MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANHIT POLYMER PRIVATE LIMITED |
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Registered
Office : |
Sriniketan Road, Bolpur, Birbhum – 731204, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.02.2004 |
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Com. Reg. No.: |
21-097950 |
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Capital Investment
/ Paid-up Capital : |
Rs.4.322 Millions |
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|
CIN No.: [Company Identification
No.] |
U25209WB2004PTC097950 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS19580B |
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PAN No.: [Permanent Account No.] |
AAICE1669J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Different Type Plastic Carrier Bags |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 140000 |
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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. Profitability
of the company appears to be low. However, 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
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Sriniketan Road, Bolpur, Birbhum – 731204, West Bengal |
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Tel. No.: |
91-3463-255560 / 234517 / 645017 |
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E-Mail : |
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Website : |
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Factory : |
Rajgaon Road, Makarampur, Bolpur Birham- 731204, West Bengal, India |
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Tel. No.: |
91-3463-257769 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Tarak Nath Dey |
|
Designation : |
Director |
|
Address : |
Hatala, Bolpur – 731204, West Bengal, India |
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Date of Birth/Age : |
01.08.1974 |
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Date of Appointment : |
27.02.2004 |
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Name : |
Mr. Himanshu Mukherjee |
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Designation : |
Director |
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Address : |
Sriniketan Road, Bolpur – 731204, West Bengal, India |
|
Date of Birth/Age : |
02.10.1973 |
|
Date of Appointment : |
27.02.2004 |
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|
Name : |
Mr. Santanu Mujumder |
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Designation : |
Director |
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Address : |
Jambuni, Bolpur – 731204, West Bengal, India |
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Date of Birth/Age : |
18.06.1973 |
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Date of Appointment : |
27.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tarak Nath Dey |
|
33000 |
|
Himanshu Mukkherjee |
|
65000 |
|
Santanu Majumder |
|
63000 |
|
Santosh Agarwal (HUF) |
|
20000 |
|
Manjudevi Agarwal |
|
60000 |
|
Santosh Agarwal |
|
26000 |
|
Sanhit Polymers |
|
200 |
|
Peral Tracom Private Limited, West Bengal |
|
4000 |
|
Exclusive Vinimay Private Limited, West Bengal |
|
5000 |
|
Sanhit Petrochemical Private Limited, West Bengal |
|
42000 |
|
Sanhit Biosolutions Private Limited, West Bengal |
|
114000 |
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|
|
|
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Total |
|
432200 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
37.25 |
|
Other top fifty shareholders |
25.00 |
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Others |
38.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Different Type Plastic Carrier Bags. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polythene Bag |
MT |
NA |
1100.00 |
634.62 |
|
Polythene Film / Sheet |
MT |
NA |
700.00 |
107.67 |
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|
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GENERAL INFORMATION
|
Bankers : |
·
United
Bank Of India, Bolpur Station Road, Bolpur - 731204, West Bengal, India ·
Kotak
Mahindra Bank, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai –
400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bidyut Majumdar Chartered Accountant |
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Address : |
Flat 1A, 90 Lake East, 4th Road, Kolkata – 700075, West
Bengal, India |
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Tel. No.: |
91-33-24161311 / 2267 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Sanhit Polymer ·
Sanhit Petrochemicals Limited ·
Sanhit Biosolutions Private Limited ·
HTS Exim Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
480000 |
Equity Shares |
Rs.10/- each |
Rs.4.800 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
432200 |
Equity Shares |
Rs.10/- each |
Rs.4.322
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 |
|
|
|
|
|
1] Share Capital |
4.322 |
3.562 |
3.462 |
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|
2] Share Application Money |
5.305 |
5.462 |
6.285 |
|
|
3] Reserves & Surplus |
24.637 |
9.032 |
6.412 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
34.264 |
18.056 |
16.159 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.134 |
20.084 |
13.982 |
|
|
2] Unsecured Loans |
3.835 |
13.397 |
3.085 |
|
|
TOTAL BORROWING |
29.969 |
33.481 |
17.067 |
|
|
DEFERRED TAX LIABILITIES |
1.125 |
1.359 |
0.280 |
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|
|
|
|
|
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TOTAL |
65.358 |
52.896 |
33.506 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.755 |
25.322 |
21.746 |
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Capital work-in-progress |
4.055 |
1.001 |
0.000 |
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INVESTMENT |
2.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.276
|
15.458 |
3.880 |
|
|
Sundry Debtors |
0.000
|
0.000 |
3.449 |
|
|
Cash & Bank Balances |
4.728
|
10.931 |
2.908 |
|
|
Other Current Assets |
7.842
|
2.997 |
4.572 |
|
|
Loans & Advances |
2.444
|
2.636 |
0.000 |
|
Total
Current Assets |
54.290
|
32.022 |
14.809 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
22.840
|
5.785 |
3.497 |
|
|
Provisions |
0.170
|
0.000 |
0.000 |
|
Total
Current Liabilities |
23.010
|
5.785 |
3.497 |
|
|
Net Current Assets |
31.280
|
26.237 |
11.312 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.268 |
0.336 |
0.448 |
|
|
|
|
|
|
|
|
TOTAL |
65.358 |
52.896 |
33.506 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sale of Goods |
144.253 |
66.306 |
38.474 |
|
|
|
Other Income |
4.122 |
2.503 |
0.106 |
|
|
|
TOTAL (A) |
148.375 |
68.809 |
38.580 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
127.430 |
52.827 |
|
|
|
|
Direct Expenses |
12.603 |
4.810 |
|
|
|
|
Operating Expenses |
0.693 |
0.345 |
|
|
|
|
Administrative Expenses |
3.455 |
5.109 |
36.705 |
|
|
|
Rates and Taxes |
0.096 |
0.338 |
|
|
|
|
Director Remuneration |
0.300 |
0.840 |
|
|
|
|
Increase / Decrease in Stock |
(1.085) |
(1.211) |
|
|
|
|
TOTAL (B) |
143.492 |
63.058 |
36.705 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.883 |
5.751 |
1.875 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.577 |
2.494 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.306 |
3.257 |
1.875 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.202 |
1.224 |
1.272 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.104 |
2.033 |
0.603 |
|
|
|
|
|
|
|
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Less |
TAX (I) |
0.173 |
0.236 |
0.075 |
|
|
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|
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
0.931 |
1.797 |
0.528 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.022 |
0.303 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.187 |
1.022 |
0.303 |
|
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.001 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
1.001 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.16 |
5.05 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.62
|
2.61 |
1.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.76
|
3.06 |
1.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34
|
3.54 |
1.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.11 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
2.17 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
5.53 |
4.23 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE FOR
THE COMPANY :
The company has produced 634.62 MT of Polythene Bag and 107.67 MT of Polythene
Film. The company sold 63.605 MT of Polythene Bag, 100.32 MT of Polythene Film
during the period ending 31st March 2010. There has been a good
response for the products that are produced from the unit and the company is
hopeful of achieving better results in the next year.
FORM : 8
|
Corporate identity number of the company |
U25209WB2004PTC097950 |
|
Name of the company |
SANHIT POLYMER PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Sriniketan Road, Bolpur, Birbhum – 731204, West Bengal,
INDIA |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others |
|
Particular of charge holder |
United Bank Of India, Bolpur Station Road,
Bolpur - 731204, West Bengal, India |
|
Nature of instrument creating charge |
1) Hypothecation of debts and moveable
assets 2) Hypothecation of moveable Plant And
Machinery 3) Hypothecation of good 4) letter of guarantee 5) Letter Of Lien 6) Letter of continuity |
|
Date of instrument Creating the charge |
01/10/2010 |
|
Amount secured by the charge |
Rs. 55.990 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 12.00% from 01.07.2010 applicable for small enterprise. Interest on Packing
Credit Account will be 9.00% i.e (B.R + 0.75) Terms
of repayment Term Loan I : Balance to be repaid within
Aug 2012 by repaying @ Rs.220000 per Month Term Loan II : Balance to be repaid in 60
consecutive installments starting from September 2010 and 2010 and last
installment will be paid on august 2015. The Amount of installment will be @
Rs.118000/- P.M Term Loan III : (Fresh) To be repaid in 72
consecutive installment staring from Sep 2011 @ Rs. 225000/- P.M Cash Credit: to be repaid on Demand. Margin For Term Loan : 28.33 % on investment in
the Thermoforming unit. For Cash Credit : 25% on stock and 40% on
book debt Extent
and operation of the charge First Charge Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Land, Building and Factory Shed situated
at Mouza - Shibpur, J.L No - 102, Plot no-27 and 39 Khatain no -428 under Raipur
Supur Gram panchayat, Shibtala-Surulm road, P.S - Bolpur, Dist – Birbhum Hypothecation of Stock and Book Debts. |
|
Particulars of the present modification |
a) Terms Loan -1 Rs 5.247 millions (Rundown Balance) b) Term Loan -II Rs. 7.080 millions (Rundown Balance) c) Term Loan -III Rs. (fresh) 16.200
millions d) cash Credit Limit :-Rs 8.000 millions e) cash Credit II: (fresh) Rs 6.000
millions f) PC backed by foreign LC ( Fresh) Rs .
12.500 millions g) Bank Guarantee Rs. 0.963 millions |
FIXED ASSETS :
·
Land and Land development
·
Factory Shed
·
Plant and Machinery
·
Electrical Installation
·
Computer
·
Utility
·
Furniture and Fixtures
·
Generator Set
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. 44.37 |
|
|
1 |
Rs. 72.34 |
|
Euro |
1 |
Rs. 63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.