MIRA
INFORM REPORT
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Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PARAGON POLYMER PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.07.1990 |
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Com. Reg. No.: |
09-005761 |
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CIN No.: [Company Identification
No.] |
U24134KL1990PTC005761 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
TVDP00372B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Velox Solid Rubber Tyres. |
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 2300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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 : |
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Tel. No.: |
91-481-2568812/2568813/2564893/2562643/2564788 |
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Fax No.: |
91-481-2564819 |
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E-Mail : |
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Factory: |
Located At: Tel No: 91-427-2491941 Tel No: 91-8455-244322/244321 |
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Branches : |
Located At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Joseph Rachira Koduvi Thomas |
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Designation : |
Managing Director |
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Address : |
Koduvi Rachira, Malloosserry P O, Kottayam-688041, |
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Date of Birth/Age : |
16.05.1949 |
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Date of Appointment : |
27.07.1990 |
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Name : |
Mr. Sajan Rachira Koduvi Thomas |
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Designation : |
Director |
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Address : |
Koduvi Rachira, Puthenangady, Kottayam-686001, |
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Date of Birth/Age : |
08.11.1958 |
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Date of Appointment : |
27.07.1990 |
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Name : |
Mr. Reji Rachira Koduvi Joseph |
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Designation : |
Director |
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Address : |
Koduvi Rachira, |
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Date of Birth/Age : |
06.05.1957 |
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Date of Appointment : |
01.10.1999 |
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Name : |
Mr. Reji Abraham |
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Designation : |
Director |
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Address : |
Murattupoovathinkal, Muttambalam P O, Kottayam-686004, |
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Date of Birth/Age : |
12.03.1955 |
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Date of Appointment : |
22.12.1993 |
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Name : |
Mr. Thomas Rachira Koduvi Thomas |
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Designation : |
Director |
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Address : |
6 / |
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Date of Birth/Age : |
17.09.1953 |
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Date of Appointment : |
22.12.1993 |
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Name : |
Mr. Thomas Rachira Koduvi Uthup |
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Designation : |
Director |
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Address : |
Koduvi Rachira, Puthenangady, Kottayam-686001, |
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Date of Birth/Age : |
15.01.1922 |
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Date of Appointment : |
11.04.1997 |
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Date of Ceasing: |
31.03.2007 |
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Name : |
Mani Rachira Koduvi Thomas |
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Designation : |
Director |
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Address : |
No. 1, Lakeview Defence Colony, Shettihalli, Bangalore-560015, |
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Date of Birth/Age : |
26.11.1951 |
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Date of Appointment : |
27.04.2010 |
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Name : |
Mr. Abraham Mathew |
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Designation : |
Director |
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Address : |
Murattupoovathinkal, Pattukalathil, Kottayam-686004, |
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Date of Birth/Age : |
21.03.1943 |
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Date of Appointment : |
27.04.2010 |
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Name : |
Mr. Joseph Zachariah |
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Designation : |
Director |
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Address : |
# 108 Shanthi Layout, Shettihalli, Bangalore-560015, |
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Date of Birth/Age : |
01.01.1960 |
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Date of Appointment : |
27.04.2010 |
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Name : |
Mr. Vijoo Zachariah |
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Designation : |
Director |
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Address : |
# 407 |
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Date of Birth/Age : |
30.10.1963 |
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Date of Appointment : |
27.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
|
No. of Shares |
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Joseph K Thomas |
|
105000 |
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Sajan K. Thomas |
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105000 |
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Rejl ABRAHAM |
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75000 |
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K. T. Thomas |
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105000 |
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Rej1.K.Joseph |
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100000 |
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Man1 K. Thomas |
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105000 |
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Abraham Mathew |
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100000 |
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Joseph Zacharlah |
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100000 |
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Vljoo ZACHARIA |
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100000 |
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Annamma Scaria |
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25000 |
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Mithun Abraham
Joseph |
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50000 |
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Navln Thomas |
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30000 |
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Total |
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1000000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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 : |
Manufacturer and Exporter of Velox Solid Rubber Tyres. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
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At |
Quantity (Pairs) |
46800 day |
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At |
Quantity (Pairs) |
50000 day |
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At Kottayam (Including Job Work) |
Quantity (Pairs) |
117000 day |
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At Kolkatta |
Quantity (Pairs) |
4600 day |
Actual Production:
|
Actual Productions |
56523257 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Vijay Narayan Govind Chartered Accountant |
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Address : |
Varma and Varma, Chartered Accountant, Sreenikethan, Nettipadam Road,
Cochin-682016, |
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Name : |
Mr. A. Gopalakrishnan F.C.A Chartered Accountant |
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Address : |
K. Venkatachalam Aiyer and Company, Chartered Accountant, Kottayam-686001,
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
480.034 |
221.165 |
178.317 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
580.034 |
225.665 |
182.817 |
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LOAN FUNDS |
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1] Secured Loans |
263.116 |
164.621 |
74.868 |
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2] Unsecured Loans |
386.685 |
380.752 |
85.833 |
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TOTAL BORROWING |
649.801 |
545.373 |
160.701 |
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DEFERRED TAX LIABILITIES |
0.221 |
1.221 |
0.000 |
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TOTAL |
1230.056 |
772.259 |
343.518 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
432.051 |
221.363 |
153.273 |
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Capital work-in-progress |
45.615 |
11.794 |
10.648 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.300 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
686.151
|
381.276 |
127.777 |
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Sundry Debtors |
157.223
|
130.585 |
44.699 |
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Cash & Bank Balances |
87.890
|
182.986 |
24.234 |
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Other Current Assets |
2.306
|
2.394 |
0.778 |
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Loans & Advances |
62.201
|
23.795 |
11.878 |
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Total
Current Assets |
995.771
|
721.036 |
209.366 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
193.360
|
151.171 |
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Other Current Liabilities |
16.577
|
16.198 |
22.229 |
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Provisions |
33.444
|
14.565 |
7.840 |
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Total
Current Liabilities |
243.381
|
181.934 |
30.069 |
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Net Current Assets |
752.390
|
539.102 |
179.297 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1230.056 |
772.259 |
343.518 |
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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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Income |
2562.072 |
1422.203 |
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Other Income |
19.265 |
7.271 |
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TOTAL (A) |
2581.337 |
1429.474 |
659.063 |
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Less |
EXPENSES |
|
|
|
|
|
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Raw material consumed |
1513.595 |
1055.244 |
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Packing material consumed |
128.603 |
72.103 |
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Purchase of intermediary/ finished goods |
26.567 |
33.326 |
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|
|
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Manufacturing expense |
351.459 |
213.337 |
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Administrative and other expenses |
95.622 |
55.649 |
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Selling and distribution expenses |
141.075 |
66.784 |
|
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|
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Stock differential |
(174.546) |
(188.015) |
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|
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TOTAL (B) |
2082.375 |
1308.428 |
569.001 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
498.962 |
121.046 |
90.062 |
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Less |
FINANCIAL
EXPENSES (D) |
41.375 |
25.950 |
6.371 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
457.587 |
95.096 |
83.691 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.433 |
25.467 |
21.082 |
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PROFIT BEFORE
TAX (E-F) (G) |
400.154 |
69.629 |
62.609 |
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Less |
TAX (H) |
141.285 |
26.782 |
22.109 |
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PROFIT AFTER TAX
(G-H) (I) |
258.869 |
42.847 |
40.500 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
183.387 |
140.539 |
NA |
|
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BALANCE CARRIED
TO THE B/S |
442.256 |
183.386 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
0.934 |
NA |
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|
|
|
|
|
Earnings Per
Share (Rs.) |
368.90 |
952.17 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.03
|
3.00 |
6.15 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
15.62
|
4.90 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.03
|
7.39 |
17.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.31 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
3.22 |
1.04 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.09
|
3.96 |
6.96 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
During the year the turnover has increase and also the net profit of the
company. The authorized capital of the company has been increased to Rs.100.000
millions with effect form May 2010. Issued capital also increased to Rs.
100.000 millions with effect form March 2010. Business of firms Paragon Rubber
Industries and Leo Rubbers has been taken over by the company. The directors
hope to achieve better results in coming year also.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90018165 |
|
Corporate
identity number of the company |
U24134KL1990PTC005761 |
|
Name of the
company |
PARAGON POLYMER
PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
|
Particular of
charge holder |
The South Indian Bank Limited, Muttambalam P O, Kanjikuzhy,
Kottayam-686004, |
|
Email |
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Nature of
description of the instrument creating or modifying the charge |
1. Agreement of
hypothecation 2. Letter
confirming deposit of title deeds. |
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Date of
instrument Creating the charge |
15.1.2009 |
|
Amount secured by
the charge |
Rs.205.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CCOL: BPLR - 5%,
presently 11% floor, floating monthly FSL (new)
Rs.59.800 millions. BPLR - 5.50%, presently 11% floor, floating monthly All other FSL -
As per existing terms and conditions. Terms of
Repayment CCOL: in 12
months FSL (new): In 59
EMI of Rs 1.000 millions and last installment of Rs 0.800 millions commencing
after initial holiday of 12 months. Interest during holiday period to be
serviced as and when debited. All other FSL's
as per existing terms and conditions. Margin CCOL:25% on stock
and 40% on book debts FSL (new) 15% for
purchase of machinery and 40% for construction of building All other FSL's as
per existing terms and conditions. Extent and
Operation of the charge 1. HPN of entire
machinery, vehicles, book debts etc both present and future. 2.EM of land
admeasuring 1.08 Acres in Sy No 81/B and
5.59 Acres in Sy No 23/2A1b,73/3B of Kangagiri village, Sankari taluk,
Salem District together with all buildings present and future 3.EM of 12.90
Ares in Sy No 29 of Kottayam village and Taluk together with all buildings
present and future 4. EM of 11Acres
16 Gunts in Sy No 412 of Patencheru village Sangareddy Taluk, Andhra Pradesh
together with all buildings |
|
Short particulars
of the property charged |
I)
HPN
of entire machinery, vehicles, book debts etc both present and future. II)
EM of
land admeasuring 1.08 Acres in Sy No 81/B and
5.59 Acres in Sy No 23/2A1b,73/3B of Kangagiri village, Sankari taluk,
Salem District together with all buildings present and future III)
EM of
12.90 Ares in Sy No 29 of Kottayam village and Taluk together with all
buildings present and future IV)
EM of
11Acres 16 Gunts in Sy No 412 of Patencheru village Sangareddy taluk, Andhra
Pradesh together with all buildings |
|
Date of latest
modification prior to the present modification |
16.02.2009 |
|
Particulars of the
present modification |
Existing limits
revised as under- CCOL: Rs 120.000
millions , FSL (Fresh):Rs. 59.800 millions , Existing FSL's Rs 14.800
millions , Rs.8.500 millions and
Rs.2.500 millions |
Fixed Assets:
- Land
- Buildings
- Furniture and
Fixtures
- Plant and
Machinery
- Electrical
Installations
- Office
Equipments
- Vehicles
- Lab
Equipments
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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.