MIRA
INFORM REPORT
|
Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVASHISH POLYMERS PRIVATE LIMITED |
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Registered Office : |
C/O EVE Fabrics Private Limited, NTC House 1st Floor, N M Marg,
Ballard Estate, Mumbai – 400038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.04.1996 |
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Com. Reg. No.: |
11-98680 |
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CIN No.: [Company
Identification No.] |
U25209MH1996PTC098680 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD05072E |
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|
Legal Form : |
Private Limited
Liability Company |
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|
Line of Business : |
Manufacturers of
Synthetic Rubber Compound, Dyes and Chemicals. |
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 89000 |
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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
|
Registered Office / Corporate Office : |
Eve Fabrics Private Limited, N. T.C. House, 1st
Floor, N. M. Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
|
Tel. No.: |
91-22-22613440/ 22617660/
22614025 |
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Fax No.: |
91-22- 22617709/
26484584 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 272/1/3, Dadra – Demini Road, Village Dadra,
Silvassa – 396191, Union Territory |
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Tel. No.: |
91-260-2648457 / 2648557 / 309 1393 / 309 1981 |
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Fax No.: |
91-260-2648457 / 2648557 / 266 8457 |
DIRECTORS
|
Name : |
Mr. Chandrakant Kamlaprasad
Mody |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
202, Amrit Niwas,
2nd Floor, Sarojini Road, Santacruz [West], Mumbai – 400054,
Maharashtra, India |
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Date of Birth/Age : |
29.12.1952 |
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Date of Appointment : |
01.12.1997 |
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|
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Name : |
Mr. Nikhil
Chandrakant Mody |
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Designation : |
Director |
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Address : |
202, Amrit Niwas,
2nd Floor, Sarojini Road, Santacruz [West], Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
26.03.1981 |
|
Date of Appointment : |
01.04.2002 |
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|
|
|
Name : |
Mr. Arun Jagmohan
Roongta |
|
Designation : |
Director |
|
Address : |
401, Samonder
Mahal, 1st Floor, A. B. Patil Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
05.12.1954 |
|
Date of Appointment : |
22.06.2000 |
|
|
|
|
Name : |
Mr. Aditya C.
Mody |
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Designation : |
Director |
|
Address : |
202, Amrit Niwas,
2nd Floor, Sarojini Road, Santacruz [West], Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
03.02.1974 |
|
Date of Appointment : |
31.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.07.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Aditya Mody |
|
134000 |
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Mr. Chandrakant
Mody |
|
415671 |
|
Ms. Sunita Mody |
|
233486 |
|
Kaubi Tex Expo
Private Limited |
|
10000 |
|
Mr. Aditya Mody –
Jointly with Mrs. Charulata Mody |
|
160510 |
|
Ms. Sunita Mody –
Jointly with Mr. Chandrakant Mody |
|
126441 |
|
Mitsufuku
Industry Company Limited |
|
51782 |
|
Mr. Sharad
Tibrewala |
|
110 |
|
AKM Global
Textiles Private Limited |
|
108000 |
|
Mr. Nikhil Mody |
|
10000 |
|
|
|
|
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Total |
|
1250000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
4.14 |
|
Bodies
corporate |
|
8.64 |
|
Directors
or relatives of directors |
|
87.22 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Synthetic Rubber Compound, Dyes and Chemicals. |
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Products : |
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GENERAL
INFORMATION
|
Bankers : |
Ballard Estate Branch, Marshall Building, Shoorji Vallabhdas Marg, Mumbai – 400038, Maharashtra, India
Ilaco House, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
Secured Loans : Term
Loan and Cash Credit |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
M. L. Sharma and
Company Chartered
Accountants |
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Address : |
107, Chartered
House, 297 – 299, Dr. C. H. Street, Marine Lines, Mumbai – 400002, Maharashtra,
India |
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Tel. No.: |
91-22-22010808 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.500 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.363 |
4.960 |
4.827 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.863 |
17.460 |
17.327 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.341 |
13.719 |
10.240 |
|
|
2] Unsecured Loans |
4.159 |
6.370 |
0.901 |
|
|
TOTAL BORROWING |
19.500 |
20.089 |
11.141 |
|
|
DEFERRED TAX LIABILITIES |
0.911 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38.276 |
37.549 |
28.468 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
14.307 |
15.362 |
16.380 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.090 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.956
|
28.261
|
9.035 |
|
|
Sundry Debtors |
21.266
|
10.583
|
10.100 |
|
|
Cash & Bank Balances |
1.033
|
0.454
|
1.010 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
4.105
|
1.868
|
1.001 |
|
Total
Current Assets |
44.360
|
41.166
|
21.146 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
19.728
|
18.938
|
9.679 |
|
|
Provisions |
1.213
|
0.733
|
0.300 |
|
Total
Current Liabilities |
20.941
|
19.671
|
9.979 |
|
|
Net Current Assets |
23.419
|
21.495
|
11.167 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.460 |
0.692 |
0.921 |
|
|
|
|
|
|
|
|
TOTAL |
38.276 |
37.549 |
28.468 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
85.057 |
48.624 |
47.741 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
85.057 |
48.624 |
47.741 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.569 |
0.373 |
1.593 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.569 |
0.373 |
1.593 |
|
|
|
|
|
|
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Export Value |
NA |
NA |
7.297 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interests |
2.355 |
2.270 |
0.000 |
|
|
Depreciation & Amortization |
1.983 |
2.193 |
0.000 |
|
|
Other Expenditure |
80.150 |
43.788 |
46.148 |
|
Total Expenditure |
84.488 |
48.251 |
46.148 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.67
|
0.77
|
3.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.67
|
0.77
|
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.97
|
0.66
|
4.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.26
|
2.28
|
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.09
|
21.60 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Factory Building
- Vehicles
- Office Equipments
- Furniture and Fixtures
- Computers
- Plant and Machinery.
Form 8:
|
Name of the company |
DEVASHISH POLYMERS PRIVATE LIMITED |
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Presented By |
Mr. Chandrakant Mody [Director] [Name and Designation of the Official of the company] |
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1) Date and description of instrument creating the change |
Memorandum of Entry dated 01.09.2005 Letter of Hypothecation dated : 01.09.2005 Agreement for Bill Discounting dated 01.09.2005, agreement of hypothecation to secure demand cash credit against goods dt. : 01.09.2005, letter of hypothecation dt. 01.09.2005, articles of agree. Dt. 01.09.2005 and agreement of hypothecation of goods to secure L/C [DA basis] dated 1st February, 2003. [All the above agreements constitute Single Charge created on 01.09.2005] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.700 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 |
All the movable, immovable properties comprising inter alia machinery equipments, plants and spare parts which now or hereafter from time to time during these security shall belong to the borrowers whether the same may be in transit or which now or hereafter from time to time during the continuance of the security hereby created shall be brought in or stored or be in or about the premises, warehouses or godowns, of the borrowers at Survey No. 272/1/3, Dadra Demini Road, Village Dadra, Silvassa – 396191 or anywhere else including in transit or delivery or in or at any other premises in the occupation of the borrowers. All tangible movable property such as products stock-in-trade and goods, whether finished or raw or in process or manufacture and all articles manufactured therefrom belonging to the borrowers which now or hereafter from time to time during the security shall brought in, stored or be in or about the premises warehouses or anywhere else or godowns of the borrowers situated at Survey No. 272/1/3, Dadra Demini Road, Village Dadra, Silvassa – 396191 inclusive of the Two Air-conditioner and partitions, and hypothecation of goods under import / inland letter of credit, as security for the above financial facilities. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due repayment & discharge loan given to the company the rate of interest are as follows :
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Ballard Estate Branch, Marshall Building, Shoorji Vallabhdas Marg, Mumbai – 400038, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Memorandum of Entry dated 25.07.2005, letter of hypothecation dt. 25.07.2005 agreement of hypothecation of machinery dated 25.07.2005, First supplemental agreement dated 25.07.2005 and agreement of hypothecation of goods to secure letter of credit dated 25.07.2005. [all the above agreement constitute single modification on 25.07.2005] |
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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. |
By first modification the existing limit of Rs.9.700 millions has enhanced to Rs.14.800 millions and company has provided additional security by way of deposit of title deed of the premises situated at Survey No. 272/1/4, Plot NO. 4, Dadra, Dadra & Nagar Haveli, Silvassa, aprox. admeasuring 1390 sq. mtrs. Along with hypothecation of various machineries : [1] One open mixing roller [2] One chilling plant of 20 tones capacity [3] Five S. s. trolleys with wheels [4] One number S. S. refrigerate or rack [5] One number S. S. polythene sheets hanger [6] One up stroke single acting, electrically heated rubber moulding, hydraulic press [7] Three numbers electronic balance [8] One number heat sealing machine [9] Two numbers window type A.C. units [10] One number computerized remoter [11] One tensile testing machine [12] One specific gravity balance [13] One hand operated lab size hydraulic press [14] One lab mixing mill [15] One dumbbell cutting die [16] Two aging oven and any other machineries added from time to time of the borrowers which now o hereafter from time to time during the continues of the security hereby created shall be brought in or store or be in or abut the premises, warehoused or godowns of the borrower at anywhere else including the same be in transit or deliver or in or at any other premises in the occupation of the borrowers alongwith that all those movable specified in the principal agreement of hypothecation and the same were treated as the continues security to secure the said increased financial facility of Rs.14.800 millions in accordance with the terms and conditions of the principal agreement. The revised financial facility are as follows : Nature of facilities [Rs. in Millions]
|
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AS PER WEBSITE
PROFILE:
·
Incorporated in 1996.
·
First Indian producer of specialty
Rubber Compounds.
·
One stop-shop for rubber compounds
materials.
·
Globally renowned
"SUMMIT" rubber compounds.
·
Corporate office at Mumbai &
Plant at Silvassa (Union Territory of India).
·
Technical Support from Japanese
Rubber Company.
·
Expertise in Specialty Rubber
Compounding Technology.
·
Supportive state-of-the-art
laboratories
·
Capability in development of
specialty rubber compounds.
·
Skills & equipment to engineer
effective solutions for customers' specific requirements
·
An adaptable and flexible organic
enterprise.
·
About 30% of production
constitutes direct export to China, Philippines, Singapore, Middle East and
European countries.
·
Customers' interaction through
active participation in various International and National Rubber Exhibitions.
"SUMMIT"
PRODUCT RANGE
Company markets following globally renowned "SUMMIT" brand compounds for diverse and demanding technical applications and high-tech market-segments:
·
Fluoroelastomer (FKM/FPM)
·
TFE/P (AFLAS)
·
Polyacrylic (ACM)
·
Epichlorohydrin (ECO/CHC)
·
Poly-Urethane (PUR, AU, EU)
·
Hydrogenated Nitrile Rubber (H-NBR)
·
Ethylene Propylene Diene Monomer
(EPDM)
·
Chlorinated Polyethylene (CPE)
“SUMMIT”
COMPOUNDS’ TECHNICAL APPLICATION:
COMPRESSION/INJECTION
MOULDING
·
O-rings
·
Gaskets
·
Oil Seals
·
Sealings
·
Diaphragms
·
Valve Stem Seals
·
Crank Shaft seals
CALLENDERED
SHEETS
EXTRUDED/VULCANISED
·
Hoses
·
Tubes
·
Profiles
·
Strips
·
Cords
AGGRESSIVE
OIL/COOLANT BASE RESISTANT GOODS
"SUMMIT"
COMPOUNDS’ HIGH TECH MARKET SEGMENTS:
- Automotive
- Railways
- Defense
- Aeronautics
- Ships
- Oil-Field
- Petrochemicals
- Electronics
- Semiconductors
- Office Automation
- Other allied industries
"SUMMIT" COMPOUNDS’ STRENGTH:
"Consumer-oriented ready to use" compound materials are recommended due it's being "Value beyond the compound" to molders and end users.
“SUMMIT”
COMPOUNDS’ SELECTION PROCESS:
- Competitive price due to scale up
economy.
- Batch-Batch uniformity.
- Product Quality & Assurance supported
with Test certificate.
- Assistance in meeting stringent norms of
Euro 2, Euro 3, Euro 4 & Euro 6 of advanced countries of U.S.A. / Japan
/ Europe.
- Made available in customized mixes to
meet specific requirement.
- Safe material handling & storage
resulting in increased product shelf life.
- Ease of availability in varied packs 1 /
5 / 20 kg.
Management:
-
Chandrakant
Mody (CEO) ckmody@devashishpolymers.com
Nikhil
Mody (Director) nikhil@devashishpolymers.com
Research
& Development: rsch_devlp@devashishpolymers.com
Accounts:
billing@devashishpolymers.com
Dispatch: dispatch@devashishpolymers.com
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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/normal. |
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 |
|