MIRA
INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PANAMA POLY PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
R. No. 10, 3576, Netaji Subhash Marg, Darya Ganj, New Delhi – 110002 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.08.1986 |
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Com. Reg. No.: |
55-25088 |
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Capital
Investment / Paid-up Capital : |
Rs.6.550
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1986PTC025088 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Polyurethane Foam. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000 |
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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 reported as 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
R. No. 10, 3576, Netaji Subhash Marg, Darya Ganj, New Delhi – 110002,
India |
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Tel. No.: |
91-11-27246907 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Vijaya Jain |
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Designation : |
Director |
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Address : |
F-3/19, Model Town – II, Delhi – 110009, India |
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Date of Birth/Age : |
15.10.1950 |
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Date of Appointment : |
30.07.1986 |
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Din No.: |
00217486 |
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Name : |
Mr. Sanjay Jain |
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Designation : |
Director |
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Address : |
F-208, Rashmi Appartments, Harsh Vihar, Pitampura, Delhi – 110034,
India |
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Date of Birth/Age : |
26.04.1962 |
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Date of Appointment : |
28.09.1990 |
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Din No.: |
00217524 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Gianchand Jain |
|
75000 |
|
Sanjay Jain HUF |
|
16300 |
|
Vijaya Jain |
|
129000 |
|
A. K. Jain HUF |
|
200 |
|
Taniya Jain |
|
3500 |
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Sumitra Jain |
|
650 |
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A. K. Jain |
|
12000 |
|
Seema Jain |
|
900 |
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Vardhan Harsh Jain |
|
13600 |
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Vardhan Jain and |
|
2700 |
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Jain Others P. C. |
|
100 |
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Anita Jain |
|
59500 |
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H. S. Jain |
|
9000 |
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C. P. Khana |
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22000 |
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Yogesh Maheshwari |
|
100 |
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Juhi Jain |
|
100 |
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Mangal Chan Lara |
|
2850 |
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Hari Singh Jain |
|
16000 |
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Vijay Bala Jain |
|
100 |
|
Dynamic Weaving Private Limited, India |
|
2000 |
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Sudhansu Kumar Jain |
|
100 |
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G. C. and Sons HUF |
|
47900 |
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Rishabh Jain |
|
40400 |
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Vinay Jain and Others |
|
100 |
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Sanjay Jain |
|
116850 |
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Poornima Jain |
|
83950 |
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Rishabh Jain HUF |
|
100 |
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Total |
|
655000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
0.30 |
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Directors
or relatives of directors |
|
99.21 |
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Other
top fifty shareholders |
|
0.49 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Polyurethane Foam. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Polyurethane |
KG |
1486669 |
GENERAL INFORMATION
|
Bankers : |
·
Barclays Bank PLC, Eros Corporate Towers, Nehru
Place, New Delhi-110019, India ·
Allahabad Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arun Deepak and Company Chartered Accountants |
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Address : |
207, Aggarwal Tower, H-6, Netaji Subhash Place, Pitampura, New
Delhi-110034, India |
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Pan No.: |
AAAFA1040C |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
655000 |
Equity Shares |
Rs.10/- each |
Rs.6.550
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
6.550 |
6.550 |
6.550 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.380 |
31.547 |
27.674 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.930 |
38.097 |
34.224 |
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LOAN FUNDS |
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1] Secured Loans |
121.673 |
68.952 |
60.602 |
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2] Unsecured Loans |
14.908 |
43.027 |
32.817 |
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TOTAL BORROWING |
136.581 |
111.979 |
93.419 |
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DEFERRED TAX LIABILITIES |
0.167 |
0.000 |
0.000 |
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TOTAL |
179.678 |
150.076 |
127.643 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.014 |
21.426 |
19.619 |
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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 |
0.515 |
0.457 |
0.390 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
42.692
|
20.096
|
32.135 |
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Sundry Debtors |
145.937
|
104.042
|
82.700 |
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Cash & Bank Balances |
1.044
|
12.497
|
6.285 |
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Other Current Assets |
0.132
|
0.115
|
0.082 |
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Loans & Advances |
19.687
|
32.476
|
22.566 |
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Total
Current Assets |
209.492
|
169.226
|
143.768 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
46.354
|
36.902 |
30.493 |
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Other Current Liabilities |
2.112
|
1.240
|
1.779 |
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Provisions |
3.877
|
2.891
|
3.862 |
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Total
Current Liabilities |
52.343
|
41.033
|
36.134 |
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Net Current Assets |
157.149
|
128.193
|
107.634 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
179.678 |
150.076 |
127.643 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
482.947 |
281.146 |
273.139 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.425 |
6.962 |
5.352 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.965 |
1.488 |
1.273 |
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PROFIT BEFORE
TAX |
7.460 |
5.474 |
4.079 |
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Less |
TAX |
2.627 |
1.602 |
1.334 |
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PROFIT AFTER TAX
|
4.833 |
3.872 |
2.745 |
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Earnings Per
Share (Rs.) |
7.37 |
5.91 |
4.19 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.54
|
1.95 |
1.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
2.87 |
2.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.14 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.40
|
4.02 |
3.79 |
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Current Ratio (Current Asset/Current Liability) |
|
4.00
|
4.12 |
3.98 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS:
During the year
the company has made sales of Rs.482.947 Millions as against the sales of Rs
281.146 Millions in the immediately preceding year. The company made a profit
of Rs.9.425 Millions (Previous Year Rs.6.962 Millions) before depreciation and
provision of Income Tax. After providing for depreciation of Rs 1.965 Millions
(Previous Year Rs.1.488 Millions) and provision for Taxes, of Rs.2.213 Millions
(Previous year Rs1.674 Millions) there is a net profit of Rs 4.833 Millions
(Previous year Rs.3.872 Millions) as profit.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U74899DL1986PTC025088 |
|
Name of the
company |
PANAMA POLY PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
R. No. 10, 3576, Netaji Subhash Marg, Darya Ganj, |
|
Type of charge |
Book Debts Movable Property Stocks, entire
current assets Immovable
property |
|
Particular of
charge holder |
Allahabad Bank, 28/11, East Patel Nagar, |
|
Nature of
description of the instrument creating or modifying the charge |
General letter of
Hypothecation. Sanction of cash credit limit of Rs. 120.000 millions only |
|
Date of
instrument Creating the charge |
26.03.2010 |
|
Amount secured by
the charge |
Rs.120.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: PLR p.a. W.M.R.
Floating rate of 12% p.a. i.e. at par with the bank prime lending rate (which
is presently 12% p.a.) Terms of
Repayment : On Demand Margin : 25% on stocks and
30% on book debts (upto 90 days) Extent and
Operation of the charge : 100% |
|
Short particulars
of the property charged |
|
FIXED ASSETS:
- Plant and
Machinery
- Foam Mould
and Boxes
- Electrical
Fittings
- Weight and
Measure
- Furniture and
Fixtures
- Tubewell
- Generator
- Fire safety
- Office equipment
- Computer
- Printing
Cylender
- Vehicle
- Tempo
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.49.53 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.