MIRA
INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
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Name : |
AJAY POLY PRIVATE LIMITED |
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Registered
Office : |
4561 Deputy Ganj, Sadar Bazar, New Delhi – 110006, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.06.1980 |
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Com. Reg. No.: |
55-10508 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.851 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1980PTC010508 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA02973F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers, Suppliers and Exporters of Magnet Game, Magnet
Sticker, Car Sign Magnets, Magnetic Pads, Fridge Magnetic Sheets. |
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 1150000 |
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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 a well established and reputed 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 |
LOCATIONS
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Registered Office/ Factory : |
4561 Deputy Ganj, Sadar Bazar, Delhi-110006, |
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Tel. No.: |
91-11-23612204 |
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Fax No.: |
91-11-23536205 |
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E-Mail : |
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Website : |
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Factory : |
E-119 and E-120,
Surajpur Industrial Area, Site B, Greater |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Devendra Chandra Jain |
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Designation : |
Director |
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Address : |
D-6, Kalindi Colony, New Delhi-110065, |
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Date of Birth/Age : |
04.08.1941 |
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Date of Appointment : |
17.07.1997 |
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Name : |
Mr. Rajeev Jain |
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Designation : |
Director |
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Address : |
D-6, Kalindi Colony, New Delhi-110065, |
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Date of Birth/Age : |
03.04.1969 |
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Date of Appointment : |
18.06.1987 |
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Name : |
Mr. Akhil Jain |
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Designation : |
Director |
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Address : |
D-6, Kalindi Colony, New Delhi-110065, |
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Date of Birth/Age : |
03.12.1971 |
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Date of Appointment : |
10.01.1990 |
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Name : |
Mr. Anuj Jain |
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Designation : |
Director |
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Address : |
D-6, Kalindi Colony, New Delhi-110065, |
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Date of Birth/Age : |
07.09.1976 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Abhishek Jain |
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Designation : |
Director |
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Address : |
D-6, Kalindi Colony, New Delhi-110065, |
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Date of Birth/Age : |
24.09.1981 |
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Date of Appointment : |
05.07.2005 |
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Name : |
Mr. Nitin Jain |
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Designation : |
Director |
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Address : |
D-6, Kalindi Colony, New Delhi-110065, |
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Date of Birth/Age : |
22.04.1975 |
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Date of Appointment : |
30.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sharat Chand Jain (HUF) |
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2868 |
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Abhishek Jain |
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18098 |
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Nitin Jain |
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8280 |
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Akhil Jain |
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14586 |
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Anuj Jian |
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10074 |
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Rajeev Jain |
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14280 |
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Kumari Vinay Jain |
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5490 |
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Asha Jain |
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3000 |
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Bina Jain |
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7968 |
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Ajay Kumar Jain (HUF) |
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3768 |
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Kumari Madan Jain |
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100 |
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Total |
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88512 |
As on : 30.09.2010
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Category |
Percentage |
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Directors or relatives of directors |
92.50 |
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Other top fifty (50) shareholders |
7.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Suppliers and Exporters of Magnet Game,
Magnet Sticker, Car Sign Magnets, Magnetic Pads, Fridge Magnetic Sheets. |
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Products : |
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PRODUCTION STATUS (AS ON : 31.03.2010)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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PVC Profile Unit-I (Badarpur) |
Kg |
2000000 |
1997395.930 |
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HDPE Profile Unit-II (Badarpur) |
Kg |
250000 |
0.000 |
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Ferrite Magnet Unit II (Okhal) |
Mtrs |
10000000 |
29690.000 |
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Ferrite Powder Unit II (Okhal ) |
Kg |
600000 |
414675.000 |
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Pvc Pipe Unit III (Faridabad ) |
Kg |
250000 |
168448.094 |
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Frame Unit V (Pune) |
Nos |
3500000 |
512651.000 |
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Gasket Unit V (Pune) |
Nos |
1300000 |
910600.000 |
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Frame Unit-VI (Shahjahanpur) |
Nos |
600000 |
536301.000 |
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Eso Unit-VI (Shahjahanpur) |
Kg |
800000 |
627641.000 |
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Frame Unit VII ( |
Nos |
1500000 |
219885.000 |
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Frame Unit X (Noida) |
Nos |
4000000 |
2380888.000 |
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Ferrite Magnet Unit X (Noida) |
Mtrs |
9000000 |
7103600.000 |
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Gasket Unit X (Noida) |
Nos |
4000000 |
3337932.000 |
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Frame Unit XI (Satara) |
Nos |
1000000 |
435658.000 |
GENERAL INFORMATION
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Bankers : |
· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pradeep Gupta Chartered Accountant |
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Address : |
2161/61, Naiwala, Karol Bagh, New Delhi-110005, |
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Tel. No.: |
91-11-25744436/25745041 |
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Collaborators : |
Gencorp Inc, |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Share |
Rs.100/- Each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
88512 |
Equity Share |
Rs.100/- Each |
Rs.8.851
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
8.851 |
8.851 |
8.851 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
278.421 |
224.736 |
185.921 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
287.272 |
233.587 |
194.772 |
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LOAN FUNDS |
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1] Secured Loans |
0.124 |
0.747 |
5.140 |
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2] Unsecured Loans |
0.537 |
0.485 |
20.324 |
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TOTAL BORROWING |
0.661 |
1.232 |
25.464 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
287.933 |
234.819 |
220.236 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.251 |
126.207 |
108.504 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.906 |
2.279 |
1.751 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.642
|
32.234
|
36.779 |
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Sundry Debtors |
96.678
|
88.694
|
80.075 |
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Cash & Bank Balances |
19.471
|
1.881
|
7.503 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
65.051
|
34.931
|
30.235 |
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Total
Current Assets |
215.842
|
157.740
|
154.592 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
|
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|
14.694
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Other Current Liabilities |
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Provisions |
63.372
|
39.399
|
32.881 |
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Total
Current Liabilities |
78.066
|
51.407
|
44.626 |
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Net Current Assets |
137.776
|
106.333
|
109.966 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.015 |
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TOTAL |
287.933 |
234.819 |
220.236 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
459.464 |
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Other Income |
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TOTAL (A) |
459.464 |
393.718 |
NA |
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Less |
EXPENSES |
|
|
|
|
|
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Office Expenses |
334.973 |
301.686 |
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Administrative Expenses |
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|
NA |
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Advertising Expenses |
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TOTAL (B) |
334.973 |
301.686 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
124.491 |
92.032 |
-- |
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Less |
FINANCIAL
EXPENSES (D) |
0.342 |
2.563 |
4.589 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
124.149 |
89.469 |
-- |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.896 |
12.046 |
12.636 |
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PROFIT BEFORE
TAX (E-F) (G) |
111.253 |
77.423 |
69.771 |
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Less |
TAX (H) |
42.034 |
26.701 |
25.064 |
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PROFIT AFTER TAX
(G-H) (I) |
69.219 |
50.722 |
44.707 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
184.615 |
154.300 |
NA |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.000 |
8.500 |
8.000 |
|
|
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Dividend |
13.276 |
8.851 |
6.638 |
|
|
|
Tax on Dividend |
2.256 |
1.504 |
1.128 |
|
|
BALANCE CARRIED
TO THE B/S |
226.302 |
184.615 |
154.300 |
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EARNINGS IN FOREIGN
CURRENCY |
16.792 |
16.961 |
9.247 |
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IMPORT VALUE |
30.579 |
23.496 |
21.833 |
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Earnings Per
Share (Rs.) |
782.04 |
555.52 |
496.48 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
15.06 |
12.88 |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.72 |
27.27 |
26.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.33 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.27 |
0.22 |
0.36 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.76 |
3.07 |
3.46 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044451 |
|
Corporate
identity number of the company |
U74899DL1980PTC010508 |
|
Name of the
company |
AJAY POLY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
4561 Deputy Ganj, Sadar Bazar, Delhi-110006, |
|
Type of charge |
Book Debts Immovable
Property Others |
|
Number of charge
holder(s) |
1 |
|
Particular of
charge holder |
ICICI Bank Limited, Landmarkrace, |
|
Nature of description
of the instrument creating or modifying the charge |
Note of amendment |
|
Date of
instrument Creating the charge |
02.04.2008 |
|
Amount secured by
the charge |
In case the
amount is in foreign currency, rupee equivalent to be stated in Rs.40.000
millions. |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit: 3.5%
p.a below the sum of I-BAR and the cash credit rise premium prevailing on each
day, plus applicable interest tax or other statutory levy, if any WCDL: 3.3% per
annum below the sum of IBAR and the Term premium prevailing on that date,
plus applicable interest tax or other statutory levy, if any. Commission on LC:
1% p.a (all inclusive) Terms of
Repayment WCDL: Maximum
tenor of each tranche of each tranche: 90 days or upto validity period of
facility, whichever is earlier Minimum ternor of
each tranche: 30days. Principal amount
of each tranche is to be repaid as byllet payment on the maturity date or in
installments as agreed upon, but within the validity period of the facility Margin Cash credit and
WCDL: Uniform margin of 25% against all components and book debts (cover
period for book debts 90 days) Extent and
Operation of the charge 1)Exclusive
charge on entire stocks of raw materials, semi-finished goods, consumable
stores and spares and other movables including book-debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future. 2) Equitable
mortgage of factory land and building located at E-119 and E-120, Surajpur
Industries Area, Site B, Greater Noida. Others The above is to
secure the cash credit limit of Rs.40 Million, WCDL (sub limit of cash
credit) Rs.30 millions and letter of credit (sub limit of cash credit) Rs.20
millions. |
|
Short particulars
of the property charged |
1)Exclusive
charge on entire stocks of raw materials, semi-finished goods, consumable stores
and spares and other movables including book-debts, bills whether documentary
or clean, outstanding monies, receivables, both present and future. 2) Equitable
mortgage of factory land and building located at E-119 and E-120, Surajpur
Industries Area, Site B, Greater Noida. |
|
Particulars of
the present modification |
Commission on LC:
0.5% p.a (all inclusive), amendment charges: Rs.500 per LC amended last date
of drawal of WCF stands extended to 12.02.2009 |
FIXED ASSETS:
·
·
·
·
·
·
Office Renovation
·
Building Under
Construction
·
Furniture
·
Motor Car
·
Tempo
·
Machinery
·
Machinery for Oil
·
Office Equipment
·
Laboratory Equipment
·
Generator
·
Water cooler
·
Scooter
·
Cycle
·
Tube Well
·
Dies and Moulds
·
Computer
·
Machinery
·
Computer Software
WEBSITE DETAILS:
PROFILE:
Subject is the manufacturer and supplier of Extruded
Refrigeration Sealing Systems in
In addition to supplying finished products, the company also supplies all kinds of Refrigerator Gasket compounds, Magnetic Strips and Magnetic Strip Extrusion compounds to many international customers.
PRECISION PIPES AND
PROFILES COMPANY LIMITED:
Few companies in
The company is the largest supplier of Automotive Extruded Parts in
The company also manufactures specialized/custom PVC extruded profiles in all
configurations including Rigid/Flexible/Co-extrusion being supplied to major
domestic as well as international customers.
AJAY INDUSTRIAL CORPORATION:
The parent company
of the group established in 1961, today is the largest manufacturer and
exporter of Hand Pumps in the world, also producing the widest range of
Flexible and UPVC Pipes, Hoses and Tubing in the country. The company is the
sole quality manufacturer of highly specialized Layflat Hose being used for
various applications. The company undertakes a wide variety of engineering and
Metal Fabrication jobs at its various facilities throughout
COLLABORATION:
Ajay
Poly entered into an agreement with GenCorp Inc., a world renowned ‘Fortune
1000’company based 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. 45.61 |
|
|
1 |
Rs. 75.32 |
|
Euro |
1 |
Rs. 65.68 |
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 |
YES |
|
--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 |
|
- |
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.