MIRA
INFORM REPORT
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Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
POLY RUBBER PRODUCTS |
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Registered Office : |
Patanwala Estate, L B S Marg, Ghatkopar (W), Mumbai – 400086,
Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1961 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP02245F |
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PAN No.: [Permanent
Account No.] |
AAAFP4989R |
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Legal Form : |
Partnership Concern With an Unlimited Liability of the Partner |
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Line of Business : |
Manufacturing of water proofing membrane. |
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 19885 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a family controlled and managed concern. Trade relations
are fair. Payments are usually correct and as per commitments. The concern enjoy favorable reputation in its field. It can be considered normal for business dealings at usual trade terms
and conditions. Nothing adverse reported. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Gautam Vora |
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Designation : |
Partner |
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Date : |
13.08.2008 |
LOCATIONS
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Registered Office : |
Patanwala Estate, L B S Marg, Ghatkopar (W), Mumbai – 400086,
Maharashtra, India |
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Tel. No.: |
91-22-25002246 |
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Mobile No.: |
91-22-25003254 |
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E-Mail : |
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Website : |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. V. N. Vora |
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Designation : |
Partner |
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Date of Birth/Age : |
83 Years |
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Qualification : |
B Sc. |
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Experience : |
50 Years |
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Name : |
Mr. Gautam Vora |
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Designation : |
Partner |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B Sc |
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Experience : |
25 Years |
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Name : |
Mr. Ashok Vora |
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Designation : |
Partner |
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Date of Birth/Age : |
56 Years |
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Qualification : |
B Mech. |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of water proofing membrane. |
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Products : |
v Fabrication of
Tanks, Vessels, Pipes and Fittings. v Rubber Linings. v Rubber
Mouldings. |
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Exports : |
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Products : |
Water Proofing Membrane |
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Countries : |
Far East |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Europe, Japan, USA |
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Terms : |
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Selling : |
L/C, Cash and Advance |
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Purchasing : |
L/C and Cash (30 Days) |
GENERAL
INFORMATION
|
Suppliers : |
v Aum and Aum v Mega Chem
Corporation v A.G. Paranjpe v Antico
Applicators v Asvik Industries v Attuned Polymers
Laboratories v Cool More
Service v Dhi Expenses v Dtdc Couner and
Cargo Limited v Gogri and
Company v Gurudev
Restaurant v Harsha Printery v Infomedia India
Limited v Instrument and
Gauge Calibration Laboratory v Jai Jawan
Protection Service v Laxmi Assistance
Consultancy v Poly Rubber
Industries v Print and
Graphics v Sai – Meena
Calibration Centre v Shri Giriraj
Electrics v Spur Electronics
v S R InfoTech v Vinaykant
Chootalal Pankh v Madhu Electrical
Work v Skillech
Industries v Space Office
System (India) Private Limited v A B Brother v Abhishekh
Enterprises v Anant
Corporation v Baria Rubber and
Plastic Industries v Bombay Textile v B P Chemicals v Bright Steel
Traders v Empee Engineering
Crop v Harscastle and
Waud Manufacturing Company Limited v Hind Elastomers
Private Limited v Industrial
Engineering Corporation v Kiran Rubber
Industries v Mitesh
Enterprises v Parikh
Enterprises |
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Customers : |
v Engineers India
Limited v Boxcounsel
Private Limited v Bharat Heavy
Electrical Limited v Toyo Engineering
India Limited v Tata Consulting
Engineers Limited v Bureau Varitas v Project and
Development India Limited v Ansaldo – Italy v Tuboscope Vetco
– Germany v Aditya Birla
Nuvo Limited Unit v Asvik Valves
Private Limited v Grasim
Industrial Limited v Kesoram Rayon v United
Phosphorus Limited v Comeval SL v Kuwait Control v Net Net Biz
Company Private Limited v Thai Rayon
Public Company Limited v Larson and
Rourbo Limited v Indian School of
Business v Grasem Industries
Limited v Century Rayona
(A Div of Century) v NRC Limited v Piolite
Industries Limited v Universal
Chemical and Industries v Siel Chemical
Complex v Siv Industries |
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No. of Employees : |
30 |
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Bankers : |
Canara Bank, Matunga (East), Mumbai |
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Facilities : |
OD Limit Rs.5.000 Million CC Limit Rs.3.000 Million L/C Limit Rs.3.000 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. D. Dadiya and Company Chartered Accountant |
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Tel. No.: |
91-22-24300807 |
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Associates/Subsidiaries : |
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Name : |
Asvik Values Private Limited |
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Address : |
8, Kamruddin Industrial Estate, Safed Pool, Kurla Andheri Road,
Sakinaka – Mumbai 400072, India |
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Tel No.: |
91-22-24071651 / 24090313 |
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Fax No.: |
91-22-25003254 |
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Email : |
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Name : |
Antico Applicators. |
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Address : |
191 – A Kanchan Villa, Gujarat Society, Sion (West), Mumbai - 400072, India |
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Tel No.: |
91-22-25002246 |
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Name : |
Poly Fluoro Products |
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Address : |
A – 15, Nandjyot Industrial Estate, Safed Pool, Sakinaka, Mumbai –
400072, India |
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Tel No.: |
91-22-28510095 / 28514157 |
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Fax No.: |
91-22-25003254 |
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Email : |
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CAPITAL STRUCTURE
Statement of Partner Capital Account
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Particular |
Rs. In Millions |
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Mr. A. V. Vora |
Mr. G. V. Vora |
Mr. V. N. Vora |
Total (Rs. In
Millons) |
|
Opening Bal B/D |
1.338 |
1.476 |
1.075 |
3.890 |
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Add: |
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Addition During the Year |
0.015 |
0.515 |
0.293 |
0.823 |
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Share of the Net Profit for the Year |
0.710 |
0.710 |
0.608 |
2.028 |
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Car Expenses |
-- |
0.240 |
-- |
0.240 |
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Remuneration |
0.300 |
0.300 |
-- |
0.600 |
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Interest Paid Capital |
0.160 |
0.177 |
-- |
0.337 |
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Total |
2.524 |
3.418 |
1.977 |
7.919 |
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Less: |
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Drawings |
1.415 |
1.981 |
0.479 |
3.876 |
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Fringe Benefit Tax (08-09) |
0.010 |
0.010# |
0.009 |
0.300 |
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Fringe Benefit Tax (06-07) |
0.008 |
0.008 |
0.007 |
0.025 |
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Self Assistant Tax |
0.003 |
0.003 |
0.002 |
0.009 |
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Total |
1.438 |
2.004 |
0.498 |
3.941 |
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Closing Balance |
1.085 |
1.413 |
1.478 |
3.977 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Partner Capital A/c |
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3.977 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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3.977 |
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LOAN FUNDS |
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1] Secured Loans |
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4.634 |
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2] Unsecured Loans |
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3.088 |
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TOTAL BORROWING |
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7.722 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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11.699 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.560 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.101 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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10.124 |
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Cash & Bank Balances |
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|
0.115 |
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Other Current Assets |
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0.588 |
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Loans & Advances |
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1.536 |
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Total
Current Assets |
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12.363 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.226 |
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Provisions |
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|
0.099 |
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Total
Current Liabilities |
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2.325 |
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Net Current Assets |
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10.038 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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11.699 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2008 |
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Sales Turnover |
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37.684 |
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Other Income |
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0.128 |
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Total Income |
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37.812 |
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Net Profit for the year |
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2.028 |
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Expenditures : |
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Accounting Charges |
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0.120 |
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Advertisement |
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0.095 |
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Bank Charges |
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0.229 |
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Bank Interest |
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0.472 |
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Bank Commission |
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|
0.095 |
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Books and Periodicals |
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|
0.012 |
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Bonus |
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|
0.095 |
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Car Expenses |
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|
0.330 |
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Car Insurance |
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|
0.017 |
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Credit Card Expenses |
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0.129 |
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Computer Expenses |
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0.066 |
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Employees Contribution |
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|
0.100 |
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Export Clearing Expenses |
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|
0.503 |
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Depreciation & Amortization |
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0.163 |
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Other Expenditure |
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33.358 |
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Total Expenditure |
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35.784 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 |
|
PAT / Total Income |
(%) |
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05.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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05.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.46 |
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Return on Investment (ROI) (PBT/Networth) |
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50.99 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.52 |
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Current Ratio (Current Asset/Current Liability) |
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5.31 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference
v NIPC Limited
v RCF Limited – Mumbai
v Reliance Industries Limited – Jamnagar
v Century Rayon Limited – Mumbai
v IPCL Limited – Gujarat
Overseas Reference
A. Tamburini and C. Italy
Corrosion Resistant
Rubber Lining (Hot / Cold / Vulcanised)
M/s. Comeval S. L. Spain – for DIAVAL ® Brand
Full Range of Diaphragm Valves
Linatex Malaysia
Abrasion and Wear Resistance Rubber Lining / Rubber Products
/Equipments
Fixed Assets
v Air – Conditioner
v Air – Conditioner – Car
v Air Filter
v Calander Machine
v Ccylinder
v Compute
v Computer Printer
v Dies
v EPAX Enstrument
v Fax Machine
v Furniture
v Kit Mvp
v Machinery
v Mobile Phone
v Motor Car
v Mould
v Office Equipment
v Roof
v Separator
v Typewriter
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.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--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 |
|
|
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--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 |
|
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. |
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 |
|