Business
information report
1. Summary Information
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Country |
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Company Name |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
Principal Name 1 |
Mr. Maulik C Mehta |
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Status |
Satisfactory |
Principal Name 2 |
Mr. Bharat P Chokshi |
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Registration # |
04-10350 |
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Street Address |
Padra – |
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Established Date |
10.02.1988 |
SIC Code |
-- |
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Telephone# |
91-2662-304200 / 304201 / 221345 / 222462
/ 222935 |
Business Style 1 |
Manufacturing
and |
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Fax # |
91-2662-223462/2337022 |
Business Style 2 |
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Homepage |
Product Name 1 |
Guide to Technical Data Sheet |
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# of employees |
Around 300 |
Product Name 2 |
Top Coat |
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Paid up capital |
Rs. 62,883,000 |
Product Name 3 |
Primer |
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Shareholders |
Directors or relatives of directors – 100 % |
Banking |
Bank of |
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Public Limited Corp. |
-- |
Business Period |
43 years |
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IPO |
-- |
International Ins. |
- |
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Public |
-- |
Rating |
Ba (50) |
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Related
Company |
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Relation -- |
Country
-- |
Company
Name |
-- |
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Note |
- |
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2. Summary
Financial Statement
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Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
281,565,000 |
Current Liabilities |
114,032,000 |
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Inventories |
49,753,000 |
Long-term Liabilities |
47,393,000 |
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Fixed Assets |
60,458,000 |
Other Liabilities |
1,701,000 |
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Deferred Assets |
0 |
Total Liabilities |
163,126,000 |
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Invest& other Assets |
1,076,000 |
Retained Earnings |
166,843,000 |
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Net Worth |
229,726,000 |
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Total Assets |
392,852,000 |
Total Liab. & Equity |
392,852,000 |
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Total Assets (Previous Year) |
322,954,000 |
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P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
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Sales |
624,158,000 |
Net Profit |
44,085,000 |
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Sales(Previous yr) |
590,000,000 |
Net Profit(Prev.yr) |
35,937,000 |
MIRA
INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
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Registered Office : |
Padra – |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 918900 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 |
INFORMATION DENIED BY
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Name : |
Ms. Rinku |
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Designation : |
Accountant |
LOCATIONS
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Registered / Factory Office : |
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Tel. No.: |
91-2662-304200 / 304201 / 221345 / 222462
/ 222935 |
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Fax No.: |
91-2662-223462/2337022 |
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E-Mail : |
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Head Office : |
204, Siddharth Complex, |
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Tel. No.: |
91-2662-304200 / 304201 |
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Fax No.: |
91-2662-2337022 / 223462 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
E-2/12, 1st Floor, Malviya Nagar, |
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Tel. No.: |
91-11-6599116 / 26676136 |
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Branch Office 2 : |
10, 2nd Floor, Cison Complex, 150, |
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Tel. No.: |
91-44-28585881 |
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Fax No.: |
91-44-28547898 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Maulik C Mehta |
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Designation : |
Director |
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Address : |
604-A, Indraprasta, |
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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 : |
Managing Director |
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Address : |
22, Shanti Nagar, Behind
Dinesh Mill, |
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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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Other Directorship Held : |
Admarc Polycoats Private Limited CIN No.: U24224GJ2002PTC040987 |
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Name : |
Mrs. Anita B Chokshi |
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Designation : |
Director |
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Address : |
22, Shanti Nagar, Behind
Dinesh Mill, |
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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 |
KEY EXECUTIVES
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Name : |
Ms. Rinku |
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Designation : |
Accountant |
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Name : |
Mr. Subroto Mukherjee |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. S.G. Shetye |
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Designation : |
Technology |
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Name : |
Mr. S.G. Netravali |
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Designation : |
Purchase |
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Name : |
Mr. Vasant Kelkar |
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Designation : |
Marketing |
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Name : |
Mr. Ramesh Bhavsar |
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Designation : |
Finance |
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Name : |
Mr. Bipin Shah |
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Designation : |
Administration |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Aditi B Chokshi |
314400 |
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Amishi B Chokshi |
314400 |
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Ankur B Chokshi |
115500 |
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Pravin P Chokshi |
5544000 |
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Total |
6288300 |
Equity shares Breakup as on 30.09.2010
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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 |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
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Industrial Paints |
Ltrs. |
1200000 |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Around 300 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Bhandari Chartered Accountants |
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Address : |
38/101, Gautam Nagar, Race Course, |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6288300 |
Equity Shares |
Rs.10/- each |
Rs. 62.883
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
62.883 |
62.883 |
62.883 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
166.843 |
122.758 |
86.821 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
229.726 |
185.641 |
149.704 |
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LOAN FUNDS |
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1] Secured Loans |
32.893 |
9.526 |
26.052 |
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2] Unsecured Loans |
14.500 |
24.500 |
28.500 |
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TOTAL BORROWING |
47.393 |
34.026 |
54.552 |
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DEFERRED TAX LIABILITIES |
1.701 |
2.414 |
3.122 |
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TOTAL |
278.820 |
222.081 |
207.378 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.458 |
64.201 |
63.444 |
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Capital work-in-progress |
1.068 |
0.000 |
0.000 |
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INVESTMENT |
0.008 |
0.007 |
0.008 |
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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 |
49.753
|
51.651 |
40.221
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Sundry Debtors |
219.228
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184.223 |
214.294
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Cash & Bank Balances |
41.826
|
8.240 |
10.170
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
20.511
|
14.632 |
9.729
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Total
Current Assets |
331.318
|
258.746 |
274.414 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
85.098
|
75.710 |
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Other Liabilities |
22.763
|
19.072 |
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Provisions |
6.171
|
6.091 |
23.604
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Total
Current Liabilities |
114.032
|
100.873 |
130.488
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Net Current Assets |
217.286
|
157.873 |
143.926
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
278.820 |
222.081 |
207.378 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
624.158 |
590.000 |
616.318 |
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Other Income |
0.929 |
0.147 |
0.217 |
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TOTAL (A) |
625.087 |
590.147 |
616.535 |
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Less |
EXPENSES |
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Material Consumed |
412.458 |
398.357 |
409.046 |
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Manufacturing Expenses |
14.046 |
14.722 |
11.996 |
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Employee Costs |
41.324 |
40.200 |
36.000 |
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Administrative Expenses |
21.205 |
20.188 |
17.656 |
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Selling and Distribution Expenses |
52.743 |
42.803 |
45.968 |
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Increase /Decrease in Stocks |
3.261 |
(0.178) |
(7.400) |
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TOTAL (B) |
545.037 |
516.092 |
513.266 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
80.050 |
74.055 |
103.269 |
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Less |
FINANCIAL
EXPENSES (D) |
4.427 |
7.308 |
7.208 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.623 |
66.747 |
96.061 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.314 |
9.746 |
5.356 |
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PROFIT BEFORE
TAX (E-F) (G) |
66.309 |
57.001 |
90.705 |
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Less |
TAX (H) |
22.224 |
21.064 |
32.302 |
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PROFIT AFTER TAX
(G-H) (I) |
44.085 |
35.937 |
58.403 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.966 |
33.028 |
31.892 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
20.000 |
30.000 |
40.000 |
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BALANCE CARRIED
TO THE B/S |
63.051 |
38.965 |
50.295 |
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Earnings Per
Share (Rs.) |
7.01 |
5.71 |
9.28 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
7.05
|
6.08 |
9.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.62
|
9.66 |
14.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.92
|
17.65 |
26.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.30 |
0.60 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.72 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.56 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
The Registered Address of the company has been shifted from 204,
Siddharth Complex, R C Dutt Road 5, Baroda – 390 007, Gujarat, India to the
present address i.e. Padra – Jaspur Road, Vadodara – 391440, Gujarat,
India w.e.f. 24.08.2009
Form No. 8
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Name of the company |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
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Presented By |
Mr. Bharat
Chokshi (Managing Director) |
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1) Date and description of instrument creating the change |
30.09.1996. Deed of
hypothecation executed by the company in favour of Small Industries
Development Bank of India.(herein after referred to as ‘SIDBI’). A certified
copy of the said Deed of Hypothecation is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan of
Rs.0.250 million agreed to be lent and advanced by SIDBI to the company
together with interest, liquidated damages, costs, charges, expenses and all
other moneys payable by the company to SIDBI in terms of the Loan Agreement
dated the 6th day of June 1996 between the company of the One part
and SIDBI of the other part. |
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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 |
The computers,
equipments and assets purchased/to be purchased under the scheme. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries Development
Bank of |
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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 |
204, Siddharth Complex, |
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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 Sayajigunj, |
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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 Principal Sum, Interest Tax etc. Margin Cash Credit 30% Extent and
operation of the charge
|
FIXED ASSETS:
- Land
- Plant and
Machinery
- Laboratory Equipment
- Other
Equipment
- Computers
- Furniture and
Fixture
- Vehicles
WEBSITE DETAILS
PROFILE
Grand Polycoats, the pioneer in polyurethane
coating in
From a very modest beginning GP has grown
rapidly in recent years into a globally recognized and respected producer of
protective coatings for diverse market needs. Headquartered in
Every industry has a different problem and
hence the need of protection is also different. Grand Polycoat understands this
and provides customized solutions for each client. Right from understanding the
requirement, to developing the protective coat, to rigorous testing, to
supervision of application and post follow ups — GP works in tandem with the
client’s team.
Today Grand Polycoats forges ahead,
introducing several new products like, Polyurea, Polyurethane Elastomeric
Coatings, Concrete Preservation Treatment Solutions, Glass Coatings, Brass
Coatings, Coatings for Castings, Weldable Coatings, Electrostatic Dissipative
Tank Coatings and Coatings for Plastics.
Having created a niche for itself in
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.44.45 |
|
|
1 |
Rs.71.59 |
|
Euro |
1 |
Rs.63.01 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.