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MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
POLYRUB EXTRUSIONS (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
POLYRUB EXTRUSIONS (INDIA) |
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Registered Office : |
Plot No. W-102 D, MIDC, Thane Belapur, Khairane, Navi Mumbai – 400705,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.10.2005 |
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Com. Reg. No.: |
11-156873 |
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CIN No.: [Company
Identification No.] |
U25110MH2005PTC156873 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP21218B |
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PAN No.: [Permanent
Account No.] |
AADCP7071L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of manufacture,
trading, imports and exports selling of otherwise dealing in rubber and
engineering goods a such as rubber components, rubber molded items, rubber to
metal bonded items and rubber extruded items such as hoses, profiles, pipes,
strips, sheets and other related articles things, whether on own account or
through others or an behalf of others. |
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 196312 |
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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 successor of Polyrub Extrusions (India), whose report is enclosed herewith. Directors are reported as experienced, respectable and having satisfactory means of their won. Their trade relations are fair. Payments are correct and as per commitment. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Shaheen |
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Designation : |
Front Office Manager |
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Date : |
06.03.2008 |
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Name : |
Ms. Archana |
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Date : |
06.03.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. W-102 D, MIDC, Thane Belapur, Khairane, Navi Mumbai – 400705,
Maharashtra, India |
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Tel. No.: |
91-22-55903530/ 55903531/ 55901770/ 71 |
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Fax No.: |
91-22-55903532/ 27616687 |
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E-Mail : |
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Website : |
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Corporate Office : |
Mistry Industrial Complex, MIDC Cross Road A, Andheri
(East), Mumbai - 400 093, Maharashtra, India. |
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Tel. No.: |
91-22-28300360 / 28321769 / 28366494 / 6441 / 26870441 /
26871769 / 26872696 / 26870330 |
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Fax No.: |
91-22-28367339 / 26870339 |
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E-Mail : |
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Factory : |
SUJAN INDUSTRIES 16, 17 / 77, Mistry Industrial Complex, MIDC Cross Road A,
Andheri (E), Mumbai-400 093. India Tel 91-22-2687 0441, 91-22-2687 1769 Fax : 91-22-2687 0339 E-mail: sujan@bom3.vsnl.net.in
Plat No. W- 129 A, MIDC Thane Belapur Road, Khairne, Navi-Mumbai-400 705, India Tel: 91-22-5590 3530, 91-22-5590 3531, 91-22-5590 1770/71 Fax : 91-22-5590 3532 E-mail : polyrub@mantraonline.com E-mail : polyrub@vsnl.net
Building No. 1, Agarwal Udyog Nagar Waliv, Vasai Road'(E), District Thane - 401 208, India Tel: 91- 0250-454 365, 91- 0250-454 520 Fax: 91- 0250-454 519 E-mail : mega_rubber@vsnl.com
Unit no. 5, Waliv, Vasai Road(E) District Thane-401 208, India Tel: 91- 0250-454 365, 91- 0250-454 520 Fax: 91- 0250-454 519 E-mail : mega_rubber@vsnl.com
3, Mistry Industrial Complex, MIDC Cross Road A, Andheri (E), Mumbai-400 093, India Tel : 91-22-2687 0360 Fax: 91-22-2687 0339 E-Mail : sujan@bom3.vsnl.net.in
89, Mistry Industrial Complex, M.I.D.C, Cross Road , "A" Andheri(E), Mumbai – 400093, India Tel : 91-22-2687 0360 Fax : 91-22-2687 0339 E-Mail : sujan@bom3.vsnl.net.in |
DIRECTORS
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Name : |
Mr. Jayaprakash K. Vasdani |
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Designation : |
Director |
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Address : |
703, C Gasnga Estate, Atur Park, Chembur, Mumbai - 400071 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mr. Tulsi Sujan |
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Designation : |
Director |
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Address : |
401-402, Gulashan, Th. Of Ahinsa Marg and Khar Banda Road, Khar (West), Mumbai – 400052 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mr. Ashok Sujan |
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Designation : |
Director |
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Address : |
1701, Green Ache, Lokhandwala, Complex, Andheri (West), Mumbai - 400058 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Satvinder Kaur V. Sujan |
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Designation : |
Director |
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Address : |
302, Kripa Nidhi, JYPD, Scheme, Gulnchar Crosss, Road, 4, Vile Parle (West), Mumbai - 400056 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Padam H. Sujan |
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Designation : |
Director |
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Address : |
B-4-69, Basant Park, Mahul Road, Chembur, Mumbai – 400071 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Sheetal N. Sunjay |
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Designation : |
Director |
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Address : |
802/902, Ruchita Towers, Juhu Versova Road, Andheri (West), Mumbai –
400053 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Kanchann L Sujan |
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Designation : |
Director |
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Address : |
1307, Giriraj, Neelkanth Valley, Rajawadi, Road, Ghattkopar (East),
Mumbai - 400077 |
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Date of Joining : |
Since Incorporation |
KEY EXECUTIVES
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Name : |
Mr. A Sekar |
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Designation : |
Practicing company secretary |
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Address : |
A6, Samadham, Radabhai Cross Road, 3, Vile Parle, (West), Mumbai- 56 |
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Name : |
Mr. K. Jayaprakash Vasdani |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr Tulsi R. Sujan |
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99000 |
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Mr. K. Jayaprakash Vasdani |
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396000 |
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Mr. Ashok Sujan |
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99000 |
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Mrs. Padam H. Sujan |
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99000 |
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Mrs. Sheetal N . Sunjay |
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99000 |
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Mrs. Satvinder Kaur V. Sujan |
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99000 |
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Mrs. Kanchann L Sujan |
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99000 |
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Total |
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990000 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of manufacture,
trading, imports and exports selling of otherwise dealing in rubber and
engineering goods a such as rubber components, rubber molded items, rubber to
metal bonded items and rubber extruded items such as hoses, profiles, pipes,
strips, sheets and other related articles things, whether on own account or
through others or an behalf of others. |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
74 |
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Bankers : |
CITI Bank, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat Kumar H. Rave Chartered Accountants |
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Address : |
606-B, Raj Vaibhav –I, Mahavir, Nagar, Kandivli (West),
Mumbai – 400067, India |
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Name : |
S B Chhajed and Company Chartered Accountants |
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Address : |
2/202, Inder Tower, K G Marg, Dadar(West) , Mumbai –
400025, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10 each |
Rs. 30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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995000 |
Equity Shares |
Rs. 10 each |
Rs. 9.950 millions |
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The paid up capital of the company shall be a minimum of Rs. 0.100 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.950 |
9.950 |
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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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39.128 |
9.797 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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49.078 |
19.747 |
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LOAN FUNDS |
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1] Secured Loans |
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84.837 |
54.298 |
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2] Unsecured Loans |
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90.518 |
51.495 |
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TOTAL BORROWING |
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175.355 |
105.793 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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224.433 |
125.540 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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66.035 |
30.131 |
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Capital work-in-progress |
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96.213 |
32.623 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.365 |
0.594 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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32.093 |
33.806 |
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Sundry Debtors |
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60.432 |
47.189 |
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Cash & Bank Balances |
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1.395 |
2.400 |
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Other Current Assets |
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0.000 |
0.893 |
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Loans & Advances |
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19.799 |
6.183 |
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Total
Current Assets |
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113.719 |
90.471 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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52.090 |
25.257 |
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Provisions |
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0.000 |
3.277 |
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Total
Current Liabilities |
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52.090 |
28.534 |
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Net Current Assets |
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61.629 |
61.937 |
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MISCELLANEOUS EXPENSES |
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0.191 |
0.255 |
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TOTAL |
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224.433 |
125.540 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
271.994 |
113.997 |
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Increase/
Decrease in stock |
|
2.868 |
(4.813) |
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Other Income |
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0.979 |
0.863 |
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Total Income |
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275.841 |
110.047 |
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Profit/(Loss) Before Tax |
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44.123 |
14.632 |
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Provision for Taxation |
|
15.122 |
4.836 |
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Profit/(Loss) After Tax |
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29.001 |
9.796 |
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Expenditures : |
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Raw Material Consumed |
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133.838 |
53.285 |
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Wages and Bounds |
|
4.432 |
2.118 |
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Manufacturing Expenses |
|
28.055 |
11.395 |
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Salaries and Bounds |
|
23.897 |
10.451 |
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Office and Administrative Expenses |
|
11.598 |
6.135 |
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Selling and Distribution Expenses |
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13.555 |
6.687 |
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Finance Expenses |
|
7.185 |
2.780 |
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Depreciation & Amortization |
|
9.158 |
2.564 |
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Other Expenditure |
|
0.000 |
0.000 |
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Total Expenditure |
|
231.718 |
95.415 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
10.51 |
8.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
16.22 |
12.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.55 |
12.13 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.90 |
0.74 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.63 |
1.44 |
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Current Ratio (Current Asset/Current Liability) |
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2.18 |
3.17 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
Formerly Name as Polyrub Extrusions
(India) started in 1982 and from 19.10.2005 it is converted to private limited
company
Trade Reference:
- Maruti Udyog Limited
- Hero Honda
- Honda Motors
- L and T
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.40.53 |
|
UK Pound |
1 |
Rs.81.54 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING
EXPLANATIONS
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
|