MIRA INFORM REPORT
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Report Date : |
15TH May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
D
R POLYMERS LIMITED |
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Registered Office : |
C-24,
D. R. Complex, Mansarover Garden, New Delhi - 110 015, INDIA |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
3rd April, 1991 |
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CIN No.: |
U74899DL1991PLC043773 |
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Com. Reg. No.: |
43773 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
DELD02448F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Importers and Traders of
Plastic Raw Material |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
C-24,
D. R. Complex, Mansarover Garden, New Delhi - 110 015, INDIA |
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Tel. No.: |
91-11-25923001
(8 lines), 25449406 |
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Fax No.: |
91-11-25923001/25923009 |
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E-Mail : |
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Website : |
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Warehouse |
The subject is having six Warehouses in and around
Delhi with a storage capacity of more than 3000 MT |
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Branches : |
Tel.: 91-124-2348485/2345836/2399880
Tel.: 91-120-2542856 |
DIRECTORS
|
Name : |
Mr.
Dinesh Kumar Jain |
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Designation : |
Managing
Director |
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Address : |
6B-
24 Shivaji Enclave, New Delhi - 110
015. |
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Date of Birth/Age : |
22.01.1961 |
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Date of Appointment : |
03.04.1991 |
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Name : |
Mrs.
Rekha Jain |
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Designation : |
Director |
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Address : |
6B-
24 Shivaji Enclave, New Delhi - 110
015. |
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Date of Birth/Age : |
21.10.1966 |
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Date of Appointment : |
15.04.1994 |
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Name : |
Mr.
R. S. Doshi |
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Designation : |
Director |
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Address : |
6B-
24 Shivaji Enclave, New Delhi - 110
015. |
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Date of Appointment : |
28.10.2003 |
KEY EXECUTIVES
|
Name : |
Rajiv
Singh And Company |
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Designation : |
Company
Secretary |
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Address : |
615
Sanjay Enclave, Opposite GTK Bus Depot, Delhi – 110033 |
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Tel. No.: |
91-11-27631955 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr
.Dinesh Kumar Jain |
101371 |
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Mrs.
Rekha Jain |
37295 |
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Mr.
Raghunathmal Samratmal Doshi |
379 |
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Ms.
Madhu Doshi |
450 |
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Mr.
Mukesh Bakodia |
535 |
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Mr.
Bhoop Singh |
1000 |
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Mr.
Champa Lal |
1990 |
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Ms.
Geeta Devi |
995 |
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Mr.
G. P. Chopra |
1495 |
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Ms.
Ruchika Chopra |
1495 |
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Ms.
Radhika Chopra |
995 |
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Mr.
Pankaj Arora |
1995 |
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Mr.
Gir Dhar Prakash |
1000 |
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Ms.
Kaushalya Bhojak |
1000 |
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Mr.
Ratan Singh |
995 |
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Mr.
Harish Chander |
995 |
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Mr.
Mahipal Jain |
865 |
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Mr.
Vibhakar |
1000 |
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Mr.
Shriram |
1000 |
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Mr.
Puran Singh |
1000 |
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Ms.
Mehraban Bhandari |
1000 |
|
Arihant
Enterprises Limited |
40000 |
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Mr.
Dhiren Shah |
25000 |
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Mr.
Ashish Begwani |
10 |
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Mr.
Ashish Begwani [HUF] |
10 |
|
Electric
Engineering Company |
10 |
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Mr.
Kaur Gurdeep |
10 |
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Mr.
Gurpal Singh |
10 |
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Electronics
J R |
10 |
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Mr.
Kaur Kuldeep |
10 |
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Mr.
Marudhar Garments |
10 |
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Mr.
Nayak Ratogi |
10 |
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Mr.
Sunil Kumar Rastogi |
10 |
|
Rasiklal
& Company |
10 |
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Mr.
Parmjit Singh |
10 |
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Mr.
J R Shah (HUF) |
10 |
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Mr.
Asu Ben |
6350 |
BUSINESS DETAILS
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Line of Business : |
Importers and Traders of
Plastic Raw Material |
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Products : |
v
PP Polypropylene v
PPCP v
HDPE High-Density Polyethylene v
LLDPE Linear Low-Density Polyethylene v
LDPE Low-Density Polyethylene v
Delrin v
Poly Carbonate v
SAN v
Nylon6 v
Acrylic v
Ethyl Vinyl Acetate (EVA) v
Acrylonitrile – Butadiene-Styrene Copolymer (ABS) v
General Purpose Polystyrene (GPPS) v
High-Impact Polystyrene (HIPS) |
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Imports from : |
Raw materials, ABS Powder, Polystryne Powder PVC,
Poly Carbonate Nylon and Acrylic from Germany, Thailand, Korea and also from
domestic market |
GENERAL INFORMATION
|
Customers : |
v
Maruti Udyog Limited v
Hyundai v
Samsung India v
Whirlpool v
Hero Honda Motors Limited v
L. G. Electronics |
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No. of Employees : |
1500 |
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Bankers : |
v
Jammu and Kashmir Bank Limited v
Naraina Vihar, New Delhi- 100 027. v
Citi Bank, Jeevan Vihar 3, Sansad Marg, New Delhi – 110001 v
Punjab National Bank v
Naraina Vihar, New Delhi- 100 027. v
ICICI Bank Limited v
ING Vysya Bank Limited, Kirti Nagar Branch, New Delhi |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Chander
Parkash & Company Chartered
Accountants |
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Address: |
207,
Padma Tower – II, 22 Rajendra Place, New Delhi – 110008 |
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Tel. No.: |
91-11-25731059/25731060 |
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Mobile No.: |
91-9810056108 |
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Fax No.: |
91-11-25741070 |
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E-Mail : |
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Associates/Subsidiaries
: |
v
Jain Polymers v
Doshi Plastic Industries and Investment v
D R Builders and Promoters Private Limited v
D R International Private Limited v
D R Plastics v
Asu Ben v
Gems International |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 50.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190330 |
Equity
Shares |
Rs. 100/- Each |
Rs. 19.033 Millions |
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Share
Application Mooney |
|
Rs. 4.000 Millions |
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Total
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|
Rs. 23.033 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.033 |
19.033 |
11.898 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.095 |
33.264 |
9.708 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
64.128 |
52.297 |
21.606 |
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LOAN FUNDS |
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1] Secured Loans |
44.812 |
43.629 |
55.479 |
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2] Unsecured Loans |
147.406 |
89.467 |
75.874 |
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TOTAL
BORROWING
|
192.218 |
133.096 |
131.353 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
256.346 |
185.393 |
152.958 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
10.044 |
7.653 |
8.403 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.122 |
0.073 |
0.009 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
146.389
|
83.666 |
60.121 |
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Sundry Debtors
|
148.151
|
102.676 |
109.546 |
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Cash & Bank Balances
|
1.084
|
1.156 |
0.555 |
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Other Current Assets
|
19.465
|
50.580 |
46.603 |
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Loans & Advances
|
59.540
|
14.234 |
12.595 |
Total Current Assets
|
374.629
|
252.312 |
229.420 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
123.864
|
72.320 |
83.445 |
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Provisions
|
4.607
|
2.357 |
1.470 |
Total Current Liabilities
|
128.471
|
74.677 |
84.915 |
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Net Current
Assets
|
246.158
|
177.635 |
144.505 |
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MISCELLANEOUS EXPENSES
|
0.022 |
0.032 |
0.041 |
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TOTAL
|
256.346 |
185.393 |
152.958 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
1125.988 |
835.519 |
887.309 |
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Profit/(Loss) Before Tax
|
12.442 |
6.402 |
4.682 |
Provision for Taxation
|
12.393 |
6.339 |
1.530 |
Profit/(Loss) After Tax
|
0.049 |
0.063 |
3.152 |
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Import Value
|
479.290 |
NA |
NA |
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Total Expenditure
|
1113.545 |
829.116 |
882.627 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.01
|
0.01 |
0.36 |
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Net Profit Margin
(PBT/Sales) |
(%) |
1.10
|
0.76 |
0.53 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
3.23
|
2.46 |
1.97 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.19
|
0.12 |
0.22 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
5.00
|
3.97 |
10.01 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.91
|
3.37 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
The
subject is an authorised distributor to the following companies:
- Bayer ABS Limited
- Supreme Petrochem
Limited
- Gas Authority of India
Limited
- Reliance Industries
Limited
- Haldia Petrochemicals
Limited
- L. G. Chemicals
- Korea Engineering
Plastics, Korea
- Mitsubishi, Korea
- Bayer, Germany
BUSINESS
The
subject is engaged in the business of Importers and Traders of Plastic Raw
Material, Plastic Granules and specialised in Engineering Plastic Raw Material.
The
Company is dealing in ABS Polystyrene Powder, Polycarbide & Polythene
Power. They are direct importers of Polystryne Powder PVC & ABS Powder.
They
are authorised distributors for Bayer ABS Limited, Supreme Petrochem Limited
and Celcon Acetal Copolymer.
|
Name
of the company |
D R POLYMERS LIMITED |
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Presented By |
ING Vysya Bank Limited |
|
1)
Date and description of instrument creating the change |
Agreement
of Hypothecation of goods, assets, Machinery dated 24.6.2004 Letter
of Hypothecation to secure time trust loan against goods 24.6.2004 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
100.000 millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Good
procured under LC and Hypothecation of stock of polymers and plastic
materials and book debts, stored and elsewhere from time to time First
charge on book debts of the company from time to time on pari passu basis
with Citibank |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
The
charged on above assets is to secure the cash credit limit of Rs. 100.000
Millions sanctioned to the company. The sub limits of WCDL Rs. 80.000
Millions and import LC,DA,DP (DA 90 days) Rs. 100.000 Millions at min 11.25%
and 7.50% on CC limit and WCDL respectively or at such other rates be fixed
by the bank from time to time |
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5)
Name and Address and description of the person entitled to the charge. |
ING Vysya Bank Limited, Kirti Nagar Branch, New
Delhi |
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6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
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Name
of the company |
D R POLYMERS LIMITED |
|
Presented By |
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|
1)
Date and description of instrument creating the change |
Goods
security agreement dated 11.12.2002 which was registered on 13.12.2002 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Working
facility Fund
Based – Rs. 50.000 Millions Non
Fund Based – Rs. 20.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
First
exclusive charge all present and future stocks and book debts of the
company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Repayable
on demand Cash
credit at 13.0% Other
interest rates as per RBI mandated from time to time |
|
5)
Name and Address and description of the person entitled to the charge. |
Citi Bank, Jeevan Vihar 3, Sansad Marg, New Delhi
– 110001 |
|
6)
Date and brief description of
instrument modifying the charge |
Deed
of Modification – 18.03.2004 |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Working facility – Rs. 110.000 Millions Fund
Based – Rs. 95.000 Millions Non
Fund Based – Rs. 15.000 Millions |
As
per Website Details:
About
Us:
The management and team
promoted by Mr. Dinesh Jain (Marwari Breed) in 1991 as a first generation
entrepreneur.
TEAM: Marketing executives/financial/accounts personal supported by a
team of agg. 50 odd peoples working in a fully computerised environment and a
supply chain at all three places to ensure an uniterrupted and timely execution
of orders catering to Delhi, Haryana and U.P. customers. They have their own
fleet of four own trucks for smooth logistics functions.
Branches: In Noida and Gurgaon feeding MNC's (viz. Maruti, Hyundai,
Samsung, Whirlpool, Hero Honda, L.G. and other big names in auto, appliances
and other plastics related industry) and its OEM.
Infrastructure: The corporate office situated at Delhi in their own
building and owned three very big warehouses in Delhi, two in Gurgaon, a quite
large warehouse at Noida.
Their main focus is on single window solutions to the needs of small/big
customers for their all polymer needs.
Our Associations: We are authorized distributors for the BAYER ABS,
GAIL, GSFC, KOREA ENGINEERING PLASTIC LTD. Company imports from Bayer AG
(Germany), Mitsibushi, Marubani Chemicals and LG.
|
Products Detail |
|
|
PP |
POLYPROPYLENE |
|
PPCP |
|
|
HDPE |
HIGH-DENSITY POLYETHYLENE |
|
LLDPE |
LINEAR LOW-DENSITY
POLYETHYLENE |
|
LDPE |
LOW-DENSITY POLYETHYLENE |
|
DELRIN |
|
|
POLY CARBONATE |
|
|
SAN |
|
|
NYLON6 |
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ACRYLIC |
|
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EVA |
ETHYL VINYL ACETATE |
|
ABS |
ACRYLONITRILE-BUTADIENE-STYRENE
COPOLYMER |
|
GPPS |
GENERAL PURPOSE POLYSTYRENE |
|
HIPS |
HIGH-IMPACT POLYSTYRENE |
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.34 |
|
UK
Pound |
1 |
Rs.85.68 |
|
Euro |
1 |
Rs.58.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |