MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
OVERSEAS POLYMERS PRIVATE LIMITED |
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Registered Office : |
Vinmar House, A-41, MIDC, Road No. 2, Andheri (East), Mumbai - 400 093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.08.1995 |
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Com. Reg. No.: |
11 - 91368 |
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CIN No.: [Company
Identification No.] |
U25209MH1995PTC091368 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV04824B |
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PAN No.: [Permanent
Account No.] |
AAACV1895M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Buying, Selling, Supplying of all types of Polymers, Plastic Raw Materials, Resins, Petrochemicals and all types of Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 821012 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having business activity as manufacturers and traders of all types of Polymers, Chemicals, Petrochemicals, etc. It is a family owned company. The company’s profitability was under pressure till the financial year 2002-2003 and it had accumulated losses. However, it was reported that during the year 2003-2004 there has been improvements in its turnover and profitability. Directors are reported as experienced in their line of business. Their trade relations are reported as fair. Payments are usually correct and as per commitments; but at times delayed by a month or good. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Anish |
LOCATIONS
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Registered Office : |
Vinmar House, A-41, MIDC, Road No. 2, Andheri (East), Mumbai - 400 093, Maharashtra, India. |
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Tel. No.: |
91-22-56921201, 67141900, 28231135 |
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Mobile No : |
91-98201 32163 |
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Fax No.: |
91-22-28231135, 28381631, 28200022 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Vinmar Houston, 396 W. Greens Road, Suite 300 Houston, Texas, USA. 77067. |
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Tel. No.: |
713 775 - 1300 / 1399 / 1390 |
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Godown : |
Behind Maya Shree Compound, Godown No 6B, Sur 194, Hissa 3, Purna, Bhiwandi, Thane, Maharashtra, India |
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Branch : |
Ajay Deep, 4th Floor, 240 Perin Nariman Street, Fort – 400 001, Mumbai, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Himanshu Sanghavi |
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Designation : |
Director |
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Address : |
301, Mala Apartments, Dadabhai Cross Road No. 1, Vile Parle (West),
Mumbai – 4000565, Maharashtra, India. |
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Date of Birth/Age : |
30.12.1966 |
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Date of Appointment : |
03.08.1995 |
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Name : |
Mr. Ravindra Diwanchand Guneta |
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Designation : |
Director |
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Address : |
306, Arshidwad Complex, Plot No. 83, Sector – 1, Koper Khairane, Navi
Mumbai – 400 079, Maharashtra, India. |
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Date of Birth/Age : |
03.07.1960 |
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Date of Appointment : |
01.12.2000 |
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Name : |
Mr. Swatantra Kharatilal Jain |
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Designation : |
Director |
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Address : |
16800, Imparial Valley Drive, Suite499, Houston Texas, USA |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. Sekar Iyer |
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Designation : |
Director |
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Address : |
301, Pruthvi Apartments, Judges Bunglow Road, Bodakdev, Satelite,
Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
24.11.1960 |
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Date of Appointment : |
10.10.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Himanshu Sanghavi |
14500 |
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Mrs. Vaishali Sanghvi |
14500 |
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Vinmar Offshare Finance Limited |
2871000 |
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Total |
2900000 |
Equity Share breakup (Percentage of Total Equity)
As On 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate (not mentioned above) |
99.05 |
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2. |
Directors or relatives of directors |
0.95 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Buying, Selling, Supplying of all types of Polymers, Plastic Raw Materials, Resins, Petrochemicals and all types of Chemicals. |
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Products : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v Vinmar Agencies v Vinmar
International (India) Private Limited |
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No. of Employees : |
The company employs around 5 persons in its' office. The group employs around 2,500 persons in its' set up. |
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Bankers : |
v Corporation Bank Amboli Branch, Andheri (West), Mumbai, Maharashtra, India v The Hong Kong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India. |
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Facilities : |
Overall Limit Rs. 340.000 millions enhanced to Rs. 600.000 millions. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
v N K Sheth & Company, Chartered Accountants 4, Mulji Mistry Building, 64-B, Tejpal Road, Opp. Parle Gluco Factory, Vile Parle (East), Mumbai – 400057, Maharashtra, India. v Ramesh V Parekh, Chartered Accountants 37, Hamam Street, 2nd Floor, Fort, Mumbai – 400001, Maharashtra, India. |
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Associates: |
v Vinmar Beijing, Peoples Republic of China v Vinmar Guangzhou, Peoples Republic of China v Vinmar Nanjing, Peoples Republic of China v Vinmar Shanghai, Peoples Republic of China v Vinmar Singapore, Singapore v Vinmar Taiwan, Taiwan v Vinmar Europe, Amsterdam, The Netherlands v Vinmar Moscow, Russia v Vinmar Turkey, Turkey v Vinmar Chemie (India) Private Limited, Mumbai v Vinmar Chemie (India) Private Limited, Calcutta, West Bengal v Vinmar Chemie (India) Private Limited, Delhi, INDIA v Vinmar Polymers, Karachi, Pakistan v Vinmar Nigeria, Lagos, Nigeria v Amgulf Polymers & Chemicals Limited, Dubai, UAE v Vinmar De Mexico S A de C V, Mexico v Vinmar Brazil, Rio de Janiro, Brazil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3,064,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 30.640 millions |
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 |
30.640 |
30.640 |
29.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
174.613 |
112.459 |
103.162 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
205.253 |
143.099 |
132.162 |
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LOAN FUNDS |
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1] Secured Loans |
24.404 |
20.892 |
2.418 |
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2] Unsecured Loans |
0.000 |
0.000 |
26.575 |
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TOTAL BORROWING |
24.404 |
20.892 |
28.993 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
229.657 |
163.991 |
161.155 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.514 |
7.923 |
7.368 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.104 |
9.495 |
2.652 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
510.682
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321.389 |
270.687 |
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Sundry Debtors |
589.300
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466.612 |
331.366 |
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Cash & Bank Balances |
40.572
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23.364 |
67.935 |
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Other Current Assets |
0.000
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0.000 |
2.724 |
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Loans & Advances |
85.081
|
130.558 |
70.961 |
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Total
Current Assets |
1225.635
|
941.923 |
743.673 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
935.056
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724.998 |
522.239 |
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Provisions |
74.543
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70.354 |
70.300 |
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Total
Current Liabilities |
1009.599
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795.352 |
592.539 |
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Net Current Assets |
216.360
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146.571 |
151.134 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
229.657 |
163.991 |
161.155 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover (Including Other Income) |
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2378.929 |
1964.591 |
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Total Income |
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2378.929 |
1964.591 |
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Profit/(Loss) Before Tax |
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94.841 |
(21.961) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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94.841 |
(21.961) |
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Earnings in Foreign Currency : |
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Other Earnings |
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63.184 |
63.440 |
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Total Earnings |
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63.184 |
63.440 |
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Total Expenditure |
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2284.088 |
1986.552 |
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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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PAT / Total Income |
(%) |
3.99
|
1.12 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
3.99
|
1.12 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.99
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1.12 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.46
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0.15 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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4.92
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5.56 |
4.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.21
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1.18 |
1.25 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
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Name of the company |
OVERSEAS POLYMER PRIVATE LIMITED |
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Presented By |
The Hong Kong and Shanghai Banking Corporation Limited 52/60,
Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement for Overdraft / Loan Guarantee / Import and / or any other banking facilities against hypothecation of revolving stocks and other movable assets and also present and future book debts dated 07.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 340.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the Company’s Stock in trade both present and future including stocks of raw materials, work in progress, spares and stores and finished goods whether stored in the Company’s factory, godown, or premises or in the godowns or premises of the Company’s Agents or representatives or held in any bonded godown or warehouse at Mumbai or wheresoever in the Republic of India and /or in transit / awaiting transit by ship, rail or otherwise and all documents of title, negotiable instruments, policies of insurance and other documents and / or instruments relating thereto and all the Company’s present and future book debts, outstanding monies, receivables, claims due and owing to the Company in the course of its business by any person, firm, Company or body corporate or by the Government of India or any state Government Department or office or any Municipal or local or Semi – Governmental body or authority or any undertaking or project in the Public Sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of Overdraft/ Loan / Guarantee/ Import facility and or any other banking facilities sanctioned to be sanctioned by the Bank to the Company, the Company has hypothecated and charged to the Bank by way of first charge as a continuing security, the assets mentioned in Item No. 3 above to secure the repayment of the advances together with interest cost and all other charges. Interest at the rate of Hong Kong Bank Prime Lending Rate currently at 13% p.a. shall be payable by the Company on the banking facilities as per Bank’s tariff, subject however that the Bank shall have the right to change the rate of interest after giving notice to the company. The Company shall maintains such margin as may be specified by the Bank from time to time. In case the Company fails to fulfill its obligations under the Agreement, the Bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its claims. |
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5) Name and Address and description of the person entitled to the charge. |
The Hong Kong and Shanghai Banking Corporation Limited 52/60,
Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India |
Form 8
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90354245 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U25209MH1995PTC091368 |
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Name of the company |
OVERSEAS POLYMER PRIVATE LIMITED |
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Address |
Vinmar House, A-41, MIDC, Road No. 2, Andheri (East), Mumbai - 400 093, Maharashtra, India. |
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Type of Charges |
v Book Debts v Movable property (not being pledge) v Others |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : The Hong Kong and Shanghai Banking Corporation Limited Address : 52/60, Mahatma Gandhi Road, Fort City : Mumbai State : Maharashtra ISO country code : IN Pin code : 400001 e-mail ID : shobhakrishnan@hsbc.co.in |
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Nature or description of the instrument creating or modifying the charge |
First Supplemental Agreement |
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Date of the instrument creating charge |
05.09.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 600.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest As Per Bank PLR or such Rate Communicated by the Bank from Time to time. (b) Terms of Repayment As Per Principal Agreement] (c) Margin As Per Principal Agreement (d) Extent and operation of the charge Overdraft / Loan / Guarantee / Import and any other Banking Facility against the Hypothecation of Revolving Stock and other Movable Assets and Present and Future Book Debts. |
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Short particulars of the Property charged |
All the Company’s present and future stock in trade, Stock of Raw Materials, Work in Progress, Spares and Stores and Finished Goods stored in the Companies Factory, Godown or Premises of the Company. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Particulars of the present modification |
Vide President Modification the existing overall Limit of Rs. 340.000 millions Enhanced to Rs. 600.000 millions. |
History
The company was incorporated on 3rd August, 1995 at Mumbai in Maharashtra under the name and style of Vinmar Polymers Private Limited having Company Registration Number 91368. Subsequently, the name of the company was changed to the present and fresh certificate of incorporation was issued on 26th August, 1996.
In terms of the scheme of Amalgamation of Transworld Plas-Chem Private Limited (Vinmar Plaschem Private Limited) with the company under sections 391 and 394 of the Companies Act 1956, as approved by the shareholders of the respective companies and as per the order of the High Court of Judicature at Mumbai dated 19th August, 1999 the undertaking of Transworld Plas-Chem Private Limited has been transferred and vested with the company.
In terms of the scheme, the business of Transworld Plas-Chem Private Limited is deemed to have been carried on by the company and accordingly the Profit & Loss Account of the company includes the income and expenditure of Transworld Plas-Chem Private Limited for the year ended 31st March, 2000.
The company has taken over the assets and liabilities of Transworld Plas-Chem Private Limited and these have been appropriately incorporated in the accounts on the basis of the amalgamation scheme against the issue of the equity shares of the company.
Profile
It also acts as importers, exporters, traders, dealers, agents and representatives of all types of polymers, plastic and plastic raw materials, resins, petrochemicals and chemicals of all types.
The company's chemical product line includes gases such as ethylene, propylene alcohols (methanol), terephthalic acid, acrylinotrile (fibre intermediates), oxo - alcohols, solvents, chlorinated solvents such as chloroform, mythelene, chloride, plasticizers, anhydrides, acrylates, aromatics, speciality products like aniline oil, glycerine, paraffin wax and other chemicals such as acetic acid and cyclohexanone.
The company's plastic, rubber and fibre product line includes products like low density polyethylene, polypropylene, polyvinyl chloride, high impact polystyrene, polyester fibres, nylon fibres, butyl rubber, isoprene rubber and engineering resins such as polycarbonate, epoxy resins and nylon etc.
Currently the company is focusing on marketing of products like cast polypropylene film, bi-axially oriented polypropylene film and bi-axially oriented polyester film.
Trade Terms
v Vinmar Petrochemicals (India) Limited
v Chemplast Solutions Service Private Limited
v Indian Petrovin Limited
FIXED ASSETS
v Computers
v Office Equipment
v Motor Car
v Warehouse Premises
v Furniture and Fixture.
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 :
The 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.
The 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. 42.72 |
|
UK Pound |
1 |
Rs. 83.96 |
|
Euro |
1 |
Rs. 66.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--LISYESTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|