MIRA
INFORM REPORT
|
Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
PLUSS POLYMERS PRIVATE LIMITED |
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Registered Office : |
101, Anupam Apartments, M B Road, Delhi-110068 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1993 |
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Com. Reg. No.: |
55-56680 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC056680 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08592D |
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PAN No.: [Permanent
Account No.] |
AAACP0792K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Grafted Polymers. |
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 36000 |
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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 well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mt.Sunit |
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Designation : |
Purchase Department |
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Date : |
31.10.2008 |
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Name : |
Mr. Shailendra |
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Designation : |
Sales Department |
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Date : |
31.10.2008 |
LOCATIONS
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Registered Office : |
101, Anupam Apartments, M B Road, Delhi-110068, India |
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Mobile No.: |
91-9810158305 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft ( Owned) |
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Head Office : |
610-A, Udyog Vihar, Phase V, Gurghaon- 122016, Haryana, India |
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Tel. No.: |
91-124-4309490/ 91/92 |
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Fax No.: |
91-124-4309493 |
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E-Mail : |
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Area : |
1000 sq.ft (Rented) |
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Factory 1 : |
14/6, Mathura Road, Faridabad-121003, Haryana, India |
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Tel. No.: |
91-129-4048027 |
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Factory 2 : |
V-CGO Complex, Behind K.C. Cinema, Old Faridabad, Haryana, India |
DIRECTORS
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Name : |
Mr. Samit Jain |
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Designation : |
Director |
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Address : |
101, Anupam Apartments, M B Road, Delhi-110068, India |
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Date of Birth/Age : |
09.05.1971 |
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Date of Appointment : |
30.11.2000 |
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Name : |
Mr. Devendra Jain |
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Designation : |
Director |
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Address : |
101, Anupam Apartments, M B Road, Delhi-110068, India |
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Date of Birth/Age : |
13.09.1941 |
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Date of Appointment : |
30.12.1993 |
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Name : |
Mr. Anil Kumar Mehta |
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Designation : |
Director |
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Address : |
Plot No. 38, Sector- 30, Faridabad-121008, Haryana, India |
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Date of Birth/Age : |
30.03.19.53 |
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Date of Appointment : |
30.12.1993 |
KEY EXECUTIVES
|
Name : |
Mt.Sunit |
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Designation : |
Purchase Department |
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Name : |
Mr. Shailendra |
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Designation : |
Sales Department |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
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No. of Shares |
|
Devendra Jain |
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165 |
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Anil Mehta |
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12000 |
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Samit Jain |
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9500 |
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Devendra Jain (HUF) |
|
8135 |
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Alpana Jain |
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100 |
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Tripti Jain |
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100 |
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Total |
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30000 |
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Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Grafted Polymers. |
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Products : |
·
Grafted Polymers ·
Nylon Alloys ·
Synthetic Paper ·
Phase Change Materials ·
High MFI PP |
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Exports : |
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Products : |
Furnished Products |
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Countries : |
Germany and Spain |
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Imports : |
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Products : |
Machinery |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, FCC |
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Purchasing : |
Credit ( 30 Days) |
GENERAL
INFORMATION
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Suppliers : |
·
B.S. Mehra and Sons Private Limited ·
Essquare Enterprises ·
IPCL ·
Om Sai Pharma ·
Samrat Fire Protection ·
Vikas Utilities Private Limited ·
AAR Kay Engineering Works ·
International Standards Certifications Private Limited ·
Kakkar Scientific Stores ·
Kavnish Gupta ·
Matta and Associates |
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Customers : |
·
A F Ferguson and Company, Dubai ·
Bruckner, Germany ·
Cosmo Films Limited ·
SRF Limited ·
Gujarat Propack Limited ·
High Polymer Labs ·
Hyderabad Industries Limited ·
Industrial Cables ·
Midland Polymers ·
B M International ·
Novex India ·
Panjawani Packaging ·
Pioneer Plastics ·
VFC Industries |
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No. of Employees : |
90 |
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Bankers : |
·
Citi Bank N.A, Jeevan Vihar, 3 Sansad Marg, New Delhi-110001, India ·
HDFC Bank, Gurgaon Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Matta and Associates Chartered Accountant |
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Address : |
JD-21-C, Pitampura, Delhi-110088, India |
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Name : |
Mr. Anil Matta Chartered Accountant |
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Address : |
JD-21-C, Pitampura, Delhi-110088, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
30000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300 Million |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.300 |
0.300 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.004 |
1.907 |
1.741 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.304 |
2.207 |
2.041 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
5.063 |
6.089 |
4.119 |
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TOTAL BORROWING |
5.063 |
6.089 |
4.119 |
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DEFERRED TAX LIABILITIES |
0.171 |
0.000 |
0.000 |
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TOTAL |
12.538 |
8.296 |
6.160 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.982 |
3.599 |
3.262 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.006 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.329 |
0.457 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.518
|
3.729 |
0.000 |
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Sundry Debtors |
3.168
|
1.356 |
1.217 |
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Cash & Bank Balances |
1.330
|
0.763 |
0.342 |
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Other Current Assets |
0.000
|
0.000 |
1.768 |
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Loans & Advances |
2.676
|
0.742 |
0.327 |
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Total
Current Assets |
12.692
|
6.590 |
3.654 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.037
|
2.071 |
1.213 |
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Provisions |
2.105
|
0.151 |
0.000 |
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Total
Current Liabilities |
5.142
|
2.222 |
1.213 |
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Net Current Assets |
7.550
|
4.368 |
2.441 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.538 |
8.296 |
6.160 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.39
|
3.77 |
2.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.57
|
2.97 |
3.01 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from F213-B 1st
Floor, Lado Sarai, New Delhi, India to present address w.e.f 09.05.2007
Trade References:
·
Sintex Industries Limited, Gujarat
·
Western Refrigeration Limited, Mumbai
Financial Results:
The Company’s turnover during the year was Rs. 14.164 Millions as
compared to Rs. 13.175 Millions during the immediate preceding year. The
Company earned Net Profit of Rs. 36745.696 Millions during the year as compared
to Profit of Rs. 0.996 Million in the immediate preceding year. A Sum of Rs.
54119.855 Millions has been charged to Profit and Loss A/C on account of
Depreciation. A Provision for current Income Tax of Rs. 0.031 Million has been
made during the year under consideration in terms of section 115 JB of I. Tax Act. 1961. The Provision
for Deferred Tax Liability of Rs. 0.207 Million and Deferred Tax Assets of Rs.
0.079 Million has been made due to timing differences. A Provision for Fringe
Benefit tax of 0.042 has also been created and charged to profit and loss
Appropriation Account.
Fixed Assets:
·
Plant and Machinery
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Furniture and Fixture
·
Leasehold Land
·
Car
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Miscellaneous Fixed Assets
·
Books
·
Computer
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Charge identification
number of the modified |
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|
Corporate
identity number of the company |
U74899DL1993PTC056680 |
|
Name of the
company |
PLUSS POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
101, Anupam Apartments, M B Road, Delhi-110068, India |
|
Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
Citi Bank N.A, Jeevan Vihar, 3 Sansad Marg, New Delhi-110001, India |
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Nature of
description of the instrument creating or modifying the charge |
Term Loan
Agreement |
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Date of
instrument Creating the charge |
05.12.2007 |
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Amount secured by
the charge |
Rs. 4.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As defined in the
agreement enclosed with the form 8 Terms of
Repayment As defined in the
agreement enclosed with the form 8 Margin As defined in the
agreement enclosed with the form 8 Extent and
Operation of the charge First Charge on
Receivables, Inventories and Plant and Machinery of the borrower First Charge on
Property situated at :- 101, Anupam, Apartments, M B Road, Delhi |
|
Short particulars
of the property charged |
First Charge on
Receivables, Inventories and Plant and Machinery of the borrower First Charge on
Property situated at :- 101, Anupam, Apartments, M B Road, Delhi |
AS PER WEBSITE
Profile:
Pluss Polymers is an offshoot of Manas, established to
develop and market new technologies and products developed in house. Pluss
Polymers was incorporated in 1993 to commercialise the technology for grafted
modified polymers and alloys and blends. Backed by competent technical staff,
laboratory facilities, a good library and technical database with a retrievable
wealth of information marketed the OPTIM® brand of grafted polymers
for the first time in India in 1996.
Achievements
1993: Introduction of Maleic Anhydride
Grafted Polymers for the first time in India.
1994: Super tough Nylon Alloys - ADNYL®.
1997: OPTIM® Brand Launched.
1999: Mixed Plastic Film Laminate recycling -
First plant setup by VFC Industries with the help of PLUSS™ Polymers.
2000: Production of Nylon Alloys for the
first time for the Optical Fiber Cable Industry in India.
2003: Wood Composites
2003: Technology Day Award
2004 :HDPE Profiles for the Telecom
Industry
2005 :Phase Change Materials for energy
conservation
2006 :BryAir/ ASHRAE special recognition
for Phase Chage Materials.
OPTIM® coupling agents and compatibilisers allow
plastics manufacturers of world class quality products to OPTIMise their compound properties. The
ADNYL® range of nylon alloys provide the user with extra tough nylon
for increased strength.
Profiles and other rigid and flexible containers for thermal
energy storage have also been introduced in India for the first time by Pluss
Polymers.
Products:
Spurred by the urge to develop new products and applications
based on common plastics materials and innovative use of various additives
available, the Manas group has develped a number of new technologies
indigenously. These include processes for mixed film laminate recycling,
crosslinked polyethylene foams, grafted modified polymers, polymers for alloys
and blends, wood-plastics composites, and synthetic paper compounds suitable
for film making.
In 1993, Pluss Polymers was incorporated to commercialise
the technology for grafted modified polymers and alloys and blends.
Backed by competent technical staff, comprehensive
laboratory facilities, a good library and a technical database with a
retrievable wealth of information. PLUSS™ began marketing the OPTIM®
brand of grafted polymers for the first time in India in 1996. These
compatibilisers find use in commodity plastics to enable them compete with
engineering polymers. In engineering polymers, OPTIM® further
enhances performance. Certain applications only become possible due to the
addition of these chemically modified polymers. The ADNYL® range of
nylon alloys provide the user with extra tough nylon for increased strength.
Synthetic Paper Compound for multilayer films is the latest addition in PLUSS™
range of products.
Services:
Manas the parent organisation of PLUSS™ specializes in new
product development, troubleshooting in extrusion related process industries,
and setting up of Research and Development facilities. Manas has its own
laboratory setup to carry out development activities. The company is backed by
qualified and practicing plastics technologists.
Current Capabilities include :
·
Development of products and technologies based on polymer
blends and grafts and reactive extrusion.
·
Additives for plastics and development of plastics
formulations for various applications.
·
Design of experiments and optimization of process
parameters.
·
Setting up R and D Laboratory and systems for plastics
industries especially in packaging area.
·
Providing advanced training courses in Plastics Technology.
·
Technical Marketing of industrial products.
·
Educating clients on techniques of data collection,
information storage, and retrieval.
·
Helping clients with Machinery Selection and negotiations
with machinery suppliers for new projects.
·
Technology and process development in Plastics Films.
·
Technology for Flexible Packaging and Hot Melt Adhesives.
·
Metallization of plastics films and manufacture of stamping
foils.
·
Wood Plastics Composite - Technology for Profiles
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.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
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. |
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 |
|