MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PREMIUM POLYMERS LIMITED |
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Registered Office : |
Flat No. 11, R-12/39, Raj Nagar, Ghaziabad 201 001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.03.1993 |
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Com. Reg. No.: |
51242 |
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CIN No.: [Company
Identification No.] |
U25201UP1993PLC015242 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTP00491B |
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PAN No.: [Permanent
Account No.] |
AABCP2417L |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Industrial Sealing Wads and Plastic Containers. |
RATING &
COMMENTS
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MIRAs 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 15000 |
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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 records.
General financial position is also moderate. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Devendra Basin |
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Designation : |
Manager in Accounts |
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Contact No.: |
91-9818494002 |
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Date : |
16.09.20084 |
LOCATIONS
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Registered Office : |
Flat No. 11, R-12/39, Raj Nagar, Ghaziabad 201 001, Uttar Pradesh,
India |
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Tel. No.: |
91-120-3256263 |
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Mobile No.: |
91-9310023511 |
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Fax No.: |
91-120-2702419 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
F-12, Kavi Nagar Industrial Area, Ghaziabad 201 002, Uttar Pradesh,
India |
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Tel. No.: |
91-120-3256263 |
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Mobile No.: |
91-9310023511 |
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Fax No.: |
91-120-2702419 |
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Branches : |
Located at ·
Bangalore: 91-9342577642 ·
Mumbai: 91-9321024840 ·
Hyderabad: 91-9347067755 ·
Kolkata: 91-9330283783 ·
Chennai: 91-9383019785 ·
Kochi: 91-9349260681 |
DIRECTORS
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Name : |
Mrs. Sima Gupta |
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Designation : |
Director |
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Address : |
Flat No. 11, R-12/39, Raj Nagar, Ghaziabad 201 001, Uttar Pradesh,
India |
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Date of Birth/Age : |
08.07.1971 |
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Date of Appointment : |
21.07.2004 |
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Name : |
Mr. Parag Gupta |
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Designation : |
Director |
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Name : |
Mr. Vinod Agarwal |
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Designation : |
Director |
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Name : |
Mrs. Kalpana Agarwal |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment (As on 21.02.2007)
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Names of Allottees |
No. of Shares |
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Parag Gupta |
35000 |
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Seema Gupta |
25000 |
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Nishant Gupta |
15000 |
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Vinod Agarwal |
15000 |
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Rajesh Agarwal |
10000 |
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Total |
100000 |
List of Allotment (As on 21.02.2007)
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Names of Allottees |
No. of Shares |
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Parag Gupta |
14000 |
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Seema Gupta |
55100 |
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Nishant Gupta |
15000 |
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Vinod Agarwal |
52500 |
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Kalpana Agarwal |
12500 |
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Total |
149100 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Sealing Wads and Plastic Containers. |
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Products : |
·
Induction Sealing Wads ·
One Piece Sealing Wads ·
7 and 8 Layer Wads ·
E.P.E Liners ·
Blister Foil Seal ·
Aluminum Foil Seal ·
Paper Foil Seal ·
Shrink Fill Pouches ·
Shrink Filles |
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Terms : |
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Selling : |
Credit (60 days to 75 days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
·
Manufacturer ·
Pidilite Industries Limited ·
Wringley India Private Limited ·
Novartis India Limited ·
Parle Products Private Limited ·
Adani Wilmer Limited ·
Camlin Limited ·
Gujarat Co-operative Milk Marketing Federation Limited ·
Dharam Pal Satya Pal Limited ·
IBP Company Limited ·
Fun Foods Private Limited |
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No. of Employees : |
100 (In Office 25 and In Factory 75) |
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Bankers : |
State Bank of India RASMECCC, Bulandshahr Road, Industrial Area, Ghaziabad 201 001,
Uttar Pradesh, India |
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Facilities : |
CC Rs.4.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Pramod Manoj and Company Chartered Accountants Address : 2nd
Floor, 37, Navyug Market, Ghaziabad 201 001, Uttar Pradesh, India ·
N Jain Maheshwari and Associates Chartered Accountants Address :
KL-116, Kavi Nagar, Ghaziabad 201 002, Uttar Pradesh, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.000 |
0.509 |
0.509 |
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2] Share Application Money |
1.000 |
0.850 |
0.250 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.007) |
(0.328) |
(0.414) |
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NETWORTH |
2.993 |
1.031 |
0.345 |
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LOAN FUNDS |
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1] Secured Loans |
5.153 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.525 |
0.576 |
0.499 |
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TOTAL BORROWING |
6.678 |
0.576 |
0.499 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.015 |
0.000 |
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TOTAL |
9.671 |
1.622 |
0.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.493 |
0.589 |
0.529 |
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Capital work-in-progress |
0.880 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.024 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.574
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1.618 |
1.180 |
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Sundry Debtors |
5.486
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2.850 |
0.550 |
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Cash & Bank Balances |
0.054
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0.136 |
0.048 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.207
|
0.079 |
0.097 |
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Total
Current Assets |
9.321
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4.683 |
1.875 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.052
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3.654 |
1.488 |
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Provisions |
0.014
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0.000 |
0.078 |
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Total
Current Liabilities |
4.066
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3.654 |
1.566 |
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Net Current Assets |
5.255
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1.029 |
0.309 |
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MISCELLANEOUS EXPENSES |
0.019 |
0.004 |
0.006 |
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TOTAL |
9.671 |
1.622 |
0.844 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
21.413 |
9.229 |
2.956 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
21.413 |
9.229 |
2.956 |
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Profit/(Loss) Before Tax |
0.326 |
0.109 |
0.009 |
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Provision for Taxation |
0.007 |
0.023 |
0.001 |
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Profit/(Loss) After Tax |
0.319 |
0.086 |
0.008 |
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Expenditures : |
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Raw Material Consumed |
17.132 |
7.467 |
2.920 |
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Consumption of stores and spares parts |
0.054 |
0.007 |
0.002 |
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Increase/(Decrease) in Finished Goods |
(0.018) |
(0.144) |
(0.755) |
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Salaries, Wages, Bonus, etc. |
0.949 |
0.253 |
0.063 |
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Managerial Remuneration |
0.588 |
0.240 |
0.048 |
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Payment to Auditors |
0.010 |
0.009 |
0.006 |
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Interest |
0.191 |
0.030 |
0.056 |
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Insurance Expenses |
0.004 |
0.000 |
0.000 |
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Power & Fuel |
0.319 |
0.206 |
0.177 |
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Depreciation & Amortization |
0.299 |
0.096 |
0.092 |
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Other Expenditure |
1.559 |
0.956 |
0.338 |
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Total Expenditure |
21.087 |
9.120 |
2.947 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.49
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0.93 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.52
|
0.01 |
0.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.54
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2.07 |
0.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.11 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.59
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4.10 |
5.99 |
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Current Ratio (Current Asset/Current Liability) |
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2.29
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1.28 |
1.20 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Amco Industries Limited Noida
·
P G Foils Limited Biwadi (Rajasthan)
Form No. 8
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Corporate
identity number of the company |
U25201UP1993PLC015242 |
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Name of the
company |
PREMIUM POLYMERS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No. 11, R-12/39, Raj Nagar, Ghaziabad 201 001, Uttar Pradesh,
India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
State Bank of India RASMECCC, Bulandshahr Road, Industrial Area, Ghaziabad 201 001,
Uttar Pradesh, India |
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Nature of
instrument creating charge |
·
Agreement of
Loan cum Hypothecation (SME-2) ·
Letter of
Arrangement (SME-1) |
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Date of
instrument Creating the charge |
28.02.2007 |
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Amount secured by
the charge |
Rs.4.800 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest Working Capital : Interest to be charged @ 0.75% above State Bank
Advance Rate (SBAR=12.25% w.e.f. 20.02.2007) with a minimum of 13% p.a. with
monthly rests or at such other rate or rates as may be notified by the Bank
to the Borrower from time to time. Term Loan : Interest to be charged @ 0.75% above State Bank Advance
Rate (SBAR=12.25% w.e.f. 20.02.07) with a minimum of 13% p.a. with monthly
rests or at such other rate or rates as may be notified by the Bank to the
Borrower from time to time ·
Terms of
repayment Term Loan of Rs.0.800 million shall be repayable in 60 monthly
instalments. First 59 equal monthly instalment will be of Rs.0.013 million +
Interest each and the Last instalment will be of Rs.0.009 million + Interest. ·
Margin Margin on raw materials: Indigenous; Semi-Finished Goods; Finished
Goods; Components / Consumables/Spares 25%; Domestic Receivables (Cover
period 60 days) 40% and Term Loan 36% ·
Extent and
operation of the charge The companys properties mentioned hereunder are hypothecated to
secure the following credit facilities granted by Bank to the Company Cash Credit (Hypothecation) Rs.4.000 millions and Term Loan
Rs.0.800 millions (Total Limits Rs.4.800 millions) |
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Particulars of
the property charged |
·
Hypothecation
of all present and future stocks and receivables, raw material, goods, book
debts and vehicles and all other movable assets of borrower including
documents of title to goods, o/s monies, bills, invoices, documents,
contracts, insurance policies, guarantees, engagements, securities,
investments and rights and the present and future machinery belonging to or
in possession or control of the Borrower wherever lying, stored and kept
whether in India or elsewhere or in shipment, transit or deliver ·
First charge
over FA |
Web Details
Subject are manufacturers, exporters and suppliers of
premium quality Induction Sealing Wads and other allied products catering to the
varied needs of clients across the globe. They have been associated with the
packaging industry for last 2 decades the range of products they offer include
Induction Sealing Wads, One Piece / Single Piece Induction Sealing Wads, Two
Piece Induction Sealing Wads, 7, 8 and 9 Layers Wads, E.P.E Liners, Blister
Foil, Aluminium Foil Seal, Paper Foil Seal, Pressure Seal, Shrink film, Shrink
Lables.
It is the result of the absolute commitment towards stringent quality checks
and precise delivery schedules that they have gained best ratings amongst all
the competitors in the market. Subject was started by Mr. Parag Gupta and Mr. Vinod Aggrawal, Directors of the
Company whose enormous experience in packaging products has helped them gain a
reputation and credibility in market.
Associations
They have
developed a wide range of wads and are proud to be associated with
manufacturers dealing with:
Medicine and Pharmaceutical industry
Adhesive industries
Chemicals
Lubricants
Dairy products
Agro Chemicals
Cosmetics
Food products
Petroleum products
Infrastructure
They have state-of-the-art infrastructure that helps them in providing superior
quality induction sealing wads to a large number of clients in global markets.
The in house manufacturing unit is equipped with production machines including:
Wax coating machine
Lamination machine
Printing machine
Paper slitting machine
Paper sheeter machine
Fully automatic power press
Adhesive pasting machine
Paper cutter
Punching machine and many more
Advantages of Products
Some of the advantages of sealing wads they
manufacture include:
·
Tamper Proof: It is not possible for the consumer to manipulate
the contents of the product with the seal.
·
Product Freshness : The taste and aroma of the products remain intact
due to the hermetic seal.
·
Protection against Leakage, Oxidation and Contamination: There is no
spillage or loss of contents of the product. The seal provides an effective
protection to pharmaceuticals and chemicals where contamination can affect the
sterility and performance of the product.
·
Sales Promotion: The foil inside the product can be used for
advertising or promotional purpose.
·
Maximum Filling Speeds : Sealing takes place without any direct contact,
which makes the process speedy and allows full potential of the filling plant
to be utilized.
·
Minimum Efforts: The wad is put on the cap by
the manufacturer thus the filling line requires only the induction cap sealing
equipment to be installed.
·
Indirect Heating: The induction heating allows
heat sensitive products such as creams, petroleum products, pesticides etc to
be sealed faster and safely than the normal conductive heat sealing, which
would normally spoil or catch fire.
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 Intl
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 companys 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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
This score serves as a reference to assess SCs 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 |
|