MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMS POLYSET PRIVATE LIMITED |
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Registered
Office : |
Gobinda Niwas, Jyangra, Baguihati, Kolkata-700059, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.06.1993 |
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Com. Reg. No.: |
21-059180 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.000
Millions |
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CIN No.: [Company Identification
No.] |
U31402WB1993PTC059180 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALE01126G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of gauntlet tubular bags for storage
batteries and various injection-molded items. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 37000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 INFORMATION)
|
Name : |
Mr. Dhirendra Rajput |
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Designation : |
Director |
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Contact No.: |
91-9830064296 |
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Date : |
14.05.2011 |
LOCATIONS
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Registered Office/ Factory : |
Gobinda Niwas, Jyangra, Baguihati, Kolkata-700059, West |
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Tel. No.: |
91-33-25705646 / 25703184 |
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Mobile No.: |
91-9830064296 (Mr. Dhirendra Rajput) |
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Fax No.: |
91-33-25708191 |
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E-Mail : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Anjul Kumar Rajput |
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Designation : |
Director |
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Address : |
9, Gokul Apartments, Maninagar, Ahmedabad-380008, |
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Date of Birth/ Age: |
28 Years |
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Date of Appointment : |
25.07.2003 |
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Name : |
Mr. Hargoving Singh Rajput |
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Designation : |
Director |
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Address : |
9, Gokul Apartments, Maninagar, Ahmedabad-380008, |
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Date of Birth/ Age: |
56 Years |
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Date of Appointment : |
25.07.2003 |
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Name : |
Mr. Dhirendra Rajput |
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Designation : |
Director |
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Address : |
9, Gokul Apartments, Maninagar, Ahmedabad-380008, |
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Date of Birth/ Age: |
35 Years |
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Date of Appointment : |
24.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hargoving Singh Rajput |
|
8000 |
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Anjul Kumar Rajput |
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8000 |
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Buddhivatiben Rajput |
|
8000 |
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Ujjwal H Rajput |
|
8000 |
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Shriramdhirendra Rajput |
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8000 |
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Berhampur Finance and Leasing Private Limited |
|
6000 |
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Pilot Barter Private Limited |
|
4000 |
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Total |
|
50000 |
As on 27.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
50.00 |
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Directors
or relatives of directors |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of gauntlet tubular bags for storage
batteries and various injection-molded items. |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Union Bank of India, RAK Road Branch, 25B/1, Rafi Ahmed Kidwai Road,
Kolkata-700016, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.K.S. and Company Chartered Accountant |
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Address : |
6A, |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
4.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.353 |
4.238 |
3.864 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.353 |
8.238 |
4.864 |
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LOAN FUNDS |
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1] Secured Loans |
12.008 |
10.982 |
7.727 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.008 |
10.982 |
7.727 |
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DEFERRED TAX LIABILITIES |
0.264 |
0.240 |
0.254 |
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TOTAL |
21.625 |
19.460 |
12.845 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.345 |
13.300 |
6.049 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.773 |
1.938 |
0.928 |
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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 |
4.470
|
2.960 |
2.244 |
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Sundry Debtors |
4.437
|
6.692 |
10.084 |
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Cash & Bank Balances |
0.482
|
0.406 |
0.096 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.564
|
3.915 |
2.998 |
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Total
Current Assets |
12.953
|
13.973 |
15.422 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.590
|
9.244 |
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Other Current Liabilities |
0.326
|
0.042 |
9.226 |
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Provisions |
0.578
|
0.529 |
0.329 |
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Total
Current Liabilities |
8.494
|
9.815 |
9.555 |
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Net Current Assets |
4.459
|
4.158 |
5.867 |
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MISCELLANEOUS EXPENSES |
0.048 |
0.064 |
0.001 |
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TOTAL |
21.625 |
19.460 |
12.845 |
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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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Income |
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Other Income |
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TOTAL |
37.642 |
44.321 |
41.348 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
37.455 |
43.758 |
40.858 |
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Advertising Expenses |
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TOTAL |
37.455 |
43.758 |
40.858 |
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PROFIT BEFORE
TAX |
0.187 |
0.563 |
0.490 |
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Less |
TAX |
0.072 |
0.189 |
0.224 |
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PROFIT AFTER TAX
|
0.115 |
0.374 |
0.266 |
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Earnings Per
Share (Rs.) |
2.86 |
9.35 |
0.27 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.31
|
0.84 |
0.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.71
|
2.06 |
2.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.07 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.19
|
2.52 |
3.55 |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.42 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10120730 |
|
Corporate
identity number of the company |
U31402WB1993PTC059180 |
|
Name of the
company |
EMS POLYSET PVT
LTD |
|
Address of the registered
office or of the principal place of
business in |
Gobinda Niwas, Jyangra, Baguihati, Kolkata-700059, West |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Union Bank of India, RAK Road Branch, 25B/1, Rafi Ahmed Kidwai Road,
Kolkata-700016, West Bengal, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
1.Composite
Hypothecation Deed (SD-20) 2. Memorandum of
Entry for Extension of EM |
|
Date of
instrument Creating the charge |
14.10.2009 |
|
Amount secured by
the charge |
Rs.15.326
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For both a) CC
(H) LtRs.7.600 Millions and b)DBP(LC-DP/DA 90 days)Lt Rs.3.000 Millions
,Interest@BPLR+.25% p. a c) LGLT Rs.0.977 Millions , Usual. For both d) TL-I
Lt Rs.0.849 Millions and e) TL-II Lt Rs.2.900 Millions,
Interest@BPLR+.75%p.a. Terms of
Repayment Entire credit
facilities comprising of a) CC (Hyp) Lt Rs.7.600 Millions b) DBP (LC-DP/DA 90 days) Lt Rs.3.000
Millions and c) LGLT Rs.0.977
Millions are repayable on demand. B)
TL-I Lt of Rs.0.849 Millions e)TL-II
Lt Rs.2.900 Millions are repayable as
per existing schedules i.e. TL-I Lt is repayable in 60 monthly installments
commenced from 30-10-2006 and TL-II is
repayable in 60 monthly installments started from December 2008. Margin a)CC(Hyp)Lt
Rs.7.600 Millions , Margin 25% b)DBP(LC-DP/DA 90 days),Margin 25% c)LGLT
Rs.0.977 Millions , Margin 25% d) TL-I
Lt Rs.0.849 Millions , Margin 25% e)TL-II Lt Rs.2.900 Millions , Margin 25% Extent and
Operation of the charge 1.Hypothecation
by first charge on entire a)Stocks of gauntlet and plastic injection moulding items etc.,
b)Machineries stored/lying/installed at Co's factory at Baguihati,Kolkata-59
or elsewhere or in transit c)Book Debts d)Deposits as margin/collateral
.2.First Charge by EM extension on Co's immovable properties of and on a) 10Cottah 10Chitak land,Dag:663
b)13Cottah6Chitacks land Dag:645 and c)16 Cottahs land,Dag:658 all under
Mouza: Navarand and PS:Titagarh etc. Others Inter-alia to
secure aforesaid credit facilities of Rs153.26 Millions sanctioned and extended by Union Bank of India, R.A.K Road
Branch to M/S EMS Polyset (Private) Limited, the company has created charge on
its assets as mentioned under paragraph 6(a)and (b),13(d) and 15 hereunder
and as per the instruments cited under
paragraph 9 above and all other
security documents executed by the company in favour of the Bank. |
|
Short particulars
of the property charged |
I)
Stocks
of gauntlet and plastic injection
moulding items etc., b)Machineries stored/lying/installed at Co's factory at
Govinda Niwas,Jyangra,Baguihati,Rajarhat,Kolkata-59 or elsewhere or in transit II)
Book
Debts. III)
Deposits
held as margin/collateral or otherwise with Union Bank of IV)
EM
extension on Co's immovable properties of and
on a) 10Cottahs 10Chitacks land,Dag:663 Mouja: Navarand and under PS: Titagarh etc V)
EM
extension on Co's immovable properties of and
on b)13Cottahs 6 Chitacks land Dag:645 Mouja: Navarand and under PS: Titagarh etc VI)
EM
extension on Co's immovable properties of and
on c)16 Cottahs land,Dag:658
Mouza: Navarand and under PS: Titagarh
etc |
|
Date of latest
modification prior to the present modification |
14.10.2009 |
|
Particulars of
the present modification |
By this
modification overall charge registered against the company, M/s EMS Polyset
(Private) Limited in favour of Union Bank of India, RAK Road Branch, stands modified
from earlier Rs.13.832 millions - to now Rs15.326 millions only |
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.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
30 |
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.