%20PRIVATE%20LIMITED%20-%20144806%2013-Jun-2011_files/image002.jpg){kind=small}
1. Summary Information
|
|
|
Country |
|
|
Company Name |
Specialty
Polyfilms ( |
Principal Name 1 |
Mr. Shantanu
Manohar Deshpande |
|
Status |
Moderate |
Principal Name 2 |
Mrs. Asha Manohar
Deshpande |
|
|
|
Registration # |
11-125209 |
|
Street Address |
Plot No. F – 89,
MIDC Area Waluj, |
||
|
Established Date |
23.03.2000 |
SIC Code |
-- |
|
Telephone# |
91-240-2551015 /
2554045 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-240-2554046 /
2554046 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
LLDPE Stretch Cling
Films. |
|
|
# of employees |
200 (approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.29,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of
directors-100.00% |
Banking |
State Bank of |
|
Public Limited Corp. |
No |
Business Period |
11 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
48,644,000 |
Current Liabilities |
16,359,000 |
|
Inventories |
51,831,000 |
Long-term Liabilities |
136,917,000 |
|
Fixed Assets |
97,093,000 |
Other Liabilities |
5,783,000 |
|
Deferred Assets |
000 |
Total Liabilities |
159,059,000 |
|
Invest& other Assets |
2,391,000 |
Retained Earnings |
11,900,000 |
|
|
|
Net Worth |
40,900,000 |
|
Total Assets |
199,959,000 |
Total Liab. & Equity |
199,959,000 |
|
Total Assets (Previous Year) |
132,847,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
190,654,000 |
Net Profit |
180,000 |
|
Sales(Previous yr) |
133,054,000 |
Net Profit(Prev.yr) |
4,093,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPECIALTY POLYFILMS ( |
|
|
|
|
Registered
Office : |
Plot No. F – 89,
MIDC Area Waluj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
23.03.2000 |
|
|
|
|
Com. Reg. No.: |
11-125209 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.29.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH2000PTC125209 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKS04309E/
NSKS04348B/ NSKS07046E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of
LLDPE Stretch Cling Films. |
|
|
|
|
No. of Employees : |
200
(approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 160000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Plot No. F – 89, MIDC
Area Waluj, |
|
Tel. No.: |
91-240-2551015 /
2554045 |
|
Fax No.: |
91-240-2554046 /
2554046 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 24.09.2010)
|
Name : |
Mr. Shantanu
Manohar Deshpande |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
18 Sahyog Nagar,
Ulkanagri Garkheda, Aurangabad – 431005, Maharashtra, India |
|
Date of
Birth/Age : |
21.09.1969 |
|
Date of
Appointment : |
23.03.2000 |
|
DIN No. : |
00388944 |
|
|
|
|
Name : |
Mrs. Asha Shantanu
Deshpande |
|
Designation : |
Director |
|
Address : |
18 Sahyog Nagar,
Ulkanagri Garkheda, Aurangabad – 431 005, Maharashtra, India |
|
Date of
Birth/Age : |
02.12.1972 |
|
Date of
Appointment : |
01.04.2005 |
|
DIN No. : |
00389026 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 24.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Shantanu Manohar
Deshpande |
|
1765468 |
|
Shashank Manohar
Deshpande |
|
271645 |
|
Madhavi Manohar Deshpande |
|
53550 |
|
Asha Shantanu
Deshpande |
|
800837 |
|
Priya Manohar
Deshpande |
|
8500 |
|
Total |
|
2900000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
LLDPE Stretch Cling Films. |
GENERAL INFORMATION
|
No. of Employees : |
200
(approximately) |
|
|
|
|
Bankers : |
Ř
Janata
Sahakari Bank Limited, Mumbai Ř
Janata
Sahakari Bank Limited, Pune Ř
HDFC
Bank Limited, Ř
ICICI
Bank Limited, Ř
IDBI
Bank Limited, Ř United Western Bank Limited, Ř Janata Sahakari Bank Limited, Pune Branch, Ř
State
Bank of Industrial
Finance Branch, Jaggi’s Building, Kranti Chowk, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Patil and
Associates Charted
Accountants |
|
Address : |
“Veer Shanti”,
Kranti Chowk, Aurangabad – 431005, Maharashtra, India |
|
Pan No.: |
ABFPP1555R |
CAPITAL STRUCTURE
(AS ON 24.09.2010)
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 |
|
|
|
|
|
|
2900000 |
Equity Shares |
Rs.10/- each |
Rs.29.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.000 |
27.000 |
19.900 |
|
|
2] Share Application Money |
0.000 |
0.052 |
5.101 |
|
|
3] Reserves & Surplus |
11.900 |
11.720 |
7.668 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
40.900 |
38.772 |
32.669 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
124.543 |
70.912 |
36.318 |
|
|
2] Unsecured Loans |
12.374 |
12.202 |
12.170 |
|
|
TOTAL BORROWING |
136.917 |
83.114 |
48.488 |
|
|
DEFERRED TAX LIABILITIES |
5.783 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
183.600 |
121.886 |
81.157 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
97.093 |
12.281 |
14.299 |
|
|
Capital work-in-progress |
0.339 |
43.333 |
6.677 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.110 |
0.110 |
0.110 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.584 |
0.491 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51.831
|
28.437
|
25.643 |
|
|
Sundry Debtors |
34.710
|
22.070
|
26.974 |
|
|
Cash & Bank Balances |
0.414
|
3.004
|
0.775 |
|
|
Other Current Assets |
10.617
|
6.660
|
3.532 |
|
|
Loans & Advances |
2.903
|
14.054
|
11.126 |
|
Total
Current Assets |
100.475
|
74.225
|
68.050 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
4.299
|
4.281
|
3.591 |
|
Total
Current Liabilities |
16.359
|
10.961
|
12.447 |
|
|
Net Current Assets |
84.116
|
63.264
|
55.603 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.942 |
2.314 |
3.977 |
|
|
|
|
|
|
|
|
TOTAL |
183.600 |
121.886 |
81.157 |
|
%20PRIVATE%20LIMITED%20-%20144806%2013-Jun-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20144806%2013-Jun-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20144806%2013-Jun-2011_files/image005.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Gross Sales) |
190.654 |
133.054 |
130.687 |
|
|
|
Other Income |
0.209 |
0.373 |
0.293 |
|
|
|
TOTAL |
190.863 |
133.427 |
130.980 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
176.206 |
125.236 |
124.398 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
176.206 |
125.236 |
124.398 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.657 |
8.191 |
6.582 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.093 |
2.283 |
2.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.564 |
5.908 |
3.819 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.384 |
1.815 |
0.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.180 |
4.093 |
3.027 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.06 |
1.52 |
-- |
|
%20PRIVATE%20LIMITED%20-%20144806%2013-Jun-2011_files/image006.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20144806%2013-Jun-2011_files/image007.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.09 |
3.07
|
2.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.44 |
4.44
|
2.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.32 |
6.83
|
4.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.15
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.75 |
2.43
|
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.14 |
6.77
|
5.47 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The company has achieved a gross
turnover of Rs.190.654 Millions as compared to the gross turnover of Rs.133.054
Millions of last year at a growth rate of 43.29 % and has earned Cash Profit of
Rs. 14.657 Millions during this year as compared to Cash Profit of Rs.8.191
Millions of preceeding year.
During the year under
consideration, the company has made expantion and new unit is started at the
F-102, MIDC, Waluj, Aurangabad. Hence the Director's hope that operating
results of current year will be much more encouraging and will result in good
profits.
FIXED ASSETS:
v
Land
v
Buildings
v
Goodwill
v
Electrical
Installation
v
Furniture
and Fixtures
v
Storage
Racks
v
Office
Equipments
v
Vehicles
v
Plant
and Machinery
v
Computers
etc.
FORM: 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10008301 |
|
Corporate
identity number of the company |
U25209MH2000PTC125209 |
|
Name of the
company |
SPECIALITY
POLYFILMS ( |
|
Address of the
registered office or of the principal place of business in |
F-89, MIDC Area
Waluj, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
property Others- Personal
Guarantee of Director and Others |
|
Particular of
charge holder |
State Bank of Industrial
Finance Branch, Jaggi’s Building, Kranti Chowk, E-Mail: sbifbau@bom4.vsnl.net.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
agreement of loan-cum –hypothecation 2 Guarantee
Agreement 3 Memorandum for
recording extension of mortgage by deposit of title deeds covering enhance
limits 4. Letter of
Arrangement |
|
Date of instrument
Creating the charge |
10.03.2010 |
|
Amount secured by
the charge |
Rs.149.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC- 0.75% above
SBAR Pre. effective rate - 12.5% p.a., TL -I-12.5% p.a., TL -II-13.75% p.a.,
TL -III-14.25% p.a., BG - 2.75% p.a.
& handling charges Rs.250/- , LC - 0.30% p.m. Terms of
Repayment 1. CC -Repayment
on Demand 2. TL I of
Rs.59.400 Millions repayable in 65 monthly installments commencing from July
09 repayment as per LOA dtd. 12.5.2009 3. TL II of
Rs.6.000 Millions repayable in 71 monthly installments commencing from April
09 repayment schedule as per LOA dtd. 12.5.2009 4. Add. WCDL:
payable within 1 year April 2010 to Sept 2010 – Rs.1500000 plus interest 5. TL - III -
repayable in 57 monthly installments commencing from October 2010 last
installment on December 2014 Margin Raw Materials
Imported 25%, SFG - 35%, FG - 30%,
Domestic receivables - 30%, Export receivables - 30% TL - 33%, LC - 25%, Raw
Materials : Indigenous 25%, BG - 25% Extent and
Operation of the charge Exclusive first
charge on fixed as well as assets of the company Others Personnel
guarantee of Mr. Shantanu M. Deshpande, Mr. Shashank M. Deshpande and Mrs.
Asha S. Deshpande, Directors of the company. |
|
Short particulars
of the property charged |
Primary security
of Hypothecation of stock of Raw Materials, SFG, FG, Good in process,
consumables, Book Debts, all current assets, and Plant and Machinery and
other assets purchased out of Bank finance Extension of equitable mortgage of
factory land and building situated at F-89, and F-102, MIDC Waluj, Aurangabad
Hypothecation of unencumbered Plant and Machinery situated at F-89 and F-102
MIDC Waluj Aurangabad Assignment of LIC policies in the name of Shantanu
Deshpande and Mr. Shashank Deshpande Extension of Mortgage of All that piece
and parcel of factory land and Building bearing Plot No F-89, MIDC Waluj
Aurangabad adms. 1800 Sq mtrs Extension of Equitable Mortgage of Plot No
F-102, Waluj MIDC, Ranjangaon, Waluj
Aurangabad Adms. 5000 Sq. mtrs Lien on STDR for Rs.1.000 Million
issued at Ind Fin Branch Aurangabad Cash margin for L/C Rs.2.500 Millions |
|
Particulars of the present modification |
Enhancement in
overall limits from Rs.135.400 Millions to Rs.149.700 Millions by increase in
CC Limit Rs.10.000 Millions, Cancellation of SLC Limit Rs.6.000 Millions
grant of fresh Term Loan-3 for Rs.17.500 Millions, and reduction in LC Limit
Rs.7.500 Millions and fresh sanction of forward Booking Limit Rs.0.300
Millions. |
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
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 |
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.