MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NISHIGANDHA POLYMERS PRIVATE LIMITED |
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Registered Office : |
3rd Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.03.1992 |
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Com. Reg. No.: |
11-66018 |
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CIN No.: [Company
Identification No.] |
U24134MH1992PTC066018 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN06251A |
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PAN No.: [Permanent
Account No.] |
AAACN6044J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Natural Polymers and Modified Natural Polymer. |
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 26000 |
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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 : |
3rd Floor, |
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Tel. No.: |
91-22-22881293/ 22820901/ 22842712 |
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Fax No.: |
91-22-22881295 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rohit K Ravani |
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Designation : |
Director |
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Address : |
201, |
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Date of Birth/Age : |
09.09.1956 |
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Date of Appointment : |
24.04.1997 |
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Name : |
Mr. Anil S Bhuwalka |
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Designation : |
Director |
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Address : |
24, Vishwa Mahal, 4th Floor, |
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Date of Appointment : |
07.10.1998 |
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Name : |
Mr. Edward P Sequeria |
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Designation : |
Director |
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Address : |
D-1, Happy Home Society, Jaideep Nagar, Bhandup (East), Mumbai-400042,
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Date of Birth/Age : |
20.01.1955 |
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Date of Appointment : |
12.05.2004 |
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Name : |
Mr. Mukesh R Parikh |
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Designation : |
Director |
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Name : |
Mr. Tushar B Shah |
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Designation : |
Directors |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mrs. Sheelarani Soni |
50000 |
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Ms. Nisha R Rawani |
30000 |
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Mr. Rohit K Rawani |
44010 |
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Ms. Archana Yadav |
3000 |
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Mr. Anil More |
5790 |
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Mr. Chinmai More |
4000 |
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Mr. Anil Bhuwaika |
10 |
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Mr. Jigisha R Ravani |
10 |
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Ms. Shradha R Ravani |
10 |
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Ms. Sania Soni |
10 |
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Ms. Harsha Oza |
10 |
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Ms. Karuna Bhuwaika |
10 |
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Ms. Sudha Makharia |
10 |
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Mr. Sameer More |
10 |
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Ms. Juhi More (Minor), Beneficial Owner Sameer More |
10 |
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Mr. Devrath More (Minor) Beneficial Owner Sameer More |
10 |
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Mr. Sunil More |
10 |
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Mr. Basu Agarwal |
10 |
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Mr. Gaurav Sachadev |
10 |
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Mr. Gautam Jhunjhunwalla |
10 |
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Mr. Shyam S Makharia |
10 |
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Mr. Madhusudan Makharia |
10 |
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Mr. Umang Makharia |
10 |
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Ms. Aarti Makharia |
10 |
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Mr. K S Jhunjhunwala |
10 |
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Ms. Deepa D Sachdev |
10 |
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Ms. Urvashi A Makharia |
10 |
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Mr. Sharad Shetty |
10 |
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Total |
137020 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Directors or their relatives |
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54.00 |
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Other top 50 shareholders |
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46.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Natural Polymers and Modified Natural Polymer. |
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Products : |
v
High Tech Polymers v
Plastic Modifiers v
Polymers v
Specialty Chemicals v
Specialty Polymers |
GENERAL INFORMATION
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Bankers : |
Punjab & Sind Bank, Opera House, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N B S & Associates Chartered Accountants |
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Address : |
B/302, Purnima, 36/37, Shree Nagar Society, M |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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137020 |
Equity Shares |
Rs.10/- each |
Rs.1.370
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.370 |
1.370 |
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2] Share Application Money |
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3.646 |
3.401 |
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3] Reserves & Surplus |
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1.575 |
1.149 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.591 |
5.920 |
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LOAN FUNDS |
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1] Secured Loans |
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1.170 |
0.044 |
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2] Unsecured Loans |
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17.652 |
9.855 |
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TOTAL BORROWING |
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18.822 |
9.899 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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25.413 |
15.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.515 |
0.532 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.065 |
0.056 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.054 |
13.919 |
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Sundry Debtors |
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21.180 |
14.764 |
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Cash & Bank Balances |
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0.040 |
0.036 |
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Other Current Assets |
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7.232 |
3.434 |
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Loans & Advances |
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0.740 |
1.594 |
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Total
Current Assets |
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46.246 |
33.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.169 |
18.393 |
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Provisions |
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0.245 |
0.124 |
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Total
Current Liabilities |
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21.414 |
18.517 |
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Net Current Assets |
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24.832 |
15.230 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.001 |
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TOTAL |
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25.413 |
15.819 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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50.000 |
30.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.10 |
4.80 |
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Current Ratio (Current Asset/Current Liability) |
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2.16 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
NISHIGANDHA
POLYMERS PRIVATE LIMITED |
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Presented By |
Mr. Rohit K Ravani |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of debts and assets to secure import L/C of Rs.3.000 millions dated 24.02.1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present and future book debts, outstanding moneys, receivable, claims, bills contracts, engagements, securities, investments, rights and assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 15% Rate of interest : 17.5% |
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5) Name and Address and description of the person entitled to the charge. |
Punjab & Sind Bank Opera House, Mumbai |
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6) Date and brief description of instrument modifying the charge |
Agreement for hypothecation of debts and assets dated 05.01.2001 Letter of hypothecation for Inland/ Foreign Bills purchased/ Advances against Bills for correction dated 05.01.2006. |
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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. |
P&S Bank working capital loans (Import L/ C) Rs.3.000 millions together with interest, liquidated damages, cost, charges, expenses and all other monies payable by the company to Punjab & Sind Bank in terms of the said facility which is secured by the deed of hypothecation dated 24.02.1999 being the original charge, is now also secured by the said equitable mortgage by deposit of title deeds created by the company on 27.02.1999 in favour of Punjab & Sind Bank. Instrument stated in column no.1 was modified and extended. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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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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
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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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