MIRA
INFORM REPORT
|
Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEMACO POLYMERS PRIVATE LIMITED |
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Formerly Known As : |
DEMACO PACKAGINGS PRIVATE LIMITED |
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Registered Office : |
Unit No. 111, Block No – 1, 1st Floor, Tribhuwan Complex,
Ishwar Nagar, New Delhi – 110065 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.08.1978 |
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Com. Reg. No.: |
55-9186 |
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CIN No.: [Company
Identification No.] |
U74899DL1978PTC009186 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD06480F / DELD07369F |
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PAN No.: [Permanent
Account No.] |
AAACD3375L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Chemical Blowing Agent
(Azodicabonamide - ADCL) / Foaming Agent. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 440000 |
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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 fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Unit No. 111, Block No – 1, 1st Floor, Tribhuwan Complex, Ishwar
Nagar, New Delhi – 110065, India |
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Tel. No.: |
91-11-26935829 / 26935830 |
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Fax No.: |
91-11-55628586 |
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E-Mail : |
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Factory 1 : |
12/6, Milestone, Mathura Road, Sarai Khwaja, Faridabad,
Haryana (India) |
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Tel. No.: |
91-129-2274136 |
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Fax No.: |
91-129-2274138 |
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E-Mail : |
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Factory 2 : |
Mathura Road, B-1, G-3 Mohan Cooperative Industrial Area,
New Delhi - 110 044, INDIA. |
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Factory/Warehouse : |
Plot No. 86, Sector – 25, Faridabad – 121006, Haryana, India |
DIRECTORS
|
Name : |
Mr. Naresh Aggarwal |
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Designation : |
Managing Director |
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Address : |
C – 793, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
20.09.1963 |
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Date of Appointment : |
28.06.1996 |
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Name : |
Mrs. Sunita Agarwal |
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Designation : |
Whole Time Director |
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Address : |
C – 793, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
07.07.1964 |
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Date of Appointment : |
17.02.2004 |
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Name : |
Ms. Viniti Agarwal |
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Designation : |
Director |
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Address : |
C – 562, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
24.02.1976 |
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Date of Appointment : |
01.06.2005 |
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Name : |
Mr. Vimal Aggarwal |
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Designation : |
Director |
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Address : |
301, Paradise Complex, Sayaji Ganj, Baroda, Gujarat, India |
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Date of Birth/Age : |
12.07.1962 |
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Date of Appointment : |
28.09.2007 |
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Date of Ceasing : |
01.06.2005 |
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Name : |
Mr. Sandeep Aggarwal |
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Designation : |
Director |
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Address : |
C – 562, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
31.10.1975 |
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Date of Appointment : |
29.02.2000 |
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Date of Ceasing : |
17.02.2004 |
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Name : |
Mr. Anil Jodhani |
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Designation : |
Director |
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Address : |
House No. 630, Sector 16A, Faridabad – 121006, Haryana, India |
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Date of Birth/Age : |
17.05.1968 |
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Date of Appointment : |
28.06.1996 |
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Date of Ceasing : |
17.02.2004 |
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Name : |
Mr. Sanjay Kumar Agarwal |
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Designation : |
Director |
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Address : |
556, Ground Floor, Ashoka Enclave – III, Faridabad – 121003, Haryana,
India |
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Date of Birth/Age : |
15.06.1969 |
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Date of Appointment : |
02.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
J. P. Aggarwal |
|
35770 |
|
Sumitra Aggarwal |
|
12703 |
|
Naresh Aggarwal |
|
78820 |
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Sunita Aggarwal |
|
68000 |
|
Vimal Aggarwal |
|
56800 |
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Savitri Aggarwal |
|
40000 |
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Sandeep Aggarwal |
|
23822 |
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Prayank Aggarwal |
|
10000 |
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Mayank Aggarwal |
|
10000 |
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J P Aggarwal – HUF |
|
6000 |
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Jyoti Aggarwal |
|
29930 |
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K N Aggarwal – HUF |
|
2800 |
|
Gandhar Exports Limited |
|
121225 |
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S D Chem Private Limited |
|
28410 |
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Ruchi India Limited |
|
6720 |
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Gandhar Petro Chemicals Limited |
|
70000 |
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Total |
|
601000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Chemical Blowing Agent (Azodicabonamide
- ADCL) / Foaming Agent. |
GENERAL
INFORMATION
|
No. of Employees : |
300 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lalit Kumar Gupta Chartered Accountants |
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Address : |
1017 / 1A, Gurudwara Road, Karol Bagh, New Delhi – 110005, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,050,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 60.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,010,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 60.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
60.100 |
60.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
49.551 |
44.283 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
109.651 |
104.383 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
80.485 |
104.769 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
80.485 |
104.769 |
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DEFERRED TAX LIABILITIES |
|
22.680 |
24.460 |
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TOTAL |
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212.816 |
233.612 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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109.897 |
116.200 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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82.800 |
60.238 |
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Sundry Debtors |
|
119.674 |
125.799 |
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Cash & Bank Balances |
|
0.273 |
0.687 |
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Other Current Assets |
|
10.547 |
15.844 |
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Loans & Advances |
|
0.348 |
2.985 |
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Total
Current Assets |
|
213.642 |
205.553 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
106.788 |
88.141 |
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Provisions |
|
3.935 |
0.000 |
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Total
Current Liabilities |
|
110.723 |
88.141 |
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Net Current Assets |
|
102.919 |
117.412 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
212.816 |
233.612 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
264.501 |
259.887 |
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Other Income |
|
1.292 |
1.711 |
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Total Income |
|
265.793 |
261.598 |
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Profit/(Loss) Before Tax |
|
7.112 |
7.019 |
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Provision for Taxation |
|
1.844 |
2.509 |
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Profit/(Loss) After Tax |
|
5.268 |
4.510 |
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Earnings in Foreign Currency : |
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Total Earnings |
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23.833 |
35.984 |
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Imports : |
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Total Imports |
|
12.193 |
46.593 |
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Expenditures : |
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Change in Stock |
|
[21.516] |
[15.115] |
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Interest |
|
15.321 |
15.314 |
|
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Depreciation & Amortization |
|
8.707 |
8.191 |
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Other Expenditure |
|
256.169 |
246.189 |
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Total Expenditure |
|
258.681 |
254.579 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.98 |
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.69 |
2.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.20 |
2.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.74 |
1.85 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.93 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The company is engaged in manufacturing of Packing Material
- Corrugated Boxes, Caps, Corks, Cellulose Films, Polythene Rubber Packing
Material and Foils etc. in Aluminium and others.
The production capacity of the company was 2400 M.T.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
DEMACO POLYMERS
PRIVATE LIMITED |
|
Presented By |
Bank of India, Parliament Street Branch,
New Delhi – 110001 |
|
1) Date and description of instrument creating the change |
06.11.2004 Agreement of
Hypothecation of Plant and Machinery, Stock and Book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 78.100
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
the following : Stock of all
tangible moveable machinery and plant both present and future, belonging to
the borrower including all types of storage tanks, electric motors, sores /
to be stored at Faridabad or wherever else the same may be including those in
transit. All present and
future tangible moveable property and assets of the company including stock
as mentioned in part – B, Schedule III of this agreement belonging to the
borrower. All the present
and future book debts, outstanding moneys, receivable, claims and bills which
are now due and owing. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure the various credit facilities granted by Bank of India to the company
aggregating to Rs, 78.100 Millions on such terms and conditions |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Parliament Street Branch, New Delhi – 110001 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1978PTC009186 |
|
Name of the
company |
DEMACO POLYMERS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Unit No. 111, Block No – 1, 1st Floor, Tribhuwan Complex,
Ishwar Nagar, New Delhi – 110065, India |
|
Particular of
charge holder |
Indusind Bank
Limited 2401 GEN Thimmayya
Road Cantonment Pune – 411001,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
subservient charge by way of hypothecation for short term loan |
|
Date of
instrument Creating the charge |
26.12.2006 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest at 3.50
% below banker’s PLR which is presently at 15.00 % p.a. subject to min of
11.50 % p.a. with monthly rests. Terms of
repayment : Repayment as per
second to the agreement attached and as per bank norms Margin : Margin as per
bank norms Extent and
operation of the charge : The charge
operates as continuing security inter alia, for the due repayment by the
company to the bank to the extent of Rs. 20.000 Millions together with interest,
additional interest, liquidated damages, premia on repayment costs, charge,
expenses and all other moneys payable by the company to the bank in terms of
the loan agreements and bank norms from time to time. Others Subservient
charge over current assets and movable fixed assets of the company both
present and future is to secure the short term loan of Rs. 20 millions
sanctioned to the company. |
|
Short particulars
of the property charged |
Subservient
charge over current assets and movable fixed assets of the company both
present and future |
AS PER
WEBSITE
Profile
Subject is the leading manufacturer &
Exporter of Chemical Blowing Agent (Azodicabonamide - ADCL) / Foaming Agent.
Subject is developing a variety of new products, grades, achieving
international quality standards to meet the customer needs.
Since inception in 1956, subject has achieved distinguish repute in the field
of chemicals & plastics. Over the years co. has established a strong
manufacturing base through appropriate investment in the required
infrastructure. Presently, the company has expanded its manufacturing capacity
upto 8000 MT per annum.
Present facility is managed by the strong administration of the reliable
management, skilled staff & highly qualified people working to make the
dream come true for their esteemed clients.
Subject has established a formidable reputation in both international &
Domestic markets. Presently, DPL has 70 % of the Indian market and its product
range have also been widely accepted in international Market with exports
currently being made to approximately 10 countries through its international
distribution and agency network.
Subject firmly believes that even more than technology it's edge lies in the
uncompromising attitude of it's people, whose aim is to not merely satisfy but
delight its customer both domestic & international.
Management Strategy and Policy
- Creating value for customer’s satisfaction.
- Improve technological competitiveness through continuous R&D
efforts.
- Creating an environment of trust and team work.
- Maximizing organizational capabilities through training and healthy
work place.
- Demaco Polymers Limited strives for a healthier infrastructure by
constantly practising open and modern management policies.
Subject is one large family of
300 personnel. This workforce is the backbone of the company who have been
rendering services selflessly and tirelessly. The management of the company
recognise and appreciates valuable contribution made by these employees.
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.39.29 |
|
UK Pound |
1 |
Rs.77.17 |
|
Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--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 |
|
|
|
--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 |
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 |
|