MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PAYAL POLYPLAST PRIVATE LIMITED |
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Formerly Known
As : |
PAYAL POLYMERS |
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Registered
Office : |
E-24, Netaji Subhash Marg, Daryaganj, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.03.2008 |
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Com. Reg. No.: |
55-175847 |
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CIN No.: [Company Identification
No.] |
U25200DL2008PTC175847 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP14504A |
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PAN No.: [Permanent Account No.] |
AAECP5884A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plasticizers
(DOP, DBP, TOTM, DOA, DOM DBM), Acetates and PVC Compounds |
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 |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 |
|
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 : |
E-24, Netaji Subhash Marg, Daryaganj, |
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Tel. No.: |
91-11-47112100 |
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E-Mail : |
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Website : |
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Factory 1 / Warehouse : |
C-7 SMA Industrial Area, |
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Tel. No.: |
91-11-27691643 |
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Factory 2 : |
Plot No 87,88,102 and 103,
Panchal Udyog Nagar, Bhimpore, Daman- 396210, Daman and |
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Tel. No.: |
91-260-2221636 |
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E-Mail : |
91-260-2220637 |
DIRECTORS
As On 30.09.2010
|
Name : |
Ms. Poonam Rajender Prasad Gupta |
|
Designation : |
Director |
|
Address : |
6 A, Shankracharya Marg Civil Lines, |
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Date of Birth/Age : |
30.11.1959 |
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Date of Appointment : |
25.03.2008 |
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DIN No. : |
00137169 |
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Name : |
Mr. Rajender Bajrang Lal Gupta |
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Designation : |
Director |
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Address : |
6 A, Shankracharya Marg Civil Lines, |
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Date of Birth/Age : |
06.11.1956 |
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Date of Appointment : |
25.03.2008 |
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DIN No. : |
00137056 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajender Bajrang Lal Gupta |
|
1505000 |
|
Poonam Rajender Prasad Gupta |
|
1505000 |
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Total |
|
3010000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plasticizers (DOP,
DBP, TOTM, DOA, DOM DBM), Acetates and PVC Compounds |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Finished Goods |
Tonne |
NA |
24000 |
15296 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Devinder K. Jain and Associates Chartered Accountant |
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Address : |
206, 2nd Floor, 79, Darya Ganj, |
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Tel. No.: |
91-11-41563698 |
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Mobile No.: |
91-9811026955 |
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E-Mail : |
devinderkumar_jain@rediffmail.com |
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Pan No. : |
AAHFD1719Q |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
3010000 |
Equity Shares |
Rs. 10/-
each |
Rs. 30.100
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
30.100 |
30.100 |
0.100 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
19.937 |
8.862 |
0.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.037 |
38.962 |
0.100 |
|
|
LOAN FUNDS |
|
|
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|
|
1] Secured Loans |
139.943 |
47.622 |
0.000 |
|
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2] Unsecured Loans |
30.562 |
14.311 |
0.000 |
|
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TOTAL BORROWING |
170.505 |
61.933 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.005 |
0.120 |
0.000 |
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|
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|
|
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TOTAL |
220.547 |
101.015 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.192 |
16.364 |
0.000 |
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Capital work-in-progress |
18.116 |
0.079 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
92.859
|
97.750 |
0.000 |
|
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Sundry Debtors |
143.929
|
70.442 |
0.000 |
|
|
Cash & Bank Balances |
5.100
|
1.655 |
0.100 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
71.891
|
37.469 |
0.000 |
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Total
Current Assets |
313.779
|
207.316 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
121.982
|
114.293 |
0.000 |
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Other Current Liabilities |
7.516
|
6.650 |
0.083 |
|
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Provisions |
0.042
|
1.801 |
0.000 |
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Total
Current Liabilities |
129.540
|
122.744 |
0.083 |
|
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Net Current Assets |
184.239
|
84.572 |
0.017 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.083 |
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|
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|
|
|
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TOTAL |
220.547 |
101.015 |
0.100 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
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Income |
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Other Income |
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TOTAL |
|
1102.677 |
174.449 |
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|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases and Administrative Expenses |
|
1077.287 |
160.246 |
|
|
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TOTAL |
|
1077.287 |
160.246 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
25.390 |
14.203 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
3.166 |
0.428 |
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PROFIT BEFORE
TAX |
|
22.224 |
13.775 |
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Less |
TAX |
|
11.149 |
4.913 |
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PROFIT AFTER TAX
|
|
11.075 |
8.862 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
8.862 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
19.937 |
8.862 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
|
41.500 |
3.100 |
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TOTAL EARNINGS |
|
41.500 |
3.100 |
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IMPORTS |
|
45.000 |
0.000 |
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Earnings Per
Share (Rs.) |
|
3.68 |
2.94 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.00
|
5.08 |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.69
|
6.19 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.35 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.99
|
4.74 |
0.83 |
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Current Ratio (Current Asset/Current Liability) |
|
2.42
|
1.69 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Background:
Payal Polyplast Private Limited was incorporated on 24.03.2008 for the
purpose of taking over running partnership firm Payal Polymers and Pursue other
objects as per Memorandum of Association of the company. The company is closely
held with 30 Lakhs 10 Thousand Equity Shares being held by promoters only.
Personnel:
The company does not have any employee excluding whole time directors,
drawing salary @ Rs. 0.200 million p.m, if employed for part of the year or Rs.
2.400 millions p.a, if employed for whole of the year.
Form 8:
|
Corporate
identity number of the company |
U25200DL2008PTC175847 |
||||||
|
Name of the
company |
PAYAL POLYPLAST
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
E-24, Netaji
Subhash Marg, Daryaganj, |
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This form is for |
Creation of
charge |
||||||
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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||||||
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Nature of instrument
creating charge |
Hypothecation
Agreement of goods and book-debts (For DALC/DPG/Guarantee) dated 04.11.2010
and Agreement for opening Inland Irrevocable Letters of Credit dated
04.11.2010. |
||||||
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Date of
instrument Creating the charge |
04.11.2010 |
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Amount secured by
the charge |
Rs. 14.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- @ 12.50% p.a. at monthly rests. Terms of
Repayment - Payable on demand. Margin - As per terms
of sanction. Extent and
Operation of the charge - 100% Others - To
secure all amounts payable under Adhoc ILC/FLC(DA/DP) limit of Rs. 14.000
millions granted to the Company together with all interests, costs, charges,
expenses etc. |
||||||
|
Particulars of
the property charged |
Hypothecation of
all stock of all goods and commodities purchased, acquired, received under
ILC/FLC(DA/DP) limit now lying or hereafter stored at Company's godowns,
yards and premises at E-24, N.S. Marg, Darya Ganj, New Delhi or at any other
place(s) including those in transit and all the book-debts, outstandings,
monies receivables, claims and bills arising out of the sale, disposal of the
goods received under the said credit
facilities - both present and future. |
Fixed Assets:
- Industrial
plot
- Factory
building
- Plant and
machinery
- Furniture and
fixture
- Lab
equipments
- Electric
installation
- Air
conditioners
- Office
equipments
- Cars
- Cellular
phone and fax
- Computer and
printers
- Patent and
trademark
- Scooters
AS PER WEB SITE DETAILS:
PROFILE:
Subject
is the manufacturer and a distribution company of basic chemicals and
intermediates, serving the petrochemical, polymers and plastic industry in
They are one of the major producers of plasticizers and PVC compounds in
In addition to there manufacturing activities, they have a very prominent
presence in trading, distribution and marketing of various chemical
intermediates and polymers catering to the demands of wide range of industries.
Subject is an ISO 9001:2000 and ISO14001:2004 certified company and achieves
results by adopting the best international standards of excellence. At Payal
they have been able to achieve exponential growth in terms of topline as well
as profits due to there strong focus and commitment towards there work.
Subject intends to become one of the prominent players in the Indian chemical
industry by gradually increasing the production of its existing product range,
by developing new products, creating new solutions and simultaneously
introducing value added products and services to serve diverse upcoming sectors
like plastics, construction, automobiles, pharmaceutical, bio-medical etc.
meeting critical demands of there customers and thus creating value for all
there stake holders.
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
NO |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.