MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
EXPANDED POLYMER SYSTEMS PRIVATE LIMITED |
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Formerly Known As : |
EXPANDED INCORPORATION |
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Registered Office : |
C – 44/1 and 2, TTC Area, MIDC, Pawnethane – Belapur Road, Vashi,
Mumbai – 400705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 (EXPANDED INCORPORATION) |
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Date of Incorporation : |
02.11.2007 |
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Com. Reg. No.: |
175657 |
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CIN No.: [Company
Identification No.] |
U24134MH2007PTC175657 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME00833 A |
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PAN No.: [Permanent
Account No.] |
AAAFE0142M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Marketing Agents, Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject has been converted into a Private Limited Company w.e.f.
02.11.2007 and all the partners are now directors of the company. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Hemant Pandya |
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Designation : |
Manager |
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Date : |
08.02.2008 |
LOCATIONS
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Registered Office/ Factory : |
C – 44/1 and 2, TTC Area, MIDC, Pawnethane – Belapur Road, Vashi,
Mumbai – 400705, Maharashtra, India |
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Tel. No.: |
91-22-27670838 / 27670839 / 27680303 / 27680404 |
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Fax No.: |
91-22-27671065 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mukesh S. Bhuta |
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Designation : |
Director |
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Date of Birth/Age : |
53 years |
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Qualification : |
Science Graduate, B.E. Tech London |
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Experience : |
25 years |
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Name : |
Mr. Vaman J. Mehta |
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Designation : |
Director |
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Name : |
Mr. Ajit Shantilal Bhuta |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer, Exporter and Marketing Agents, Chemicals. |
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Products : |
Chemicals. |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C and Sight |
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Purchasing : |
L/C terms |
PRODUCTION STATUS
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Particulars |
Installed
Capacity |
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6000 tonnes p.a. |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
80 (Office – 40; Factory – 40) |
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Bankers : |
Desai Niwas, M. G. Road, Ghatkopar (West),
Mumbai – 400 086, Maharashtra, India. |
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Facilities : |
It enjoys cash credit of Rs.110.000 millions, aggregate facility of
Rs.70.00 millions, L/C facility of Rs.130.00 millions and term Loan facility
of Rs.15.00 millions from its Bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C M Gabawala and Company Chartered Accountant |
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Address : |
Charni Road, Mumbai, Maharashtra, India |
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Memberships : |
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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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10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
EXPANDED
INCORPORATION
ABRIDGED BALANCE
SHEET
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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 |
129.322 |
118.292 |
92.433 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.760 |
18.760 |
18.760 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
148.082 |
137.052 |
111.193 |
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LOAN FUNDS |
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1] Secured Loans |
81.788 |
90.539 |
79.103 |
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2] Unsecured Loans |
9.685 |
7.337 |
6.637 |
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TOTAL BORROWING |
91.473 |
97.876 |
85.740 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
239.555 |
234.928 |
196.933 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
103.871 |
99.535 |
83.054 |
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Capital work-in-progress |
5.819 |
0.710 |
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 |
41.851 |
54.503 |
62.449 |
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Sundry Debtors |
157.688 |
140.046 |
110.870 |
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Cash & Bank Balances |
15.561 |
21.000 |
11.679 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
19.569 |
21.532 |
13.511 |
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Total
Current Assets |
234.669 |
237.081 |
198.509 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
104.804 |
102.398 |
84.630 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
104.804 |
102.398 |
84.630 |
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Net Current Assets |
129.865 |
134.683 |
113.879 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
239.555 |
234.928 |
196.933 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
701.583 |
656.413 |
521.864 |
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Commission |
6.644 |
7.695 |
0.000 |
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Other Income |
5.360 |
3.309 |
0.000 |
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Total Income |
713.588 |
667.417 |
521.864 |
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Profit/(Loss) Before Tax |
25.329 |
27.976 |
39.481 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
25.329 |
27.976 |
39.481 |
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Expenditures : |
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Manufacturing & Assets Maintenance |
27.445 |
23.863 |
NA |
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Administrative Expenses |
18.256 |
14.955 |
NA |
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Raw Material Consumed |
573.255 |
533.589 |
NA |
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Personnel |
25.481 |
22.364 |
NA |
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Selling & Distribution Expenses |
3.277 |
6.627 |
NA |
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Depreciation & Amortization |
11.000 |
12.020 |
NA |
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Finance Cost |
29.545 |
26.023 |
NA |
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Other Expenditure |
0.000 |
0.000 |
NA |
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Total Expenditure |
688.259 |
639.441 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
3.54
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4.19 |
7.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.54
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4.19 |
7.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.48
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8.31 |
14.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.20 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32
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1.46 |
1.53 |
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Current Ratio (Current Asset/Current Liability) |
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2.24
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2.32 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
The concern is in
trade terms with:
- Lloyds (India) Limited
- 386, V. Savarkar Marg, Mumbai – 400 025, Maharashtra, India.
- Bayer AG, Germany
- Bayer India Limited, Express Towers, Nariman Point, Mumbai – 400 021,
Maharashtra, India
- Godrej and Boyce Manufacturing company Limited, Vikroli, Mumbai
- Videocon International Limited Mumbai
- Videocon Appliances Limited, Mumbai
- Whirlpool India Limited, Faridabad, Haryana
- Whirlpool India Limited, Pune, Maharashtra
- Blue Star Limited, Mumbai branch, Thane
WEBSITE DETAILS:
Subject is located at Pawne Industrial Area, 25 kms from Mumbai City. They are an industry leader in Polyurethane Technologies owing to their path-breaking Research and Development efforts. Their scientists have indigenously developed various types of polyols and formulations for diverse industry segments from refrigeration to automotive to packaging. It is the preferred supplier for top-end industries like Refrigerators and General Insulation. They have also played a very significant role in the ‘CFC Phase Out’ programmed.
Their chemicals business is well complemented by the marketing of Polyurethane foam processing equipment from Cannon of Italy, as its sole distributor in India. Their machinery division has been augmented with Marketing Agencies for Polyurethane and plastic processing and allied machinery from world-renowned companies.
Facilities
Expanded Incorporation is the first and only Polyurethane System House in India, having ultramodern in-house facilities using state-of-the-art technology for producing both polyether and polyester polyols as well as blended polyurethane systems. Their production facilities are housed in three adjacent plants, ensuring optimum proficiency in manufacturing and quality-control. Innovation covering the enhancement of both products and production technology is an ongoing process at Expanded.
PRODUCTS and SERVICES
Expanded Incorporation’s activities cover manufacture of base Chemicals for manufacturing polyurethanes and marketing of top of the line PU-processing Machinery.
PU Chemicals
Polyether polyols
These are manufactured from alkylene oxides. Their polyether polyols, are marketed under the brand names of Exapol. Though specialized in short chain polyether, other polyols are also manufactured for specific applications, largely for in-house consumption.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.44 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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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 |
YES |
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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 |
YES |
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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 |
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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
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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. |
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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