MIRA
INFORM REPORT
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Report Date : |
10.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
POLYMER PAPERS LIMITED |
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Registered Office : |
L-41, Connaught Circus, New
Delhi - 110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19/10/1974 |
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Com. Reg. No.: |
55-7495 |
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CIN No.: [Company
Identification No.] |
L21093DL1974PLC007495 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP00279G |
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PAN No.: [Permanent
Account No.] |
AAACP0271B |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers, suppliers and exporters of special purpose
machines for manufacturing of filters,
filter paper, adhesive,
testing equipment for filters and filter components. |
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 350000 |
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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 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 : |
L-41, Connaught Circus, New
Delhi - 110 001, India |
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Tel. No.: |
91-11-26332187 / 26331248 |
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Fax No.: |
91-11-26934803 |
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E-Mail : |
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Website : |
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Corporate Office / Factory : |
12/06, Mathura Road, Faridabad – 121003, Haryana, India |
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Tel. No.: |
91-129-2275325 / 2275346 / 2275377 |
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Fax No.: |
91-129-2273720 / 2277262 |
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E-Mail : |
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Corporate Office / Factory : |
9 KM Bhopa Road, Muzaffarnagar
- 251 001, Uttar Pradesh |
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Tel. No.: |
91-0131-2413415 |
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Fax No.: |
91-0131-2413415 |
DIRECTORS
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Name : |
Mr. Vachaspati Dixit |
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Designation : |
Chairman |
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Name : |
Mr. Sunil Puri |
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Designation : |
Managing Director |
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Name : |
Mr. Dhruv Puri |
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Designation : |
Executive Director |
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Name : |
Ms. Renu Puri |
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Designation : |
Director |
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Name : |
Mr. Suresh Puri |
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Designation : |
Director |
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Name : |
Mr. Pardeep Wig |
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Designation : |
Director |
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Name : |
Mr. Surender Nath Kapur |
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Designation : |
Director |
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Name : |
Mr. Gurmit Singh |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, suppliers and exporters of special purpose
machines for manufacturing of filters,
filter paper, adhesive,
testing equipment for filters and filter components. |
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Products : |
Polyfil Railway Locomotive Applications HVAC Filters Hydraulic Filters Automotive Filters Gas Turbines Filters Defence Applications Polymac Filter Manufacturing Equipment Filter Testing & Quality Control Equipment Polychem Polybond Polycol Polythane Polythane Polysol PolyDite Polypa Filter Papers Impregnated Filter Paper Pleated Packs &
Strips Polycomp End Caps Rubber Components |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Mehra Goel and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
920000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
9.200 |
9.200 |
9.200 |
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2] Reserves & Surplus |
77.900 |
78.700 |
81.000 |
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NETWORTH |
87.100 |
87.900 |
90.200 |
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LOAN FUNDS |
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1] Secured Loans |
25.100 |
31.600 |
27.100 |
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2] Unsecured Loans |
2.500 |
1.400 |
1.300 |
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TOTAL BORROWING |
27.600 |
33.000 |
28.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
114.700 |
120.900 |
118.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.400 |
56.500 |
59.200 |
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Capital work-in-progress |
5.900 |
7.900 |
7.600 |
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INVESTMENT |
3.200 |
3.200 |
7.600 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.900
|
23.800 |
15.800 |
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Sundry Debtors |
35.400
|
39.700 |
52.600 |
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Cash & Bank Balances |
5.900
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2.900 |
3.100 |
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Loans & Advances |
29.200
|
27.500 |
22.900 |
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Total
Current Assets |
92.400
|
93.900 |
94.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.200
|
40.600 |
49.000 |
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Provisions |
0.000
|
0.000 |
1.200 |
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Total
Current Liabilities |
37.200
|
40.600 |
50.200 |
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Net Current Assets |
55.200
|
53.300 |
44.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
114.700 |
120.900 |
118.600 |
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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 |
188.500 |
195.400 |
198.000 |
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Other Income |
3.600 |
2.600 |
2.100 |
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Stock Adjustments |
[0.400] |
5.300 |
[1.900] |
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Total Income |
191.700 |
203.300 |
198.200 |
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Profit/(Loss) Before Tax |
2.400 |
3.300 |
7.100 |
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Provision for Taxation |
1.100 |
0.500 |
2.000 |
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Profit/(Loss) After Tax |
1.300 |
2.800 |
5.100 |
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Expenditures : |
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Raw
Materials |
87.100
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98.200
|
91.000
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Excise
Duty |
25.100
|
25.800
|
24.100
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Power
& Fuel Cost |
26.000
|
25.700
|
21.800
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Other
Manufacturing Expenses |
6.100
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6.900
|
7.400
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Employee
Cost |
16.300
|
17.500
|
16.100
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Selling
and Administration Expenses |
21.000
|
19.000
|
22.700
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Miscellaneous
Expenses |
0.800
|
0.900
|
1.600
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Interest
& Financial Charges |
5.200
|
4.100
|
4.500
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Depreciation
|
1.700
|
1.900
|
1.900 |
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Total Expenditure |
189.300 |
200.000 |
191.100 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
0.68 |
0.69 |
0.68 |
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Long
Term Debt-Equity Ratio |
0.10 |
0.11 |
0.13 |
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Current
Ratio |
1.44 |
1.32 |
1.27 |
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TURNOVER
RATIOS |
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Fixed
Assets |
3.12 |
3.24 |
3.43 |
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Inventory |
8.25 |
9.87 |
11.86 |
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Debtors |
5.02 |
4.23 |
4.30 |
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Interest
Cover Ratio |
1.46 |
1.80 |
2.58 |
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Operating
Profit Margin(%) |
4.93 |
4.76 |
6.82 |
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Profit
Before Interest And Tax Margin(%) |
4.03 |
3.79 |
5.86 |
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Cash
Profit Margin(%) |
1.59 |
2.41 |
3.54 |
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Adjusted
Net Profit Margin(%) |
0.69 |
1.43 |
2.58 |
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Return
On Capital Employed(%) |
10.18 |
9.83 |
16.24 |
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Return
On Net Worth(%) |
2.93 |
6.29 |
12.00 |
LOCAL AGENCY
FURTHER INFORMATION
Turnover and Profits:
The Company recorded a turnover of Rs.164.802 Millions (Gross Rs.188.508 Millions,
inclusive of Excise Duty) during the financial year 2005-2006 as against
Rs.170.572 Millions in the previous year. The net profit of the Company before
tax is Rs 2.365 Millions for the financial year 2005-2006 as against Rs.3.291
Millions for the previous year.
Operations:
The pulp and fuel prices are rapidly increasing world wide and these are
affecting the profitability. The Company is engaged in finding the alternate
materials to reduce the cost.
Exports:
The Company achieved export turnover of Rs.20.233 Millions during the year
under review as compared to Rs.15.577 Millions during the previous year.
Prospects:
The years to come are challenging due to high volatility in major raw materials
and fuel prices. The company is making efforts to increase the sales and
export, though the market is very competitive.
The Company earned Rs.20.233 Millions in foreign currency
and outflow of foreign currency was Rs.23.369 Millions.
AS PER
WEBSITE
Company’s
Vision
To fulfill the filtration related needs of their customers by providing
superior quality products at competitive prices through continuous improvement
in services and performance of products.
Corporate
Information
Polymer
Papers Limited is a Public Limited Company, incorporated in1974, having its
Registered Office at New Delhi, capital
of India. It has got two manufacturing
facilities in northern India at Faridabad,
Haryana and Muzaffarnagar, UP and third one is situated at western part of India. Company’s turnover
from a modest figure of Rs. 80,000-00 (USD 1700) in 1997 has grown to over 200
million (USD 4.5 M) in the financial year 2001-02; it has got a continuous
upstream growth rate for past several years. Company is headed by Managing
Director under the superintendence of a broad based Board of Directors
comprising of eminent bankers, civil servants, lawyers and technocrats. The
day-to-day activities are managed by professionals of their respective fields.
They have 180 dedicated and energetic employees with 83 staff members of
various levels. For better control and quality services to their activities
with following product wise divisions:
1. Filter Paper Division
2. Engineering Division
3. Filter Division
4. Chemical Division
5. Environmental Services Division Filter Paper Division
Polymer
Paper Limited is one of the largest filter paper manufacturer in this region.
The unique part is that they are the only filter paper manufacturer in Asia who
has got its own base paper as well as impregnation (saturation processing facility).
Polypa base a saturated range of product covers a spectrum of a variety of
cellulose base media ranging from grammages of 92 to 250. The base paper are
processed and manufactured from a variety of pulps imported from reputed
international sources. The company has also developed and established in India
a special application cotton linter pulps blends of filter paper has also 100%
cotton linter pulps base paper crepe. A variety of crepe grades of fuel
application filter paper have also developed by them. The company has
undertaken a project by importing machineries of paper plant from Germany to
augment present capacity as well as processing speciality filter paper at a new
site, which is under the construction. They are one of the largest filter paper
manufacturer and supplier to Indian Rail Road for their filters used in
locomotives. Besides the rail road application their filter papers are used for
the entire vehicle manufacturer in India through different filter
manufacturers.
Poly paper Limited has pool of highly motivated, experienced
people of machine of designing, building and manufacturer of filter equipment,
filter and filter component. Their range of product offers a vide variety of
special purpose machine for manufacturing of filters, filter paper, adhesive,
testing equipment for filters and filters components. Their product range
attracts all valued customers of every corner of the world.
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.44.22 |
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UK Pound |
1 |
Rs.85.27 |
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Euro |
1 |
Rs.58.24 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
|
47 |
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 |
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