MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SPECIALITY INDUSTRIAL POLYMERS AND COATINGS PRIVATE LIMITED |
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Registered Office : |
Unit No. 20, Udyog Bhavan, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.07.2004 |
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Com. Reg. No.: |
147509 |
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CIN No.: [Company
Identification No.] |
U24220MH2004PTC147509 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS48655F |
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PAN No.: [Permanent
Account No.] |
AAICS6396M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture, Import, Export, buy, sell and deal in aqueous base
polymer emulsions, dispersion and coatings, all type of chemicals for
industrial use i.e. by various industries such as Paint and Coating,
Building, Specialty textiles, furniture, papers and boards, plastic and glass
fibre |
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 36960 |
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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
term as and conditions. |
LOCATIONS
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Registered Office : |
Unit No. 20, Udyog Bhavan, |
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Tel. No.: |
91-22-26859354 |
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Fax No.: |
91-22-26861536 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ashok P. Bhogan |
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Designation : |
Director |
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Address : |
Nirzar / 50 – 423, Unnat Nagar, |
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Date of Birth/Age : |
10.10.1957 |
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Date of Appointment : |
15.07.2004 |
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Name : |
Mr. Sandhya A. Bhogan |
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Designation : |
Director |
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Address : |
Nirzar / 50 – 423, Unnat Nagar, |
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Date of Birth/Age : |
24.10.1958 |
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Date of Appointment : |
15.07.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok P. Bhogan |
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240000 |
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Mr. Sandhya A. Bhogan |
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10000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, Import, Export, buy, sell and deal in aqueous base polymer
emulsions, dispersion and coatings, all type of chemicals for industrial use
i.e. by various industries such as Paint and Coating, Building, Specialty
textiles, furniture, papers and boards, plastic and glass fibre |
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GENERAL INFORMATION
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Bankers : |
Standard
Chartered Bank, 23 – 25, Sachin.deshpande@in.standardchartered.com Saraswat Co – Operative
Bank Limited, Goregaon (West), Branch, Mumbai – 400062 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shree Ganapati M. Kamat and Company Chartered Accountants |
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Address : |
14 – B, Mohsin Building, 1st Floor, Opp. Plaza Garden R.K.
Vaidya Road, Dadar, Mumbai – 400028, Maharashtra. |
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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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
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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2.500 |
2.500 |
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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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6.740 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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9.240 |
2.500 |
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LOAN FUNDS |
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1] Secured Loans |
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8.085 |
0.000 |
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2] Unsecured Loans |
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5.154 |
0.000 |
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TOTAL BORROWING |
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13.239 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.478 |
2.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.750 |
0.000 |
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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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0.050 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.821 |
0.000 |
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Sundry Debtors |
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31.298 |
0.002 |
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Cash & Bank Balances |
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1.883 |
0.000 |
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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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3.000 |
2.440 |
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Total
Current Assets |
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45.002 |
2.442 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.969 |
0.000 |
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Provisions |
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3.400 |
0.000 |
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Total
Current Liabilities |
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32.369 |
0.000 |
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Net Current Assets |
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12.633 |
2.442 |
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MISCELLANEOUS EXPENSES |
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0.046 |
0.058 |
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TOTAL |
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22.478 |
2.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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183.457 |
NA |
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Other Income |
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0.526 |
NA |
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Total Income |
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183.983 |
NA |
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Profit/(Loss) Before Tax |
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10.140 |
NA |
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Provision for Taxation |
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3.400 |
NA |
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Profit/(Loss) After Tax |
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6.740 |
NA |
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Expenditures : |
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Raw Material Consumed |
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154.452 |
NA |
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Consumption of stores and spares parts |
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0.311 |
NA |
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Salaries, Wages, Bonus, etc. |
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2.622 |
NA |
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Managerial Remuneration |
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0.725 |
NA |
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Payment to Auditors |
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0.020 |
NA |
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Interest |
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1.657 |
NA |
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Insurance Expenses |
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0.209 |
NA |
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Other Expenditure |
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17.245 |
NA |
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Total Expenditure |
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177.241 |
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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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PAT / Total Income |
(%) |
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3.66 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.52 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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18.51 |
NA |
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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1.09 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.50 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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1.39 |
NA |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
APECIALITY INDUSTRIAL
POLYMENTS AND COATINGS PRIVATE LIMITED |
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Presented By |
Saraswat Co –
Operative Bank Limited, Goregaon (West), Branch, Mumbai - 400062 |
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1) Date and description of instrument creating the change |
17.10.2005 Agreement of Hypothecation
of Movable property |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
Hypothecation by
way of first charge on all the Plant and Machinery tangible movable property
(both present and company’s place of business at W/224 – A, MIDC, Taloja,
Dist Raigad or at the company’s [lace of residence and whether now lying at
or at any time hereafter during the continuance of place of Works or wherever
else the same may be or be held by any party anywhere to the order and
disposition of the Company’s in the course of transit as security for the due payment to the Bank with interest and all
costs, charges and expenses incurred by the Bank for the protection
preservation and perfection of this security. Hypothecation by
way of first charge on all the Book Debts outstanding, monies receivable, claims
and bills which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing to the Company’s
in the course of his business by any person, firm, Company or by government
or any local or Public Body or Authority as security for due repayments to
the Bank at any time on demand at Mumbai all the Monies which now are or
which may at any time or times hereinafter become due and owing form the
company’s to the Bank including monies owing upon any Cheques, promissory
Notes or Bills of Exchange made, drawn, accepted or endorsed or discounted or
purchase or paid at the request or on behalf of or credit of the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as a continuing security for the balance for m time to time due to
the Bank Interest 11.00%
p.a. or at such rate as may form time to time be fixed by the Bank Repayment: on
Demand or by 60 installments if the same is not demanded earlier. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co –
Operative Bank Limited Pratiksha
Apartments, Opp Filmistan Studio, |
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Corporate identity
number (CIN) Foreign company registration number |
U24220MH2004PTC147509 |
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Name of the
Company |
SPECIALITY
INDUSTRIAL POLYMERS AND COATINGS PRIVATE LIMITED |
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Address |
Unit No. 20, Udyog Bhavan, |
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This form is for |
Creation of
charge |
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Type of Charge |
hypothecation |
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Particulars of
the charge holder |
Standard
Chartered Bank, 23 – 25, |
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Amount secured by
the charge |
Rs.49.935
millions |
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Brief of the
principal terms and conditions |
Overdraft facility
of Rs.17.000 millions (with sub limit of Post Shipment Credit): Term Loan
facility of Rs.0.935 millions Letter of Credit facility of Rs.30.000
millions. Export post Shipment Credit facility of Rs.2.000 millions. Interest
Rate: 9% p.a. applied on monthly rest on the overdraft facility. For Post
Shipment Credit Facility – LIBOR + 75 bps to be More details are as per
Annexure 1 attached. |
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Description of
the property charged indicating |
Stock in trade,
Plant Machinery, Book debts Stock and Book
debts and all the assets comprising of existing plant and machinery, both
present and future. More details are as per Annexure 2 attached. |
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Date of
Instrument |
06.07.2006 |
Website details:
Subject
is rapidly growing, reputed manufacturer of speciality polymers for various
industries such as Paints, Textile, Construction Chemicals, Adhesives, PVC
Processing, Paper Board, Glass fiber, Leather finishing and many others.
The Company has its manufacturing
base at Taloja near Mumbai which is complete with state of art equipments and
Application Research & Development center which enables development of
innovative coating aids which are techno commercially acceptable to user
industry.
Subject has emphasized product innovation since its
inception. Product innovation is the price theme of operation and many of our
innovative products are well known & being used by reputed manufacturers
from respective user industry in all over
Subject
continually strives to achieve best possible customer orientation & desired
after sales to its esteemed user industry. No wonder that we achieved ISO 9001
: 2000 certification which is the beginning of our mission to become first
choice of our esteemed customers for continuous value creation in their
products.
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PRODUCT |
DESCRIPTION |
APPLICATION |
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Polycryl
653 |
Acrylic-Vinyl Acetate Copolymer |
Interior
Paint |
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Polycryl
685 |
Self cross linking Acrylic-Vinyl Acetate Copolymers |
Exterior/Interior
Paints |
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Polycryl
743 / 1545 |
Acrylic-Styrene low viscosity Copolymer |
Interior
Paint |
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Polycryl
706 / 705P |
Acrylic-Styrene low viscosity Copolymer |
Interior
Paint Cement
Primer & spray plasters |
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Polycryl
1530 |
Acrylic-Styrene Medium Viscosity Copolymer having
MFFT about 20ºC |
Interior
/ Exterior Paints, |
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Polycryl
1550 |
Acrylic-Styrene High Viscosity Copolymer having MFFT about 20ºC |
Interior
/ Exterior Paints, Architectural
Coatings, Road marking paints |
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Polycryl
1601 /1602 |
All Acrylic low viscosity copolymer having MFFT about 20ºC |
Interior
/ Exterior High sheen Paints |
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Polycryl
1630 |
All Acrylic high solids, medium viscosity copolymer having
MFFT about 20ºC |
Interior
/ Exterior High sheen |
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Polycryl
1650 |
All Acrylic high solids, medium viscosity copolymer having
MFFT about 20ºC |
Interior
/ Exterior High sheen Paints |
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Polycryl
1800 |
All Acrylic, medium to high viscosity copolymer having
MFFT about 17ºC & superior flow property |
Interior
/ Exterior High sheen Paints |
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Polycryl
1604 |
High Tg Acrylic copolymer |
High
sheen & High Dirt resistance Paints |
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
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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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 |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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