MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PONDY POLYMERS PRIVATE LIMITED |
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Registered Office : |
6, 1st Floor, III Cross, Elango Nagar, Pondicherry –
605011, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.07.1987 |
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Com. Reg. No.: |
000519 |
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CIN No.: [Company
Identification No.] |
U25119PY1987PTC000519 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rubber Products, Earlier etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
USD 8272 |
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Status : |
Operations Suspended |
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Comments : |
The company has suspended all its operations and has no commercial
activities at present. The management claims that the company is planning to
diversity into coating industry and in already in dialogues with the Railways,
CPWD and Several other government departments for contracts. The company can be considered for any business dealings on safe and
secured trade terms and conditions, only. |
LOCATIONS
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Registered Office/ Factory : |
6, 1st Floor, III Cross, Elango Nagar, Pondicherry –
605011, Tamilnadu, India |
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Tel. No.: |
91-413-2243502/ 2243505 |
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Fax No.: |
91-413-2240706 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Abraham Georgekutty |
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Designation : |
Managing Director |
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Address : |
6, 2nd Main Road, Elango Nagar, Pondicherry – 605011,
Tamilnadu, India |
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Date of Birth/Age : |
12.12.1952 |
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Date of Appointment : |
16.07.1987 |
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Name : |
Mr. Lovely George |
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Designation : |
Director |
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Address : |
6, 2nd Main Road, Elango Nagar, Pondicherry – 605011,
Tamilnadu, India |
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Date of Appointment : |
08.08.1994 |
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Name : |
Mr. Joseph Prince |
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Designation : |
Director |
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Address : |
Jose Villa, Thayankary P O Edathua, Alleppy, Kerala |
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Date of Appointment : |
02.01.1989 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 15.07.1987)
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Names of Shareholders |
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No. of Shares |
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Mr. Abraham Georgekutty |
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10 |
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Mr. Lovely George |
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10 |
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Mr. Joseph Prince |
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10 |
(As on 31.03.2006)
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Category |
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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 : |
Manufacturer of Rubber Moulded Products. |
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Products : |
GENERAL
INFORMATION
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Bankers : |
Central Bank of
India, Pondicherry |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
James Thomas Chartered Accountant |
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Address : |
Goodshephard Road, Kottayam – 686001, Kerala, India |
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Associates/Subsidiaries : |
Mitech Traders and Moulded Products (Partnership Firm) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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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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1.000 |
1.000 |
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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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1.068 |
1.450 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.068 |
2.450 |
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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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0.227 |
0.000 |
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TOTAL BORROWING |
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0.227 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.007 |
0.007 |
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TOTAL |
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2.302 |
2.457 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.295 |
1.056 |
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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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0.431 |
0.534 |
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Sundry Debtors |
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1.891 |
1.960 |
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Cash & Bank Balances |
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0.161 |
0.069 |
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Other Current Assets |
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0.176 |
0.437 |
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Loans & Advances |
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0.011 |
0.108 |
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Total
Current Assets |
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2.670 |
3.108 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.612 |
1.665 |
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Provisions |
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0.056 |
0.049 |
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Total
Current Liabilities |
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0.668 |
1.714 |
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Net Current Assets |
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2.002 |
1.394 |
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MISCELLANEOUS EXPENSES |
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0.005 |
0.007 |
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TOTAL |
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2.302 |
2.457 |
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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 |
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0.483 |
1.466 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.483 |
1.466 |
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Profit/(Loss) Before Tax |
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(0.370) |
0.011 |
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Provision for Taxation |
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0.000 |
0.007 |
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Profit/(Loss) After Tax |
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(0.370) |
0.004 |
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Expenditures : |
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Raw Material Consumed |
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0.240 |
0.659 |
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Salaries, Wages, Bonus, etc. |
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0.076 |
0.091 |
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Managerial Remuneration |
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0.000 |
0.000 |
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Payment to Auditors |
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0.011 |
0.010 |
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Interest |
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0.000 |
0.000 |
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Insurance Expenses |
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0.017 |
0.026 |
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Power & Fuel |
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0.034 |
0.011 |
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Depreciation & Amortization |
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0.181 |
0.206 |
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Other Expenditure |
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0.294 |
0.452 |
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Total Expenditure |
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0.853 |
1.455 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(76.60) |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(76.60) |
0.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(12.48) |
0.26 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.18) |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.43 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
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3.99 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
PONDY POLYMERS PRIVATE LIMITED |
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Presented By |
Mr. Abraham Georgekutty |
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1) Date and description of instrument creating the change |
27.09.1988 Term Loan Agreement
for Hypothecation of Vehicle. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.097 Million |
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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 |
A Mahindra MM
Jeep (Vehicle) PYQ
9820 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Principal
repayable by 48 monthly installments each of Rs.0.002 Million from
Rs.27.12.1988 Rate of Interests
12.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Pondicherry |
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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 |
Profile:
Pondy Polymer Group's first unit was established in the year
1988, by Mr. George Abraham, a qualified first generation entrepreneur. The
Company's Vision is to fulfill the market needs of Rubber Products with a range
of products under a single brand, which stands for quality and reliability.
During the last Two decades of their manufacturing activities, they have a
reputation as pioneers of high quality rubber products.
Active research and development, state of art technology,
ultimate durability, expertise and personnel ensured the continuous growth of
the product range from Precured Tread Rubber to Automobile Inner Tubes, Curing Bags,
Tyre Flaps of different polymer, Solid Tyres, Tyre Retreading
Materials and specialized Rubber Moulded Products. While subject has maintained
its consistency in its marketing and distribution strategies for its various
rubber products, they have also actively pursued development of new superior
products to adapt to specific requirements of the different markets.
On Diversification, subject found it essential to specialize
in its diversified product line and as a result its Group Companies were
established concentrating on its innovative products.
Subject
Group Companies:
- Pondy Hi-Techs, Pondicherry
- Robex Rubbers Private Limited, Pondicherry
Manufacturers of Tyre Flaps, Precured
Tread Rubber and Tyre Retreading Materials
- Robex Rubbers, Tamil Nadu
Manufacturers of world class Anti Corrosive/Epoxy Paints,
Water Resistant and Lining Paints.
- Hi-Tech Treads and Moulded Products, Pondicherry. (ISO
9001:2000 Company)
Manufacturers of Automobile Tubes and Curing Bags,
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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 |
YES |
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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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5 |
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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