MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
POLYCOAT FLOWCHEM PRIVATE LIMITED |
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Registered Office : |
Plot No.3817, Phase – IV, GIDC Vatva, B/H Lameshwar Estate, Vatva,
Ahmedabad – 382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.12.2004 |
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Com. Reg. No.: |
04-45125 |
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CIN No.: [Company
Identification No.] |
U24220GJ2004PTC045125 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP04883E |
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PAN No.: [Permanent
Account No.] |
AADCP7103R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of PTEF Teflon Lining and Coating, Diaphragm
Valve, Butterfly Valve, Flush Bottom Valve, Ball type check Valve, All Types
of Pipes Fittings, Dip Pipes, Agitator for Glass Lined Vessel etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 456 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old and a relatively small company. Trade
relations are fair. Scale of activity is low. Payments are reported as slow
but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Plot No.3817, Phase – IV, GIDC Vatva, B/H Lameshwar Estate, Vatva,
Ahmedabad – 382445, Gujarat, India |
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Tel. No.: |
91-79-25841713/25841831 |
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Fax No.: |
91-79-25841831 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Alpak Shah |
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Designation : |
Whole Time Director |
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Address : |
A/303, Purvi Tower, Subhash Chowk, Ahmedabad - 52 |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mr. Viral Parekh |
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Designation : |
Whole Time Director |
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Address : |
F/8, Chandralay Flats, Naranpura Char Rasta, Ahmedabad – 13 |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mr. Anish Parekh |
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Designation : |
Whole Time Director |
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Address : |
A/54, Konark Karishma Vastrapur, Ahmedabad - 15 |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mr. Jaykar Parekh |
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Designation : |
Whole Time Director |
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Address : |
102, Maher Nagar, Adajan, Surat – 395009, Gujarat, India |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mrs. Bhavana Shah |
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Designation : |
Whole Time Director |
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Address : |
A/303, Purvi Tower, Subhash Chowk, Ahmedabad - 52 |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mr. Krupa Parekh |
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Designation : |
Whole Time Director |
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Address : |
F/8, Chandralay Flats, Naranpura Char Rasta, Ahmedabad – 13 |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mr. Rupal Parekh |
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Designation : |
Whole Time Director |
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Address : |
A/54, Konark Karishma Vastrapur, Ahmedabad - 15 |
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Date of Appointment : |
13.12.2004 |
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Name : |
Mrs. Chandrika Parekh |
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Designation : |
Whole Time Director |
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Address : |
102, Maher Nagar, Adajan, Surat – 395009, Gujarat, India |
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Date of Appointment : |
13.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Alpak Shah |
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1250 |
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Mr. Viral Parekh |
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1250 |
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Mr. Anish Parekh |
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1250 |
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Mr. Jaysukh Parekh |
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1250 |
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Mrs. Bhavana Shah |
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1250 |
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Mr. Krupa Parekh |
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1250 |
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Mr. Rupal Parekh |
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1250 |
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Mrs. Chandrika Parekh |
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1250 |
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Total |
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10000 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of PTEF Teflon Lining and Coating, Diaphragm
Valve, Butterfly Valve, Flush Bottom Valve, Ball type check Valve, All Types
of Pipes Fittings, Dip Pipes, Agitator for Glass Lined Vessel etc. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Naigam H Shah and Company Chartered Accountant |
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Address : |
214, Chandraprabhu Complex, Naranpura, Ahmedabad – 380014, Gujarat,
India |
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Tel. No.: |
91-79-26408937/ 27470063 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Share |
Rs.10/- each |
Rs.0.800 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.014 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.114 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1.374 |
0.024 |
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TOTAL BORROWING |
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1.374 |
0.024 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.488 |
0.124 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.659 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.364 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.907 |
0.000 |
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Sundry Debtors |
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1.082 |
0.053 |
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Cash & Bank Balances |
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1.389 |
0.067 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.019 |
0.021 |
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Total
Current Assets |
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3.397 |
0.141 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.215 |
0.037 |
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Provisions |
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0.735 |
0.004 |
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Total
Current Liabilities |
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2.950 |
0.041 |
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Net Current Assets |
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0.447 |
0.100 |
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MISCELLANEOUS EXPENSES |
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0.018 |
0.024 |
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TOTAL |
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1.488 |
0.124 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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13.039 |
0.049 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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13.039 |
0.049 |
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Profit/(Loss) Before Tax |
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0.026 |
0.000 |
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Provision for Taxation |
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0.013 |
0.000 |
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Profit/(Loss) After Tax |
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0.013 |
0.000 |
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Expenditures : |
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Current Tax |
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0.121 |
0.000 |
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Depreciation |
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0.107 |
0.000 |
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Other Expenditure |
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12.785 |
0.049 |
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Total Expenditure |
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13.013 |
0.049 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.10 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.20 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.64 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
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37.93 |
0.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
3.44 |
LOCAL AGENCY
FURTHER INFORMATION
Website details:
Subject is one stop shop for all type of coating and lining
needs for chemical, petrochemical and pharma industry.
They provide various type of chemical and corrosion resistant,
high temperature linings and coatings like PTFE, FEP, PFA, PVDF, ETFE, ECTF
etc.
Corrosion is the biggest enemy of chemical, petrochemical,
pharmaceutical, food processing and any other industry where chemicals are
used.
Advanced fluoro polymers like PTFE. FEP, PFA, PVDF, ECTF are
virtually inert to most chemicals and solvents.
Fluro polymer lined or coated valves, pipes and fitting,
vessels are having dual advantage of strength of steel or metal and life of
polymer. They can also withstand reasonably high temperature to meet harsh
challenge of an industry.
Advanced polymer lined valves, pipes and fittings vessels,
stirrers are used extensively in all the industry to transport, control and
handling of highly corrosive media upto 260o C (500o F).
Their advance manufacturing and management techniques
assisted by highly precise testing setup is capable of delivering the best of
lined valves, pipes and fittings, corrosion resistant, non stick coatings at
most reasonable price - quickly.
If require any product to be lined, which is not in their
standard range of manufacture, than please revert back to us with drawings and
specifications, as their well equipped tool room is capable of providing
you custom jobs, which are not so expensive.
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.39.68 |
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UK Pound |
1 |
Rs.77.67 |
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Euro |
1 |
Rs.57.81 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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