MIRA
INFORM REPORT
|
Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
POLYBOND INDIA PRIVATE LIMITED |
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Registered Office : |
Rathi Chambers, 7, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.08.1983 |
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Com. Reg. No.: |
11-30558 |
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CIN No.: [Company
Identification No.] |
U25199MH1983PTC030558 |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturers of Rubber Parts and Rubber Hoses. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 400000 |
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Status : |
Good |
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Payment Behaviour : |
Satisfactory |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track. Available information
indicates high financial responsibility of the company. Trade relations are fair.
Payments are 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 : |
Rathi Chambers, 7, |
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Tel. No.: |
91-20-5669 6820 / 2669 4826 |
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Fax No.: |
91-20-2669 5655 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq.fts |
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Location : |
Owned |
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Factory 1 : |
144/145, |
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Tel. No.: |
91-2135-32465 |
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Fax No.: |
91-2135-32386 |
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Area : |
34790 sq. mtrs |
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Location : |
Owned |
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Factory 2 : |
1087, |
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Tel. No.: |
91-2138-280-995 |
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Fax No.: |
91-2138-280-997 |
DIRECTORS
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Name : |
Mr. Madhusudan
Laxminarayan Rathi |
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Designation : |
Chairman |
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Address : |
B4, Abhi Manshree Society, |
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Tel. No.: |
91-20-565 5705 (Res.) |
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Mobile No.: |
91-98220 23264 |
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Date of Birth/Age : |
13.08.1940 |
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Qualification : |
B. |
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Experience : |
32 years as Industrialist Promoted the following industries: ·
Ratahin
Transpower Private Limited ·
Polybond
India Private Limited ·
Rathi
Engineering Works ·
Lovejoy
Finance Private Limited |
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Date of Appointment : |
30.07.1999 |
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Training: |
Lovejoy Inc USA in Power transmission products |
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Occupation: |
Industrialist |
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Experience: |
32 years as Industrialist Promoted the following industries: ·
Ratahin
Transpower Private Limited ·
Polybond
India Private Limited ·
Rathi
Engineering Works ·
Lovejoy
Finance Private Limited |
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Award &
Honours: |
Rathi Transpower Private Limited was the first SSI to secure ISO
Certification. The company had secured
award for Export Excellence from Engineering Export Promotion Council of
India |
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Exports: |
Widely travelled and secured orders from the following countries: Australia/Singapore / |
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Other
Activities: |
Active Rotarian since 1972 and presently Vice-President of Rotary Club
of Poona Central Graduate of “The Quality College” |
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Name : |
Mr. Adit Madhusadan Rathi |
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Designation : |
Managing Director |
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Address : |
B4, Abhi Manshree Society, |
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Date of Birth/Age : |
10.09.1970 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Jagannath L. Rathi |
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Designation : |
Director |
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Address : |
27, Mukund Nagar, Pune – 411037, |
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Date of Birth/Age : |
26.11.1916 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Arun Bhagwandas Toshniwal |
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Designation : |
Director |
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Address : |
16/4, Ishwar Bhavan, Churchgate, Mumbai – 400020, |
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Date of Birth/Age : |
29.08.1942 |
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Date of Appointment : |
30.07.1999 |
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Name : |
Mrs. Priyanka
Adit Rathi |
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Designation : |
Director |
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Address : |
B4, Abhi Manshree Society, |
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Date of Appointment : |
24.11.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Equity
Shareholders: |
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Mr. Sunderbai L Rathi |
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11367 |
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Mr. Adit Madhusudan Rathi |
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723317 |
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Mr. Madhusudan Rathi (Preeti Rathi Trust) |
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201172 |
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Mr. Madhusudan L Rathi |
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430966 |
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Mrs. Prema M. Rathi |
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324046 |
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Mrs. Priyanka Aditi Rathi |
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55132 |
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Vorwerk Autotech GmbH |
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194000 |
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Total |
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1940000 |
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Preference Shareholders: |
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Mr. Madhusudan L Rathi |
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2225 |
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Mrs. Prema M. Rathi |
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1625 |
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Mr. Preet M. Rathi |
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525 |
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Mr. Adit M. Rathi |
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625 |
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Total |
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5000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Rubber Parts and Rubber Hoses. |
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Products : |
v
A V
Mountings v Rubber Products |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Order and L/C 120
days |
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Purchasing : |
L/C [90 days] |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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A V Mounts |
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900000 |
1500000 |
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Pneumatic and Electronic
Gauges, Gauging fixtures and Accessories |
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2008001 |
4020815 |
GENERAL INFORMATION
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No. of Employees : |
250 |
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Bankers : |
v
State
Bank of Tara Chambers, Wakdewadi, Pune – 411 003, Facilities : Credit Limit : Outstanding Limit as on
31.03.2002 1. Working Capital : Rs. 16.984 millions Sanctioned Limit 1. Working Capital : Rs. 75.500 millions 2. Additional Credit : Rs. 0.200 million v
Small
Industries Development Bank of 10/10, Madan Mohan Malvuya Marg, Facility
: Credit Limit : Outstanding Limit as on
31.03.2002 1.
Term
Loan : Rs. 4.195 millions Sanctioned Limit 1. Term Loan : Rs. 13.400 millions |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dee Kay and Company |
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Address : |
Charted
Accountants |
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Tel. No.: |
1616, Sadashiv
Peth, Pune – 411 030 |
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Mobile No.: |
91-22-24338786 |
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Membership: |
v
Federation
of Indian Exports Organization v
Automotive
Components v
All
India Rubber Industrial Association v
Emerging
Presidents v
Indo-German
Chamber of Commerce v
Adv.
Manufacturing Services v
Asia Pacific
Tech. Monitor |
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Associates/Subsidiaries : |
v
Rathi
Transpower Private Limited v
Rathi
Engineering Works v
Lovejoy
Finance Private Limited v
Rathi
Polybond Pty Limited v
Polybond
Organics Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1940000 |
Equity Shares |
Rs. 10.00 each |
Rs. 19.400 Millions |
|
6000 |
6% Redeemable Non
Cumulative Preference Shares |
Rs. 100.00 each |
Rs. 0.600 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2352400 |
Equity Shares |
Rs. 10.00 each |
Rs. 23.524 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.524 |
18.900 |
18.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
76.780 |
68.681 |
37.046 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
100.304 |
87.581 |
55.946 |
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LOAN FUNDS |
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1] Secured Loans |
178.949 |
102.223 |
64.256 |
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2] Unsecured Loans |
18.539 |
9.427 |
11.237 |
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TOTAL BORROWING |
197.488 |
111.650 |
75.493 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
17.130 |
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TOTAL |
297.792 |
199.231 |
148.569 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
181.174 |
111.966 |
98.796 |
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Capital work-in-progress |
1.965 |
12.091 |
0.036 |
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Research & Development |
0.000 |
0.000 |
3.085 |
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INVESTMENT |
15.000 |
12.966 |
6.678 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
51.460
|
26.322 |
23.485 |
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Sundry Debtors |
84.132
|
51.195 |
43.797 |
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Cash & Bank Balances |
4.230
|
10.385 |
3.996 |
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Other Current Assets |
2.703
|
4.187 |
0.000 |
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Loans & Advances |
15.279
|
13.155 |
8.214 |
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Total
Current Assets |
157.804
|
105.244 |
79.492 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.574
|
36.500 |
39.518 |
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Provisions |
0.511
|
6.536 |
0.000 |
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Total
Current Liabilities |
59.085
|
43.036 |
39.518 |
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Net Current Assets |
98.719
|
62.208 |
39.974 |
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MISCELLANEOUS EXPENSES |
0.934 |
0.000 |
0.000 |
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TOTAL |
297.792 |
199.231 |
148.569 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
364.867 |
320.993 |
267.045 |
|
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Other Income |
5.948 |
4.821 |
0.000 |
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Total Income |
370.815 |
325.814 |
267.045 |
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Change in stock |
8.711 |
2.808 |
NA |
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Profit/(Loss) Before Tax |
9.085 |
25.466 |
15.258 |
|
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Provision for Taxation |
5.880 |
8.967 |
5.381 |
|
|
Profit/(Loss) After Tax |
3.205 |
16.499 |
9.877 |
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Export Value |
204.744 |
189.947 |
149.295 |
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Import Value |
48.012 |
26.563 |
20.881 |
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Expenditures : |
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Total Expenses |
362.015 |
297.813 |
251.787 |
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Financial Charges |
8.426 |
5.343 |
0.000 |
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Total Expenditure |
370.441 |
303.156 |
251.787 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.86
|
5.06 |
3.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.49
|
7.93 |
5.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.68
|
11.72 |
8.111 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.29 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
1.77 |
2.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.67
|
2.45 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Building
v
Lab
Equipment
v
Computer
v
Plant
and Machinery
The company is in
trade terms with:
q
Aakar
Engineers
2892, B Ward, Jawahar Nagar,
q
Vimal
Spices
Vi/1300,
q
Chemtall
Rai India Limited
ARN, Nimbalkar Nagar, P O Tashawade, Tal Mulshi, Dist. Pune – 411 003,
q
Vimal
Spices
Vi/1300,
q
Industrial
Agencies
601-D, Neelkanth,
q
Sah
Petroleum Limited
104, Punit Apartments, 526, Narayan Peth, Pune – 411 030,
q
Avik
Polychem
704, Jangli Maharaj Road, Opp. Modern High Road, Opp. Modern High
School, Shivajinagar, Pune – 411 005, Maharashtra, India
|
Name of the
company |
Polybond India Private Limited |
|
Presented By |
State bank of |
|
1) Date and
description of instrument creating the change |
General Agreement
for the grant of small industrial advances (WCF) dated 24.08.1998 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 12.500
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 |
All present and
future goods, book debts, movables and other charges including document
should be given of title goods and other assets such as outstanding moneys,
receivables, claims, bills, invoice, documents, contracts, engagements,
securities, investments and rights and assets. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
ROI as would be
determined by the bank from time to time. |
|
5) Name and Address
and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief
description of instrument modifying the charge |
Agreement of loan
for overall limit and agreement of hypothecation of goods and assets dated
12.01.2005 |
|
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. |
The original
charge was created on 24.08.1998 for Rs. 12.500 Millions 1st
modified on 13.03.1999 by giving an additional collateral security. The 2nd
modification dated 13.04.2000, the credit facility limit increased by Rs. 9.000
Millions making total to Rs. 21.500 Millions by offering an additional
collateral security by way of equitable mortgage over its immovable
properties on its extended facility of Rs. 21.500 Millions dated 28.09.2000. The company has
given additional security to the bank for the facility of Rs. 5.000 Millions
by way of equitable mortgage by deposit of title deeds of the immovable
property comprising of land, building, plant and machinery of the company
situated at village Dhanore, Gate No. 144, Alandi Markal Road, Pune,
admeasuring 14625 sq. mtrs. By the modification dated 28.06.2001 and the said
property continue to remain mortgaged to the bank to further period with
modification dated 21.11.2001 making total to Rs. 26.500 Millions. By 3rd
Modification dated 12.02.2002 the credit facility limit was extended by Rs. 4.000 Millions making total to Rs.
30.500 Millions by offering an additional collateral security by way of all
present and future goods, book debts excluding domestic, other assets such as
outstanding monies receivables, claims, bills invoices, documents, contracts,
engagement, securities, investments and rights and all plant and machinery
for the further period by supplemental general agreement for grant of small
industrial advances and agreement for the grant of small industrial advances. By 4th
Modification dated 17.08.2002, the credit facility limit was extended by Rs. 12.000 Millions making total to Rs.
42.500 Millions by offering against the security which was secured through 3rd
Modification By 5th
Modification dated 28.07.2003, the credit facility limit was extended by Rs. 33.000 Millions making total to Rs.
75.500 Millions by offering against the security which was secured through 4th Modification By 6th
Modification dated 12.01.2005, the limit has enhanced to Rs. 136.000 Millions
on the security of Hypothecation of Goods and Assets more particularly
mentioned in the Agreement of Hypothecation of Goods and Assets dated
12.01.2005. This document substitute earlier documents/ instrument creating
charge. |
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. 41.12 |
|
|
1 |
Rs. 82.43 |
|
Euro |
1 |
Rs. 56.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|