MIRA
INFORM REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SANGEETA POLY PACK PRIVATE LIMITED |
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Registered Office : |
106, Golden Chambers, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.10.1997 |
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Com. Reg. No.: |
11-111394 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.400 Millions |
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CIN No.: [Company
Identification No.] |
U25200MH1997PTC111394 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS24765G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Sheets |
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No. of Employees
: |
50 (Office – 8, Factory - 42) (Approximately) |
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 266000 |
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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.
INFORMATION DECLINED BY
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Name : |
Mr. Hemant Patel |
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Designation : |
Account Executive |
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Date : |
19.10.2011 |
LOCATIONS
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Registered Office/ Admin Office : |
106, Golden Chambers, Andheri Link Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
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Tel. No.: |
91-22-40562222 / 66939491 |
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Fax No.: |
91-22-40562232 / 66939490 |
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E-Mail : |
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Website : |
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Area : |
1100 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
669/6D, B Building, Sangeeta Industrial Estate, Somnath Road,
Daman-396 215, Union Territory |
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Tel. No.: |
91-2638-252944 |
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Fax No.: |
91-2638-252945 |
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E-Mail : |
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Area : |
7000 Sq. ft |
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Location : |
Owned |
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Factory 2: |
Survey No.23, Unit No.2, Village Ringanwada, Daman – 396 215, Union
Territory |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Amardeep Singh Arora |
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Designation : |
Additional Director |
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Address : |
902, |
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Date of Birth : |
01.10.1973 |
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Date of Appointment : |
01.11.2006 |
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Din No.: |
01321797 |
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Name : |
Mr. Harpal Agya Singh |
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Designation : |
Director |
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Address : |
901, |
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Date of Birth: |
15.09.1944 |
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Date of Appointment : |
20.10.1997 |
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Din No.: |
01321672 |
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S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
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1 |
U25200MH1997PTC111394 |
Sangeeta
Poly Pack Private Limited |
Director |
20-10-97 |
20-10-97 |
Active |
NO |
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2 |
U91100MH2010NPL207178 |
Plastic
Bag Manufacturers Association Of India |
Director |
27-08-10 |
27-08-10 |
Active |
NO |
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Name : |
Mrs. Sangeeta Harpal Singh |
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Designation : |
Director |
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Address : |
902, |
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Date of Birth: |
15.04.1947 |
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Date of Appointment : |
20.10.1997 |
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Din No.: |
00375380 |
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Name : |
Mr. Ramanjit Harpal Singh |
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Designation : |
Director |
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Address : |
902, |
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Date of Birth: |
01.03.1975 |
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Date of Appointment : |
20.10.1997 |
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Din No.: |
00375083 |
KEY EXECUTIVES
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Name : |
Mr. Hemant Patel |
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Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Harpal Agya Singh |
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84000 |
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Ramajit Harpal Singh |
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43200 |
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Sangeeta Harpal Singh |
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52800 |
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Gursimran Harpal Kaur |
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12000 |
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Amardeep Singh |
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48000 |
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Total |
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240000 |
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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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Sheets |
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Products : |
v Plastic Sheets v Print v
v Stationery Products
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PRODUCTION STATUS As on 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Plastic Tubing/ Rolls/ Sheets/ Bags |
Qty (Kg.) |
6000000 |
-- |
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Plastic Rolls /Tubing |
Qty (Kg.) |
-- |
15801.900 |
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Plastic Bags |
Qty (Kg.) |
-- |
51206.500 |
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Plastic Sheet |
Qty (Kg.) |
-- |
3156762.250 |
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Plastic Scrap |
Qty (Kg.) |
-- |
10441.800 |
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Plastic Folders |
Qty (Pcs.) |
-- |
302882.900 |
GENERAL INFORMATION
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No. of Employees : |
50 (Office – 8, Factory - 42) (Approximately) |
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Bankers : |
Dena Bank, Manish
Nagar Branch, J.P. Road, Four Bungalows, Andheri (West), Mumbai- 400053,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
N.B. Jhunjhunwala and Company Chartered Accountants |
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Address : |
306, Corporate Avenue, Sonawala Lane, Goregaon (East), Mumbai –
400063, |
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Tel/Fax No.: |
91-22-26852202 |
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Email : |
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Sister Concerns : |
v Raman
Plastomers v Sangeeta
Poly Products v Sangeeta
Print-N-Pack |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity Shares |
Rs. 10/- Each |
Rs.2.400 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity Shares |
Rs. 10/- Each |
Rs.2.400 Millions |
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AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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440000 |
Equity Shares |
Rs. 10/- Each |
Rs.4.400 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity Shares |
Rs. 10/- Each |
Rs.2.400 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.400 |
2.400 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
64.060 |
46.008 |
39.597 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.460 |
48.408 |
41.097 |
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LOAN FUNDS |
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1] Secured Loans |
69.986 |
61.839 |
45.300 |
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2] Unsecured Loans |
10.063 |
8.110 |
8.233 |
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TOTAL BORROWING |
80.049 |
69.949 |
53.533 |
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DEFERRED TAX LIABILITIES |
3.277 |
2.102 |
2.314 |
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TOTAL |
149.786 |
120.459 |
96.944 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.491 |
62.797 |
45.646 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
16.780 |
22.310 |
18.524 |
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Sundry Debtors |
49.793 |
36.706 |
31.815 |
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Cash & Bank Balances |
0.877 |
1.022 |
0.654 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
14.962 |
12.282 |
11.801 |
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Total
Current Assets |
82.412 |
72.320 |
62.794 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.742 |
4.893 |
5.024 |
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Other Current Liabilities |
0.060 |
3.138 |
0.159 |
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Provisions |
12.315 |
6.627 |
6.313 |
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Total
Current Liabilities |
20.117 |
14.658 |
11.496 |
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Net Current Assets |
62.295 |
57.662 |
51.298 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
149.786 |
120.459 |
96.944 |
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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 |
301.080 |
221.591 |
203.668 |
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Other Income |
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TOTAL (A) |
301.080 |
221.591 |
203.668 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
253.471 |
196.997 |
178.280 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
47.609 |
24.594 |
25.388 |
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Less |
FINANCIAL
EXPENSES (D) |
8.035 |
6.133 |
5.264 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.574 |
18.461 |
20.124 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.842 |
5.625 |
4.754 |
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PROFIT BEFORE
TAX (E-F) (G) |
31.732 |
12.836 |
15.370 |
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Less |
TAX (H) |
11.525 |
4.528 |
5.415 |
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PROFIT AFTER TAX
(G-H) (I) |
20.207 |
8.308 |
9.955 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
3.634 |
1.714 |
0.000 |
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TOTAL EARNINGS |
3.634 |
1.714 |
0.000 |
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IMPORTS |
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Raw Materials |
15.750 |
3.110 |
1.260 |
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TOTAL IMPORTS |
15.750 |
3.110 |
1.260 |
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Earnings Per
Share (Rs.) |
84.20 |
36.06 |
66.37 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.71 |
3.75 |
4.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.68 |
9.49 |
14.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.27 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.51 |
1.75 |
1.58 |
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Current Ratio (Current Asset/Current Liability) |
|
4.10 |
4.93 |
5.46 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
For Goods |
2.884 |
1.916 |
3.403 |
|
For Expenses |
1.540 |
2.977 |
1.621 |
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For Capital Goods |
3.318 |
0.000 |
0.000 |
|
Total |
7.742 |
4.893 |
5.024 |
Note :
Registered address of the company has been shifted from 2, Prem
Industrial Estate, Subhash Road, Jogeshwari (East), Mumbai – 400 060,
Maharashtra, India to the present address w.e.f. 07.05.2010
OPERATIONS :
During the year, the company has achieved total turnover and other
income of Rs. 301.080 Millions (Rs. 221.591 Millions). The company has earned
net profit of Rs. 31.732 Millions (Rs.12.836 Millions). The directors are
hopeful for achieving better results in the future.
FORM: 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90142246 |
|
Corporate
identity number of the company |
U25200MH1997PTC111394 |
|
Name of the
company |
SANGEETA POLY PACK PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2, Prem Industrial Estate, Jogeshwari East, Mumbai – 400060 Maharashtra, India |
|
Type of charge |
Movable Property (not being pledge) Book Debts |
|
Particular of
charge holder |
Dena Bank Address : Manish
Nagar Branch, Email : manish@denabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
supplemental hypothecation agreement to secure enhanced credit limits and
fresh term loan for purchase of plant and machinery |
|
Date of instrument
Creating the charge |
15.02.2010. |
|
Amount secured by
the charge |
Rs.89.623
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: At BPLR minus 1.50%
with monthly rests or at such other rate as may be revised by the Bank from
time to time. Terms of
repayment : 1. Working
capital facilities are payable on demand 2. Term loan of
Rs.11.250 Millions within the overall limit of Rs.89.623 Millions is repayable
in 60 monthly installments each of Rs.0.187 Million with a moratorium period
of nine months. The first installment falls due in October 2010. The interest
is payable as and when the same is charged. Margin : For CC
hypothecation at 25% each on stocks and book debts (up to 90 days), for term
loan for machinery at 25%, for bank guarantee (P/F - Inland) at 25% (Cash or
FDR duly discharged in favour of bank) and for LC (DA-(90 days)-F/I) at 10%
(LC-DA/DP) Extent and
operation of the charge : Security created
by way of first charge and to cover the principal amount together with
interest, costs, charges, commission, etc. Others : 1. Security
created in respect of the following credit facilities: Cash credit Rs.40.000 Millions Letter of
credit Rs. 5.000 Millions Bank
guarantee Rs. 1.000 Millions Term Loan
(Fresh) Rs.11.250 Millions Term loan
(o/s) Rs.32.373 Millions 2. Commission on
bank guarantee and letter of credit to be stipulated as per HO guidelines. |
|
Short particulars
of the property charged |
All stocks of raw
materials, goods in process and finished goods such as plastic tubing rolls,
plastic bags, polypropylene, plastic sheets etc., consumable stores and
spares, packing materials etc. both present and future, being or thereafter
brought into or upon or then or thereafter in course of transit to any
godowns, jathas or place whatsoever and where so ever in the possession or
occupation of the company. All the tangible, movable properties and assets of
whatsoever nature incl. plant, machinery, tools and accessories, stores,
spares, relating to the plant and machinery, furniture, articles, office
equipments, computers and things belonging to the company and lying and being
at their premises/factories at Sangeeta Industrial Estate, B Wing, Somnath
Road, Dabhel, Daman being movable properties and capable of passing by
delivery, both present and future. All present and future book debts, out standings, moneys, receivables,
claims, bills, rights, to or in movable properties and movable assets and
which are now due, owing or payable or belonging to the company in the course
of its business by any person, firm, company or body corporate or by the
Government Department or office or any Municipal of local or public or Semi
Government body or authority or anybody corporate or undertaking or project
whatever in the public sector. |
|
Date of latest
modification prior to the present modification |
01.09.2008 |
|
Particulars of
the present modification |
The total amount
secured now stands enhanced from Rs.70.094 Millions to Rs.89.623 Millions.
Property charged inter alia shall include all plant, machineries, tools and
accessories purchased and to be purchased to cover the credit facilities
aggregating Rs.89.623 Millions |
FIXED
ASSETS :
v
Plant and Machineries
v
Furniture and Fixtures
v
Electrical Installation
v
Computer and Peripherals
v
Office Premises
v
Flat
v
Air Conditioner
v
Refrigerator
v
Vehicles
v
Factory Shed
v
Office Equipments
v
Land at Somnath
v
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.49.13 |
|
|
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
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 |
YES |
|
--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.