MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
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Name : |
BONY POLYMERS PRIVATE LIMITED |
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Registered
Office : |
Plot No.77, Sector-6, Faridabad-121 006, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 (Summerised Figure) |
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Date of
Incorporation : |
11.07.1995 |
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Com. Reg. No.: |
55-32763 |
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CIN No.: [Company Identification
No.] |
U25110HR1995PTC032763 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
RTKB01868G |
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PAN No.: [Permanent Account No.] |
AABCB1594N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Hoses
Hose Assembly, Gasket Manufacturers and Shock Absorbers Shockers. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2200000 |
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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. There appears
huge dip in the profitability of the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Plot No.77, Sector-6, Faridabad-121 006, |
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Tel. No.: |
91-129-2211701 |
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Fax No.: |
91-129-2249326 |
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E-Mail : |
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Corporate Office: |
Plot No.37, Sector-6, |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Raj Kumar Bhatia |
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Designation : |
Managing Director |
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Address : |
843, Sector -15, Faridabad-121 006, |
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Date of Birth/Age : |
15.03.1952 |
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Date of Appointment : |
11.07.1995 |
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Name : |
Ms. Kavita Bhatia |
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Designation : |
Director |
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Address : |
843, Sector -15, Faridabad-121 006, |
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Date of Birth/Age : |
18.01.1954 |
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Date of Appointment : |
11.07.1995 |
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Name : |
Mr. Saket Bhatia |
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Designation : |
Whole Time Director |
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Address : |
843, Sector -15, Faridabad-121 006, |
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Date of Birth/Age : |
16.08.1981 |
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Date of Appointment : |
01.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
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Raj Kumar Bhatia |
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12154500 |
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Saket Bhatia |
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4509900 |
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Kavita Bhatia |
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6480900 |
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Raj Kumar Bhatia |
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10604700 |
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Saket Fabs (Private) Limited, |
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2250000 |
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Total |
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36000000 |
As on 30.09.2009
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Category |
Percentage |
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Bodies corporate |
6.25 |
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Directors or relatives of Directors |
93.75 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Hoses Hose Assembly, Gasket Manufacturers and Shock Absorbers Shockers. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Andhra Bank, SCF 126-127, Sector-17 Market, Faridabad-121 002, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rakesh Raj and Associates Chartered Accountants |
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Address : |
565, Sector-7B, Faridabad-121 006, |
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Subsidiaries : |
Bony International SA |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- Each |
Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36000000 |
Equity Shares |
Rs.10/- Each |
Rs.360.000
millions |
Note:
Out of above 29997700 equity shares are allotted
as fully paid up Bonus Shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMERISED RESULT
|
Particulars |
31.03.2010 |
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Share Capital |
360.000 |
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Share Application Money |
125.504 |
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Reserves & Surplus |
82.909 |
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Secured Loans |
273.540 |
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Deferred Tax Liabilities |
14.181 |
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Fixed Assets |
647.713 |
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Net Current Assets |
199.728 |
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Turnover |
1278.972 |
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Before Tax |
11.882 |
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After Tax |
8.661 |
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Total Expenditure |
1232.692 |
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
360.000 |
360.000 |
80.000 |
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2] Share Application Money |
125.504 |
125.504 |
2.954 |
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3] Reserves & Surplus |
74.249 |
70.587 |
77.991 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
559.753 |
556.091 |
160.945 |
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LOAN FUNDS |
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1] Secured Loans |
228.984 |
122.878 |
103.955 |
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2] Unsecured Loans |
0.000 |
0.000 |
12.460 |
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TOTAL BORROWING |
228.984 |
122.878 |
116.415 |
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DEFERRED TAX LIABILITIES |
13.716 |
12.341 |
12.873 |
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TOTAL |
802.453 |
691.310 |
290.233 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
537.421 |
494.406 |
231.647 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.712 |
4.712 |
1.189 |
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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 |
53.552
|
64.912 |
47.125 |
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Sundry Debtors |
271.035
|
198.580 |
183.773 |
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Cash & Bank Balances |
23.232
|
16.922 |
12.440 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
194.620
|
119.286 |
49.265 |
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Total
Current Assets |
542.439
|
399.700 |
292.603 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
235.800
|
168.430 |
126.160 |
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Other Current Liabilities |
42.819
|
31.203 |
101.634 |
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Provisions |
3.500
|
7.875 |
7.410 |
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Total
Current Liabilities |
282.119
|
207.508 |
235.204 |
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Net Current Assets |
260.320
|
192.192 |
57.399 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
802.453 |
691.310 |
290.233 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Sales |
1000.007 |
780.291 |
698.836 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
62.118 |
91.069 |
86.293 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
53.627 |
61.823 |
62.432 |
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PROFIT BEFORE
TAX |
8.491 |
29.246 |
23.861 |
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Less |
TAX |
4.830 |
7.466 |
298.667 |
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PROFIT AFTER TAX
|
3.661 |
21.780 |
15.428 |
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IMPORTS |
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Raw Materials |
54.022 |
34.429 |
29.953 |
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Dies and Moulds |
12.057 |
3.801 |
2.953 |
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Machinery |
23.889 |
9.337 |
17.210 |
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Repair and Maintenance Machinery
|
0.136 |
0.202 |
0.000 |
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TOTAL IMPORTS |
90.104 |
47.769 |
50.116 |
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Earnings Per
Share (Rs.) |
0.10 |
- |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.66
|
2.79 |
2.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.49
|
3.27 |
4.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
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0.03 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.91
|
0.59 |
2.18 |
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Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.93 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL HIGHLIGHTS:
During the year,
the turnover of the Company rose to Rs.1000 Millions from Rs.780.300 millions
indicating an impressive growth of 28.15%.
OPERATING PERFORMANCE:
The Company is the
manufacturer of rubber parts and components in
The Company is
planning to enter in the different field of manufacturing, assembling,
supplying and servicing of information display, LED/HID lighting and passenger
information systems to various end users and equipment and component
manufacturers on a business to business basis, and services for bus, rail, aircraft,
and stationary signage industries and to carry out the same, is under the talks
to form a joint venture company with a USA based Company.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25110HR1995PTC032763 |
|
Name of the
company |
BONY POLYMERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No.77, Sector-6, Faridabad-121 006, |
|
This form is for |
Modification of charge
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Charge
identification number of the modified |
90037925 |
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Type of charge |
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Particular of
charge holder |
Andhra Bank, SCF 126-127, Sector-17 Market, Faridabad-121 002, |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Agreement dated 21/02/2011 |
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Date of
instrument Creating the charge |
21.02.2011 |
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Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate +
4.25%= 13.75% p.a. subject to change as per bank guidelines. Terms of
Repayment SOD Limit for one
year. Margin 30% on Book Debts Extent and Operation
of the charge SOD
(BD)-Hypothecation of Book Debts and other current assets, other than
Haridwar Unit. Book Debts of 180 days and below to be considered for Drawing
Power Purpose. Others |
|
Short particulars
of the property charged |
First Charge by
way of Hypothecation over the entire current assets of the company both
present and future with a margin of 30% on Book Debts upto 180 days, except
current assets of Haridwar Unit. Pari Passu First
Charge with HDFC Bank on the Fixed Assets of the Company existing and future
other than those specifically charged to other Financial Institutions and
Plot No. 37P Sector-6, |
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Date of latest
modification prior to the present modification |
28.12.2009 |
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Particulars of
the present modification |
SOD (Book Debts)
Limit of Rs. 13.10 Crores enhanced to Rs. 20 Crores. |
Fixed Assets:
·
Land
·
Vehicle
·
Computer
·
Furniture and Fixture
·
Plant and Machinery
·
Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.