1. Summary Information
|
|
|
Country |
India |
|
Company Name |
PLOYGLASS
ACRYLIC MFG COMPANY PRIVATE LIMITED |
Principal Name 1 |
Mr. Kapil Dev Aggarwal |
|
Status |
Moderate |
Principal Name 2 |
Mrs. Neeru Aggarwaal |
|
|
|
Registration # |
05-021930 |
|
Street Address |
89-90,
Industrial Area, Phase 1, Panchkula – 134113, Haryana, India |
||
|
Established Date |
04.09.1985 |
SIC Code |
-- |
|
Telephone# |
91-112-7352859 |
Business Style 1 |
Manufacturer |
|
Fax # |
-- |
Business Style 2 |
Exporter |
|
Homepage |
-- |
Product Name 1 |
A. P. Sheets |
|
# of employees |
-- |
Product Name 2 |
Acrylic Sheets Monomer |
|
Paid up capital |
Rs.
11820000/- |
Product Name 3 |
Plastic Materials |
|
Shareholders |
Bodies corporate - 42.00% Directors or
relatives of Directors - 58.00% |
Banking |
HDFC Bank Limited |
|
Public Limited Corp. |
NO |
Business Period |
25 Years |
|
IPO |
NO |
International Ins. |
--- |
|
Public |
NO |
Rating |
B
(27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
555,663,000 |
Current Liabilities |
533,684,000 |
|
Inventories |
211,070,000 |
Long-term Liabilities |
107,515,000
|
|
Fixed Assets |
12,932,000 |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
641,199,000 |
|
Invest& other Assets |
99,000 |
Retained Earnings |
126,745,000 |
|
|
|
Net Worth |
138,565,000 |
|
Total Assets |
779,764,000 |
Total Liab. & Equity |
779,764,000 |
|
Total Assets (Previous Year) |
255,417,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,155,688,000 |
Net Profit |
2,494,000 |
|
Sales(Previous yr) |
271,368,000 |
Net Profit(Prev.yr) |
662,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLOYGLASS ACRYLIC MFG COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
89-90, Industrial Area, Phase 1, Panchkula – 134113, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.09.1985 |
|
|
|
|
Com. Reg. No.: |
05-021930 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.820 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209HR1985PTC021930 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of A. P. Sheets, Acrylic Sheets Monomer and
Plastic Materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 550000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low, However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
89-90, Industrial Area, Phase 1, Panchkula – 134113, Haryana, India |
|
Tel. No.: |
91-91-112-7352859 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Kapil Dev Aggarwal |
|
Designation : |
Director |
|
Address : |
Plot No # L89/90, Industrial Area, Phase -1, Punchkula – 134113,
Haryana, India |
|
Date of Birth/Age : |
11.09.1978 |
|
Date of Appointment : |
13.12.2001 |
|
Din No. : |
0458792 |
|
|
|
|
Name : |
Mrs. Neeru Aggarwaal |
|
Designation : |
Director |
|
Address : |
Plot No # L89/90, Industrial Area, Phase -1, Punchkula – 134113,
Haryana, India |
|
Date of Birth/Age : |
19.05.1983 |
|
Date of Appointment : |
15.03.2007 |
|
Din No.: |
00458838 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar |
|
16000 |
|
Gaitri Devi |
|
25750 |
|
Manish Singhla |
|
8000 |
|
Nisha Singhla |
|
1000 |
|
Jineshwar Trades Private Limited, Kolkata |
|
49950 |
|
Ashok Singhla (HUF) |
|
8950 |
|
Manish Singhla (HUF) |
|
8550 |
|
|
|
|
|
TOTAL |
|
118200 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
42.00 |
|
Directors or relatives of Directors |
58.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of A. P. Sheets, Acrylic Sheets Monomer and
Plastic Materials. |
GENERAL INFORMATION
|
Bankers : |
·
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marglower Parel (W), MUMBAI –
400013, Maharashtra, India ·
State
Bank of Bikaner and Jaipur, Sector 18, Chandigarh, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Raman Khatuwala Chartered Accountant |
|
Address : |
13L, Gopala Tower, 25 Rajendra Place, New Delhi – 110008, Delhi, India
|
|
Tel. No.: |
91-11-41538276 |
|
Fax No.: |
91-11-41536621 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
118200 |
Equity Shares |
Rs.100/-
each |
Rs.11.820
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.820 |
11.820 |
10.070 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
126.745 |
124.250 |
90.338 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
138.565 |
136.070 |
100.408 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.436 |
4.021 |
1.059 |
|
|
2] Unsecured Loans |
99.079 |
1.700 |
19.933 |
|
|
TOTAL BORROWING |
107.515 |
5.721 |
20.992 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
246.080 |
141.791 |
121.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.932 |
13.395 |
10.218 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
211.070
|
10.496 |
53.533 |
|
|
Sundry Debtors |
371.941
|
67.737 |
79.624 |
|
|
Cash & Bank Balances |
9.326
|
6.566 |
7.814 |
|
|
Other Current Assets |
1.929
|
1.379 |
1.016 |
|
|
Loans & Advances |
172.467
|
155.697 |
49.972 |
|
Total
Current Assets |
766.733
|
241.875 |
191.959 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
533.220
|
113.485 |
80.851 |
|
|
Provisions |
0.464
|
0.141 |
0.123 |
|
Total
Current Liabilities |
533.684
|
113.626 |
80.974 |
|
|
Net Current Assets |
233.049
|
128.249 |
110.985 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.099 |
0.147 |
0.197 |
|
|
|
|
|
|
|
|
TOTAL |
246.080 |
141.791 |
121.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
INCOME |
1155.688 |
271.368 |
271.852 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1150.516 |
268.722 |
267.204 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1150.516 |
268.722 |
267.204 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.172 |
2.646 |
4.648 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.214 |
1.843 |
3.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.958 |
0.803 |
0.706 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.464 |
0.141 |
0.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.494 |
0.662 |
0.583 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.09 |
5.60 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.21
|
0.24 |
0.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
0.31 |
0.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.62
|
0.87 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
2.12 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL
PERFORMANCE :
The over all
performance of the Company for the previous 12 months was more satisfactory as
the previous year and the income of the Company has been increased from Rs.
271.368 millions to Rs. 1155.688 millions as compared to the previous year's
income. However, the Directors are confident that the Company will do much more
better in future and the Company is trying its level best to improve its
performance.
FORM : 8
|
Corporate identity number of the company |
U25209HR1985PTC021930 |
|
Name of the company |
POLYGLASS ACRYLIC MFG COMPANY PRIVATE
LIMITED |
|
Address of the registered office or of the
principal place of business in |
89-90 Industrial Area PH-1, Panchkula,
Haryana – 134113, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
HDFC Bank Limited, HDFC Bank House,
Senapati Bapat Marglower Parel (W), MUMBAI – 400013, Maharashtra, India |
|
Nature of instrument creating charge |
Supplementary Letter of Hypothecation. |
|
Date of instrument Creating the charge |
04/04/2011 |
|
Amount secured by the charge |
Rs. 110.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Interest at the rate as may be
communicated by the Bank from time to time. Terms
of repayment On Demand Margin As may be stipulated by the Bank from time
to time. Extent
and operation of the charge Hypothecation by way of First Charge on
Company's Stocks and Book Debts
etc, to secure as a continuing security
as mentioned in Column No.15 below for the repayment of Rs.110.000 millions
together with interest, costs, charges, expenses and other moneys due and
payable by the Company to the Bank. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Stock in Trade, consisting of raw
materials, goods in process of manufacturing finished goods, and other
merchandise whatsoever being movable properties All the debts, that is, all the book
debts, outstanding, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights |
|
Particulars of the present modification |
The Charge shall now stand increased from
Rs.80.000 millions to Rs.110.000 millions against the security of Stock in Trade,
Book Debts of the Company. |
FIXED ASSETS :
·
Air Conditioners
·
Land
·
Building
·
Godowns
·
Computers
·
Cycle
·
Car
·
Fax Machines
·
Furniture and Fixture
·
Plant And Machinery
·
Tempo
·
Tube well
·
Water Coolers
·
Water Filters
·
Die and Moulds
·
Printers
·
Telephone
·
Television
·
Inverters
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. 44.80 |
|
|
1 |
Rs. 72.85 |
|
Euro |
1 |
Rs. 63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.