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MIRA
INFORM REPORT
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Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
POLYFLEX (INDIA) PRIVATE LIMITED |
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Registered Office : |
116 & 117, Bommasandra Industrial Estate, Phase Anekal Taluk,
Bangalore – 560099, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.11.1983 |
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Com. Reg. No.: |
08-5669 |
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CIN No.: [Company
Identification No.] |
U24134KA1983PTC005669 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP00534C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Moulded Polyurethane
Foams and Assembly of Seats for Automobile Industry |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 440000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Trade relations are fair. General financial position is good. Payments are correct and as per commitments. The company has shown steady process. It can be considered good for normal business dealings. |
LOCATIONS
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Registered
Office : |
116 & 117, Bommasandra Industrial Estate, Phase Anekal Taluk,
Bangalore – 560099, Karnataka, India |
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Tel. No.: |
91-80-27832851 / 27832852 |
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Fax No.: |
91-80-27832853 |
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E-Mail : |
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Website : |
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Factory 1 : |
Gatt No, 999, Sanaswadi, Shirur Taluka, Pune - 412 208, Maharashtra |
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Tel. No.: |
91-2137 -252595 / 96 |
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Fax No.: |
91-2137 -252597 |
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E-Mail : |
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Factory 2 : |
Polyurethane Division Sy. No. 29, 30, 31, Velianthangal Village, No.55
Thandalam Group, Irrungattukottai , Sriperumbudur Taluk, Kancheepuram
District, Tamilnadu -602105 |
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Tel. No.: |
91-4111- 256470/471 |
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Fax No.: |
91-4111 -256 472 |
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E-Mail : |
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Engineering
Division : |
No. 125A, Bommasandra Industrial Area, Anekal Taluk, Bangalore -
560 099 |
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Tel. No.: |
91-80-2783 4745 |
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Fax No.: |
91-80-2783 2853 |
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E-Mail : |
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Plastic
Injection Moulding Division : |
No. 32 Part, Bommasandra Industrial Area, Anekal Taluk,
Bangalore |
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Tel. No.: |
91-80-2783 3268 |
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Fax No.: |
91-80-2783 2853 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Balram Udhawdas Nichani |
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Designation : |
Managing Director |
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Address : |
46-C, “Sai Krupa”, Fairfield Layout, Race Course Road, Bangalore –
560001 |
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Date of Birth/Age : |
05.08.1941 |
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Date of Appointment : |
07.11.1983 |
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Name : |
Mr. Anand Balram Nichani |
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Designation : |
Whole Time Director |
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Address : |
46-C, “Sai Krupa”, Fairfield Layout, Race Course Road, Bangalore –
560001 |
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Date of Birth/Age : |
29.04.1974 |
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Date of Appointment : |
28.09.1992 |
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Name : |
Mrs. Swarna A. Nichani |
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Designation : |
Director |
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Address : |
46-C, “Sai Krupa”, Fairfield Layout, Race Course Road, Bangalore –
560001 |
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Date of Birth/Age : |
02.02.1976 |
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Date of Appointment : |
07.08.1999 |
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Name : |
Mr. Jitendra Hiro Punjabi |
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Designation : |
Director |
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Address : |
46-C, “Sai Krupa”, Fairfield Layout, Race Course Road, Bangalore –
560001 |
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Date of Birth/Age : |
08.03.1967 |
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Date of Appointment : |
10.07.2000 |
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Name : |
Mr. Vinay Hiro Punjabi |
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Designation : |
Director |
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Address : |
46-C, “Sai Krupa”, Fairfield Layout, Race Course Road, Bangalore –
560001 |
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Date of Birth/Age : |
19.01.1966 |
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Date of Appointment : |
30.11.2000 |
KEY EXECUTIVES
|
Name : |
Ms. Madhu Arora |
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Designation : |
Company Secretary |
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Address : |
S – 818, South Block, 8th Floor, Manipal Centre, Dickenson
Road, Bangalore – 560042 |
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Tel No. : |
91-80-41136320 / 41141544 |
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Name : |
Mr. Jagdish T. Nagpal |
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Designation : |
Senior Manager (Finance) |
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Name : |
Mr. M. S. Ravdhawa |
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Designation : |
Senior Manager (Finance) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Balram Udhawdas Nichani |
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318215 |
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Anand Balram Nichani |
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273771 |
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Total |
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591986 |
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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 |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Moulded Polyurethane Foams
and Assembly of Seats for Automobile Industry |
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Products : |
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Imports : |
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Countries : |
The Netherlands, Germany and Italy |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C or Credit (90 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Poly, PVC, Nylon, Yarn, Synthetic products and Automotive Seating Systems |
Tons |
5470 |
4376 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
600 |
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Bankers : |
v Corporation Bank Industrial Finance Branch, Queens Road, Bangalore – 560 001, Karnataka Tel. 91-80-22226350/22866361 v Citi Bank N. A. 30, Prestige Meridian, M. G. Road, Bangalore – 560 001, Karnataka v Canara Bank Industrial Finance Branch,
Bangalore – 560 001, Karnataka |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V Sathyanarayanan Chartered Accountants |
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Address : |
# 27, Sri Venkataeshwara Krupa, 1st Main Road, Vyalikaval,
Bangalore – 560003, Karnataka, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
591,860 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.920
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
5.920 |
5.920 |
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2] Share Application Money |
|
93.002 |
84.682 |
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3] Liabilities under Deferred Payments |
|
9.990 |
9.990 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
108.912 |
100.592 |
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LOAN FUNDS |
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1] Secured Loans |
|
188.281 |
191.194 |
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2] Unsecured Loans |
|
49.047 |
0.000 |
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TOTAL BORROWING |
|
237.328 |
191.194 |
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DEFERRED TAX LIABILITIES |
|
7.807 |
10.775 |
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TOTAL |
|
354.047 |
302.561 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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182.663 |
184.343 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
4.177 |
4.177 |
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DEFERREX TAX ASSETS |
|
5.101 |
5.101 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
67.362 |
91.022 |
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Sundry Debtors |
|
224.893 |
167.356 |
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Cash & Bank Balances |
|
0.453 |
0.431 |
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Other Current Assets |
|
5.790 |
6.424 |
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Loans & Advances |
|
66.625 |
33.251 |
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Total
Current Assets |
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365.123 |
298.484 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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189.628 |
151.999 |
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Provisions |
|
13.389 |
37.545 |
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Total
Current Liabilities |
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203.017 |
189.544 |
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Net Current Assets |
|
162.106 |
108.940 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
354.047 |
302.561 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1011.872 |
709.198 |
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Other Income |
|
10.378 |
25.295 |
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Total Income |
|
1022.250 |
734.493 |
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Profit/(Loss) Before Tax |
|
6.900 |
3.728 |
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Provision for Taxation |
|
[1.420] |
3.085 |
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Profit/(Loss) After Tax |
|
8.320 |
0.643 |
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Expenditures : |
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Financial Charges |
|
25.419 |
18.863 |
|
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Other Expenditure |
|
989.931 |
711.902 |
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Total Expenditure |
|
1015.350 |
730.765 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.81 |
0.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.68 |
0.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.26 |
0.77 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.04 |
3.78 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.80 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was incorporated on 7th November, 1983 as a Private Limited Company at Bangalore in Karnataka and became a Deemed Public Limited Company under Section 43a(1) of the Companies Act 1956, with effect from 1st July, 1996.
Its’ Registration Number is 5669.
Again the company was converted into a private limited liability company.
Bankers Charges
Report as per Registry
|
Name of the company |
POLYFLEX (INDIA)
PRIVATE LIMITED |
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Presented By |
Mr. Balram U.
Nichani, Managing Director |
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1) Date and description of instrument creating the change |
Good Security
agreement for hypothecation of stock and book debts dated 22.04.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 25.000
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 |
Pari Passu first
charge on all present and future stock and book debts of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Pari Passu first
charge on all present and future stock and book debts of the company as per
Goods Security Agreement dated 22.04.2001 |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank N. A. 30, Prestige Meridian, M. G. Road, Bangalore – 560 001,
Karnataka |
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6) Date and brief description of instrument modifying the charge |
Deed of
modification dated 12.05.2004 |
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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. |
All other terms
and conditions as per Goods Security / agreement dated 22.01.2001 remained
unchanged, the amount secured by the charge is being enchanted from Rs. 25
Millions to Rs. 30 millions for which Citibank N. A. would have :
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90190200 |
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Corporate
identity number of the company |
U24134KA1983PTC005669 |
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Name of the
company |
POLYFLEX (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
116 & 117, Bommasandra Industrial Estate, Phase Anekal Taluk,
Bangalore – 560099, Karnataka |
|
Type of charge |
|
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Particular of
charge holder |
Corporation Bank Industrial Finance Branch, Rallaram Building, PSI Compound, No. 30, Mission Road, Bangalore – 560 001, Karnataka |
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Nature of
description of the instrument creating or modifying the charge |
Common
Supplemental Deed of Hypothecation Letter re :
Extension of Equitable Mortgage [Both the above
pertain to the same charge] |
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Date of
instrument Creating the charge |
30.08.2007 |
|
Amount secured by
the charge |
Rs. 430.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC [Hyp] 12.25 %
p.a. being 1 % below COBAR Corporate Loan /
TL / WCDL – 12.75 % being 0.5 % below banks PLR LC / BG –
Commission @ 50 % of normal charges Terms of
Repayment CC – Running
account repayable on demand TL Rs. 50
Millions – Not to exceed 67 months including initial moratorium period of 7
months in 20 quarterly installments of Rs. 2.500 Millions each. Interest to
be paid separately as and when due. Margin CC – 25 % TL Rs. 50
Millions 28.57 % Extent and
Operation of the charge The charge shall
operate to the extent of Rs. 430.400 Millions + interest, commission, costs,
expenses and other charges thereon. Others The said amount of
Rs. 430.400 Millions comprises CC Rs. 100 Millions; Corporate Loan Rs. 40
Millions; WCDL Rs. 16.600 Millions; Inland / Import LC cum BG Rs. 200
Millions continued at existing level; TL II Rs. 50 Millions now sanctioned. |
|
Short particulars
of the property charged |
Exclusive first
charge on entire current assets of the company on pari passu basis with Citi
bank NA for W/C/TL/WCDL Limits, exclusive first charge on entire movable
fixed assets of Chennai and Bangalore units for TL limits and exclusive first
charge on the entire movable fixed assets for WCDL and other limits and first
charge on the immovable properties. |
|
Date of latest
modification prior to the present modification |
28.09.2006 |
|
Particulars of
the present modification |
By the above the
amount secured by charge stands enhanced from Rs. 396.900 Millions to Rs.
430.400 Millions [All other terms
and conditions remain unchanged] |
AS PER WEBSITE
Profile
Pioneers in the manufacture and supply of cold cure moulded polyurethane
foam to the automotive industry. The largest moulded supplier in the country
with approximate Raw Material consumption of 5000 Tonnes / Year.
Polyflex is also into the manufacturing of Sheet metal frames for, Wire frames
& Hard rods seats in the automotive industry.
Has recently entered into a technical collaboration with Kiel of Germany to manufacture fully
assembled seats for buses, trains, metro rails. Polyflex also specializes in
the manufacturing of driver seats for the commercial vehicles.
In order to expand in the allied areas Polyflex has got into new specialized
products of NVH like Insulation Fenders catering to the OEMs and also getting
into varied allied products.
Division
- Polyurethene
Foams Division
- Engineering
Division
- Plastic
Injection Moulding Division
- Seating
Division
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.39.98 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|