MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DAMAN PLASTICS |
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Registered Office : |
507, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.08.2003 |
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Com. Reg. No.: |
06657 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD10287E |
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PAN No.: [Permanent
Account No.] |
AADFD7256Q |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer of Plastic Granules |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 concern having
satisfactory track. Partners are reported as experienced, respectable and
having satisfactory means of their own. Trade relations are fair. Business is
active. Payments are reported as usually correct and as per commitments. The concern can be considered good for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sanjay Agarwal |
|
Designation : |
Manager Accounts |
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Contact No.: |
91-9322216044 |
|
Date : |
04.10.2008 |
LOCATIONS
|
Registered Office : |
507, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22844137/ 38/ 40 /40502600/ 40502500 |
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Mobile No.: |
91-9322216044/ 9322253210 |
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Fax No.: |
91-22-22844167/ 66306418 |
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E-Mail : |
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Location : |
Rented |
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Factory : |
Survey No.444/1/6, Village Masat, Silvassa - 396230 |
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Tel. No.: |
91-260-6451276/ 6451299 |
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Mobile No.: |
91-9322216044 |
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Location : |
Leased |
PARTNERS
|
Name : |
Mr. Saurabh Goel |
|
Designation : |
Partner |
|
Address : |
B-5, Sterline Apartments, Peddar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
27.12.1984 |
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Qualification : |
B.E. |
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Experience : |
7 years |
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|
|
|
Name : |
Mr. Gaurav Jain |
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Designation : |
Partner |
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Address : |
A-36, Sterling Apartment, Peddar Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
13.09.1979 |
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Qualification : |
B.E. |
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Experience : |
10 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Granules |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Credit (30 days) |
PRODUCTION STATUS
Installed Capacity
– 9600 M.T.
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
210 (Office – 10 and Factory – 200) |
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Bankers : |
Nariman Point Branch, Mumbai – 400021, Maharashtra, India A/c No. 6142
Nariman Point Branch, Mumbai – 400021, Maharashtra, India A/c No. 00012820000056
Earnest House, Nariman Point, Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Jayantilal Thakkar and Company Chartered Accountant |
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Address : |
111-A, Mahatma Gandhi Road, Fort, Mumbai – 400023, Maharashtra, India |
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Tel No.: |
91-22-22658800/ 900 |
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Fax No.: |
91-22-22658989 |
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Email : |
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Associates/Subsidiaries : |
Polysil Pipes Rakholi, Silvassa, DNH (Manufacturer of PVC Pipes and Compound) Bankers - Canara Bank,
Corporation Bank Silvassa
Plastics Dockmardi, Silvassa, DNH (Manufacturer of WAX) Bankers - Canara Bank,
Corporation Bank |
CAPITAL STRUCTURE
|
PARTICULARS |
|
31.03.2008
(Rs.
In Millions) |
|
|
|
|
|
Partnership
Capital Accout |
|
|
|
Mr. Saurabh Goel |
|
0.050 |
|
Mr. Gaurav Jain |
|
0.050 |
|
|
|
|
|
Total |
|
0.100 |
|
|
|
|
|
Mr. Saurabh Goel |
33.194 |
|
|
Addition/(Deduction)during
the years |
(33.194) |
|
|
|
0.000 |
|
|
Add- |
|
|
|
Interests on
Capital Account |
0.005 |
|
|
Profit for the
year transderred from Profit and Loss A/C |
40.711 |
|
|
|
|
40.716 |
|
Mr. Gaurav Jain |
33.194 |
|
|
Addition/(Deduction)during
the years |
(33.194) |
|
|
|
0.000 |
|
|
Add- |
|
|
|
Interests on
Capital Account |
0.005 |
|
|
Profit for the
year transderred from Profit and Loss A/C |
40.711 |
40.716 |
|
|
|
|
|
Total |
|
81.432 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Paertners Capital |
81.531 |
66.488 |
32.423 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
81.531 |
66.488 |
32.423 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
81.531 |
66.488 |
32.423 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
6.009 |
7.039 |
7.826 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.822 |
0.198 |
0.172 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.289
|
82.786 |
33.236 |
|
|
Sundry Debtors |
74.191
|
52.934 |
34.021 |
|
|
Cash & Bank Balances |
4.235
|
3.843 |
3.276 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.321
|
3.967 |
5.011 |
|
Total
Current Assets |
143.036
|
143.530 |
75.544 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
68.208
|
84.099 |
50.960 |
|
|
Provisions |
0.129
|
0.180 |
0.159 |
|
Total
Current Liabilities |
68.337
|
84.279 |
51.119 |
|
|
Net Current Assets |
74.699
|
59.251 |
24.425 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
81.529 |
66.488 |
32.423 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
646.334 |
511.408 |
399.366 |
|
|
Other Income |
0.303 |
0.936 |
0.926 |
|
|
Total Income |
646.637 |
512.344 |
400.292 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
80.844 |
44.171 |
35.775 |
|
|
Provision for Taxation |
(0.577) |
0.015 |
0.057 |
|
|
Profit/(Loss) After Tax |
81.421 |
44.156 |
35.718 |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
10.772 |
10.845 |
15.036 |
|
|
Administrative Expenses |
3.079 |
1.280 |
1.931 |
|
|
Raw Material Consumed |
513.589 |
479.878 |
339.631 |
|
|
Increase/(Decrease) in Finished Goods |
25.655 |
(34.945) |
2.040 |
|
|
Payment to Auditors |
11.637 |
9.870 |
4.434 |
|
|
Depreciation & Amortization |
1.061 |
1.247 |
1.445 |
|
Total Expenditure |
565.793 |
468.175 |
364.517 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
12.59
|
8.62 |
8.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.51
|
8.64 |
8.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
54.24
|
29.34 |
42.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.99
|
0.66 |
1.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
1.27 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
1.70 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
FINANCIAL
ANALYSIS
|
Last available financial statement (Year ended dd/mm/yyyy) |
Years ended
31.03.2008 |
|
|
Recent Summary Financials (Upto a period not more than two months old) |
31.08.2008 |
|
|
Advance Taxes Paid |
Rs.4.000
Millions |
|
|
Debtors Position (As Last Month end Aug08 specify amount>90 days) |
Rs.1.357 Million |
|
|
Creditors Position (As Last Month end Aug08 specify all suppliers not paid for more than
90 days) |
Rs.0.025 Million |
|
|
Whether the critical ration conforms to the bench mark stipulation |
Current Ratios Debt-Equity Ratio DSCR TOL/TNW Promoter’s Contribution |
1.25 2.00:1 1.50 4:1 25% |
FOR MANUFACTURING
ENTITLES/ FACTORY SITE (S)
|
Location of Plot,
accessibility, Proximity to other units |
Works: Survey No.444/1/6, Village Masat,
Silvassa – 396230 |
|
Principal Raw
Materials and Sources |
Polymer Waste |
|
Manufacturing
Process |
Converting Polymer waste into polymer
granules |
|
Power: Connected
load and bank up available |
Yes |
|
Inventory/ WIP/
Finished Goods at the Site |
Yes |
|
Storage/
Security/ Perishability/ Susceptibility to fire and weather |
Yes |
|
Quality
Certification |
Yes |
OTHER PARTICULARS
|
Months (During the
current Years) |
Purchases (Rs. In Millions) |
Sales (Rs. In Millions) |
|
|
|
|
|
Upto Aug-8 |
252.500 |
318.00 |
TO WHOMSOEVER IT MAY CONCERN
Following is the Net Worth of Mr. Gaurav Satypal Jain as on 31.03.2007
|
Assets |
Rs. In Millions |
|
Immovable
Property |
100.587 |
|
Investment |
175.159 |
|
Advance and
Deposits |
5.212 |
|
Cash and Bank
Balance |
1.230 |
|
Other Current
Assets |
0.284 |
|
|
282.472 |
|
Less |
|
|
Liabilities |
|
|
Loans and
Advances |
6.000 |
|
Current Liability |
0.010 |
|
|
6.010 |
|
Net Worth |
276.462 |
Following is the Net Worth of Mr. Saurabh Arun Goel as on 31.03.2007
|
Assets |
Rs. In Millions |
|
Immovable
Property |
13.076 |
|
Investment |
70.625 |
|
Advance and Deposits |
3.650 |
|
Cash and Bank
Balance |
0.171 |
|
Other Current
Assets |
0.508 |
|
|
88.030 |
|
Less |
|
|
Liabilities |
|
|
Unsecured Loans |
0.880 |
|
|
0.880 |
|
Net Worth |
87.151 |
OPERATING
STATEMENT
[Rs in Millions]
|
Particulars |
31.03.2009 Projection |
31.03.2010 Projection |
|
1. Gross Sales |
|
|
|
Domestic Sales |
740.052 |
847.360 |
|
Exports Sales |
0.000 |
0.000 |
|
Other Income |
0.000 |
0.000 |
|
Total |
740.052 |
847.360 |
|
2. Less: Excise Duty |
0.000 |
0.000 |
|
3. Net Sales (1-2) |
740.052 |
847.360 |
|
4. % rise [+] or fall [-] in net sales as compared to
previous year |
1.450 |
1.450 |
|
Total |
740.052 |
847.360 |
|
|
|
|
|
5. COST OF SALES
|
|
|
|
i] Raw Materials |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous |
616.307 |
702.590 |
|
|
|
|
|
ii] Other Spares |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous |
2.556 |
2.940 |
|
|
|
|
|
iii] Power and Fuel |
7.938 |
8.731 |
|
iv] Direct labour |
6.575 |
7.232 |
|
V] Other Manufacturing Expenses |
1.479 |
1.553 |
|
vi] Depreciation |
1.200 |
1.200 |
|
vii] SUB TOTAL [i to iv] |
636.055 |
724.247 |
|
viii] Add : Opening Stocks – in – process |
2.435 |
4.500 |
|
Sub - Total |
638.490 |
728.747 |
|
ix] Less: Closing Stock – in – Process |
4.500 |
4.500 |
|
x]
Cost of production |
633.990 |
724.247 |
|
xi] Add : Opening Stock of finished goods |
32.561 |
42.500 |
|
Sub – total |
666.551 |
766.747 |
|
xii] Deduct: Closing Stock – of - finished goods |
42.500 |
47.500 |
|
xiii] Sub -Total (Total Cost of
Sales) |
624.051 |
718.247 |
|
|
|
|
|
6. Selling general and administrative expenses |
9.529 |
10.481 |
|
7. Sub – Total |
633.580 |
729.728 |
|
8. Operation profit before interest |
106.473 |
117.632 |
|
9. Interest |
0.000 |
0.000 |
|
10. Operating profit after interest |
106.473 |
117.632 |
|
11. i] Add : other non-operating income |
0.900 |
0.900 |
|
Sub – total [Income] |
0.900 |
0.900 |
|
ii] Deduct other non-operating expenses |
0.000 |
0.000 |
|
Sub total [Expenses] |
0.000 |
0.000 |
|
iii]
Net of other non-operating income net of 11 (i) & (ii) |
0.900 |
0.900 |
|
|
|
|
|
12.
Profit before tax / Loss |
107.373 |
118.532 |
|
13. Provision for taxes |
23.500 |
28.300 |
|
14.
Net profit / loss |
83.873 |
90.232 |
|
15 [a] Equity Dividend Paid |
0.000 |
0.000 |
|
16.
Retained profit |
83.873 |
90.232 |
|
17.
Retained profit / Net profit [%] |
100.00% |
100.00% |
ANALYSIS AND
BALANCE SHEET (RS. IN MILLIONS)
|
CURRENT
LIABILITIES |
31.03.2009 Projection |
31.03.2010 Projection |
|
|
|
|
|
01 Short – Term borrowings from banks [including bill
purchased, discounted and excess borrowings placed on repayment basis] |
0.500 |
0.500 |
|
|
|
|
|
I] From Existing Bank (Domestic and Exports) |
0.500 |
0.500 |
|
Ii] From Other Banks |
0.000 |
0.000 |
|
Iii] (Of which BP & BD) |
0.000 |
0.000 |
|
Sub Total [A] |
0.500 |
0.500 |
|
|
|
|
|
02 Short Term Borrowings from others |
0.000 |
0.000 |
|
03 Sundry creditors [Trade] |
52.500 |
57.500 |
|
04 Advance payments from customers / Deposits from dealers
|
2.000 |
2.000 |
|
05 Provision for tax [net of Tax paid] |
23.500 |
28.300 |
|
06 Dividend and Dividend Tax payable |
0.000 |
0.000 |
|
07 Other statutory liabilities [due within one year] |
0.000 |
0.000 |
|
08 Deposits / Installments of term loans/ DPGs/ debentures,
etc [due within one year] |
0.000 |
0.000 |
|
09 Other current liabilities and provisions [due within
one year] |
0.150 |
0.150 |
|
|
|
|
|
Sub – Total [B] |
78.150 |
87.950 |
|
10 TERM LIABILITIES
[Total of 1 to 9] |
128.150 |
137.950 |
|
|
|
|
|
TERM LIABILITIES |
|
|
|
11 Debentures [not maturing within one year] |
0.000 |
0.000 |
|
12 Preference Shares [Redeemable after 1 year] |
0.000 |
0.000 |
|
13 Term loans [excluding installments payable within
one year] |
0.000 |
0.000 |
|
14 Deferred Payment Credit |
0.000 |
0.000 |
|
15 Term deposit [repayable after one year] |
0.000 |
0.000 |
|
16 Other Term Liabilities |
0.000 |
0.000 |
|
17 TOTAL TERM
LIABILITIES [Total of 11 to 16] |
0.000 |
0.000 |
|
18 TOTAL OUTSIDE LIABILITIES
[10 + 17] |
128.150 |
137.950 |
|
|
|
|
|
NET WORTH |
|
|
|
19 Partner’s Capital |
165.404 |
255.636 |
|
20 General Reserve |
0.000 |
0.000 |
|
21 Revaluation Reserve |
0.000 |
0.000 |
|
22 Other Reserves [Excluding provisions] |
0.000 |
0.000 |
|
23 Surplus [+] or deficit [-] in Profit and Loss Account |
0.000 |
0.000 |
|
|
|
|
|
24 NET WORTH |
165.404 |
255.636 |
|
25 TOTAL
LIABILITIES [18+24] |
293.554 |
393.586 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
26 Cash and Bank Balance |
4.688 |
5.100 |
|
27 Investments [Other than long term investments] |
0.000 |
0.000 |
|
I] Government and other Trustee securities |
0.000 |
0.000 |
|
II] Fixed deposit with bank |
0.000 |
0.000 |
|
|
|
|
|
28 I] Receivables other than deferred and exports
[Including bills purchased and discounted by banks] |
60.000 |
75.000 |
|
II] Export receivables [Including bills purchased /
discounted by banks] |
0.000 |
0.000 |
|
29 Installments of Deferred receivables [due within
one year] |
0.000 |
0.000 |
|
30 Inventory |
|
|
|
I] Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
Imported |
0.00 |
0.000 |
|
Indigenous |
35.000 |
40.000 |
|
II] Stock – in – process |
4.500 |
4.500 |
|
II] Finished Goods |
45.000 |
47.500 |
|
IV] Other consumable spares |
0.850 |
0.850 |
|
31 Advances to suppliers of raw materials and stores |
0.200 |
0.300 |
|
32 Advance payment of taxes [NET] |
0.600 |
0.650 |
|
33 Other current assets |
5.025 |
4.859 |
|
34 TOTAL CURRENT
ASSETS |
155.863 |
178.759 |
|
|
|
|
|
FIXED
ASSETS |
|
|
|
35 Gross Block |
22.436 |
22.436 |
|
36. Depreciation to date |
7.627 |
8.827 |
|
|
|
|
|
37 NET BLOCK
[35-36] |
14.809 |
13.609 |
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
38 Investments / book / debts / advances / deposits which
are not Current Assts |
0.000 |
0.000 |
|
I] [a] Investments in Subsidiary companies |
125.000 |
205.000 |
|
[b] Others – Shares
of Co-op Bank Limited |
0.000 |
0.000 |
|
II] Advances to suppliers of capital goods and contractors
|
0.000 |
0.000 |
|
III} Deferred receivables [maturity exceeding one year] |
0.821 |
0.821 |
|
IV] Others – advance to staff |
0.000 |
0.000 |
|
39 Non consumables Stores and Spares |
0.000 |
0.000 |
|
40 Other non – current assets (including dues from
directors) |
0.000 |
0.000 |
|
|
|
|
|
41
TOTAL OTHER NON – CURRENT ASSETS [38 to 40] |
125.821 |
205.821 |
|
42 Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful debts Not provided for etc.] |
0.000 |
0.000 |
|
|
|
|
|
43
TOTAL ASSETS [Total of 34, 37, 41 and 42] |
296.493 |
398.189 |
|
44
TANGIBLE NET WORTH |
165.404 |
255.636 |
|
45 NET
WORKING CAPITAL [17 + 24]-[37+41+42] |
2.939 |
4.603 |
|
|
|
|
|
46 Current Ratio [Items 34/10] |
0.122 |
0.130 |
|
47 Total Outside Liabilities/ Tansible Net Worth (18/44) |
0.077 |
0.054 |
COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(Rs. In Millions)
|
CURRENT
ASSETS |
31.03.2009 Projection |
31.03.2010 Projection |
|
1. Raw Materials [Including stores and other items used in
the process of manufacture] |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous (Month’s Consumption) |
35.000 0.068 |
40.000 0.068 |
|
|
|
|
|
2. Other consumable Spares, Excluding those included in 1
above |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous (Month’s Consumption) |
0.850 0.399 |
0.850 0.347 |
|
|
|
|
|
3.Stock – In – Process (Month’s Consumption) |
4.500 0.009 |
4.500 0.007 |
|
4.Finished Goods |
45.000 |
47.500 |
|
Months Cost of sales |
0.082 |
0.079 |
|
5.Receivables other than export and deferred receivables
(Including bills purchased and discounted by Bankers) |
60.000 |
75.000 |
|
Months Domestic Sales (Excluding Deferred Payment Sales) |
0.097 |
0.106 |
|
6.Export Receivables(Including bills purchased and
discounted |
0.000 |
0.000 |
|
Months Export Sales |
0.000 |
0.000 |
|
7. Advances to suppliers of raw materials and stores and
spares consumable |
0.000 |
0.000 |
|
8. Other Current assets including Cash and Bank Balance,
deferred receivable due within one years |
10.513 |
10.909 |
|
9.Total
Current Assets (To
agree with Item 34 in from III) |
155.863 |
178.759 |
|
|
|
|
|
10.Creditors for Purchased of Raw Materials Stores and
Consumable Spares Months Purchases |
52.500 |
57.500 |
|
11.Advance From Customers |
2.000 |
2.000 |
|
12.Statutary Liability |
0.000 |
0.000 |
|
13. other Current Liabilities (Specify Major Items) short term borrowings, unsecured
loans, dividend payable, installment of TL, DPG, Public deposit debenture
etc. |
23.650 |
28.450 |
|
14.
Total (To
agree with sub total B from III) |
78.150 |
87.950 |
FUND FLOW STATEMENT
[Rs in Millions]
|
Particulars |
31.03.2009 Projection |
31.03.2010 Projection |
|
SOURCES |
|
|
|
1 [a] Net Profit [after tax] |
83.874 |
90.232 |
|
[b] Depreciation |
1.200 |
1.200 |
|
[c] Increase in Partner’s Capital – Deposited From Directors and
Shareholders |
0.000 |
0.000 |
|
[d] Increase in term Liability (Including Public deposited) |
0.000 |
0.000 |
|
[e] Decrease in |
0.000 |
0.000 |
|
Fixed Assets |
0.000 |
0.000 |
|
Other non-current assets |
0.000 |
0.000 |
|
[f] Others (Preliminary Expenses W/O) |
0.000 |
0.000 |
|
|
|
|
|
[g] TOTAL |
85.074 |
91.432 |
|
|
|
|
|
2 USES |
|
|
|
[a] Net Loss |
0.000 |
0.000 |
|
[b] Decrease in Term Liabilities [Including Public Deposits] |
0.000 |
0.000 |
|
[c] Increase in |
10.000 |
0.000 |
|
Other Non Current Assets |
125.000 |
80.000 |
|
Fixed Assets [Net] |
|
|
|
[d] Dividend |
0.000 |
0.000 |
|
[e] Others - Deposited From Directors and Shareholders |
0.000 |
0.000 |
|
|
|
|
|
[f] Total |
135.000 |
80.000 |
|
|
|
|
|
3
Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item 2] |
(49.926) |
11.432 |
|
|
|
|
|
4 Increase / Decrease in Current Assets [As per details
given below] |
9.888 |
21.232 |
|
|
|
|
|
5 Increase / Decrease in Current Liabilities other than
bank borrowings. |
9.814 |
9.800 |
|
|
|
|
|
6 Increase / Decrease in Working Capital Gap |
0.074 |
11.432 |
|
|
|
|
|
7
Net Surplus [+] / Deficit [-] [Difference of 3 & 6] |
(50.000) |
0.000 |
|
|
|
|
|
8 Increase / Decrease in Bank Borrowings |
50.000 |
0.000 |
|
|
|
|
|
INCREASE /
DECREASE IN NET SALES |
1.450 |
1.450 |
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING
CAPITAL
[Rs in Millions]
|
Particulars |
31.03.2009 Projection |
31.03.2010 Projection |
|
|
|
|
|
Total Current Assets |
155.863 |
178.759 |
|
Other current liabilities (Other than bank borrowing) |
78.150 |
87.950 |
|
|
|
|
|
Working Capital Gap (WCG) |
77.713 |
90.809 |
|
|
|
|
|
Min. Stipulated net working
capital i.e. 25% of WCG 25% of total current assets as the method
lending being applied (Export receivable to be excluded under both methods) |
38.966 |
44.690 |
|
|
|
|
|
Actual/projected net working capital |
24.774 |
36.206 |
|
|
|
|
|
Item 3 minus Item 4 |
38.747 |
46.119 |
|
Item 3 minus Item 5 |
52.939 |
54.603 |
|
Maximum permissible bank finance |
0.000 |
0.000 |
|
|
|
|
|
Excess borrowings representing Shortfall NWC |
14.192 |
8.484 |
NOTE ON ACCOUNTS:
- Lease Agreement for Land and Building is pending
for renewal. Provision has been made for lease rent up to 31.03.2008 on
the previous year basis.
- The Debit and credit balances of Debtors,
Creditors, and other advances are subject to confirmation of the parties.
- In the opinion of the partners of the
firm, the current assets, Loans and Advances are approximately of the
value stated, if realized in the ordinary course of business.
FIXED ASSETS:
- Factory Building
- Plant and Machinery
- Air Conditioners
- Electrical Installation
- Factory Equipment
- Furniture and Fixtures
- Pipes and Fittings
- Computer
- Office Equipment
- Motor Car
- Computer
- Vehicles
- Cycle
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
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 |
YES |
|
--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 |
|