BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
DAMAN POLYMER
INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Ashok Rao |
|
|
|
Principal Name 2 |
Mrs. Nikita Mehta |
|
|
|
Registration # |
11-161518 |
|
Street Address |
C – 2, Satellite
Classic Building 703, 7th Floor, Caves Road, Jogeshwari (E ),
Mumbai – 400 060, Maharashtra, India |
||
|
Established Date |
01.05.2006 |
SIC Code |
-- |
|
Telephone# |
91-22-28216946/ 28313201 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28225119 |
Business Style 2 |
- |
|
Homepage |
- |
Product Name 1 |
Plastics |
|
# of employees |
60 (Office : 10 and Factory : 50 )
(Approximately) |
Product Name 2 |
- |
|
Paid up capital |
Rs.5,000,000 |
Product Name 3 |
- |
|
Shareholders |
Directors or relatives of directors- 100% |
Banking |
Canara Bank |
|
Public Limited Corp. |
NO |
Business Period |
4 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
|
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
|
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
33,528,000 |
Current Liabilities |
18,221,000 |
|
Inventories |
25,397,000 |
Long-term Liabilities |
57,318,000 |
|
Fixed Assets |
23,512,000 |
Other Liabilities |
389,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
75,928,000 |
|
Invest& other Assets |
75,000 |
Retained Earnings |
1,584,000 |
|
|
|
Net Worth |
6,584,000 |
|
Total Assets |
82,512,000 |
Total Liab. & Equity |
82,512,000 |
|
Total Assets (Previous Year) |
75,063,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
140,645,000 |
Net Profit |
1,304,000 |
|
Sales(Previous yr) |
97,744,000 |
Net Profit(Prev.yr) |
6,670,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAMAN POLYMER INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C – 2, Satellite Classic Building 703, 7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
01.05.2006 |
|
|
|
|
Com. Reg. No.: |
11-161518 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24130 MH2006PTC161518 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTD01880E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCD3752H |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Specialty Packaging Products of Plastics |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 26000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. 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
cautions. |
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 : |
C – 2, Satellite Classic Building 703, 7th Floor, Caves
Road, Jogeshwari (E ), Mumbai – 400 060, Maharashtra, India |
|
Tel. No.: |
91-22-28216946/ 28313201 |
|
Fax No.: |
91-22-28225119 |
|
E-Mail : |
|
|
Area : |
500 Sq. fts. |
|
Location : |
Owned |
|
|
|
|
|
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|
Branch Office : |
Plot No. 16, Silver Industrial Estate, Bhimpore, Daman- 396 210, |
|
Area : |
800 Sq. Mtrs. (3 Storyed Building
) |
|
Tel. No.: |
91-260-2221756 |
|
Fax No.: |
91-260-2221756 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ashok Rao |
|
Designation : |
Managing Director |
|
Address : |
703, 7th Floor, C-2, Satellite Classic, Near Railway Station,
Jogeshwari (East), Mumbai-400 060, |
|
Date of Birth/Age : |
11.06.1949 |
|
Date of Appointment : |
01.05.2006 |
|
|
|
|
Name : |
Mrs. Nikita Mehta |
|
Designation : |
Director |
|
Address : |
F-72, Yashodhan, Irla Bridge, S. V. Road, Opposite Fire Station,
Andheri (West), Mumbai-400 060, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1967 |
|
Date of Appointment : |
01.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Rao |
|
387600 |
|
Nikita Mehta |
|
112400 |
|
Total |
|
500000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Packaging Products of Plastics |
|
|
|
|
Exports : |
|
|
Products : |
Specialty Ploy films |
|
Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
|
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Terms : |
|
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Selling : |
Cash, Credit (30 Days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 Days) |
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
60 (Office : 10 and Factory :
50 ) (Approximately) |
|
|
|
|
Bankers : |
Canara Bank, Goreagaon (West) Brach, 89, Jawahar Nagar, Goregaon
(West), Mumbai-400 062, |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Hitesh Patel and Associates Chartered Accountants |
|
Address : |
417, Seven Jewels, Vapi-396 191, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity shares |
Rs.10/- Each |
Rs.8.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs.10/- Each |
Rs.5.000
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 |
5.000 |
5.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.584 |
0.279 |
1.518 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.584 |
5.279 |
1.618 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.341 |
41.120 |
40.375 |
|
|
2] Unsecured Loans |
13.977 |
17.238 |
16.861 |
|
|
TOTAL BORROWING |
57.318 |
58.358 |
57.236 |
|
|
DEFERRED TAX LIABILITIES |
0.136 |
0.278 |
0.180 |
|
|
|
|
|
|
|
|
TOTAL |
64.038 |
63.915 |
59.034 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
23.512 |
21.767 |
11.986 |
|
|
|
58.925
|
53.199
|
62.107 |
|
|
|
82.437 |
74.966 |
74.093 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.034 |
0.034 |
0.034 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.397 |
23.513 |
26.903 |
|
|
Sundry Debtors |
24.359 |
19.968 |
27.098 |
|
|
Cash & Bank Balances |
1.134 |
3.801 |
2.601 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
8.035
|
5.917 |
5.505 |
|
Total
Current Assets |
58.925
|
53.199
|
62.107 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.221
|
10.660 |
14.673 |
|
|
Other Current Liabilities |
0.000 |
0.000 |
0.000 |
|
|
Provisions |
0.253
|
0.488 |
0.503 |
|
Total
Current Liabilities |
18.474
|
11.148 |
15.176 |
|
|
Net Current Assets |
40.451
|
42.051 |
46.931 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.041 |
0.063 |
0.083 |
|
|
|
|
|
|
|
|
TOTAL |
64.038 |
63.915 |
59.034 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
140.645 |
97.744 |
105.917 |
|
|
|
Other Income |
1.521 |
5.090 |
1.113 |
|
|
|
TOTAL |
142.166 |
102.834 |
107.030 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
132.140 |
100.583 |
101.079 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(7.702) |
2.251 |
5.951 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES AND DEPRICIATION |
(8.864) |
8.784 |
4.798 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.162 |
(6.533) |
1.153 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.142) |
0.137 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.304 |
(6.670) |
0.753 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.92
|
(6.49) |
0.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.83
|
(6.68) |
1.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.41
|
(8.71) |
10.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
(1.24) |
0.71 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.05
|
13.17 |
44.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.19
|
4.77 |
4.09 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The local sales have gone up to Rs.140.645 millions in the financial
year 2009-2010 as compared to Rs.97.744 millions of the financial year
2008-2009. the company has made profit of Rs.1.162 millions as compared to the
previous year loss of Rs.6.533 millions. During the year the company entered an
agreement with a partnership firm. M/
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24130MH2006PTC161518 |
|
Name of the
company |
DAMAN POLYMERS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C – 2, Satellite Classic Building 703, 7th Floor, Caves
Road, Jogeshwari (E ), Mumbai – 400 060, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10044057 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank, Goreagaon (West) Brach, 89, Jawahar Nagar, Goregaon
(West), Mumbai-400 062, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement |
|
Date of instrument
Creating the charge |
01.11.2010 |
|
Amount secured by
the charge |
Rs.51.981
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest@13.25% p.a.
shall be charged at Monthly rests. Terms of
Repayment OCC- On Demand and other limits
as existing guidelines Margin OCC- Stocks-25%
and Book Debts- 20% ILC/ FLC-15% CDB- Nil Bank Guarantee,
APG-20% ILC-15% for
single transaction Extent and Operation
of the charge Exclusive First
Charge by way of Hypothecation on Movable Assets. Others Limits enhanced
from Rs.49.981 millions to Rs.51.981 millions |
|
Short particulars
of the property charged |
Hypothecation of all
Stocks of Goods such as Raw Materials, WIP, Finished and Manufactured
Goods and other items of Stock in
trade and Stores, Spares, Components, Machinery, vehicles, Furniture,
Fixtures and all other moveable goods and properties, both present and future.
Hypothecation of all of the borrower's Present and Future Book Debts arising
out of construction contracts Outstanding Monies, Bills Receivable, Claims,
Bills, contracts, Securities, Investments, Cash, Gold, Silver, Jewellery
Rights and Assets. |
|
Date of latest
modification prior to the present modification |
22.06.2010 |
|
Particulars of
the present modification |
By present
modification, Hypothecation of Stock, Book Debts, Plant and Machinery of the Company
has been increased from Rs.49.981 millions to Rs.51.981 millions to secure
additional ILC (ST) adhoc limit of Rs.2.000 millions granted to the company, |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Generator
·
Weighing Machine
·
Plant and Machinery
·
AC
·
Camera
·
Refrigerator
·
Electronic Typewriter
·
Water Tank
·
Furniture and Fixture
·
Computer
·
Vehicle
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.