MIRA
INFORM REPORT
|
Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BONY POLYMERS PRIVATE LIMITED |
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Registered
Office : |
Plot No.77, Sector-6, Faridabad-121 006, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.07.1995 |
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Com. Reg. No.: |
55-32763 |
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Capital
Investment / Paid-up Capital : |
Rs.360.000 Millions |
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CIN No.: [Company Identification
No.] |
U25110HR1995PTC032763 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKB01868G |
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PAN No.: [Permanent Account No.] |
AABCB1594N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of
rubber parts and components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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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 2300000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
|
Registered Office : |
Plot No.77, Sector-6, Faridabad-121 006, |
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Tel. No.: |
91-129-2211701 |
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Fax No.: |
91-129-2249326 |
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E-Mail : |
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Corporate Office: |
Plot No. 37-P, Sector – 6, |
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Tel. No.: |
91-129-2211701 / 02 / 03 |
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Fax No.: |
91-129-2249326 |
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E-Mail : |
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Factory : |
Plot No. 9E, Sector - 6, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Raj Kumar Bhatia |
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Designation : |
Managing Director |
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Address : |
843, Sector -15, Faridabad-121 006, |
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Date of Birth/Age : |
15.03.1952 |
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Date of Appointment : |
11.07.1995 |
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DIN No. |
00797571 |
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Name : |
Ms. Kavita Bhatia |
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Designation : |
Director |
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Address : |
843, Sector -15, Faridabad-121 006, |
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Date of Birth/Age : |
18.01.1954 |
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Date of Appointment : |
11.07.1995 |
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DIN No. |
00797568 |
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Name : |
Mr. Saket Bhatia |
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Designation : |
Whole Time Director |
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Address : |
843, Sector -15, Faridabad-121 006, |
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Date of Birth/Age : |
16.08.1981 |
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Date of Appointment : |
01.10.2008 |
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DIN No. |
02309979 |
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Name : |
Mr. Vivek Kumar Tyagi |
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Designation : |
Director |
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Address : |
JG-1/98, Vikaspuri, |
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Date of Birth/Age : |
02.10.1973 |
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Date of Appointment : |
01.04.2010 |
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DIN No. |
03015537 |
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Name : |
Mr. Ajay Kumar Dhawan |
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Designation : |
Additional director |
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Address : |
506, Mahesh Apartments, GH-18, Sector-21C, |
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Date of Birth/Age : |
15.08.1959 |
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Date of Appointment : |
06.12.2010 |
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DIN No.: |
03338692 |
KEY EXECUTIVES
|
Name : |
Mrs. Sapna Bhutani |
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Designation : |
Secretary |
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Address : |
House No.68, Sector – 7A, |
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Date of Birth/Age : |
20.11.1978 |
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Date of Appointment : |
17.11.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Raj Kumar Bhatia |
|
12154500 |
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Saket Bhatia |
|
4509900 |
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Kavita Bhatia |
|
6480900 |
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Raj Kumar Bhatia (HUF) |
|
10604700 |
|
Saket Fabs (Private) Limited, |
|
2250000 |
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Total |
|
36000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
|
Bodies corporate |
6.25 |
|
Directors or relatives of Directors |
93.75 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of rubber
parts and components. |
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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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Rubber Components |
Nos. |
236923604 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Financial Institution : |
Hero Honda Finlease Limited, 34, Community Centre Basant Lok, Vasant Vihar,
New Delhi – 110 057, India |
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Auditors : |
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Name : |
Rakesh Raj and Associates Chartered Accountants |
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Address : |
565, Sector-7B, Faridabad-121 006, |
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Tel No. : |
91-129-4061130 / 2243491 / 2243492 |
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Fax No.: |
91-129-2241017 |
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PAN No.: |
AAEFR1998J |
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Subsidiaries : |
Bony International SA |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000
millions |
Note:
Out of above 29997700 equity shares are
allotted as fully paid up Bonus Shares
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 |
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|
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|
1] Share Capital |
360.000 |
360.000 |
360.000 |
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2] Share Application Money |
125.504 |
125.504 |
125.504 |
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3] Reserves & Surplus |
82.909 |
74.249 |
70.587 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
568.413 |
559.753 |
556.091 |
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LOAN FUNDS |
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1] Secured Loans |
273.540 |
228.984 |
122.878 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
273.540 |
228.984 |
122.878 |
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DEFERRED TAX LIABILITIES |
14.181 |
13.716 |
12.341 |
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TOTAL |
856.134 |
802.453 |
691.310 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
647.713 |
537.421 |
494.405 |
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Capital work-in-progress |
3.980 |
0.000 |
0.000 |
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INVESTMENT |
4.712 |
4.712 |
4.712 |
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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 |
76.909
|
53.552 |
64.912 |
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Sundry Debtors |
376.727
|
271.035 |
198.580 |
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Cash & Bank Balances |
42.880
|
23.232 |
16.922 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
100.097
|
194.620 |
119.286 |
|
Total
Current Assets |
596.613
|
542.439 |
399.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
264.874
|
235.800 |
168.430 |
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Other Current Liabilities |
129.517
|
42.819 |
31.202 |
|
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Provisions |
2.493
|
3.500 |
7.875 |
|
Total
Current Liabilities |
396.884
|
282.119 |
207.507 |
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Net Current Assets |
199.729
|
260.320 |
192.193 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
856.134 |
802.453 |
691.310 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Total Turnover |
1278.972 |
1000.007 |
780.291 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1175.351 |
930.435 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
69.223 |
53.628 |
61.823 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
57.341 |
45.137 |
32.577 |
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PROFIT BEFORE
TAX |
11.882 |
8.491 |
29.246 |
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Less |
TAX |
3.221 |
4.830 |
7.465 |
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PROFIT AFTER TAX
|
8.661 |
3.661 |
21.781 |
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EARNINGS IN
FOREIGN CURRENCY |
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Fob Value of Exports |
16.239 |
5.493 |
12.290 |
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TOTAL EARNINGS |
16.239 |
5.493 |
12.290 |
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IMPORTS |
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Raw Materials |
47.788 |
54.022 |
34.429 |
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Dies and Moulds |
15.941 |
12.057 |
3.801 |
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Machinery |
35.043 |
23.889 |
9.337 |
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Others |
0.000 |
0.136 |
0.202 |
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TOTAL IMPORTS |
98.772 |
90.104 |
47.769 |
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Earnings Per
Share (Rs.) |
0.24 |
0.10 |
0.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.93
|
0.85 |
3.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.95
|
0.79 |
3.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
0.91 |
0.59 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.92 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL HIGHLIGHTS:
During the year,
the turnover of the Company rose to Rs.1270.000 Millions from Rs.1000.000
millions indicating an impressive growth of 28%.
OPERATING PERFORMANCE:
The Company is the
manufacturer of rubber parts and components in
CONTINGENT
LIABILITY:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Total Value of contracts Contracts remaining to be executed |
15.977 |
2.231 |
|
Bank Guarantee Outstanding |
13.681 |
5.517 |
|
Letter of Credit outstanding |
1.122 |
0.027 |
FORM 8:
|
Corporate
identity number of the company |
U25110HR1995PTC032763 |
|
Name of the
company |
BONY POLYMERS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.77, Sector-6, Faridabad-121 006, E-mail : sapna@bonypolymers.com |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Hero Honda Finlease Limited, 34 Community Centre Basant Lok, 34
Community Centre Basant Lok, New Delhi – 110057, India E-Mail : vivekgautam@herohonda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement dated 18th March, 2011 creating charge on equipment and plant and
machinery acquired out of this loan amount. |
|
Date of instrument
Creating the charge |
18.03.2011 |
|
Amount secured by
the charge |
Rs.17.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 7.39% flat p.a. (13.50%
p.a reducing)(Floating) Interest on
Advances 13.5% p.a. (Payable on monthly basis) Overdue Interest
2% p.m. Terms of
Repayment The Principal
Loan amount of Rs.17.000 Millions with interest of Rs.3.769 Millions
aggregating to Rs.20.769 Millions .EMI of Rs.0.577 Millions for 36 months. Margin 25% of the plant
and machinery acquired out of this loan amount. Extent and
Operation of the charge First Charge on
equipment and plant and machinery acquired out of this loan amount, as mentioned
in the Annexure to the Hypothecation Agreement dated 18th March, 2011. Others Incase of
premature termination 2% of the balance principal amount is payable in
addition to balance principal amount. |
|
Short particulars
of the property charged |
Equipment and
Plant and Machinery procured and/or to be procured under this agreement. The
list is annexed as an Annexure of the agreement. |
FIXED ASSETS:
·
Land
·
Building
·
Vehicle
·
Computer
·
Dies and Modules
·
Furniture and Fixture
·
Plant and Machinery
·
Office Equipments
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.