MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHAKUN POLYMERS LIMITED |
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Registered Office : |
501, Ivory Terrace, R.C. Dutt Road, Alkapuri, Vadodara-390005, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.04.1995 |
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Com. Reg. No.: |
04-25304 |
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CIN No.: [Company
Identification No.] |
U17119GJ1995PLC025304 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS01178C |
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PAN No.: [Permanent
Account No.] |
AACCS5500Q |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of Wire and Cable Compounds |
RATING &
COMMENTS
|
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 410000 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
501, Ivory Terrace, R.C. Dutt Road,
Alkapuri, Vadodara-390005, Gujarat, India |
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Tel. No.: |
91- 265 - 2335 537 / 2330 920 / 2333 807 /
2353 987 |
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Fax No.: |
91 - 265 - 2339 402 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 2-3, Silver Industrial Estate, Pataliya Road, Bhimpore, Daman
– 396210, Gujarat, India |
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Tel. No.: |
91-265-2333807 |
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Fax No.: |
91-265-2339402 |
DIRECTORS
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Name : |
Mr. Rajesh D Bansal |
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Designation : |
Whole Time Director |
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Address : |
18 Gotri Co-operative Housing Society, Gotri Road, Baroda – 390021,
Gujarat, India |
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Date of Birth/Age : |
03.03.1964 |
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Date of Appointment : |
02.01.1996 |
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Name : |
Mr. Rakesh D Bansal |
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Designation : |
Whole Time Director |
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Address : |
04 Gotri Co-operative Housing Society, Gotri Road, Baroda – 390021,
Gujarat, India |
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Date of Birth/Age : |
27.03.1966 |
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Date of Appointment : |
02.01.1996 |
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Name : |
Mr. Geetesh D Bansal |
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Designation : |
Whole Time Director |
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Address : |
5 Gotri Co-operative Housing Society, Gotri Road, Baroda – 390021,
Gujarat, India |
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Date of Birth/Age : |
27.10.1967 |
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Date of Appointment : |
02.01.1996 |
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Name : |
Himanshu Biharipradas Joshi |
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Designation : |
Director |
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Address : |
306, Bhagtodaya Tower – 1, Pashabhai Park, Race Course, Vadodara –
390007, Gujarat, India |
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Date of Birth/Age : |
29.09.1965 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.08.2006
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Names of Shareholders |
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No. of Shares |
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Ritu Bansal |
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184000 |
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Seema Bansal |
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422000 |
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Ashima Bansal |
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241200 |
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Rajesh Bansal – HUF |
|
150900 |
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Rakesh Bansal – HUF |
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113000 |
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Rakesh Bansal |
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300700 |
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Geetesh Bansal |
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186700 |
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Rajesh Bansal |
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79300 |
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Geetesh Bansal – HUF |
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222500 |
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Shakuntala Bansal |
|
488300 |
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Dhanraj Bansal |
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100000 |
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Pritesh Bansal |
|
18700 |
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Rishina Bansal |
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27200 |
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Anirudh Bansal |
|
80300 |
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Abhinav Bansal |
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80300 |
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Tanushree Bansal |
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23800 |
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Tanushree Bansal Edu Trust |
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75000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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87.00 |
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Other top fifty shareholders |
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13.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Wire and Cable Compounds |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Bank of Baroda, ATM Ajyot Ashram Branch, Indra Prastha, Ellora Park,
Opposite Vegetable Market, Baroda – 390007, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah Mehta and Bakshi Chartered Accountants |
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Address : |
Prasanna House, Associated Society, Opposite Radhakrishna Park, Near
Akota Stadium, Vadodara – 390020, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3460000 |
Equity Shares |
Rs. 10/- each |
Rs. 34.600
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
34.600 |
34.600 |
34.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
67.759 |
46.458 |
30.911 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.359 |
81.058 |
65.511 |
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LOAN FUNDS |
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1] Secured Loans |
86.042 |
50.884 |
9.184 |
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2] Unsecured Loans |
12.167 |
18.198 |
12.228 |
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TOTAL BORROWING |
98.209 |
69.082 |
21.412 |
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DEFERRED TAX LIABILITIES |
4.512 |
3.162 |
0.000 |
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TOTAL |
205.080 |
153.302 |
86.923 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
62.849 |
60.633 |
36.956 |
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Capital work-in-progress |
0.000 |
0.000 |
3.240 |
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INVESTMENT |
0.030 |
0.035 |
0.033 |
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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 |
58.212
|
44.088 |
17.245 |
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Sundry Debtors |
72.877
|
47.068 |
28.214 |
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Cash & Bank Balances |
7.163
|
1.639 |
1.713 |
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Other Current Assets |
11.871
|
9.551 |
2.035 |
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Loans & Advances |
6.718
|
3.339 |
4.695 |
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Total
Current Assets |
156.841
|
105.685 |
53.902 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
9.695
|
6.139 |
1.603 |
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Provisions |
4.945
|
6.912 |
5.605 |
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Total
Current Liabilities |
14.640
|
13.051 |
7.208 |
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Net Current Assets |
142.201
|
92.634 |
46.694 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
205.080 |
153.302 |
86.923 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
513.650 |
231.340 |
93.715 |
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Other Income |
78.014 |
44.068 |
17.197 |
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Total Income |
591.664 |
275.408 |
110.912 |
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Profit/(Loss) Before Tax |
42.605 |
25.460 |
2.014 |
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Provision for Taxation |
15.353 |
0.343 |
[0.419] |
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Profit/(Loss) After Tax |
27.252 |
25.117 |
2.433 |
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Earnings in Foreign Currency : |
296.723 |
78.124 |
18.047 |
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Expenditures : |
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Raw Material Consumed |
410.680 |
172.607 |
69.264 |
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Purchases made for re-sale |
1.112 |
0.443 |
2.395 |
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Consumption of stores and spares parts |
1.373 |
0.800 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[8.418] |
[5.989] |
0.000 |
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Salaries, Wages, Bonus, etc. |
7.135 |
5.361 |
3.526 |
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Managerial Remuneration |
2.265 |
1.197 |
1.204 |
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Payment to Auditors |
0.258 |
0.274 |
0.191 |
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Interest |
10.222 |
3.319 |
0.308 |
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Insurance Expenses |
0.743 |
0.454 |
0.386 |
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Power & Fuel |
7.439 |
5.052 |
2.842 |
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Depreciation & Amortization |
7.080 |
5.809 |
0.000 |
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Other Expenditure |
109.170 |
60.621 |
28.782 |
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Total Expenditure |
549.059 |
249.948 |
108.898 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
4.61
|
9.12 |
2.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.29
|
11.01 |
2.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.39
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15.31 |
2.22 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.31 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.10
|
1.01 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
|
10.71
|
8.10 |
7.48 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SHAKUN POLYMERS
LIMITED |
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Presented By |
Bank of Baroda, ATM Ajyot Ashram Branch, Vadodara |
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1) Date and description of instrument creating the change |
22.06.2005 Memorandum for
Release and redeposit of title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 70.500
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 |
Together with all
buildings and structure thereon and all plant and machinery attached to the
earth or permanently fastened to anything attached to earth, both present and
future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Rate of Interest
– 2.25 % over BPLR i.e. 12.75 % p.a. monthly rest Margin –
Hypothecation of plant and machinery 29.90 % Repayable in 60
instalments of Rs. 0.250 Million each Cash Credit – Hypothecation 0.5 % over BPLR
i.e. 11.00 % p.a. monthly rest Margin : CC Hyp.
Book debts 40 % R. M. 25 % F G WIP and PM 30
% Letter of credit For DP L/C margin
10 % For DA L/C 10 %
at the time of opening 15 % at the time
of acceptance of documents Period 12 months Commission as per
guideline of the bank Bank Guarantee
: Margin 10 % by way of FDR and
Commission as per guideline of the bank.
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, ATM Ajyot Ashram Branch, Indra Prastha, Ellora Park,
Opposite Vegetable Market, Baroda – 390007, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90101121 |
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Corporate
identity number of the company |
U17119GJ1995PLC025304 |
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Name of the
company |
SHAKUN POLYMERS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
501, Ivory Terrace, R.C. Dutt Road, Alkapuri, Vadodara-390005, Gujarat |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Baroda, ATM Ajyot Ashram Branch, Indra Prastha, Ellora Park,
Opposite Vegetable Market, Baroda – 390007, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Second supplemental
memorandum of entry in respect of extension of mortgage by constructive
delivery / deposit of title deeds |
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Date of
instrument Creating the charge |
17.07.2007 |
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Amount secured by
the charge |
Rs. 180.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest TL 1.25 % over
BPLR i.e. 14.50 % p.a. monthly rest, C. C. Hypothecation 0.50 % over BPLR
i.e. 13.75 % p.a. at presently on monthly rest + 0.50 % p.a. for limits under
LOC Terms of Repayment
Working capital –
On Demand TL – New 60 monthly Instalments Margin TL – New 44 % CC
Stock and SIP – 25 % , Receivables 30 % Extent and
Operation of the charge Credit FACI are
sec by E M over IMMO, Properties more particularly described in second
schedule to the deed |
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Short particulars
of the property charged |
Credit FACI are
sec by E M over IMMO, Properties more particularly described in second
schedule to the deed |
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Date of latest
modification prior to the present modification |
08.09.2006 |
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Particulars of
the present modification |
By this execution
the charge extended to cover revised credit facilities aggregating to Rs.
180.000 Millions |
As Per Website
Profile
Subject is in the
business of Compounding having focus on Wire and Cable Compounding Sector,
started its manufacturing activities in the year 1991. Now it has got three
manufacturing locations under the style of HALOL, DAMAN & PADANA DIVISION.
The total installed capacity of Shakun Polymers Limited is approximately 20000
Metric Tonnes per annum.
The high level of
know-how in house with particular attention on production technologies is a
striving force of Shakun. The internal use of this know-how and continuous
research and development activities keeps it ahead of competition.
The product quality
standards offered are continuously monitored and guaranteed.
Every problem
encountered is effectively faced and solved in responsible and serious manner.
Investing its
resources periodically in manpower, test equipments for Research &
Technological development with an aim of constantly pursuing growth in its
production know-how.
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. 39.98 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.62.25 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|