MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIA POLYFINS LIMITED |
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Formerly Known As : |
GUJARAT SIZERS PRIVATE LIMITED |
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Registered Office : |
5th Floor, Rushabh Textile Tower, B/H Surat Textile Market,
Ring Road, Surat – 395002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.08.1987 |
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Com. Reg. No.: |
04-9877 |
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CIN No.: [Company
Identification No.] |
L17119GJ1987PLC009877 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTI00020G |
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PAN No.: [Permanent
Account No.] |
AAACI4935R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Textile Goods and Fabric. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
Satisfactory |
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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 satisfactory track.
It has some accumulated losses but in view of improving productivity it is
expected to wipe-off previous losses soon. Trade relations are fair. Payments
are however reported as slow but correct. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sivadasa Varma |
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Designation : |
Accounts Manager |
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Date : |
09.07.2008 |
LOCATIONS
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Registered Office : |
5th Floor, Rushabh Textile Tower, B/H Surat Textile Market,
Ring Road, Surat – 395002, Gujarat, India |
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Tel. No.: |
91-261-2364363/ 2364364/65/234365/2364366 |
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Fax No.: |
91-261-2364362 |
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Mobile : |
91-9825140306 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
B-57 Plot No. A 1-2, Village Pipodara Industrial Area, Mangrol, Surat,
India |
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Area : |
30 km away from surat |
DIRECTORS
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Name : |
Mr. Ravindra Arya |
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Designation : |
Chairman cum Managing Director |
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Address : |
6-C, Ravitej Apartment, Opposite Lower Convent School, Athwalines,
Surat – 395001, India |
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Date of Birth/Age : |
08.08.1960 |
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Date of Appointment : |
07.08.1987 |
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Name : |
Mrs. Neetu Arya |
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Designation : |
Director |
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Name : |
Mr. Sunil Kumar Hada |
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Designation : |
Director |
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Name : |
Mr. Rajesh Nigania |
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Designation : |
Director |
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Name : |
Mr. S. Natarajan |
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Designation : |
Director |
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Address : |
2608, Sector – 1, Pocket – 2, Vasant Kunj, New Delhi – 110070, India |
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Date of Birth/Age : |
27.05.1933 |
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Date of Appointment : |
28.04.1992 |
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Name : |
Mr. Dr. Rana Vishnoi |
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Designation : |
Director |
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Address : |
202 Amar Kruti, 2nd Cross Lane, Rirhal Road, Valsad –
396001, India |
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Date of Birth/Age : |
08.04.1938 |
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Date of Appointment : |
28.04.1992 |
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Name : |
Mr. Vijendra Arya |
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Designation : |
Director |
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Address : |
4-D, Nidhivan Apartments, Behind Gokul Raw House, Parle Point Surat –
395001, India |
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Date of Birth/Age : |
06.10.1972 |
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Date of Appointment : |
11.03.1994 |
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Name : |
Mr. Narendra Kumar Sancheti |
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Designation : |
Director |
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Address : |
65, Shiva Pari, Near Sheha Sankalwadi, B/H, Sahaj Super Srores, Anand
Mahal Road, Surat – 395009, India |
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Date of Birth/Age : |
27.12.1961 |
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Date of Appointment : |
30.07.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Category |
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Percentage |
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Nationalised or Other Banks |
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0.02 |
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Mutual Funds |
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2.18 |
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Bodies Corporate (Not mentioned above) |
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24.63 |
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Directors or relatives of director |
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8.14 |
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Other top fifty shareholders (Other than Listed above) |
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5.00 |
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Others |
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60.03 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Textile Goods and Fabric. |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C (Import) and Credit (Local) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
212 (Office – 12 and Factory – 200) |
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Bankers : |
Oriental Bank of Commerce, ring Road, Surat, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. R. Patchigar and Company Chartered Accountant |
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Address : |
1-B, Sidhashila Apartments, Beside Jeevan Bharati School, Timailiyawad
– Nanpura. Surat – 395001, Gujarat, India |
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Associates/Subsidiaries : |
Sunil Fibers Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued & Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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4416667 |
Equity Shares |
Rs.10/- each |
Rs.44.167
Millions |
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Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4285889 |
Equity Shares |
Rs.10/- each |
Rs.42.859
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
42.859 |
42.859 |
42.859 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.878 |
40.878 |
40.848 |
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4] (Accumulated Losses) |
(23.637) |
(18.566) |
(37.846) |
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NETWORTH |
60.100 |
65.171 |
45.861 |
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LOAN FUNDS |
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1] Secured Loans |
0.109 |
0.208 |
0.000 |
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2] Unsecured Loans |
7.775 |
18.783 |
31.323 |
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TOTAL BORROWING |
7.884 |
18.991 |
31.323 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.977 |
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TOTAL |
67.984 |
84.162 |
78.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.697 |
41.135 |
44.227 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
1.790 |
0.278 |
0.083 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.700
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9.525 |
10.003 |
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Sundry Debtors |
36.705
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56.787 |
63.346 |
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Cash & Bank Balances |
0.228
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4.715 |
2.892 |
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Other Current Assets |
0.000
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0.783 |
0.672 |
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Loans & Advances |
9.404
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7.511 |
8.664 |
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Total
Current Assets |
61.037
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79.321 |
85.577 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.742
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34.056 |
50.962 |
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Provisions |
2.803
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2.521 |
0.769 |
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Total
Current Liabilities |
24.545
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36.577 |
51.731 |
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Net Current Assets |
36.492
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42.744 |
33.846 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.984 |
84.162 |
78.161 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54
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0.85 |
1.81 |
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Current Ratio (Current Asset/Current Liability) |
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2.49
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2.17 |
1.65 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Garden Silk Mills – Surat
- Fair deal Filament Limited, Surat
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.43.16 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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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