MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
EOC TAILOR MADE POLYMERS INDIA PRIVATE LIMITED |
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Formerly Known As : |
RAJ PRAKASH CHEMICALS LIMITED |
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Registered Office : |
114, Mittal Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
15.12.1973 |
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Com. Reg. No.: |
11-17080 |
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CIN No.: [Company
Identification No.] |
U24110MH1973PTC017080 U25209MH1996PTC098171 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of 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 200000 |
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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. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Pednekar |
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Designation : |
Account Manager |
LOCATIONS
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Registered Office : |
114, Mittal Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22025583 / 22020227 |
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Fax No.: |
91-22-22024993 / 28168 |
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E-Mail : |
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Area : |
850 carpet area |
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Location : |
Owned |
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Factory : |
Located at
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Sales Office : |
Located at
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Tel. No.: |
91-22-26878683 |
DIRECTORS
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Name : |
Mr. Rajendra Vasantlal Patel |
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Designation : |
Managing Director |
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Address : |
47, Usha Kiran, 15 Carmichael Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
25.01.1945 |
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Date of Appointment : |
15.12.1973 |
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Name : |
Mr. Gerard J. Marsman |
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Designation : |
Director |
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Address : |
DE Bruwaen 24, B – 9700, Oudenaarde, Belgium |
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Date of Birth/Age : |
04.09.1943 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Mr. Gerard R. Marsman |
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Designation : |
Director |
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Address : |
DE Bruwaen 24, B – 9700, Oudenaarde, Belgium |
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Date of Birth/Age : |
24.02.1969 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Ms. Mamta Satyen Kapadia |
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Designation : |
Director |
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Address : |
503, Deepak Building, 12, K. N. Marg, Gamdevi, Mumbai – 400004,
Maharashtra, India |
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Date of Birth/Age : |
30.03.1971 |
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Date of Appointment : |
27.02.2004 |
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Name : |
Mr. Marc Weyme |
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Designation : |
Director |
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Address : |
Pruimelstraat 16, B-9700, Oudenaarde, Belgium |
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Date of Birth/Age : |
10.05.1950 |
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Date of Appointment : |
16.03.2005 |
MAJOR SHAREHOLDERS
(As on 28.08.2008)
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Names of Shareholders |
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No. of Shares |
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Rajendra Vasantlal Patel |
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251600 |
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Vasantlal Lallubhai Patel |
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425440 |
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Prakash Vasantlal Patel |
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90970 |
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Satyen Jyotindra Kapadia |
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318175 |
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Aditya Ishwarbhai Gupta |
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12150 |
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Paresh Bachubhai Patel |
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3225 |
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Ankur Hasmukhbhai Shah |
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3225 |
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Yatin Sumatilal Shah |
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1300 |
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Mafatlal Chunilal Patel |
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10255 |
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Sumatilal Bhogilal Shah |
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11620 |
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Company – Foreign |
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1174831 |
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Total |
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2302791 |
(As on 31.03.2008)
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Category |
Percentage |
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Foreign Holding (FIIs/ FCs/ FFIs/ NRIs/ OCBs
or Others) |
51.00 |
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Directors or relative of directors |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polymers |
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Exports : |
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Countries : |
· Nepal · Belgium |
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Imports : |
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Countries : |
· France · Malaysia |
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Terms : |
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Selling : |
L/C and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C and Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (31.03.2008)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Acrylic Ester Monomers and Polymers |
Kgs |
3000000 |
7200000 |
6938232 |
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Acrylic Ester Monomers and Polymers Waste |
Kgs |
- |
- |
171260 |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
30 (In Office 13, In Factory 14, Sales Office 3) |
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Bankers : |
· Industrial
Finance Corporation of India, Bank Baroda Building · ICICI Bank,
Nariman Point · ABN Amro · IDBI Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kantilal M. Shah and Company Chartered Accountants |
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Address : |
804, “SARAP” Building, Opposite Navjivan Press, Near Gujarat
Vidhyapith, Ashram Road, Ahmedabad – 380014, Gujarat, India |
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Tel No.: |
91-79-27543499/ 27541469 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2302791 |
Equity Shares |
Rs.10/- each |
Rs.23.028
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.028 |
23.028 |
23.028 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.849 |
19.006 |
17.321 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.877 |
42.034 |
40.349 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
33.476 |
36.371 |
37.540 |
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TOTAL BORROWING |
33.476 |
36.371 |
37.540 |
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DEFERRED TAX LIABILITIES |
1.022 |
1.168 |
1.049 |
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TOTAL |
80.375 |
79.573 |
78.938 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.671 |
31.884 |
34.357 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.011 |
0.011 |
0.011 |
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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 |
35.186
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26.549
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11.076 |
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Sundry Debtors |
38.598
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33.132
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16.202 |
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Cash & Bank Balances |
12.844
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11.230
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30.399 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
12.325
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8.381
|
7.047 |
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Total
Current Assets |
98.953
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79.292
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64.724 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
39.815
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29.071
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15.759 |
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Provisions |
8.852
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4.420
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4.395 |
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Total
Current Liabilities |
48.667
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33.491
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20.154 |
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Net Current Assets |
50.286
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45.801
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44.570 |
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MISCELLANEOUS EXPENSES |
1.407 |
1.877 |
0.000 |
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TOTAL |
80.375 |
79.573 |
78.938 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
268.940 |
188.838 |
106.481 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
268.940 |
188.838 |
106.481 |
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Profit/(Loss) Before Tax |
10.541 |
5.024 |
2.241 |
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Provision for Taxation |
3.926 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
6.615 |
5.024 |
2.241 |
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Export Value |
NA |
NA |
0.455 |
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Import Value |
40.863 |
33.880 |
NA |
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Expenditures : |
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Interest |
2.625 |
2.822 |
3.039 |
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Depreciation & Amortization |
3.925 |
4.196 |
4.367 |
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Other Expenditure |
251.849 |
176.796 |
96.834 |
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Total Expenditure |
258.399 |
183.814 |
104.240 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.46
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2.66
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2.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.92
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2.66
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2.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.26
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4.52
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2.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.12
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0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.79
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1.66
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1.43 |
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Current Ratio (Current Asset/Current Liability) |
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2.03
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2.37
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3.21 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
During the year, sales were Rs.263.951 Millions compared to Rs.179.206 Millions
in the previous year. This reflects an annualized growth of 47.29%. The
Operations have resulted in profits after tax of Rs.6.615 Millions.
Business:
To carry on the business as manufacturers of and dealers in and
importers, exporters and distributors and to manufacture, prepare, produce,
buy, sell, resell, supply, alter, exchange, advertise, utilize, improve,
distribute, store, stock, invent, place on market or otherwise deal in
monomeric acrylic esters, polymers and co-polymers derived from these and other
monomers, materials for processing, bleaching, treating, printing and finishing
textiles, leather and paper.
Trade References:
· Berger
· ICI Paints
Bankers Charges
Report as per Registry
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Name of the
company |
RAJ PRAKASH CHEMICALS LIMITED |
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Presented By |
Kiran N. Bade, Company Secretary |
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1) Date and description of instrument creating the change |
21.03.1991 Deed
of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of
Rs. 7.200 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 |
The whole of the
movable properties of the company including its movable plant and machinery,
machinery spares, tools and accessories and other movables, both present and
future whether installed or not and whether now ling loose or in cases or
which are now lying or stored in or about or shall hereafter form time to time
during the continuance of the security be brought into or upon or be stored
or be in or about the Company’s factories, premises and godowns or whoever
else the same may be or be held by any party to the order or disposition of
the company or in the course of transit or on high seas or on order, or
delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security, inter alia, for the due repayment by the company to
IFCI of its term loan of Rs. 7.200 Millions together with interest,
additional interest, liquidated damages, commitments charges, premia on
prepayment or on redemption, costs, charges, expenses and all other moneys
payable by the company to IFCI in terms of the said Loan Agreement. The charge in
favour of IFCI under the said Deed of Hypothecation is subject to the charge
created and to be created by the company in favour of the its bankers on the
Company’s stocks of the raw materials, semi finished and finished goods and
consumable stores and book debts and such other movable as any be
specifically permitted to secure its working capital requirements in the
ordinary course of business. The company has
undertaken to keep the goods hypothecated in marketable and goods conditions
at its own costs and to insure the same in the joint names of the company and
IFCI. All and goods
hypothecated and all the realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of IFCI. The security
created under the said Deed of Hypothecation is to be a continuing
security. |
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5) Name and Address and description of the person entitled to the charge. |
Industrial Finance Corporation of India, Bank Baroda Building |
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6) Date and brief description of instrument modifying the charge |
14.08.1991 No instruments
was executed. A joint mortgage by deposit of title deeds was created by the
company in respect of all the immovable properties of the company situated at
Tarapur, more particulars described in Schedule annexed hereto. |
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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. |
The IFCI term
loan of Rs. 7.200 Millions together with interest, compound interest,
additional interest, liquidated damages, commitments charges, premia on
prepayment or on redemption, costs, charge, expenses and all other monies
payable by the company to IFCI in terms of the said loan agreement which is
secured by the said deed of Hypothecation dated the day of 21.03.1991 being
the original charge, is now also secured by the said Joint Mortgage by
deposit of title deeds created by the company on 14.08.1991 in favour of IFCI
and others. |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Vehicles
- Furniture and Fixture
- Equipment
- Computers
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.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--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 |
YES |
|
--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 |
|