1. Summary Information
|
|
|
Country |
|
|
Company Name |
GRAND POLYCOATS
COMPANY PRIVATE LIMITED |
Principal Name 1 |
Mr. Maulik C Mehta |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Bharat P Chokshi |
|
|
|
Registration # |
04-10350 |
|
Street Address |
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||
|
Established Date |
10.02.1988 |
SIC Code |
-- |
|
Telephone# |
91-2662-304200 /
304201 / 221345 / 222462 / 222935 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-2662-223462/2337022 |
Business Style 2 |
- |
|
Homepage |
-- |
Product Name 1 |
Guide to Technical Data Sheet |
|
# of employees |
300
(Approximately) |
Product Name 2 |
Primer |
|
Paid up capital |
Rs.62,683,000/- |
Product Name 3 |
Intermediates |
|
Shareholders |
Directors or relatives of
directors 100% |
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
23 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
361,916,000 |
Current Liabilities |
143,155,000 |
|
Inventories |
56,957,000 |
Long-term Liabilities |
55,432,000 |
|
Fixed Assets |
61,258,000 |
Other Liabilities |
8,796,000 |
|
Deferred Assets |
0.000 |
Total Liabilities |
207,383,000 |
|
Invest& other Assets |
441,000 |
Retained Earnings |
210,306,000 |
|
|
|
Net Worth |
273,189,000 |
|
Total Assets |
480,572,000 |
Total Liab. &
Equity |
480,572,000 |
|
Total Assets (Previous Year) |
164,788,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
-- |
Net Profit |
43,862,000 |
|
Sales(Previous yr) |
624,158,000 |
Net Profit(Prev.yr) |
44,085,000 |
|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Padra – |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.02.1988 |
|
|
|
|
Com. Reg. No.: |
04-010350 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 62.883 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999GJ1988PTC010350 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00568B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8439N |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturing and |
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|
|
|
No. of
Employees: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Rinku |
|
Designation : |
Accountant |
LOCATIONS
|
Registered Office / Factory : |
|
|
Tel. No.: |
91-2662-304200 / 304201 / 221345 / 222462 / 222935 |
|
Fax No.: |
91-2662-223462/2337022 |
|
E-Mail : |
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Head Office : |
204, Siddharth Complex, |
|
Tel. No.: |
91-2662-304200 / 304201 |
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Fax No.: |
91-2662-2337022 / 223462 |
|
E-Mail : |
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Website : |
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Branch Office 1 : |
E-2/12, 1st Floor, Malviya Nagar, |
|
Tel. No.: |
91-11-6599116 / 26676136 |
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Branch Office 2 : |
10, 2nd Floor, Cison Complex, 150, |
|
Tel. No.: |
91-44-28585881 |
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Fax No.: |
91-44-28547898 |
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DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Maulik C Mehta |
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Designation : |
Director |
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Address : |
604-A, Indraprasta, |
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Date of Birth/Age : |
04.07.1965 |
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Date of Appointment : |
10.10.2003 |
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DIN Number: |
00010848 |
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Other Directorship:
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Name : |
Mr. Bharat P Chokshi |
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Designation : |
Managing Director |
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|
Address : |
22, Shanti
Nagar, Behind Dinesh
Mill, |
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Date of Birth/Age : |
08.08.1958 |
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Qualification : |
B.Sc. (Chem.) |
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Date of Appointment : |
10.02.1988 |
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DIN Number: |
00111725 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. J.B Jain |
|
Designation : |
Business Deveopment |
|
|
|
|
Name : |
R.P Krishnan |
|
Designation : |
Purchase |
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|
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|
Name : |
Mr. Vasant Kelkar |
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Designation : |
Marketing |
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|
Name : |
Mr. Ramesh Bhavsar |
|
Designation : |
Finance |
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|
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|
Name : |
Mr. Bipin Shah |
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Designation : |
Administration |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
No. of Shares |
|
Aditi B Chokshi |
314400 |
|
Amishi B Chokshi |
314400 |
|
Ankur B Chokshi |
115500 |
|
Pravin P Chokshi |
5544000 |
|
Total |
6288300 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Industrial Paints |
Liters |
NA |
NA |
7200000 |
GENERAL INFORMATION
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No. of Employees : |
300 (Approximately) |
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Bankers : |
|
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Rs.
In Millions |
|||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shah and Bhandari Chartered Accountants |
|
Address : |
38/101, Gautam Nagar,
Race Course, |
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|
|
|
|
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Associates: |
Infinity Consultant Private LImited |
CAPITAL STRUCTURE
(As on 31.03.2011)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6288300 |
Equity Shares |
Rs. 10/- each |
Rs. 62.883
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
62.883 |
62.883 |
62.883 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
210.306 |
166.843 |
122.758 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
273.189 |
229.726 |
185.641 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.932 |
32.893 |
9.526 |
|
|
2] Unsecured Loans |
14.500 |
14.500 |
24.500 |
|
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TOTAL BORROWING |
55.432 |
47.393 |
34.026 |
|
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DEFERRED TAX LIABILITIES |
1.610 |
1.701 |
2.414 |
|
|
|
|
|
|
|
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TOTAL |
330.231 |
278.820 |
222.081 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
61.258 |
60.458 |
64.201 |
|
|
Capital work-in-progress |
0.433 |
1.068 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.008 |
0.008 |
0.007 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
56.957
|
49.753
|
51.651 |
|
|
Sundry Debtors |
284.033
|
219.228
|
184.223 |
|
|
Cash & Bank Balances |
38.757
|
41.826
|
8.240 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
39.126
|
20.511
|
14.632 |
|
Total
Current Assets |
418.873
|
331.318 |
258.746
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
118.308
|
85.098
|
75.710 |
|
|
Other Current Liabilities |
24.847
|
22.763
|
19.072 |
|
|
Provisions |
7.186
|
6.171
|
6.091 |
|
Total
Current Liabilities |
150.341
|
114.032 |
100.873 |
|
|
Net Current Assets |
268.532
|
218.286 |
157.873 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
330.231 |
278.820 |
222.081 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
624.158 |
590.000 |
|
|
|
Other Income |
NA |
0.929 |
0.147 |
|
|
|
TOTAL (A) |
|
625.087 |
590.147 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
NA |
412.458 |
398.357 |
|
|
|
Manufacturing Expenses |
NA |
14.046 |
14.722 |
|
|
|
Employee Costs |
NA |
41.324 |
40.200 |
|
|
|
Administrative Expenses |
NA |
21.205 |
20.188 |
|
|
|
Selling and Distribution Expenses |
NA |
52.743 |
42.803 |
|
|
|
Increase /Decrease in Stocks |
NA |
3.261 |
(0.178) |
|
|
|
TOTAL (B) |
|
545.037 |
516.092 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
80.050 |
74.055 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
4.427 |
7.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
75.623 |
66.747 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
9.314 |
9.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
66.309 |
57.001 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
22.224 |
21.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43.462 |
44.085 |
35.937 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
38.966 |
33.028 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
20.000 |
30.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
63.051 |
38.695 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
64.581 |
54.275 |
55.318 |
|
|
|
Others |
0.119 |
0.403 |
0.000 |
|
|
TOTAL IMPORTS |
64.7 |
54.678 |
55.318 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.98 |
7.01 |
5.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
7.05
|
6.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.62
|
9.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
16.92
|
17.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.28
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.70
|
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.90
|
2.56 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last two years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
FINANCIAL RESULTS:
The company has earned net profit of Rs.43.462
Millions the year ended on 31st March 2011
NOTE:
Registered of the company has been shifted
from 204,
Siddhartha Complex, R C Dutt Road 5, Vadodara – 390 007, Gujarat, India w.e.f 24.08.2009
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999GJ1988PTC010350 |
||||||
|
Name of the
company |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
204, Siddharth Complex, |
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|
This form is for |
|
||||||
|
Charge
identification (ID) number of the charge to be modified |
|
||||||
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
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|
Particular of
charge holder |
Bank of Sayajigunj, Vadodara– 390
005, |
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|
Nature of
instrument creating charge |
Hypothecation
Agreement of Stock and Book Debts |
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|
Date of
instrument Creating the charge |
01.09.2007 |
||||||
|
Amount secured by
the charge |
Rs.32.500
millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: 1% below BPLR Terms of repayment: Security for
repayment of all monies including Principal Sum, Interest Tax etc. Margin: Cash Credit 30% Extent and operation of the charge
|
||||||
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Present And Future Stock & Book Debts , Anywhere |
CONTINGENT
LIABILITIES
|
Consumption of Raw
Materials |
2010-11 |
2009-10 |
|
Guarantees and counter Guarantees Outstanding |
2.241 |
2.807 |
|
Letters of Credits Issued by the Bank |
16.317 |
9.228 |
|
Matter Pending with ITAT |
0.538 |
0.538 |
FIXED ASSETS:
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. 51.63 |
|
|
1 |
Rs. 81.94 |
|
Euro |
1 |
Rs. 67.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.