MIRA
INFORM REPORT
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Report Date : |
17.03.2011 |
IDENTIFICATION DETAILS
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Name : |
OVERSEAS POLYMERS PRIVATE LIMITED |
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Formerly Known As : |
VINMAR POLYMERS LIMITED |
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Registered Office : |
Vinmar House, A-41, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.08.1995 |
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Com. Reg. No.: |
11 - 91368 |
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CIN No.: [Company
Identification No.] |
U25209MH1995PTC091368 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV04824B |
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PAN No.: [Permanent
Account No.] |
AAACV1895M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Buying, Selling, Supplying of all types of Polymers, Plastic Raw Materials, Resins, Petrochemicals and all types of Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 2300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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
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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 DECLINEDBY
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Name : |
Mr. Ashish Purohit |
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Designation : |
Accounts Department |
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Date : |
17.03.2011 |
LOCATIONS
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Registered Office : |
Vinmar House, A-41, |
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Tel. No.: |
91-22-66921201/ 67141900/ 28231135/ 28382318/ 28382322/ 66921201 /
33051900 |
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Fax No.: |
91-22-28231135/ 28381631/ 28200022 / 28355847 |
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E-Mail : |
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Website : |
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Area : |
9000 Sq. ft. |
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Location : |
Owned |
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Corporate Office
: |
Vinmar Houston, |
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Tel. No.: |
713 775 -1300/ 1399 / 1390 |
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Branch Office : |
7-4-42(4), 1st Floor, Chettivanipalem, Autonagar, Gajuwaka,
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Warehouse : |
Behind Maya Shree Compound, Godown No 6B, Sur 194, Hissa 3, Purna, Bhiwandi, Thane, Maharashtra, India |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Himanshu Kantilal Sanghvi |
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Designation : |
Director |
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Address : |
403 and 405, Ashish, |
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Date of Birth/Age : |
30.12.1966 |
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Qualification : |
B.Com |
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Date of Appointment : |
03.08.1995 |
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DIN No. : |
00362709 |
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Name : |
Mr. Ravindra Diwanchand Guneta |
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Designation : |
Director |
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Address : |
Flat # 402/403, Agnaye CHS Limited, Plot # 37/38, Sector – 28, Vashi,
Navi Mumbai – 400 705, Maharashtra, India. |
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Date of Birth/Age : |
03.07.1960 |
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Date of Appointment : |
01.12.2000 |
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DIN No. : |
01352617 |
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Name : |
Mr. Swatantra Kharatilal Jain |
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Designation : |
Director |
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Address : |
16800, |
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Date of Birth/Age : |
11.02.1946 |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. Sunil Kumar Dalmiya |
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Designation : |
Additional Director |
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Address : |
501, Versova Kiran CHS, Plot No. 11, Mhada, S.V.P. Nagar, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
21.03.1966 |
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Qualification : |
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Date of Appointment : |
18.11.2008 |
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Date of Cessation : |
15.12.2009 |
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DIN No. : |
02416907 |
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Name : |
Mr. Ranjit Purshotamdas Isher |
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Designation : |
Additional Director |
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Address : |
1st |
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Date of Birth/Age : |
15.01.1969 |
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Date of Appointment : |
15.12.2009 |
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DIN No. : |
00881262 |
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Name : |
Mr. Swatantra Vijay Jain |
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Designation : |
Director |
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Date of Appointment : |
25.03.2004 |
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DIN No. : |
00844262 |
KEY EXECUTIVES
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Name : |
Mr. Nilesh Gunventilal Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
No. of Shares |
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Himanshu Kantilal Sanghvi |
14500 |
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Vaishali Himanshu Sanghvi |
14500 |
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Vinmar Offshore Finance Limited – British Westindies |
2871000 |
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APG Chemie ( |
20850 |
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APG Capital Market Limited - |
143150 |
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Total |
3064000 |
As On 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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93.70 |
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Bodies corporate |
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5.35 |
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Directors or relatives of directors |
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0.95 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Buying, Selling, Supplying of all types of Polymers, Plastic Raw Materials, Resins, Petrochemicals and all types of Chemicals. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit – Depends |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and Manufacturer · Vinmar Agencies ·
Vinmar International ( |
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No. of Employees : |
Approximately 40 |
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Bankers : |
· Corporation Bank Amboli Branch, Andheri (West), Mumbai, · Corporation Bank Oversea Branch, 1st Floor, Earnest House, Nariman
Point, Mumbai – 400 021, ·
The 52/60, · HSBC Bank, Fort ·
Axis Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S S Kothari and Company Chartered Accountants |
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Address: |
37, |
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Tel No.: |
91-22-22650264 / 22653555 / 22666219 |
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Fax No.: |
91-22-22654370 |
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Email : |
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Associates: |
· GRSC Infotech Private Limited ·
Vinmar Petrochemicals ( · Indian Petrovin Limited · Vinmar International Limited · Vinmar Overseas Limited ·
Vinmar Overseas ( · Vinmar India Private Limited · Vinmar Chemicals and Polymers B.V. · Vinmar International FZE |
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Holding Company : |
· Vinmar Offshore Finance Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3064000 |
Equity Shares |
Rs.10/- Each |
Rs.30.640
millions |
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Note:
Of the above 2871000 Equity Shares are held by
holding entity Vinmar Offshore Finance Limited.
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 |
30.640 |
30.640 |
30.640 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
563.143 |
363.485 |
264.030 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
593.783 |
394.125 |
294.670 |
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LOAN FUNDS |
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1] Secured Loans |
440.045 |
4.023 |
75.343 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
440.045 |
4.023 |
75.343 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1033.828 |
398.148 |
370.013 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.339 |
15.941 |
16.407 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
4.629 |
4.091 |
3.155 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1010.863
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562.301
|
717.224
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Sundry Debtors |
1187.514
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721.037
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849.861
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Cash & Bank Balances |
3.605
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218.632
|
46.139
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Other Current Assets |
0.000
|
0.000
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0.000
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Loans & Advances |
35.426
|
159.420
|
147.921
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Total
Current Assets |
2237.408
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1661.390
|
1761.145 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1192.560
|
1130.844
|
1268.636
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Other Current Liabilities |
27.769
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23.207
|
15.226
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Provisions |
6.219
|
129.224
|
126.833
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Total
Current Liabilities |
1226.548
|
1283.275
|
1410.695
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Net Current Assets |
1010.860
|
378.115
|
350.450
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1033.828 |
398.148 |
370.013 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL |
6282.323 |
5239.569 |
3998.848 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
5975.487 |
5085.599 |
3858.489 |
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Advertising Expenses |
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TOTAL |
5975.487 |
5085.599 |
3858.489 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
306.836 |
153.970 |
140.359 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.210 |
2.110 |
1.762 |
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PROFIT BEFORE
TAX |
304.626 |
151.860 |
138.597 |
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Less |
TAX |
104.968 |
52.405 |
49.181 |
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PROFIT AFTER TAX |
199.658 |
99.455 |
89.416 |
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EXPORTS VALUE |
NA |
NA |
32.797 |
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Earnings Per
Share (Rs.) |
65.16 |
32.29 |
29.46 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.18 |
1.90 |
2.24
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.50 |
9.05 |
7.80
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Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.39 |
0.47
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Debt Equity Ratio (Total Liability/Networth) |
|
2.81 |
3.27 |
5.04
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Current Ratio (Current Asset/Current Liability) |
|
1.82 |
1.29 |
1.25
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LOCAL AGENCY FURTHER INFORMATION
DETAILS OF
SUNDRY CREDITORS
(Rs. in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
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For Goods |
1126.720 |
1099.947 |
1239.818 |
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For Expenses |
65.840 |
30.897 |
28.818 |
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Total |
1192.560 |
1130.844 |
1268.636 |
FINANCIAL RESULTS
During the year the company has earned a net profit of Rs. 199.658
millions after providing provisions for Depreciation of Rs. 2.210 millions, provision for Income
Tax (including prior period adjustment
and Wealth Tax) of Rs. 105.505 millions and after adjusting Deferred Tax of Rs. 0.537 millions, which was carried to the Balance Sheet.
Form
8:
|
Corporate
identity number of the company |
U25209MH1995PTC091368 |
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Name of the
company |
OVERSEAS POLYMER PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Vinmar House, A-41, MIDC, Road No. 2, Andheri (East),
Mumbai - 400 093, |
|
This form is for |
Modification of
charge |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Stock
and Other Current Assets, etc |
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Particular of
charge holder |
Axis Bank Limited - e-mail id: archana.sawant@axisbank.com
|
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation (SDH) dated 16.08.2010. |
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Date of
instrument Creating the charge |
16.08.2010 |
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Amount secured by
the charge |
Rs. 800.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
– For CC: BPLR -
3.5%. For LC: 0.60%
p.a. (all inclusive) For BG: 1.50%
p.a. and as agreed with
bank from time to time. Terms of
repayment - On demand or as stipulated by bank from time to time. Margin - 25% for
CC, Nil for LC and BG and as agreed with the bank fro time to time. Extent and
operation of the charge - Bank enhanced credit facilities from Rs. 350.000
millions to Rs. 800.000 millions to secure limits specified in SDH. The
security over all present and future current assets viz. stock of goods, book debts,
receivables etc. situated at the |
|
Particulars of
the property charged |
1st charge by way
of hypo. of all Present and Future stock including raw material, stock in
process, finished goods, packing materials, consumable stores and spares
wheresoever situated or in transit, 1st charge by way of hypo. of all Present
and Future Book debts, Outstanding monies, Receivables, Claims, Bills etc
owing to the |
|
Date of instrument
modifying the charge |
26.02.2010 |
|
Particulars of
the present modification |
Now vide this
modification, Bank enhanced credit facilities from Rs. 350.000 millions to
Rs. 800.000 millions to secure limits specified in SDH. The security over all
present and future current assets viz.
stock of goods, book debts, receivables etc. situated at the |
FIXED ASSETS
· Godown Premises
· Computers
· Office Equipment
· Motor Car
· Furniture and Fixture
· Air Conditioner
As per web site details
Company History
The company was founded in 1978 in
Initially the company focused entirely on polymer resin trading but it soon
expanded upstream into commodity petrochemicals and today Vinmar’s business is
split approximately equally into Polymers and Chemicals, marketing nearly two
million tons each year into most of the world’s major markets.
In 2000 Vinmar added a new division, Vinmar Projects which focuses on
opportunities for the company to participate in developing petrochemical
projects, primarily through long-term product off-take agreements.
Today with 26 offices in 20 countries, Vinmar International, limited is one of
the world’s premier petrochemicals marketing, distribution and project
development companies.
Milestones:
1978 - Founded in
1981 - Agency established in
1982 - Expanded operations in the Middle East and
1985 - Corporate Offices relocated to
1988 - Expanded marketing and distribution to
1989 - Vinmar opens marketing office in
Vinmar Chemicals business established
Earned the US President's
"E" Export Award for growth in Exports
1990 - Vinmar opens marketing office in U.A.E.
500,000 Tons marketed worldwide
1992 - Vinmar
opens marketing office in
1993 - Vinmar
opens regional marketing office in
1994 - Vinmar establishes marketing offices in
1995 - Vinmar marketing office in
1997 - Vinmar opens regional marketing office in the
1998 - Installs and Implements SAP ERP System to interface order and accounting applications with key producers.
1999 - Founded Vinmar Projects Division (VPD) developing new Petrochemicals Projects
2001 - Vinmar signs a 10-year off-take agreement with Rio Polimeros Consortium
2002 - Vinmar Chairman Vijay Goradia wins Ernst and
Young's
2003 - Vinmar Celebrates 25 years in Service
2003 - Vinmar signed the off-take agreement for 1,4 Butanediol (BDO) and Tetrahydrofuran with the Gulf Advanced Chemical Industries Company (GACIC)
2006 - Vinmar Off-take agreement with Rio Polimeros successfully started in May 2006
2007 - Vinmar opens marketing offices in
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.45.18 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.