MIRA INFORM REPORT

 

 

 

Report Date :

17.07.2008

 

IDENTIFICATION DETAILS

 

Name :

CLIMAX SYNTHETICS PRIVATE LIMITED

 

 

Registered Office :

18 B, Branourne Road, 2nd Floor, Kolkata – 700001, West Bengal 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

11.02.1974

 

 

Com. Reg. No.:

21-29250

 

 

CIN No.:

[Company Identification No.]

U28113WB1974PTC029250

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALC00592E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Importer of HDPE sheets and Geomembranes, HDPE pipes and Fittings, LDPE Films/ Sheets, U.V. Stabilized films and HDPE Pipes.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 98000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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 usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Prakash Patel

Designation :

Accounts Manager

Date :

05.07.2008

 

 

LOCATIONS

 

Registered Office :

18 B, Branourne Road, 2nd Floor, Kolkata – 700 001, West Bengal, India  

Tel. No.:

91-33-22343076

E-Mail :

info@climaxindia.com 

mksinghee@yahoo.co.uk

Website :

http://www.climaxindia.com

 

 

Head Office :

11, Pollock Street, Kolkatta - 700 011, West Bengal, India

 

 

Corporate Office/ Factory :

A/1-835, GIDC, Makarpura, Vadodara - 390 010, Gujarat, India

Tel. No.:

91-265-2642169/ 2642572/ 2642836

Fax No.:

91-265-2643362

E-Mail :

info@climaxindia.com

 

 

DIRECTORS

 

Name :

Mr. Khemraj Mundhra

Designation :

Director

Address :

Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road,

Baroda – 391 101, Gujarat, India

Date of Birth/Age :

27.05.1940

Date of Appointment :

21.01.1981

 

 

Name :

Mr. Pramod Mundhra

Designation :

Director

Address :

Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India

Date of Birth/Age :

09.07.1974

Date of Appointment :

14.03.1994

 

 

Name :

Mr. Pankaj Mundhra

Designation :

Director

Address :

Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road,

Baroda – 391 101, Gujarat, India

Date of Birth/Age :

24.04.1970

Date of Appointment :

11.02.1993

 

 

KEY EXECUTIVES

 

Name :

Mr. A. R. Majumdar

Designation :

Company Secretary

Address :

158 Sarat Bose Road, Kolkata-700029, West Bengal, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 30.09.2005)

Names of Shareholders

 

No. of Shares

 

 

 

Mrs. Sushila Devi Mundhra

 

8200

Mr. Khem Raj Mundhra

 

11400

Mr. Pramod Mundhra

 

11730

Mr. Pankaj Mundhra

 

15350

Khem Raj Mundhra and Sons - HUF

 

2100

Ms. Divya Lakhotia

 

4010

Ms. Ira Ladda

 

5100

Ms. Shruti Mundhra

 

5000

Ms. Nupur Mundhra

 

5600

Climax Vyapaar (Private) Limited

 

8100

Sristhi Industries (Private) Limited

 

7100

Climax Fincap (Private) Limited

 

8100

Glamour Jewels (Private) Limited

 

8100

Climax Waterproofing Products Private Limited

 

7100

Mr. Aarya Mundhra

 

3000

Mr. Santosh Maheshwari

 

10

Mr. Dayalchand Mundhra

 

10

Mr. Jai Prakash Mundhra

 

10

 

 

 

Total

 

110020

 

(As on 31.03.2007)

Names of Shareholders

 

% of Holding

 

 

 

Bodies Corporate

 

35.00

Directors and Relatives of Directors

 

65.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Importer of HDPE sheets and Geomembranes, HDPE pipes and Fittings, LDPE Films/ Sheets, U.V. Stabilized films and HDPE Pipes.

 

 

Products :
  • Plastic
  • PVC
  • Synthetics
  • Polyethylene,
  • Polystyrene
  • Nylon
  • Bakelite
  • Cellulose
  • Acetale
  • High Impact Polystyrene
  • Polyvinyl
  • Chloride
  • Compound
  • U. F. Uterate
  • Urea
  • Polyprelene
  • Polyethylene Fabrics
  • Plasticizers
  • Polymers
  • Resin and Articles
  • Polyethylene Granules
  • Processing Charges for Films and Covers
  • Polyethylene Lay Flat Tubing and Products 

 

 

Exports :

 

Products :

All Products

Countries :
  • Dubai
  • Middle East

 

 

Imports :

 

Products :

Raw Materials

Countries :
  • Saudi Arabia

 

 

Terms :

 

Selling :

Credit (30 days)

 

 

Purchasing :

L/C and Cash

 

 

GENERAL INFORMATION

 

Customers :

Government Supply

 

 

No. of Employees :

20

 

 

Bankers :
  • Bank of Baroda

Makarpura Industrial Estate Branch, GIDC Makarpura, Baroda, Gujarat, India

 

  • Union Bank of India

 

 

Facilities :

 (Rs. in millions)

Particulars

Existing

New

CC Hypothecation of Stock

--

--

CC Hypothecation of Book Debts

--

--

CC Hypothecation of Goods and Book Debts

12.500

12.500

CC Hypothecation of Goods and Book Dents for Raigadh Project

--

--

BP/ BD under L/C

5.000

--

L/C (Inland/ Foreign) D/A 90 days Usance

15.000

15.000

Bank Guarantee

57.950

37.950

Term Loan - I

--

--

Term Loan - II

2.400

2.400

 

 

 

Total

92.850

92.850

 

  • CC – Rs.50.000 Millions
  • BP and BD – Rs.15.000 Millions
  • L/C – Rs.35.000 Millions
  • Guarantee – Rs.37.950 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

K L Singhee and Company

Chartered Accountants

Address :

15, India Exchange Place, First Floor, Kolkata – 700001, West Bengal, India

 

 

Associates :
  • Climax Vyapaar (Private) Limited
  • Sristhi Industries (Private) Limited
  • Climax Fincap (Private) Limited
  • Glamour Jewels (Private) Limited
  • Climax Waterproofing Products Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

110000

Equity Shares

Rs.100/- each

Rs.11.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

110000

Equity Shares

Rs.100/- each

Rs.11.000 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

11.000

11.000

11.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

8.594

8.101

7.511

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

19.594

19.101

18.511

LOAN FUNDS

 

 

 

1] Secured Loans

33.376

39.242

13.261

2] Unsecured Loans

57.857

54.492

57.463

TOTAL BORROWING

91.233

93.734

70.724

DEFERRED TAX LIABILITIES

0.000

0.066

0.430

 

 

 

 

TOTAL

110.827

112.901

89.665

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

16.055

14.624

15.220

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

5.110

5.110

4.946

DEFERREX TAX ASSETS

0.203

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
27.193

39.349

30.293

 

Sundry Debtors
42.270

45.095

43.312

 

Cash & Bank Balances
26.400

20.888

18.569

 

Other Current Assets
1.358

0.693

0.750

 

Loans & Advances
20.395

17.172

11.973

Total Current Assets
117.616

123.197

104.897

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
24.675

27.514

32.841

 

Provisions
3.482

2.516

2.557

Total Current Liabilities
28.157

30.030

35.398

Net Current Assets
89.459

93.167

69.499

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

110.827

112.901

89.665

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

234.526

126.507

Other Income

 

3.639

4.818

Total Income

 

238.165

131.325

 

 

 

 

Profit/(Loss) Before Tax

 

1.253

1.144

Provision for Taxation

 

0.606

0.547

Profit/(Loss) After Tax

 

0.647

0.597

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

25.880

18.050

 

Capital Goods

 

1.536

0.887

Total Imports

 

27.416

18.937

 

 

 

 

Total Expenditure

 

236.912

130.181

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
0.27

0.45

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.53

0.87

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.07

0.83

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.064

0.06

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
6.09

7.48

6.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.18

4.10

2.96

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Trade Reference:

 

 

 

 

 

 

 

 

FORM 8:

 

Name of the company

CLIMAX SYNTHETICS PRIVATE LIMITED

Presented By

Mr. K R Mundhra, Director

1) Date and description of instrument creating the 

    change

Memorandum of Entry for deposit of Title Deeds Dated 31.12.2001

2) Amount secured by the charge/amount owing on 

    the securities of charge

Rs.87.950 millions

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

Equitable Mortgage of following properties belonging to the company.

 

Shed No.A/1-835 and 836at GIDC Makarpura Adm 2989.07 sq. mtrs and 2787.56 sq/ mtrs. Respectively.

 

Equitable Mortgage to following properties belonging to Climax Water Proofing Products Limited.

 

Shed No. C-1/771836 at GIDC Makarpura adm 705.51 sq. mtrs. Along with building and Structure fixed plant and machineries, fixture and fitting constructed erected or installed thereon or to be constructed erected to install thereon.

4) Gist of the terms and conditions and extent and

    operation of the charge.

CC Hypothecation Goods

Rs. 4.000 millions

CC Hypothecation Book Debts

Rs. 3.000 millions

BP/BD Under L/C

Rs.15.000 Millions

L/ C (Inland/ Foreign)

Rs. 6.000 millions

Bank Guarantee

Rs. 58.450 millions

Term Loan - I

Rs.1.500 Millions

5) Name and Address and description of the

    person entitled to the charge.

Bank of Baroda

Makarpura Industrial Estate Branch, GIDC Makarpura, Baroda, Gujarat, India

6) Date  and brief description of instrument

    modifying the charge

Memorandum of Entry for Second Extension of Supplemental Mortgage dated 27.04.2005

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 charge is modified by Rs.3.900 Millions by way of review in facilities, sanctioned to the company from time to time, as mentioned in Annexure 2.

 

 

As Per Web

 

Introduction

 

Subject is a trust-worthy name for the past 32 years in serving for almost all the irrigations across the nation. The 32 years, long span of time itself tells the success story. They are one of the primary manufacturers of HDPE sheets and Geomembranes, HDPE pipes and Fittings, LDPE Films/ Sheets, U.V. Stabilized films and HDPE Pipes. Sincerity and Hard-Work has successfully maintained the quality of the products that too with end number of services. They have been associated with the Government, Semi-Government organizations as well as the corporate giants. They value the treasure of natural resources, Nature has bestowed them with. They cannot think of creating the natural resources, but definitely can preserve them and utilize in numerous ways to make a prosperous life. ‘United they stand, Divided they fall’ is the philosophy behind the successful team work.

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.43.17

UK Pound

1

Rs.86.26

Euro

1

Rs.68.78

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

49

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions