MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
POLYHOSE INDIA PRIVATE LIMITED |
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Registered Office : |
Alsa Towers,
Commerical Bank, Base No. 4, Nos. 186/187, Poonamallee High Road (P. H. Road),
Kilpauk, Chennai – 600 010, Tamilnadu, India. |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
24.01.1996 |
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Com. Reg. No.: |
18-34257 |
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CIN No.: [Company
Identification No.] |
U25209TN1996PTC034257 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02253G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
The company is engaged
in Manufacturing and Exporting of High Pressure Thermoplastic, Synthetic Rubber, Industrial Hoses and PVC
Hoses. |
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 400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Their trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
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LOCATIONS
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Registered Office : |
Alsa Towers,
Commerical Bank, Base No. 4, Nos. 186/187, Poonamallee High Road (P. H. Road),
Kilpauk, Chennai – 600 010, Tamilnadu, India. |
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Tel. No.: |
91-44-26412830 / 26428093 / 26428116 / 26430052 |
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Fax No.: |
91-44-25325593 /
26428093 |
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E-Mail : |
polyhose.mds@gnmds.globalnet.ems.vsnl.net.in polyhose@satyam.net.in |
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Website : |
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Area : |
3300 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
1/119,
Kelambakkam - |
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Tel. No.: |
91-44-26412830 |
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Fax No.: |
91-44-25325593 |
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Area : |
12000 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
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Area : |
54000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Y. J.
Shamsuddin |
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Designation : |
Managing Director |
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Address : |
163, |
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Date of Birth/Age : |
7th June, 1952 |
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Mobile No.: |
91-98410-42565 |
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PAN No.: |
AAAPY 0428N |
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Name : |
Mr. Y. J. Shabbir |
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Designation : |
Joint Managing
Director |
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Address : |
C2, Basera Apartment, 46, |
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Date of Birth/Age : |
22.12.1947 |
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Tel.
No.: |
91-44-24914705 |
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PAN No.: |
AAABB 8478K |
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Name : |
Mr. K.
Rajagopalan |
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Designation : |
Director |
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Address : |
35, |
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Date of Birth/Age : |
9th June,1955 |
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Tel.
No.: |
91-44-24919494 |
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PAN No.: |
AAGPR 0304J |
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Name : |
Mrs. Nirmal
Ramarathinam |
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Designation : |
Director |
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Address : |
9 First Floor, |
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Date of Birth/Age : |
22nd December, 1947 |
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Tel.
No.: |
91-44-28283572 |
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PAN No.: |
AFUPA 4572Q |
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Name : |
Mr. S. J. Ali
Asger |
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Designation : |
Technical
Director |
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Address : |
163, |
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Date of Birth/Age : |
13th November, 1979 |
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Tel.
No.: |
91-8884032575 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Y. J.
Shamsuddin |
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3500 |
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Mr. Y. J. Shabbir |
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13400 |
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Mr. Y. J. Bakir |
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1800 |
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Mr. Y. J. Abbas |
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1800 |
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Mr. S. Fadhruddin |
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500 |
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Mrs. Shakina
Yousuf Ali |
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2100 |
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Mrs. Fathima
Abbas |
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1000 |
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Mrs. Fathima
Shabir |
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1400 |
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Mrs Hasina Bakir |
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3000 |
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Snowcem Traders
Private Limited |
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800 |
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Nifiti Portfolio
Services Private Limited |
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4700 |
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Other relatives |
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1500 |
BUSINESS DETAILS
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Line of Business : |
The company is
engaged in Manufacturing and Exporting of High Pressure Thermoplastic, Synthetic Rubber, Industrial Hoses and PVC
Hoses. |
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Products : |
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Exports to : |
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Imports from : |
Europe &
Malaysia |
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Terms : |
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Selling : |
L/C, Cash on
Delivery & Credit (15 Days) |
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Purchasing : |
L/C & Credit
(45 – 60 Days) |
PRODUCTION STATUS
The company’s
installed capacity is as under:
Class
of goods
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Installed
Capacity (Per Annum)
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High pressure
thermoplastic hose |
1Ľ million mtrs. |
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Industrial hose |
˝ million mtrs. |
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PVC hose |
˝ million mtrs. |
The company’s
production status as on 31st March, 2003 was as under:
Class of goods
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Production
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PVC braided hoses
|
297961 mtrs. |
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Industrial hoses |
339151 mtrs. |
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Thermoplastic
hoses |
833570 mtrs. |
GENERAL INFORMATION
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Suppliers : |
§
§
Dupont,
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Customers : |
ONGC Limited, |
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No. of Employees : |
48 |
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Bankers : |
Ř
Bank of
Maharastra, 116, Broadway Branch, Chennai – 600 108, Tamilnadu. (Current Account No. 12149) Ř
Small
Industries Development Bank of Ř
Canara
Bank, Broadway, Chennai – 600 108 |
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Facilities : |
Cash Credit (Hypothecation) :
Rs. 5.500 millions Export Packing Credit (Hypothecation) : Rs. 2.000 million Export Post Shipment Credit :
Rs. 2.000 millions Letter of Credit (Import) : Rs. 10.000 millions Bank Guarantee : Rs. 3.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vairavanathan
& Company Chartered
Accountants |
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Address : |
S. M. Plaza, Old
No. 45, New No. 93, Armenian Street, 2nd Floor, Chennai – 600 001,
Tamilnadu |
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Fax No.: |
91-44-25222634 |
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Associates/Subsidiaries : |
Ř
Sakeena
Foods Private Limited Sea food exporters and cold storage Ř
Afloat
Engineers Private Limited Dry dock / ship repairers Ř
A One
Hardware Suppliers Distribution of industrial products |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100.00 each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39875 |
Equity Shares |
Rs.100.00 each |
Rs. 3.987 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.987 |
3.550 |
3.550 |
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2] Inter transfers -
Dta |
37.810 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.471 |
18.711 |
14.253 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.268 |
22.261 |
17.803 |
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LOAN FUNDS |
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1] Secured Loans |
32.875 |
14.664 |
14.042 |
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2] Unsecured Loans |
30.596 |
33.241 |
21.419 |
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TOTAL BORROWING |
63.471 |
47.905 |
35.461 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
165.739 |
70.166 |
53.264 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.936 |
31.258 |
23.220 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
12.534
|
6.433 |
0.000 |
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Sundry Debtors |
52.475
|
30.657 |
21.017 |
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Cash & Bank Balances |
9.356
|
8.996 |
4.164 |
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Other Current Assets |
0.000
|
0.000 |
1.371 |
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Loans & Advances |
46.955
|
3.937 |
14.904 |
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Total
Current Assets |
121.320
|
50.023 |
41.456 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.517
|
9.415 |
11.212 |
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Provisions |
0.000
|
1.700 |
0.200 |
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Total
Current Liabilities |
21.517
|
11.115 |
11.412 |
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Net Current Assets |
99.803
|
38.908 |
30.044 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
165.739 |
70.166 |
53.264 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover [including other income] |
137.311 |
68.199 |
43.665 |
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Profit/(Loss)
Before Tax |
41.315 |
7.458 |
1.195 |
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Provision for
Taxation |
1.200 |
1.590 |
0.200 |
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Profit/(Loss)
After Tax |
40.115 |
5.958 |
0.995 |
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Export Value |
115.528 |
36.366 |
NA |
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Total Expenditure |
NA |
62.648 |
42.470 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
29.21
|
8.74 |
2.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
30.09
|
10.94 |
2.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.06
|
9.18 |
2.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.34 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
2.65 |
2.63 |
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Current Ratio (Current Asset/Current Liability) |
|
5.64
|
4.50 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
The company is
engaged in manufacturing and exporting of thermoplastic high pressure hose, synthetic rubber,
industrial hoses and PVC hoses.
It manufactures
high pressure thermoplastic hoses for hydraulic and other applications like
airless paint spray hose, sewer jetting hose, synthetic techno polymer based
industrial hose, general purpose PVC hoses, etc.
The company
manufactures specialized state-of-the-art high pressure hydraulic thermoplastic
hoses of various sizes and configurations (from 3mm I.D – 25.4 mm I.D.) With a pressure rating ranging from 10000 psi
wp to 40000 psi wp. It also manufactures
PVC and Industrial Braided Hoses upto 50 mm I.D.
Subject is the
Principal Indenters for Aero quip – a division of Eaton Corporation,
Subject was
incorporated under Technology Transfer Arrangement with a leading European
company at Kelambakkam, near Chennai.
One of the most
modern plants in
The product
development as well as production control are looked after by a team of
dedicated senior officials with decades of experience in multinational
companies like Dunlop, Fanner, etc. apart from detailed in house training in
Subject is
currently enjoying a network of 22 dealers and OEM assemblers operating in
various parts of
Subject is an ISO
9002 Accredited Company for the manufacture of thermoplastic high pressure and
industrial hoses, certified by Quality and Environmental Certification Limited,
The company’s
product range includes:
˜
Pneumatic
Tool Hose
˜
Super
Spray Hose
˜
Welding
Hose
˜
Super
Rock Drill Hose
˜
Car
Washing Hose
˜
Air
Hose
˜
PVC
Clear Flexible Hose
˜
Heavy
Duty Air / Water Hose
˜
Thermoplastic
High Pressure Hose
˜
Sewer
Jetting Hose
˜
Airless
Paint Spray Hose
˜
Super
High Pressure Hose
˜
High
Pressure jack Hose
During the year
under report the company achieved a turnover of Rs. 137.7 millions with exports
of Rs. 115.5 millions. The company’s
monthly turnover of export ranges between Rs. 16.0 millions to Rs. 20.0
millions
The company exports
its products to
Thermoplastic hoses
are manufactured from imported raw material from world leaders like Dupont,
Akzo Nobel and EMS of Switzerland, Elastogran (Div. Of BASF) and Beakart of
It imports its
requirements from The Netherlands,
It is in trade terms with :
˜
Airblast
B.V.
˜
K. S.
Tech Limited
No. 4,
˜
BASF
Postfach 1140,
˜
E. I.
DuPont,
˜
˜
DuPont
China Limited,
˜
˜
Honey
Well (Kaiping) Industrial Polymers Ch
˜
Elastogran
˜
Industrial
Services (Europe) Limited,
˜
Schieffer
– Magam Industries Limited
˜
Unigasket
SRL,
˜
Bansal Brothers
˜
Dae
Chang Machinery,
˜
Somnath
Machine Tools
˜
S.
Ramesh & Company
˜
The
International Sales & Services
˜
Control
Print (
˜
Bayer
Sanmar Limited
˜
TPU
Private Limited
˜
Bakaert
Industries Private Limited
˜
Kristeel
Shinwa Industries Limited
˜
Kay
& Kay Incorporation
˜
Harish
Industries
˜
Fluid
Control Specialists
˜
Dynamic
Packers & Movers
˜
Sakthi
Electricals
˜
Swastic
Industrial Corporation
˜
Green
Channel Cargocare Private Limited
˜
Omega
Forwarders (Private) Limited
˜
Xerox
Modicorp Limited
The company’s plant
is one of the most Modern Plants in
The company has an
established 100% Export Oriented Unit situated at the outskirts of Chennai
within a land area of about 10 acres and constructed area of about 80000 sq.ft.
of factory shed excluding building for generators, control panels, stabiliser
and housing colony.
The company's fixed
assets of important value include freehold land, roads & buildings, plant
& machinery, furniture & fixtures and vehicles.
AS PER WEBSITE:
Why PolyHose
Polyhose India Pvt Ltd is an ISO 9001:2000 accredited
Company and is a manufacturer's of High Pressure Thermoplastic, Industrial and
PVC hoses of International Standards with One of the most modern manufacturing plant
in South East Asia and State of the art computerized manufacturing line from
Profile
Polyhose
India Pvt. Ltd was incorporated in the year 1997 under Technology Transfer
Arrangement with a leading European company at Kelambakkam, near Chennai.
One of the most Modern Plant in
The plant is equipped with most modern computerized machinery from Global
Leaders in the respective field, and also has 100% Captive Power Generation to
run all the lines of manufacturing.
The product development as well as production control are looked after by a
team of dedcated Senior officials with decades of experience in Multinational
Companies like Dunlop, Fenner etc, apart from detailed in house training at
their endeavour is to constantly upgrade the existing product as well as to
introduce New Technology Products. Polyhose has successfully developed
Thermoplastic Hoses to International Standards and takes pride in exporting
them directly or through their authorized OEM assemblers to countries like U.K,
Polyhose
The
group company has set up a ultra modern Rubber Hydraulic hose manufacturing
facility. Currently the plant is manufacturing Long Length Mandrel Built Hoses
upto 1 inch 1.D as per DIN and SAE 100 R1,R2,R3,R5 and R6. Hoses for higher 1.D
and spiral hoses are soon to be launched in the year 2006.
Facilities
Testing Facilities
The factory is equipped with imported equipment for testing upto 7000 Bar
(1,00,000 psi) a specially designed continous flex testing for in house quality
checks. They will be shortly installing a state of art Impulse Testing Machine.
Production Capacity
|
Thermoplastic hoses |
10 million metre |
|
Industrial hose |
1 million metre |
|
PVC Hoses |
1 million metre |
Infrastructure
available for further expansion of capacity if required at a later stage.
Quality Control Measure
The Extrusion line is equipped with I.D, O.D, wall thickness measurement and
control system from Zumbach of Switzerland. Online three gun surface activation
unit for achieving higher bonding.
Assembly Facilities
The factory has facilities for assembling and testing of Hydraulic Hoses.
Products
Hydraulic
Hose
High
Pressure Jack Hose
Super
High Pressure Hose
Sewer
Cleaning Hose
Paint
Spray Hose (Wire Braided)
Paint
Spray Hose (Textile Braided)
Welding
/ Lpg Natural Gas Hose
Spray
Hose
Compressed
Air / Multi Purpose
Jack
Hammer / Rock Drill Hose
Fire
Reel Hose
Ptfe
Flexible Hoses
Low
Pressure Hoses For Air Brake - Ab Series
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. 40.45 |
|
|
1 |
Rs. 80.30 |
|
Euro |
1 |
Rs. 54.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|