MIRA INFORM REPORT
|
Report
Date : |
16.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUNDEEP POLYMERS PRIVATE LIMITED |
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Registered
Office : |
52, Mamta ‘A’, New Prabhadevi Road, Mumbai – 400 025,
Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2000 |
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Date
of Incorporation : |
18.06.1981 |
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Com.
Reg. No.: |
11-24648 |
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CIN
No.: [Company
Identification No.] |
U99999MH1971PTC015399 / U99999MH1981PTC024648 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMS41867A / MUMS43293F |
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PAN
No.: [Permanent
Account No.] |
ADXDS1562K / AAACS5158G |
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Legal
Form : |
Private
Limited Liability Company |
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Line
of Business : |
Manufacturing of Plastic by various processes of Injection
Moulding, Blow Moulding, Extrusion, Reaction Injection Moulding or any other
processes which are at present known or invented from time to time. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status
: |
Moderate |
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Payment
Behaviour : |
Slow by +
30/ 60 days |
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Litigation
: |
Clear |
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Comments
: |
No latest
financials could be available and difficult to assess its current
performance and financial status. Payments are reported as slow by + 30/ 60 days. Hence, some caution is needed while dealing with the
company. |
LOCATIONS
|
Registered
Office : |
52, Mamta ‘A’, New Prabhadevi Road, Mumbai – 400 025,
Maharashtra, India. |
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Tel.
No.: |
91-22-24376179
/ 24378577 |
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Fax
No.: |
91-22-24306575 |
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Area : |
500 sq. ft. (Leased) |
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Factory
1 : |
D-70,
MIDC Industrial Area, Hingna, Nagpur – 440028, Maharashtra, India. |
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Tel.
No.: |
91-7104-237489/236089 |
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Fax
No.: |
91-7104-236889 |
DIRECTORS
|
Name : |
Mr. Dileep B. Nevatia |
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Designation
: |
Chairman |
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Address
: |
5-A, Shashideep, Worli, Sea Face Road, Mumbai-400018,
Maharashtra, India. |
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Date
of Birth/Age : |
4/06/1949 |
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Date
of Appointment : |
18/06/1981 |
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Name : |
Mrs. Sunita D. Nevatia |
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Designation
: |
Director |
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Address
: |
5-A, Shashideep, Worli, Sea Face Road, Mumbai-400018,
Maharashtra, India. |
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Date
of Birth/Age : |
12/09/1951 |
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Date
of Appointment : |
18/06/1981 |
MAJOR SHAREHOLDERS
|
Name of Shareholders |
No of Shares |
|
Mr. Kunal
D. Nevatia |
17,100 |
|
Mr. Karan
D. Nevatia |
12,000 |
|
Kunal
Nevatia Trust |
3,450 |
|
Mrs.
Sunita D. Nevatia |
15 |
|
Mr.
Dileep B. Nevatia |
2,15,435 |
|
Dileep B.
Nevatia (HUF) |
27,000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing of Plastic by various processes of Injection
Moulding, Blow Moulding, Extrusion, Reaction Injection Moulding or any other
processes which are at present known
or invented from time to time. |
|
|
|
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Products
: |
¯
Plastic
Moulded Vehicle Component ¯
Moulds
for Plastics ¯
Wood
Plastic Furniture & Components thereof. |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Moulded
Parts & Components |
( M.T ) |
6000 |
2000 Single Shift 6000 Triple Shift |
|
Dies
& Moulds |
( Sets ) |
1000 |
333 Single Shift 1000 Triple Shift |
GENERAL INFORMATION
|
No. of
Employees : |
220 |
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|
|
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Bankers
: |
·
Deogiri
Nagri Sahakari Bank Limited, Railway Station Branch, Aurangabad, Maharashtra ·
The
Nagpur Mahila Sahakari Bank Limited, Mumbai ·
Central
Bank of India Marshall Building, Ballard Pier, Mumbai – 400038,
Maharashtra, India ·
The
Bank of Tokyo – Mitsubishi Limited Jeevan Prakash,
Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India. |
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Banking Relations : |
Unknown |
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Auditors
: |
T. K.
Singhal & Associates Chartered
Accountants |
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Address: |
Devkumar
Mansion, 2nd Floor, 63, Shyamaldas Gandhi Marg, Mumbai – 400 002,
Maharashtra, India |
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Associates/Subsidiaries
: |
Sundeep
Industries, Mumbai |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
3,00,000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2,75,000 |
Equity Shares |
Rs.100/- each |
Rs. 27.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
No financials subsequent to March 2000 could be available
from any sources.
Management declined to part with any details.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2000 |
31.03.1999 |
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|
SHAREHOLDERS
FUNDS |
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|
1] Share
Capital |
|
27.500 |
27.500 |
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2] Share
Application Money |
|
0.000 |
0.000 |
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3]
Reserves & Surplus |
|
3.940 |
26.472 |
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4]
(Accumulated Losses) |
|
(2.579) |
0.000 |
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NETWORTH
|
|
28.861 |
53.972 |
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LOAN
FUNDS |
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|
1]
Secured Loans |
|
52.452 |
51.455 |
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2]
Unsecured Loans |
|
9.319 |
7.671 |
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TOTAL
BORROWING
|
|
61.771 |
59.126 |
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DEFERRED
TAX LIABILITIES |
|
27.377 |
22.368 |
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Equipment Suppliers Deferred |
|
41.418 |
37.150 |
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Advance from Bajaj Auto Limited |
|
28.135 |
28.135 |
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TOTAL
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|
187.562 |
200.751 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
|
155.096 |
129.915 |
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Capital work-in-progress
|
|
12.521 |
44.034 |
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Security Deposits
|
|
18.504 |
1.803 |
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INVESTMENT
|
|
0.035 |
0.035 |
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DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
|
22.123 |
21.599 |
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Sundry Debtors
|
|
3.430 |
3.883 |
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Cash & Bank Balances
|
|
1.131 |
0.769 |
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Other Current Assets
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|
--- |
16.702 |
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Loans & Advances
|
|
3.062 |
3.266 |
Total Current Assets
|
|
29.746 |
46.219 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
28.340 |
21.946 |
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Provisions
|
|
0.000 |
0.000 |
Total Current Liabilities
|
|
28.340 |
21.946 |
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Net
Current Assets
|
|
1.406 |
24.273 |
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MISCELLANEOUS EXPENSES
|
|
0.000 |
0.691 |
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TOTAL
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187.562 |
200.751 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2000 |
31.03.1999 |
Sales Turnover [including other income]
|
|
54.711 |
111.341 |
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Profit/(Loss) Before Tax
|
|
NA |
NA |
Provision for Taxation
|
|
NA |
NA |
Profit/(Loss) After Tax
|
|
NA |
NA |
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Import Value
|
|
0.178 |
40.209 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2000 |
31.03.1999 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.12 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.04 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
History:
The company
was incorporated under the name of Sundeep Plastics Private Limited. It changed
its' name to Sundeep Polymers Private Limited with effect from 25th
September, 1984.
Business:
The company
is in trade terms with :
- Anupam Heaters & Controls
Private Limited
- Bhansali Engineering Polymers
Limited
- K. M. Enterprises
- Ganga Engineering
- Reaselack Polymers Private
Limited
- Neha polymers Private Limited
- Nexus A.E.S. Private Limited
- ITQ Signoda Industries Limited
- Quarmatic Time Industries
- Pandey Furniture Private
Limited
- Wood Carver Systems Private
Limited
- John Flower (India ) Limited
- Bajaj Auto Limited, Pune,
Maharashtra
We visited
the office of the company where following observations were carried on:
- Name Board could be sighted and
the visibility of the Name Board is high.
- The company’s office is easy to
locate.
- Subject is located in a
commercial area.
- Items such as Telephone, Fax
Machine, Computer, Air Conditioner and Furniture could be seen at the
company’s office.
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 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.44.09 |
|
UK Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
4 |
|
OPERATING
SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT
LINES |
1~10 |
4 |
|
--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 |
NO |
|
TOTAL |
|
35 |
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/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 |
|
NR |
In view
of the lack of information, we have no basis upon which to recommend credit
dealings |
No Rating |
|