MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PAYAL POLYPLAST PRIVATE LIMITED |
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Registered
Office : |
E-24, Netaji Subhash Marg, Daryaganj, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.03.2008 |
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Com. Reg. No.: |
55-175847 |
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Capital
Investment / Paid-up Capital : |
Rs.30.100 Millions |
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CIN No.: [Company Identification
No.] |
U25200DL2008PTC175847 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP14504A |
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PAN No.: [Permanent Account No.] |
AAECP5884A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plasticizers
(DOP, DBP, TOTM, DOA, DOM DBM), Acetates and PVC Compounds |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 282000 |
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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. The
company is progressing well. 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
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Registered Office : |
E-24, Netaji Subhash Marg, Daryaganj, |
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Tel. No.: |
91-11-47112100 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 / Warehouse : |
C-7 SMA Industrial Area, |
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Tel. No.: |
91-11-27691643 |
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Factory 2 : |
Plot No 87,88,102 and 103,
Panchal Udyog Nagar, Bhimpore, Daman- 396210, Daman and |
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Tel. No.: |
91-260-2221636 |
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Fax No.: |
91-260-2220637 |
DIRECTORS
As on 29.09.2011
|
Name : |
Ms. Poonam Rajender Prasad Gupta |
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Designation : |
Director |
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Address : |
6 A, Shankracharya Marg Civil Lines, |
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Date of Birth/Age : |
30.11.1959 |
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Date of Appointment : |
25.03.2008 |
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DIN No. : |
00137169 |
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Name : |
Mr. Rajender Bajrang Lal Gupta |
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Designation : |
Director |
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Address : |
6 A, Shankracharya Marg Civil Lines, |
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Date of Birth/Age : |
06.11.1956 |
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Date of Appointment : |
25.03.2008 |
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DIN No. : |
00137056 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajender Bajrang Lal Gupta |
|
1505000 |
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Poonam Rajender Prasad Gupta |
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1505000 |
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Total |
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3010000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plasticizers
(DOP, DBP, TOTM, DOA, DOM DBM), Acetates and PVC Compounds |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity * |
Actual
Production |
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Finished Goods |
M.Ton |
NA |
24000.000 |
17502.561 |
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Notes: * Information on Installed capacity and licensed
capacity have been certified by management and have not been since it is
technical in nature.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank, Darya Ganj, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
31-32, 1st Floor, CSC, DDA Market, Rajdhani Enclvace,
Pitampura, New Delhi-110034, |
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PAN.: |
AAKPA5649R |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3010000 |
Equity Shares |
Rs. 10/-
each |
Rs. 30.100
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 |
30.100 |
30.100 |
30.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.354 |
19.937 |
8.862 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
70.454 |
50.037 |
38.962 |
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LOAN FUNDS |
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1] Secured Loans |
184.175 |
139.943 |
47.622 |
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2] Unsecured Loans |
171.741 |
30.563 |
14.311 |
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TOTAL BORROWING |
355.916 |
170.506 |
61.933 |
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DEFERRED TAX LIABILITIES |
2.558 |
0.005 |
0.120 |
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TOTAL |
428.928 |
220.548 |
101.015 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.534 |
18.192 |
16.364 |
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Capital work-in-progress |
5.414 |
18.116 |
0.079 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
252.062
|
92.860 |
97.750 |
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Sundry Debtors |
278.247
|
143.929 |
70.442 |
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Cash & Bank Balances |
37.565
|
5.716 |
1.655 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
93.516
|
79.291 |
37.469 |
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Total
Current Assets |
661.390
|
321.796 |
207.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
294.404
|
75.538 |
114.293 |
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Other Current Liabilities |
25.806
|
53.961 |
6.650 |
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Provisions |
8.200
|
8.057 |
1.801 |
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Total
Current Liabilities |
328.410
|
137.556 |
122.744 |
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Net Current Assets |
332.980
|
184.240 |
84.572 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
428.928 |
220.548 |
101.015 |
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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 |
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Income |
1594.426 |
1101.416 |
174.449 |
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Other Income |
1.381 |
2.723 |
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TOTAL (A) |
1595.807 |
1104.139 |
174.449 |
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Less |
EXPENSES |
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Operating Expenses |
1528.792 |
1072.159 |
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TOTAL (B) |
1528.792 |
1072.159 |
160.246
(Including financial Expenses) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.015 |
31.980 |
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Less |
FINANCIAL
EXPENSES (D) |
30.260 |
6.589 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.755 |
25.391 |
14.203 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.627 |
3.166 |
0.428 |
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PROFIT BEFORE
TAX (E-F) (G) |
31.128 |
22.225 |
13.775 |
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Less |
TAX (H) |
10.753 |
11.150 |
4.913 |
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PROFIT AFTER TAX
(G-H) (I) |
20.416 |
11.075 |
8.862 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.937 |
8.862 |
0.000 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
40.000 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
0.353 |
19.937 |
8.862 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
83.976 |
41.500 |
3.100 |
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TOTAL EARNINGS |
83.976 |
41.500 |
3.100 |
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IMPORTS VALUE OF
EXPORTS |
197.400 |
45.000 |
0.000 |
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Earnings Per
Share (Rs.) |
6.78 |
3.68 |
2.94 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.28
|
1.00 |
5.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.95
|
2.02 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.14
|
6.69
|
6.19 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.44
|
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.71
|
5.99
|
4.74 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
2.42
|
1.69 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
AND OPERATIONS
The company continued to carry on the business of manufacturing and dealing of various Plasticizers and other related Polymer products. During the year the company has achieved gross turnover of Rs.1594.400 millions as against Turnover of Rs.1101.400 millions during the previous year. The Gross margin and Net margin during the year is in the line of increase in turn over.
FUTURE OUT LOOK
The directors are of the view that Plasticizer and other polymer products industry is growing as there is high degree of domestic consumption of these products in various applications. The economy and industrial development has also shown recovery in the current financial year. The directors are hope full to be in advantageous positions to derive the full benefit from the growing domestic demand in the Plasticizer and polymer industry. Moreover with the expansion of the Capacity at Plant during the year the production and turnover of the company will grow in the current financial year. Your directors are hope full to be in advantageous positions to derive the full benefit from the growing domestic demand in the polymer industry.
Contingent
Liabilities not provided for
As on 31.03.2011
(A) Claims against the Company not acknowledgement as debt and not provided for amounting to Rs NIL
(B) Estimated amount of contracts remaining to be execute of capital account and not provided for (net of advances) amounting to Rs.0.450 millions
(C) Letter of credit issued by bank outstanding and not provided for at close of the year to the amounting to RS. NIL
(D) In respect of custom duty payable on goods lying at Bonded Warehouse amounting to Rs.3.524 millions
Fixed Assets:
- Industrial
plot
- Factory
building
- Plant and
machinery
- Furniture and
fixture
- Lab
equipments
- Electric
installation
- Air
conditioners
- Office
equipments
- Cars
- Cellular
phone and fax
- Computer and
printers
- Patent and
trademark
- Scooters
AS PER WEB SITE DETAILS:
PROFILE:
Subject is the manufacturer and a
distribution company of basic chemicals and intermediates, serving the
petrochemical, polymers and plastic industry in
They are one of the major producers of plasticizers and PVC compounds in
In addition to there manufacturing activities, they have a very prominent
presence in trading, distribution and marketing of various chemical
intermediates and polymers catering to the demands of wide range of industries.
Subject is an ISO 9001:2000 and ISO14001:2004 certified company and achieves
results by adopting the best international standards of excellence. At Payal
they have been able to achieve exponential growth in terms of topline as well
as profits due to there strong focus and commitment towards there work.
Subject intends to become one of the prominent players in the Indian chemical
industry by gradually increasing the production of its existing product range,
by developing new products, creating new solutions and simultaneously
introducing value added products and services to serve diverse upcoming sectors
like plastics, construction, automobiles, pharmaceutical, bio-medical etc.
meeting critical demands of there customers and thus creating value for all
there stake holders.
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
45 |
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.