74.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY 

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

30

 

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.