MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SPECIALITY INDUSTRIAL POLYMERS AND COATINGS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Unit No. 20, Udyog Bhavan, Sonavala Road, Goregaon (East), Mumbai –
400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.07.2004 |
|
|
|
|
Com. Reg. No.: |
11-147509 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24220MH2004PTC147509 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS48655F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAICS6396M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Polymers |
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 100840 |
|
|
|
|
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 reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade term as and conditions. |
LOCATIONS
|
Registered Office /Factory : |
Unit No. 20, Udyog Bhavan, Sonavala Road, Goregaon (East), Mumbai –
400063, Maharashtra |
|
Tel. No.: |
91-22-26859354 |
|
Fax No.: |
91-22-26861536 / 26851640 / 26861536 / 26859354 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Ashok P. Bhogan |
|
Designation : |
Director |
|
Address : |
Flat No. 50/423, Unnat Nagar II, S V Road, Goregaon (West), Mumbai –
400 62, Maharashtra, India |
|
Date of Birth/Age : |
19.10.1957 |
|
Date of Appointment : |
15.07.2004 |
|
|
|
|
Name : |
Mr. Sandhya A. Bhogan |
|
Designation : |
Director |
|
Address : |
Nirzar / 50 – 423, Unnat Nagar II, S.V. Road, Mumbai – 400062,
Maharashtra |
|
Date of Birth/Age : |
24.10.1958 |
|
Date of Appointment : |
15.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007):- |
|
No. of Shares |
|
Mr. Ashok P. Bhogan |
|
240000 |
|
Mrs. Sandhya A. Bhogan |
|
10000 |
|
|
Total
|
250000 |
|
|
|
|
|
Category (as on 31.03.2007):- |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polymers |
GENERAL
INFORMATION
|
Bankers : |
· Standard Chartered Bank, 23 – 25, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India E-Mail: Sachin.deshpande@in.standardchartered.com · Standard Chartered Bank, SME Credit, 213-25, MG Road, Fort, Mumbai – 400 001, Maharashtra, India · The Saraswat Co – Operative Bank Limited, Goregaon (West), Branch, Mumbai - 400062, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Shree Ganapati M. Kamat and Company Chartered Accountants |
|
Address : |
14 – B, Mohsin Building, 1st Floor, Opposite Plaza Garden
R.K. Vaidya Road, Dadar, Mumbai – 400028, Maharashtra, India |
|
|
|
|
Name : |
Dilip Phadke and Company Chartered Accountants |
|
Address : |
A -2, Jai Goverdhan Society, L T Road, Borivali (West), Mumbai – 400
092, Maharashtra, India |
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
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 |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.668 |
6.740 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.168 |
9.240 |
2.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.662 |
2.343 |
0.000 |
|
|
2] Unsecured Loans |
4.953 |
5.153 |
0.000 |
|
|
TOTAL BORROWING |
6.615 |
7.496 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.436 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27.219 |
16.736 |
2.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.315 |
9.749 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.050 |
0.050 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.772
|
8.821 |
0.000 |
|
|
Sundry Debtors |
55.196
|
31.298 |
0.002 |
|
|
Cash & Bank Balances |
6.594
|
1.882 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.778
|
3.000 |
2.440 |
|
Total
Current Assets |
99.340
|
45.001 |
2.442 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
77.069
|
34.711 |
0.000 |
|
|
Provisions |
8.453
|
3.400 |
0.000 |
|
Total
Current Liabilities |
85.522
|
38.111 |
0.000 |
|
|
Net Current Assets |
13.818
|
6.890 |
2.442 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.036 |
0.047 |
0.058 |
|
|
|
|
|
|
|
|
TOTAL |
27.219 |
16.736 |
2.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
272.748 |
183.983 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
272.748 |
183.983 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
16.487 |
10.140 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
16.487 |
10.140 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
2.763 |
3.809 |
|
|
Depreciation & Amortization |
|
1.530 |
0.939 |
|
|
Other Expenditure |
|
251.968 |
169.095 |
|
Total Expenditure |
|
256.261 |
173.843 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.04
|
5.51 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.04
|
5.51 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.63
|
18.50 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.82
|
1.09 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.57
|
4.94 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.18 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U24220MH2004PTC147509 |
|
Name of the company |
SPECIALITY
INDUSTRIAL POLYMERS AND COATINGS PRIVATE LIMITED |
|
Address |
Unit
No. 20, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400 063,
Maharashtra, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
· Immovable Property · Book Debts · Movable Property · Floating Charge |
|
Particular of the charge holder
|
Standard Chartered Bank SME Credit , 23-25, M G road, Fort, Mumbai – 400 001, Maharashtra,
India E-Mail: reenabang@rediffmail.com
|
|
Nature or description of the instrument creating charge |
· Hypothecation Agreement (Supplemental) · Memorandum of entry (Supplemental) |
|
Date of the instrument creating charge |
16.08.2007 |
|
Amount Secure by the charge |
Rs. 85.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Interest -11.50% p.a on daily rests on OD Facility Interest -8.50% p.a on monthly rest on Export Post Shipment facility
for Rupee Finance. LIBOR +1%. Commission -1.50% p.a on performance BG. 2.5%
on Financial BG. Forward Contract LER – As per treasury These rates are subject to change at the discretion of the bank
without intimation to borrower. Terms of Repayment: As determined by the bank from time to time. Margin: As applicable , if any Extent and operation of the charge: The Bank is having first charge on the security offered by the
borrower. |
|
Short Particulars of the Property charged |
Hypothecation · All the stocks in trade both present and future consisting of raw materials , finished goods , goods in process of manufacturing and other merchandise · All the present and future book debts , outstanding money receivables , claims and bills All the movable fixed assets Mortgage of · Unit No. W -224/A, MIDC, Taloja, District Raigad · U No. 20 Udyog Bhavan Premises Co-op Soc. Limited, Sonawala Road, Goregaon (East), Mumbai – 63 (As more described in the enclosed agreement.) |
|
Particulars of the present modification |
The charge amount enhanced from Rs. 49935 millions to Rs. 85.000
millions. The other terms and conditions shall remain the same. |
|
Corporate
identity number (CIN) Foreign company registration number |
U24220MH2004PTC147509 |
|
Name of the
Company |
SPECIALITY
INDUSTRIAL POLYMERS AND COATINGS PRIVATE LIMITED |
|
Address |
Unit No. 20, Udyog Bhavan, Sonavala Road, Goregaon (East), Mumbai –
400063, Maharashtra |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Hypothecation |
|
Particulars of
the charge holder |
Standard
Chartered Bank, 23 – 25, M.G. Road, Fort, Mumbai – 400001, Maharashtra |
|
Amount secured by
the charge |
Rs.49.935
millions |
|
Brief of the
principal terms and conditions |
Overdraft
facility of Rs.17.000 millions (with sub limit of Post Shipment Credit): Term
Loan facility of Rs.0.935 millions Letter of Credit facility of Rs.30.000
millions. Export post Shipment Credit facility of Rs.2.000 millions. Interest
Rate: 9% p.a. applied on monthly rest on the overdraft facility. For Post
Shipment Credit Facility – LIBOR + 75 bps to be More details are as per
Annexure 1 attached. |
|
Description of
the property charged indicating |
Stock in trade,
Plant Machinery, Book debts Stock and Book
debts and all the assets comprising of existing plant and machinery, both present
and future. More details are as per Annexure 2 attached. |
|
Date of
Instrument |
06.07.2006 |
WEBSITE DETAILS:
Subject is rapidly growing,
reputed manufacturer of speciality polymers for various industries such as Paints,
Textile, Construction Chemicals, Adhesives, PVC Processing, Paper Board, Glass
fiber, Leather finishing and many others.
The Company has its manufacturing base at Taloja near Mumbai
which is complete with state of art equipments and Application Research and
Development center which enables development of innovative coating aids which
are techno commercially acceptable to user industry.
Subject
has emphasized product innovation since its inception. Product innovation is
the price theme of operation and many of their innovative products are well
known and being used by reputed manufacturers from respective user industry in
all over India and even in overseas market.
Subject continually strives to achieve
best possible customer orientation and desired after sales to its esteemed user
industry. They achieved ISO 9001: 2000 certification.
|
PRODUCT |
DESCRIPTION |
APPLICATION |
|
Polycryl 653 |
Acrylic-Vinyl Acetate Copolymer |
Interior Paint |
|
Polycryl 685 |
Self cross linking Acrylic-Vinyl Acetate Copolymers |
Exterior/Interior Paints |
|
Polycryl 743 / 1545 |
Acrylic-Styrene low viscosity Copolymer |
Interior Paint |
|
Polycryl 706 / 705P |
Acrylic-Styrene low viscosity Copolymer |
Interior Paint Cement Primer and spray plasters |
|
Polycryl 1530 |
Acrylic-Styrene Medium Viscosity Copolymer having MFFT about 20ºC |
Interior / Exterior Paints, |
|
Polycryl 1550 |
Acrylic-Styrene High Viscosity Copolymer having MFFT about 20ºC |
Interior / Exterior Paints, Architectural Coatings, Road marking paints |
|
Polycryl 1601 /1602 |
All Acrylic low viscosity copolymer having MFFT about 20ºC |
Interior / Exterior High sheen Paints |
|
Polycryl 1630 |
All Acrylic high solids, medium viscosity copolymer having MFFT about
20ºC |
Interior / Exterior High sheen |
|
Polycryl 1650 |
All Acrylic high solids, medium viscosity copolymer having MFFT about
20ºC |
Interior / Exterior High sheen Paints |
|
Polycryl 1800 |
All Acrylic, medium to high viscosity copolymer having MFFT about 17ºC
and superior flow property |
Interior / Exterior High sheen Paints |
|
Polycryl 1604 |
High Tg Acrylic copolymer |
High sheen and High Dirt resistance Paints |
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|