|
Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SRI ADITYA POLYFILMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
120, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.06.1988 |
|
|
|
|
Com. Reg. No.: |
015805 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117TN1988PTC015805 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Printed Polyfilms. |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 52936 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 low but correct. The company can be considered for business dealings with some
cautions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mrs. Sheela |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-44-42189104 |
|
Date : |
05.06.2012 |
LOCATIONS
|
Registered Office/Factory : |
120, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu,
India |
|
Tel. No.: |
91-44-42189104 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. S.P. Mohan Subramanyam |
|
Designation : |
Director |
|
Address : |
New No.20 Old No.56, 48th Street, Ashoknagar, Chennai- 600083,
Tamilnadu, India |
|
Date of Birth/Age : |
03.01.1964 |
|
Date of Joining : |
28.08.2001 |
|
Name : |
Ms. Vidya Mohan |
|
Designation : |
Director |
|
Address : |
New No.20 Old No.56, 48th Street, Ashoknagar, Chennai- 600083,
Tamilnadu, India |
|
Date of Birth/Age : |
25.08.1968 |
|
Date of Joining : |
28.08.2001 |
|
Name : |
Mr. Immadi Lakshmi Sagar |
|
Designation : |
Director |
|
Address : |
12-457/3-1, Opp to Durga Enclave, Near Old Toll Gate, Guntur - 522501 |
|
Date of Birth/Age : |
18.08.1979 |
|
Date of Joining : |
01.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. S.P. Mohan Subramanyam |
|
15500 |
|
Ms. Vidya Mohan |
|
24500 |
|
Agri Gold Foods and Farm Products Limited, Vijayawada |
|
60000 |
|
Total |
|
100000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
60.00 |
|
Directors or relatives of Directors |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Polyfilms. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Saudi Arabia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Manufacturing Company |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
40 (in office + in factory) (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of Travancore, Mount Road Branch, 162
Anna salai, Chennai – 600002, Tamil Nadu, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. S. Moorthy Associates Chartered Accountant |
|
Address : |
No. 7, 9th Cross Street, Lakshminagar, Porur, Chennai –
600116, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,35,000 |
Equity Shares |
Rs.100/- each |
Rs. 13.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,00,000 |
Equity Shares |
Rs.100/-
each |
Rs. 10.000
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.234 |
2.598 |
2.061 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.234 |
12.598 |
12.061 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.994 |
17.455 |
17.189 |
|
|
2] Unsecured Loans |
19.566 |
19.566 |
19.566 |
|
|
TOTAL BORROWING |
38.560 |
37.021 |
36.755 |
|
|
DEFERRED TAX LIABILITIES |
0.356 |
0.317 |
0.258 |
|
|
|
|
|
|
|
|
TOTAL |
52.150 |
49.936 |
49.074 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.026 |
11.596 |
12.135 |
|
|
Capital work-in-progress |
2.446 |
1.230 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.016
|
16.808 |
17.708 |
|
|
Sundry Debtors |
17.765
|
18.207 |
16.528 |
|
|
Cash & Bank Balances |
1.281
|
1.372 |
0.904 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.390
|
5.591 |
5.775 |
|
Total
Current Assets |
43.452
|
41.978 |
40.915 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.166
|
4.505 |
3.585 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.608
|
0.363 |
0.391 |
|
Total
Current Liabilities |
5.774
|
4.868 |
3.976 |
|
|
Net Current Assets |
37.678
|
37.110 |
36.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.150 |
49.936 |
49.074 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
GROSS TURNOVER |
79.131 |
66.510 |
46.354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.764 |
1.600 |
1.211 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.824 |
0.799 |
0.554 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.940 |
0.801 |
0.657 |
|
|
|
|
|
|
|
Less |
TAX |
0.304 |
0.265 |
0.204 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.636 |
0.536 |
0.453 |
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
85.000 |
The above information has been parted by (Mrs. Sheela – Accounts
Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.69
|
1.49 |
1.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.35
|
3.32 |
3.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.52
|
8.62 |
10.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1)
Year of Establishment |
Yes |
|
2)
Locality of the firm |
Yes |
|
3)
Constitutions of the firm |
Yes |
|
4)
Premises details |
No |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
Yes |
|
9)
Name of person contacted |
Yes |
|
10)
Designation of contact person |
Yes |
|
11)
Turnover of firm for last three years |
Yes |
|
12)
Profitability for last three years |
Yes |
|
13)
Reasons for variation <> 20% |
-- |
|
14)
Estimation for coming financial year |
Yes |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
No |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
Yes |
|
20)
Export / Import details (if applicable) |
Yes |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
23)
Banking Details |
Yes |
|
24)
Banking facility details |
Yes |
|
25)
Conduct of the banking account |
-- |
|
26)
Buyer visit details |
-- |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes
|
Note – The registered office address of the company has been shifted from A-4, Sushil Flats, II Floor, 26, Naickamar Street, West Mambalam, Chennai – 600033, Tamilnadu, India, to present address w.e.f. 14.01.2009
Form 8
|
Corporate identity number of the company |
U24117TN1988PTC015805 |
|
Name of the company |
SRI ADITYA
POLYFILMS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
120, SIDCO
Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property Immovable property |
|
Particular of charge holder |
State Bank of
Travancore, Mount Road Branch, 162 Anna salai, Chennai – 600002, Tamil Nadu,
India Email -
mountroad@sbt.co.in |
|
Nature of instrument creating charge |
Memorandum of Extension of Equitable
Mortgage Supplemental Agreement of Loan for
Increase in the Overall Working Capital Limit Supplemental Agreement of Hypothecation of
Goods and Assets for increase in the Overall Working Capital Limit Supplemental Deed of Guarantee for
increase in the Overall Working Capital Limit |
|
Date of instrument Creating the charge |
16.03.2011 |
|
Amount secured by the charge |
Rs. 40.300 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest CC Hypn @ 5% above SBTBR, Presently @ 14% SLC - 6% above SBTBR, Presently @ 15% LC - As per Bank's sanction TL I - 5.5% above SBTBR, Presently @ 14.5%
& TL II - 6 % above SBTBR,@ 15% Terms of Repayment Entire Credit facilities are repayable on
demand Term Loan I & Term Loan II
(Outstanding) - Repayment schedule remains as per earlier Bank sanctions Margin Cash Credit (CC) & Raw Materials - 25% Stand By Line Stock in Process - 30% of Credit (SLC) Finished Goods - 25% Receivables
(cover period 90 days) - 40%
Term Loan I - 25% Term Loan
II - 26.5% LC (90 Days) - 15% Extent and Operation of the charge Modified Credit facilities of Rs.40.300
millions (Present Rs.42.200 millions) are secured on a first charge basis by
way of:- 1. Primarily on Hypothecation of entire
current assets viz, Raw materials, Stock in Process, Finished Goods,
Receivables of the company along with all the movable assets including its
Plant & Machinery both present & future. 2. Collaterally secured over Company's
immovable properties situated at S.No.95, Pattravakkam Village, Ambattur
Taluk, Chennai, Tamilnadu Others Personal Guarantee of Directors |
|
Short particulars of the property charged |
Entire current assets viz, raw materials,
stock in process, finished goods, receivables along with all movable assets
including its plant & machinery located at factory premises & other
work places Immovable properties comprising in
S.No.95, admeasuring 0.2738 acres situated in Pattravakkam Village, Ambattur
Taluk, Chennai together with all buildings existing & to be constructed |
|
Date of instrument modifying the charge |
18.03.2010 |
|
Particulars of the present modification |
Credit facilities are modified to
Rs.40.300 millions as follows:- Cash Credit (Hypothecation) Rs.18.000
Millions (Modified Limit) Stand By Line Credit (SLC) Rs.4.000
Millions (Modified Limit) Term Loan I Rs.4.500 Millions & Term Loan
II Rs.1.800 Millions (Both Outstanding Limits) Letter of Credit Rs.12.000 Millions
(Existing Limit) Thus the total limit stands at Rs.40.300
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.55.36 |
|
|
1 |
Rs.85.63 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--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.