MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AMITY POLYMERS |
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Registered Office : |
Plot No. 9806, Thiruverkadu Road, Ayyapakkam, Chennai – 600 077, Tamil
Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
2004 |
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IEC No.: |
0404018475/28/10/04 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA11852B |
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PAN No.: [Permanent
Account No.] |
AAKFA6278J |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Rubber Moulded and Extruded
Products. |
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 7000 |
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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 concern meeting its normal
business commitments timeously. Trade relations are fair. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. D S Rajagopal |
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Designation : |
Main Partner |
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Contact No.: |
91-9940664394 |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 9806, Thiruverkadu Road, Ayyapakkam, Chennai – 600 077, Tamil
Nadu, India |
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Tel. No.: |
91-44-65143707 / 26259333 / 55143707 |
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Mobile No.: |
91-9940664394 |
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Fax No.: |
91-44-26547488 |
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E-Mail : |
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Website : |
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Area: |
3000 Sq.fts |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. D S Rajagopal |
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Designation : |
Main Partner |
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Address : |
93/24 Jeevan Bima Nagar, Anna Nagar, West Extension, Chennai, Tamil
Nadu, India |
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Date of Birth/Age : |
51 years |
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Qualification : |
B.SC Tech |
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Experience : |
27 years |
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Name : |
Mrs. Rajagopal |
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Designation : |
Partner |
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Date of Birth/Age : |
43 years |
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Qualification : |
M.Sc |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Rubber Moulded and Extruded
Products. |
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Products: |
· Anti Skid Mats · Extruded Profiles · Silicone Gasket · Pipes Seals · Pipes Seals · Rubber Sheeting · Glass Curing Ring · Dust Cover · Rubber Mounts · Sealing Ring · Pinch Valves · Grommets · Track pad |
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Exports : |
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Products : |
Molded Rubber components · Pipe Seals Of Various Type · Flange Gaskets · O Rings Of Various Sizes · Dust Covers For Very Critical Applications · Light Fitting Gaskets · Butterfly Valve Seat · Rubber Sheets · Teflon Bonded Rubber Gaskets · Track Pads · Glass Beading · Vacuum Sealings Rings. |
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Countries : |
UAE, New Zealand., Germany, Europe |
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Terms : |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
Credit (60 days) |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Rubber Gaskets |
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Tons |
60 |
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Rubber Adhesives |
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Litres |
450 |
GENERAL
INFORMATION
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No. of Employees : |
30 (5 in office and 25 in Factory) |
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Bankers : |
Canara Bank, SME Branch, Ambattur |
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Facilities : |
CC – Rs. 1.000 million |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
(as on
31.03.2007) |
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Owned : |
Rs. 1.252 millions |
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Borrowed : |
---- |
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Total : |
Rs. 1.252 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Capital |
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1.252 |
1.130 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.252 |
1.130 |
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LOAN FUNDS |
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1] Secured Loans |
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1.086 |
0.200 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.086 |
0.200 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.338 |
1.330 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.729 |
0.592 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.391 |
0.193 |
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Sundry Debtors |
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0.319 |
0.589 |
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Cash & Bank Balances |
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0.135 |
0.026 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.729 |
0.453 |
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Total
Current Assets |
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2.574 |
1.261 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.965 |
0.523 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.965 |
0.523 |
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Net Current Assets |
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1.609 |
0.738 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.338 |
1.330 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 (Provisional) |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
0.127 |
9.242 |
4.393 |
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Other Income |
0.000 |
0.108 |
0.033 |
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Total Income |
0.127 |
9.350 |
4.426 |
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Profit/(Loss) Before Tax |
0.007 |
0.469 |
0.026 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.007 |
0.469 |
0.026 |
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Expenditures : |
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Cost of Goods Sold |
NA |
5.228 |
2.656 |
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Manufacturing Expenses |
NA |
1.353 |
0.572 |
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Administrative Expenses |
0.011 |
2.064 |
0.103 |
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Selling Expenses |
0.004 |
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Interest |
NA |
0.067 |
0.012 |
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Depreciation & Amortization |
NA |
0.169 |
1.057 |
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Other Expenditure |
0.105 |
NA |
NA |
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Total Expenditure |
0.120 |
8.881 |
4.400 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 (Provisional) |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
5.51
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5.02
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0.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.51
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5.07
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0.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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0.37
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1.40 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.37
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0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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NA
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1.64
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0.64 |
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Current Ratio (Current Asset/Current Liability) |
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NA
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2.67
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2.41 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERNECES:
· Franken Plastics, Germany
· Mabeigmbs
· Rubber Mark Industrial, New Zealand
WEBSITE DETAILS:-
Subject is promoted by a team of well-qualified Technocrats having more than two decades of experience in development of rubber products and is engaged in the manufacturing of rubber moulded and extruded products catering mainly to the overseas market. They are equipped with necessary skilled manpower and latest machinery to develop World-class Rubber Products to the utmost satisfaction of their Customers.
They export 95 % of their finished Rubber Product to the Developed countries such as Europe, UAE, New Zealand etc,. They are proud to be associated with Indian Space Research Organization for developing most critical components used in Rocket Launch vehicles.
They manufacture a wide variety of Molded Rubber Components which includes, Rubber to Metal Bonded Components, Pipe seals of various types, Flange gaskets, O rings of various sizes, Dust covers for very critical applications, Light fitting gaskets, Butterfly valve seats, Rubber sheets, Teflon Bonded Rubber gaskets, Track pads, Glass beadings, Vacuum sealing rings etc.
They always use high quality Raw Materials to meet the stringent quality standards. They have separate R and D team to develop world-class Rubber Products at Indian Price.
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 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.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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