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MIRA INFORM REPORT
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Report No. : |
504313 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SINTEX-BAPL LIMITED (w.e.f.02.09.2015) |
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Formerly Known
As : |
BRIGHT
AUTOPLAST PRIVATE LIMITED (w.e.f.28.12.2010) BRIGHT AUTOPLASTIC LIMITED (w.e.f.17.12.2007) BRIGHT AUTOPLASTIC PRIVATE LIMITED |
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Registered
Office : |
Abhijeet I, 7th Floor, Mithakali Six Roads, Ellisbridge
Ahmedabad – 380006, Gujarat |
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Tel. No.: |
91-2137-618610 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
23.07.2007 |
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Com. Reg. No.: |
04-051364 |
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Capital
Investment / Paid-up Capital : |
INR 660.320 Million |
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CIN No.: [Company Identification
No.] |
U25199GJ2007PLC051364 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
33051664293 |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCB1921F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture of plastic products. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007, and is a wholly-owned subsidiary of Sintex Plastics Technology Limited. The company is engaged in the business of manufacturing injection moulded plastic components for the automotive industry. The rating derives strength from its strong group, its established operations in the automotive component industry. As per the financial of 2017, the company has achieved a massive growth in its revenue as compared to the previous year’s revenue. The rating further continue to derive strength from steady growth in scale of operations on the back of favourable net profit margin, its reputed clientele, robust net worth base, comfortable leverage and financial support extended by parent company. The ratings, however, constrained on account of susceptibility of its margin to volatility in prices of raw material and cyclical automobile industry, albeit improved gradually in recent past. However, trade relations are fair. Business is active. Payments are seems to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: Sintex Industries Limited has entered into a Composite Scheme of Arrangement (‘the Scheme’) with Sintex Plastics Technology Limited, Sintex -BAPL Limited, Sintex Infra Projects Limited and their respective shareholders and creditors to transfer the Custom Moulding Undertakings and Prefab Undertakings to Sintex -BAPL Limited and Sintex Infra Projects Limited respectively. The Scheme was sanctioned by the Hon’ble NCLT, Bench at Ahmedabad on March 23, 2017 and Sintex Industries Limited has received the approval of the Reserve Bank of India (RBI) vide its letter dated May 12, 2017. On giving effect of the Scheme, with effect from the appointed date of the Scheme i.e. April 01, 2016, all the assets and liabilities of Custom Moulding business (including strategic investments in Sintex Holdings B.V., wholly owned subsidiary) and the Prefab business have been transferred and vested to Sintex-BAPL Limited and Sintex Infra Projects Limited respectively. During the year under review, the company ceased to be wholly owned subsidiary of Sintex Industries Limited and became wholly owned subsidiary of Sintex Plastic Technology Limited. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term loans = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
26.10.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short term loans = A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
26.10.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 20.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-20-71055600)
LOCATIONS
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Registered Office : |
Abhijeet I, 7th Floor, Mithakali Six Roads, Ellisbridge Ahmedabad –
380006, Gujarat, India |
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Tel. No.: |
91-2137-618610 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate
Office: |
2011, 2nd Floor, Farena Corporate Park, Hadapsar - Kharadi Bypass Road, Hadapsar, Pune – 411013, Maharashtra, India |
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Tel. No.: |
91-20-71055600 |
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Fax No.: |
91-20-71055611 |
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E-Mail : |
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Factory (Plastic Division) : |
Near Seven Garnala, Kalol, District Gandhinagar-382721, Gujarat, India |
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Tel. No.: |
91-2764-253500 |
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Fax No.: |
91-2764-253800 |
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Manufacturing Units: |
Located at: · Sohna, Gurugram · Pune · Nasik · Pithampur · Chennai |
DIRECTORS
AS ON 31.03.2018
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Name : |
Mr. Samir Prabodhchandra Joshipura |
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Designation : |
Managing Director |
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Address : |
H. No. 642, I Block, BRS Nagar, Ludhiana-141012, Ounjab, India |
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Date of Appointment : |
11.01.2018 |
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DIN No.: |
02055515 |
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Other Directorship:
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Name : |
Ms. Indira Jitendra Parikh |
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Designation : |
Director |
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Address : |
Koregaon Park, Lane No. 7, Oxford Hallmark, "B" Building, Flat No. 1001, Pune 411001, Maharashtra, India |
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Date of Appointment : |
14.09.2017 |
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DIN No.: |
00143801 |
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Other Directorship:
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Name : |
Mr. Amit Dineshchandra Patel |
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Designation : |
Director |
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Address : |
Vrindavan, Near Manali Appartment, B/H Apang Manav Mandal Workshop, Dr. V.S. Road, Va Strapur, Ahmedabad 380015, Gujarat, India |
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Date of Birth/Age : |
29.01.1966 |
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Date of Appointment : |
23.07.2007 |
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DIN No.: |
00171035 |
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Other Directorship:
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Name : |
Mr. Rahul Arunprasad Patel |
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Designation : |
Director |
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Address : |
112, Sunrise Park, Opposite Drive-In Cinema, Thaltej Road, Ahmedabad - 380054, Gujarat, India |
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Date of Birth/Age : |
04.10.1960 |
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Date of Appointment : |
23.07.2007 |
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DIN No.: |
00171198 |
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Other Directorship:
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Name : |
Mr. Desh Raj Dogra |
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Designation : |
Director |
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Address : |
Flat No.402, Somerset Building, Adishankaracharya RD, CTS No 15C, Nr Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India |
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Date of Appointment : |
14.09.2017 |
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DIN No.: |
00226775 |
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Other Directorship:
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Name : |
Mr. Pravin Kanubhai Laheri |
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Designation : |
Director |
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Address : |
A-404, Bageshree Opp. Fun Republic, Satellite Road, Ahmedabad-380054, Gujarat, India |
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Date of Appointment : |
09.08.2017 |
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DIN No.: |
00499080 |
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Other Directorship:
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Name : |
Mr. Sandeep Mohanraj Singhi |
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Designation : |
Director |
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Address : |
B-1102, Sundarvan Epitome, B/H, Sundervan, Near Red Briks School, Jodhpur, Ahmedabad-380015, Gujarat, India |
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Date of Appointment : |
09.08.2017 |
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DIN No.: |
01211070 |
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Other Directorship:
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Name : |
Mrs. Gauri Surendra Trivedi |
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Designation : |
Director |
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Address : |
5/B ,Mamta Park Society, B/H Navgujarat College Ashram Road, Ahmedabad-380014, Gujarat, India |
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Date of Appointment : |
09.08.2017 |
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DIN No.: |
06502788 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Ankur Arora |
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Designation : |
Chief Finance Officer |
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Address : |
B-Wing, Flat No. 602, Cosmos Nest Chs Kolshet Road Near Dhokali Naka, Dhokali, Thane, Sando Zbaugh, Mumbai - 400607, Maharashtra, India |
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Date of Birth/Age : |
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Date of Appointment : |
04.05.2017 |
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PAN No.: |
AKHPA1175D |
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Name : |
Mr. Yash Dilipkumar Sheth |
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Designation : |
Company Secretary |
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Address : |
F/8, Janakpuri Society, Memnagar, Ahmedabad - 380052, Gujarat, India |
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Date of Birth/Age : |
27.08.1990 |
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Qualification: |
CS |
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Date of Appointment : |
10.12.2014 |
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PAN No.: |
CYAPS1798D |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Equity Shareholders |
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No. of Shares |
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Sintex Plastics Technology Limited, India |
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16030080 |
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Dinesh B Patel Jointly with Sintex Plastics Technology Limited,
India |
|
320 |
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Arun P Patel Jointly with Sintex Plastics Technology Limited,
India |
|
320 |
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Rahul A Patel Jointly with Sintex Plastics Technology Limited,
India |
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320 |
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Amit D Patel Jointly with Sintex Plastics Technology Limited,
India |
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320 |
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S B Dangayach Jointly with Sintex Plastics Technology Limited,
India |
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320 |
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Ashoke Kumar Maitra Jointly with Sintex Plastics Technology Limited, India |
|
320 |
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Total |
|
16032000 |
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Names of Preference Shareholder |
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No. of Shares |
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Sintex Plastics Technology Limited, India |
|
5000000 |
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Total |
|
5000000 |
AS ON 29.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Individual/Hindu Undivided Family – Indian |
0.01 |
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Promoters - Bodies corporate |
99.99 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of plastic products. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shah and Shah Associates Chartered Accountants |
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Address : |
702, Aniket Building, Ahmedabad, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAHFS7036F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
CIN No.: U74120GJ2015PLC084071
CIN No.: L17110GJ1931PLC000454 |
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Subsidiary company: |
BAPL Rototech Private Limited, India CIN No.: U25200GJ2015PTC084272 |
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Fellow Subsidiary
company : |
Sintex Prefab And Infra Limited, India CIN No.: U45201GJ2009PLC058702 |
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16100000 |
Equity Shares |
INR 10/- each |
INR 161.000 Million |
|
5000000 |
Preference Shares |
INR 100/- each |
INR 500.000 Million |
|
|
Total |
|
INR 661.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16032000 |
Equity Shares |
INR 10/- each |
INR 160.320
Million |
|
5000000 |
Preference Shares |
INR 100/- each |
INR 500.000
Million |
|
|
Total |
|
INR 660.320 Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
160.300 |
160.300 |
550.100 |
|
(b) Reserves &
Surplus |
15707.100 |
1317.600 |
394.771 |
|
(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) |
15867.400 |
1477.900 |
944.871 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
11984.000 |
1550.200 |
1982.311 |
|
(b) Deferred tax
liabilities (Net) |
258.600 |
139.400 |
102.239 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
118.100 |
19.900 |
15.455 |
|
Total Non-current
Liabilities (3) |
12360.700 |
1709.500 |
2100.005 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5069.500 |
299.000 |
316.500 |
|
(b) Trade payables |
2500.300 |
960.200 |
725.865 |
|
(c) Other current
liabilities |
5235.900 |
742.300 |
508.949 |
|
(d) Short-term provisions |
20.800 |
6.200 |
5.477 |
|
Total Current Liabilities
(4) |
12826.500 |
2007.700 |
1556.791 |
|
|
|
|
|
|
TOTAL |
41054.600 |
5195.100 |
4601.667 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17467.000 |
3064.400 |
2549.585 |
|
(ii) Intangible Assets |
15283.800 |
282.200 |
291.328 |
|
(iii) Capital
work-in-progress |
20.300 |
283.000 |
370.918 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1349.300 |
52.500 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.600 |
0.000 |
|
(d) Long-term Loan and Advances |
95.800 |
37.700 |
73.063 |
|
(e) Other Non-current
assets |
422.400 |
24.300 |
0.000 |
|
Total Non-Current Assets |
34638.600 |
3744.700 |
3284.894 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.200 |
2.500 |
0.000 |
|
(b) Inventories |
1434.000 |
442.500 |
411.287 |
|
(c) Trade receivables |
3939.200 |
808.700 |
597.673 |
|
(d) Cash and cash
equivalents |
95.800 |
69.500 |
98.532 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
209.281 |
|
(f) Other current assets |
943.800 |
127.200 |
0.000 |
|
Total Current Assets |
6416.000 |
1450.400 |
1316.773 |
|
|
|
|
|
|
TOTAL |
41054.600 |
5195.100 |
4601.667 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
20024.500 |
6006.400 |
4410.975 |
|
|
Other Income |
186.600 |
5.700 |
2.570 |
|
|
TOTAL |
20211.100 |
6012.100 |
4413.545 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
9671.900 |
3385.700 |
2910.345 |
|
|
Purchases of
Stock-in-Trade |
190.900 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
90.100 |
23.000 |
(6.591) |
|
|
Employees benefits
expense |
1317.200 |
481.300 |
473.679 |
|
|
Other expenses |
5056.600 |
1473.100 |
573.250 |
|
|
TOTAL |
16326.700 |
5363.100 |
3950.683 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3884.400 |
649.000 |
462.862 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1263.700 |
218.600 |
224.409 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2620.700 |
430.400 |
238.453 |
|
|
|
|
|
|
|
Les |
DEPRECIATION/
AMORTISATION |
676.100 |
179.500 |
181.064 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1944.600 |
250.900 |
57.389 |
|
|
|
|
|
|
|
Less |
TAX |
(819.300) |
132.200 |
37.552 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2763.900 |
118.700 |
19.837 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
409.200 |
23.900 |
21.600 |
|
|
TOTAL EARNINGS |
409.200 |
23.900 |
21.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
172.4 |
8.04 |
1.03 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2876.300 |
266.800 |
335.720 |
|
Net cash flows from (used in) operations |
457.400 |
823.800 |
454.072 |
|
Net cash flows from (used in) operating activities |
202.000 |
784.500 |
437.585 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
71.80 |
49.14 |
49.46 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
5.08 |
7.43 |
7.38 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
92.53 |
103.52 |
91.03 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.71 |
1.47 |
1.13 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.12 |
0.18 |
0.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.67 |
0.74 |
0.84 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.26 |
1.43 |
2.79 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.81 |
1.36 |
1.65 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.07 |
2.46 |
3.40 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.07 |
2.97 |
2.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
13.80 |
1.98 |
0.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.73 |
2.28 |
0.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.42 |
8.03 |
2.10 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.50 |
0.72 |
0.85 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.39 |
0.50 |
0.58 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.39 |
0.28 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
124.33 |
13.20 |
4.79 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.50 |
0.72 |
0.85 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
550.100 |
160.300 |
160.300 |
|
Reserves & Surplus |
394.771 |
1317.600 |
15707.100 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
944.871 |
1477.900 |
15867.400 |
|
|
|
|
|
|
Long-term borrowings |
1982.311 |
1550.200 |
11984.000 |
|
Short term borrowings |
316.500 |
299.000 |
5069.500 |
|
Current Maturities of
Long term debt |
335.720 |
266.800 |
2876.300 |
|
Total borrowings |
2634.531 |
2116.000 |
19929.800 |
|
Debt/Equity ratio |
2.788 |
1.432 |
1.256 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
4410.975 |
6006.400 |
20024.500 |
|
|
|
36.169 |
233.386 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
4410.975 |
6006.400 |
20024.500 |
|
Profit |
19.837 |
118.700 |
2763.900 |
|
|
0.45% |
1.98% |
13.80% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
NOTE: Registered office of the company has been
shifted from 7th Floor, Abhijeet Building, Mithakhali Six Roads,
Navrangpura, Ahmedabad-380009, Gujarat, India to
the present address w.e.f. 03.12.2007.
FINANCIAL PERFORMANCE
Pursuant to the Composite Scheme of Arrangement between the Company, Sintex Industries Limited, Sintex Plastics Technology Limited and Sintex Prefab and Infra Limited(Formerly known as Sintex Infra Projects Limited), the custom moulding undertaking of Sintex Industries Limited, has been transferred to and vested in the Company. The Company has given effect of the same in to the accounts for the year ended 31 March 2017, on receipt of necessary approval from the Hon'ble National Company Law Tribunal, Ahmedabad Bench, Registrar of Companies and final approval from Reserve bank of India on 12 May, 2017. Accordingly, figures of corresponding year ended 31 March 2016 are not comparable.
THE COMPOSITE SCHEME
OF ARRANGEMENT
The Board of Directors of your Company at its Meeting held on 29th September, 2016 approved the Composite Scheme of Arrangement between the Company and Sintex Industries Limited and Sintex Plastics Technology Limited and Sintex Prefab and Infra Limited and their respective shareholders and creditors ('Scheme'), pursuant to the provisions of the Companies Act, 2013. The Scheme has been approved by the Hon'ble National Company Law Tribunal, Bench, at Ahmedabad, vide its Order dated 23rd March, 2017. The Scheme having the appointed date of 1st April, 2016, has become effective on 12th May, 2017, consequent upon receiving requisite statutory approvals.
STATE OF COMPANY'S
AFFAIRS
CUSTOM MOULDING
DIVISION:
As part of the business strategy, they have launched the Titus Tank, by establishing facility at their Uluberia and Namakkal location. The tank produced through the Blow Mould Machines. It has received the very good response from mid-level value conscious customers.
At present, as per the objective of the Government to provide 24X7 quality power to all, it is running 2 centrally funded schemes, viz. DDUGJY (Deen Dayal Upadhyay Gramin Jyotikaran Yojana) for rural India and IPDS (Integrated Power Development Scheme) for urban India. Under these electrification schemes, they are supplying directly to State Electricity Boards as well as to Private Contractors who are doing EPC on behalf of the boards. In light of the same, their revenue growth from Sheet Molding Compound (SMC) business has grown materially.
Continuous Sandwich Panel (CSP) is also used in Pre-engineered Buildings, Insulated Inverter Rooms for Electricity T&D companies, Dairies and Pharma Companies. In FY17, they have been successful in getting empanelled with National Dairy Development Board (NDDB) and therefore are preferred vendors to dairies like Saber Dairy & Jaipur Dairy (operated by NDDB). The Government is also putting great emphasis on cutting down high T&D losses, which are plaguing the electricity sector in India. Even in case of pharmaceutical companies, they have to adhere to the strict USFDA norms for their clean rooms (production areas) and insulated panels (which are jointless and therefore prevent bacteria formation) are now a material of choice for them also. In light of the above, CSP business has also contributed significantly in top line of the Company.
They have started manufacturing of new IR boxes, kiss-off pallets, which has huge demand and the same has also contributed to their revenue growth.
Sintex doors and sections sets difference in the way of home decor and furnishing. They are easy to maintain, durable and damage resistant. They come in a variety of designs and colours so that there is plenty of choice for a beautiful home, without having to compromise on quality. The Company has launched many new designs during the current year by taking into account the market requirements.
Sintex environmental solutions are designed for the dual purpose of keeping the surroundings clean and re-utilizing resources. While the primary and secondary waste collection systems, municipal equipment, and composting units ensure cleaner cities, the sub ground structures such as the advanced septic tank, PSTP, and biogas plants guarantee efficient energy conservation. The Company has supplied material to many government organisation as well as to private organisation as well.
AUTOMOTIVE DIVISION:
Their new Chennai-2 plant paint shop become operational and start supplies to all segments of auto industries i.e. two wheeler, four wheeler and commercial vehicles. Major customers are Ford motors through Faurecia interior systems, TVS Motors (Direct business) and Daimler. The paintshop is equipped to paint "Fuso Grill" which is supplied to Daimler and is 2.2 meters long. This will enable the company to target future business for Bumpers and other bigger parts and increase its present share of Paint business.
They started Lucknow metro Front Mask and driver cabin interiors project with Alstom. They could deliver 4 trains sets against very pressing time lines. They also started prototype supply of roof and battery cover to Mahindra Reva for their four door electric car. The capability in making big exterior part like Front End of metro will prove their capability to manufacture very large composite parts and will help us leverage their position in Railways and automotive segment.
Moving to BS-VI norms means number of additional components will be added to the existing powertrain assemblies clearly making the vehicles heavier. Lightweight technologies in the cars will be required. Their Engineering is focused on converting Metal part to Plastic.
They are focused on conversion of metal parts to plastics. They are in discussion with TAFE (Tractors) for conversion of Metal Instrument Panel to Plastic. They had converted the metal fuel tanks of TVS to Plastics, they are now discussing the same with Hero and concept is approved. John Deere and TVS concept of cylinder head cover is approved for development in plastic.
They have consolidated their supply position with Rane TRW for airbag covers and with Borgwarner for drive train parts. They successfully delivered passenger airbag cover to TRW for Ford Eco - domestic and export versions. They also started GM and Mahindra programs with Borgwarner for feasibility and supply of drive train parts for the new engine programs.
Their Sohna plant has started supplies to SMG Gujarat, by establishing a dedicated warehouse facility near SMG plant Becharaji, this has resulted in lower lead time to end customer.
As part of the business strategy, they have entered the Thermoset business, by establishing facility at their Pithampur location. The parts produced through the Injection thermoset and Compression Thermoset processes are supplied to Socomec India.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
Term loans from banks |
3502.700 |
0.000 |
|
Other loans and advances |
0.000 |
105.000 |
|
Redeemable preference shares |
478.100 |
458.200 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
1600.000 |
0.000 |
|
Loans repayable on demand from banks |
29.000 |
0.000 |
|
Total |
5609.800 |
563.200 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G70440110 |
100142417 |
14/12/2017 |
- |
- |
5550000000.0 |
IL and FS Financial Centre Plot No. C22 G Block Bandra Kurla Complex Bandra (East), Mumbai-400051, Maharashtra, India |
|
2 |
G70438023 |
100140541 |
14/12/2017 |
- |
- |
2450000000.0 |
IL and FS Financial Centre Plot No. C22 G Block Bandra Kurla Complex Bandra (East), Mumbai-400051, Maharashtra, India |
|
3 |
G70439104 |
100142137 |
14/12/2017 |
- |
- |
4500000000.0 |
IL and FS Financial Centre Plot No. C22 G Block Bandra Kurla Complex Bandra (East), Mumbai-400051, Maharashtra, India |
|
4 |
G78624053 |
100136632 |
12/05/2017 |
06/02/2018 |
- |
5940000000.0 |
Corporate Accounting Group, 58, Shrimali Society, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
5 |
G41631417 |
100045646 |
28/07/2016 |
09/03/2017 |
- |
255000000.0 |
3rd Floor, HDFC Bank House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
6 |
G08577546 |
100043435 |
16/07/2016 |
- |
- |
2000000000.0 |
IL and FS Financial Centre Plot No. C22 G Block Bandra Kurla Complex Bandra (East), Mumbai-400051, Maharashtra, India |
|
7 |
G33307539 |
100031258 |
29/02/2016 |
02/01/2017 |
- |
250000000.0 |
3rd Floor, HDFC Bank House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
8 |
G33066986 |
10577018 |
30/04/2015 |
02/01/2017 |
- |
1106000000.0 |
3rd Floor, HDFC Bank House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
9 |
G33479858 |
10150853 |
27/03/2009 |
02/01/2017 |
- |
195000000.0 |
Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad-380006, Gujarat, India |
|
10 |
G82471509 |
10493860 |
27/03/2014 |
09/03/2017 |
02/04/2018 |
150000000.0 |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
FIXED ASSETS:
- Land
- Building
- Plant and equipment
- Furniture and
Fixture
- Computer
- Vehicles
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.78 |
|
|
1 |
INR 93.42 |
|
Euro |
1 |
INR 81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.