MIRA INFORM REPORT

 

 

Report Date :

12.04.2008

 

IDENTIFICATION DETAILS

 

Name :

MAHARASHTRA POLYMER PRODUCTS

 

 

Registered Office :

Plot No.31, Shakti Udyog Nagar, Village Veoor, Taluka Palahar, Thane – 401404 , Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

2004

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners.

 

 

Line of Business :

Manufacturers, Exporters and Importers of EPDM Rubber Profile, Architectural, Building Profiles, Solar Water Heater Profile, Bus Body Profiles, Nitrile Rubber (Solid And Sponge), Neoprene Rubber (Solid And Sponge), Sponge EPDM Profile, Railways Rubber Parts

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 13632

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

INFORMATION PARTED BY

 

Name :

Mr. Sajjan Verma

Designation :

Partner

Date :

09.04.2008

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.31, Shakti Udyog Nagar, Village Veoor, Taluka Palahar, Thane – 401404 , Maharashtra, India

Tel. No.:

91-2525-320099/ 250498

Mobile No.:

91-9820584837/ 9821737215

Fax No.:

91-2525-250643

E-Mail :

epdm.mpp@gmail.com

Area :

11000 sq. ft.

Location :

Owned

 

 

Office Address :

6/103, Mittal Industrial Estate, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-28501083/ 28502064/ 66926577

Fax No.:

91-22-28504082

Website :

http://www.indiamart.com/osakarubber

 

PARTNERS

 

Name :

Mr. Sajjan Verms

Designation :

Partner

Date of Birth/Age :

50 years

Qualification :

Graduate

 

 

Name :

Mr. Shailesh Shah

Designation :

Partner

Date of Birth/Age :

54 years

Qualification :

Graduate

 

 

Name :

Mrs. Anupama Singh

Designation :

Partner

 

 

Name :

Mrs. Rambha Singh

Designation :

Partner

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

Percentage

 

 

 

Mr. Sajjan Verma

 

30%

Mr. Shailesh Shah

 

20%

Mrs. Rambha Singh

 

25%

Mr. Anupama Singh

 

25%

 

 

 

Total

 

100.00%

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Exporters and Importers of EPDM Rubber Profile, Architectural, Building Profiles, Solar Water Heater Profile, Bus Body Profiles, Nitrile Rubber (Solid And Sponge), Neoprene Rubber (Solid And Sponge), Sponge EPDM Profile, Railways Rubber Parts

 

 

Products :

EPDM Rubber Profile

Architectural Building Profiles

Solar Water Heater Profile

Bus Body Profiles

Nitrile Rubber (Solid And Sponge)

Neoprene Rubber (Solid And Sponge)

Sponge EPDM Profile

Railways Rubber Parts

 

 

Exports :

 

Products :

All Products

Countries :
  • Kenya
  • Uganda
  • Dubai

 

 

Imports :

 

Products :

Raw Materials

Countries :
  • Holland
  • Japan

(Trying – Talking Term)

 

 

Terms :

 

Selling :

L/C and Credit (30-60 days)

 

 

Purchasing :

Credit (30-45 days)

 

 

GENERAL INFORMATION

 

Suppliers :
  • Anjali Sales Corporation
  • Apar Industries Limited
  • Bandish Enterprises
  • Clark Rubber Limited
  • Deccan Queen Transports
  • Ekal Sationery Mart
  • Gangamani Industries
  • Gayatri Minerals
  • Jeet Sales
  • K T Sales
  • Kamala Enterprises
  • Mahavir Chemicals
  • Maimoon Steel Traders
  • Maya Enterprises
  • Niron Chemicals
  • Om Logistic Limited
  • Pavan Goods Carries
  • Prem Ganga Transport
  • Rahul Electrical Hardware
  • Rohit Rubber Corporation
  • Sah Petroleums Limited
  • Unimers India Limited
  • Venus Chemicals
  • Vinhar Chemicals Private Limited

 

 

Customers :
  • End Users
  • OEM’s
  • Merchant Exporters
  • Akshat Aluminium
  • Al Metal Industries
  • Aluminium Fab Company
  • Excel Glazing System
  • Hifab Enterprises
  • Jyoto Rubber Works
  • Laxmi Enterprises
  • Mahavir Enterprises
  • Osaka Rubber Products
  • Sheetal Manufacturing Company
  • Shreeji Corporation
  • Shri Mahalasa Power Rentals
  • Suma Enterprises
  • United Engineers
  • Windoors Suppling Company
  • Yashashri Poly Extrusion Limited
  • Zorastrian Automobile Private Limited

 

 

No. of Employees :

Around 40

 

 

Bankers :
  • Bharat Co-op. Bank Limited

Andheri (East) Branch, Maharashtra, India

 

 

Facilities :

C/C – Rs.5.000 Millions, Bank Loan – Rs.3.500 Millions

 

Secured Loan

31.03.2007

(Rs. In Millions)

From Bharat Co-op Bank (Mumbai) Limited

5.054

From Bharat Co-op Bank (Mumbai) Limited- Term Loan

5.195

From others Kotak Mahindra Bank Limited

0.368

Total

10.617

 

 

 

 

Unsecured Loan

 

 

 

From Others

Vinay Enterprises

3.918

Total

3.918

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mody and Company

Chartered Accountant

Address :

Malad, Mumbai

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs.3.408 Millions (Partners Capital)

Borrowed :

-

Total :

Rs.3.408 Millions (Partners Capital)

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital

 

 

3.408

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

3.408

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

10.617

2] Unsecured Loans

 

 

3.918

TOTAL BORROWING

 

 

14.535

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

17.943

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

8.848

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.100

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

1.522

 

Sundry Debtors
 

 

10.882

 

Cash & Bank Balances
 

 

0.130

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

1.511

Total Current Assets
 

 

14.045

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

4.742

 

Provisions
 

 

0.308

Total Current Liabilities
 

 

5.050

Net Current Assets
 

 

8.995

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

17.943

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

33.300

(Estimated)

31.664

Other Income

 

 

1.794

Total Income

 

 

33.458

 

 

 

 

Profit/(Loss) Before Tax

 

 

0.906

Provision for Taxation

 

 

0.000

Profit/(Loss) After Tax

 

 

0.906

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

24.203

 

Manufacturing Expenses

 

 

1.191

 

Administrative Expenses

 

 

0.334

 

Consumption of stores and spares parts

 

 

0.515

 

Interest

 

 

1.898

 

Insurance Expenses

 

 

1.078

 

Power & Fuel

 

 

1.458

 

Depreciation & Amortization

 

 

1.246

 

Other Expenditure

 

 

0.629

Total Expenditure

 

 

32.552

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

PAT / Total Income

(%)
 

 

2.71

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

2.86

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

3.96

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

5.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.78

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Note:

 

We have talked to Mr. Sajiv Verma Partner of Maharashtra Polymer Products, he says the given address Belongs to Osaka Robber Private Limited and the owner is a friend of Mr. Sajjan Verma. He uses the address for official purposes but Osaka is not a sister concern for Maharashtra Polymer Products.

 

 

 

Trade Reference:

 

 

 

 

Fixed Assets:

 

 

 

 

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.39.94

UK Pound

1

Rs.78.81

Euro

1

Rs.63.05

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions