MIRA INFORM REPORT

 

 

 

Report Date :

04.06.2008

 

IDENTIFICATION DETAILS

 

Name :

POLYOLS AND POLYMERS

 

 

Registered Office :

C 1 / 58-59, 100 Shed Area, G I D C, Vapi – 396 195, Gujarat.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Year of Establishment  :

1989

 

 

Com. Reg. No.:

AADFP1697HXM001

 

 

IEC No.:

0888001771

 

 

PAN No.:

[Permanent Account No.]

AADFP1697H

 

 

Legal Form :

Partnership concern with an unlimited liability of the partner.

 

 

Line of Business :

Manufacturer and exporter of Synthetic Ketonic Resin , Alkye Phenolic Resin, Modified Phenolic Resin, Polyamide Resin and Maliec Resin. 

 

 

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 19575

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed concern meeting its normal  commitments timeously. Trade relations are fair.

 

The concern can be considered good for small to mediocre business dealings

 

 

INFORMATION PARTED BY

 

Name :

Mr. Prabir Kumar Dutt

Designation :

Partner

Contact No.:

91-9377001193

Date :

31.05.2008

 

 

LOCATIONS

 

Registered Office/Factory :

C 1 / 58-59, 100 Shed Area, G I D C, Vapi – 396 195, Gujarat, India.

Tel. No.:

91-260-2452108 / 2451037

Mobile No.:

91-9377001193

Fax No.:

91-260-2452108

E-Mail :

info@polyolsandpolymers.net

Website :

www.polyolsandpolymers.com 

Area :

5700 sq. ft.

Location :

Leased

 

PARTNERS

 

Name :

Mr. Prabir Kumar Dutt

Designation :

Partner

Address :

“SUNSHINE” Daman Road, Chala, Vapi.

Date of Birth/Age :

25.11.1940

Qualification :

B.Tech(Chem Engg)

Experience :

43 Years

 

 

Name :

Mr. Pradeep Bhulchandani

Designation :

Partner

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and exporter of Synthetic Ketonic Resin , Alkye Phenolic Resin, Modified Phenolic Resin, Polyamide Resin and Maliec Resin. 

 

 

Products :
  • Modified Phenolic Resin
  • Synthetic Ketonic Resin
  • Alkye Phenolic Resin
  • Polyamide Resin
  • Maliec Resin

 

 

Exports :

 

Products :

Synthetic Ketonic Resin,   Alkye Phenolic Resin

Countries :

Asia and Europe, Italy, Ireland, Portugal, Spain

 

 

Terms :

 

Selling :

L/C ,Cash (60 days  and 90 days)

 

 

Purchasing :

L/C (30 days, 60 days and 90 days)

 

PRODUCTION STATUS

 

Particulars

 

 

Installed Capacity

Actual Production

Synthetic Ketonic Resin

 

 

900  MT

450 MT

Alkye Phenolic Resin

 

 

700  MT

280 MT

 

GENERAL INFORMATION

 

Customers :

Wholesalers and End Users 

 

 

No. of Employees :

37 [Office – 7 ; Factory - 30]

 

 

Bankers :

State Bank of India

IT- Branch, Nr. G I D C Police Station, G I D C – Vapi

 

 

Facilities :

Rs. 8.000 Millions

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Kakaria and Associates

Chartered Accountant

Address :

Imran Nagar, Silvassa Road, Vapi.

Tel. No.:

91-260-2430578 / 2425572

Fax No.:

91-260-2421653

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 3.915 millions

Borrowed :

--

Total :

Rs. 3.915 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

3.915

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

 

NETWORTH

 

 

3.915

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

10.851

2] Unsecured Loans

 

 

0.285

TOTAL BORROWING

 

 

11.136

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

15.051

 

 

 

 

APPLICATION OF FUNDS

 

 

0.000

 

 

 

 

FIXED ASSETS [Net Block]

 

 

5.913

Capital work-in-progress

 

 

 

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

 

 

Sundry Debtors
 

 

11.640

 

Cash & Bank Balances
 

 

0.350

 

Other Current Assets
 

 

14.637

 

Loans & Advances
 

 

0.158

Total Current Assets
 

 

26.785

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

16.801

 

Provisions
 

 

0.847

Total Current Liabilities
 

 

17.648

Net Current Assets
 

 

9.138

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.016

 

 

 

 

TOTAL

 

 

9.153

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

82.022

Other Income

 

 

3.379

Total Income

 

 

85.401

 

 

 

 

Profit/(Loss) Before Tax

 

 

1.734

Provision for Taxation

 

 

0.000

Profit/(Loss) After Tax

 

 

1.552

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

 

58.770

 

Commission Earnings

 

 

0.000

 

Other Earnings

 

 

0.000

Total Earnings

 

 

58.770

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

65.531

 

Manufacturing Expenses

 

 

4.794

 

Administrative Expenses

 

 

5.282

 

Interest

 

 

1.150

 

Depreciation & Amortization

 

 

0.896

 

Other Expenditure

 

 

4.462

Total Expenditure

 

 

82.115

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

PAT / Total Income

(%)
 

 

1.82

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

2.11

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

18.97

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.44

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

4.50

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.52

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRUSTSEAL ACCEPTANCE CHART

 

Parameters

Details

 

 

Statutory Approvals

 

Income Tax Registration (PAN)

AADFP1697H

Central sales tax registration

24750800054

State sales tax registration

24750800054

Service  tax registration

AADFP1697HST001

VAT / TIN Registration

244250800054

Excise Registration

AADFP1697HXM001

Import Export code

0888001771

Name Of Bank

State Bank of India , GIDC – Vapi

Current Account  No:

CC A/C NO. 10305822171

Account Since

1989

Emp PF Reg.number

GJ/30891

Company ESI Reg. Number

3919050-90

 

 

Credibility Factors

 

India Mart Clint Since

21.12.2004

Years of Establishment

1989

 

 

Tread Affiliation

 

SSI  Registration

24 025 12 00470 / 10.08.2007

Export Promotion Council

P-464 (CAPEXIL)

Chambers of Commerce Membership

MUMBAI CHAMBEROF COMMERCE

 

 

Standards And Certifications

 

Quality Management Systems

ISO 9001:2000 (SWISO(INDIA)LTD)

 

 

TRADES REFERENCE :

 

  1. Hi Shine Inks ,
  2. Jesons Industries Limited
  3. Smoothline Writ. Inst. Private Limited
  4. Rajen Kishor and Company
  5. Sudarshan Chemicals
  6. Paresh Chemical corporation
  7. Mahavir Chemicals
  8. Kriskote Industries
  9. Worlee Chemical G.M.B.H  (Germany)
  10. Sides S.P.A (Italy)
  11. PPI Adhesive Limited (Ireland)
  12. Mapril Products Quimicos (Portugal)
  13. Ricardo Molina S.A (Spain)

 

 

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.42.53

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

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

 

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