MIRA
INFORM REPORT
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Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
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Name : |
OHM POLYTECH PRIVATE LIMITED |
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Registered Office : |
J-350, Bhosari MIDC, Pune-411 026, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-96864 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company
Identification No.] |
U24134MH1996PTC096864 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of paints and specialty chemicals |
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No. of Employees : |
15 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management of the company has not filed its latest financial with the government
department. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business dealing 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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Somnath |
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Designation : |
Manager |
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Contact No.: |
91-20-27130447 |
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Date : |
09.07.2011 |
LOCATIONS
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Registered Office/Factory : |
J-350, Bhosari MIDC, Pune-411026, |
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Tel. No.: |
91-20-27128531 |
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Fax No. : |
91-20-27130447 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shrikant Vitthaldas Biyani |
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Designation : |
Director |
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Address : |
224, Nana Peth, Pune-411002, |
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Date of Appointment : |
02.02.1996 |
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Name : |
Mr. Chandravadsan Vithaldas Biyani |
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Designation : |
Director |
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Address : |
A-1104, Rohan Garima, Shivaji Housing Society, Pune-411 016, |
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Date of Appointment : |
02.02.1996 |
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Name : |
Mr. Gautam Ashokkumar Roy |
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Designation : |
Director |
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Address : |
B-18, |
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Date of Appointment : |
01.05.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Somnath |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Shrikant Vitthaldas Biyani |
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20990 |
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Chandravadan Biyani |
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23000 |
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Gautam Ashokkumar Roy |
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82600 |
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Eknath Biyani |
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18000 |
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Mangla Biyani |
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20000 |
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Shivpyari Biyani |
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3000 |
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Vijay Biyani |
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3000 |
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Sunita Biyani |
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3000 |
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Neena Biyani |
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15000 |
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Monica Satyendra Rathi |
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100 |
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Manmohan Narayandas Kalyani |
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100 |
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Somnath Ramratan Bhattad |
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100 |
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Gopal Ramratan Bhattad |
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101 |
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Jaya Vijay Mantri |
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201 |
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Jayesh Biyani |
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901 |
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Sandesh Shrikant Biyani |
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501 |
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Lalita Jugalkishor Mantri |
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201 |
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Mahesh Vijay Biyani |
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401 |
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Laxmibai Ramesh Maheshwari |
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101 |
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Ramesh Lalchand Indani |
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2 |
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Ujwal Jugalkishor Mantri |
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201 |
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Sunipa Gautam Roy |
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8400 |
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Sanjivanee Gajanan Kajale |
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100 |
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Total |
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200000 |
As on 30.09.2009
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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 |
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99.20 |
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Other
top fifty shareholders |
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0.80 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of paints and specialty chemicals |
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Products : |
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Imports : |
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Products : |
Specialty Chemical |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
·
The Saraswat Co-operative Bank Limited, ·
Mahesh Sahakari Bank Limited, 372/73/74, Chhatrapati
Shivaji Market Yard, Pune-411037, ·
Thane Janta Sahakari Bank, Thane ·
Tamilnadu Mercantile Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ketkar And Shah Chartered Accountants |
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Address : |
S. No. 23 B, Plot No. 11, Earndawane, Pune-411004, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.922 |
2.367 |
1.815 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.922 |
4.367 |
3.815 |
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LOAN FUNDS |
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1] Secured Loans |
11.389 |
9.263 |
8.887 |
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2] Unsecured Loans |
14.021 |
15.452 |
19.019 |
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TOTAL BORROWING |
25.410 |
24.715 |
27.906 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.332 |
29.082 |
31.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.320 |
1.431 |
1.914 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.125 |
0.125 |
0.294 |
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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 |
0.000
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11.400
|
15.630 |
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Sundry Debtors |
17.507
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20.386
|
36.043 |
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Cash & Bank Balances |
0.018
|
0.380
|
0.355 |
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Other Current Assets |
20.790
|
1.589
|
3.857 |
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Loans & Advances |
0.000
|
5.834
|
1.183 |
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Total
Current Assets |
38.315
|
39.589
|
57.068 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.932
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8.597 |
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Other Current Liabilities |
3.229
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11.377
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21.145 |
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Provisions |
0.267
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0.686
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0.410 |
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Total
Current Liabilities |
10.428
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12.063
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21.555 |
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Net Current Assets |
27.887
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27.526
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35.513 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.332 |
29.082 |
37.721 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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TOTAL (A) |
85.622 |
116.465 |
139.831 |
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Less |
EXPENSES |
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TOTAL (B) |
84.739 |
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
0.883 |
0.883 |
1.094 |
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Less |
TAX (H) |
0.328 |
0.331 |
0.674 |
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PROFIT AFTER TAX
(G-H) (I) |
0.555 |
0.552 |
0.420 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.367 |
1.815 |
1.394 |
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Less |
APPROPRIATIONS |
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BALANCE CARRIED
TO THE B/S |
2.922 |
2.367 |
1.815 |
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Earnings Per
Share (Rs.) |
2.78 |
2.76 |
--
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Particulars |
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31.03.2011 |
31.03.2010 |
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Sales Turnover (Approximately) |
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105.000 |
100.000 |
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Expected Sales (2011-2012) : Rs.120.000 Millions
The above information has been parted by Mr. Somnath
KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
0.65
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0.43
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.17
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2.15
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1.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.20
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0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.28
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8.42
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12.96 |
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Current Ratio (Current Asset/Current Liability) |
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3.67
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3.28
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2.65 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered address of the company has been shifted from Pune-411002,
Financial
Highlights:
The company has achieved turnover of Rs.85.622 Millions report against
Rs.116.465 Millions during the previous year and earned Net Profit of Rs.0.555
Million as against Rs.0.552 Million in previous year. The reduced turnover and
profits can be attributed to slow down of the economy.
The Company provides specialized resins and chemicals to reputed
companies such as BASF India Limited, Clarient India Limited, Chaugule
Steamships Limited, Scanectady Beck India Limited
The directors are confident that this trend will continue in future and
the Company will be able to achieve higher turnover.
Bankers Charges Report
as per Registry
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Name of the company |
OHM POLYTECH PRIVATE LIMITED |
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Presented By |
OHM POLYTECH PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated 18.03.2004 Deed of Simple
Mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece
and parcel of property bearing Plot No. J 350, M.I.D.C Pimpri, Pune-411026
admeasuring 540 sq. meter together with building sheds and structures now
standing or to be hereafter constructed |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan of
Rs.1.500 Millions Rate of Interest
: 15% p.a. Repayment : In 60
monthly installments of Rs. 0.037 Million each |
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5) Name and Address and description of the person entitled to the charge. |
Mahesh Sahakari Bank Limited, 372/73/74, Chhatrapati Shivaji Market
Yard, Pune-411037, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10008108 |
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Corporate
identity number of the company |
U24134MH1996PTC096864 |
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Name of the
company |
OHM POLYTECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
J-350, Bhosari MIDC, Pune-411026, |
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Type of charge |
Book Debts Movable Property Immovable
Property Others |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation for Additional advances (Supplemental Deed) dated 5th
February 2009 and recording letter evidencing deposition of original title
deeds dated 5th February 2009 (Both these documents create a
single charge.) |
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Date of
instrument Creating the charge |
05.02.2009 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At PLR + 0.50% =
14.00% p.a. with monthly rests, or at such rates as may prescribed in future
by the bank form time to time present PLR is 13.50% p.a. Terms of
Repayment Repayable on
Demand Margin 30% Extent and Operation
of the charge Type of Facility
– Cash Credit Others As per the terms
and conditions of the agreement |
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Short particulars
of the property charged |
All Stock Viz.
Raw Material, Finished and semi finished goods etc, and all book debts,
outstanding, monies receivables, claim and bills, and all tangible movable
property (both present and future) lying at the borrower/s place of business
at Plot No.J-350, In Pimpari Industrial Area, MIDC at Village Bhosari Taluka
Haveli District Pune and Elsewhere |
Fixed Assets:
·
·
Boxer Motor Cycle
·
Canter
·
Computer
·
Computer Software
·
Electrical Fittings
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Maruti WagonR
·
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Fax Machine
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Furniture and Fixtures
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Maruti Car – Zen
·
Plant and Machinery
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--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.