MIRA INFORM REPORT

 

 

Report Date :

01.11.2007

 

IDENTIFICATION DETAILS

 

Name :

MEENAKSHI POLYMERS PRIVATE LIMITED

 

 

Registered Office :

 36, Sabarwal Market, Sadar Bazar, Delhi - 110006

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

16.07.1986

 

 

Com. Reg. No.:

55-24860

 

 

CIN No.:

[Company Identification No.]

U74899DL1986PTC024860

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELM08349F

 

 

PAN No.:

[Permanent Account No.]

AAACM3392G

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer of different Vehicle’s Seats related Products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 290000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

36, Sabarwal Market, Sadar Bazar, Delhi – 110006, India

Tel. No.:

91-11-23675475

Mobile No.:

91-9818596808 / 9910398570 / 9810020882

E-Mail:

mppl-2@sify.com

avin_bhatia@yahoo.co.in

Web-Site:

http://Meenakshipolymers.tradeindia.com

 

 

Factory :

Plot No. 33, Sector 34, Gurgaon – 122001, Haryana

Tel. No.:

91-124-2373639 / 2210432

 

 

DIRECTORS

 

Name :

Mrs. Anita Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

27.01.1959

Date of Appointment :

01.08.1996

 

 

Name :

Mrs. Punam Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

01.01.1961

Date of Appointment :

01.08.1991

 

 

Name :

Mr. Sanjeev Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

15.10.1957

Date of Appointment :

01.06.2006

 

 

Name :

Mr. Raj Kumar Soni

Designation :

Director

Address :

81 The Mall, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

01.03.1926

Date of Appointment :

24.01.2007

Other Directorship :

A K Silk Woollen Mills Limited

U17113DL1962PLC003737

 

Murari Woollen Mills Limited

U17113DL1966PLC004686

 

Jabco Industries Private Limited

U74899DL1962PTC003763

 

Kaam Dhenu Wool Private Limited

U17117DL1996PTC076942

 

 

KEY EXECUTIVES

 

Name :

Mr. Bhupesh Wadhwa

Designation :

Manager

 

 

Name :

Rajnish K Sharma and Associates

Designation :

Company Secretary

Address :

C/o.  Khanna Ashwani and Associates

Off. No – 4, 2nd Floor, Industrial Estate Road, Guru Har Rai Complex, Near Manju Theatre, Ludhiana  

Mobile No.:

91-9814111799

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Percentage of Holding

Anita Soni

3950

29.92

Punam Soni

4645

35.19

Arjun Soni

1700

12.88

Kunal Soni

850

6.44

Rahul Soni

850

6.44

Bharat Soni

1005

7.61

Raj Kumar and Sons

200

1.51

Total

13200

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of different Vehicle’s Seats related Products

 

 

Products :
  • Two Wheeler Seat Cushion (P.U. Bare Foam)
  • Two Wheeler Seat Plates (Sheet Metal)
  • Two Wheeler Seat Covers
  • Two Wheeler Seat Assy. Component
  • Bicycle Seat Cushion
  • Tractor Seats
  • Bus Seat Cushion

  

 

Name of the Product

Code Number

Polymers

375.8

 

 

GENERAL INFORMATION

 

Customers :
  • Hero Honda Motors Limited-45%
  • Hero Puch Limited, Ghaziabad – 100%
  • JCBL, Ludhiana
  • Grand Slam, Sahibabad
  • Open Replacement Markets
  • Monto Motors Limited

 

 

Bankers :

State Bank of India

 

 

 

Banking Relations :

Satisfactory

 

 

Financial Institution :

Hero Honda Finance Limited

34 Community Centre Basant Lokvasant Lok, Vasant Vihar, New Delhi – 110057, India

 

 

Auditors :

 

Name :

Nanda and Bhatia

Chartered Accountants

Address :

Red Cross Bhawan, The Mall, Ludhiana – 141001, Punjab, India

Tel. No.:

91-124-2444948 / 2449986

 

 

Associates/Subsidiaries :
  • A K Silk Woollen Mills Limited

U17113DL1962PLC003737

 

  • Murari Woollen Mills Limited

U17113DL1966PLC004686

 

  • Jabco Industries Private Limited

U74899DL1962PTC003763

 

  • Kaam Dhenu Wool Private Limited

U17117DL1996PTC076942

 

  • Govind Industries
  • Soni Traders
  • Raj Kumar Soni and Sons HUF

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1,00,000

Equity Shares

Rs 100/- each

Rs 10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

13,200

Equity Shares

Rs 100 /- each

Rs 1.320 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.320

1.320

1.320

2] Share Application Money

7.000

0.000

0.000

3] Reserves & Surplus

63.574

49.517

35.698

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

71.894

50.837

37.018

LOAN FUNDS

 

 

 

1] Secured Loans

72.643

43.329

24.126

2] Unsecured Loans

48.737

4.241

3.944

TOTAL BORROWING

121.380

47.570

28.070

DEFERRED TAX LIABILITIES

5.737

5.055

0.000

 

 

 

 

TOTAL

199.011

103.462

65.088

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

109.627

75.123

42.498

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
20.049

25.965

4.280

 

Sundry Debtors
25.239

10.886

31.924

 

Cash & Bank Balances
86.950

53.168

34.588

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
11.980

11.345

7.350

Total Current Assets
144.218

101.364

78.142

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
47.614

66.285

49.277

 

Provisions
7.220

6.740

6.275

Total Current Liabilities
54.834

73.025

55.552

Net Current Assets
89.384

28.339

22.590

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

199.011

103.462

65.088

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

 

 

 

 

Sales Turnover

507.658

416.749

306.104

Other Income

1.969

0.054

0.209

Total Income

509.627

416.803

306.313

 

 

 

 

Profit/(Loss) Before Tax

21.956

21.881

18.094

Provision for Taxation

7.902

8.065

6.953

Profit/(Loss) After Tax

14.054

13.816

11.141

 

 

 

 

Expenditures :

 

 

 

 

Cost of Material

 

318.263

233.588

 

Manufacturing Expenses

25.391

22.391

 

Establishment

487.671

19.446

14.686

 

Administration Expenses

 

25.932

12.917

 

Sales and Distribution Expenses

 

1.714

1.410

 

Financial Charge

 

1.164

0.962

Total Expenditure

487.671

391.910

285.954

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
2.76

3.31

3.64

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.32

5.25

5.91

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.65

12.40

15.00

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.31

0.43

0.49

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.45

2.37

2.26

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.63

1.39

1.41

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Assets of the company

 

 

Bankers Charges Report as per Registry

 

 

Name of the company

MEENAKSHI POLYMERS PRIVATE LIMITED

1) Date and description of instrument creating the change

1] Agreement of Hypothecation of Plant and Machinery dated 1st  June 2006 – Rs. 15.000 Millions

 

2) Amount secured by the charge/amount owing on the securities of charge

Rs 15.000 Millions

 

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

1] Hypothecation of Plant and Machinery.

 

4) Name and Address and description of the person entitled to the charge.

Hero Honda Finance Limited

34 Community Centre, Basant Lokvasant Lok, Vasan Vihar, New Delhi, Delhi - 110057

5) Date  and brief description of instrument modifying the charge

Deed of Hypothecation dated 1st June 2006

 

 

 

 

This form is for

Creation of charge

Corporate identity number of the company

U74899DL1986PTC024860

Name of the company

MEENAKSHI POLYMERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

36, Sabarwal Market, Sadar Bazar, Delhi – 110006, India

Type of charge

Movable Property

Particular of charge holder

Hero Honda Finance Limited

34 Community Centre Basant Lokvasant Lok

Vasant Vihar

New Delhi – 110057, India

rohitpuri@herohonda.com

Nature of description of the instrument creating or modifying the charge

  • Hypothecation agreement dated 20th November, 2006
  • Hypothecation of equipment plant and machinery as specifically described in the agreement .

Date of instrument Creating the charge

20.11.2006

Amount secured by the charge

Rs. 7.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Rate of Interest is 5.95 % flat per annum for 36 months

 

Terms of repayment

The Principal amount financed is Rs. 7.500 Millions which alongwith Interest @ 5.95% flat per annum for 36 months is Rs. 1.339 Millions amount to total of Rs. 8.838 Millions which is payable by way 36 Equated monthly Installment which is payable in arrear on or before 10th of each succeeding month and 1st EMI payable dated based on actual disbursement.

 

Margin

25 %

 

Extent operation of the charge

  • The Charge inter alia operates as Security by way of First and Exclusive charge in favour of the company on all the Borrower’s Hypothecated Assets.
  • The security crated shall operates as Continuing Security for the Balance due to the Company. 

Short particulars of the property charged
  • Toshiba Die Casting Machine main Body with Standard Accessories : Quantity 1 : Model DC 350 J-SX
  • CNC Turing Center : Quality 1
  • Bush Pressing Station : Quality 1
  • Gauging Station : Quality 1

Complete with Fittings, Tools an Accessories. Located at Borrower’s Premises. 

 

 

 

As Per Website

 

Subject was established in the year 1987. Today, they are the unmatched manufacturer and exporter of Two wheeler Seat Cushion (P.U. Bare Foam), Two Wheeler Seat Plates (Sheet Metal), Two Wheeler Seat Covers, Two Wheeler Seat Assy. Component, Bicycle Seat Cushion, Tractor Seats, Bus Seat Cushion and Sofa/Chair Cushions. The products manufactured by them are globally recognized for the quality and durability. They have acknowledge the needs of their customers and have served them with the quality and variety of products. They follow a customer centric approach and their name has become synonymous with the quality and reliability. All their quality procedures match the national as well as international quality standards Their focus on delivering high quality products along with proactive client services have positioned them way ahead of their competitors in the industry.

 

 Product


Their commitment towards quality and client satisfaction has taken them to epitome of the success and today, they are regarded as the most reputed company in the field of polymers.

 

Infrastructure


They are backed by the most appropriate infrastructure with the cutting edge technologies. Their manufacturing unit is armored with the ultra modern machineries including: High Frequency Welding Machine (15 Kw) Polyurethane Chemical Dosing Plant (250- 350 Gms/Sec.) with conveyorised mould carriers, Assembly Line Conveyor (14 Meter Length), Heating Ovens and Welding Machine. There is routine upgradation of the machineries and technologies to keep in pace with the dynamic market.

 

Quality Policy


They commit to produce products meeting complete customer needs and satisfaction through adherence to quality system as per requirement of ISO-9001:2000 standard. They have following objectives

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.39.37

UK Pound

1

Rs.81.82

Euro

1

Rs.56.83

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

63

 

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.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions