MIRA INFORM REPORT

 

 

Report Date :

25.11.2011

 

IDENTIFICATION DETAILS

 

Name :

POPLON CHEMIE

 

 

Registered Office :

I/S, Nijarpura Village, G.T.Road, Amritsar-143001, Punjab

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment:

2002

 

 

Capital Investment / Paid-up Capital :

Rs. 4.500 Millions

 

 

IEC No.:

0304074900

 

 

PAN No.:

[Permanent Account No.]

AAFFP6073K

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Manufacturer and Exporter of Eco-friendly Chemicals and Products for the leather and textile industry.

 

 

No. of Employees :

50 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 18000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track. Partners are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The concern 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sunil Behal

Designation :

Partner

Contact No.:

91-9815003892

Date :

22.11.2011

 

LOCATIONS

 

Registered Office/ Factory  :

I/S, Nijarpura Village, G.T.Road, Amritsar-143001, Punjab, India

Tel. No.:

91-183-2440892/ 2573260/ 3102211/2226029

Mobile No.:

91-9815003892 (Mr. Sunil Bahel)

Fax No.:

91-183-2440892/ 2220085

E-Mail :

sunilbehal@glide.net.in

poplonchemie@hotmail.com

sunilbehal@poplonchemie.com

Website :

http://www.poplonchemie.com

Area :

10000sq.fts

Location :

Rented

 

 

Branch Office :

409 and 410, Lotus House, 33A, New Marine Lines, Mumbai-400020, Maharashtra, India

Tel. No.:

91-22-22004777

Fax No.:

91-22-22087879

 

PARTNERS

 

Name :

Mr. Sunil Behal

Designation :

Partner

Address :

867/5, Circular Road, Dreamland, Amritsar, Punjab, India

Date of Birth/Age :

51 Years

Qualification :

B. Sc, M.B.A

 

 

Name :

Ms. Ritika

Designation :

Partner

Address :

414, Basant Avenue, Amritsar, Punjab, India

Date of Birth/Age :

42 years

Qualification :

B.A

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Eco-friendly Chemicals and Products for the leather and textile industry.

 

 

Products :
  • Beam House and Pretanning Auxiliaries
  • Syntans
  • Fat Liquors
  • Leather Auxiliaries

 

 

Exports :

 

Products :

Leather Chemicals

Countries :
  • Turkey
  • Egypt
  • Israel
  • Korea

 

 

Terms :

 

Selling :

L/C, Cash

 

 

Purchasing :

L/C, Cash

 

GENERAL INFORMATION

 

Customers :

Ever Group Impex

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Indian Overseas Bank, Ranjit Avenue, Amritsar - 143001, Punjab, India

 

 

Facilities :

Indian Overseas Bank, Cash Credit Rs. 3.500 Millions

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Sharad Sikri and Company

Chartered Accountant

Address :

Amritsar, Punjab, India

 

 

Sister Concern  :

P C Torwell

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Capital Investment :

 

Owned :

Rs. 4.500 Millions

Borrowed :

--

Total :

Rs. 4.500 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2011

31.03.2010

Sales Turnover (Approximately)

 

100.000

85.000

 

 

 

 

 

Expected Sales (2011-2012): Rs.130.000 Millions

 

The above information has been parted by Mr. Sunil Behal (Partner)

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

30.09.2009

(Provisional)

31.03.2009

(Unaudited)

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

5.222

3.858

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

5.222

3.858

LOAN FUNDS

 

 

 

1] Secured Loans

 

2.573

1.406

2] Unsecured Loans

 

4.156

4.166

TOTAL BORROWING

 

6.729

5.572

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

11.951

9.430

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

3.133

2.608

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

 

4.452

4.976

 

Sundry Debtors

 

7.931

4.146

 

Cash & Bank Balances

 

1.353

0.401

 

Other Current Assets

 

0.000

0.000

 

Loans & Advances

 

1.339

1.575

Total Current Assets
 
15.075

11.098

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities

 

4.605

3.536

 

Provisions

 

1.652

0.740

Total Current Liabilities

 

6.257

4.276

Net Current Assets

 

8.818

6.822

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

11.951

9.430

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

30.09.2009

(Provisional)

31.03.2009

(Unaudited)

Sales Turnover

 

17.086

28.244

Other Income

 

0.013

0.151

Total Income

 

17.099

28.395

 

 

 

 

Net Profit for the year

 

1.442

2.229

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

8.646

13.006

 

Manufacturing Expenses

 

0.000

4.523

 

Administrative Expenses

 

2.431

5.770

 

Salaries, Wages, Bonus, etc.

 

0.571

0.000

 

Payment to Auditors

 

0.020

0.000

 

Interest

 

0.526

0.897

 

Depreciation & Amortization

 

0.246

0.447

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

30.09.2009

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.48

2.55

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.40

2.59

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

No
  1. Estimation for coming financial year

Yes
  1. Capital in Business

Yes
  1. Details of Sister Concern

Yes
  1. Major Suppliers

Yes
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

Yes
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

TRADE REFERENCES

 

  • Ever Group Impex

 

As per Website

 

Profile:

 

Subject was started in the year 2002 with the specific objective of developing, manufacturing and supplying of eco-friendly chemicals and products for the leather and textile industry. The company is also taking meticulous care in maintaining strict quality control and standarisation to ensure that the products confirm to the international standard.

 

The company has its ultramodern manufacturing facilities in Mumbai and Amritsar, with enough capacity to cater the growing demands of the industries concerned.

 

The Research and Development Department is seriously engaged in developing unique, innovative and cost effective products with advanced production techniques available at global levels.

 

The company's product profile consists of a wide range of products suitable for each and every industry it is catering. As far as leather industry is concerned, the company offers a wide range of products that are needed at different levels of production of leather such as beam house operations and wetend operations.

 

Subject has a very good and well experienced team of technical people who can offer excellent services for helping the tanners to take out best quality leathers at least possible cost.

 

With its excellent marketing network for reaching the customers through the dealer network all over India especially in Jallandhar, Kanpur, Delhi and Chennai, irrespective of the distance, it believes in long lasting relationship that is developed by way of offering cost effective and performance oriented products with value added services consistently. After sales service is a specialty of Poplon Chemie. All the products are well approved in the market and appreciated for quality committment.

 

The company is really committed to the industries that it is engaged in and is very much optimistic about the future development in the industrial and economical environment at global level.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.50.25

UK Pound

1

Rs.81.23

Euro

1

Rs.69.83

 

 

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

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.