MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
GHOSH POLYMERS PRIVATE LIMITED |
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Registered
Office : |
AD – 128, Sushil Jyoti Avenueprafullah Kanan, Rabindra Pally, Kolkata
– 700101, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.10.2005 |
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Com. Reg. No.: |
21-105787 |
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Capital
Investment/ Paid-up Capital: |
Rs. 18.000 Millions |
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CIN No.: [Company Identification
No.] |
U25209WB2005PTC105787 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALG04384C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Packaging Polymer Film. |
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No. of
Employees: |
58 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
Note:
The company was incorporated in 2005 but started its activities in
October 2008.
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Prakash Kumar Jain |
|
Designation : |
Manager Accounts |
|
Contact No.: |
91-33-25712601 |
|
Date : |
24.10.2011 |
LOCATIONS
|
Registered Office : |
AD – 128, Sushil Jyoti Avenueprafullah Kanan, Rabindra Pally, Kolkata
– 700101, West |
|
Tel. No.: |
91-33-25714073/ 2601/ 5980 |
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Fax No.: |
91-33-25717504 |
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E-Mail : |
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Website : |
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Area : |
700 Sq.ft |
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Location : |
Owned |
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Factory : |
99, Thakur Pukur, (N. W Road), Barasat, Kolkata – 700128, West |
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Tel No: |
91-33-25260264 |
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Location : |
Leased |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Sankar Lal Ghosh |
|
Designation : |
Director |
|
Address : |
Noapara Old Kalibari, 24 Parganas North, Barasat– 700124, West |
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Date of Birth/Age : |
01.10.1950 |
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Date of Appointment : |
04.10.2005 |
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DIN No: |
00732112 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U19129WB2004PTC098004 |
Ghosh Exports Private Limited |
Director |
04-03-04 |
04-03-04 |
- |
Active |
NO |
|
Name : |
Mr. Aveseke Ghosh |
|
Designation : |
Director |
|
Address : |
Noapara Old Kalibari, 24 Parganas North, Barasat– 700124, West |
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Date of Birth/Age : |
23.11.1978 |
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Date of Appointment : |
04.10.2005 |
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DIN No: |
01743002 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U19129WB2004PTC098004 |
Ghosh Exports Private Limited |
Director |
04-03-04 |
04-03-04 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Kumar Jain |
|
Designation : |
Manager Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sankar Lal Ghosh |
|
900000 |
|
Aveseke Ghosh |
|
900000 |
|
Total |
|
1800000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Packaging Polymer Film. |
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Products: |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash, Credit and T/T |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
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Installed
Capacity |
Actual
Production |
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Printed Material |
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|
2040 M.T |
2,77,462 Kg |
GENERAL INFORMATION
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Customers : |
Manufacturing Company |
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No. of Employees : |
58 (Approximately) |
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Bankers : |
Union Bank of India, Kolkata Overseas Branch, 9, India Exchange Place,
Kolkata – 700001, West Bengal, India |
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Facilities : |
T/T Rs. 65.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J. N. Banerjee and Company Chartered Accountant |
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Address : |
5 and 6, Pannalal |
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Tel No: |
91-33-22481114/ 15 (Office) 91-33-22904578/ 24637690 (Residence) |
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PAN No.: |
ACZPB7036Q |
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Sister Concern : |
Ghosh Export Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs. 10/- each |
Rs. 18.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs. 10/-
each |
Rs. 18.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
18.000 |
9.000 |
9.000 |
|
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2] Share Application Money |
0.000 |
9.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(14.806) |
(5.692) |
0.000 |
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NETWORTH |
3.194 |
12.308 |
9.000 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
35.953 |
37.059 |
4.989 |
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2] Unsecured Loans |
12.611 |
7.691 |
5.241 |
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TOTAL BORROWING |
48.564 |
44.750 |
10.230 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.758 |
57.058 |
19.230 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.681 |
44.389 |
7.594 |
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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 |
18.735
|
8.849 |
0.000 |
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|
Sundry Debtors |
6.945
|
2.481 |
0.000 |
|
|
Cash & Bank Balances |
0.463
|
0.321 |
1.080 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.803
|
4.862 |
10.691 |
|
Total
Current Assets |
29.946
|
16.513 |
11.771 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
Sundry Creditors |
16.544
|
3.702 |
0.142 |
|
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Other Current Liabilities |
0.351
|
0.160 |
0.025 |
|
|
Provisions |
0.000
|
0.011 |
0.000 |
|
Total
Current Liabilities |
16.895
|
3.873 |
0.167 |
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Net Current Assets |
13.051
|
12.640 |
11.604 |
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MISCELLANEOUS EXPENSES |
0.026 |
0.029 |
0.032 |
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TOTAL |
51.758 |
57.058 |
19.230 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
48.025 |
7.412 |
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Other Income |
|
0.326 |
0.067 |
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TOTAL (A) |
|
48.351 |
7.479 |
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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) |
|
45.706 |
7.334 |
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Less |
PROFIT/
LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.645 |
0.145 |
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Less |
INTEREST AND
FINANCIAL EXPENSES (D) |
|
5.881 |
2.777 |
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PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(3.236) |
(2.632) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
5.878 |
3.049 |
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PROFIT/ LOSS
BEFORE TAX(E-F) (G) |
|
(9.114) |
(5.681) |
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Less |
TAX (H) |
|
0.000 |
0.011 |
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PROFIT/ LOSS
AFTER TAX (G-H) (I) |
|
(9.114) |
(5.692) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
5.692 |
0.000 |
|
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|
BALANCE CARRIED
TO THE B/S |
|
14.806 |
(5.692) |
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IMPORTS |
|
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|
Capital Goods |
|
0.000 |
11.140 |
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TOTAL IMPORTS |
|
0.000 |
11.140 |
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Earnings/ Loss
Per Share (Rs.) |
|
(10.13) |
(6.32) |
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|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
121.900 |
The above information has been parted by Mr. Prakash Kumar Jain.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(18.84)
|
(76.10) |
NA |
|
|
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|
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Net Profit Margin (PBT/Sales) |
(%) |
(18.97)
|
(76.64) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(13.28)
|
(9.32) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(2.85)
|
(0.46) |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
20.49
|
3.95 |
1.15 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
4.26 |
70.48 |
LOCAL AGENCY FURTHER INFORMATION
Check List:
|
Check List by
info Agents |
Available in
Report (Yes/ No) |
|
1) Year of Establishment |
Yes |
|
2)Locality of the Firm |
Yes |
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3)Constitution of the Firm |
Yes |
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4)Premises Details |
Yes |
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5)Type of Business |
Yes |
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6)Line of Business |
Yes |
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7)Promoter’s Background |
Yes |
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8)No. of Employees |
Yes |
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9)Name of Person Contacted |
Yes |
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10)Designation of Contact person |
Yes |
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11)Turnover of Firm for last three years |
Yes |
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12)Profitability for last three years |
No |
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13)Reason for variation <> 20% |
No |
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14)Estimated for coming financial year |
No |
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15)Capital in the Business |
No |
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16)Details of Sister Concern |
Yes |
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17)Major Suppliers |
No |
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18)Major Customer |
Yes |
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19)Payment Terms |
Yes |
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20)Export/ Import Details (if Applicable) |
No |
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21)Market Information |
------------------ |
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22)Litigation that the Firm / Promoter |
------------------ |
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23)Banking Details |
Yes |
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24)Banking facility details |
Yes |
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25)Conduct of the Banking |
------------------- |
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26)Buyer visit details |
------------------- |
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27)Financials, if provided |
Yes |
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28)Incorporation details, if applicable |
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29)Last account filed at ROC |
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30)Major Shareholders, if applicable |
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Working Results
and Future Prospects:
The turnover of the company increased to Rs. 48.025 Millions from Rs.
7.413 Millions in the last year, registering a growth of more than 5 times. The
profit before interest and depreciation was Rs. 2.445 Millions which also
showed considered improvement over last year. The company is in process of
marketing its products aggressively and over the next few years, should be able
to achieve profits.
Trade Reference:
- Britannia
Biscuit
- Anmol Biscuit
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U25209WB2005PTC105787 |
|
Name of the
company |
GHOSH POLYMERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
AD – 128, Sushil Jyoti Avenueprafullah Kanan, Rabindra Pally, Kolkata
– 700101, West Email: ghoshexp@cal.vsnl.net.in |
|
This form is for |
Modification of Charge |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Union Bank of India, Kolkata Overseas Branch, 9, India Exchange Place,
Kolkata – 700001, West Bengal, India |
|
Nature of
instrument creating charge |
1. Letter of
Guarantee(SD-01) 2. Memorandum of Entry
for Extension of EM |
|
Date of
instrument Creating the charge |
29.11.2010 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Coterminus with
principal Borrower, Ghosh Exports Private Limited's obligation in this regard
(i.e. FDBP/FUDBP (LC/Contract) Lt Rs. 15.000 Millions, Intt@BR+1% p.a w/w PC
Lt(Rs. 8.500 Millions), Intt@BR+1.25% p.a etc) towards the Bank Terms of Repayment: Coterminus with
principal Borrower, Ghosh Exports Private Limited's obligation in this regard
(i.e, Entire Credit facilities comprising of FDBP/FUDBP(LC/Contract) Lt Rs.
15.000 Millions w/w PC Lt (Rs. 8.500 Millions) are repayable on demand)
towards the Bank Margin: Coterminus with
principal Borrower, Ghosh Exports Private Limited's obligation in this regard
(i.e.,FDBP/FUDBP (LC/Contract) Lt Rs. 15.000 Millions, Margin'Nil' w/w PC
Lt(Rs. 8.500 Millions), Margin25%) towards the Bank Extent and Operation of the charge: First Charge by
way of extension of EM on Company's 3 immovable properties comprising of land situated at Mouza: Dirghanga admeasuring 30.41,34.26 and 16.59 sataks
more or less under Dag No: 30,31 and 38 respectively and other 2 properties comprising of land
admeasuring 2.5 and 16 Sataks
more or less under Dag No; 361 and 362 and LR Dag 387 and 388 respectively Others: Inter-alia to
additionally secure the credit facilities of Rs. 15.000 Millions, sanctioned
and extended by Union Bank of |
|
Short Particulars
of the property or assets charged |
1) EM on
Company's 3 immovable properties comprising of land situated at Mouza:
Dirghanga admeasuring 30.41,34.26 and
16.59 sataks under Dag No: 30,31 and 38 respectively. 2) EM on
Company's 2 immovable properties comprising of land situated at Mouza:
Dirghanga admeasuring 2.5 and 16
Sataks under Dag No; 361 and 362 and LR Dag 387 and 388 respectively. |
|
Date of Last
Modification prior to the present modification |
29.11.2010 |
|
Particulars of the present modification |
By this
modification overall charge registered against the company, M/s Ghosh
Polymers Private Limited in favour of Union Bank of India, Kolkata Overseas
Branch stands modified from earlier Rs. 40.380 Millions to now Rs. 15.000
Millions. |
Fixed Assets:
- Land
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
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.49.87 |
|
|
1 |
Rs.79.72 |
|
Euro |
1 |
Rs.69.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
- |
|
Maximum Credit Limit : |
USD 13000 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.