MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
KJR POLY FILMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. D 162 and 164, Phase – III, IDA Jeedimetla, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.11.1998 |
|
|
|
|
Com. Reg. No.: |
01-030523 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24134AP1998PTC030523 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDK00888G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK3886E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Co – Extruded Polyethylene Film, Sheets, and
Bags. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. The company can be considered normal for business dealings at usual
trade terms and condition. |
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 |
INFORMATION DECLINED BY
Management Non Co Operative (Name not Disclose)
LOCATIONS
|
Registered Office /Factory : |
Plot No. D 162 and 164, Phase – III, IDA Jeedimetla, Hyderabad 500055,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-23092345 / 23730709 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Kesireddy Narender Reddy |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.05.1955 |
|
Date of Appointment : |
18.11.1998 |
|
|
|
|
Name : |
Mr. Jayasri Kesireddy |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.07.1961 |
|
Date of Appointment : |
18.11.1998 |
|
|
|
|
Name : |
Mr. Sandeep Reddy Kesireddy |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.04.1984 |
|
Date of Appointment : |
29.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Kesireddy Narender Reddy S/O Late K Mohan Reddy Joint Holder Jayasri Kesireddy |
32250 |
|
Mr. Jayasri Kesireddy W/O Kesireddy Narender Reddy |
37250 |
|
Mr. Sandeep Reddy Kesireddy S/O Kesireddy Narender Reddy |
39800 |
|
Mr. Kesireddy Narender Reddy S/o Late K Mohan Reddy |
6700 |
|
Total |
116000 |
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 Co – Extruded Polyethylene Film, Sheets, and
Bags. |
PRODUCTION STATUS
(Rs. In Millions)
|
Particulars |
Unit |
Installed
Capacity |
|
Co – Extruded Polyethylene Film, Sheets, and Bags |
MT |
3.225 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the Management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Andhra Bank, Balanagar Branch, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Rs. In Millions
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
AGS Reddy and Company Chartered Accountant |
|
Address : |
8, 1 Floor, |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000 |
Equity Shares |
Rs. 100 each |
Rs.13.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116000 |
Equity Shares |
Rs. 100 each |
Rs.11.600 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 |
11.600 |
8.000 |
8.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.261 |
13.117 |
5.197 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37.861 |
21.117 |
13.197 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.470 |
13.152 |
25.884 |
|
|
2] Unsecured Loans |
12.886 |
12.886 |
14.386 |
|
|
TOTAL BORROWING |
28.356 |
26.038 |
40.270 |
|
|
DEFERRED TAX LIABILITIES |
0.538 |
0.570 |
0.634 |
|
|
Subsidy from Stats Government |
0.000 |
0.000 |
1.701 |
|
|
|
|
|
|
|
|
TOTAL |
66.755 |
47.725 |
55.802 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.838 |
12.494 |
11.881 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.153 |
20.018 |
20.016 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.628
|
5.989 |
18.934 |
|
|
Sundry Debtors |
10.597
|
9.747 |
12.757 |
|
|
Cash & Bank Balances |
0.148
|
0.026 |
1.724 |
|
|
Other Current Assets |
2.273
|
0.988 |
0.834 |
|
|
Loans & Advances |
15.290
|
4.337 |
1.492 |
|
Total
Current Assets |
35.936
|
21.087 |
35.741 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.504
|
1.455 |
8.329 |
|
|
Other Current Liabilities |
0.227
|
0.357 |
1.134 |
|
|
Provisions |
2.475
|
4.062 |
2.373 |
|
Total
Current Liabilities |
3.206
|
5.874 |
11.836 |
|
|
Net Current Assets |
32.730
|
15.213 |
23.905 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.034 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
66.755 |
47.725 |
55.802 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
160.214 |
176.380 |
123.739 |
|
|
|
Other Income |
0.000 |
0.193 |
0.537 |
|
|
|
TOTAL (A) |
160.214 |
176.573 |
124.276 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
133.076 |
101.616 |
|
|
|
Manufacturing Expenses |
152.842 |
20.579 |
14.780 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
1.050 |
(1.457) |
|
|
|
Administrative Expenses |
|
9.525 |
3.989 |
|
|
|
TOTAL (B) |
152.842 |
164.230 |
118.928 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.372 |
12.343 |
5.348 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
1.889 |
2.109 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.372 |
10.454 |
3.239 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.457 |
1.330 |
1.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.915 |
9.124 |
1.944 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.835 |
3.034 |
0.791 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.080 |
6.090 |
1.153 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
0.244 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
22.535 |
16.170 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.17 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.54
|
3.44 |
0.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.69
|
5.17 |
1.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.88
|
27.17 |
4.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.43 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
1.53 |
4.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.20
|
3.58 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
0.504
|
1.455 |
8.329 |
OPERATIONS:
The total turnover for the year under review, was Rs. 160.214 millions
against the previous years Rs. 176.380 millions. The operations resulted in net
profit of Rs. 5.915 millions against previous year Rs. 9.124 millions, after
absorbing interest of Rs. 1.392 millions and depreciation of Rs. 1.457 millions
in the current year. The company has proposal to expand its activities in next
year.
NOTE:
Registered office of the company has been shifted from D
162, Phase 111, IDA Jeedimetla,
FIXED ASSETS:
- Land
- Buildings
- Plant and
Machinery
- Electrical
Installation
- Generator
- Furniture and
Fixture
- Weighing
Scales
- Cylinders
- Office
Equipment
- Computers
- Packing
Machine
- Vehicles
FORM 8
|
Corporate
identity number of the company |
U24134AP1998PTC030523 |
|
Name of the
company |
KJR POLY FILMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. D 162 and 164, Phase – III, IDA Jeedimetla, Hyderabad 500055,
Andhra Pradesh, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Andhra Bank, Balanagar Branch, Email: bmhydm057@andhrabank.co.in
|
|
Date of
instrument Creating the charge |
07.09.2010 |
|
Amount secured by
the charge |
Rs. 23.200
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base Rate + 3.50% Terms of repayment To be payable in
24 quarterly installments (with gestation period of one year) commencing from
08.12.2011 Margin 25% on Machinery Extent and operation of the charge Primary Security
: Plastic
Processing Extrusion machine - MBE Three Layer Blown Film Line (MBE 68) Collateral
Security : IInd charge on
the WDV of the Plant & Machinery Deposit of Title
Deeds of Other Term Loan of
Rs.232,00,000 availed for purchase of new machinery |
|
Short particulars
of the property charged (Including location of the property) |
Plastic
Processing Extrusion machine - MBE Three Layer Blown Film Line (MBE 68) IInd charge on
the WDV of the Plant & Machinery at Plot No.D-162& 164, Phase - III,
IDA, Jeedimetla, Deposit of Title
Deeds of |
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.