MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLS POLYMERS PRIVATE LIMITED |
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Registered Office : |
No. 415, 11th Cross, 4th Phase, Peenya Industrial
Area, Bangalore – 560 058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.02.2005 |
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Com. Reg. No.: |
08-35699 |
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CIN No.: [Company
Identification No.] |
U25209KA2005PTC035699 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG06595B |
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PAN No.: [Permanent
Account No.] |
AACCG3173D |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer
of Blends, Compounds and Reactive Polymers |
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 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track records.
Company’s profitability is under severe pressure having good amount of
accumulated losses. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for small to mediocre business dealings.
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INFORMATION PARTED
BY
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Name : |
Mr. M Ganesh |
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Designation : |
Managing Director |
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Contact No.: |
91-9741309201 |
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Date : |
17.06.2008 |
LOCATIONS
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Registered Office / Factory : |
No. 415, 11th Cross, 4th Phase, Peenya
Industrial Area, Bangalore – 560 058, Karnataka, India |
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Tel. No.: |
91-80-41179140 / 41735691 |
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Mobile No.: |
91-9741309201 / 9342017738 /
9741309202 |
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Fax No.: |
91-80-28364433 |
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E-Mail : |
hnarao@dataone.in glspolymers@yahoo.com hnarao@vsnl.net market@glspolymers.com glsp@glspolymers.com |
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Website : |
www.glspolymers.com
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Area : |
20000 Sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Bijaal Guruswamy Ayarhalli |
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Designation : |
Director |
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Address : |
No. 6901/91, B B Garden Road, Mysore, - 570 004, Karnataka, India |
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Date of Birth/Age : |
28.10.1970 |
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Date of Appointment : |
01.05.2008 |
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Name : |
Mr. K Lakshmipathy |
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Designation : |
Director |
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Address : |
No.4, 2nd Main Grape Garden, Jalahalli, Bangalore – 560
031, Karnataka, India |
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Date of Birth/Age : |
04.07.1961 |
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Date of Appointment : |
25.02.2005 |
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Name : |
Mr. M Ganesh |
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Designation : |
Director |
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Address : |
No. 4, First Floor, Meridian Garden, Behind SBI, CBI Road, Gangapur,
Bangalore – 560 024, Karnataka, India |
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Date of Birth/Age : |
01.06.1966 |
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Date of Appointment : |
25.02.2005 |
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Name : |
Mr. G K Sreedhar |
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Designation : |
Director |
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Address : |
No. 15, Karnie Road, Shankar Puram, Bangalore – 560 004, Karnataka,
India |
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Date of Appointment : |
25.02.2005 |
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Name : |
Mr. Praveen Guruswamy |
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Designation : |
Director |
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Name : |
Mr. T.P. Kallesh |
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Designation : |
Director |
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Date of Birth/Age : |
01.06.1957 |
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Date of Appointment : |
16.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
No. of Shares |
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Mr. M Ganesh |
3333 |
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Mr. T.P. Kallesh |
3333 |
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Mr. K Lakshmipathy |
3334 |
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Total |
10000 |
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
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Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Blends, Compounds and Reactive Polymers |
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Products : |
· Acrylonitrile Butadiene Styrene(ABS) · Blends · Reinforcement |
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Imports : |
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Countries : |
Singapore, Malaysia, Thailand |
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Terms : |
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Selling : |
Credit (40-60 days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
OEM’s
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No. of Employees : |
40 |
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Bankers : |
Address: Specialised SSI Branch Peenya Industrial Estate, Bangalore
– 560 058, Karnataka, India |
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Facilities : |
Over Draft – Rs. 5.000 millions , Term Loan – Rs.3.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
ABS and Company Chartered Accountants |
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Name : |
H N Anand Rao, Partner |
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Address 1: |
# 42 Rajeshwari Apartments, West Park Road, Malleshwaram 14th
Cross, Bangalore – 560 003, Karnataka, India |
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Address 2: |
No. 32-G3, Rukmini Apartment, 15th Cross, 11th Main,
Malleshwaram, Bangalore – 560 055, Karnataka, India |
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Tel. No. : |
91-80-23448727/ 23551653 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
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 |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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3.083 |
4.083 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[2.251] |
[1.863] |
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NETWORTH |
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0.932 |
2.320 |
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LOAN FUNDS |
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1] Secured Loans |
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9.904 |
9.959 |
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2] Unsecured Loans |
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3.550 |
0.000 |
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TOTAL BORROWING |
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13.454 |
9.959 |
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DEFERRED TAX LIABILITIES |
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0.086 |
0.000 |
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TOTAL |
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14.472 |
12.279 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.581 |
8.294 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.166 |
1.617 |
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Sundry Debtors |
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4.561 |
1.605 |
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Cash & Bank Balances |
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0.006 |
0.014 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.533 |
2.289 |
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Total
Current Assets |
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10.266 |
5.525 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.452 |
1.639 |
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Provisions |
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0.000 |
0.004 |
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Total
Current Liabilities |
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4.452 |
1.643 |
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Net Current Assets |
|
5.814 |
3.882 |
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MISCELLANEOUS EXPENSES |
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0.077 |
0.103 |
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TOTAL |
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14.472 |
12.279 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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19.143 |
2.238 |
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Other Income |
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0.043 |
0.027 |
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Total Income |
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19.186 |
2.265 |
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Profit/(Loss) Before Tax |
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(0.943) |
(1.859) |
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Provision for Taxation |
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(0.649) |
-- |
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Profit/(Loss) After Tax |
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(0.294) |
(1.859) |
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Imports Value |
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-- |
3.985 |
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Expenditures : |
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Depreciation & Amortization |
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1.289 |
0.491 |
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Other Expenditure |
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18.840 |
3.633 |
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Total Expenditure |
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20.129 |
4.124 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(1.53) |
(82.08) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(4.93) |
(83.07) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(5.00) |
(13.45) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.01) |
(0.80) |
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Debt Equity Ratio (Total Liability/Networth) |
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19.21 |
5.00 |
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Current Ratio (Current Asset/Current Liability) |
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2.31 |
3.36 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company
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GLS POLYMERS PRIVATE LIMITED |
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Presented By |
GLS POLYMERS PRIVATE LIMITED AND CANARA BANK, SPECIALISED SSI BRANCH , PEENYA |
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1) Date and description of instrument creating the change |
25.08.2005 Cash Credit Agreement Deed of hypothecation re: Machinery (Both the above pertain to the same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.500 millions (OCC/ODBD RS. 3.000 millions, TL Rs. 6.500 millions) |
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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 |
First charge on : Whole of the present and future stocks of raw materials , goods in process of manufacture and all finished and manufactured goods and articles such as compounding blends and engineer plastics stored at factory / premises at No. 415, 11th Cross , Peenya industrial area, or wherever else ; All of the borrower present and future book debts, outstanding monies, receivables, claims, bills, etc. Plant, machineries, tools and accessories comprising (i) HT 57 Twin Screw Extruder (II) HT 70 Twin Screw Extruder (III) 10L High Speed Mixer (IV) 100 L High Speed Mixer (V) Colourquest Sensor and Accessories (VI) Mondta Colour Reader (VII Colour Matching Cabin, Testing Equipments (VIII)) Furnace, Drying Oven, Etc (IX) 315 KVA Transformer. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest – OCC/ ODBD @ 12.5% p.a , TL @ 12.75% p.a Repayment- TL Repayable in 60 monthly installment comprising 59 installments of Rs. 0.109 millions each and last installment of Rs. 0.099 million each, commencing from October, 2005. Margin – OCC/ODBD -25% against stocks and 40% against book debts. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Address: Specialised SSI Branch Peenya Industrial Estate, Bangalore – 560 058, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
TRADE REFERNECES:--
· 3M
· Toxota
· Exide industries
WEBSITE DETAILS:-
Company Profile :-
The Company is an ISO 9001-2000 certified by TUV SUD south Asia .The Company was established in 2005 and has commenced commercial production in Jan2006.
Subject has got highly qualified experience polymer Technologist team to
produce high quality and consistent product.
The objective of the company is to provide original , effective technical
solutions to polymer users and converters. The solutions are in the form of
polymer coloring, compounding, blending, grafting and other modifying and even
complete formulations to meet customers unique specification and requirements.
Their polymer compounding skills are applied to enhance and enrich the polymer
properties to make them suitable for applications, where the original base
polymer would not fulfill the need. The company has the latest Twin screw
Extruders, having fully computerized control equipment to handle all kinds of
Engineering plastics.
The unit Located in Peenya Industrial Area with 10000 Sq Ft is built and 6000
Sq ft available for immediate expansion. The location is quite strategic
from the point of proximity to many local customer and customers out of
Bangalore through easy access to national highway connecting to Mumbai,
Hyderabad, Mangalore and Chennai.
Bangalore has an International airport and is close to seaport such as Chennai
and Cochin. Hence, import and export, whether by air or sea, do not pose any
constraint
Specialty Thermoplastic Blends , compounds and Reactive polymers from the
company Provide Flame retardant, Glass Reinforcement ,mineral filled , Impact
resistance , Soft touch , Wear resistance , Surface Properties, UV and color
properties etc in polyolefin and Engineering Plastics
PRODUCTS:-
·
Acrylonitrile
Butadiene Styrene(ABS)
· Blends
Colors and flame retardant are
available as per rohs regulation. material can develop as per customer
specification
These blends can be suitably
modified to meet individual requirements for a specific application. For
example, they can be matched to specific color requirements, glass fiber
reinforced, impact modified, UV additive, Antistatic, Flame retardant, mineral
filled, antibacterial properties or any other specialized needs.
Reinforcement
·
Flame
retardant
·
Impact
modified
·
UV
Resistance
·
Glass
reinforcement
·
Mineral
Filled
·
Antistatic
Properties
·
Antimicrobacterial
properties
·
Grafting
· Colors properties (Metallic, Silver ,Transparent,Translucent) etc
Facility :-
The company Equipped with imported Co-rotating intermeshing Twin Screw extruder with PLC controlled touch screen operate with installed production capacity of 4500 TPA, the Company is fully equipped to meet the challenging needs of polymer applications for the automotive, communication, Electrical , Electronics etc. In a span of about 2 years, the company has developed and supplied over 500 different products to meet diversified customer needs.
Equipped with sophisticated Laboratory Corotating Closed Intermesh Twin Screw
extruder for Research, Development to produce small quantity batches at faster
development with minimum cost
These extrusion lines are ideally suitable for:
1. High Performance Polymer Alloys, Blends, Compounds and Grafting
2. Toll Compounding of Specialty Engineered Products
3. Surface Science, UV, and Color Technology
Fire Science and Thermal Chemistry Grafting, X-Linking, Functionality
4. Glass Fiber Reinforcement
5. Reinforced Plastics
6. Filled Plastics
7. Master batches
8. Liquid Injection
9. De-volatilization
LAB EQUIPMENTS:
1 Spectrophotometer - Color Quest XE for Color Matching from Hunterlab - USA
2. Computerized Universal Testing Machine(Tensile,elongation , Flexural andCompression Test)
3. Computerized Impact Tester - Notched and unnotched ( Izod and Charpy )
4. Color cabinet – visual color inspection
5. Computerized Heat Deflection Temperature Apparatus
6. Computerized Vicat softening point
7. Melt Flow Index
8. Specific gravity
9. Specimen Mold ( for Tensile, Impact, Flexural HDT and Flammability)
10. Injection Molding Machine ( 75 T) for Test specimen preparation
11. Injection Molding Machine (30 T) for color matching chip
12. Flammability As per UL94 standard
13. Muffle furnace – Filler content analysis
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.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|