MIRA
INFORM REPORT
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Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
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Name : |
KARAN POLYMERS PRIVATE LIMITED |
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Registered Office : |
56E, Hemant Basu Sarani, Stephen House, 4th Floor, Room No.
57ABC, Kolkata – 700001, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.04.1997 |
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Com. Reg. No.: |
21-84089 |
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Capital
Investment / Paid-up Capital : |
Rs.26.807 millions |
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CIN No.: [Company
Identification No.] |
U28113WB1997PTC084089 |
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IEC No.: |
0298017326 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK02324A |
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PAN No.: [Permanent
Account No.] |
AABCK3114F |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of PVC Pipes and
Fitting, Master batches etc |
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No. of Employees : |
40 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 231000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 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. The company can be considered for business dealings with some caution. |
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 (General Details)
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Name : |
Mr. Shyam Lal Agarwal |
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Designation : |
Director |
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Contact No: |
91-9830036400 |
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Date : |
17.06.2011 |
LOCATIONS
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Registered Office : |
56E, Hemant Basu Sarani, Stephen House, 4th Floor, Room No.
57ABC, Kolkata – 700001, West |
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Tel. No.: |
91-33-22623124 / 22433640/ 22429745 |
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Mobile No.: |
91-9830036400 [Mr. Shyam Lal Agarwal] |
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Fax No.: |
91-33-22433091 |
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E-Mail : |
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Website : |
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Area: |
600 Sq.ft |
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Location : |
Rented |
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Factory : |
Jalan Industrial Complex 29.5 Mile Stone Bipparanna
Para,Damjur,Hawrah, West |
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Location: |
Owned |
DIRECTORS
As on 16.08.2010
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Name : |
Mrs. Varsha Agarwal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.01.1978 |
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Qualification : |
B A |
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Date of Appointment : |
10.09.2005 |
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DIN No. : |
00115798 |
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Name : |
Mr. Shyam Lal Agarwal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.12.1971 |
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Qualification : |
B. Com |
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Date of Appointment : |
25.04.1997 |
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DIN No. : |
00115643 |
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Name : |
Mr. Malchand Agarwal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.06.1944 |
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Date of Appointment : |
25.04.1997 |
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DIN No. : |
00118006 |
KEY EXECUTIVES
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Name : |
Mr. S K Sinha |
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Designation : |
Account Manager |
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Name : |
S A Associates |
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Designation : |
Company Secretary |
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Address : |
Swastik 334/157, |
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Tel No.: |
91-33-25342445 / 25343481 |
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Mobile No.: |
91-9830016001 |
SHAREHOLDING PATTERN
[As on 16.08.2010]
|
Names of Shareholders |
No. of Shares |
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Mal Chand Agarwal |
95100 |
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Shyam Lal Agarwal |
167600 |
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Shakuntala Devi Agarwal |
11000 |
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Shikha Agarwal |
770000 |
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Mal Chand Agarwal and Sons HUF |
42500 |
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Anil Agarwal |
87000 |
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Kusum Management Services Private Limited ( |
50000 |
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Vidyadhar Agarwal |
15000 |
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Shakuntala Devi Agarwal |
650000 |
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Varsha Agarwal |
90000 |
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Reliance Finvest Private Limited ( |
50000 |
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Anil Agarwal and Sons (HUF) |
50000 |
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S.L. Agarwal and Sons HUF |
200000 |
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Kunal Foundation Private Limited ( |
402500 |
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Total |
2680700 |
Equity Share Breakup (Percentage of Total Equity)
[As on 16.08.2010]
|
Category |
Percentage |
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Bodies Corporate |
18.75 |
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Directors or relative of directors |
80.28 |
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Other top fifty (50) shareholders |
0.97 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Pipes and
Fitting, Master batches etc |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Rigid PVC Pipes |
Mtrs |
1385781 |
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Rigid PVC Strainer |
Mtrs |
59143 |
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Rigid PVC Pipe Fittings |
Pcs. |
144955 |
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Rigid PVC Parings and Scrap |
Kgs. |
145728 |
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Solvent Cement |
Ltrs. |
4762 |
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SWR Pipes |
Mtrs. |
37836 |
GENERAL INFORMATION
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No. of Employees : |
40 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P K Agarwalla and Company Chartered Accountant |
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Address : |
33/1 Netaji Subhas Road, Marshall House, 7th Floor, Room
No. 713 and 714, Kolkata – 700 001, West |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2680700 |
Equity Shares |
Rs.10/- each
|
Rs.26.807
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.807 |
24.932 |
23.932 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.018 |
16.897 |
7.835 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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57.825 |
41.829 |
31.767 |
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LOAN FUNDS |
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1] Secured Loans |
0.892 |
0.000 |
5.493 |
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2] Unsecured Loans |
5.235 |
2.145 |
1.346 |
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TOTAL BORROWING |
6.127 |
2.145 |
6.839 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.952 |
43.974 |
38.606 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.896 |
11.128 |
11.042 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.713
|
8.260
|
13.876
|
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Sundry Debtors |
17.134
|
28.573
|
22.125
|
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Cash & Bank Balances |
5.353
|
6.407
|
0.262
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
8.764
|
7.576
|
6.925
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Total
Current Assets |
55.964
|
50.816
|
43.188
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.423
|
17.177
|
14.559
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Other Current Liabilities |
0.000
|
0.000
|
0.000
|
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Provisions |
0.525
|
0.793
|
1.065
|
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Total
Current Liabilities |
15.948
|
17.970
|
15.624
|
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Net Current Assets |
40.016 |
32.846 |
27.564
|
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MISCELLANEOUS EXPENSES |
0.040 |
0.000 |
0.000 |
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TOTAL |
63.952 |
43.974 |
38.606 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
162.431 |
142.571 |
133.567 |
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Other Income |
0.538 |
0.402 |
1.294 |
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TOTAL |
162.969 |
142.973 |
134.861 |
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Less |
EXPENSES |
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Cost of Goods Sold |
129.291 |
110.317 |
100.213 |
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Manufacturing Expenses |
8.279 |
7.858 |
22.219 |
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Payments and Amenities to Employees |
3.939 |
2.964 |
2.123 |
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Administrative Expenses |
2.143 |
1.618 |
1.277 |
|
|
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Selling and Distribution Expenses |
14.897 |
15.443 |
4.648 |
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Preliminary expenses written off |
0.010 |
0.000 |
0.000 |
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TOTAL |
158.559 |
138.200 |
130.480 |
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.410 |
4.773 |
4.381 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES |
1.032 |
1.128 |
1.310 |
|
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|
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|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.378 |
3.645 |
3.071 |
|
|
|
|
|
|
|
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|
Less |
DEPRECIATION/
AMORTISATION |
1.856 |
1.739 |
1.471 |
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|
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PROFIT BEFORE
TAX |
1.522 |
1.905 |
1.600 |
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Less |
TAX |
0.526 |
0.843 |
0.700 |
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PROFIT AFTER TAX
|
0.996 |
1.062 |
0.900 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.897 |
3.835 |
2.935 |
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BALANCE CARRIED
TO THE B/S |
5.893 |
4.897 |
3.835 |
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|
Earnings Per
Share (Rs.) |
0.37 |
0.44 |
0.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.61 |
0.74 |
0.67
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.94 |
1.34 |
1.20
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.90 |
3.08 |
2.95
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.05 |
0.05
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Debt Equity Ratio (Total Liability/Networth) |
|
0.38 |
0.48 |
0.71
|
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Current Ratio (Current Asset/Current Liability) |
|
3.51 |
2.83 |
2.76
|
LOCAL AGENCY FURTHER INFORMATION
Change of Address
:
Registered office of the company has been shifted from 29,
Performance and Operational Result :
During the year Company's turnover in pipe and pipe
fittings improved moderately as compared to last year inspite of price
fluctuations and competitive condition prevailing in the market. The company's
overall performance was satisfactory.
Form No. 8
|
Corporate
identity number of the company |
U28113WB1997PTC084089 |
|
Name of the
company |
KARAN POLYMERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
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|
This form is for |
Creation of
charge |
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Type of charge |
Immovable property |
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Particular of
charge holder |
State Bank of Address : SSI Branch,
Bhowanipore, 39 Shakespeare Sarani, Kolkata – 700 017, West E-mail: sbi.04833@sbi.co.in |
|
Nature of
instrument creating charge |
Memorandum for
recording creation of mortgage by deposit of title deeds. (in the office of
State Bank of India, SSI Branch, Bhowanipore, 39, Shakespeare Sarani, Kolkata
– 700 017) |
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Date of
instrument Creating the charge |
18.09.2006 |
|
Amount secured by
the charge |
Rs.19.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Interest enhanced interest, fees, commission, charges, costs and expenses including the legal costs from time to time according to Banking norms and RBI Guidelines.
On Demand Margin : As may be
stipulated by the Bank for the respective assets from time to time. Extent and Operation of the charge : First charge on
the whole of the mortgaged properties. |
|
Short Particulars
of the present modification |
·
Deed
No. I-1617, Book No. 1, Vol. No. 27, Pages 129-134 for the year ’97, regd. in
the Office of the Addl Dist Sub Reg. Domjur, Howrah measuring 6 satak. ·
Deed
No. I-1618, Book No. 1, Vol. No.27, Pages 135-146 for the year ’97, regd. in
the Office of the Addl Dist Sub Register Domjur, Howrah measuring 73 Satak ·
Deed
No. I-2709, Book No. 1, Vol. No. 45, Pages 303-310 for the year ’97, regd. in
the Office of the Addl Dist Sub Register Domjur, Howrah measuring 6
satak. |
Fixed Assets
·
Land
·
·
Furniture and Fixture
·
Plant and Machinery
·
Testing Equipment
·
Telephone and EPBAX
·
Typewriter
·
Air Conditioner
·
Office Generator
·
Fire Extinguisher
·
Mobile Handset
·
Water Purifier
·
Refrigerator
·
Office Equipment
·
Fax Machine
·
Sewing Machine
·
Die and Moulds
·
Computer
·
Motor Car
·
Scooter
Web Details
Profile
Subject
was established in the year 1997 under the
stewardship of Shri Shyam Agarwal. Within a very short span of time the Company
has established its presence in
this competitive market by virtue of its quality products, timely delivery and
honest marketing strategies. Subject
boasts of an extremely professional team which is engaged in the indigenous
creation of its products. The persons connected with us have a sense of quality,
responsibility and scientific identification of the end use of products and the
associated grey areas in them.
The company has installed the latest machinery to maintain the
highest standard of production and to increase the product mix. Today, Subject is the only company in
Most of subject's products are under BIS certification Scheme as per IS: 4985:2000, IS:
10124:1998, IS 12818:1992 and IS 14182:1994. RPVC pipes are made to the
standard ASTMD 1785 of various schedules. The company maintains a congenial
working atmosphere both in factory and office.
The Factory is located 15 Kms away from the city and the Regd.
office is at 29,
Comprehensive quality management system has been established and maintained with proper
co-ordination among quality assurance, manufacturing, production, purchase,
maintenance and stores department for the better performance of respective
functions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
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|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.