MIRA
INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
POONAM DRUMS AND CONTAINERS PRIVATE LIMITED |
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Registered Office : |
23, Chhota Sonaopur, M. S. Ali Road, Mumbai – 400008, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.10.1983 |
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Com. Reg. No.: |
11-31112 |
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CIN No.: [Company
Identification No.] |
U28100MH1983PTC031112 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP11544B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Drums and Containers used for Paint Industries and
Pesticides. |
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 380000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. The company is doing
well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Manjunath |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9820378419 |
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Date : |
18.09.2008 |
LOCATIONS
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Registered Office : |
23, Chhota Sonaopur, M. S. Ali Road, Mumbai – 400008, Maharashtra,
India |
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Mobile No.: |
91-9820378419/ 9322516683/ 9821154846 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
Off Khopoli Road, (Old) Laxmi Nagar, Khalapur, Raigad – 410208,
Maharashtra, India |
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Tel. No.: |
91-2192-267768/ 69/ 70/ 325704 |
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Fax No.: |
91-2192-267698 |
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Corporate Office 2: |
A-10, Kanara Business Centre, Behind Everest Garden Building,
Ghatkopar (East), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-25003268 |
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Fax No.: |
91-22-25003275 |
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Mobile : |
91-9820378419 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1: |
Honad Village, Takai Adoshi Road, Taluka, Khalapur, District Raigat,
Khopoli – 410203, India |
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Tel No.: |
91-2192-267768/ 69/ 79/ 70/ 325704 |
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Fax No.: |
91-2192-267698 |
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Location : |
Owned |
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Factory 2: |
E/50, Industrial Focal Point, Dera Barn, District SAS Nagar. Mohali |
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Tel No.: |
91-1762-283084/ 283389 |
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Fax No.: |
91-1762-283810 |
DIRECTORS
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Name : |
Mr. Saidullah S. Chaudhary |
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Designation : |
Chairman and Managing Director |
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Address : |
H-72, Mahindra Park, L. B. S. Marg, Ghartkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
01.12.1953 |
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Qualifications : |
SSC |
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Date of Appointment : |
17.01.1994 |
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Name : |
Mr. Rashid Chaudhary |
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Designation : |
Director |
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Address : |
H-72, Mahindra Park, L. B. S. Marg, Ghartkopar (West), Mumbai –
400086, Maharashtra, India |
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Date of Birth/Age : |
04.05.1974 |
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Qualifications : |
Graduate |
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Date of Appointment : |
05.13.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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M. K. Chaudhary |
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1000 |
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Abdullah Chaudhary |
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1600 |
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Abdul Qadir S. Chaudhary |
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1800 |
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Afshana R. Chaudhary |
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4800 |
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Ambrina B. Chaudhary |
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1000 |
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Amina S. Chaudhary |
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42250 |
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Harim M.K. Chaudhary |
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1000 |
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Janntuunisa Chaudhary |
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2600 |
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Khadija R. Chaudhary |
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2000 |
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Mohd Khalid Chaudhary |
|
900 |
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Rashid Chaudhary |
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37150 |
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Sadia M. K. Chaudhary |
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1000 |
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Saidulla S. Chaudhary |
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8500 |
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Sara R. Chaudhary |
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2000 |
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Sitara M. K. Chaudhary |
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1000 |
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Ubaidullah S. Chaudhary |
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40250 |
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Uzair M.K. Chaudhary |
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1000 |
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Time Steel Corporation |
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50 |
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S R Steel |
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50 |
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Kalpnik |
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50 |
(As on 31.03.2007)
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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 of Drums and Containers used for Paint Industries and
Pesticides. |
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Products : |
Ř
Tin Containers Ř
Paint Drums Ř
Adhesive Drums Ř
Pesticide Drums Ř
Chemical Drums Ř
Galvanized Drums Ř
Open Top Drums Ř
Lacquered Drums Ř
Drums and Containers: G.I. Drums and Containers, M.S.
Drums and Containers, Steel Drums and Containers, Metal Drums and Containers,
C.R.C.A. Drums and Containers. |
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Terms : |
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Selling : |
Cash (30 days) |
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Purchasing : |
Cash (60-90 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers Retailers
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No. of Employees : |
110 (Office – 10 and Factory – 100) |
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Bankers : |
D N Road Branch, Sadhana Rayon, Fort, Mumbai - 400001, Maharashtra,
India
Colaba Branch, Malabar Mansion Volaba Branch, Colaba, Mumbai – 400039,
Maharashtra, India |
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Facilities : |
Overdraft Rs.60.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manesh Mehta and Company Chartered Accountant |
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Address : |
Navrang Building, 3rd, Floor, 330 Narsinatha Street, Masjid
Bunder, Mumbai – 400009, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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425000 |
Equity Shares |
Rs.100/- each |
Rs.42.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity Shares |
Rs.100/-
each |
Rs.24.000
Millions |
|
10000 |
Preference Shares |
Rs.100/ each |
Rs.1.000
Millions |
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Total |
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Rs.25.000
Millions |
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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25.000 |
10.000 |
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2] Share Application Money |
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6.354 |
3.820 |
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3] Reserves & Surplus |
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44.441 |
35.604 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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75.795 |
49.424 |
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LOAN FUNDS |
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1] Secured Loans |
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51.674 |
40.151 |
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2] Unsecured Loans |
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7.034 |
7.034 |
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TOTAL BORROWING |
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58.708 |
47.185 |
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DEFERRED TAX LIABILITIES |
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2.700 |
2.651 |
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TOTAL |
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137.203 |
99.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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51.172 |
49.847 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.728 |
0.605 |
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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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65.813
|
37.392 |
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Sundry Debtors |
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63.591
|
71.095 |
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Cash & Bank Balances |
|
2.536
|
2.430 |
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Other Current Assets |
|
0.697
|
0.389 |
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Loans & Advances |
|
2.323
|
1.671 |
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Total
Current Assets |
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134.960
|
112.977 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47.061
|
63.571 |
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Provisions |
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2.624
|
0.633 |
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Total
Current Liabilities |
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49.685
|
64.204 |
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Net Current Assets |
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85.275
|
48.773 |
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MISCELLANEOUS EXPENSES |
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0.028 |
0.035 |
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TOTAL |
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137.203 |
99.260 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
309.542 |
276.581 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
309.542 |
276.581 |
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Profit/(Loss) Before Tax |
|
5.319 |
1.606 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
5.319 |
1.606 |
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Expenditures : |
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Depreciation & Amortization |
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1.572 |
1.390 |
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Other Expenditure |
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302.651 |
273.585 |
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Total Expenditure |
|
304.223 |
274.975 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
1.72
|
0.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.72
|
0.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.86
|
0.99 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.07
|
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.43
|
2.25 |
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Current Ratio (Current Asset/Current Liability) |
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2.72
|
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
Ř Asian Paints
Ř Pidilite
Ř BSF India Private Limited
Form: 8
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Corporate
identity number of the company |
U28100MH1983PTC031112 |
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Name of the
company |
POONAM DRUMS AND CONTAINERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
23, Chhota Sonaopur, M. S. Ali Road, Mumbai – 400008, Maharashtra,
India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
D N Road Branch, Sadhana Rayon, Fort, Mumbai - 400001, Maharashtra,
India |
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
20.02.2008 |
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Amount secured by
the charge |
Rs.87.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests: 0.0% over
BPLR Presently 13.25% p.a. with monthly rests Terms of
Repayment: Term Loan – I
Rs.9.000 Millions 60EMI of Rs.0.202 Millions to Commence 9 months after first
Disbursement Term Loan – II
Rs.13.500 Millions 60EMI of Rs.0.304 Millions Margin: 25% On Stock 40% On Book Debts 29.13% On Term
Loan – I 10% on Letter of
Credit Extent and
Operation of the charge: Bank of India B/O
D. N. Road, Fort First Charge Holder |
|
Particulars of
the property charged |
All Tangible movable
machineries and plant, tangible movable properties and assets and book debts
both present and future. |
|
Particulars of
the present modification |
Charge Increased
from Rs.50.000 Millions to Rs.87.500 Millions |
Website Details:
Subject is
one of such esteemed companies, offering a wide range of superlative quality
products at affordable prices. They are an eminent manufacturer, exporter and supplier of world class products like Tin
Containers, Paint Drums, Adhesive Drums, Pesticide Drums, Lacquered Drums, G.I.
Drums and Containers, M.S. Drums and Containers, etc., in almost every size, ranging from 5
ltrs. to 165 ltrs. They offer an extensive choice to their customers in
selecting linings, configurations (tight-head, open-head, etc.), as per their
specific requirements. Besides that, they also supply specialty application
drums for products requiring a high degree of cleanliness for covering the
transported materials encompassing the chemical, paint and coating, food,
pharmaceutical, hazardous waste and petrochemical industries.
The outcome of extremely careful measures incorporated in their operating
strategy is the flawless products with high durability and productivity. Their strong
partnership cum relationship with their customers motivates to produce
innovative and advanced products. Subject has been truly fortunate to be led by
their CMD, Shri Sayeed Ullah Chaudhary, since the year 1983. Leaping ahead with
time, they have taken gradual leaps and strides in the direction of progressive
success. Their company is well positioned to serve the local and national
customers where they do business by its two operating end manufacturing
locations in India.
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.46.71 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|