MIRA
INFORM REPORT
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Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TURAKHIA POLYMERS PRIVATE LIMITED |
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Registered Office : |
2 Chandan Building Port – 8, Railway Society, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.06.2003 |
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Com. Reg. No.: |
11-141015 |
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CIN No.: [Company
Identification No.] |
U24130MH2003PTC141015 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT12773F |
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PAN No.: [Permanent
Account No.] |
AABCT8602M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Polymers and Plastic raw materials. |
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 192816 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company engaged in trading
of Polymers and Plastic raw materials. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
2 Chandan Building Port – 8, Railway Society, |
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Tel. No.: |
91-22-26715636 /3736/8724 |
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Fax No.: |
91-22-26715671 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Janakray G Turakhia |
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Designation : |
Director |
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Address : |
Sagar Sukshiti, Friends Housing Society, |
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Date of Birth/Age : |
09.01.1954 |
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Date of Appointment : |
24.06.2003 |
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Name : |
Mr. Dharmesh Janakray |
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Designation : |
Director |
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Address : |
Sagar Sukshiti, Friends Housing Society, |
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Date of Birth/Age : |
08.04.1980 |
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Date of Appointment : |
22.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Turakhia Girdharilal Janakray |
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27000 |
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Mr. Dharmesh Janakray Turakhia |
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5000 |
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Mrs. Sushila Janakray Turakhia |
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128500 |
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Mrs. Labhiben Girdharilal Turakhia |
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34500 |
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Mr Mitesh Janakray Turakhia |
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5000 |
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Nutshell Vyapar Private Limited |
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15000 |
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Globe Siya Products Limited |
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11500 |
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Champak Niketan Limited |
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3000 |
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Shivganga Distributors Private Limited |
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2000 |
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Omega Ventures Private Limited |
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5000 |
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Ramsons Commercial Private Limited |
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15000 |
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Sonal Tie-Up Private Limited |
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13000 |
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JMD Telefilms Industries Limited |
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4750 |
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Ganannayak Securities Private Limited |
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5000 |
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Kanoi Steel Limited |
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5000 |
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Heroic Multitrade Private Limited |
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5000 |
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Prarambh Multitrade Private Limited |
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3500 |
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Poonam Investments and financial Consultants Limited |
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5000 |
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Paritosh Trading Private Limited |
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5000 |
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Nandan Mercantiles Private Limited |
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7000 |
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Trident Lami – Pack Private Limited |
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1750 |
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SCM Holding Private Limited |
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6750 |
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Sunny Fincom Private Limited |
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5000 |
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Apsara Trex Private Limited |
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8750 |
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ADIP Synthetics Private Limited
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2000 |
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Binod Ferro Alloys Private Limited |
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2000 |
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Navyug Telefilms Private Limited |
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3000 |
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Hooghly Vinimay Private Limited |
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5000 |
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Adhir Barter Private Limited |
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1000 |
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Mumbadevi Finance and investment Company Private Limited |
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2000 |
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Lyton Consultancy Private Limited |
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7000 |
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Star Trafin Private Limited |
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8500 |
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Jaltarang Developers Private Limited |
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5000 |
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Kshatriya Commodities Private Limited |
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5000 |
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Ankur Suppliers Private Limited |
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6000 |
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Lily Enclave Private Limited |
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6500 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies corporate |
90.00 |
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2 |
Directors or relative of directors |
10.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Polymers and Plastic raw materials. |
GENERAL INFORMATION
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No. of Employees : |
15 |
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Vasavada and Associates Chartered Accountants |
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Address : |
5/105, Nityanand Nagar –IV, Swami Nityanand Marg, Andheri (East),
Mumbai – 400 069, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs.10/- each |
Rs. 2.000 millions |
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180000 |
Preference Shares |
Rs. 100/- each |
Rs. 18.000 millions |
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Total |
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs. 10/-
each |
Rs. 2.000
millions |
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180000 |
Preference Shares |
Rs. 100/-
each |
Rs. 18.000
millions |
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Total |
Rs.20.000 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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20.000 |
20.000 |
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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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28.204 |
27.224 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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48.204 |
47.224 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.055 |
0.021 |
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TOTAL |
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48.259 |
47.245 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.862 |
1.009 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.062 |
9.459 |
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Sundry Debtors |
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12.212 |
9.401 |
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Cash & Bank Balances |
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6.056 |
3.948 |
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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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16.432 |
24.331 |
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Total
Current Assets |
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53.762 |
47.139 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.238 |
0.290 |
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Provisions |
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1.184 |
0.698 |
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Total
Current Liabilities |
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7.422 |
0.988 |
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Net Current Assets |
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46.340 |
46.151 |
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MISCELLANEOUS EXPENSES |
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0.057 |
0.085 |
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TOTAL |
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48.259 |
47.245 |
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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 (Estimated) |
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100.000 |
0.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.15 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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7.24 |
47.71 |
LOCAL AGENCY FURTHER INFORMATION
Nil
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 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.39.57 |
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|
1 |
Rs.81.01 |
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Euro |
1 |
Rs.56.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
55 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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