MIRA
INFORM REPORT
|
Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SANGEETA POLY PACK PRIVATE LIMITED |
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Registered Office : |
2 Prem Industrial Estate, Subhash Road,,Jogeshwari East,Mumbai –400060
Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.10.1997 |
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Com. Reg. No.: |
111394 |
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CIN No.: [Company
Identification No.] |
U25200MH1997PTC111394 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS24765G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Tubing Rolls and Bags, Plastic Sutli, and
Polyfab (L.D.Foam). |
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 164455 |
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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.Payments are reported as slow but correct . The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2 Prem Industrial Estate, Subhash Road,,Jogeshwari East,Mumbai –400060
Maharashtra,India |
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Tel. No.: |
91-22-28217338 /28340062 |
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Fax No.: |
91-22-28364305 |
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E-Mail : |
sales@ppsheets.com |
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Head Office : |
106,Golden Chambers,Andheri Link Road,Andheri (west),Mumbai – 400060,
Maharashtra,India. |
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Tel. No.: |
91-22-56939491 |
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Fax No.: |
91-22-56939490 |
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Web: |
www.sangeetabags.com |
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Branches : |
669/6D,Sangeeta Industrial Estate Building,Ground Floor,Somnath Road, Daman-396 210,India |
DIRECTORS
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Name : |
Mr.Amardeep Singh Arora |
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Designation : |
Additional Director |
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Address : |
902,Embassy Tower,Versova Road,Andheri (West),Mumbai – 400 061, Maharashtra, India. |
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Date of Birth : |
01.10.1973 |
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Date of Appointment : |
01.11.2006 |
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Name : |
Mr.Harpal Agya Singh |
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Designation : |
Director |
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Address : |
901, Embassy Tower,Versova Road,Andheri (West),Mumbai – 400 061, Maharashtra,India |
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Date of Birth: |
15.09.1944 |
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Date of Appointment : |
20.10.1997 |
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Name : |
Mrs.Sangeeta Harpal Singh |
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Designation : |
Director |
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Address : |
902,Embassy Tower,Versova Road,Andheri (West),Mumbai – 400 061, Maharashtra, India. |
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Date of Birth: |
15.04.1947 |
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Date of Appointment : |
20.10.1997 |
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Name : |
Mr.Ramanjit Harpal Singh |
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Designation : |
Director |
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Address : |
902,Embassy Tower,Versova Road,Andheri (West),Mumbai – 400 061, Maharashtra, India. |
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Date of Birth: |
01.03.1975 |
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Date of Appointment : |
20.10.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 20.05.2008
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Names of Shareholders |
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No. of Shares |
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Mr.Harpal Agya Singh |
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84000 |
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Mr.Ramajit Harpal Singh |
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43200 |
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Mrs.Sangeeta Harpal Singh |
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52800 |
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Mr.Gursimran Harpal Kaur |
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12000 |
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Total |
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192000 |
AS ON 20.05.2008
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Names of Allottee |
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No. of Shares |
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Mr.Amardeep Singh |
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48000 |
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Total |
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48000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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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 Plastic Tubing Rolls and Bags, Plastic Sutli, and
Polyfab (L.D.Foam). |
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Products : |
v Plastic Sutli v Pick-up Bags v Poly Bags v Co-extruded Rolls and Printed bags are made of LD foam, HM, PP. |
GENERAL
INFORMATION
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Bankers : |
Dena Bank Plot No.5 and 6
Manish Tower 4 Bunglow,Andheri (west),Mumbai- 400053, Maharashtra,India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N.B.Jhunjhunwala and Company Chartered Accountants. |
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Address : |
S.V.Road,Goregaon West,Mumbai – 400062,Maharashtra,India. |
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Group : |
v Sangeeta
Industries v Raman
Plastomers v Sangeeta
Polyproducts v Sangeeta
Print N Pack v
Sangeeta Polypack Private Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/- Each |
Rs.1.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/- Each |
Rs.1.500
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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.391 |
21.720 |
15.807 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.891 |
23.220 |
17.307 |
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LOAN FUNDS |
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1] Secured Loans |
24.300 |
24.915 |
17.436 |
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2] Unsecured Loans |
6.355 |
5.450 |
5.766 |
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TOTAL BORROWING |
30.655 |
30.365 |
23.202 |
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DEFERRED TAX LIABILITIES |
1.456 |
1.840 |
1.705 |
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TOTAL |
65.002 |
55.425 |
42.214 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.889 |
27.400 |
21.772 |
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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 |
13.784
|
8.644 |
6.948 |
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Sundry Debtors |
24.291
|
19.481 |
13.284 |
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Cash & Bank Balances |
1.166
|
0.837 |
0.530 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.964
|
5.715 |
3.824 |
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Total
Current Assets |
46.205
|
34.677 |
24.586 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.084
|
2.468 |
2.904 |
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Provisions |
4.009
|
4.190 |
1.250 |
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Total
Current Liabilities |
6.093
|
6.658 |
4.154 |
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Net Current Assets |
40.112
|
28.019 |
20.432 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.006 |
0.010 |
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TOTAL |
65.002 |
55.425 |
42.214 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
168.789 |
131.225 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
168.789 |
131.225 |
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Profit/(Loss) Before Tax |
|
15.001 |
10.257 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
15.001 |
10.257 |
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Expenditures : |
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Interest |
|
2.984 |
2.763 |
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Depreciation & Amortization |
|
3.764 |
3.335 |
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Other expenditure |
|
147.041 |
114.870 |
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Total Expenditure |
|
153.789 |
120.968 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.88
|
7.81 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
8.88
|
7.81 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.00
|
16.52 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.44 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.11
|
1.59 |
1.58 |
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Current Ratio (Current Asset/Current Liability) |
|
7.58
|
5.20 |
5.91 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SANGEETA POLY PACK PRIVATE LIMITED |
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Presented
By |
Dena Bank, Manish Nagar |
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1) Date and description of instrument creating the change |
Term loan agreement
of Hypothecation of movable dated 31.10.1998 made between SANGEETA POLY
PACK PRIVATE LIMITED (hereinafter called”The Borrower) of the one part and
“Dena Bank” hereinafter called “The Bank”) of the part. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.568 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 |
All the tangible
movable properties and assets of the borrower including plant
,machinery,tools and, accessories,stores and spares,relating to the plant and
machinery and furniture,articles and things both present and future now being
or at any time hereinafter brought into or in course of transit to
premises/factory of borrower (hereinafter “The Hypothecated Assets) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecated by
the Borrower in favour of the Bank of the Hypothecated premises described in
the column No.3 above as security for repayment in 16(sixteen quarterly
instalments as stated in the agreement of the said term loan of Rs.1.568
millions with interest,costs charges and expenses thereon. Interest at 8.60%
over the Bank rate,the present rate being 17.60% per annum or at the rates
may be fixed by the bank payable quarterly,on the said term loan and at
margin as stated in the above referred agreement. Power of entry,
power to inspect,to take possession of,to appoint receivers of and power to
seal the hypothecated premises in favour of Bank in certain contingencies
stated in the above referred agreement of Hypothecation. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, ”Shiv Vasanti”
16,Jogeshwari Co- operative Hsg.Society Limited,HF Society Road, Jogeshwari
(east),Mumbai – 400060, Maharashtra, India. |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation (Goods,Book debts and other movable Assets to secure multiple
facilities) dated 31.08.2005 |
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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. |
I.
Original charges
dated 31.10.1998 for Rs.1.568 Millions
II.
First
modification of charges dated 20.05.2002 raising the charges to Rs.15.300
Millions registered on 25.11.2002 sr no.27
III.
Second modification of charges dated 26.03.2004
raising the charges to Rs.20.100 Millions registered on 20.04.2004 sr.no.36
IV.
The present
modification of charges dated 21.08.2005 raising the charges to Rs.32.563
Millions is to secure
Interest 10% on
cash Credit Interest 10% on
term loan Margin 25%
against stocks Margin 50%
against book debts Margin 25%
against term loan Margin 25% against
bank guarantee By way of
hypothecation of stocks of raw materials,such as plastics and tubing rolls
etc. Stocks in process and finished goods such as plastic Bags from PP
etc.Consumable stores,packing materials etc. both present and future,now being
greater during the continuance of 3rd agreement brought into or
upon or now hereinafter in course of transit to any godowns,jathas or place
whatsoever and where soever in the possession or occupation of the Borrower, (hereinafter
referred to as the “said goods” By way of
hypothecation of movable and other assets.All the tangible,movable properties
and assets of the borrower of whatsoever nature including plant,Machinery,
,tools and, accessories,stores and spares,relating to the plant and machinery
and furniture,articles ,office equipments,computers and things to the
borrower and lying and being at their premises/factories at sr.no.669/6D
Sangeeta industrial Estate.Somnath Road,Dabhel Daman.396210 being movable
properties and capable of passing by delivery,both present and future,whether
installed or not and whether or lying loose or in case and now being or at
any time hereinafter during the continuance of this agreement to the premises
/ factories of the borrower ar sr.no.669/6D, 6D Sangeeta industrial Estate.Somnath
Road,Dabhel Daman.396210 either by way of the borrower (hereinafter referred
to as the “Said Assets”) Book Debts :All
the present future book debts,outstanding,moneys,receivables,claims
bills,rights to or in movable properties and movable assets and which are now
due,owing or payable or belonging to the borrower or which may at any time
hereafter belonging to the borrower or which may at any time hereafter during
the continuance of this security become due,owing payable or belonging to the
borrower in the course of its business by any person,firm,company or body
corporate or by the Government Central State or Indian Railways,any
Government Departments or office or any Municipal or local or public or semi
Government body or authority or any body corporate or undertaking or project
whatever in public sector hereinafter referred to as the said debts”). (hereinafter the
said goods, the said debts and the said assets are collectively referred to
as the Hypothecated premises) for payment and discharge by the Borrower to
the Bank on demand the said credit facilities and all other moneys at any
time payable by the Borrower to the Bank under or in respect of all or some
or any of the aforesaid facilities granted or to be granted to the borrower. The new address
of the bank is Dena Bank ,Plot No.5 and 6,Manish Nagar,Four Bungalows,J.P. Road, Andheri (West),Mumbai -400 053. Dated :24.09.2005 |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90142246 |
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Corporate
identity number of the company |
U25200MH1997PTC111394 |
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Name of the
company |
SANGEETA POLY PACK PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2 Prem Industrial Estate, Subhash Road, Jogeshwari East,Mumbai –400060 Maharashtra, India. |
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Type of charge |
Movable Property |
|
Particular of
charge holder |
Dena Bank New Add:Plot No.5
and 6 Manish Tower 4 Bunglow,Andheri (west),Mumbai- 400053, Maharashtra,India. Email:manish@denabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation (Goods,Book Debts and other Movable Assets to secure multiple
facilities) Dated: 16.01.2007 |
|
Date of
instrument Creating the charge |
16.01.2007 |
|
Amount secured by
the charge |
Rs.29.836
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be decided
by bank from time to time Terms of
repayment As may be decided
by bank Margin As may be decided
by bank Extent and
operation of the charge To secure the due
repayment of various facilities aggregating to Rs.29.836 millions granted by
the bank to the company. |
|
Short particulars
of the property charged |
All the borrowers
stocks of raw materials, tangible movable properties, present and future,
book debts. Detailed
description as per annexure A attached. |
|
Date of latest modification
prior to the present modification |
26.03.2004 |
|
Particulars of
the present modification |
By this
Modification charge has been reduced from Rs.32.563 millions to Rs.293836
millions securing various facilities granted by bank. |
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.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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 |
|