MIRA INFORM REPORT

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Name :                                

DINMAN POLYPACKS PRIVATE LIMITED

 

 

Registered Office :

Vardaan, Suite No. 303, 406, 25A, Camac Street, Kolkata – 700016, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.09.2003

 

 

Com. Reg. No.:

21-97040

 

 

CIN No.:

[Company Identification No.]

U97040WB2003PTC097040

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALD02869G

 

 

PAN No.:

[Permanent Account No.]

AABCD8937D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of PP Woven Bags.

 

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 110000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered small to mediocre 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. Vineet Sharma

Designation :

Manager

Contact No.:

91-9830301231

Date :

14.01.2011

 

 

LOCATIONS

 

Registered Office/Factory :

Vardaan, Suite No. 303, 406, 25A, Camac Street, Kolkata – 700016, West Bengal, India

Tel. No.:

91-33-22872358 / 22874932

Mobile No.:

91-9830301231 (Mr. Vineet Sharma)

Fax No.:

91-33-22476872

E-Mail :

vineetkumar_sharma@dinmanpolypacks.com

dokania3@yahoo.co.in

Location :

Owned

 

 

DIRECTORS

As on 30.09.2010

 

Name :

Mr. Manjeet Bahety

Designation :

Director

Address :

Sarawati Niketan, Flat No. 7A, 5 Camac Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

02.08.1974

Date of Appointment :

26.09.2003

 

 

Name :

Mr. Dinkar R. Maheshwari

Designation :

Director

Address :

Truvoli Court, 1A, Bully Gaunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.01.1959

Date of Appointment :

26.09.2003

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Manjeet Bahety

 

30000

Dinkar Maheshwari

 

25000

Renu Maheshwari

 

330000

Sushil Bahety

 

30000

Rajiv Bahety

 

15000

Elecom Exporters Private Limited (India)

 

40000

Bhai Rundan Bahety

 

30000

Communication Con. Ser. Private Limited (India)

 

95000

Manjeet Bahety (HUF)

 

25000

Satya Narayan Bahety (HUF)

 

20000

Sushil Kumar Bahety (HUF)

 

25000

Rajiv Bahety (HUF)

 

25000

Sheema Bahety

 

25000

Bhagwati Bahety

 

40000

Sarala Bahety

 

40000

Hari Shankar Bahety

 

25000

Narayan Kumar Bahety (HUF)

 

20000

Narayan Kumar Bahety

 

25000

Laxmi Bahety

 

5000

Sunanda Bahety

 

25000

Nirmala Bahety

 

30000

Mallika Bahety

 

25000

Shiv Shakti Private Limited (India)

 

50000

Total

 

1000000

 

As on 30.09.2010

 

Category

Percentage

Bodies corporate

18.50

Directors or relatives of Directors

81.50

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of PP Woven Bags.

 

 

Products :
  • PLASTIC Packing Goods
  • Laminated Goods
  • Shopping Bags
  • Promotional Bags
  • 3 Ply Bags
  • BOPP Printed Bags

 

 

Exports :

 

Products :

PP Woven Bags

Countries :

Algeria

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers, End users, OEM’s and Corporate

 

 

No. of Employees :

350 (20 in office + 330 in factory)

 

 

Bankers :

Indian Bank, Branch Strand road, 3A, Hare Street, Kolkata – 700001, West Bengal, India

 

 

Facilities :

Secured Loans

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

TERM LOAN :

 

 

West Bengal Financial Corporation

11.700

16.900

Indian Bank

26.018

0.000

WORKING CAPITAL LOAN :

 

 

Indian Bank

 

 

Overdraft Cash Credit

30.455

9.695

Export Packing Credit

0.000

5.052

Other Loans

 

 

HDFC Car Loan

0.263

0.000

Cholamandalam DBS Finance Limited

0.385

0.000

Total

68.821

31.647

 

 

 

Unsecured Loans

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

From Companies

50.086

38.416

Total

50.086

38.416

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

 Shruti Dokania and Company

Chartered Accountant

Address :

12, Mangoe Lane, 1st Floor, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-2485063 / 5085 / 5868

Fax No.:

91-33-2103569

E-Mail :

dikania@vsnl.com

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs.10/- each

Rs.20.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 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

10.000

10.000

10.000

2] Share Application Money

0.000

1.200

0.000

3] Reserves & Surplus

17.416

6.924

6.924

4] (Accumulated Losses)

0.000

(2.771)

(5.834)

NETWORTH

27.416

15.353

11.090

LOAN FUNDS

 

 

 

1] Secured Loans

68.821

31.647

39.304

2] Unsecured Loans

50.086

38.416

41.724

TOTAL BORROWING

118.907

70.063

81.028

DEFERRED TAX LIABILITIES

2.883

3.240

3.982

 

 

 

 

TOTAL

149.206

88.656

96.100

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

79.471

48.462

52.868

Capital work-in-progress

0.000

0.000

0.00

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
32.553

23.525

24.582

 

Sundry Debtors
25.233

22.984

26.981

 

Cash & Bank Balances
6.024

4.198

9.880

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
18.039

10.254

8.659

Total Current Assets
81.849

60.961

70.102

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
12.078

20.667

26.787

 

Provisions
0.036

0.100

0.114

Total Current Liabilities
12.114

20.767

26.901

Net Current Assets
69.735

40.194

43.201

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.031

 

 

 

 

TOTAL

149.206

88.656

96.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

187.759

155.003

 

 

Other Income

 

0.384

0.547

 

 

TOTAL                                     (A)

 

188.143

155.550

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Increase / (Decrease) in Stocks

 

(8.871)

3.371

 

 

Consumption of Raw Material

 

102.960

82.071

 

 

Trading Purchase

 

4.897

0.000

 

 

Consumption of Packing Printing and Stores Materials

 

24.861

16.544

 

 

Payment to and provision for Employees

 

5.708

4.695

 

 

Manufacturing and Operative Expenses

 

15.104

11.700

 

 

Foreign Exchange Fluctuation

 

0.321

(0.281)

 

 

Freight and Forwarding

 

0.880

1.167

 

 

Excise Duty Paid

 

13.242

15.051

 

 

Education Cess Paid

 

0.399

0.451

 

 

CST Paid

 

2.708

2.057

 

 

VAT Paid

 

2.413

1.926

 

 

Preliminary Expenses Written Off

 

0.000

0.032

 

 

TOTAL                                     (B)

 

164.622

138.874

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

23.521

16.766

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

10.744

9.319

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

12.777

7.447

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

5.750

5.091

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

 

7.027

2.356

 

 

 

 

 

Less

TAX                                                                  (I)

 

(0.356)

(0.707)

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

 

7.383

3.063

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

(2.771)

(5.834)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

4.612

(2.771)

 

 

 

 

 

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

4.176

5.219

 

 

Capital Goods

 

1.856

0.000

 

TOTAL IMPORTS

 

6.032

5.219

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

7.38

3.06

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
3.92

1.97

--

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.74

1.52

--

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.35

2.15

--

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.26

0.15

--

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.78

5.92

9.73

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
6.76

2.93

2.60

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CHANGE OF ADDRESS :

 

Registered office of the company has been shifted from Vardaan, Suite No. 407, 25A, Camac Street, Kolkata – 700016, West Bengal, India to the present address w.e.f. 20.03.2008

 

TRADE REFERENCES :

 

  • Amazon Agro

 

 

Bankers Charges Report as per Registry

 

This form is for

Modification of charge

Charge identification number of the modified 

90248746

Corporate identity number of the company

U97040WB2003PTC097040

Name of the company

DINMAN POLYPACKS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Vardaan, Suite No. 303, 406, 25A, Camac Street, Kolkata – 700016, West Bengal, India

Type of charge

Book Debts

Movable Property

Immovable Property

Particular of charge holder

Indian Bank, Branch Strand road, 3A, Hare Street, Kolkata – 700001, West Bengal, India

Date of instrument Creating the charge

29.11.2010

Amount secured by the charge

Rs.115.800 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

For OCC (Stocks and Book Debts) BR+CRP (3.25%)+Overhead (0.50%)+TP (0.50%) and for MTL-1 and MTL-2 BR+CRP(3.25%)+ TP(1.50%)

 

Terms of Repayment :

The Borrower agrees to repay the term loan of Rs.26.300 Millions in 24 Quarterly. Installments of Rs.1.096 Millions each, interest is payable as and when debited. OCC (Stock and Book Debts) and its sub-limits - 1 year. MTL-1 existing repayment schedule to continue.

 

Margin :

The borrower agrees to maintain a margin of 46.38% against the securities hypothecated in case of MTL account at all times and if the value of the security depreciates during the currency of the medium term loan, the borrower shall on demand give other properties as security so as to maintain the stipulated margin.

OCC and sublimits-25% on stocks and BD(90 days)

LC - 10% margin

 

Extent and Operation of the charge :

As per the agreement

 

Others :

As per the Agreement

Short particulars of the property charged
  1. Hypothecation of stocks and Book debts
  2. LC agreement and against hypothecation of Goods purchased under LC and Cash margin
  3. Counter guarantee by the company lien on cash margin
  4. Term loan agreement and against 1st charge of fixed assets to be acquired under TL I and II INCLUDING EM on land of of 2.50acres situated at EPIP, Durgapur, W.B and factory shed thereon to be purchased
  5. from Smitabh Intercon Limited EVR-Rs18.616 millions dt 26.11.09 for land and shed
  6. 2nd charge on entire existing immovable properties m Plant and Machinery and other Fixed Assets of the company created/to be created located at ADDA Industrial Promotion Park, Near Muchipara, Durapur 12, Burdwan ,1st charge with
  7. WBFC on reciprocal basis .Extns. of 1st Charge over the P&M of the company Tims Polymer Private Limited

Date of latest modification prior to the present modification

11.05.2010

Particulars of the present modification 

By the present modification, bank has granted a enhancement to MTL-2  from Rs. 20.300 millions to Rs. 26.3 millions to the borrower in addition to the continuing 'MTL-1' of Rs. 27.000 Millions and OCC of Rs. 62.000 millions and the sublimit. The Charge is extended to the enhanced limit and the Plant and Machinery of Tims Polymer Private Limited is brought under 1st Charge which was earlier with WBFC/WBDI . The loans of said WBFC/WBIDC stands closed and hence the 2nd charge of bank is converted to 1st Charge.

 

 

FIXED ASSETS :

 

  • Plant and Machinery and Electrical Installation
  • Refrigerator
  • Factory Building
  • Furniture and Fixture
  • Electrical Fitting
  • Computer
  • Leasehold Land
  • Office Premises
  • Motor Cycle
  • Motor Vehicle
  • Motor Car
  • Air Conditioner

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.53

UK Pound

1

Rs.72.55

Euro

1

Rs.60.62

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

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

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

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.