MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CLIMAX SYNTHETICS PRIVATE LIMITED |
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Registered Office : |
18 B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.02.1974 |
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Com. Reg. No.: |
21-29250 |
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CIN No.: [Company
Identification No.] |
U28113WB1974PTC029250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC00592E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Fabricators, Processors, Stockists, Importers,
Exportes, Distributors, Moulders, Agents, Contractors, Wholesalers,
Retailers, Dealers and Stores of Plastic, PVC, Synthetics raw materials ands
such other powder of all description and its products including Polythelene,
Polystyrene, Nylon, Bakelite, Cellulose, Acetale, High Impact Polystyrene,
Polyvinyle, Chloride, Compound, U. F. Uterate, Urea, Polyprelene, Polythelene
Fabrics, Plastisizers, Polymers, Resin and Articles of all description for
industrial, commercial and domestic purpose of composition of Synthetics, PVC
and other such powder and its products.
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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 76000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track records. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
18 B, |
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Tel. No.: |
91-33-22343076 |
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E-Mail : |
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Website : |
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Head Office : |
11, |
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Corporate Office/ Works : |
A/1-835, GIDC,
Makarpura, Vadodara - 390 010, |
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Tel. No.: |
91-265-2642169/2642572/2642836 |
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Fax No.: |
91-265-2643362 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Khemraj Mundhra |
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Designation : |
Director |
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Address : |
Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, |
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Date of Birth/Age : |
27.05.1940 |
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Date of Appointment : |
21.01.1981 |
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Name : |
Mr. Pramod Mundhra |
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Designation : |
Director |
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Address : |
Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road,
Baroda – 391 101, Gujarat, India |
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Date of Birth/Age : |
09.07.1974 |
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Date of Appointment : |
14.03.1994 |
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Name : |
Mr. Pankaj Mundhra |
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Designation : |
Director |
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Address : |
Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, |
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Date of Birth/Age : |
24.04.1970 |
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Date of Appointment : |
11.02.1993 |
KEY EXECUTIVES
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Name : |
Mr. A R Majumdar |
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Designation : |
Company Secretary |
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Address : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Sushila Devi Mundhra |
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8200 |
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Mr. Khem Raj Mundhra |
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11400 |
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Mr. Pramod Mundhra |
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11730 |
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Mr. Pankaj Mundhra |
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15350 |
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Khem Raj Mundhra and Sons - HUF |
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2100 |
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Ms. Divya Lakhotia |
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4010 |
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Ms. Ira Ladda |
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5100 |
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Ms. Shruti Mundhra |
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5000 |
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Ms. Nupur Mundhra |
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5600 |
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Climax Vyapaar (Private) Limited |
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8100 |
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Sristhi Industries (Private) Limited |
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7100 |
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Climax Fincap (Private) Limited |
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8100 |
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Glamour Jewels (Private) Limited |
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8100 |
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Climax Waterproofing Products Private Limited |
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7100 |
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Mr. Aarya Mundhra |
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3000 |
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Mr. Santosh Maheshwari |
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10 |
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Mr. Dayalchand Mundhra |
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10 |
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Mr. Jai Prakash Mundhra |
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10 |
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Names of Shareholders |
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% of Holding |
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Bodies Corporate |
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35.00 |
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Directors and Relatives of Directors |
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65.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Fabricators, Processors, Stockists, Importers,
Exportes, Distributors, Moulders, Agents, Contractors, Wholesalers,
Retailers, Dealers and Stores of Plastic, PVC, Synthetics raw materials ands
such other powder of all description and its products including Polythelene,
Polystyrene, Nylon, Bakelite, Cellulose, Acetale, High Impact Polystyrene,
Polyvinyle, Chloride, Compound, U. F. Uterate, Urea, Polyprelene, Polythelene
Fabrics, Plastisizers, Polymers, Resin and Articles of all description for industrial,
commercial and domestic purpose of composition of Synthetics, PVC and other
such powder and its products. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
v
Bank of v
Union Bank of |
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Facilities : |
(Rs. in millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K L Singhee and Company Chartered Accountants |
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Address : |
15, |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Shares |
Rs. 100/- each |
Rs. 11.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Shares |
Rs. 100/- each |
Rs. 11.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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11.000 |
11.000 |
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2] Reserves & Surplus |
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8.101 |
7.511 |
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NETWORTH |
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19.101 |
18.511 |
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LOAN FUNDS |
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1] Secured Loans |
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39.242 |
13.261 |
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2] Unsecured Loans |
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54.492 |
57.463 |
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TOTAL BORROWING |
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93.734 |
70.724 |
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DEFERRED TAX LIABILITIES |
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0.066 |
0.430 |
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TOTAL |
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112.901 |
89.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.624 |
15.220 |
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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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5.110 |
4.946 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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39.349 |
30.293 |
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Sundry Debtors |
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45.095 |
43.312 |
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Cash & Bank Balances |
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20.888 |
18.569 |
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Other Current Assets |
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0.693 |
0.750 |
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Loans & Advances |
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17.172 |
11.973 |
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Total
Current Assets |
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123.197 |
104.897 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.514 |
32.841 |
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Provisions |
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2.516 |
2.557 |
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Total
Current Liabilities |
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30.030 |
35.398 |
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Net Current Assets |
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93.167 |
69.499 |
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TOTAL |
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112.901 |
89.665 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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126.507 |
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Other Income |
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4.818 |
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Total Income |
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131.325 |
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Profit/(Loss) Before Tax |
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1.144 |
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Provision for Taxation |
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0.547 |
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Profit/(Loss) After Tax |
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0.597 |
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Imports : |
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Raw Materials |
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18.050 |
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Capital Goods |
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0.887 |
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Total Imports |
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18.937 |
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Total Expenditure |
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130.181 |
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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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0.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.87 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.83 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.48 |
6.75 |
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Current Ratio (Current Asset/Current Liability) |
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4.10 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Name of the company |
CLIMAX
SYNTHETICS PRIVATE LIMITED |
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Presented
By |
Mr. K R Mundhra, Director |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 29.10.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 31.450 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 |
Hypothecation of raw material, work in progress, finished goods, book debts, plant and machinery present and future belonging to the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Makarpura Industrial Estate
Branch, GIDC Makarpura, |
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6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated 17.01.2006 |
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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 charge is modified by reshuffling the credit facilities by way of sanction / review in facilities, sanctioned to the company from time to time, as mentioned in Annexure 1. |
As Per Web
Introduction
Subject is a trust-worthy name
for the past 32 years in serving for almost all the irrigations across the
nation. The 32 years, long span of time itself tells the success story. They
are one of the primary manufacturers of HDPE sheets and Geomembranes, HDPE
pipes and Fittings, LDPE Films/ Sheets, U.V. Stabilized films and HDPE Pipes.
Sincerity and Hard-Work has successfully maintained the quality of the products
that too with end number of services. They have been associated with the
Government, Semi-Government organizations as well as the Corporate giants. They
value the treasure of natural resources, Nature has bestowed them with. They
cannot think of creating the natural resources, but definitely can preserve
them and utilize in numerous ways to make a prosperous life. ‘United they
stand, Divided they fall’ is the philosophy behind the successful team work.
Objectives
The main objective is to provide quality product to their customers. A regular
survey of quality and product development is carried out by their team of
experts. They believe in giving the best services keeping the
most important thing in mind that is ‘TIME’.
Quality Policy
Customer Satisfaction is their prime motive. Climax takes the responsibility
for removing hazardous waste, pollution and other harmful factors that are
contaminating their environment. They believe in keeping pace with present time
and constantly look for the new and advanced technology to solve their
customer’s problems. ‘Customer Satisfaction’ is their greatest asset. ‘
QUALITY’ and ‘PERFORMANCE’ are the two important keys, which has made them won
the trust of the valuable customers.
Menifest
A
firm and total quality commitment from all the individuals of their
organization to provide the highest quality products and services to their
customers.
Production
Capacity
The total production capacity is 14,000 M.T.
Polymers handled during the year 2006-07 is 12,610
PE
Properties
Properties :
Lightness
Flexibility
Puncture resistance
Deformability, conformability to the soil
Weldability, seamability
Low co-efficient of thermal expansion
Critical friction angle
Ageing & weathering
Inert material
Non-toxic
Strengths
1. Environmental stress and crack
resistance
2. Water resistance
3. Chemical resistance
4. UV & Thermal Weathering
resistance
5. Confirmation to sub-soil movements
6. Tear resistance
7. Puncture resistance
8. Repairable
9. Recyclable
10. Low permeability
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.66 |
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1 |
Rs.81.70 |
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Euro |
1 |
Rs.55.05 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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