1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Polyfill
Technologies Private Limited |
Principal Name 1 |
Mr. Ashit Narendra Shah |
|
Status |
Moderate |
Principal Name 2 |
Mr. Hrushikesh Kamalkant Raval |
|
|
|
Registration # |
04-45087 |
|
Street Address |
Plot No.407/1,
GIDC, Ranoli Road No.4, Behind L and T, N H No.8, Vadodara - 391350, Gujarat |
||
|
Established Date |
02.12.2004 |
SIC Code |
-- |
|
Telephone# |
91-265-2308520 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-265-2308530 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Plastic compounds |
|
|
# of employees |
40 (approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
2,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or
relatives of Directors – 62.50% Others – 37.50% |
Banking |
Dena Bank |
|
Public Limited Corp. |
No |
Business Period |
7 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,151,000 |
Current Liabilities |
449,000 |
|
Inventories |
3,556,000 |
Long-term Liabilities |
9,233,000 |
|
Fixed Assets |
1,812,000 |
Other Liabilities |
47,000 |
|
Deferred Assets |
0 |
Total Liabilities |
9,729,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
790,000 |
|
|
|
Net Worth |
2,790,000 |
|
Total Assets |
12,519,000 |
Total Liab. & Equity |
12,519,000 |
|
Total Assets (Previous Year) |
13,805,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
30,904,000 |
Net Profit |
386,000 |
|
Sales(Previous yr) |
27,819,000 |
Net Profit(Prev.yr) |
657,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
POLYFILL TECHNOLOGIES PRIVATE LIMITED (w.e.f 22.03.2007) |
|
|
|
|
Formerly Known
As : |
BARODA TECHNOLOGY AND
MANAGEMENT SCHOOL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.407/1, GIDC, Ranoli Road No.4, Behind L and T, N H No.8,
Vadodara - 391350, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.12.2004 |
|
|
|
|
Com. Reg. No.: |
04-045087 |
|
|
|
|
Paid-up Capital
: |
Rs. 2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U80903GJ2004PTC045087 |
|
|
|
|
Legal Form : |
Private limited liability company. |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of Plastic compounds. |
|
|
|
|
No. of Employees
: |
40 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory: |
Plot No.407/1, GIDC, Ranoli Road No.4, Behind L and T, N H No.8,
Vadodara - 391350, Gujarat |
|
Tel. No.: |
91-265-2308520 |
|
Fax No.: |
91-265-2308530 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 06.09.2010
|
Name : |
Mr. Raju Krishnagopal Agarwal |
|
Designation : |
Director |
|
Address : |
103 Venus Apartments, Bodakdev, Ahmedabad – 380054, Gujarat, India |
|
Date of Appointment : |
02.12.2004 |
|
|
|
|
Name : |
Mr. Hrushikesh Kamalkant Raval |
|
Designation : |
Director |
|
Address : |
2, Dhanlaxmi Society, Ghatlodia, Ahmedabad- 380054, Gujarat, India |
|
Date of Birth/Age : |
31.08.1973 |
|
Date of Appointment : |
03.02.2007 |
|
DIN No.: |
02392165 |
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 |
U80903GJ2004PTC045087 |
Polyfill
Technologies Private Limited |
Director |
3/02/2007 |
3/02/2007 |
20/01/2009 |
Active |
NO |
|
Name : |
Mr. Ashit Narendra Shah |
|
Designation : |
Director |
|
Address : |
903, Mansi Apartment, Opposite Tube Company, Old Padra Road, Vadodara-
390020, Gujarat, India |
|
Date of Birth/Age : |
22.11.1969 |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
01676905 |
|
|
|
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 |
U80903GJ2004PTC045087 |
Polyfill
Technologies Private Limited |
Director |
3/02/2007 |
3/02/2007 |
- |
Active |
NO |
|
Name : |
Ms. Bharvi Dharamshi Chandan |
|
Designation : |
Director |
|
Address : |
402, Karan, A Wing, Karan Co-Op Housing Society Limited, Off Yari Road,
Varsova, Andheri (West), Mumbai- 400061, Maharashtra, India |
|
Date of Birth/Age : |
18.04.1971 |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
00870870 |
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 |
U80903GJ2004PTC045087 |
Polyfill
Technologies Private Limited |
Director |
4/08/2008 |
4/08/2008 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Neeta R Goyal |
|
74990 |
|
Ashit N Shah |
|
74970 |
|
Bharvi D Chandan |
|
50000 |
|
Manish Kamdar |
|
10 |
|
Prachi Goyal |
|
10 |
|
Sonali Shah |
|
10 |
|
Manjulaben Acharya |
|
10 |
|
Total |
|
200000 |
As on 06.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
62.50 |
|
Others |
37.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of Plastic compounds. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
40 (approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Dena Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C Bhagvandas And Company Chartered Accountant |
|
Address : |
M-6, Antrix Complex, Opposite World Trade Centre, Sayajigunj, Vadodara
– 390005, Gujarat, India |
|
Tel. No.: |
91-265-2361325 |
|
Pan No.: |
ABWPS4307B |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.000
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 |
|
|
|
|
|
1] Share Capital |
2.000 |
1.000 |
0.718 |
|
|
2] Share Application Money |
0.000 |
1.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.790 |
0.404 |
0.391 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.624) |
|
|
NETWORTH |
2.790 |
2.404 |
0.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.455 |
3.581 |
3.760 |
|
|
2] Unsecured Loans |
3.233 |
2.215 |
1.048 |
|
|
3] Unsecured Loans from Promoters |
1.545 |
1.196 |
0.325 |
|
|
TOTAL BORROWING |
9.233 |
6.992 |
5.133 |
|
|
DEFERRED TAX LIABILITIES |
0.047 |
0.046 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
12.070 |
9.442 |
5.642 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.812 |
2.079 |
1.962 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.556
|
4.012 |
1.672 |
|
|
Sundry Debtors |
5.344
|
6.967 |
4.006 |
|
|
Cash & Bank Balances |
0.123
|
0.032 |
0.009 |
|
|
Other Current Assets |
0.705
|
0.705 |
0.103 |
|
|
Loans & Advances |
0.979
|
0.010 |
0.421 |
|
Total
Current Assets |
10.707
|
11.726 |
6.211 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.310
|
4.152 |
2.263 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.139
|
0.211 |
0.268 |
|
Total
Current Liabilities |
0.449
|
4.363 |
2.531 |
|
|
Net Current Assets |
10.258
|
7.363 |
3.680 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12.070 |
9.442 |
5.642 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
30.904 |
27.819 |
7.488 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
30.347 |
26.886 |
6.819 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.557 |
0.933 |
0.669 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.171 |
0.276 |
0.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.386 |
0.657 |
0.461 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.93 |
6.57 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.25
|
2.36 |
6.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.45
|
6.76 |
8.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.39 |
1.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
4.72 |
15.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
23.85
|
2.69 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 8th
Floor L Studio Complex G Highway, Gota X Road, Ahmedabad – 382481, Gujarat,
India to the present address w.e.f 19.03.2007.
FORM 8:
|
Corporate
identity number of the company |
U80903GJ2004PTC045087 |
||||||
|
Name of the
company |
POLYFILLTECHNOLOGIES
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Plot No.407/1,
G.I.D.C. Rangoli, Road No.4, Behind L and T, N. H. No.8, Rangoli, Vadodara –
391350, Gujarat, India |
||||||
|
Type of charge |
Book Debts Movable Property |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation (Goods, Book Debts and Other movable assets to secure
multiple facilities) |
||||||
|
Date of
instrument Creating the charge |
16.11.2010 |
||||||
|
Amount secured by
the charge |
Rs. 10.200
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : No Change Terms of Repayment : No Change Margin : No Change Extent and Operation of the charge : Existing limit of
Cash Credit has been increased from Rs. 6.000 millions to Rs. 7.500 millions
(sub limit of PCH/FBP/FBD/FBIV is Rs. 2.000 millions) Fresh limit of
Letter of Credit is Rs. 2.300 millions. Existing limit of
Term Loan has not been change and remain Rs. 0.400 million. Amount of Total
charge is Rs. 10.200 millions |
||||||
|
Date of latest
modification prior to the present modification |
07.05.2009 |
||||||
|
Particulars of
the present modification |
Existing limit of
charge has been increased from Rs. 6.400 millions to Rs. 10.200 millions
bifurcated as under: Cash Credit Limit
Rs. 7.500 millions Sub Limit
PCH/FBP/FBD/FBIV Rs. 2.000) Letter of Credit
Rs. 2.300 millions Term Loan Rs. 0.400 million |
Fixed Assets:
·
Plant and machinery
·
Computer machine
AS PER WEBSITE
DETAILS
PROFILE:
The company was established in the year 2004 in the famous industrial town, Vadodara (400 kms from Mumbai), Gujarat, India, with its manufacturing plant located at G.I.D.C. Ranoli (15 kms from Vadodara). The company is engaged in the manufacturing activity of Specialty Filled Compounds for the various plastic applications.
These compounds have a great demand as a value added filler in the various industrial segments like Woven Sacks as an anti fibrillation compound, Lamination and Tape Plants, Film Applications, Engineering and Automotive Applications and many more.
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.47.10 |
|
|
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.