MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
M. H. POLYMERS PRIVATE LIMITED |
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Registered Office : |
5267, Kucha Rehman, Chandni Chowk, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.12.1988 |
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Com. Reg. No.: |
55-34437 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC034437 |
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IEC No.: |
0589003542 [Date : 27.04.1989] |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM04623D |
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PAN No.: [Permanent
Account No.] |
AAACM0826B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing and Marketing of Flexible Polyurethane Foam
(PU Foam) and trading of Cotton Cloth |
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 230000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. S M Sajid |
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Designation : |
Director |
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Contact No.: |
91-9810063768 |
LOCATIONS
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Registered Office : |
5267, Kucha Rehman, Chandni Chowk, |
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Tel. No.: |
91-11-23926851 / 22941799 / 23940465 / (Resi.) 23923406 /
23931895 |
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Mobile No.: |
91-98100 63868 |
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Fax No.: |
91-11-23926851 / 23941798 / 23940465 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
B-15, B-14, E-115, Site B, Surajpur Industrial Area,
Tehsil Dadri, Dist. Gautam Budh Nagar, Greater Noida, |
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Tel. No.: |
91-120-2569543 / 2560488 |
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Fax No.: |
91-120-2569543 / 2560488 |
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Area : |
280000 Sq. Mtrs. |
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Location : |
Owned |
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Branch / Factory
2: |
M. H. House, D – 2/A, Abdul Fazal Enclave, Thokar No. 3, Jamia Nagar,
Okhla, New Delhi – 110 025, India |
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Area : |
1800 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
Friend Colony, |
DIRECTORS
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Name : |
Mr. Mohd. Shakeel |
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Designation : |
Director |
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Address : |
2388, Kothi Nawab Luharu, Ballimaram, |
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Date of Birth/Age : |
01.03.1957 |
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Qualification : |
Post Graduate |
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Experience : |
28 Years |
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Date of Appointment : |
01.04.2006 |
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PAN No.: |
AALPS3494F |
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Name : |
Mr. Mohd. Sajid |
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Designation : |
Director |
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Address : |
2388, Kothi Nawab Luharu, Ballimaram, |
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Date of Birth/Age : |
30.08.1959 |
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Qualification : |
Graduate |
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Experience : |
28 Years |
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Date of Appointment : |
08.04.2003 |
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PAN No.: |
AALPS3495E |
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Name : |
Mr. Mohd Khalid |
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Designation : |
Director |
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Address : |
2388, Kothi Nawab Luharu, Ballimaram, |
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Date of Birth/Age : |
02.03.1967 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Date of Appointment : |
01.04.2006 |
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PAN No.: |
AAVPM3513F |
MAJOR SHAREHOLDERS
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Mohd Shakil Hanif |
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64237 |
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Mr. Mohd. Sajid Hanif |
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64237 |
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Mr. Mohd. Khalid Hanif |
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64237 |
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Mr. Mohd. Umar Shakil |
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10010 |
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Mr. Tuba Sajid |
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10 |
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Mr. Mohd. Nahid Shakil |
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50010 |
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Mrs. Mohd. Huma Sajid |
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50010 |
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Mr. Mohd. Osama Shakil |
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10010 |
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Mr. Mohd. Wasif Sajid |
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10010 |
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Supermax Fincap Private Limited |
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100000 |
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Mr. Anjum Kausar |
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50000 |
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Total |
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472771 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Flexible Polyurethane Foam
(PU Foam) and trading of Cotton Cloth |
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Products : |
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Brand Names : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
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Hongkong |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days) |
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Purchasing : |
L/C and Credit (90 days) |
PRODUCTION STATUS [as on 31.03.2008]
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Particulars |
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Installed
Capacity |
Actual
Production |
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Polyurethane Foam |
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3000 MT |
3884665.000 Kgs. |
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GENERAL INFORMATION
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Suppliers : |
·
GE Specialty Materials [Suisse]
Seirl, 7, Rue Du Pre-Bouview, CH-1217 ·
Shangdongda Chemical Industry, 21, Xincun
East Road, Zhangdian Ditt, Zibo City, Shangdon Province, P. R. China ·
GE Silicon [ ·
Bayer Materialscience Limited, 99,
Queen’s Road, ·
TPI Polyol Company Limited, 16th
Floor, |
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Customers : |
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No. of Employees : |
162 (In office 12 and In Factory 150) |
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Bankers : |
36, Netaji Subhas Marg, Darya Ganj, Tel No.: 91-11-23268266 / 23270786 / 23266869 |
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Facilities : |
Letter of Credit : Rs. 10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dewan P. N. Chopra and Company Chartered Accountants |
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Address : |
H 57, Connaught Circus, |
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Tel. No.: |
91-11-23321418 / 23325028 / 23322359 / 23320876 / 23321418 |
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Fax No.: |
91-11-23322359 / 23313246 / 24645893 |
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Email : |
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Associates : |
·
Rajdhani Sales Corporation 794, Katra Bashir Ganj,
Ballimaran, Chandni Chowk, Trading of P.U. Foam, Coir
Foam, Adhesives etc. ·
H. B. Synthetics III M-23, Nehru Nagar, |
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Group Concerns : |
·
INDEC Overseas Address : 793/1, Katra Bashir
Ganj, Ballimaran, Chandni Chowk, Bankers : Activities
: Traders of PU Foam ·
Supermax Fincap Private Limited 5182, Street Sultan Yar Khan, Ballimaran, Chandni Chowk, Banker : Bank of Activities : NBFC |
CAPITAL STRUCTURE
(As on 30.09.2007)
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 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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472771 |
Equity Shares |
Rs.10/- each |
Rs.4.728
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.728 |
4.728 |
4.728 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.235 |
38.902 |
35.729 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.963 |
43.630 |
40.457 |
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LOAN FUNDS |
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1] Secured Loans |
46.526 |
30.776 |
21.171 |
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2] Unsecured Loans |
75.810 |
67.747 |
51.509 |
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TOTAL BORROWING |
122.336 |
98.523 |
72.680 |
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DEFERRED TAX LIABILITIES |
2.027 |
1.763 |
2.331 |
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TOTAL |
171.326 |
143.916 |
115.468 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.900 |
44.450 |
27.459 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
71.564
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51.929
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62.753 |
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Sundry Debtors |
75.755
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76.029
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46.612 |
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Cash & Bank Balances |
3.265
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2.179
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1.345 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
10.267
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5.649
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2.566 |
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Total
Current Assets |
160.851
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135.786
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113.276 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
28.259
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30.055
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20.849 |
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Provisions |
7.216
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6.315
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4.468 |
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Total
Current Liabilities |
35.475
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36.370
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25.317 |
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Net Current Assets |
125.376
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99.416
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87.959 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
171.326 |
143.916 |
115.468 |
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PROFIT & LOSS
ACCOUNT
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007
|
31.03.2006 |
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PAT / Total Income |
(%) |
0.76
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0.78 |
0.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.23
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0.99 |
1.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.62
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2.23 |
2.31 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.09 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.36
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3.09 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
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4.53
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3.73 |
4.47 |
LOCAL AGENCY FURTHER INFORMATION
Form
No. 8
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Corporate
identity number of the company |
U74899DL1988PTC034437 |
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Name of the
company |
M. H. POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5267, Kucha Rehman, Chandni Chowk, |
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This form is for |
Modification of
charge |
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Type of charge |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
36, Netaji Subhas Marg, Darya Ganj, |
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Amount secured by
the charge |
Rs.28.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Overdraft limit
for Rs.28.000 millions with margin 40% and interest 16.50% p.a. |
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Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Stock
in trade ·
Plant
and Machinery |
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Particulars of
the property charged |
·
First
charge in favour of Bombay Merchantile Co-operative Bank limited by way of
Hypothecation of stocks of raw material, finished goods and semi finished
goods. ·
Collaterlly
secured by factory land and building No. B-14 and B-15, Site – B, Surajpur
Industrial Area, Greater Noids. ·
Collaterally
secured by hypothecation of plant and machinery (All existing and future) |
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Brief description
of the instrument modifying the charge under section 135 |
Agreement for Hypothecation
of stocks dared 14.07.2006 interest @ 11 p.a. with margin of 40%` |
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Date of
instrument modifying the charge |
14.07.2006 |
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Particulars of
the present modification |
Enhancement of
overdraft from Rs.6.500 millions to Rs.28.000 millions against raw material,
finished goods and semi finished goods. |
Trade
References
·
M K Foam Private Limited,
·
Royal Foam and Fabrics,
·
Spack Automotives, Uttar Pradesh
·
Foamwala – Mukul Malhotra
·
Gurmukh Foam Agencies – Sohan Lal
·
Lokesh Foam Sales – Lokesh Kumar Jain
·
Ved Rexine Store – Pankaj Kumar Chawla
History
Subject was incorporated in the
year 1988, under the companies Act 1956, having Registration Number 55-34437
and started manufacturing PU Foam in the year 1990. The Company, since then, is
growing at the rate of 35% annually and increasing its market share very
rapidly.
The product of the company have
great acceptance in the market, The quality and the ever increasing output of
the products has, in fact, made us the second largest producer of Slab Stock,
Flexible P. U. Foam in the Indian P.U. Foam Industry in a short period of time.
The company started production activities in the year 1998.
Fixed
Assets
·
Land
·
Building
·
Plant and Machinery
·
Office equipment
·
Weighting scale
·
Fire extinguishers
·
Electrical installation
·
Computer
·
Cycle
·
Scooter
·
Exhaust fan
·
Tools and equipments
·
Car
·
Mobile Phone
·
Truck
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.84 |
|
|
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/normal. |
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 |
|