MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEX VIN POLYMERS PRIVATE LIMITED |
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Registered Office : |
1st Floor, Ram Raksha Kutir, Kapor Road, Behind Siah School,
Dombivali, Thane – 421 202, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
25.06.1990 |
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Com. Reg. No.: |
11-57006 |
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CIN No.: [Company
Identification No.] |
U17120MH1990PTC057006 |
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IEC No.: |
0393074811 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED04085E |
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PAN No.: [Permanent
Account No.] |
AAACD5900H |
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Legal Form : |
Private Limited Liability of Company |
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Line of Business : |
Manufacturers and Exporters of Polymer Emulsions and Adhensives |
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 130000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Financial position is satisfactory. 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
|
Name : |
Mr. Amol |
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Designation : |
Export Assistant |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office : |
1st Floor, Ram Raksha Kutir, Kapor Road, Behind Siah
School, Dombivali, Thane – 421 202, Maharashtra, India |
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Tel. No.: |
91-251-2481364 |
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Fax No.: |
91-251-2482837 |
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E-Mail : |
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Website : |
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Area : |
500 sq ft |
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Location : |
Owned |
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Factory 1 : |
N – 114, M.I.D.C, Tarapur, Boiser Thane |
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Tel. No.: |
91-2525-654624 |
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Area : |
10764 sq ft |
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Location : |
Leased |
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Branches : |
89, Empire Building, D. N. Road, Mumbai – 400 001 |
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Tel. No.: |
91-22-22063533/34 |
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Fax No.: |
91-22-22063533/34 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
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Name : |
Ms. Meena P. Sharma |
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Designation : |
Director |
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Address : |
2nd Floor, R – 18, Sudarshan Nagar, Dombivli (E) 421 201 |
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Date of Birth/Age : |
45 Years |
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Qualification : |
BSC |
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Experience : |
25 Years |
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Date of Appointment : |
25.06.1990 |
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Name : |
Ms. Laxmi S. Sharma |
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Designation : |
Director |
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Address : |
1st Floor, R- 18, Sudarshan Nagar, Dombivli (E) 421 201 |
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Date of Birth/Age : |
53 Years |
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Qualification : |
BA |
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Experience : |
15 Years |
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Date of Appointment : |
20.03.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Ms. Meena P. Sharma |
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43034 |
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Ms. Laxmi S. Sharma |
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5475 |
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Total |
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48509 |
(As on 15.02.2007)
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Names of Allottees |
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No. of Shares |
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Ms. Meena P. Sharma |
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2500 |
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Total |
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2500 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Other top fifty (50) shareholders (other
than listed above) |
100 |
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Total |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Polymer Emulsions and Adhensives |
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Products : |
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Exports : |
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Products : |
Various Emulsions |
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Countries : |
Dubai, UAE, Saudi Arabia, K.S.A |
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Trade References
: |
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Imports : |
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Products : |
Chemical, PVA, BAM |
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Countries : |
Taiwan |
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Trade References
: |
Change Chung Petrochem |
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Terms : |
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Selling : |
L/C (90 and 120 days) |
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Purchasing : |
L/C (60 days) |
PRODUCTION STATUS
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Various Emulsion |
-- |
-- |
2023327 |
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Synthetic Resins, Emulsions and Adhesives |
N.A |
15000 M.T |
-- |
GENERAL
INFORMATION
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Customers : |
Wholesalers End Users Others |
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Supplier : |
·
Ankita Iron Exchange ·
Anju Engineers India Private Limited ·
Shree Shakti Construction ·
Maniratna Steel Private Limited |
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No. of Employees : |
38 (Office -15, Factory -18, Branch -5) |
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Bankers : |
Bank of India D.N.Road Branch Fort, Mumbai – 400 001 |
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Facilities : |
Rs.50.000 Millioons
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. C. Shah and Company |
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Address : |
603, Cotton Exchange Building, 6th Floor, Kalbadevi Road,
Mumbai – 400 002, Maharashtra, India |
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Tel. No.: |
22423985 |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48501 |
Equity Shares |
Rs.100/- each |
Rs.4.851
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.851 |
4.601 |
4.600 |
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2] Share Application Money |
0.000 |
1.650 |
0.00 |
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3] Reserves & Surplus |
22.814 |
17.900 |
16.027 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.665 |
24.151 |
20.627 |
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LOAN FUNDS |
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1] Secured Loans |
42.802 |
26.404 |
10.447 |
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2] Unsecured Loans |
3.950 |
2.804 |
2.805 |
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TOTAL BORROWING |
46.752 |
29.208 |
13.252 |
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DEFERRED TAX LIABILITIES |
0.657 |
0.525 |
0.520 |
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TOTAL |
75.074 |
53.884 |
34.399 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.440 |
8.302 |
3.575 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.138 |
0.138 |
0.138 |
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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 |
26.354 |
30.852 |
27.661 |
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Sundry Debtors |
68.984 |
44.097 |
25.480 |
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Cash & Bank Balances |
11.923 |
8.487 |
7.318 |
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Other Current Assets |
5.008 |
4.891 |
1.685 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
112.269 |
88.327 |
62.144 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
43.072 |
40.798 |
31.458 |
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Provisions |
4.701 |
2.085 |
0.000 |
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Total
Current Liabilities |
47.773 |
42.883 |
31.458 |
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Net Current Assets |
64.496 |
45.444 |
30.686 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.074 |
53.884 |
34.399 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
242.958 |
163.700 |
150..182 |
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Other Income |
0.378 |
0.108 |
0.000 |
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Total Income |
243.336 |
163.808 |
150.182 |
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Profit/(Loss) Before Tax |
5.398 |
2.855 |
1..816 |
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Provision for Taxation |
1.883 |
0.982 |
0.708 |
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Profit/(Loss) After Tax |
3.514 |
1.872 |
1.108 |
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Earnings in Foreign Currency : |
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Export Earnings |
21.193 ($ 503850) |
21.358 ($ 469589) |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
223.861 |
150.571 |
0.000 |
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Manufacturing Expenses |
0.885 |
0.785 |
0.000 |
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Administrative Expenses |
4.197 |
5.251 |
0.000 |
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Interest |
7.873 |
3.620 |
0.000 |
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Financial Charges |
0.000 |
0.000 |
2.878 |
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Depreciation & Amortization |
1.122 |
0.726 |
0.501 |
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Other Expenditure |
0.000 |
0.000 |
144.987 |
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Total Expenditure |
237.938 |
160.953 |
148.366 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.44
|
1.14 |
0.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.22
|
1.74 |
1.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.39
|
2.95 |
2.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.11 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.41
|
2.98 |
2.16 |
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Current Ratio (Current Asset/Current Liability) |
|
2.35
|
2.05 |
1.97 |
LOCAL AGENCY
FURTHER INFORMATION
FORM NO. 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90159183 |
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Corporate identity
number of the company |
U17120MH1990PTC057006 |
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Name of the
company |
Dex-Vin Polymers Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
1st Floor, Rm Raksha Kutir, Kapor Road, Behind Siah School,
Dombivali, Thane – 421 202, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of India D. N. Road Branch Fort, Mumbai – 400 001 |
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Nature of description
of the instrument creating or modifying the charge |
Supplement deed
of hypothecation |
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Date of
instrument Creating the charge |
12.03.2008 |
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Amount secured by
the charge |
Rs.80.409
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest:0.75%
Over BPLR i.e 14% p.a at Monthly Rests (Cash Credit) 8.75 Up to 90 days 180 days at Monthly
Rests (EPC) 0.75% % Over BPLR (Term Loan) Terms of
Repayment Facilities:
Amount (Rs. In Millions) Cash Credit:
Rs.25.000 Millions EPC: Rs.12.500
Millions FBP DP/DA 90
Days: Rs.12.500 Millions Term Loan: Rs.440.900
Millions L/C (I/F) DP/DA
90 Days: Rs.25.000 Millions Guarantee:
Rs.1.000 Millions Margin 25% On Stocks 40% On Book Debts
up to 90 days 15% Order 10% On letter of
Credit 10% On FBP DP/DA 25% On Term Loan 15% On L/C (I/F)
DP/DA 25% On Guarantee Extent and
Operation of the charge Bank of India B/O
D.N. Road Branch For First Charge Holder |
|
Short particulars
of the property charged |
All Tngible
Moveable Machineries and Plant, All Tangible Moveable Properties and Assets and
Stocks and Book Debts |
|
Particulars of
the present modification |
Charge Increased
to Rs.8040.900 Millions |
Performance and
operation:
As compared to sales of Rs. 1.637 Millions for previous year, the turnover
is at Rs. 2.459 Millions in the year under review indicating increased by
48.42%. The net profit after income Tax, Interest and Depreciation during the
year 2007-08 is of Rs. 0.035 Million as compared to Rs.0.018 Millions, which is
remarkably higher by about 87.75%
Future Outlook:
There is very good demand for the product of the company. The company
has installed new machinery in the view of increasing orders which has enhanced
and further will increased the business. Having good demand in Domestic as well
as International Market, and specially developed antitarnishing lacquers along
with other emulsion, As, such, good performance is expected.
Trade References:
- Artek Surfin Chemical Limited, Plot No.121, Marol, Andheri (E),
Mumbai – 400 055, Tel-8506335, Contact Person- Ms. Jully
- Star Paints, 55,Sundaram, Tonehi Peth, Chennai-8,
Tell-91-44-25922424
- Grauer and Weil (India) Private Limited, Akruli Road, Kandivali (E)
Mumbai – 400 101, Tel- 91-22-66993000, Con. Person – Mr. Gupta
- Riko Chemicals Private Limited, W-126, A Kherwani MIDC Badlapur (E)
Thane Tel- 91-251-2691554, Con Person –Suvarna
As Per Website:
Subject is
one of the manufacturers of speciality polymers. Having started as a small
peanut since 1988, this day They have occupied the leading place among the
polymers / adhesive producers and exporters. In a short span they have proved
Their commitments towards heading as leaders in the field of emulsion
polymerization.
Research & Development:
Well organized, sophisticated laboratory and pilot plant reaction vessels have
supported the company to find out innovative answers to manufacturing and
problems in application faced by Their customers. Analytical testing plays an
important role in assessment and provides control on the consistent quality of
the final product. Substantial amount of their sales turnover is reinvested in
product development.
Technology & Manufacturing:
Subject has continued its growth and success by following consistent
methodologies by monitoring the quality of raw materials and the finished
products. Their strong position in the areas of production (at present 8000
metric tones per annum capacity) and marketing is being achieved by developing
new approaches to its business activities. These mainly involve manufacturing
new products, while introducing resource saving technologies.
Subject has gained confidence based on constant efforts made to improve quality and reduce costs, redesign and expand the capacity of existing plant, producing new products.
Technical Services:
Subject is committed to offer its technical expertise to its customers to
develop new substitutes and find original solutions to their difficulties.
Trouble shooting calls for identification both of problems resulting from
customer's bottlenecks and inherent ones, and measures required rectifying
them. Their team of highly qualified and well experienced technocrats is on
toes to render the best services to their clients.
Safety & Environment:
Subject has its motto towards environmental care. Their policies and practices
are designed to reduce wastes and emissions and to minimize the possibility of
future environmental damage. Pollution prevention programs by Subject are based
upon government regulations and self-imposed guidelines.
Future Dynamics:
Subject sets in target upon excellence. It means committing resources for
efficient production and striving at all times to retain production and striving
at all times to retain and creep globally. Their goals for manufacturing
efficiency and Quality control is rising to achieve ISO Accreditation.
Annual Sales:
They hereby invite domestic and international corporate to participate in
mutually beneficial business co-operation.
FIXED ASSETS
· Leasehold Land
· Building
· Plant and Machinery
· Electric Installations
· Lab Equipments
· Computers
· Air Conditioner
· Cycles
· Office Equipments
· Furniture and Fixtures
· Tata Tempo
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.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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. |
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 |
|