MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
EDATHALA POLYMERS PRIVATE LIMITED |
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Registered Office : |
Enjakudy North Edathala P O EP//III/72, Alwaye, Ernakulam,
Kerala-683564 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.04.1993 |
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Com. Reg. No.: |
7091 |
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CIN No.: [Company
Identification No.] |
U24134KL1993PTC007091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNE01060D |
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PAN No.: [Permanent
Account No.] |
AAACE5065G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters and Importers of Synthetic Rubber in Primary Forms. |
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 47000 |
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Status : |
Small company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported a experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Enjakudy North Edathala P O EP//III/72, Alwaye, Ernakulam,
Kerala-683564, |
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Tel. No.: |
91-484-2637302/ 2638981 |
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Fax No.: |
91-484-2638614/ 2620000 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M B Mohammad Ali |
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Designation : |
Managing Director |
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Address : |
Mezhukkajtil House, Erumathala P O, Aluva, Ernakulam-683564, Kerala |
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Date of Birth/Age : |
01.03.1951 |
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Date of Appointment : |
20.08.1996 |
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Name : |
Mr. M B Alhad |
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Designation : |
Director |
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Address : |
Mezhukkajtil, Chunangamvely, Erumathala P O Aluva, Ernakulam-683105,
Kerala |
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Date of Birth/Age : |
17.10.1961 |
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Date of Appointment : |
20.08.1996 |
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Name : |
Mr. Shiyas Ali M M |
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Designation : |
Director |
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Address : |
Mezhukkajtil, Chunangamvely, Erumathala P O Aluva, Ernakulam-683105,
Kerala |
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Date of Birth/Age : |
20.09.1962 |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr. M M Ali Ubais |
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Designation : |
Director |
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Address : |
Mezhukkajtil, Chunangamvely, Erumathala P O Aluva, Ernakulam-683105,
Kerala |
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Date of Birth/Age : |
05.12.1959 |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr. E K Abdul Rahman |
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Designation : |
Director |
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Name : |
Mr. E C Kunjumuhammed |
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Designation : |
Director |
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Name : |
Mr. E K Abdul Azeez |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. M B Ali Mohammed |
1464 |
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Mr. Ali Mohammed Hajira |
1035 |
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Mr. M B Alhad |
828 |
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Mr. M M Ali Shiyas |
1788 |
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Mr. M M Ali Ubais |
1787 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Synthetic Rubber in Primary
Forms. |
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Products : |
Crumb Rubber |
GENERAL INFORMATION
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Bankers : |
State Bank of Travancore, Aluva Branch of Catholic Centre, Catholic Syrian Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. George Joseph Chartered Accountants |
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Address : |
G Joseph & Associates, 39/4746, First Floor, |
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Tel No: |
91-484-2363941/ 2363397 |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500 |
Equity Shares |
Rs.1000/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
6902 |
Equity Shares |
Rs.1000/-
each |
Rs.6.902
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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6.902 |
6.902 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.852 |
2.527 |
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4] (Accumulated Losses) |
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0.000 |
(2.898) |
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NETWORTH |
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11.754 |
6.531 |
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LOAN FUNDS |
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1] Secured Loans |
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7.537 |
7.457 |
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2] Unsecured Loans |
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7.889 |
8.459 |
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TOTAL BORROWING |
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15.426 |
15.916 |
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DEFERRED TAX LIABILITIES |
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2.503 |
0.464 |
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TOTAL |
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29.683 |
22.911 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.838 |
14.347 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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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14.863 |
5.063 |
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Sundry Debtors |
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2.405 |
2.484 |
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Cash & Bank Balances |
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1.697 |
1.764 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.074 |
2.600 |
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Total
Current Assets |
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24.039 |
11.911 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.400 |
2.623 |
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Provisions |
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1.794 |
0.724 |
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Total
Current Liabilities |
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8.194 |
3.347 |
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Net Current Assets |
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15.845 |
8.564 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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29.683 |
22.911 |
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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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208.291 |
131.055 |
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Other Income |
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4.721 |
0.000 |
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Total Income |
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213.012 |
131.055 |
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Profit/(Loss) Before Tax |
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8.185 |
1.185 |
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Provision for Taxation |
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2.962 |
0.000 |
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Profit/(Loss) After Tax |
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5.223 |
1.185 |
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Total Imports |
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1.316 |
0.000 |
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Total Expenditure |
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204.827 |
129.870 |
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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2.45 |
0.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.93 |
0.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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21.61 |
4.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.70 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.01 |
2.95 |
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Current Ratio (Current Asset/Current Liability) |
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2.93 |
3.56 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
EDATHALA
POLYMERS PRIVATE LIMITED |
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Presented By |
State Bank of Travancore, Aluva Branch of Catholic Centre, |
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1) Date and description of instrument creating the change |
Memorandum of Deposit of title deeds on 31.03.2004 Agreement for cash credit hypothecation of goods in form K dated 31.03.2004. Agreement for cash credit hypothecation of debts and assets in form L dated 31.03.2004 Deed of hypothecation dated 31.03.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 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 of company’s immovable properties namely, 27 cents in Sy. No.853/9, 1 Acre 14 Cents in Sy. No.863/4, 863/3, 853/10, 29 cents in Sy. No.871/2, 12 cents in Sy. No.853/9, 26 cents in Sy. No.853/9, 37 cents in Sy. No.853/9, 63 cents in Sy. No.863/4, 14 cents in Sy. No.853/9, 8, 60 cents in Sy. No.853/12, 23 cents in Sy. No.853/8, 2 cents in Sy. No.853/12, 24 cents in Sy. No.863/5, 56 cents in Sy. No.863/1, 9 cents in Sy. No.853/7, 5 cents in Sy. No.853/7 in Edathala Kara, ALuva East Village, Aluva Taluk, Aluva Sub District, Ernakulam District together withal improvements including the buildings existing and/or to be constructed thereon. The whole of the borrower’s stocks of scrap rubber, crumb rubber etc. whether raw or in process of manufacture and all articles manufactured there from which now or hereafter from time to time during this security shall be brought in stored or be in or about the borrower’s godowns or premises at EP/III/72, Edathala P O, Aluva or wherever else the same may be (including any such goods kin course of transit or delivery). All the borrower’s present and future book debts, outstanding moneys receivable claims bills contracts engagements securities investments, rights and assets. Whole of the movable properties of the borrower including its movable plant and machinery, machinery spares, tools and accessories and other movables both present and future, whether installed or not and whether now lying loose or in cases or which rare now lying or stored in or about or hereinafter from time to time during the continuance of these presents be brought into or be stored or be in or about all the borrower’s factories, premises an or in the course of transit or on order or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1.5% above state Bank of Travancore prime lending rate minimum 12.5% p.a. Repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Travancore, Aluva Branch of Catholic Centre, |
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6) Date and brief description of instrument modifying the charge |
Memorandum of extension of equitable mortgage on 24.03.2005 (No instrument executed). Agreement for cash credit hypothecation of goods in from K dated 24.03.2005. Agreement for cash credit hypothecation of goods in form K dated 24.03.2005. Deed of hypothecation dated 24.03.2005. |
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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 24.03.2005 the existing cash credit limit of Rs.5.000 millions was enhanced by an additional loan limit of Rs.2.500 millions making the total limit to Rs.7.500 millions. Equitable mortgage of company’s immovable properties
namely, 0.90 ares in Re. Sy. No.228/14, 3.20 acres in Re. Sy. No.228/15,
22.80 ares in Re.Sy. No.228/16, 0.95 ares in Re. Sy. No.228/17, 29.60 ares in
Re. Sy.228/18, 23.90 ares in Re.Sy.No.228/19, 18.70 ares in Re.Sy.No.228/20,
42.20 ares in Re. Sy.No.228/21 and 10.20 ares in RE. Sy. No.227/15 in The existing charge on the whole of the borrowers stocks of scrap rubber, crumb rubber etc. whether raw or in process of manufacture and all articles manufactured there from which now or hereafter from time to time during this security shall be brought into stored or be in or about the borrower’s godowns or premises at EP/III/72, Edathala P O, Aluva or wherever else the same may be (including any such goods in course of transit or delivery) were extended to the additional limit of Rs.2.500 millions (Present limit Rs.7.500 millions) The existing charge on all the borrower’s present and future book debts outstanding moneys receivable claims bills contracts engagements investments rights and assets were extended to the additional limit of Rs.2.500 millions (Present limit Rs.7.500 millions) the existing charge on whole of the movable properties of the borrower including its movable plant and machinery, machinery spares, tools and accessories and other movables both present and future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or hereinafter from time to time during the continuance of these presents be brought into or be stored or be in or about all the borrower’s factories, premises any or in the course of transit or on order or delivery were extended to the additional limit of Rs.2.500 millions (present limit Rs.7.500 millions). Interest rate was revised to 11% per annum. |
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Corporation identity number or foreign company registrations number of the company |
U24134KL1993PTC007091 |
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Name of the company |
EDATHALA POLYMERS PRIVATE LIMITED |
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Address |
Enjakudy North Edathala P O EP//III/72, Alwaye, Ernakulam,
Kerala-683564, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Book debts Movable property (not being pledge) |
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Particular of the charge holder |
State Bank of Travancore, Aluva Branch of Catholic Centre, |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of goods an assets Memorandum of extension of equitable mortgage |
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Date of the instrument creating charge |
13.03.2007 |
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Amount Secure by the charge |
Rs.1.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : Interest @ of 1% above the normal CC rate i.e. 14% p.a. Terms of repayment Repayable on demand Margin As determined by the bank Extent and operation of the charge Hypothecation of company’s assets and mortgage of immovable properties
as security for the loans sanctioned along with interest and other deeds
thereon. |
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Particulars of the Property charged |
All present and future goods, book debts and all other movable assets Companies immovable properties |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.71 |
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|
1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
36 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|