MIRA
INFORM REPORT
|
Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
G. M. POLYPLAST
PRIVATE LIMITED |
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Formerly Known
As : |
G. M. POLYPLAST |
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Registered
Office : |
A-39/49, New Empire Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
1987 |
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Com. Reg. No.: |
11-143299 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U25200MH2003PTC143299 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG09869G |
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PAN No.: [Permanent Account No.] |
AACCG0610R |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufacturers of
Plastic P.P [Hips ,A.B.S AND PVC Sheets and film] |
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No. of Employees
: |
Above 7 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19000 |
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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 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Dinesh Sharma |
|
Designation : |
Director |
|
Contact No.: |
91-9821036539 |
|
Date : |
11.05.2011 |
LOCATIONS
|
Registered Office : |
A-39/49, New Empire Industrial Estate, |
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Tel. No.: |
91-22-28369722 |
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Mobile No.: |
91-9821036539 (Mr. Dinesh) |
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Fax No.: |
91-22-28209552 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Factory 1: |
A-66, New Empire Industrial Estate, Kondivita Road, Near Camlin, J B
Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-28369722 /
28369403 / 28325179 |
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Fax No.: |
91-22-28209552 |
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Location : |
Owned |
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|
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Factory 2: |
Gala No. 1,
2 3, Minaxi Industrial Estate, Vasai
[East], Thane – 401102, |
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Branch: |
Located at:
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dinesh
Balbeer Sharma |
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Designation : |
Director |
|
Address : |
103, Lumier CHS,
Picnic Cottage, Andheri (West), Mumbai – 400 061, |
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Date of Birth/Age : |
03.09.1977 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
27.11.2003 |
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|
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Name : |
Mrs. Sarita
Dinesh Sharma |
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Designation : |
Director |
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Address : |
103, Lumier CHS,
Picnic Cottage, Andheri (West), Mumbai – 400 061, |
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Date of Birth/Age : |
14.05.1979 |
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Qualification : |
B.Com |
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Date of Appointment : |
27.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Sharma |
|
500 |
|
Sarita Sharma |
|
500 |
|
Total |
|
1000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Plastic
Hips Sheets, PP Sheets and ABS Sheets. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
Above 7 Approximately |
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Bankers : |
The Saraswat
Cooperative Bank Limited, Marol Branch, Marol Maroshi Road, Marol, Andheri
(East), Mumbai – 400 059, Maharashtra, India
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Vivek V Joshi and
Associates Chartered Accountant |
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Address : |
·
Address
1 : A-708, 7th
Floor, Zaitoon Apartments, Above Chate Classes, Tel. No.: 91-22-32435571 Mobile No.: 91-9833634732 E-Mail : ca.vvjassociates@gmail.com ·
Address 2 : 11, Godawari Topiwala Compound, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.900 |
0.900 |
0.900 |
|
|
3] Reserves & Surplus |
3.636 |
1.773 |
0.514 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.636 |
2.773 |
1.514 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.485 |
4.666 |
0.959 |
|
|
2] Unsecured Loans |
7.768 |
6.941 |
8.209 |
|
|
TOTAL BORROWING |
19.253 |
11.607 |
9.168 |
|
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DEFERRED TAX LIABILITIES |
0.289 |
0.224 |
0.053 |
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|
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|
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TOTAL |
24.178 |
14.604 |
10.735 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.839 |
8.544 |
5.311 |
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|
Capital work-in-progress |
0.000 |
0.000 |
4.728 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.974
|
3.505 |
1.584 |
|
|
Sundry Debtors |
52.684
|
28.215 |
18.885 |
|
|
Cash & Bank Balances |
1.490
|
1.023 |
0.341 |
|
|
Other Current Assets |
0.075
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.841
|
2.049 |
2.949 |
|
Total
Current Assets |
64.064
|
34.792 |
23.759
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
41.492
|
26.247 |
|
|
|
Other Current Liabilities |
3.266
|
0.420 |
21.159 |
|
|
Provisions |
2.992
|
2.090 |
1.939 |
|
Total
Current Liabilities |
47.750
|
28.757 |
23.098 |
|
|
Net Current Assets |
16.314
|
6.035 |
0.661 |
|
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|
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|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
24.178 |
14.604 |
10.735 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
188.453 |
144.024 |
74.463 |
|
|
|
Other Income |
0.589 |
0.026 |
0.653 |
|
|
|
TOTAL (A) |
189.042 |
144.050 |
75.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
160.042 |
122.665 |
64.075 |
|
|
|
Payment to Employees |
1.832 |
1.151 |
0.540 |
|
|
|
Operating and General Expenses |
23.124 |
15.732 |
9.105 |
|
|
|
Decretion / Accretion to Stocks |
(0.577) |
0.272 |
(0.290) |
|
|
|
TOTAL (B) |
184.421 |
139.820 |
73.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.621 |
4.230 |
1.686 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.766 |
0.241 |
0.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.855 |
3.989 |
1.584 |
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.037 |
1.755 |
0.808 |
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
2.818 |
2.234 |
0.776 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.955 |
0.820 |
0.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.863 |
1.414 |
0.496 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.773 |
0.514 |
(0.043) |
|
|
|
|
|
|
|
|
|
Less |
Adjustment relating to earlier Years |
0.000 |
0.156 |
0.000. |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.636 |
1.773 |
0.514 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3.069 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1863.55 |
1414.56 |
496.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.99
|
1.55 |
0.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.50
|
1.22 |
1.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
5.16 |
2.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.05 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.45
|
14.56 |
21.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.21 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations:
The company has achieved targeted turnover and expects to improve in coming
years. The turnover has increased by almost 30.85% from last years.
Form No. 8
|
Name of the company |
G. M. POLYPLAST PRIVATE LIMITED |
|
Presented by |
G M Polyplast Private Limited
and The Saraswat Cooperative Bank Limited, Marol Branch, |
|
1) Date and
description of instrument creating the change |
Agreement of
hypothecation of movable property dated 03.09.2004 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.700 million |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All tangible movable
property, plant and machinery etc, and more particularly as shown in the
above referred agreement dated 03.09.2004 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 13% or at such rate as may from time to time be fixed by the bank and
notified to the borrower. Other terms and conditions as per the above
referred agreement dated 03.09.2004 |
|
5) Name and
Address and description of the person entitled to the charge. |
The Saraswat
Cooperative Bank Limited Marol Branch, |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
|
Corporate
identity number of the company |
U25200MH2003PTC143299 |
|
Name of the
company |
G M Polyplast
Private Limited |
|
Address of the
registered office or of the principal place of business in |
A-49,New Empire
Industrial Estate, Kandivitta Road, Marol Andheri–East, Mumbai – 400059,Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
90242556 |
|
Type of charge |
Book debts Movable Property (not being pledge) Floating Charge |
|
Particular of charge
holder |
The Saraswat Co- Operative Bank Limited SME Vikhroli
Branch, Prabhat Bhavan, LBS Marg, Vikhroli – West, Mumbai – 400079, |
|
Nature of
instrument creating charge |
Deed of
Hypothecation for Additional Advances |
|
Date of instrument
Creating the charge |
23.01.2010 |
|
Amount secured by
the charge |
Rs.12.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
(a) Rate of
Interest 14% p.a or at such
rate as may be determined by the bank from time to time (b) Terms of
Repayment On demand (C) Margin 30% (d) Extent and
Operation of the charge This is cash
credit facility |
|
Short particulars
of the property charged |
|
Fixed
Assets
·
Furniture
·
Plant
and Machinery
·
Computer
·
Motor
Car
Website Details :
Subject is one of the leading manufacturer of p.p., H.I.P.S., A.B.S and P.V.C Sheets which started its operation way back in 1975. The founder of subject is Mr. Balbir Sharma, highly committed and Innovative promoter who has laid the company to its glory and success.
Subject believes 'Innovation as key to future' and have been keeping pace with
modernization in all sphere of development, manufacturing and marketing,
emphasis on product Quality and Client satisfaction. A professional approach
and constant interaction to ensure client requirement are met with high
standard within agreed guideline of time and cost.
It's impressive growth has been largely due to confidence in its own capability and impressive infrastructure it has created over the years. Subject have been steadily diversifying as well as adding new products to its portfolio, besides adding additional infrastructure for increasing its manufacturing capability for its existing products.
The company is managed by young Technocrafts and Professional directors who work fulltime and direct all other energies towards growth and effective running, paying special concentration on the area like research development, marketing and quality control. G.M. Plastics has a centrally located manufacturing plant in Mumbai which as well as equipped imported and modern machinery which has added new product line and thereby doubling its product capability with quality and reliablity.
Their main mission is to understand the customer requirement, timely delivery of quality product as affordable cost
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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
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 |
NO |
|
--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.