MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
POLYCOM ASSOCIATES |
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Registered Office : |
411, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.08.1996 |
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IEC No.: |
0397015151 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTP01557D |
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PAN No.: [Permanent
Account No.] |
AADFP8097K |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturing and Selling of flexible Electrical and Insulation Composites and Cable Wraps. |
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 330000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
411, |
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Tel. No.: |
91-22-28329474 / 75 / 76 |
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Mobile No.: |
91-9820034608 |
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Fax No.: |
91-22-28329886 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft.(Owned) |
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Factory 1 : |
Plot No. 26, GIDC, Daman Industrial Estate, Dabhel, Daman
– 396 210, |
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Tel. No.: |
91-260-243173 |
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Fax No.: |
91-260-243704 |
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Location : |
25,000 sq. ft. (Owned) |
PARTNERS
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Name : |
Mr. Ramesh V. Shah |
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Designation : |
Managing Partner |
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Address : |
9, Shubham Apartment, |
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Date of Birth/Age : |
54 years |
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Qualification : |
B. Com. |
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Experience : |
29 years |
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Name : |
Mr. Chintan R. Shah |
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Designation : |
Partner |
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Address : |
9, Shubham Apartment, |
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Date of Birth/Age : |
24 years |
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Qualification : |
B.E. (Production) |
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Experience : |
2 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of flexible Electrical and Insulation Composites and Cable Wraps. |
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Brand Names : |
Its’ brand names are “ Gartherm”, “Garpleece”, “Garkon”, “Garfab”, “Gardicot”, “IMPG (Fleece)”, “Polyal”, “Polysteel”, “Cable Wraps”, etc. |
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Exports : |
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Products : |
Flexible Electrical Insulating Materials and laminated
aluminium foil |
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Countries : |
Middle East and |
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Imports : |
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Products : |
Insulating material |
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Countries : |
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Terms : |
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Selling : |
L/C or Credit terms |
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Purchasing : |
L/C or Credit (30/60/90 days) terms |
GENERAL INFORMATION
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Customers : |
Wholesalers, end users and Original Equipment Manufacturers such as Motor Manufacturers and Cable Manufacturers. Some of Customers include : Electric Motors
Industries : v Siemens Limited v ABB Limited v Kirloskar Electric company Limited Cable Industries : v Finolex Cables Limited v Ravin Cables Limited v Sterlite Cables Limited v RPG Cables Limited General Engineering
Industries : v Crompton Greaves – Transformer Division v Hematic Motors Limited v HMTD Engineering Private Limited v Kerala Electrical And Allied Engineering v
PRS Permacel Private Limited |
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No. of Employees : |
It employs around 55 persons in its set up comprising of 15 persons in office and 40 persons in factory. |
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Bankers : |
v Development Credit Bank Limited. Nariman Point, Mumbai – 400 021. v Development Credit Bank Limited, Goregaon, Mumbai – 400 063 v HDFC Bank Limited, Mumbai – 400 069 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. P. Shah Associates Chartered Accountants |
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Address : |
Rajhans, 1st Floor, GIDC, Char Rasta, Vapi, |
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Tel. No.: |
91-260-2423540 |
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Fax No.: |
91-260-2425540 |
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Memberships : |
1. Chemicals and Allied Export Promotion Council 2.
3. Indian Electrical and Electronics Manufacturer’s Association 4. Indian Merchant Chambers 5.
All |
CAPITAL STRUCTURE
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Capital Investment (As on
31.03.2004) : |
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Owned : |
Rs.69.971 millions |
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Borrowed : |
Rs.13.675 millions |
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Total : |
Rs.83.646 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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460.000 |
450.000 |
Expected Sales (2007-08) : Rs.500.000 millions
Financials :
Management assured to provide summarized audited financials and shall supplement
soon (If made available).
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
The concern is engaged in manufacturing and exporting of multi layer
flexible electrical insulation composites material and cable wraps.
The concern is in trade terms with :
v
Kirloskar Electric Limited,
v
Siemens Limited,
v
Universal Cable Limited, Satna,
v
v
Dupont, Mumbai
v
ABB,
v
CAPEXIL
v
IMC
Website Details :
Company Profile
Subject Associates is a high integrity organization manufacturing Flexible
Multi-layer Composites.
Established in 1997 by progressive business group, Subject offers
definite business solution to ever wanting High-tech Flexible Electrical
Insulation needs.
Today, Subject has extensive experience and technology skills to be the market
leaders for the product fields of Electrical Motor Insulation, Cable Wraps and
Packaging Industries.
Subject's manufacturing plant
at
Up-to-date R&D and quality control facilities enable Subject to manufacture
the complete range of products to meet the customers' needs for quality and
timely product supply.
Tight integration of the plant with the corporate
offices all-over
Combining global spread with detailed knowledge of domestic market, Subject
also undertakes product distribution activities for the world's best known
companies such as Dupont, Garware,
Bakelite Hylam etc.
Their experts help the customers to meet
their target in cost effective High-tech Insulation designs.
Management
Mr. Kaniyalal Shah
Mr. Kanaiyalal Shah is the founder of the company. He is a frontline
leader in the true sense. With his pioneering efforts and 30 years of
experience in business he has taken the company to great heights. He motivates
the team to achieve total customer delight, which is of utmost importance to
him.
Mr. Ramesh Shah
Mr.
Ramesh Shah has put efforts of taking the company to greater heights. He
has 25 years of immense professional experience to his credit & has
traveled all over the globe. He is a firm believer in perfection. Fiercely
ambitious, he considers 'Sky as the Limit'.
He has been honored with 'The
Man of Achievement Award 2000' by International Publishing House for his
immense professional experience, vast practical expertise duly blended with an
academic competence.
Mr. Niranjan Shah - Finance Manager
Dedication
is the driving force of Mr. Niranjan Shah. 25 years of experience and knowledge
of the financial intricacies
Mr. Mulesh Mehta - Production Manager
Backed by 15 years of professional experience, Mr. Mehta manages the
production activities on rigid norms of quality control enabling the company to
achieve its due share in the product market.
Mr B S Sudhakar - Marketing Manager
Mr. B S Sudhaker is an connoisseur in marketing activities and has
earned 25 years of experience in the field of marketing and administration.
Products
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Electrical Motor Insulation |
Cable Wraps |
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Garlam |
Polyal |
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Garfleece |
Polycab |
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Prepregs |
Polycol |
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Garfleece
(Impregnated) |
Polycop |
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Gartherm |
Polysteel |
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Garkon |
Semi Conductives |
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Garfab |
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Gardicot |
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Other Products
Polybond Coated Aluminum
film for Waterproofing in Construction
Applications
Silpet Siliconised Polyester Film for PSS tapes & Labels
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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1 |
Rs.81.55 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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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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54 |
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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<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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