MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AMIT POLY SEATS LIMITED |
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Registered Office : |
113/8, Swaroop Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.12.1984 |
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Com. Reg. No.: |
20-6874 |
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CIN No.: [Company
Identification No.] |
U50300UP1984PLC0006874 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPA00270E |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing of all types of polyurethane moulded articles for bicycle seats, scooters and other auto industries seating wheels, bumpers, side panels, furniture’s, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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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Maximum Credit Limit : |
USD 46000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s Profitability is low. Payments are reported as slow but correct. The company can be considered for any business dealings at usual trade terms and conditions with slight caution. |
LOCATIONS
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Registered Office : |
113/8, Swaroop Nagar, |
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Tel. No.: |
91-512-2531294 / 3093779 / 214034 / 547475 |
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Fax No.: |
91-512-2314839 / 2544780 |
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E-Mail : |
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Area : |
800 sq. fts |
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Location : |
Rented |
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Factory 1/ Warehouse
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1890-1891, Village Choudhurypur, Mandhana, |
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Tel. No.: |
91-512-2790471 |
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Area : |
10000 sq. fts. |
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Location : |
Owned |
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Factory : |
113/8, Swaroop Nagar, |
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Tel. No.: |
91-512-2531294/3093779 |
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Fax No.: |
91-512-2314839 / 2544780 |
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E-Mail : |
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Area : |
800 sq. fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Subodh Kumar Singhania |
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Designation : |
Managing Director
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Address : |
113/8, Swaroop
Nagar, |
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Date of Birth/Age : |
20.08.1948 |
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Qualification : |
B. Com, ACA |
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Date of Appointment : |
07.12.1984 |
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Previous Employment: |
General Manager -
J. K. Sato Limited |
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Name : |
Mr. Sanjeev Gupta |
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Designation : |
Joint Managing
Director |
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Address : |
16/95, |
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Date of Birth/Age : |
17.01.1966 |
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Date of Appointment : |
20.04.1985 |
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Name : |
Mrs. Asha Singhania |
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Designation : |
Director |
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Address : |
113/8, Swaroop
Nagar, |
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Date of Birth/Age : |
24.10.1951 |
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Date of Appointment : |
20.04.1985 |
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Name : |
Mr. Amit Singhania |
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Designation : |
Whole Time
Director |
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Address : |
113/8, Swaroop
Nagar, |
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Date of Birth/Age : |
03.07.1973 |
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Qualification : |
B. Tech - IIT, |
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Date of Appointment : |
01.04.1999 |
DIRECTORS
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Name : |
Ms. Somya Agarwal
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Designation : |
Company Secretary
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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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Subodh Kumar Singhania |
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185112 |
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Tarawati Singhania |
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37 |
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Asha Singhania |
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94218 |
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Sanjiv Gupta |
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192880 |
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Indra Narain Gupta |
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41440 |
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Seema Gupta |
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37000 |
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Manish Gupta Jointly with Shashi Gupta |
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3700 |
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Neeta Gupta |
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5550 |
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Anubha Agarwal |
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4300 |
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M K Asundi |
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1250 |
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Ghanshyam Agarwal |
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5000 |
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Manish Gupta |
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8000 |
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India Securities Limited |
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310000 |
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Netwest Capital Services Limited |
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55000 |
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Total |
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943487 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of all types of polyurethane moulded articles for bicycle seats, scooters and other auto industries seating wheels, bumpers, side panels, furniture’s, etc. |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit terms |
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Purchasing : |
L/C, terms |
GENERAL INFORMATION
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Customers : |
Wholesalers, End Users and Manufacturers
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No. of Employees : |
170 |
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Bankers : |
C
Bank of Civil Lines
Branch,
C ICICI Bank C Bank
of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh & Jain Chartered Accountants |
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Address : |
59/488, |
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Tel. No.: |
91-512-2322643 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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22,50,000 |
Equity shares |
Rs. 10/-each |
Rs. 22.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9,43,487 |
Equity shares |
Rs. 10/- each |
Rs. 9.434 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.435 |
9.435 |
9.434 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.312 |
3.430 |
4.092 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.747 |
12.865 |
13.526 |
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LOAN FUNDS |
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1] Secured Loans |
9.894 |
10.675 |
13.022 |
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2] Unsecured Loans |
0.799 |
0.485 |
0.400 |
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TOTAL BORROWING |
10.693 |
11.160 |
13.422 |
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DEFERRED TAX LIABILITIES |
0.005 |
0.005 |
0.000 |
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TOTAL |
22.445 |
24.030 |
26.948 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.344 |
11.589 |
12.904 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.443 |
0.443 |
0.443 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.900
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7.513 |
5.702 |
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Sundry Debtors |
9.467
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11.875 |
12.416 |
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Cash & Bank Balances |
1.358
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1.732 |
1.954 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.943
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1.025 |
1.442 |
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Total
Current Assets |
17.668
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22.145 |
21.514 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.013
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10.165 |
8.440 |
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Provisions |
0.299
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0.399 |
0.005 |
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Total
Current Liabilities |
6.312
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10.564 |
8.445 |
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Net Current Assets |
11.356
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11.581 |
13.069 |
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Others |
0.302 |
0.417 |
0.532 |
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TOTAL |
22.445 |
24.030 |
26.948 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
18.296 |
18.338 |
36.102 |
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Increase / Decrease in Stocks of Goods |
16.303 |
20.713 |
0.176 |
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Other Income |
0.777 |
1.385 |
0.861 |
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Total Income |
35.376 |
40.436 |
37.139 |
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Profit/(Loss) Before Tax |
[1.110] |
[0.563] |
[0.622] |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
[1.110] |
[0.563] |
[0.622] |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
NA |
12.591 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
5.199 |
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Administrative Expenses |
0.000 |
0.000 |
4.677 |
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Raw Material Consumed |
24.205 |
28.158 |
24.659 |
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Purchases made for re-sale |
0.291 |
0.178 |
0.044 |
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Increase/(Decrease) in Finished Goods |
0.465 |
0.402 |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.645 |
2.021 |
0.000 |
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Payment to Auditors |
0.015 |
0.015 |
0.000 |
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Interest |
1.379 |
1.515 |
1.847 |
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Insurance Expenses |
0.027 |
0.128 |
0.000 |
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Power & Fuel |
2.834 |
2.653 |
0.000 |
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Depreciation & Amortization |
1.169 |
1.313 |
1.314 |
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Other Expenditure |
4.456 |
4.616 |
[0.600] |
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Total Expenditure |
36.486 |
40.999 |
37.140 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
[3.14]
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[1.39] |
[1.67] |
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Net Profit Margin (PBT/Sales) |
(%) |
[6.07]
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[3.07] |
[1.72] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[3.96]
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[1.67] |
[1.81] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.09]
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[0.04] |
[0.05] |
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Debt Equity Ratio (Total Liability/Networth) |
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1.45
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1.69 |
1.62 |
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Current Ratio (Current Asset/Current Liability) |
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2.80
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2.10 |
2.55 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Generating
Set
- Electric
Installations
- Dies
- Moulds
- Furniture and
Fixture
- Office
Equipments
- Tools
- Vehicles
Trade References :
- Maruti Udhyog
- Hero Honda
- Lohia Limited
The company imports raw materials like polyol, isocynate and inmould paints
The company is in trade terms with the following :
Ř Bullet Lock Company
Ř Guru Ram Dass Engineering Works
Ř Jaguars Packaging Private Limited
Ř K. S. Die Casters
Ř R. K. Forged Blanks Private Limited
Ř Royal Industries
Ř Shiv Moulding
Ř Shri Engineering & Fabricators
Ř S. S. Engineering Works
Ř Unitech
Ř
LML Scooter Limited,
Ř Hero Honda Limited, Bhiwandi
Ř
Olympic Management & Financial Services
Limited,
Bankers Charges
Report as per Registry
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Name of the company |
AMIT POLYSEATS
LIMITED |
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
Memorandum of
Deposit of Title deeds dated 08.11.2000 and registered on 17.11.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 18.000
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 |
Equitable Mortgage
by way of Deposit of title deeds in respect of all the free hold right in
that piece or parcel of land admeasuring Bigha Biswa bearing Arazi No. 1890
and 1891 situated at Village Chaudharypur, Mandhana, Kanpur together with the
constructions now standing thereon and together with the constructions that
may hereafter be made and other things attached thereof free from all other
charges and encumbrances. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is mortgage
on first charge basis to collaterally secure the following credit facilities
granted to the company.
Interest,
Commission and other charges as per applicable rates or as may be advised by
the and from time to time |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Oral Assets dated
25.08.2005 for extension of Equitable Mortgage on 26.12.2000 of enhance the
charge upto Rs. 19.500 Millions and modification registered on 08.01.2001 |
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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. |
On renewal the
additional Working Capital Demand Loan of Rs. 1.000 Millions has been granted
by Bank to the company further the Cash Credit Stocks Limit reduced from Rs.
6.000 Millions to Rs. 2.000 Millions Cash Credit reduced from Rs. 6.500
Millions to Rs. 5.000 Millions foreign Bills Purchase Limit reduced from Rs.
6.500 Millions to Rs. 5.000 Millions Foreign Bills Purchase limit reduced
from Rs. 2.000 Millions to Rs. 1.000 Millions L/C import limit reduced from
Rs. 5.600 Millions to Rs. 5.000 Millions and Bank Guarantee limit reduced
from Rs. 2.000 Millions to Rs. 1.000 Millions However the Export Packing
Credit Limit remained the same at Rs. 2.000 Millions. Therefore the total amount
of charge secured against equitable mortgage by way of deposit of title deeds
in respect of company’s immovable properties as mentioned in column number
above has been reduced from Rs. 19.500 Millions to Rs. 17.000 Millions to
secure the following credit facilities granted by Bank to the company :
The details of
properties equitable mortgage for the modified credit facilities aggregating
to Rs. 17.000 Millions are as under Property bearing Arazi No. 1890 and 1891 situated
at Village Chaudharypur, Mandhana, Kanpur together with the constructions now
standing thereon and together with the constructions that may hereafter be
made and thereon and also other together with the fixtures, fittings and
other things attached thereto free from all other charges and encumbrances. Other terms and
conditions remain the same. |
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.40.98 |
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|
1 |
Rs.80.98 |
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Euro |
1 |
Rs.54.99 |
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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