MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MUSCAT POLYMERS PRIVATE LIMITED |
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Registered Office : |
212, Aditya Centre, 1st Floor, Phulchhab Chowk, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.02.1994 |
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Com. Reg. No.: |
021183 |
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CIN No.: [Company
Identification No.] |
U17119GJ1994PTC021183 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTM00062G |
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PAN No.: [Permanent
Account No.] |
AADFM3725D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of PP & HDPE Woven Sacks / Bags, used for Packing,
of Cement, Fertilizer, Salt, Minerals, Chemicals, etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 217440 |
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Status : |
Satisfactory |
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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
records. Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Financial position is
satisfactory. 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
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Registered Office : |
212, Aditya Centre, 1st Floor, Phulchhab Chowk, |
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Tel. No.: |
91-281-2448970 / 2447642 |
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Fax No.: |
91-281-2476118 |
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E-Mail : |
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Website : |
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Work : |
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Telefax No.: |
91-2827-253203 |
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E-Mail : |
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Consignment Stockiest : |
110, Aditya Centre, 1st Floor, Phulchhab Chowk, |
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Tel. No.: |
91-281-2450400 |
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Fax No.: |
91-281-2476118 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Madhukarbhai Minaxiben Kothary |
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Designation : |
Director |
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Address : |
Mumtaz Area, Villa No. 77, Post Box No. 66, |
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Date of Birth : |
27.04.1950 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Kishorebhai Rajivbhai Doshi |
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Designation : |
Director |
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Address : |
Sonira, 1 – Tagore Nagar, |
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Date of Birth : |
26.12.1956 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Kishorebhai Nirajbhai Doshi |
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Designation : |
Director |
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Address : |
Sonira, 1 – Tagore Nagar, |
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Date of Birth : |
29.12.1969 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Madhukarbhai Vishalbhai Kothary |
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Designation : |
Director |
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Address : |
Mumtaz Area, Villa No. 77, Post Box No. 66, |
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Date of Birth : |
28.06.1973 |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Ramnikbhai Madhukarbhai Kothary |
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Designation : |
Director |
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Address : |
Mumtaz Area, Villa No. 77, Post Box No. 66, |
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Date of Birth : |
13.07.1947 |
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Date of Appointment : |
29.09.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Nirajbhai Doshi |
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10 |
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Mr. Kothari Vishal |
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100 |
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Mr. Kothary Madhukarbhai |
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327870 |
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Mr. Kothanri Minaxiben |
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105200 |
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Mr. Bavabhai Gajera |
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10 |
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Category |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of PP and HDPE Woven Sacks / Bags, used for Packing,
of Cement, Fertilizer, Salt, Minerals, Chemicals, etc |
GENERAL INFORMATION
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Customers : |
˛
Hathi Cement ˛
Shree Cement Limited ˛
Sanghi Cement ˛
Ambuja Cement ˛
Siddhi Cement |
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Bankers : |
v
Development
Credit Bank Limited 301, E –Mail: rakeshkothiya@dcbl.com v
ICICI
Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kotecha and Associates Chartered Accountants |
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Address : |
Krishna Kutir, Opposite S.T. Taxi Stand, |
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 |
|
433280 |
Equity Shares |
Rs.100/-
each |
Rs.43.328
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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43.328 |
43.328 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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11.032 |
8.920 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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54.360 |
52.248 |
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LOAN FUNDS |
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1] Secured Loans |
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26.227 |
22.840 |
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2] Unsecured Loans |
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18.938 |
8.317 |
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TOTAL BORROWING |
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45.165 |
31.157 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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99.525 |
83.405 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.638 |
35.968 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.335 |
11.272 |
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Sundry Debtors |
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49.077 |
55.726 |
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Cash & Bank Balances |
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4.302 |
3.353 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
4.957 |
3.763 |
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Total
Current Assets |
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77.671 |
74.114 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.933 |
24.577 |
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Provisions |
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1.851 |
2.144 |
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Total
Current Liabilities |
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13.784 |
26.721 |
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Net Current Assets |
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63.887 |
47.393 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.044 |
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TOTAL |
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99.525 |
83.405 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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112.229 |
91.047 |
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Commission Income |
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2.881 |
2.099 |
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Other Income |
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9.627 |
8.964 |
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Total Income |
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124.737 |
102.110 |
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Change in Stock |
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1.775 |
0.720 |
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Profit/(Loss) Before Tax |
|
2.351 |
1.914 |
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Provision for Taxation |
|
0.239 |
0.150 |
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Profit/(Loss) After Tax |
|
2.112 |
1.764 |
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Expenditures : |
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Manufacturing Expenses |
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12.866 |
11.417 |
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Administrative Expenses and other expenses |
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4.486 |
4.687 |
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Raw Material Consumed |
|
93.390 |
72.583 |
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Financial Charges |
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3.690 |
2.661 |
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Depreciation & Amortization |
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2.405 |
2.258 |
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Personnel Expenses |
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7.324 |
7.310 |
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Total Expenditure |
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124.161 |
100.916 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.69 |
1.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.88 |
1.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.86 |
1.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.25 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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5.63 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
MUSCAT POLYMERS
PRIVATE LIMITED |
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Presented
By |
Shri Rajiv K.
Doshi, Director |
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1) Date and description of instrument creating the change |
Deed of
hypothecation – 09.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Facility Limit CC 13.000 L/C Bill
Discounting 5.000 LC 5.000 Bank
Guarantee 20.000 |
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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 |
1. Exclusive
charge in favour of the bank by way of hypothecation of the company’s entire
stock of raw materials, semi finished and finished goods, consumable stores
and spares and such other movable including book debts, bills whether
documentary or clean outstanding monies, receivable, both present and future in a form and manner
satisfactory to the bank 2. First
exclusive charge on all the company’s movable assets, including plant and
machinery both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility Rate of
Interest CC
9.25 p.a L/C Bill
Discounting 8.50 p.a. LC
1.00 p.a. Bank
Guarantee
1.00 p.a |
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5) Name and Address and description of the person entitled to the charge. |
Development
Credit Bank Limited |
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Corporate
identity number (CIN) Foreign company registration number |
U17119GJ1994PTC021183 |
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Name of the
Company |
MUSCAT POLYMERS
PRIVATE LIMITED |
|
Address |
212, Aditya
Centre, Phulchhab Chowk, |
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This form is for |
Modification of
the charge |
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Type of Charge |
Immovable
property, any interest in immovable property |
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Particulars of
the charge holder |
Development
Credit Bank Limited 301, E –Mail: rakeshkothiya@dcbl.com |
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Amount secured by
the charge |
Rs.82.356
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: BPLR Less 4.5%
i.e. 12.75% p.a. with monthly rest Terms of
repayments: On demand /
annual review Margin: Cash Credit (mfg
Div) - 25% of stock and 40% of book debts Inland LC – 10%
in FDR Bank Guarantee –
10% in FDR Cash Credit
(Trading Div) – 25% of book debts of trading division and advance payment
made to GAIL Term Loan Renewal
– 40% for building and 25% of Plant and Machinery |
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Description of
the property charged indicating |
Memorandum of
continuing oral assent dated – 7.04.2007 stating the continuation to hold the
document of Titles evidences deeds and writing which were originally
deposited on 30.06.2006 enhancing there by total credit facility from 53.500
millions to Rs.82.356 millions |
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Date of
Instrument creating or modifying the charge |
07.04.2007 |
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Particular of the
present modification |
Charge on
immovable property extended to cover the fresh cash credit limit of Rs.30.000
millions for trading division granted at BPLR less 4.5% i.e. 12.75% p.a.
monthly rest, enhancing there by total credit facility from 52.500 millions
to 82.356 millions |
Website Details Attached
Company Details:
They are quality manufacturers of PP & HDPE Woven Sacks / Bags,
used for packing, of Cement, Fertilizer, Salt, Minerals, Chemicals, etc. They
also produce Laminated Bags, Fabrics and Tarpaulin.
They
are also Consignment Stockists of GAIL (I) LTD., for its polymer products like HDPE & LLDPE graduals.
Teams
Setup in the year 1994 now they are having experience of more then a
decade in this industry. They have a state of art most modern technology plant of
3000 TPA Capacity
CAPACITY
They have a capacity to produce 3000 TPA of
PP/HDPE Woven Sacks / Fabrics / Tarpaulin. The capacity to produce Woven Sacks
in numbers depends upon factors like weight of the bag, size & specification.
They have a herculine capacity to produce 4, 60,00,000 cement packing bags of
65 gm weight per year. The numbers of bags would very with weight &
specifications
They produce one of the widest ranges of
Woven Sacks and Tarpauline as well as packing fabrics. Whatever be your
packaging and transportation requirement, you will find a suitable product from
them. More over, with their in house Design & Development Centre, any
packaging requirement can be developed, tested & offered as sample very
quickly.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|