MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOTI POLYMERS PRIVATE LIMITED |
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Registered Office : |
Suryoday Colony, Near Milan Cinema, Behind New Gunj Bazar, Unjha – 384
170, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
28.07.1986 |
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Com. Reg. No.: |
8822 |
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CIN No.: [Company
Identification No.] |
U17119GJ1986PTC008822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM03603F |
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PAN No.: [Permanent
Account No.] |
AACCM1556G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Ceramic Sheets. |
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 48000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Baldev |
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Designation : |
Accounts Manager |
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Contact No.: |
Mobile no. 91-9427695476 |
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Date : |
18.12.2008 |
LOCATIONS
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Registered Office : |
Suryoday Colony, Near Milan Cinema, Behind New Gunj Bazar, Unjha – 384
170, Gujarat, India |
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Mobile No.: |
91-9427695476 |
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E-Mail : |
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Area : |
Approximately 144 sq ft |
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Location : |
Rented |
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Factory : |
R.S. No.1624, Sundhia Three Rasta, Mu. Sundhia, Taluka Kheralu, District
Mehsana - 384 325, Gujarat, India |
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Tel. No.: |
91-2761-231073 |
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Fax No.: |
91-2761-230074 |
DIRECTORS
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Name : |
Mr. Mohanbhai Kewaldas Patel |
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Designation : |
Managing Director |
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Address : |
At and Post Ranchhodpura, District Sidhpur, Mehsana, Gujarat, India |
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Date of Birth/Age : |
31.12.1935 |
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Qualification : |
HSC |
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Date of Appointment : |
27.04.1987 |
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DIN No.: |
00195033 |
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Name : |
Mr. Prahladbhai P. Patel |
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Designation : |
Director |
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Address : |
3, Motinagar, Opposite
Spinning Mill, Visnagar – 384 315, Gujarat, India |
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Date of Birth/Age : |
23.05.1952 |
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Date of Appointment : |
28.07.1986 |
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Date of Ceasing : |
01.10.2007 |
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DIN No.: |
00195072 |
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Name : |
Mr. Prakashkumar N. Patel |
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Designation : |
Director |
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Address : |
13, Prabhunagar Society,
B/h. Market Yard, Visnagar – 384 315, Gujarat, India |
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Date of Birth/Age : |
01.06.1967 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.01.1998 |
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DIN No.: |
00195189 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2008
|
Names of Shareholders |
No. of Shares |
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Kantibhai Patel |
1000 |
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Dahyabhai Patel |
1450 |
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N M Patel HUF |
1900 |
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Prakash N Patel |
1330 |
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Puriben Patel |
5290 |
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Maniben Patel |
1660 |
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Kantaben Patel |
1550 |
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Subhadraben Patel |
1570 |
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Kanaiyalal Patel |
1280 |
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Savitaben Patel |
1480 |
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Mukeshkumar Patel HUF |
3300 |
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Jitendrakumar Patel HUF |
2010 |
As on 27.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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25.51 |
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Other
top fifty shareholders |
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74.49 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ceramic Sheets. |
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Products : |
Decorative Industrial Sheets
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Brand Names : |
MOTI WOOD |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit 30 days |
PRODUCTION STATUS As on 31.03.2008
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Decorative Laminated Sheets |
NA |
900000 Sheets |
473375 Nos. |
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Industrial Laminated Sheets |
NA |
36349 Kg. |
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GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
150 (Contract worker – 80) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
V S Patel and Associates Chartered Accountants |
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Address : |
Second Floor, Nanak Plaza Market, S.T. Road, District:
Mehsana, Visnagar – 384 315, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
49900 |
Equity Shares |
Rs.100/-
each |
Rs.4.990
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 |
4.990 |
4.990 |
4.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.664 |
4.461 |
3.671 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.654 |
9.451 |
8.661 |
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LOAN FUNDS |
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1] Secured Loans |
14.714 |
7.588 |
7.250 |
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2] Unsecured Loans |
5.012 |
11.651 |
5.923 |
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TOTAL BORROWING |
19.726 |
19.239 |
13.173 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.380 |
28.690 |
21.834 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.461 |
2.883 |
3.481 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.641 |
0.103 |
0.103 |
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DEFERREX TAX ASSETS |
0.385 |
0.269 |
0.123 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.831
|
21.751 |
22.883 |
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Sundry Debtors |
11.582
|
9.468 |
8.749 |
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Cash & Bank Balances |
0.519
|
0.407 |
0.620 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.359
|
3.538 |
1.782 |
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Total
Current Assets |
29.291
|
35.164 |
34.034 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.747
|
8.887 |
15.321 |
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Provisions |
0.651
|
0.842 |
0.586 |
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Total
Current Liabilities |
10.398
|
9.729 |
15.907 |
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Net Current Assets |
18.893
|
25.435 |
18.127 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.380 |
28.690 |
21.834 |
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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 |
55.227 |
52.281 |
56.251 |
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Other Income |
1.911 |
2.049 |
0.278 |
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Total Income |
57.138 |
54.330 |
56.529 |
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Profit/(Loss) Before Tax |
0.304 |
1.095 |
0.245 |
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Provision for Taxation |
0.100 |
0.305 |
0.083 |
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Profit/(Loss) After Tax |
0.204 |
0.790 |
0.162 |
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Imports : |
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Raw Materials |
3.201 |
10.313 |
NA |
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Capital Goods |
2.521 |
-- |
NA |
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Total Imports |
5.722 |
10.313 |
NA |
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Expenditures : |
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Cost of Goods Manufactured |
43.226 |
42.047 |
44.517 |
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Manufacturing Expenses |
12.410 |
10.459 |
10.899 |
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Depreciation & Amortization |
1.198 |
0.729 |
0.868 |
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Total Expenditure |
56.834 |
53.235 |
56.284 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.36
|
1.45 |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.55
|
2.09 |
0.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.77
|
2.87 |
0.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.12 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.12
|
3.07 |
3.36 |
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Current Ratio (Current Asset/Current Liability) |
|
2.82
|
3.61 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The registered address of the company has been shifted from R.S.
No.1624, Sundhia Three Rasta, Mu. Sundhia, Taluka Kheralu, District Mehsana – 384
325, Gujarat to the present address w.e.f. 26.07.2006
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U17119GJ1986PTC008822 |
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Name of the
company |
MOTI POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Suryoday Colony, Near Milan Cinema, Behind New Gunj Bazar, Unjha – 384
170, Gujarat, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
The Mehsana Urban
Co-Operative Bank Limited, Visnagar Branch, Mehsana – 384 315, Gujarat, India E-Mail: mubank2005@yahoo.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Articles of
Agreement for Medium Term Loan against Hypothecation of Movable Machinery
dated 10.12.2007 |
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Date of
instrument Creating the charge |
10.12.2007 |
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Amount secured by
the charge |
Rs.11.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13% p.a. payable with quarterly rest i.e. 31st March, 30th
June, 30th September and 31st December in each year. Terms of
Repayment: Repay the amount of loan by equal monthly 72 installments of
Rs.0.160 million each the first of such installments be paid on the 1st
day of July, 2008. Margin: 25% |
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Short particulars
of the property charged |
Hypothecation of
Movable Machinery of the company situate at factory premises at Sundhiya –
Kheralu Road, Kheralu, Taluka – Visnagar, Mehsana |
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Name of the company |
MOTI POLYMERS PRIVATE LIMITED |
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Presented By |
Mr. Prakashkumar N. Patel |
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1) Date and description of instrument creating the change |
Hypothecation of goods dated 21.07.1997 executed by
the company in favour of Dena Bank, Kheralu Branch. Modified by: Agreement of Hypothecation of goods, book debts and
other movable assets dated 20.05.1999 executed by Moti Polymers in favour of
Dena Bank. |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs.3.000 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 |
Hypothecation of all raw materials to be consumed
for the production of Laminated Sheets and ready Laminated Sheets lying and
being at factory premises of the company situated at Revenue Survey No.1624,
Sundhiya Three, Sundhya Kheraly Road, Kheralu – 384 325 |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Rate of interest: 18.75% p.a. subject of H.O.
circulars/ RBI Directives from time to time. Margin: 30% Repayment: On demand Reg.: Agreement of Hypothecation of Goods. Book
debts and other movable assets dated 20.05.1999 The charge created by way of hypothecation of goods
to secure Cash Credit Limit of Rs.3.000 millions is extended to Rs.4.000
millions. Thus herewith the aggregate value of the charge is Rs.8.000
millions. The company shall pay interest @ 17.85% Repayment on
demand Save and except all terms and conditions remains the
same. |
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5) Name and Address and description of the person entitled
to the charge. |
Dena Bank, Kheralu Branch, Kheralu – 384 325 |
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6) Date and brief
description of instrument modifying the charge |
Agreement of Hypothecation of mortgage to secure
financial assistance dated 26.03.2003 executed by the company in favour of
Dena Bank Hypothecation of Movable plant and machinery dated
26.03.2003 |
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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. |
Original charge of Hypothecation of Goods dated 21.07.1997
for Rs.3.000 millions to secure cash credit limit was extended by Agreement
of Hypothecation of Goods and Book debts and other assets dated 20.05.1999 to
secure the enhanced working capital limit of Rs.8.000 millions, comprising of
cash credit limit of Rs.4.000 millions, pledge limit of Rs.2.000 millions and
L.C. Limit of Rs.2.000 millions By virtue of the aforesaid documents, the charge is
extended to secure the enhanced cash credit Hypothecation of goods limit of
Rs.5.500 millions and cash credit pledge limit of Rs.2.000 millions, making
total limit of cash credit hypothecation and cash credit pledge limit of
Rs.7.500 millions and making aggregate enhanced limit of Rs.9.500 millions
including LC Limit of Rs.2.000 millions The company shall pay interest on cash credit
hypothecation limit of Rs.5.500 millions and on cash credit pledge of
Rs.2.000 @3.5% over PLR plus interest tax i.e. at present 15.5% per annum,
plus interest tax, subject to change as per Banks HO circulars/ RBI
directives; Margin 25% All other terms and condition remain unaltered. Save
and except aforesaid modifications, no other variations/ modifications
proposed. |
TRADE REFRENCES:
- Moti
Lamination Private Limited, Visnagar (20 km away from Mehsana)
- Bhagwati Boards
Private Limited, Unja
FINANCIAL RESULTS AND OPERATIONS:
During the year, the company has achieved
sales of Rs.55.227 millions as compared to earlier year sales of Rs.52.281
millions. During the year, the company provided a sum of Rs.1.198 millions by
way of depreciation. After the payment of interest to the tune of Rs.2.411
millions, provisions for Income Tax to the tune of Rs.0.217 million addition of
provision of deferred tax assets to the tune of Rs.0.116 million, the Net
Profit comes to Rs.0.204 million. The aforesaid profit added in previous year
profits and therefore resultant profit carried to the Balance Sheet after
aforesaid addition comes to Rs.1.998 millions.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Dies and Moulds
- A.C. Plant
- Vehicles
- Furniture, Dead Stock and Other Equipment
- Computer
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.47.28 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|