MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PRECISION POLYPLAST PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
PROMISING ESTATES AND TRADERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Falta Special Economic Zone, Sector 1, Plot No. 2, 33 and 34, 24
Parganas, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
17.01.1990 |
|
|
|
|
Com. Reg. No.: |
21-48226 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U70101WB1990PTC048226 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALP01989B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Plastic Granules and Plastic Scrap |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 88000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track records.
Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Falta Special Economic Zone, Sector 1, Plot No. 2, 33 and 34, 24
Parganas, West Bengal, India |
|
Tel. No.: |
91-33-22712346 |
|
Fax No.: |
91-33-22335596 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
32 Jamunalal Bajaj Street, 3rd Floor, Kolkata – 700007,
West Bengal, India |
|
Tel. No.: |
91-33-2386939 / 1503, 2870037 / 0264, 2242451 / 52 / 53 / 54, 5218797 |
DIRECTORS
|
Name : |
Mr. Shrawan Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
214/3/15, S. K. Dev Road, Chowdhury Bagan, lake Town, Kolkata –
700048, West Bengal, India |
|
Date of Birth/Age : |
17.07.1954 |
|
Date of Appointment : |
17.01.1990 |
|
|
|
|
Name : |
Mr. Ramesh Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
232 B, NSC BSCS Road, Kolkata – 700040, West Bengal, India |
|
Date of Birth/Age : |
06.10.1956 |
|
Date of Appointment : |
26.09.2003 |
|
|
|
|
Name : |
Mr. Ram Gopal Lohariwala |
|
Designation : |
Director |
|
Address : |
Natural Height, 137, V. I. P. Road, Block – 10, Flat No. 1 C, Kolkata
– 700052, West Bengal, India |
|
Date of Birth/Age : |
07.07.1962 |
|
Date of Appointment : |
26.09.2003 |
|
|
|
|
Name : |
Mr. Sushil Halwai |
|
Designation : |
Director |
|
Address : |
30, Garanhatta street, Kolkata – 700007, West Bengal, India |
|
Date of Birth/Age : |
30.10.1964 |
|
Date of Appointment : |
21.09.1998 |
|
Date of Ceasing : |
26.09.2003 |
|
|
|
|
Name : |
Mr. Monti Agarwal |
|
Designation : |
Director |
|
Address : |
214/3/15, S. K. Dev Road, Chowdhury Bagan, lake Town, Kolkata –
700048, West Bengal, India |
|
Date of Birth/Age : |
30.12.1985 |
|
Date of Appointment : |
27.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Shranan Kumar Agarwal |
|
254600 |
|
Santosh Agarwal |
|
600 |
|
Swati Agarwal |
|
3500 |
|
Sarika Lohariwala |
|
5000 |
|
Priti Agarwal |
|
5000 |
|
Puja Agarwal |
|
5000 |
|
Anita Lohariwala |
|
5000 |
|
Sonu Agarwal |
|
3500 |
|
Monu Agarwal |
|
3500 |
|
Rajni Agarwal |
|
4000 |
|
Piyush Agarwal |
|
5000 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Plastic Granules and Plastic Scrap |
GENERAL
INFORMATION
|
No. of Employees : |
About 100 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Sahoo and Company Chartered Accountants |
|
Address : |
7B, Moore Avenue, Kolkata – 700040, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
448200 |
Equity Shares |
Rs. 10/- each |
Rs. 4.482
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.482 |
4.482 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
17.525 |
16.038 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
22.007 |
20.520 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
38.129 |
27.933 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
38.129 |
27.933 |
|
|
|
|
|
|
|
|
TOTAL |
|
60.136 |
48.453 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
12.974 |
10.638 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2.374 |
2.163 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
57.370 |
27.504 |
|
|
Sundry Debtors |
|
20.390 |
20.894 |
|
|
Cash & Bank Balances |
|
4.867 |
3.222 |
|
|
Other Current Assets |
|
0.694 |
0.598 |
|
|
Loans & Advances |
|
8.422 |
6.134 |
|
Total
Current Assets |
|
91.743 |
58.352 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
44.496 |
20.738 |
|
|
Provisions |
|
2.459 |
1.962 |
|
Total
Current Liabilities |
|
46.955 |
22.700 |
|
|
Net Current Assets |
|
44.788 |
35.652 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
60.136 |
48.453 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover |
|
|
60.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.87 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.95 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
PROMISING
ESTATES AND TRADERS PRIVATE LIMITED |
|
Presented By |
Vijaya Bank, N.
S. Road Branch, 4, Clive Row, Kolkata and The Company |
|
1) Date and description of instrument creating the change |
Registered on
dated 12.05.1999 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.000
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 |
The Borrower
hereby hypothecates stock in trade of Plastic flour, Granules, other finished
goods and other merchandise etc. meant for export stored at EPZ Unit at
Falta, Kolkata and other centers and in transit. The borrower
hereby hypothecates in favour of the bank the movable assets of the borrower
i.e. machinery Plants, Accessories and tools stored in the premises of the
borrower. Further the
borrower company has additionally secured the entire credit limits by
creating Equitable Mortgage by way of deposit of title deeds in respect of
office space No. 8 and 6th Floor, of the Building Central Plaza
measuring 1458 sq.ft. built up along with a parking space, in Municipal
Premises No. 2/6, Sarat Bose Road, P. S. Ballygunge, Kolkata 700020, standing
on a piece of land measuring about 2 Bighas 6 Chittaks 32 sq. ft. of holding
No. 3 in Mouza Chakraberia within the Municipal Limits of Kolkata butted and
bounded on the North by 2/5, Sarat Bose Road, on the East by 2/4 B, Sarat
Bose Road, on the South by 2/7 Sarat Bose Road, and on the West by Sarat Bose
Road, on the South by 2/7 Sarat Bose Road, and on the West by Sarat Bos Road,
in favour of the Bank by way of First Charge. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To insure all
securities / charged / hypothecated to the bank for its full value against
all probable risk with Bank clause. Terms of
Repayment : Repayable on demand, limit for a period 7 year Interest @ 10 %
p.a. as per FEDAI / RBI / HO rules and guidelines. Rate of
Additional interest in case of default : As per FEDAI / RBI / HO Guidelines. First and
floating charge on the borrower’s existing and future entire assets |
|
5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank, N. S. Road Branch, 4, Clive Row, Kolkata – 700001 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
90256227 |
|
Corporate
identity number of the company |
U70101WB1990PTC048226 |
|
Name of the
company |
PROMISING ESTATES AND TRADERS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Falta Special Economic Zone, Sector 1, Plot No. 2, 33 and 34, 24
Parganas, West Bengal, India |
|
Type of charge |
|
|
Particular of
charge holder |
Karnataka Bank
Limited Park Street
Branch 1, Sarojini Naidu
Sarani, Kolkata – 700017, West Bengal, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
05.09.2006 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The borrow shall
pay the interest Terms of
repayment Overdraft : On
demand Pre-shipment
Credit : Realize out of Post – Shipment Credit Post – Shipment
Credit : Realization of Export Bills Margin Overdraft : 25 %
on stock and 40 % on book debts not older than 90 days Pre-shipment
Credit : 25 % on Stock For Bank
Guarantee : 20 % Cash margin Extent operation of
the charge All the Credit
Limits except term loan for 15 months i.e. up to 30.11.2007 Others The stocks and
all the securities charged to the bank shall be fully insured for full value
with all necessary risk with the bank clause. Other terms and
conditions save as modified by these present with the principal agreement are
remain in full force. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
24.12.2004 |
|
Particulars of
the present modification |
By this
modification the bank renewed all the limits and enhanced the overdrafts
limits to Rs. 30.000 Millions from the existing limits of Rs. 17.500 millions
and overall credit limits has been enhanced to Rs. 50.000 Millions for the
different facilities. |
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.39.35 |
|
UK Pound |
1 |
Rs.80.52 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|