MIRA
INFORM REPORT
|
Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SPECIALTY POLYFILMS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
F – 89, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.03.2000 |
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Com. Reg. No.: |
11-125209 |
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Capital Investment
/ Paid-up Capital : |
Rs.29.000 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH2000PTC125209 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKS07046E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Polyethylene
based Specialty Films such as Stretch Wrap Film, Masking Film, Food Grade
Cling Film, Securap VCI Stretch Film, Stretch Sood Film, Anti Static Stretch
Wrap Film. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small 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
|
Name : |
Ms. Suman |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-61537600 |
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Date : |
17.02.2012 |
LOCATIONS
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Registered Office : |
F – 89, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra, India |
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Tel. No.: |
91-240-2554045/ 46 |
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Fax No.: |
91-240-2554046 |
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E-Mail : |
DIRECTORS
(AS ON 09.09.2011)
|
Name : |
Mr. Shantanu Manohar Deshpande |
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Designation : |
Chairman cum Managing Director |
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Address : |
18, Sahyog Nagar, Ulkanagar Garkheda, Aurangabad – 431005,
Maharashtra, India |
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Date of Birth/Age : |
21.09.1969 |
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Date of Appointment : |
23.03.2000 |
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DIN No.: |
00388944 |
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Name : |
Mrs. Asha Shantanu Deshpande |
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Designation : |
Additional Director |
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Address : |
18, Sahyog Nagar, Ulkanagar Garkheda, Aurangabad – 431005,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1972 |
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Date of Appointment : |
01.04.2005 |
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DIN No.: |
00389026 |
KEY EXECUTIVES
|
Name : |
Ms. Suman |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 09.09.2011)
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Names of Shareholders |
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No. of Shares |
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Shantanu Manohar Deshpande |
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1765468 |
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Shashank Manohar Deshpande |
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271645 |
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Madhavi Manohar Deshpande |
|
53550 |
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Asha Shantanu Deshpande |
|
800837 |
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Priya Shashank Deshpande |
|
8500 |
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Total |
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2900000 |
(AS ON 30.09.2011)
Equity Shares Break – up
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of polyethylene based
Specialty Films such as Stretch Wrap Film, Masking Film, Food Grade Cling
Film, Securap VCI Stretch Film, Stretch Sood Film, Anti Static Stretch Wrap
Film. |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India Industrial
Finance Branch, Jaggi's Building, Jalna Road, Kranti Chowk, Aurangabad -
431005, Maharashtra, India · Janata Sahakari Bank Limited Pune Branch, Aurangabad, Maharashtra, India |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Ashok Patil and Associates Chartered accountant |
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Address : |
“Veer Shanti”, Kranti Chowk, Adalat Road, Aurangabad – 431005,
Maharashtra, India |
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PAN No.: |
ABFPP1555R |
CAPITAL STRUCTURE
(AS ON 09.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2900000 |
Equity Share |
Rs.10/- each |
Rs.29.000
Millions |
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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 |
29.000 |
29.000 |
27.052 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.275 |
11.900 |
11.720 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.275 |
40.900 |
38.772 |
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LOAN FUNDS |
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1] Secured Loans |
109.939 |
124.543 |
70.912 |
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2] Unsecured Loans |
13.587 |
12.374 |
12.202 |
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TOTAL BORROWING |
123.526 |
136.917 |
83.114 |
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DEFERRED TAX LIABILITIES |
5.129 |
5.783 |
0.000 |
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TOTAL |
178.930 |
183.600 |
121.886 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.621 |
97.093 |
12.280 |
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Capital work-in-progress |
3.554 |
0.339 |
43.333 |
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INVESTMENT |
0.110 |
0.110 |
0.110 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.584 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
52.728
|
51.831 |
28.437 |
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Sundry Debtors |
48.727
|
34.710 |
22.070 |
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Cash & Bank Balances |
0.953
|
0.414 |
3.004 |
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Other Current Assets |
5.732
|
10.617 |
6.660 |
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Loans & Advances |
6.461
|
2.903 |
14.054 |
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Total
Current Assets |
114.601
|
100.475 |
74.225 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
23.124
|
12.060 |
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Other Current Liabilities |
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Provisions |
6.107
|
4.299 |
4.281 |
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Total
Current Liabilities |
29.231
|
16.359 |
10.961 |
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Net Current Assets |
85.370
|
84.116 |
63.264 |
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MISCELLANEOUS EXPENSES |
2.275 |
1.942 |
2.315 |
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TOTAL |
178.930 |
183.600 |
121.886 |
|
%20PRIVATE%20LIMITED%20-%20169907%2020-Feb-2012_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Gross Sales |
288.883 |
190.654 |
133.054 |
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Other Income |
2.119 |
0.209 |
0.191 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.657 |
14.657 |
8.191 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
12.890 |
8.093 |
2.283 |
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PROFIT BEFORE TAX
|
8.767 |
6.564 |
5.908 |
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Less |
TAX |
(0.608) |
6.384 |
1.815 |
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PROFIT AFTER TAX
|
9.375 |
0.180 |
4.093 |
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EARNINGS IN
FOREIGN CURRENCY |
64.645 |
38.273 |
22.585 |
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Earnings Per
Share (Rs.) |
3.23 |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.34
|
3.32 |
6.83 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.04
|
3.75 |
2.43 |
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Current Ratio (Current Asset/Current Liability) |
|
3.92
|
6.14 |
6.77 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details are not available
PERFORMANCE
The company has
achieved gross turnover of Rs. 288.883 Millions as compared to the gross turnover
of Rs. 190.654 Millions of last year at a growth rate of 51.52 % and has earned
Cash Profit of Rs.21.656 Millions during this year as compared to Cash Profit
of Rs. 14.657 Millions of preceding year.
The company has
started the production at the expansion made at F-102, MIDC, Waluj, Aurangabad.
Hence the Director's hope that operating results of the coming years will be
much more encouraging and will result in good profits.
FORM 8:
|
Corporate
identity number of the company |
U25209MH2000PTC125209 |
|
Name of the
company |
SPECIALTY
POLYFILMS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-89 MIDC Area,
Waluj, Aurangabad – 431136, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10008301 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge Others: Personal Guarantee of Directors and Others |
|
Particular of
charge holder |
State Bank of
India Industrial
Finance Branch, Jaggi's Building, Jalna Road, Kranti Chowk, Aurangabad –
431005, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
Agreement of Loan Cum Hypothecation 2. Letter of
Arrangement 3. Guarantee
Agreement 4. Memorandum for
recording extension of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
24.10.2011 |
|
Amount secured by
the charge |
Rs.154.900
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest CC - Int @5.50%
above base rate which is presently 10.00%p.a. PER 15.50% with monthly rests TL I - PER-16.25%,
TL II- 16.25%, TL -III-17.25% p.a with monthly rests Terms of
Repayment CC - Repayable on
Demand TL III - 57 installments : repayment in 57 monthly
installments repayment in 6
monthly installments of Rs.0.200 Million plus applicable interest repayment in 12
monthly installments of Rs.0.250 Million plus applicable interest repayment in 12
monthly installments of Rs 0.300 Million plus applicable interest repayment in 20
monthly installments of Rs.0.450 Million plus applicable interest last installment
of Rs.0.700 Million Margin Raw Materials :
Raw Materials Imported and Indigenous - 25%, SFG - 35%, Finished Good -
30%, Domestic
receivables - 30% Term Loan - 33%, LC - 25%, Bank
Guarantees - 25% Extent and
Operation of the charge Exclusive first
charge on fixed and current assets of the Company Others 1. Personal
guarantees of Mr. Shantanu Manohar Deshpande, Mrs. Asha Shantanu Deshpande,
Mr. Shashank Manohar Deshpande 2. Assignment of
LIC Policies (Surrender value of Rs .130.000 Millions) in the name of Mr.
Shantanu Deshpande and Shashank Deshpande 3. Lien on STDR
No 31115444936 for Rs 1.000 Millions issued at Industrial Finance Branch
Aurangabad |
|
Short particulars
of the property charged |
Hypothecation
charge on stock of raw materials, goods in process, consumables, finished
goods and book debts and all current assets Hypothecation of
existing plant and machinery and plant and machinery purchased out of Term
Loans sanctioned to the Company Extension of
Equitable mortgage of all the piece and parcel of factory land and building
bearing Plot No F-89, MIDC Waluj Aurangabad adm. 1800 sq mtrs owned by
Company Extension of Equitable mortgage of Plot No F-102, Waluj
Industrial Area, Adm 5000 Sq mtrs Extension of Equitable mortgage of Independent Bungalow
No 44 Kasliwal Marvel West Gut No 75/1, Beed By pass Road, Village Satara,
Aurangabad Adm with built up area 1376 sq ft Equitable
mortgage of factory land and Building and Hypothecation of plant and
Machineries and other movable assets situated at Plot No F-89, F-102 owned by
the company |
|
Particulars of
the present modification |
Enhancement in
Overall Limit from Rs 122.400 Millions to Rs.154.900 Millions by increase in
Cash Credit Limit of Rs 30.000 Millions (Within CC Limit EPC of Rs 20.000
Millions and Export Bill Discounting Limit of Rs 10.000 Millions) and
increase in LC Limit of Rs 1.500 Millions and increase in Bank Guarantee
Limit of Rs 1.000 Millions |
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.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.