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MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
POWER ADDITIVES ( |
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Registered Office : |
4, Anil Chambers, Behind Sakinaka Tele. Exchange, Sakinaka,
Mumbai-400072, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.10.2000 |
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Com. Reg. No.: |
11-129047 |
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CIN No.: [Company
Identification No.] |
U25209MH2000PTC129047 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP20999G |
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PAN No.: [Permanent
Account No.] |
AACCP9068J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of a range of Polymer and Plastic additives. |
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 22000 |
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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 reported as 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 : |
4, Anil Chambers, Behind Sakinaka Tele. Exchange, Sakinaka,
Mumbai-400072, |
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Tel. No.: |
91-22-28561720/ 21/ 22/ 23 |
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Fax No.: |
91-22-28561719/ 18 |
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E-Mail : |
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Factory : |
Opposite |
DIRECTORS
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Name : |
Mr. Ishwarbhai G Machchi |
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Designation : |
Director |
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Address : |
Maruti Nandan, Near Khodyar Flour Mills, Nana Bazar, Vallabh Vidya
Nagar, Anand, Gujarat-388120 |
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Date of Birth/Age : |
16.09.1953 |
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Date of Appointment : |
09.12.2004 |
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Name : |
Mr. Rajesh K Patel |
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Designation : |
Director |
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Address : |
3, Poonam Apartment, Marve Road, Behind State Bank of |
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Name : |
Mr. Kamlesh B Patel |
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Designation : |
Director |
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Address : |
Postwali Khidki, Village Chikodara, Anand, Gujarat-388120 |
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Date of Birth/Age : |
27.02.1962 |
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Date of Appointment : |
09.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Brahmesh S Patel |
80000 |
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Mr. Bhailalbhai D Patel |
650 |
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Mr. Kamlesh Bhailal Patel |
500 |
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Ms. Shardaben B Patel |
500 |
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Brahmesh S Patel (HUF) |
90000 |
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Ms. Meena B Patel |
80000 |
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Mr. Someshwar B Patel |
80000 |
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Master Gupteshwar B Patel |
80000 |
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S & G Patel Trust |
20000 |
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B & M Patel Trust |
68250 |
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Ms. Krishna K Patel |
50 |
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Master Kewal K Patel |
50 |
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Total |
500000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of a range of Polymer and Plastic additives. |
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Products : |
PVC ADDITIVES |
GENERAL INFORMATION
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Auditors : |
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Name : |
A R Bhalja & Company Chartered Accountants |
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Address : |
212-16, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.005 |
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3] Reserves & Surplus |
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0.516 |
0.164 |
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NETWORTH |
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5.516 |
5.169 |
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LOAN FUNDS |
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1] Secured Loans |
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0.358 |
0.640 |
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2] Unsecured Loans |
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9.348 |
5.566 |
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TOTAL BORROWING |
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9.706 |
6.206 |
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TOTAL |
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15.222 |
11.375 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.211 |
0.952 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.881 |
5.627 |
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Sundry Debtors |
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15.473 |
9.523 |
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Cash & Bank Balances |
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1.423 |
2.527 |
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Loans & Advances |
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1.891 |
1.256 |
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Total
Current Assets |
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22.668 |
18.933 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.163 |
8.618 |
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Provisions |
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0.665 |
0.120 |
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Total
Current Liabilities |
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8.828 |
8.738 |
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Net Current Assets |
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13.840 |
10.195 |
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MISCELLANEOUS EXPENSES |
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0.171 |
0.228 |
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TOTAL |
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15.222 |
11.375 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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59.651 |
17.985 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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59.651 |
17.985 |
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Profit/(Loss) Before Tax |
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0.747 |
0.348 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.747 |
0.348 |
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Expenditures : |
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Interest |
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0.034 |
0.030 |
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Depreciation & Amortization |
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0.264 |
0.235 |
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Other Expenditure |
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58.606 |
17.372 |
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Total Expenditure |
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58.904 |
17.637 |
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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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1.25 |
1.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.25 |
1.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.12 |
1.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.36 |
2.89 |
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Current Ratio (Current Asset/Current Liability) |
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2.57 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Profile
Power group made a humble beginning in 1990 with the formation of Powerstab Products, a small step
towards meeting global standards in the field of Polymer Additives.
Over the past 12 years, the company witnessed a slow and steady growth,
both in terms of Capacity and Product range and today, is a force to reckon
with in the field of Polymer Additives. The
range of products have grown from Heat Stabilizers to various grades of one
packs, Processing Aids, Impact Modifiers, Polymeric Plasticisers, and
Speciality Lubricants.
The group companies have successfully carved a niche in both Domestic
and International Markets.
Subject has, at its disposal, a fully capable team of hard-core
professionals, who are well qualified and wel experienced in their respective
fields.
Subject has always believed in its philosophy and over the past few
years ,has been concentrating in establishing the corporate image of the group
in International market.It is now shifting its focus from National Prominence to Global Dominance.
It all began with the arrival of the visionary in Mr. Somabhai Patel, a
Polymer Chemistry post-graduate from
Presence
v
v
v
v U.A.E.
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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 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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45 |
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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