%20PRIVATE%20LIMITED%20-%20149600%2029-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
POLYRUB EXTRUSIONS ( |
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|
Formerly Known
As : |
POLYRUB EXTRUSIONS ( |
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Registered
Office : |
Unit No. 77, Mistry Industrial Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.10.2005 |
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Com. Reg. No.: |
11-156873 |
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Capital
Investment / Paid-up Capital : |
Rs.9.950 millions |
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CIN No.: [Company Identification
No.] |
U25110MH2005PTC156873 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP21218B |
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PAN No.: [Permanent Account No.] |
AADCP7071L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers
and Exporters of industrial rubber hoses like fuel hoses, vacuum and canister
hoses water hoses |
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No. of Employees
: |
74 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of Polyrub Extrusions ( It is well established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Unit No. 77, Mistry Industrial Complex, |
|
Tel. No.: |
91-22-26870360 / 28300360 / 28321769 / 28366494 / 6441 / 26870441
/ 26871769 / 26872696 / 26870330 |
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Fax No.: |
91-22-28367339 / 26870339 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. W-102 D, MIDC, Thane Belapur, Khairane, Navi Mumbai – 400705,
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Tel. No.: |
91-22-65163530 / 65163531 / 55903530 / 55903531 / 55901770 / 71 |
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Fax No.: |
91-22-55903532 / 27616687 |
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E-Mail : |
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Factory : |
SUJAN INDUSTRIES 16, 17 / 77, Mistry Industrial Complex, Tel 91-22-2687 0441, 91-22-2687 1769 Fax : 91-22-2687 0339 E-mail: sujan@bom3.vsnl.net.in
Plat No. W- 129 A, Tel: 91-22-5590 3530, 91-22-5590 3531, 91-22-5590 1770/71 Fax : 91-22-5590 3532 E-mail : polyrub@mantraonline.com E-mail : polyrub@vsnl.net
Building No. 1, Agarwal Udyog Nagar Waliv, Tel: 91- 0250-454 365, 91- 0250-454 520 Fax: 91- 0250-454 519 E-mail : mega_rubber@vsnl.com
Unit no. 5, Waliv, Tel: 91- 0250-454 365, 91- 0250-454 520 Fax: 91- 0250-454 519 E-mail : mega_rubber@vsnl.com
3, Mistry Industrial Complex, Tel : 91-22-2687 0360 Fax: 91-22-2687 0339 E-Mail : sujan@bom3.vsnl.net.in
89, Mistry Industrial Complex,M.I.D.C, Tel : 91-22-2687 0360 Fax : 91-22-2687 0339 E-Mail : sujan@bom3.vsnl.net.in |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Tulsi Sujan |
|
Designation : |
Director |
|
Address : |
401/402, Gulshan, Junction of Ahinsa Marg, and |
|
Date of Birth/Age : |
18.03.1949 |
|
Date of Appointment : |
19.10.2005 |
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DIN No. : |
01561095 |
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|
|
|
Name : |
Mrs. Kanchan Ghanshyam Sujan |
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Designation : |
Director |
|
Address : |
901, Buena Vista, |
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Date of Birth/Age : |
02.07.1961 |
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Date of Appointment : |
19.10.2005 |
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DIN No. : |
02420987 |
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|
|
|
Name : |
Mrs. Sheetal Neel Sujan |
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Designation : |
Director |
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Address : |
802/902, |
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Date of Birth/Age : |
01.3.1960 |
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Date of Appointment : |
19.10.2005 |
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DIN No. : |
02420986 |
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|
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Name : |
Mr. Satvinderkaur Vijay Sujan |
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Designation : |
Director |
|
Address : |
302, Kripa Nidhi, Plot No. 27, JVPD Scheme , Gulmohur Cross Road 4,
Vile parle (West), Mumbai-400056, |
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Date of Birth/Age : |
09.10.1974 |
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Date of Appointment : |
19.10.2005 |
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DIN No. : |
02420992 |
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|
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Name : |
Mr. Ashok Sujan |
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Designation : |
Director |
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Address : |
1701, Green Acre, Plot 325, Lokhandwala Complex, Andheri West, Mumbai
400 058, |
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Date of Birth/Age : |
20.12.1950 |
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Date of Appointment : |
19.10.2005 |
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DIN No. : |
01424203 |
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|
|
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Name : |
Mrs. Padma Harish Sujan |
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Designation : |
Director |
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Address : |
B 4/6, Basant Park, |
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Date of Birth/Age : |
22.3.1949 |
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Date of Appointment : |
19.10.2005 |
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DIN No. : |
01560907 |
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|
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Name : |
Mr. Jayprakash Vasdani |
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Designation : |
Director |
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Address : |
703-C, Ganga Estate, |
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Date of Birth/Age : |
12.04.1955 |
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Date of Appointment : |
19.10.2005 |
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DIN No. : |
01424172 |
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|
|
|
Name : |
Mr. Ghanshyam R. Sujan |
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Designation : |
Director |
|
Address : |
901, Buena Vista, |
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Date of Birth/Age : |
18.07.1954 |
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Date of Appointment : |
01.10.2007 |
|
DIN No. : |
02420985 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tulsi Rewachand
Sujan |
|
142142 |
|
Jai Prakash Vasdani |
|
142143 |
|
Ashok Rewachand Sujan |
|
142143 |
|
Padma Harish Sujan |
|
142143 |
|
Kanchan R Sujan |
|
142143 |
|
Sheetal Neel Sujan |
|
142143 |
|
Satvinderkaur Vijay Sujan |
|
142143 |
|
Total |
|
995000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of industrial rubber hoses like fuel hoses, vacuum and canister
hoses water hoses |
|
|
|
|
Products : |
·
Fuel Hoses ·
Vacuum / Cannister / Breather Hoses ·
Radiator / Heator / Coolant Hoses ·
Oil Hoses |
GENERAL INFORMATION
|
No. of Employees : |
74 Approximately |
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Bankers : |
·
Standard Chartered Bank SME Credit, 23-25, M ·
Citibank Trent House, 2nd Floor, G
Block, Plot No. C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051, ·
ICICI Bank Limited ·
Kotak Mahindra Bank ·
HDFC Bank Limited ·
State Bank of ·
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A V Rohira Chartered Accountant |
|
Address : |
B-202, 2nd Floor, Grand Bella Vista, Near Jari Mari Temple,
S V Road, Bandra (West), Mumbai – 400 050, Maharashtra, India |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
995000 |
Equity Shares |
Rs.10/- each |
Rs.9.950
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 |
9.950 |
9.950 |
9.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
101.887 |
87.078 |
69.249 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
111.837 |
97.028 |
79.199 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
199.511 |
157.931 |
153.537 |
|
|
2] Unsecured Loans |
115.164 |
107.887 |
89.927 |
|
|
TOTAL BORROWING |
314.675 |
265.818 |
243.464 |
|
|
DEFERRED TAX LIABILITIES |
6.551 |
4.802 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
433.063 |
367.648 |
322.663 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
314.222 |
306.693 |
63.983 |
|
|
Capital work-in-progress |
0.609 |
0.000 |
194.309 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.741 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.262
|
33.719 |
39.601 |
|
|
Sundry Debtors |
120.459
|
55.890 |
53.537 |
|
|
Cash & Bank Balances |
3.652
|
7.482 |
1.565 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
46.603
|
43.850 |
31.553 |
|
Total
Current Assets |
216.976
|
140.941 |
126.256 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.127
|
46.809 |
25.141 |
|
|
Other Current Liabilities |
39.287
|
15.254 |
7.731 |
|
|
Provisions |
0.000
|
35.616 |
29.882 |
|
Total
Current Liabilities |
114.414
|
97.679 |
62.754 |
|
|
Net Current Assets |
102.562
|
43.262 |
63.502 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.064 |
0.128 |
|
|
Preliminary Expenses |
15.670 |
17.629 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
433.063 |
367.648 |
322.663 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
464.591 |
313.706 |
301.253 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.722 |
52.053 |
60.532 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (D) |
29.578 |
5.910 |
6.919 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.144 |
46.143 |
53.613 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.647 |
15.778 |
12.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
23.497 |
30.365 |
41.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.176 |
11.328 |
14.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
16.321 |
19.037 |
26.861 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.078 |
69.249 |
39.128 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Income Tax adjustments |
1.512 |
0.000 |
(3.260) |
|
|
|
Opening Gratuity Liability |
0.000 |
1.208 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
101.887 |
87.078 |
69.249 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
73.271 |
24.239 |
24.239 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.40 |
-- |
-- |
|
%20PRIVATE%20LIMITED%20-%20149600%2029-Jul-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20149600%2029-Jul-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20149600%2029-Jul-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
5.06
|
9.68 |
13.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.42
|
6.78 |
21.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.31 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.84
|
3.75 |
3.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.44 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from 90, Mistry Industrial
Estate, MIDC Cross Road ‘A’, Andheri East, Mumbai – 400 093, Maharashtra, India
to the present address w.e.f. 14.06.2007.
OPERATIONS
The Company has posted encouraging results during the year having posted
a sales turnover of Rs.464.591 millions as compared to Rs.313.706 millions in
the previous year, representing a jump of 48%.
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF
·
The Company has provided letter of undertaking to
the Custom Authorities for Rs.43.855 millions
·
The Company has provided corporate gurantee to
Citibank N.A. in respect of credit facilities availed, aggregating to
Rs.155.000 millions by Sister concern M/s. Mega Rubbers Technologies Private
Limited in which the directors of the Company are directors / members having substantial
interest.
·
The Company has provided corporate guarantee to
Standard Chartered Bank in respect of credit facilities availed, aggregating to
Rs.10.000 millions by Sister concern M/s. Mega Rubbers Technologies Private
Limited in which the directors of the Company are directors / members having
substantial interest.
FORM 8
|
Corporate identity number of the company |
U25110MH2005PTC156873 |
|
Name of the company |
POLYRUB EXTRUSIONS ( |
|
Address of the registered office or of the principal place of business in |
Unit No. 77, Mistry Industrial Complex, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80005764 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
Citibank Trent House, 2nd Floor, G Block, Plot No. C60, Bandra Kurla
Complex, Bandra (E), Mumbai – 400 051, |
|
Nature of instrument creating charge |
Deed of Modification |
|
Date of instrument Creating the charge |
15.02.2011 |
|
Amount secured by the charge |
Rs.114.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank
from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Current Assets and Movable Fixed Assets to the Bank hypothecated
by way of first charge, as security
for the repayment of the revised facilities of Rs.114.000 millions,
together with all interest, liquidated damages, premia on prepayment or on
redemption, costs, charges and other expenses payable by Company to the Bank. Others The Bank has released the Cross Collateral security on hypothecated
Assets of subject and Mega Rubber Technologies Private Limited earlier
provided as security for repayment and
discharged of the facilities granted to subject and Mega Rubber Technologies
Private Limited |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
·
The whole of movable assets, including Plant and
Machinery, both present and future, Stocks of Raw Materials, goods in process
of manufacture, semi-finished goods and
·
All of the borrower's present and future book
debts, outstanding Monies, receivables, claims, bills, investments, rights to
or on movable properties and movable |
|
Particulars of the present modification |
The charge shall now stand revised from Rs.148.000 millions to
Rs.114.000 millions in favour of Citibank N.A against the security of all
plant and machinery, stocks of raw materials, goods in process and finished
goods and book debts of the Company. |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Furniture and Fixture
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.44.13 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.