MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHIVATHENE LINOPACK PRIVATE LIMITED |
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Registered Office : |
Plot 1 – A, Sector -3, Industrial Area, Parwanoo – 173 220, Himachal
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.05.1999 |
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Com. Reg. No.: |
06-22624 |
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CIN No.: [Company
Identification No.] |
U2422HP1999PTC022624 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Polyols for the Polyurethane Industry |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though started in 1999, the company had not commenced commercial operations
as per last available financials of 31.03.2007. The managements claims that
they did do business in 2007-08. Payments are reported as slow at times. The company can be considered for small to mediocre business dealings
on safe and secured terms. No clean credit can be granted. |
LOCATIONS
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Registered Office : |
Plot 1 – A, Sector -3, Industrial Area, Parwanoo – 173 220, Himachal
Pradesh, India |
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Tel. No.: |
91-1792-233115 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-84,Okhla Industrial Area, Phase-II, New Delhi-110020, India |
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Factory 2 : |
B-45, Industrial Focal Point, Phase-III, S.A.S.Nagar, Mohali-160055, (Punjab), India. |
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Tel. No.: |
91-172-2227088 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pankaj Kumar Mahajan |
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Designation : |
Director |
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Address : |
# 253, Sector 4, Panchkula 134112, Haryana, India |
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Date of Birth/Age : |
26.12.1956 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mrs. Alka Mahajan |
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Designation : |
Director |
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Address : |
H No. 253, Sector 4, Panchkula -134 112, Haryana, India |
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Date of Birth/Age : |
05.09.1960 |
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Date of Appointment : |
20.12.2006 |
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Name : |
Mr. Arun Anand |
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Designation : |
Director |
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Address : |
F -48, Poorvi Marg, Vasant Vihar, New Delhi – 110 057, India |
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Name : |
Mr Paramjit Singh |
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Designation : |
Director |
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Address : |
House No. 334, Sector 33A, Chandigarh, Punjab, India |
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Date of Birth/Age : |
01.03.1956 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Arun Anand |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
C 1/5, lodhi Garden, New Delhi – 110 013, India |
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Date of Birth/Age : |
16.12.1943 |
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Date of Appointment : |
28.05.1999 |
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Name : |
Mrs. Indra Anand |
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Designation : |
Director |
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Address : |
16, Nizamuddin East, New Delhi – 110 013, India |
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Date of Birth/Age : |
14.06.1916 |
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Date of Appointment : |
28.05.1999 |
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Name : |
Mr. I.P.Anand |
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Designation : |
Director |
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Name : |
Mr. Anil P Anand |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Anurag Aggarwal, |
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Designation : |
IAS- Director(Nominee of Punsup) |
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Name : |
Mr.
K.K.Jain |
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Designation : |
Director(Nominee of DFC) |
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Name : |
Mr.
C.K.Hazari
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Designation : |
Director |
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Name : |
Mr. J.P.Kapur |
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Designation : |
Director |
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Name : |
Mr.S.S.Lal |
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Designation : |
Director |
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Name : |
Mr. AVM(Retd.)H.L.Kapoor |
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Designation : |
Director |
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Name : |
Mr. P.J.Singh |
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Designation : |
Director |
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Name : |
Mr. Atul.P.Anand |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Pankaj Kumar Mahajan |
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7450 |
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Mrs. Alka Mahajan |
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2550 |
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Total
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10000 |
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polyols for the Polyurethane Industry |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
NA |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
A Kumar Verma and Company Chartered Accountants |
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Address : |
650, Sector 7, Panchkula , Haryana – 134 109, Uttar Pradesh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
million |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.100 |
0.100 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.100 |
0.100 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
0.083
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0.083 |
0.083 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
0.083
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0.083 |
0.083 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.006
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0.002 |
0.000 |
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Provisions |
0.001
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0.001 |
0.001 |
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Total
Current Liabilities |
0.007
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0.003 |
0.001 |
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Net Current Assets |
0.076
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0.080 |
0.082 |
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MISCELLANEOUS EXPENSES |
0.024 |
0.020 |
0.018 |
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TOTAL |
0.100 |
0.100 |
0.100 |
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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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0.07
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0.03 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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11.85
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27.66 |
83.00 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS:
During the year the subject company did not commence business. Pre –
operative expenses remained at
· Rs. 0.004 millions in the current year (2007)
· Rs. 0.002 million in the last year (2006)
· Rs. 0.001 million in the lat year (2005)
WEBSITE DETAILS:
Company Profile:-
Incorporated in 1976 SAPL was established as a pioneering venture in India for the manufacture of Low Density POLYETHYLENE wide width film for use in Agriculture, Agricultural/Industrial Storage Covers and Irrigation-Water Management.
The plant is capable of making Polyethylene sheets upto 12 metres wide width and in thickness range from 100 micron to 2000 micron. The Company's works are located at Parwanoo(H.P.) 30 kilometres from Chandigarh city on the Chandigarh-Shimla Highway.
SAPL is also processor of Cable Sheathing Compound, Polypropylene Homopolymer/ Copolymer Compounds and has a tie-up with Indian Petrochemicals Corporation Limited (IPCL). The Company has a good standing in the Polyethylene sheet market and is well known for its enterprising work in the use of plastics in Agriculture and Water Management.
The Company has been processing over 5000 MTA of Polyethylene and selling 600 MTA of Polyuretane systems representing a turnover of approximately Rs.36 Crores (US $ 8.25 million)
Product Portfolio
Shivathene Linopack (A Unit of Shivalik Agro-Poly Products Ltd.) manufactures Polyols for the Polyurethane Industry, with its works located at Parwanoo(H.P.)
Polyurethanes are very versatile and their nature varies depending upon the additives contained in the Polyol part of the Polyurethane system. Shivathene Linopack, Parwanoo offers Polyols/Polyurethane Coatings, Cable Jointing compounds, Potting and Encapsulation compounds for Electrical and Electronic components, Elastomers and Polymer Concrete.
The Company has developed through its R and D in the coatings field Thermoplastic marking materials aimed at the Roads Sector. This product will aim at making available in the Indian road industry a product which will better imported road marking materials on all fronts.
The company through its Polyurethanes R and D is developing PU applications in a variety of other existing and sunrise industries which will enable it to expand its product profile.
The company has emerged as a major player in the Polyurethane industry in India with its SHIVAPOL and SHIVABOND grade of chemicals and offers products form six sectors of the Polyurethane industry:
· Rigid Foams.
· Coatings
· Cold Cure/Integral Skin
· Electrical/Electronic/Telecom Insulation Resins
· Elastomers and Adhesives.
· Microcellular Elastomers/Footwear Grade Resin
The product range given here facilitates the user to select the
appropriate Characteristics required to specific industry applications.
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
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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 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
---- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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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20 |
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 |
|
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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