MIRA
INFORM REPORT
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Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
EOC TAILOR MADE POLYMERS INDIA PRIVATE LIMITED |
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Formerly Known As : |
RAJ PRAKASH CHEMICALS LIMITED |
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Registered Office : |
114, Mittal Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.12.1973 |
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Com. Reg. No.: |
11-17080 |
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CIN No.: [Company
Identification No.] |
U24110MH1973PTC017080 / U25209MH1996PTC098171 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business as manufacturers of and dealers in and importers,
exporters and distributors and to manufacture, prepare, produce, buy, sell,
resell, supply, alter, exchange, advertise, utilize, improve, distribute,
store, stock, invent, place on market or otherwise deal in monomeric acrylic
esters, polymers and co-polymers derived from these and other monomers,
materials for processing, bleaching, treating, printing and finishing
textiles, leather and paper. |
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 150000 |
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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 : |
114, Mittal Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22025583 / 22020227 |
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Fax No.: |
91-22-22024993 / 28168 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajendra Vasantlal Patel |
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Designation : |
Managing Director |
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Address : |
47, Usha Kiran, 15 Carmichael Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
25.01.1945 |
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Date of Appointment : |
15.12.1973 |
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Name : |
Mr. Gerard J. Marsman |
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Designation : |
Director |
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Address : |
DE Bruwaen 24, B – 9700, Oudenaarde, Belgium |
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Date of Birth/Age : |
04.09.1943 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Mr. Gerard R. Marsman |
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Designation : |
Director |
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Address : |
DE Bruwaen 24, B – 9700, Oudenaarde, Belgium |
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Date of Birth/Age : |
24.02.1969 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Ms. Mamta Satyen Kapadia |
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Designation : |
Director |
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Address : |
503, Deepak Building, 12, K. N. Marg, Gamdevi, Mumbai – 400004,
Maharashtra, India |
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Date of Birth/Age : |
30.03.1971 |
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Date of Appointment : |
27.02.2004 |
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Name : |
Mr. Marc Weyme |
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Designation : |
Director |
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Address : |
Pruimelstraat 16, B-9700, Oudenaarde, Belgium |
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Date of Birth/Age : |
10.05.1950 |
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Date of Appointment : |
16.03.2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Rajendra Vasantlal Patel |
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251600 |
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Vasantlal Lallubhai Patel |
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425440 |
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Prakash Vasantlal Patel |
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90970 |
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Satyen Jyotindra Kapadia |
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318175 |
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Aditya Ishwarbhai Gupta |
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12150 |
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Paresh Bachubhai Patel |
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3225 |
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Ankur Hasmukhbhai Shah |
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3225 |
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Yatin Sumatilal Shah |
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1300 |
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Mafatlal Chunilal Patel |
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10255 |
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Sumatilal Bhogilal Shah |
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11620 |
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Company – Foreign |
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1174831 |
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Total |
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2302791 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business as manufacturers of and dealers in and
importers, exporters and distributors and to manufacture, prepare, produce,
buy, sell, resell, supply, alter, exchange, advertise, utilize, improve,
distribute, store, stock, invent, place on market or otherwise deal in
monomeric acrylic esters, polymers and co-polymers derived from these and
other monomers, materials for processing, bleaching, treating, printing and
finishing textiles, leather and paper. |
GENERAL INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
Industrial Finance Corporation of India, Bank Baroda Building |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kantilal M. Shah Chartered Accountants |
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Address : |
804, “SARAP” Building, Opposite Navjivan Press, Near Gujarat
Vidhyapith, Ashram Road, Ahmedabad – 380014, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,302,791 |
Equity Shares |
Rs. 10/- each |
Rs. 23.028
Millions |
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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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23.028 |
23.028 |
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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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17.321 |
17.154 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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40.349 |
40.182 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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37.540 |
40.965 |
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TOTAL BORROWING |
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37.540 |
40.965 |
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DEFERRED TAX LIABILITIES |
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1.049 |
0.000 |
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TOTAL |
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78.938 |
81.147 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.357 |
36.743 |
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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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0.011 |
0.011 |
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DEFERREX TAX ASSETS |
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0.000 |
0.123 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.076 |
30.567 |
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Sundry Debtors |
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16.202 |
19.202 |
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Cash & Bank Balances |
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30.399 |
20.044 |
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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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7.047 |
6.763 |
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Total
Current Assets |
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64.724 |
76.576 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.759 |
29.598 |
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Provisions |
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4.395 |
2.708 |
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Total
Current Liabilities |
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20.154 |
32.306 |
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Net Current Assets |
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44.570 |
44.270 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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78.938 |
81.147 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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1.43 |
1.82 |
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Current Ratio (Current Asset/Current Liability) |
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3.21 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
RAJ PRAKASH CHEMICALS LIMITED |
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Presented By |
Kiran N. Bade,
Company Secretary |
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1) Date and description of instrument creating the change |
21.03.1991 Deed
of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of
Rs. 7.200 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 |
The whole of the
movable properties of the company 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 ling loose or in cases or
which are now lying or stored in or about or shall hereafter form time to time
during the continuance of the security be brought into or upon or be stored
or be in or about the Company’s factories, premises and godowns or whoever
else the same may be or be held by any party to the order or disposition of
the company or in the course of transit or on high seas or on order, or
delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security, inter alia, for the due repayment by the company to IFCI
of its term loan of Rs. 7.200 Millions together with interest, additional
interest, liquidated damages, commitments charges, premia on prepayment or on
redemption, costs, charges, expenses and all other moneys payable by the
company to IFCI in terms of the said Loan Agreement. The charge in
favour of IFCI under the said Deed of Hypothecation is subject to the charge
created and to be created by the company in favour of the its bankers on the
Company’s stocks of the raw materials, semi finished and finished goods and
consumable stores and book debts and such other movable as any be
specifically permitted to secure its working capital requirements in the
ordinary course of business. The company has
undertaken to keep the goods hypothecated in marketable and goods conditions
at its own costs and to insure the same in the joint names of the company and
IFCI. All and goods
hypothecated and all the realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of IFCI. The security
created under the said Deed of Hypothecation is to be a continuing
security. |
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5) Name and Address and description of the person entitled to the charge. |
Industrial Finance Corporation of India, Bank Baroda Building |
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6) Date and brief description of instrument modifying the charge |
14.08.1991 No instruments
was executed. A joint mortgage by deposit of title deeds was created by the company
in respect of all the immovable properties of the company situated at
Tarapur, more particulars described in Schedule annexed hereto. |
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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. |
The IFCI term
loan of Rs. 7.200 Millions together with interest, compound interest,
additional interest, liquidated damages, commitments charges, premia on
prepayment or on redemption, costs, charge, expenses and all other monies
payable by the company to IFCI in terms of the said loan agreement which is
secured by the said deed of Hypothecation dated the day of 21.03.1991 being
the original charge, is now also secured by the said Joint Mortgage by
deposit of title deeds created by the company on 14.08.1991 in favour of IFCI
and others. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.17 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.67 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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