MIRA
INFORM REPORT
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Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
KROSLINK POLYMERS PRIVATE LIMITED |
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Registered Office : |
S-195, MIDC, Bhosari, Pune-411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.01.1986 |
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Com. Reg. No.: |
11-38687 |
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CIN No.: [Company
Identification No.] |
U24220MH1986PTC038687 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To acquire and take over as a going concern the business of any
concern or firm engaged in similar business, together with its goodwill and all
other assets and liabilities. |
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 100000 |
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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.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments re usually
correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
S-195, MIDC, Bhosari, Pune-411026, Maharashtra, India |
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Tel. No.: |
91-20-27122434/ 26820852 |
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Fax No.: |
91-20-24113730 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vishwas V. Ghotge |
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Designation : |
Director |
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Name : |
Mr. Pramod Pardhy |
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Designation : |
Director |
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Address : |
5, Meghmathar Apartments, Lokmanya Colony, Kothrud, Pune-411038, Maharashtra,
India |
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Date of Birth/Age : |
19.07.1952 |
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Date of Appointment : |
01.01.1996 |
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Name : |
Mr. Ajit Narayan Khot |
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Designation : |
Director |
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Address : |
201, Uma Niwas, Saraswati Baug, Jogeshwari (East), Mumbai-400060, Maharashtra,
India |
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Date of Birth/Age : |
02.04.1945 |
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Date of Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Vishwas V. Ghotge (HUF) |
11000 |
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Mr. Vishwas V. Ghotge |
7500 |
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Mrs. Supriya V. Ghotge |
12500 |
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Mr. Rohan V. Ghotge |
9000 |
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Mr. Vinay V. Ghotge |
10000 |
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Mrs. Sumedha V. Ghotge |
9600 |
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Ms. Vidula V. Ghotge |
200 |
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Mr. Ajit Narayan Khot (HUF) |
2000 |
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Mr. Ajit N. Khot |
13900 |
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Mr. Jagdish M. Nadkarni (HUF) |
9000 |
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Mr. Jagdish M. Nadkarni |
8300 |
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Mrs. Jayashree J. Nadkarni |
20000 |
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Mr. Arjun J. Nadkarni |
12700 |
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Mr. Sriniwas B. Sardesai |
16600 |
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Mr. Pramod D. Pardhy |
29400 |
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Colorbond Marketing Limited |
20000 |
BUSINESS DETAILS
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Line of Business : |
To acquire and take over as a going concern the business of any
concern or firm engaged in similar business, together with its goodwill and
all other assets and liabilities. |
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Products : |
Resins |
GENERAL
INFORMATION
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No. of Employees : |
49 |
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Bankers : |
State Bank of India, Deccan Gymkhana Branch, Pune, Maharashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dhere & Yeolekar Chartered Accountants |
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Address : |
3, Laxmi Niwas, Subhash Road B, Near National Plastics, Vile Parle
(East), Mumbai-400057, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000
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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2.000 |
2.000 |
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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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20.900 |
19.803 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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22.900 |
21.803 |
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LOAN FUNDS |
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1] Secured Loans |
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1.409 |
0.709 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.409 |
0.709 |
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DEFERRED TAX LIABILITIES |
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1.043 |
1.169 |
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TOTAL |
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25.352 |
23.681 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.200 |
12.042 |
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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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1.618 |
9.898 |
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Sundry Debtors |
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2.857 |
2.745 |
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Cash & Bank Balances |
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0.250 |
2.055 |
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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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14.179 |
6.057 |
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Total
Current Assets |
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18.904 |
20.755 |
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Less : CURRENT LIABILITIES
& PROVISIONS |
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Current Liabilities |
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1.524 |
3.176 |
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Provisions |
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3.228 |
5.940 |
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Total
Current Liabilities |
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4.752 |
9.116 |
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Net Current Assets |
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14.152 |
11.639 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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25.352 |
23.681 |
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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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.27 |
0.45 |
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Current Ratio (Current Asset/Current Liability) |
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3.98 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
KROSLINK
POLYMERS PRIVATE LIMITED |
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Presented By |
State Bank of India, Deccan
Gymkhana Branch, Pune. |
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1) Date and description of instrument creating the change |
General agreement for the grant of small industrial advances and hypothecation of movables, book debts and other assets. Ancilliarry agreement No.1 Ancilliary agreement No.3 Ancillary agreement No.6 All the anove agreements are dated 24.03.1995 and executed for creation of a single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.450 millions Demand cash credit : Rs.0.850 millions Demand cash credit : Rs.1.000 millions Letter of credit : Rs.0.600 millions Guarantees and Indemnities : Rs.2.450 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future goods, book debts, movables and other assets of the borrowers including documents of titles to goods and other assets, such as outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and rights and the present and future machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : 2% over SBAR min.16% p.a. Margin : Letters of credit : 25% Guarantees : 25% Indemnities : 25% Trade bills : 25% Raw Material, Semi finished and finished goods : 25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Deccan Gymkhana Branch, Pune |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.27 |
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UK Pound |
1 |
Rs.86.87 |
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Euro |
1 |
Rs.58.53 |
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 |
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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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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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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions