MIRA
INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SECURE POLYMERS PRIVATE LIMITED |
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Registered Office : |
Survey No. 257, Paiki, Plot No. 5, Opposite Murlidhar Weigh Bridge At
Shapar (Veraval) Taluka Kotda, Sangani, Rajkot-360024, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.08.1999 |
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Com. Reg. No.: |
04-36494 |
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CIN No.: [Company
Identification No.] |
U25209GJ1999PTC036494 |
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IEC No.: |
2701001166 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTS04083C |
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PAN No.: [Permanent
Account No.] |
AAECS8733R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Polyester and PP Strapping |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record.
Payments are reported as slow but correct. Financial position of the company is moderate. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ishwarlal |
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Designation : |
Director |
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Contact No.: |
91-9825077601 |
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Date : |
15.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
Survey No. 257, Paiki, Plot No. 5, Opposite Murlidhar Weigh Bridge At Shapar
(Veraval) Taluka Kotda, Sangani, Rajkot-360024, Gujarat, India |
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Tel. No.: |
91-2827-253849/ 253859/ 252641 |
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Mobile No.: |
91-9825077601 |
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Fax No.: |
91-2827-252736 |
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E-Mail : |
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Website : |
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Area : |
1600 sq. yards ( Owned) (Including Factory) |
DIRECTORS
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Name : |
Mr. Ishwarlal H Zatakia |
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Designation : |
Director |
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Address : |
Dharmyogi University Road, Behind
Jalaram-3, Rajkot-360005, Gujarat, India |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
27.08.1999 |
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Name : |
Mr. Rasiklal V Viradia |
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Designation : |
Director |
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Address : |
Panchrtna Tower, Kalawad Road, Behind Gayatri Mandir, Rajkot-360005,
Gujarat, India |
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Date of Birth/Age : |
09.08.1964 |
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Date of Appointment : |
27.08.1999 |
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Name : |
Mr. Bhiklal V Viradia |
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Designation : |
Director |
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Address : |
Panchrtna Tower, Kalawad Road, Behind Gayatri Mandir, Rajkot-360005,
Gujarat, India |
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Date of Birth/Age : |
24.05.1969 |
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Date of Appointment : |
17.02.2000 |
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Name : |
Mr. Parsottam L Parsana |
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Designation : |
Director |
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Address : |
Manhar Plot Street No. 4, Rajkumar Furniture Building, Rajkot-360001,
Gujarat, India |
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Date of Appointment : |
17.02.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
|
No. of Shares |
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Ishwarlal H Zatakia |
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56010 |
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Rasiklal V Viradia |
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23010 |
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Bhikalal V Viradia |
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24500 |
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Daxaben I Zatakia |
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30500 |
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Harshida Manavadaria |
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8000 |
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Ilaben V Viradiay |
|
7500 |
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Rekhaben Viradiya |
|
7500 |
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Gordanbhai B Khunt |
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5000 |
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Babulal Vora |
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15000 |
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Vansntkumar V Viradiya |
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6500 |
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Hemiben V Viradiya |
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7500 |
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Haribhai J Zatakiya |
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1100 |
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Parsotambhai Parsanna |
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10000 |
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Dharmeshbhai Parsana |
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10000 |
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Prahaben P Parsana |
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10000 |
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Bhavnaben P Parsana |
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10000 |
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Nitaben P Parsana |
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10000 |
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Maduben B Viradiya |
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500 |
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K Viradiya |
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5000 |
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Ishwalrlal Zatakiya, HUF |
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500 |
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Total |
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248120 |
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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Polyester and PP Strapping |
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Products: |
·
Plastic
Strapping Tools - Battery Powered ·
Semi-Auto.
Heat-Sealing Machine for P.P.Strap ·
Sealer ·
Seal |
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Exports : |
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Countries : |
U.K and U.A.E |
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Terms : |
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Selling : |
Credit ( 60 – 90 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
29 |
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Bankers : |
·
State Bank
of Saurashtra, Gymkhana Branch, Rajkot, Gujarat, India ·
State Bank
of India, Gymkhana Branch, Rajkot, Gujarat, India |
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Facilities : |
CC Rs. 20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N M Unadkat and Company Chartered Accountant |
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Address : |
306-307, Everest Complex, Opposite Shastri Maidan, Subhash Road,
Rajkot-360001, Gujarat, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
248120 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.481
Millions |
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 |
2.481 |
2.481 |
2.481 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.838 |
0.440 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.168] |
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NETWORTH |
3.319 |
2.921 |
2.313 |
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LOAN FUNDS |
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1] Secured Loans |
2.585 |
4.699 |
4.142 |
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2] Unsecured Loans |
6.715 |
7.013 |
5.030 |
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TOTAL BORROWING |
9.300 |
11.712 |
9.172 |
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DEFERRED TAX LIABILITIES |
0.160 |
0.208 |
0.000 |
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TOTAL |
12.779 |
14.841 |
11.485 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.844 |
3.195 |
3.598 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
4.043
|
3.590 |
3.231 |
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Sundry Debtors |
6.846
|
8.487 |
5.453 |
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Cash & Bank Balances |
0.083
|
0.095 |
0.205 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.809
|
0.889 |
0.779 |
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Total
Current Assets |
11.781
|
13.061 |
9.668 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.999
|
1.072 |
1.516 |
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Provisions |
0.847
|
0.343 |
0.265 |
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Total
Current Liabilities |
1.846
|
1.415 |
1.781 |
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Net Current Assets |
9.935
|
11.646 |
7.887 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.779 |
14.841 |
11.485 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
34.491 |
34.910 |
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Other Income |
|
0.117 |
0.513 |
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Total Income |
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34.608 |
35.423 |
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Profit/(Loss) Before Tax |
|
0.704 |
1.020 |
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Provision for Taxation |
|
0.306 |
0.415 |
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Profit/(Loss) After Tax |
|
0.398 |
0.605 |
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Earnings in Foreign Currency : |
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Export Earnings |
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NA |
0.783 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
[0.454] |
[0.359] |
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Financial Charges |
|
0.862 |
0.874 |
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Depreciation & Amortization |
|
0.530 |
0.605 |
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Other Expenditure |
|
32.966 |
33.283 |
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Total Expenditure |
|
33.904 |
34.403 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.15
|
1.71 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
2.92 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.81
|
6.27 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.35 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.36
|
4.49 |
4.74 |
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Current Ratio (Current Asset/Current Liability) |
|
6.38
|
9.23 |
5.43 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 9, Silver
Chambers, Tagore Road, Rajkot, Gujarat, India to present address w.e.f
26.12.2005
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Additional Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AAECS873312 XM001 |
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IEC Code : 2701001166 |
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PAN / TAN : AAECS8733R |
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Bank Name : State Bank of India |
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Bank Address : Guymkhana Branch |
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Bank A/c. No.: 56070136444 |
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Account Since : 2000 |
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C.S.T No.: 24592500795 |
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S.S.T No.: 24092500795 |
Trade References:
·
Bilas Industrial Company
Bankers Charges
Report as per Registry
|
Name of the company |
SECURE POLYMERS PRIVATE LIMITED |
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Presented By |
Mr. Ishwarbhai H
Zatakiya |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of small industrial advances and hypothecation of movables,
book-debts and other assets (Working Capital Finance) SIB -2 dated 14.08.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Hypothecation Rs. 1.350 Million Overdraft against
book-debts Rs. 0.625 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
borrower Company’s all tangible and movable assets of whatever nature
including all kinds of raw materials such as Polypropylene H.D.P.E, L.D.P.E
granual and other additives / plastic colour master batch granuals etc and
stock in process and finished good used to manufacture plastic box stapping,
Hypothecation of all kinds of book debts and receivables, assigns and all
other movable assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Interest Rate
: 1.25% above State Bank of Surashtra PLR with Minimum 13.25% with quarterly
rests. 2) Repayment :
Repayment of Demand 3) Margin: RM FG
25% BD 50% subject to change from time to time as per bank’s Rules/ Policy/
Guidelines/ Directives 4) The borrower
shall pay rents, rate due taxes and other charges of the godowns in which the
hypothecated machineries are stored and will keep the same free from any
distance. 5) Bank’s charge
will remain operative till all dues are repaid by the company. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra, Gymkhana Branch, Rajkot, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
1. General
Agreement for the grant of small industrial advances and hypothecation of
movables, Book-debts and other assets (Working Capital Finance) SIB-2 dated
15.02.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Following limits
are changed: 1)
Cash Credit
Hypothecation Rs. 3.000 Millions from Rs. 1.350 Millions 2)
Overdraft
against book debts Rs. 2.000 Millions from 0.625 Million 3)
Entire Plant
and Machinery added in hypothecation Thus total limit
stands increased to Rs. 5.000 Millions |
AS PER WEBSITE
Profile:
Company
The Company is Established in the year 1999. They are a well reputed group of
manufacturer and exporter of a wide range of Polyester (PET) Strappings and P.
P. Strappings since 1994. Besides manufacturing these products, they also
supply various associated tools by the Group Company namely 'Supreme Marketing'
for PET strapping applications. The products' range includes: Polyster (PET)
Strapping, battery powered manual plastic strapping tool, pneumatic tools,
Semi-Automatic Heat-Sealing Machine for P.P.Strapping, Manual Tensioners &
Sealers, All Types of seals, strap cart/ strapping dispensers etc.
Motivating them to create a niche for themselves, Mr. Ishwarbhai
Zatakiya and Mr. Rasikbhai Viradia and other directors of the company has years
of experience and expertise in this type of Packaging Material’s/Machine’s
business.
Infrastructure
They are located in Rajkot and gave set up the modern plant at National
High-Way 8-B at-Shaper (Veraval) near Rajkot in India. Equipped with various
latest machinery, tools and equipment, they are easily catering to various
clients' requirements. Working in tandem with the growing market demands, they
are fully equipped with hi-tech machinery and tools that are must for quality
production..Further, the modern machinery with high speed functioning and high
operational efficiency enables them to execute the orders on time, with minimum
wastage. The machinery with improved features that is installed at the unit has
the capacity to produce Polyester (PET) Strapping of different dimensions,
ranging from standard width of 10 mm to 19 mm and Thickness of 0.5 mm to
1.00mm.
Clientele
They have to the credit long list of clients that include customers of domestic
market as well as international market. Customer satisfaction is the priority.
They take all necessary steps to ensure the products and services that they
offer to the clients perfectly suit their requirements.
The products are of premium quality that is delivered to the clients
within stipulated time frame. Sincerely adhering to business ethics, they have
earned trust and reputation in the market. Further, they are constantly making
endeavors to make the work policy customer-oriented, offering greater
satisfaction to the clients.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
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.48.86 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.65.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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 |
|