MIRA
INFORM REPORT
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Report Date : |
29.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
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Registered Office : |
204, Siddharth Complex, R C Dutt Road 5, Baroda – 390 007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.02.1988 |
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Com. Reg. No.: |
04-10350 |
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CIN No.: [Company
Identification No.] |
U74999GJ1988PTC010350 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDG00568B |
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PAN No.: [Permanent
Account No.] |
AAACG8439N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Sale of
Industrial Coatings |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 520000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Directors are reported as experienced, respectable, resourceful
businessmen. Their track relations are fair. Financial position is good. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
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Registered Office : |
204, Siddharth Complex, R C Dutt Road 5, Baroda – 390 007, Gujarat,
India |
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Tel. No.: |
91-265-2322884 / 2320682 / 23064200 / 2336174 |
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Fax No.: |
91-265-2323549 / 2337022 |
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E-Mail : |
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Website : |
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Factory : |
Padra Jaspur Road, Padra – 391 440, District Baroda, Gujarat, India |
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Tel. No.: |
91-2662-222462/222935/221345/221346 |
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Fax No.: |
91-2662-223462 |
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Branch Office 1 : |
E-2/12, 1st Floor, Malviya Nagar, New Delhi – 110 017,
India |
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Tel. No.: |
91-11-6599116 |
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Branch Office 2 : |
10, 2nd Floor, Cison Complex, 150, Montieth Road, Egmore,
Chennai – 600 008, Tamilnadu, India |
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Tel. No.: |
91-44-855 881 |
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Fax No.: |
91-44-854 7898 |
DIRECTORS
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Name : |
Mr. Maulik C Mehta |
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Designation : |
Director |
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Address : |
604-A, Indraprasta, Race Course Circle, Baroda – 390 007, Gujarat,
India |
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Date of Birth/Age : |
04.07.1965 |
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Date of Appointment : |
14.10.2003 |
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Name : |
Mr. Bharat P Chokshi |
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Designation : |
Director |
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Address : |
22, Shanti Nagar, Behind Dinesh
Mill, Baroda - 390 005, Gujarat,
India |
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Date of Birth/Age : |
08.08.1958 |
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Qualification : |
B.Sc. (Chem.) |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Anita B Chokshi |
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Designation : |
Director |
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Address : |
22, Shanti Nagar, Behind
Dinesh Mill, Baroda - 390 005, Gujarat,
India |
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Date of Birth/Age : |
20.11.1961 |
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Qualification : |
B. Pharm. |
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Date of Appointment : |
10.02.1988 |
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Name : |
Mr. Bipin Ambalal Shah |
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Designation : |
Director |
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Address : |
2/B, Gurukrupa Society,
Near Jakat Naka, Padra, Baroda, Gujarat, India |
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Date of Birth/Age : |
17.02.1959 |
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Date of Appointment : |
11.04.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Aditi B Chokshi |
10500 |
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Amishi B Chokshi |
10500 |
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Ankur B Chokshi |
21000 |
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Pravin P Chokshi |
1008000 |
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Total |
1050000 |
List of Allottees
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Names of Allottees |
No. of Shares |
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Aditi B Chokshi |
47250 |
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Amishi B Chokshi |
47250 |
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Ankur B Chokshi |
94500 |
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Pravin P Chokshi |
4536000 |
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Total |
4725000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2005)
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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 : |
Manufacturing and Sale of
Industrial Coatings |
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Products : |
·
Polyurethane ·
Epoxy ·
Zinc Rich Primer ·
Plastic Coating ·
Acid Resistant Coating ·
Heat Resistant Coating ·
Rust Coat Series ·
Miscellaneous |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
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Industrial Paints |
Ltrs. |
1200000 |
GENERAL
INFORMATION
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Suppliers : |
·
Hindustan Ciba Geigy
Limited ·
Appuraj Chemicals Private
Limited ·
Synpol Products Private
Limited ·
Anupam Colours and
Chemicals ·
Atul Industries ·
Universal Containers
Private Limited ·
Bayer AG, Germany |
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Customers : |
·
Mafatlal Zinsor
Engineering Company Limited ·
Avery India Limited ·
Padmatex Engineering
Company Limited ·
Standard Radiators
Limited |
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No. of Employees : |
Around 300 |
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Bankers : |
·
Bank of Baroda Sayajigunj, Baroda – 390 005, Gujarat,
India ·
Bank of India University Branch, Fatehgunj, Baroda
- 390 002, Gujarat, India ·
Indian Overseas Bank Mumbai, Maharashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Yogesh Bhandari Chartered Accountants |
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Address : |
38/101, Gautam Nagar, Race Course, Baroda – 390 007, Gujarat, India |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5775000 |
Equity Shares |
Rs.10/- each |
Rs.57.750
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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57.750 |
10.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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45.684 |
86.078 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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103.434 |
96.578 |
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LOAN FUNDS |
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1] Secured Loans |
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8.623 |
1.304 |
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2] Unsecured Loans |
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37.000 |
27.000 |
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TOTAL BORROWING |
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45.623 |
28.304 |
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DEFERRED TAX LIABILITIES |
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2.389 |
0.000 |
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TOTAL |
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151.446 |
124.882 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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46.900 |
31.332 |
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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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0.008 |
0.002 |
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DEFERREX TAX ASSETS |
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0.000 |
0.238 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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30.272 |
23.088 |
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Sundry Debtors |
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141.578 |
108.838 |
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Cash & Bank Balances |
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8.986 |
8.704 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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12.914 |
18.299 |
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Total
Current Assets |
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193.750 |
158.929 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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84.873 |
61.877 |
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Provisions |
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4.339 |
3.742 |
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Total
Current Liabilities |
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89.212 |
65.619 |
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Net Current Assets |
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104.538 |
93.310 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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151.446 |
124.882 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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1.30 |
0.97 |
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Current Ratio (Current Asset/Current Liability) |
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2.17 |
2.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U74999GJ1988PTC010350 |
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Name of the
company |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
204, Siddharth Complex, R C Dutt Road 5, Baroda – 390 007, Gujarat,
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 |
Bank of Baroda Sayajigunj, Baroda – 390 005, Gujarat, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement of Stock and Book Debts |
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Date of
instrument Creating the charge |
01.09.2007 |
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Amount secured by
the charge |
Rs.32.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 1% below BPLR Terms of
repayment Security for
repayment of all monies including Principla Sum, Interest Tax etc. Margin Cash Credit 30% Extent and
operation of the charge
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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59 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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