MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
POLYCREST INNOVATIONS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 22 and 23, Ambattur Industrial Estate, Chennai – 600058,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
25.04.2001 |
|
|
|
|
Com. Reg. No.: |
18-47023 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51495TN2001PTC047023 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP05103A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCP1579J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, exporter and supplier of Textile,
Garments, Polester Fibers and Blended Yarn. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Management declined business and financial details. It appears that company’s profit margin is under severe pressure. Financial
position can be regarded as moderate. Payments are reported as slow. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
|
|
|
Registered Office/ Factory : |
Plot No. 22 and 23, Ambattur Industrial Estate, Chennai – 600058,
Tamilnadu, India |
|
Tel. No.: |
91-44-26252612 |
|
Fax No.: |
91-44-26252613 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
IV Floor, J V I Plaza, 626, Anna Salai, Chennai – 600018, Tamilnadu,
India |
|
Tel. No.: |
91-11-24314072 / 24314485 |
|
Fax No.: |
91-11-24314389 |
|
E-Mail : |
|
|
Area : |
Owned |
DIRECTORS
|
Name : |
Mrs. Radha Sridhar |
|
Designation : |
Director |
|
Address : |
C – 8, Aashina Apartments, Venus Colony II Street, Alwarpet, Chennai
600018 |
|
Date of Birth/Age : |
25.03.1966 |
|
Date of Appointment : |
25.04.2001 |
|
|
|
|
Name : |
Mr. P. B. Anandapadmanabhan |
|
Designation : |
Director |
|
Address : |
Flat No. A – 1, Mohana, 96, Arcot Road, Vitugambakkam, Chennai –
600092, Tamilnadu, India |
|
Date of Birth/Age : |
17.04.1962 |
|
Date of Appointment : |
25.04.2001 |
|
|
|
|
Name : |
Mr. R. Sridhar |
|
Designation : |
Director |
|
Address : |
17-D, Rajaram Directors Colony, Kodambakkam, Chennai – 600024,
Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1962 |
|
Date of Appointment : |
26.04.2001 |
|
Date of Ceasing : |
31.08.2004 |
|
|
|
|
Name : |
Mr. Bharathala Nagarajan Sridhar |
|
Designation : |
Director |
|
Address : |
C – 8, Aashina Apartments, Venus Colony II Street, Alwarpet, Chennai
600018 |
|
Date of Birth/Age : |
26.04.1962 |
|
Date of Appointment : |
26.04.2001 |
|
|
|
|
Name : |
Mr. Vishwanathan Ravi Shankar |
|
Designation : |
Director |
|
Address : |
No. 22, Balaram Road, Kasturiba Nagar, Adyar, Chennai – 600020,
Tamilnadu, India |
|
Date of Birth/Age : |
04.03.1966 |
|
Date of Appointment : |
26.04.2001 |
|
|
|
|
Name : |
Dr. Vikas M Nadkarni |
|
Designation : |
Director |
|
Address : |
No. 5, Pushkaraj Apartments, Pushpak Park, Aundh, Pune – 411007,
Maharashtra, India |
|
Date of Birth/Age : |
06.12.1947 |
|
Date of Appointment : |
26.04.2001 |
|
|
|
|
Name : |
Mr. Neeraj Karhade |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
23.11.1976 |
|
Date of Appointment : |
05.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(AS ON 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Radha Sridhar |
|
8900 |
|
P. B. Anandapadmanabhan |
|
1000 |
|
S Chandrasekar |
|
100 |
|
BN Sridhar |
|
95000 |
|
Vikas M Nadkarni |
|
50000 |
|
Murali Viswanathan |
|
35000 |
|
V Ravi Shankar |
|
99700 |
|
Manjiri Vikas Nadkarni |
|
50000 |
|
J Satheesh Kumar |
|
7000 |
|
A. Jayaram |
|
2000 |
|
Neeraj Karhade |
|
100 |
|
Total |
|
348800 |
(AS ON 29.09.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter and supplier of Textile,
Garments, Polester Fibers and Blended Yarn. |
|
|
|
|
Exports : |
|
|
Products : |
Fabrics |
|
Countries : |
· Europe · Far East |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
Far East |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit [30-60 days] |
|
|
|
|
Purchasing : |
Credit [30-60 days] |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
OM Tower 10/3, Nalli Hospital Road, Annamalai Layout, opposite Bus
Stand, Erode – 638011, Tamilnadu, India
Overseas Branch,
Spencer Towers, Anna Salai, Chennai – 600002, Tamilnadu, India · ICICI Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ganesh Venkat and Company Chartered Accountants |
|
Address : |
No 9-D, Kamalabai Street, T. Nagar, Chennai – 600017, Tamilnadu, India
|
CAPITAL STRUCTURE
(AS ON 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
9,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
623400 |
Equity Shares |
Rs. 10/- each |
Rs. 6.234
Millions |
|
5551190 |
Equity Shares |
Rs. 10/- each |
Rs. 55.512
Millions |
|
|
|
|
|
|
|
Total
|
|
Rs. 61.746 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
44.126 |
17.151 |
|
|
2] Share Application Money |
|
2.152 |
22.169 |
|
|
3] Reserves & Surplus |
|
0.824 |
2.134 |
|
|
4] (Accumulated Losses) |
|
[2.873] |
0.000 |
|
|
NETWORTH |
|
44.229 |
41.454 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
45.536 |
9.111 |
|
|
2] Unsecured Loans |
|
4.787 |
4.921 |
|
|
TOTAL BORROWING |
|
50.323 |
14.032 |
|
|
DEFERRED TAX LIABILITIES |
|
0.484 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
95.036 |
55.486 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
33.164 |
2.469 |
|
|
Capital work-in-progress |
|
0.000 |
13.586 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.033 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
43.369 |
24.265 |
|
|
Sundry Debtors |
|
28.474 |
2.131 |
|
|
Cash & Bank Balances |
|
8.375 |
4.911 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
11.920 |
8.645 |
|
Total
Current Assets |
|
92.138 |
39.952 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
42.866 |
10.235 |
|
|
Provisions |
|
0.300 |
0.021 |
|
Total
Current Liabilities |
|
43.166 |
10.256 |
|
|
Net Current Assets |
|
48.972 |
29.696 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
12.900 |
9.702 |
|
|
|
|
|
|
|
|
TOTAL |
|
95.036 |
55.486 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
130.265 |
15.002 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
130.265 |
15.002 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(3.480) |
0.451 |
|
|
Provision for Taxation |
|
0.703 |
0.335 |
|
|
Profit/(Loss) After Tax |
|
(4.183) |
0.116 |
|
|
|
|
|
|
|
|
Export Value |
|
109.230 |
0.928 |
|
|
|
|
|
|
|
|
Import Value |
|
7.494 |
6.114 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charge |
|
4.213 |
2.047 |
|
|
Depreciation & Amortization |
|
0.000 |
0.000 |
|
|
Other Expenditure |
|
129.532 |
12.504 |
|
Total Expenditure |
|
133.745 |
14.551 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(3.21) |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(2.67) |
3.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.78) |
1.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.09) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.11 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.13 |
3.90 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90286442 |
|
Corporate
identity number of the company |
U51495TN2001PTC047023 |
|
Name of the
company |
POLYCREST INNOVATIONS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
IV Floor, J V I Plaza, 626, Anna Salai, Chennai – 600018, Tamilnadu |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank Overseas Branch Spencer Towers, Anna
Salai, Chennai – 600002, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement to common hypothecation agreement |
|
Date of
instrument Creating the charge |
18.01.2007 |
|
Amount secured by
the charge |
Rs. 77.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
agreement Rate of interest
is subject to change by the bank from time to time Terms of
Repayment As per the
agreement Margin As per the
agreement Extent and
Operation of the charge Exclusive first
charge Others all other terms
and conditions as per the agreement |
|
Short particulars
of the property charged |
Whole of the
existing securities including those acquired and to be acquired out of the
enhanced credit limits and the related book debts, more fully described in
the agreement enclosed, both present and future continue to secure the
enhanced credit limit of Rs. 77 Millions
|
|
Date of latest
modification prior to the present modification |
06.12.2006 |
|
Particulars of
the present modification |
Credit limits enhanced
to Rs. 77 Millions comprising CC / ODBD Rs. 5 Millions, ILC / FLC Rs. 20
Millions, BG Rs. 1.000 Million, TL Rs. 10.000 Millions, FDB / FBE / BDR Rs.
20.000 Millions, FDB / FBE Rs. 6.000 Millions PC Rs. 15 Millions secured by
the properties described above morefully described in the agreement. All
other terms and conditions of the original charge and the subsequent
modification remain unchanged. |
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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. |
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 |
|