MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHNOVINYL POLYMERS INDIA LIMITED |
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Registered Office : |
121, Solaries, Opp Larsen and Tubro, Saki Vihar Road, Powai, Mumbai –
400072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.06.1992 |
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Com. Reg. No.: |
067303 |
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CIN No.: [Company
Identification No.] |
U25209MH1992PTC067303 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT04346G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture and Importer of Hi-Performance P.V.C. Compounds and Speciality Polymers. |
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 215768 |
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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 records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are 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 : |
121, Solaries, Opp Larsen and Tubro, Saki Vihar Road, Powai, Mumbai –
400072, Maharashtra, India |
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Tel. No.: |
91-22-25600799 / 25642577/ 25930940 |
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Fax No.: |
91-22-25642577 |
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E-Mail : |
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Location : |
Owned |
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Administrative Office : |
30, Unique Industrial Estate, R. P. Road, Mulund (West), Mumbai – 400 080, Maharashtra |
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Tel. No.: |
91-22-25600799 / 4696 / 25645313 |
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Fax No.: |
91-22-25642577 |
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E-Mail : |
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Factory : |
Plot No. 83, Government Industrial Estate, Village Masat, Silvassa – 396 230, Dadra and Nagar Haveli, Union Territory. |
DIRECTORS
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Name : |
Mr. Kirit G. Chandan |
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Designation : |
Chairman and Managing Director |
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Address : |
603, Mount View, Devidayal Road, Mulund (West), Mumbai –
400 080 |
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Date of Birth/Age : |
13.01.1960 |
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Date of Appointment : |
19.06.1992 |
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Name : |
Mr. Gokuldas O. Chandan |
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Designation : |
Director |
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Address : |
603, Mount View, Devidayal Road, Mulund (West), Mumbai –
400 080 |
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Date of Birth/Age : |
07.12.1929 |
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Date of Appointment : |
19.06.1992 |
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Name : |
Mr. Tejal K. Chandan |
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Designation : |
Director |
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Address : |
603, Mount View, Devidayal Road, Mulund (West), Mumbai –
400 080 |
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Date of Birth/Age : |
05.10.1967 |
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Date of Appointment : |
1906.1992 |
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Name : |
Mrs. Priti G. Chandan |
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Designation : |
Director |
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Address : |
603, Mount View, Devidayal Road, Mulund (West), Mumbai –
400 080 |
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Date of Birth/Age : |
06.01.1964 |
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Date of Appointment : |
28.09.1993 |
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Name : |
Mrs. Deviben G. Chandan |
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Designation : |
Director |
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Address : |
603, Mount View, Devidayal Road, Mulund (West), Mumbai –
400 080 |
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Date of Birth/Age : |
20.06.1937 |
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Date of Appointment : |
19.06.1992 |
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Name : |
Mr. Venugopal Balaram Bang |
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Designation : |
Director |
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Address : |
Bang Bhavan, 2nd Floor, Sir Bhalchandra Road, Dadar, Mumbai
– 400014, Maharashtra |
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Date of Birth/Age : |
02.06.1954 |
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Date of Appointment : |
01.06.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mrs. Priti G. Chandan |
|
45010 |
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Mrs. Deviben G. Chandan |
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32510 |
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Mr. Kirit G. Chandan |
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135010 |
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Mr. Tejal K. Chandan |
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61940 |
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Mr. Gokuldas G. Chandan |
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122010 |
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Mr. K. G. Chandan |
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3500 |
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Mrs. Lata D. Palan |
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10 |
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Mr. Deepak P. Thakkar |
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10 |
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Total |
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400000 |
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Category (As on
31.03.2007) |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Importer of Hi-Performance P.V.C. Compounds and Speciality Polymers. |
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Imports: |
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Products: |
Raw Materials |
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Countries |
Germany |
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Terms: |
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Purchasing: |
L/C |
GENERAL
INFORMATION
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Suppliers: |
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Customers: |
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No. of Employees: |
40 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dayal and Lohia Chartered Accountants |
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Address : |
6 and 7 Kamanwala Chambers, 1st Floor, Sir P.M. Road,
Mumbai- 400001, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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 |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
49.942 |
45.244 |
39.031 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.942 |
49.244 |
43.031 |
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LOAN FUNDS |
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1] Secured Loans |
63.644 |
51.499 |
20.637 |
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2] Unsecured Loans |
41.332 |
27.142 |
20.892 |
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TOTAL BORROWING |
104.976 |
78.641 |
41.529 |
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DEFERRED TAX LIABILITIES |
4.345 |
2.428 |
2.680 |
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TOTAL |
163.263 |
130.313 |
87.240 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.941 |
18.940 |
17.510 |
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Capital work-in-progress |
0.000 |
39.641 |
7.541 |
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INVESTMENT |
1.848 |
1.848 |
1.848 |
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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 |
54.852
|
42.635 |
37.195 |
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Sundry Debtors |
18.704
|
23.099 |
18.757 |
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Cash & Bank Balances |
1.593
|
1.128 |
0.751 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.038
|
22.135 |
17.477 |
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Total
Current Assets |
93.187
|
88.997 |
74.180 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
15.774
|
9.438 |
8.049 |
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Provisions |
10.939
|
9.675 |
5.790 |
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Total
Current Liabilities |
26.713
|
19.113 |
13.839 |
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Net Current Assets |
66.474
|
69.884 |
60.341 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
163.263 |
130.313 |
87.240 |
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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 |
132.212 |
128.752 |
121.553 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
132.212 |
128.752 |
121.553 |
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Profit/(Loss) Before Tax |
11.290 |
10.066 |
8.347 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
11.290 |
10.066 |
8.347 |
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Expenditures : |
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Interest |
0.000 |
4.703 |
4.081 |
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Depreciation & Amortization |
2.428 |
1.489 |
1.231 |
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Other Expenditure |
118.494 |
112.494 |
0.04 |
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Total Expenditure |
120.922 |
118.686 |
113.206 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
8.54
|
7.81 |
6.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.54
|
7.81 |
6.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.00
|
9.32 |
0.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.20 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.44
|
0.38 |
0.32 |
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Current Ratio (Current Asset/Current Liability) |
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3.49
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4.65 |
5.36 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Factory building
- Plant and machinery
- Computer
- Furniture and Fixture
- Office equipments
- Vehicles
Notes
The company was incorporated to carry on business as manufacturers and dealers of thermoplastic compounds, extinguishers and moulding discs and also as manufacturers of and dealers in all kinds of plastic materials, industry styrene, polystyrene, vinylchloride, polyvinyl chloride, polyethylene, polyolefins, vinyl acetate and co-polymers.
Generic Name of the Principal Product of the company is:
Polymer
Form 8:
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Name of the company |
TECHNOVINYL
POLYMERS INDIA LIMITED |
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Presented By |
Jointly Company
and Charge holder |
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1) Date and description of instrument creating the change |
Memorandum of
fifth modification of hypothecation agreement dated – 16.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.21.500
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 |
(i) Stocks of raw
materials such as PVC compounds, PVC resins, DOP, K – 120 ND, Luwax Powder,
stabilizers, HDP bag etc. Stock in process and finished goods, Consumable
stores and spares, packing materials etc, both present and future now being
or hereafter brought into or upon or now or hereafter in course of transit to
any godowns, jathas or other place of storage at Mulund or Masai, Dadar Nagar
Haveli or other place whatsoever and where over in the possession or occupation
of the company. (ii) All the
tangible movable properties and assets of whatsoever nature including plant,
machinery, tools and accessories, stores, spares relating to the plant and
machinery, furniture, fixtures, typewriter, vehicles, computers, calculation
machines, air conditioners, articles, computers and things belonging to the
company and lying and being at their premises / factories at Mulund, Mumbai
being movable prosperities and capable of passing by delivery, both present
and future, whether installed or not and whether now lying loose or in cases
and now being or at nay time brought into or upon or at anytime in course of
transit to the premises / factories of the company at Mulund or Masat, Dadra
and Nagar Haveli or other place whatsoever or wheresoever either by way of
substitution or addition in the possession or occupation of the company. (iii) All the
present and future book debts, outstanding, moneys, receivables, claims,
bills, right, to or in movable properties and movable assets and which are
now due, owing or payable or belonging to the company or which ma at any time
hereafter become due, owing, payable or belonging to the company in the
course of its business by any person, fire, company or body corporate or by
the government central or state or Indian railways and government departments
or office or corporate or undertaking or project or semi government body or
authority or any body corporate or undertaking or project whatever in the
public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(i) Security
created in respect of Terms Loan – Machinery / Building limit. (ii) Security to
cover principal amount tighter with interest, costs, Charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Mulund (West),
Mumbai – 400080 |
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6) Date and brief description of instrument modifying the charge |
No instrument was
executed. Charge created on 16.04.2005 by way of equitable mortgage by
deposit of title deeds. |
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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. |
Additional
security provided of the following immovable properties: (i) All that
piece and parcel of plot of land bearing No. 83 Government Industrial Estate
and situate at village Masat, Union Territory of Dadra and Nagar Haveli,
admeasuring 1000sq.mtrs. or thereabout in area and bearing Revenue survey No.
444 / 1 of village Masats (ii) All that
piece and parcel of N.A. Industrial land bearing Survey No. 59 / 10 / 1 admg.
H – 0 – 52 are equivalent to 6000sq.mtrs both situated at village Masat,
Union Territory of Dadra and Nagar Haveli together with building sheds other
structures, fixtures, fitting, fixed plant and machinery permanently embedded
in the earth electrical installations etc. Now constructed, erected,
installed thereon and hereafter to be constructed, erected, installed thereon
both present and futures. |
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.40.14 |
|
UK Pound |
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.62.59 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--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 |
NO |
|
--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 |
|