MIRA INFORM REPORT

 

 

Report Date :

30.04.2007

 

IDENTIFICATION DETAILS

 

Name :

BT POLYMERS PRIVATE LIMITED

 

 

Registered Office :

19, Janata Road, New Santoshpur, Kolkata – 700075, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

23.07.2004

 

 

Com. Reg. No.:

99234

 

 

CIN No.:

[Company Identification No.]

U25209WB2004PTC099234

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALB06202A

 

 

PAN No.:

[Permanent Account No.]

AACCB4523E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and importer of Organic Peroxides, Polycarbonates [MARROLON], NYLON [DURETHAN], PBT [POCAN], MOLD RELEASE AGENT, TPU [DESMOPAN], PC SHEETS etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

USD 5000

 

 

Status :

Small company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small 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 for small business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

19, Janata Road, New Santoshpur, Kolkata – 700075, West Bengal, India

Tel. No.:

91-33-24163462 / 55218523

Mobile No.:

91-9830264645

Fax No.:

91-33-24163462 / 55218523

E-Mail :

btpolymers@vsnl.net

bt_polymers@dataone.in

Area :

450 sq. fts. [Owned]

 

 

Work Home :

15, Ratan Babu Road, Kolkata - 700015, West Bengal, India

Area :

1060 sq. fts. [Rented]

 

 

DIRECTORS

 

Name :

Mr. Prashanta K Mallik

Designation :

Director

Address :

59 A, Lake East, 6th Road, Santoshpur, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

51 Years

Qualification :

B. Tech [Polymers]

Experience :

25 Years

 

 

Name :

Ms. Mousumi Mallik

Designation :

Director

Address :

59 A, Lake East, 6th Road, Santoshpur, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

41 Years

Qualification :

M. A. [Music]

Experience :

5 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and importer of Organic Peroxides, Polycarbonates [MARROLON], NYLON [DURETHAN], PBT [POCAN], MOLD RELEASE AGENT, TPU [DESMOPAN], PC SHEETS etc.

 

 

Product :

Engineering Plastics and its Finished Products

 

ุ       Polycarbonates from Bayer – Germany / Thailand / Korea

ุ       Polycarbonate sheets [PCS] of VMI Plastics

ุ       Polyamide [Nylon] : LANXESS – Hong Kong / Germany / China

ุ       TPU : Bayer Material Science

ุ       ABS : Lanxess ABS Limited

ุ       PBTP : Lanxess Germany

 

Speciality Chemicals

 

ุ       Organic Peroxides : Akzo Nobel Chemicals, H. Q. Netherlands

ุ       Mold release Agents – Chemtrend Chemical Company, USA

 

 

Agencies Held :

ุ       Bayer Materials Science India Private Limited, Business Unit – TPU

ุ       Bayer Material Science Hong Kong, Business Unit – PC, PCS

ุ       Lanxess Hong Kong, Business Unit – SCP

ุ       Lanxess ABS Limited, India, Business Unit – Lustran Polymers ‘ABS’

ุ       Akzo Nobel Chemicals India Limited, Business Unit – Organic Peroxides

ุ       Chemtrend Chemical Company India Private Limited, Business Unit – Mold Release Agent

 

 

Terms :

 

Selling :

Cash, credit

 

 

Purchasing :

L/C, Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

Retailers, End Users and OEM’s

 

 

No. of Employees :

7

 

 

Bankers :

Indian Overseas Bank

Santoshpur Branch, Kolkata – 700075, West Bengal, India

 

 

Facilities :

Rs. 2.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

T. N. Datta and Associates

Chartered Accountants

Address :

87 B, Cossipore Road, Kolkata – 700002, West Bengal, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.000

0.534

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.251

0.057

0.002

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1.251

0.591

0.102

LOAN FUNDS

 

 

 

1] Secured Loans

1.526

2.009

0.000

2] Unsecured Loans

0.299

0.054

0.000

TOTAL BORROWING

1.825

2.063

0.000

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

3.076

2.654

0.102

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.748

0.466

0.013

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.615

3.189

0.000

 

Sundry Debtors
3.097

1.794

0.000

 

Cash & Bank Balances
0.252

0.016

0.042

 

Other Current Assets
0.130

0.275

0.025

 

Loans & Advances
0.450

0.425

0.000

Total Current Assets
6.544

5.699

0.067

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
4.174

3.497

0.003

 

Provisions
0.068

0.046

0.001

Total Current Liabilities
4.242

3.543

0.004

Net Current Assets
2.302

2.156

0.063

 

 

 

 

MISCELLANEOUS EXPENSES

0.026

0.032

0.026

 

 

 

 

TOTAL

3.076

2.654

0.102

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

31.054

15.979

0.081

Other Income

2.704

1.579

--

Total Income

33.758

17.558

0.081

 

 

 

 

Profit/(Loss) Before Tax

0.262

0.101

0.002

Provision for Taxation

0.068

0.045

0.001

Profit/(Loss) After Tax

0.194

0.056

0.001

 

 

 

 

Expenditures :

 

 

 

 

Purchases

27.707

15.680

0.053

 

Carriage Inward

0.218

0.080

0.000

 

Labour Charges

0.003

0.012

0.000

 

Salary and Bonus

0.235

0.221

0.011

 

Staff Welfare Expenses

0.080

0.058

0.000

 

Traveling and Conveyance

0.118

0.044

0.000

 

Printing and Stationery

0.018

0.022

0.003

 

Legal Expenses

0.022

0.008

0.000

 

Filing Fees

0.001

0.001

0.000

 

Postage and Stamps

0.009

0.007

0.000

 

General Charges

0.123

0.048

0.001

 

Telephone Charges

0.093

0.059

0.002

 

Consultancy Charges

0.024

0.010

0.000

 

Bank Charges

0.029

0.019

0.000

 

Books and Periodicals

0.003

0.001

0.000

 

Carriage Outward

0.128

0.044

0.000

 

Discount Allowed

0.047

0.004

0.000

 

Professional Charges

0.024

0.046

0.000

 

Directors Remuneration 

0.676

0.497

0.000

 

Bank Interest

0.231

0.231

0.000

 

Car Expenses

0.127

0.031

0.000

 

Electric Charges

0.012

0.026

0.000

 

Insurance Premium

0.034

0.044

0.000

 

Rates and Taxes

0.030

0.006

0.003

 

Business Promotion Expenses

0.062

0.033

0.000

 

Office and Godown Rent

0.110

0.097

0.000

 

Repair and Maintenance

0.012

0.019

0.000

 

Audit Fees

0.006

0.005

0.000

 

Depreciation

0.121

0.098

0.002

 

Preliminary Expenses Written Off

0.004

0.004

0.003

Total Expenditure

30.307

17.455

0.078

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
0.57

0.32

1.23

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.84

0.63

2.47

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.59

1.64

2.50

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.21

0.17

0.02

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.85

9.49

0.04

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.54

1.61

16.75

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference – Local

 

Bharat Sanchar Nigam Limited

Telecom Factories

248, A.J.C. Bose Road, Kolkata – 700027

 

Westing House Saxby Farmers Limited

24, Canal South Road, Kolkata – 700015

 

A B Composites Private Limited

Canal South Road, Kolkata – 700015

 

Akzo Nobel Chemical India Limited

501, 5th Floor, San Mahu Complex – 5

Pune – 411001

 

Bayer Material Science Private Limited

556, Anna Salai, Chemical – 600018

 

Lanxess ABS Limited

Old Padra Road, Vadodara - 390007

 

Profile

 

Subject has been promoted by Polymer and Rubber Technologists having a total combined international experience of over 24 years in the field of Industrial Polymers – Engineering Plastics, Rubber and speciality chemicals – viz. Organic Peroxides etc used in Poymersiation Industries, Rubber, FRF Industries, auto Industries etc.

 

This company has been formed with a view to manufacture / Job working of specialised application of Engineering Plastics viz. Mining Industries, Medical, Rail, Telecome Industries and also represent as Indenting Agent / Stockist and provide technical cum sales support on behalf of multinational manufacturers of  specialty Synthetic rubber, Engineering Plastics and its components, thermoplastic elastomers and rubber and plastic chemicals. The company also rrepresent other related products viz. Engineering items has special applications in civil / construction area apart form Polymer Products.

 

Management / Directors Profile

 

Mr. Prashanta mallik – B. Tech in Polymer Technology [Kolkata University] . Based in Kolkata. He has Technical and Management experience of over 23 Years. He has worked with Bayer Group [BAYER TPU] as Technical Service Manager of Polyurehane Polymers, ABS, PC, SAN polymers. He also worked with ATOFINA group in India looking after Technical Sales and Services of Organic Peroxides as x-linking agents for Rubber Industries, Polymerisation FRP Industries etc.

 

 

 

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.40.57

UK Pound

1

Rs.80.97

Euro

1

Rs.55.90

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

33

 

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

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