MIRA
INFORM REPORT
|
Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
SOHAM POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B - 404, Chanchal Kalyan Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
09.05.1995 |
|
|
|
|
Com. Reg. No.: |
88223 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1995PTC088223 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS29974A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 24776 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company. Trade relations are fair. Payments
are usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B - 404, Chanchal Kalyan Complex, |
|
E-Mail : |
|
|
|
|
|
Factory : |
A – 146 / 5, MIDC Kherna, TTC Industrial Area, |
DIRECTORS
|
Name : |
Mr. Satish Shridhar Modak |
|
Designation : |
Director |
|
Address : |
1401, |
|
Date of Birth/Age : |
08.04.1954 |
|
Date of Appointment : |
09.05.1995 |
|
|
|
|
Name : |
Mr. Rajendra G Borge |
|
Designation : |
Director |
|
Address : |
4 / A, Vihar Darshan, Rajawadi, Road No. 7, Ghatkopar (East), Mumbai
400 077, |
|
Date of Birth/Age : |
13.11.1968 |
|
Date of Appointment : |
01.08.2001 |
|
|
|
|
Name : |
Mr. Shivagouda Sidagouda Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Vrushali Satish Modak |
|
Designation : |
Director |
|
Address : |
1401, |
|
Date of Birth/Age : |
10.04.1957 |
|
Date of Appointment : |
08.11.2006 |
|
|
|
|
Name : |
Mr. Mohan Ganpat Borge |
|
Designation : |
Director |
|
Address : |
A 5, Vihar Darshan, Flat No. 56 / 62, Road No. 7, Rajawadi, Ghatkopar
(East), Maharashtra, India |
|
Date of Birth/Age : |
27.01.1967 |
|
Date of Appointment : |
08.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Satish |
|
83300 |
|
Mrs. Vrushali S Modak |
|
21200 |
|
Mr. Sohanlal M Purohit |
|
100 |
|
Mr. Rakesh K Jain |
|
100 |
|
Mr. Mishrimal M Bohra |
|
100 |
|
Mr. Shanta O Agarwal |
|
100 |
|
Mr. Omprakash Agarwal |
|
100 |
|
Mr. Yashwant M Mehta |
|
100 |
|
Mr. Priya H Bulchandani |
|
100 |
|
Mr. Preeti H Bulchandani |
|
100 |
|
S A Enterprises |
|
100 |
|
Mr. Rajendra G Borge |
|
70000 |
|
Mr. Atmaram G Borge |
|
73000 |
|
Mr. Mohan G Borge |
|
70000 |
|
Mrs. Shalaka R Borge |
|
15000 |
|
Mrs. Prabha M Borge |
|
15000 |
|
Mrs. Amarja S Modak |
|
10000 |
|
Mrs. Pinky Dayal |
|
10000 |
|
Mrs. Sudha S Modak |
|
30000 |
|
Mr. Shridhar V Modak |
|
30000 |
|
Mrs. Vrushali S Modak |
|
20000 |
|
Mrs. Soham S Modak |
|
8500 |
|
|
|
|
|
Total
|
|
456900 |
Equity share breakup (percentage of total equity)
|
S. No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals. |
GENERAL INFORMATION
|
Bankers : |
Karnataka Bank Limited Andheri
West Branch, Mumbai 400 053, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr.Girish K Parikh Chartered Accountants |
|
Address : |
406, Broach Sadan, 84A, Devaji Ratanshi Marg, Mumbai 400 009, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
456900 |
Equity shares |
Rs. 10/-
each |
Rs. 4.569
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.569 |
4.569 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1.625 |
0.798 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6.194 |
5.367 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
10.551 |
7.506 |
|
|
2] Unsecured Loans |
|
6.595 |
5.469 |
|
|
TOTAL BORROWING |
|
17.146 |
12.975 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.051 |
|
|
|
|
|
|
|
|
TOTAL |
|
23.340 |
18.393 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.790 |
3.236 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.206 |
5.497 |
|
|
Sundry Debtors |
|
33.860 |
14.330 |
|
|
Cash & Bank Balances |
|
0.379 |
0.060 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.067 |
0.501 |
|
Total
Current Assets |
|
39.512
|
20.388 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
17.567 |
4.736 |
|
|
Provisions |
|
1.395 |
0.495 |
|
Total
Current Liabilities |
|
18.962
|
5.231 |
|
|
Net Current Assets |
|
20.550
|
15.157 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
23.340 |
18.393 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (including other income) |
|
91.866 |
36.602 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.354 |
(0.181) |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
1.354 |
(0.181) |
|
|
|
|
|
|
|
|
Export Turnover |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.000 |
0.819 |
|
|
Depreciation & Amortization |
|
0.601 |
0.687 |
|
Total Expenditure |
|
90.511 |
36.783 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.82 |
3.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.08 |
3.89 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company is situated at B- 404, Chanchal Kalyan Complex, Yari Road, Varosova, Andheri
(West), Mumbai 400 061, Maharashtra, India
from A – 146 / 5, MIDC Kherna, TTC Industrial Area, Thane Belapur Road,
Thane – 400 706, Maharashtra, India with effect from 09.05.1995
|
Corporation identity number or foreign company registrations number of the company |
U24110MH1995PTC088223 |
||||
|
Name of the company |
SOHAM POLYMERS PRIVATE LIMITED |
||||
|
Address |
B- 404, Chanchal Kalyan Complex, |
||||
|
This Form is for |
Modification of charge |
||||
|
Type of Charges |
Immovable property |
||||
|
Particular of the charge holder |
Karnataka Bank Limited Andheri
West Branch, Mumbai 400 053, |
||||
|
Nature or description of the instrument creating charge |
No instrument was executed. Charge created by giving oral assent. |
||||
|
Date of the instrument creating charge |
21.02.2007 |
||||
|
Amount Secure by the charge |
Rs. 18.000 millions |
||||
|
Brief of the principal terms and conditions and extent and operation of the charge |
Extent and operation of the charge Security created in respect of the following credit facilites:
|
||||
|
Description of the property charge whether it is a charge on |
NA |
||||
|
Modification charge Charge identification number of the charge to be modified |
NA |
||||
|
Particulars of the Property charged |
Immovable
property of the company viz., Plot No. A – 146 – 5 of TTc Industrial Area, |
||||
|
Particulars of present modification |
Amount secured now stands enhanced from Rs. 8.000 millions to Rs. 18.000 millions |
|
Name of the company |
SOHAM
POLYMERS PRIVATE LIMITED |
|
Presented
By |
JOINTLY
COMPANY AND CHARGEHOLDER |
|
1) Date and description of instrument creating the change |
Hypothecation agreement dated 25.03.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.900 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 |
1. Plant and Machineries of the Unit 2. Sock of raw materials, semi finished and finished goods. 1 and 2 as above, stored / stacked / installed / parked at
Plot No. A / 146 / 5 Trans Thane Creek Industrial Area, 3. Book Debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin as stipulated by the bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
The
Karnataka Bank Limited, Andheri (West), Mumbai, |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated 20.01.2006 |
|
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. |
First Modification: Vide modification dated 21.11.2002, (i) total amount secured was reduced from Rs. 4.900 millions to Rs. 2.400 millions. And (ii) Book debts forming security were to include all outstanding monies, receivable, claims bills of the company which were then due and owing or which may at any time thereafter become due and owing to the company in the course of its business by any person / company / firm / Govt. / any local or public body or authority. Vide modification dated 17.12.2002 (a) total amount secured was enhanced from Rs. 2.400 millions to Rs. 4.400 millions. And (b) security was created in respect of bank Guarantee facility of Rs. 2.000 millions. Vide modification dated 28.08.2003 total amount secured was enhanced from Rs. 4.400 millions to Rs. 6.000 Millions. Owing to enhancement in cash credit limit from 2.400 millions to Rs 4.000 millions the guarantee limit continuing at the existing level of Rs. 2.000 millions. Vide modification dated 29.10.2004, total amount secured remained unchanged and forms were filed to register renewal of documents. However, this charge was merged with the charge originally created on 07.01.2004 for Rs. 0.600 millions. Accordingly the aggregate charges, was at Rs. 6.600 millions. Present Modification: Total amount secured now stands enhanced from Rs. 6.600 millions to Rs. 8.000 millions. |
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.41.24 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.56.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|