MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAS POLYMER PRIVATE LIMITED |
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Registered Office : |
102, Sri Sai Apartments, Flat No.102, 1st Floor, 32, Krishnapuri
Colony, West Marredpally, Secunderabad - 500026, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1998 |
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Com. Reg. No.: |
01-30262 |
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CIN No.: [Company
Identification No.] |
U24134AP1998PTC030262 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP01164C |
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PAN No.: [Permanent
Account No.] |
AACCP2176P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Polymeric Components. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 32170 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office/ Factory : |
Sri Sai Apartments, Flat No.102, 1st Floor, 32, Krishnapuri
Colony, West Marredpally, Secunderabad-500026, Andhra Pradesh, India |
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Tel. No.: |
91-40-27806083/ 27700248 |
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Fax No.: |
91-40-27732023/ 27732023 |
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E-Mail : |
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Area : |
2000 Sq. ft |
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Location : |
Owned |
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Corporate Office : |
Flat 21-A, Archana Enclave, Entrenchment Road, East Marredpally, Secunderabad – 500 026, India |
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Tel. No.: |
91-40-780 54 27 / 2780 60 83 |
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Fax No.: |
91-40-773 20 23 |
DIRECTORS
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Name : |
Mr. Pranabesh C. Roy |
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Designation : |
Managing Director |
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Address : |
166, Dhanlacmi Society, Mahendra Hills, East, Merredpally, Secunderabad-500026, Andhra Pradesh |
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Date of Birth/Age : |
01.09.1941 |
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Qualification : |
M. Sc. (U.K.), LRSC (London), AMIM (UK), FAIC (USA). |
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Date of Appointment : |
29.09.1998 |
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Name : |
Ms. Rupa Prasada |
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Designation : |
Director |
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Address : |
E-20, Sainikpuri Extension, Saninikpuri, Secunderabad-500087, Andhra
Pradesh |
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Date of Birth/Age : |
06.09.1968 |
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Qualifications : |
B.Com, CA |
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Date of Appointment : |
29.09.1998 |
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Name : |
Dr. S P Vohra |
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Designation : |
Director |
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Name : |
Dr. K Lahiri |
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Designation : |
Director |
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Name : |
Mr. C N Sundaram |
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Designation : |
Director |
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Name : |
Mr. Gusti J Noria |
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Designation : |
Director |
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Address : |
D3, Sirish Sadan, Vikrampuri Colony, Secunderabad |
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Date of Appointment : |
02.12.2002 |
KEY EXECUTIVES
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Name : |
Ms. Shalini Din Dayal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Rocon International |
134625 |
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P C Roy and Company |
9800 |
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Mr. Karunanay Lahiri |
100 |
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Mr. S P Vohra |
100 |
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Mr. Gusti Jal Noria |
20000 |
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Mr. Pranabesh C Roy |
334775 |
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Mr. C N Sundaram |
100 |
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Ms. Rupa Prasada |
500 |
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Total |
500000 |
As on 31.03.2007
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Names of Shareholders |
Percentage of
Holding |
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Directors or their relatives |
95.94 |
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Other top 50 shareholders |
4.06 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polymeric Components. |
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Products : |
v Polymers
and Chemicals v Hybrid
Polyurethane Elastomers and Thermo-Reactive Fire Resistant Insulation |
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Exports : |
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Countries : |
v South east Asia v Arab
Countries. |
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Imports : |
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Country : |
v London v USA v Germany v France |
GENERAL
INFORMATION
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Suppliers : |
v
Banklite Hylam Limited v
Lokesh Mainche Tools v
Meenabeen Elastomers Private Limited v
Sonfel Engineerings Private Limited |
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Customers : |
v Manufacturer v
Owens Corning India Limited v
Indian Rare Earths Limited v
JBM Auto Limited v
Saint Gobain Vetrotex India Limited v Avadh Rubber Limited |
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No. of Employees : |
About 10 |
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Bankers : |
v Vijaya Bank Marredpally, Secunderabad – 500 026, India v State bank of India v ING Vysya Bank Limited v HDFC Bank Limited |
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Auditors : |
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Name : |
H K Mehta and Company Chartered Accountants 416, Model House, Punja Gutta, Hyderabad – 500482, Andhra Pradesh,
India SBMG and Company Chartered Accountants B – 1209, Kohinoor Market, Ring Road, Surat – 395002, Gujarat, India |
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Address : |
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Associates/Subsidiaries : |
v Rocon International 21 – A, Archana Enclave, East, Marredpally, Secunderabad – 500 026, Andhra Pradesh, India Design and Project Engineers |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
2.500 |
2.500 |
2.500 |
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3] Reserves & Surplus |
1.885 |
1.885 |
1.807 |
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4] (Accumulated Losses) |
(2.951) |
(3.587) |
(8.274) |
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NETWORTH |
6.434 |
5.798 |
1.033 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
5.069 |
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2] Unsecured Loans |
0.003 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.003 |
0.000 |
5.069 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.437 |
5.798 |
6.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.255 |
5.973 |
6.812 |
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Capital work-in-progress |
0.000 |
00000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.019 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.481
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0.401 |
0.000 |
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Sundry Debtors |
1.618
|
1.524 |
0.610 |
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Cash & Bank Balances |
1.231
|
1.160 |
0.339 |
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Other Current Assets |
0.204
|
0.000 |
2.907 |
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Loans & Advances |
0.335
|
0.786 |
0.009 |
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Total
Current Assets |
3.869
|
3.871 |
3.865 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.359
|
3.545 |
4.575 |
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Provisions |
0.328
|
0.519 |
0.000 |
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Total
Current Liabilities |
3.687
|
4.064 |
4.575 |
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Net Current Assets |
0.182
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(0.193) |
(0.710) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.437 |
5.798 |
6.102 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
5.417 |
6.444 |
5.455 |
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Other Income |
0.032 |
5.073 |
0.048 |
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Total Income |
5.449 |
11.517 |
5.503 |
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Profit/(Loss) Before Tax |
0.762 |
7.315 |
1.666 |
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Provision for Taxation |
0.126 |
2.628 |
0.389 |
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Profit/(Loss) After Tax |
0.636 |
4.687 |
1.277 |
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Expenditures : |
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Depreciation & Amortization |
0.956 |
0.881 |
1.011 |
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Other Expenditure |
3.731 |
3.321 |
2.826 |
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Total Expenditure |
4.687 |
4.202 |
3.837 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.67
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40.70 |
23.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.07
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113.51 |
30.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.98
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63.51 |
30.27 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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1.26 |
1.61 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.57
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0.71 |
4.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.05
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0.95 |
0.84 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
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Name of the company |
PAS POLYMERS PRIVATE LIMITED |
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Presented By |
Mr. P C Roy,
Managing Director |
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1) Date and description of instrument creating the change |
23.10.1999 Agreement for demand cash credit against hypothecation of stocks and book debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
CC Hypothecation : Rs. 3.400 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 stock of raw materials, stock in process, finished goods/ p[products of Elastomer Roller with 25% margin and receivable snot older than 30 days with 50% margin. Collateral security : Exclusive first charge on the entire fixed assets for the company to be acquired at a total estimated/ projected cost of Rs.13.401 millions. Lien on term deposit of Rs. 2.500 millions in the name of Rocon International already licensed to limited of Rs. 2.250 millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : VBPLR + Tax – Presently 16.32% per annum Margin : CC (Hypothecation)/ LC : 25% on stocks and 50% on book debts. |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank West Merredpally Secunderabad |
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6) Date and brief description of instrument modifying the charge |
Letter of guarantee dated 13.05.2001 Agreement for demand cash credit against hypothecation of stock and book debts dated 13.05.2001 Supplementary agreement dated 13.05.2001 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The existing limit on the demand cash credit has been enhanced by Rs. 2.600 millions making the overall limit from Rs. 3.400 millions to Rs. 6.000 millions only. Terms of repayment : for a period of one year from 30.08.2001 Exclusive first charge on the entire fixed assets of the company valued at Rs. 12.219 millions as per the net block of audited balance sheet as at 29.01.2001. Rate of interest is 16.5% p.a. and additional interest is 2% in the case of default. No changes in other terms and conditions. |
Business
The
company is setting up a Multi-Crore Plant in Andhra Pradesh for the manufacture
of Polymerised Rollers used in large conveyor belting material handling systems
with foreign collaboration.
The
company has tied up equipment purchases from France & Netherlands on
quotation basis for project report. The company is still looking around for
financing from Indian banks only. Company is still at the Project Report stage
& getting various approvals from the Government. It has nothing to do with
Germany as yet.
Website Details :
In the field of Hybrid Polyurethane Elastomers and
Thermo-Reactive Fire Resistant Insulation, 'Pas Polymer Private Limited' is a quality
conscious manufacturer, exporter and importer. The company was incorporated in
the year 1999-2000 with a motive of supplying best quality of Hybrid
Polyurethane Elastomer components for critical applications.
They have a strong back-up of highly qualified and
experienced personnel from various commercial and industrial backgrounds. Their
products range from rollers, chute liners, anti-vibration pads, screens,
press-tool springs to many other components for defense, railways, engineering,
pharmaceuticals, food processing, mining and mineral, Hydro-power and under
water applications where extreme abrasion, impact load and mild corrosion is
experienced.
Their product range as follows :
v
Elastomer rollers with and without metal inserts for varied
dynamic application with exceptionally high abrasion resistance property.
v
Chopper rollers for chopped strand and chopped strand mat
industry.
v
Elastomer sheets for separator run pad and cast machine
housing block testing rig.
v
Rods for press tool cushioning.
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Elastomer wheels for trolleys for material handling and
airport and hospital trolleys.
v
Rectangular profiles for various engineering applications.
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Special purpose plugs for Defense Equipment application.
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Many other products are being developed for air craft spares
replacement activity.
v
Projectile nose cones
v
Internal wear resistance coatings and lining for Hydro
cyclones for highly abrasive media separation.
v
Mining equipment coatings and linings for Coal Mines.
v
Idler and roller coatings for mining industries.
v
Wear plates for Bunkers of Steel Plant.
v
Bump stops for Heavy earth Moving Equipments and machines.
v
Side Bearer Pad PU Rings for High Speed Coaches for
Railways.
v
Screens for sizing and separation application in Mines and
steel plants.
v
Sheets Rods and Components for various applications in
Engineering Industries.
v
Pigs for cleaning Petroleum pipelines and gas lines.
v
Special purpose bushes for automated lapping machines.
v
Spay protection systems for corrosion and abrasion
resistance of metal components.
Their Hybrid elastomer products are ideally suited for
abrasion resistance, impact resistance, corrosion resistance and high load
bearing applications.
The Thermo-reactive phenolic resin based fire resistant
insulation product give fire safe environment for buildings, process plants,
textile mills, hospitals, mass transfer vehicles, hospitals, schools and
commercial complexes providing cost effective solutions.
With the state-of art manufacturing facilities, they produce
quality hybrid polyurethane elastomers & thermo-reactive insulation
products as per international norms.
They deploy quality manpower and world standard raw
materials in the multi crore manufacturing facility. They import their raw
materials from reputed international organizations from Germany, Canada, UK and
Japan, France and Netherlands companies with ISO 9002 accreditation.
With all these added advantages and facilities their company
has all the required capabilities to give their customers best quality of
hybrid polyurethane elastomers and thermo-reactive insulation products.
Their scope of work is ever increasing with new awareness
and newer and better possibilities of hybrid electrometric systems and
Thermo-reactive Thermal insulation product range providing the user industry a
leading cost effective edge with improved performance.
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. 42.72 |
|
UK Pound |
1 |
Rs. 84.42 |
|
Euro |
1 |
Rs. 67.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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/normal. |
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 |
|