MIRA
INFORM REPORT
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Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
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Name : |
M. H. POLYMERS PRIVATE LIMITED |
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Registered Office : |
5267, Kucha Rehman, Chandni Chowk, |
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Country : |
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Financials (as on) : |
31.03.2007 [Provisional] |
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Date of Incorporation : |
29.12.1988 |
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Com. Reg. No.: |
55-34437 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC034437 |
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IEC No.: |
0589003542 [Date : 27.04.1989] |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM04623D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing and marketing of Polyurethane Foam (PU
Foam). |
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 170000 |
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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 : |
5267, Kucha Rehman, Chandni Chowk, |
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Tel. No.: |
91-11-23926851 / 22941799 / 23940465 / (Resi.) 23923406 /
23931895 |
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Mobile No.: |
91-98100 63868 |
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Fax No.: |
91-11-23926851 / 23941798 / 23940465 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft. [Owned] |
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Factory 1 : |
B-15, Site B, Surajpur Industrial Area, Tehsil Dadri,
Dist. Gautam Budh Nagar, Greater Noida, |
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Tel. No.: |
91-120-2569543 / 2560488 |
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Fax No.: |
91-120-2569543 / 2560488 |
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Area : |
280500 sq. ft. [Owned] |
DIRECTORS
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Name : |
Mr. S. M. Shakil |
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Designation : |
Director |
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Address : |
2388, Kothi Nawab Luharu, Ballimaran, Mobile No. : 91-9810128972 |
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Date of Birth/Age : |
01.03.1957 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mr. S. M. Sajid |
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Designation : |
Director |
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Address : |
2388, Kothi Nawab Luharu, Ballimaran, Mobile No. : 91-9810063768 |
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Date of Birth/Age : |
30.08.1959 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mr. S. M. Khalid |
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Designation : |
Director |
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Address : |
2388, Kothi Nawab Luharu, Ballimaran, Mobile No. : 91-9810159975 |
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Date of Birth/Age : |
02.03.1967 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Mohd Shakil Hanif |
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64237 |
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Mr. Mohd. Sajid Hanif |
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64237 |
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Mr. Mohd. Khalif Hanif |
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64237 |
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Mr. Mohd. Nahid Shakil |
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50010 |
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Mrs. Mohd. Huma Sajid |
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50010 |
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Mrs. Anjum Kural |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of Polyurethane Foam (PU
Foam). |
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Products : |
Polyurethan Foam Cotton Cloth Cotted Cotton Cloth |
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Brand Names : |
HARMONY, COZY COOL, SILVER AGE,
FRESH UP, etc. |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit [60 days] |
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Purchasing : |
L/C, Major Overseas Raw Material Suppliers offer credit of 90 days to
150 and Indian suppliers offer 30-60 days
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PRODUCTION STATUS
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Particulars |
Installed
Capacity |
Actual
Production |
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Polyurethan Foam |
3000 MT |
3434531.000 Kgs. |
GENERAL INFORMATION
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Suppliers : |
Ø
Shell Eastern Petroleum Pte. Limited Ø
Shell House, # 04-00, 83, Clemenceau,
Ø
Repsol Quimica S.A., Ø
GE Specialty Materials Seirl Ø
7, Rue Du Pre-Bouview, CH-1217 Ø
Shangdongda Chemical Industry, 21,
Xincun East Road, Zhangdian Ditt, Zibo City, Shangdon Province, P. R. China Ø
Korea Fine Chemical Company Limited,
7the Floor, Ø
GE Silicon [ Ø
35000 Ø
Bayer Chemical German Ø
Dow Chemical Pacific Limited, 47/F,
Sun Hung kai Centre, 30, Ø
TPI Polyol Company Limited, 16th
Floor, |
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Customers : |
Ø
Larex Sales Corporation, 105/234,
Chaman Ganj, Ø
H. B. Synthetics, III, M-23, Nehru
Nagar, Ø
Rahul Foam, Block No. 25, LG-17/18,
Near Girraj Restaurant, Ø
Rexine House, 52, Ø
Ø
Gurmukh Foam Agencies, Karol Bagh, Ø
Mirza Tanners Limited, C4-5, Plot No.
36-37, Sector 59, Phase III, Noida, Ø
Royal Foam & Fabrics, B-118, Ø
Shri Krishna Polymers, Purani Sabzi
Mandi, Ø
Matting Centre, Venus Compound, Gole
Ghar, Halsi Ganj, Ø
M. K. Foam Private Limited,
Ballimaran, Chandni Chowk, Ø
Krishna Trims, Ø
Spack Automotives, Surajpur
Industrial Area, Distt. Gautam Budh Nagar, Uttar Pradesh Ø
Lokesh FoamCentre, Gali Mandir Wali,
Gandhi Nagar, Ø
Jain Company, Ballimaran, Chandni
Chowk, Ø
Neetu Foam, Pattran, Haryana Ø
Atul Foam, Palwal, Haryana Ø
Sagar International, Jaipur,
Rajasthan Ø
Ved Rexine, Ø
Foamwala, Anand Parbat, |
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No. of Employees : |
175 |
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Bankers : |
36, Netaji Subhas Marg, Darya Ganj, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dewan P. N. Chopra and Company Chartered Accountants |
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Address : |
H 57, Canaught Circus, |
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Tel. No.: |
91-11-23322359 |
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Associates : |
Ø
Rajdhani Sales Corporation 794, Katra Bashir Ganj,
Ballimaran, Chandni Chowk, Ø
H. B. Synthetics III M-23, Nehru Nagar, |
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Group Concerns : |
INDEC Overseas, 793, Katra Bashir Ganj, Ballimaran, Chandni Chowk, -
Traders of PU Foam Supermax Fincap Private Limited 5182, Street Sultan Yar Khan, Ballimaran,
Chandni Chowk, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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472771 |
Equity Shares |
Rs.10/- each |
Rs. 4.728
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007
[Provisional] |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.728 |
4.728 |
3.728 |
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2] Share Application Money |
0.000 |
0.000 |
23.269 |
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3] Reserves & Surplus |
38.677 |
35.729 |
11.174 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.405 |
40.457 |
38.171 |
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LOAN FUNDS |
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1] Secured Loans |
30.776 |
21.171 |
13.021 |
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2] Unsecured Loans |
67.747 |
51.509 |
44.979 |
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TOTAL BORROWING |
98.523 |
72.680 |
58.000 |
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DEFERRED TAX LIABILITIES |
2.331 |
2.331 |
2.301 |
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TOTAL |
144.259 |
115.468 |
98.472 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.450 |
27.459 |
27.586 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
56.480
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62.753 |
70.237 |
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Sundry Debtors |
74.339
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46.612 |
28.416 |
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Cash & Bank Balances |
0.740
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1.345 |
1.040 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.426
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2.566 |
2.130 |
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Total
Current Assets |
135.985
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113.276 |
101.823 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.174
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20.849 |
27.535 |
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Provisions |
6.052
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4.468 |
3.452 |
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Total
Current Liabilities |
36.226
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25.317 |
30.987 |
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Net Current Assets |
99.759
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87.959 |
70.836 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
144.259 |
115.468 |
98.472 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007
[Provisional] |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
405.970 |
296.880 |
244.575 |
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Other Income |
0.973 |
3.543 |
3.850 |
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Total Income |
406.943 |
300.423 |
248.425 |
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Profit/(Loss) Before Tax |
4.234 |
3.256 |
3.101 |
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Provision for Taxation |
1.300 |
1.202 |
0.983 |
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Profit/(Loss) After Tax |
2.934 |
2.054 |
2.118 |
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Imports : |
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Raw Materials |
201.767 |
172.246 |
129.157 |
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Total Imports |
201.767 |
172.246 |
129.157 |
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Expenditures : |
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Purchase of Trading goods |
0.000 |
0.000 |
0.292 |
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Raw Material Consumed and Manufacturing
Expenses |
344.755 |
262.770 |
222.219 |
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Payments to and Provisions for Employees |
11.653 |
2.985 |
2.231 |
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Financial Expenses |
8.892 |
7.217 |
5.556 |
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Administrative and Miscellaneous Expenses |
4.047 |
2.695 |
1.650 |
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Selling Expenses |
31.134 |
19.884 |
11.483 |
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Excise Duty on Opening and Closing Stock |
0.594 |
0.068 |
0.517 |
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Depreciation |
1.633 |
1.546 |
1.375 |
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Total Expenditure |
402.708 |
297.165 |
245.323 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007
[Provisional] |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.72
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0.68 |
0.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.04
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1.10 |
1.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.35
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2.31 |
2.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.08 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.10
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2.42 |
2.33 |
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Current Ratio (Current Asset/Current Liability) |
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3.75
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4.47 |
3.29 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated in the year
1988, under the companies Act 1956, having Registration Number 55-34437 and
started manufacturing PU Foam in the year 1990. The Company, since then, is
growing at the rate of 35% annually and increasing its market share very
rapidly.
The product of the company have
great acceptance in the market, The quality and the ever increasing output of
the products has, in fact, made us the second largest producer of Slab Stock,
Flexible P. U. Foam in the Indian P.U. Foam Industry in a short period of time.
The company started production activities in the year 1998.
The company's fixed assets of important value include
leasehold land, building, plant & machinery, office equipment, weighting scale,
fire extinguishers, electrical installation, computer, cycle, scooter, exhaust
fan, tools & equipments, car and mobile phone.
The machineries owned by the company are :
Ø
Two Complete Foaming Plant
Ø
Four Circular Round Table Cutting
Machines
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One Automatic Horizontal Cutting
Machine
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Five Vertical Cutting Machines
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One Shredding Machine
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One Pillow cutting machine
Ø
Molded foam making machine.
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.40.91 |
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|
1 |
Rs.81.46 |
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Euro |
1 |
Rs.55.42 |
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 |
|
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
|
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 |
|
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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