|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PLATINUM POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-137, Vrindavan, Mukund Society, L.B.S. Marg, Ghatkoper (West),
Mumbai – 400086, Maharashtra |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.01.2007 |
|
|
|
|
Com. Reg. No.: |
165216 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.150 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH2006PTC165216 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP23466C |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Special Films, Flexible Films Etc |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 46092 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. The company has been successful in wiping
of the accumulated losses of previous years. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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
Management Non Co-operative (Name Not Disclosed)
LOCATIONS
|
Registered Office : |
B-137, Vrindavan, Mukund Society, L.B.S. Marg, Ghatkoper (West),
Mumbai – 400086, Maharashtra, India |
|
Tel. No.: |
91-22-25138262 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Bipinchandra N Poshia |
|
Designation : |
Director |
|
Address : |
B-137, Vrindavan, Mukund Society, L.B.S. Marg, Ghatkoper (West),
Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1942 |
|
Date of Appointment : |
25.01.2007 |
|
|
|
|
Name : |
Mr. Miteshkumar B Poshia |
|
Designation : |
Director |
|
Address : |
B-137, Vrindavan, Mukund Society, L.B.S. Marg, Ghatkoper (West),
Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1975 |
|
Date of Appointment : |
25.01.2007 |
|
|
|
|
Name : |
Mr. Prem V Motwani |
|
Designation : |
Director |
|
Address : |
Building No.1, Flat No. C6, Second Floor, Mahul Road, Chembur, Mumbai
– 400071, Maharashtra, India |
|
Date of Birth/Age : |
30.01.1975 |
|
Date of Appointment : |
25.01.2007 |
|
|
|
|
Name : |
Mr. Ashish M Desai |
|
Designation : |
Director |
|
Address : |
B-137, Vrindavan, Mukund Society, L.B.S. Marg, Ghatkoper (West),
Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
05.01.1982 |
|
Date of Appointment : |
25.01.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bipinchandra N Poshia |
|
319500 |
|
Miteshkumar B Poshia |
|
266250 |
|
Prem V Motwani |
|
319500 |
|
Ashish M Desai |
|
159750 |
|
Total |
|
1065000 |
PREFERENCE SHARES AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bipinchandra N Poshia |
|
75000 |
|
Miteshkumar B Poshia |
|
62500 |
|
Prem V Motwani |
|
75000 |
|
Ashish M Desai |
|
37500 |
|
Total |
|
250000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Special Films, Flexible Films Etc |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Bank of Baroda, Ghatkopar West Branch, 44, Shree Krupa, M. G. Road,,
Mumbai - 400086, Maharashtra, India |
||||||||||||||||||||||||||||||
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Facilities : |
|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Hemang and Bhaven Chartered Accountant |
|
Address : |
Room No.10, Arvind Villa, 2nd Floor, Ghatkopar (West), Mumbai –
400086, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000 |
Equity Shares |
Rs.10/- each |
Rs.17.500 Millions |
|
250000 |
Preferences Shares |
Rs.10/- each |
Rs.2.500
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
565000 |
Equity Shares |
Rs.10/- each |
Rs.5.650
Millions |
|
250000 |
Preferences Shares |
Rs.10/- each |
Rs.2.500
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 |
8.150 |
8.150 |
2.650 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.373 |
2.000 |
2.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(0.434) |
(1.007) |
|
|
NETWORTH |
11.523 |
9.716 |
3.643 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.311 |
23.195 |
11.123 |
|
|
2] Unsecured Loans |
8.640 |
4.439 |
10.476 |
|
|
TOTAL BORROWING |
34.951 |
27.634 |
21.599 |
|
|
DEFERRED TAX LIABILITIES |
0.561 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
47.035 |
37.350 |
25.242 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.961 |
22.085 |
12.984 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.727
|
6.670 |
6.882 |
|
|
Sundry Debtors |
15.517
|
8.664 |
3.236 |
|
|
Cash & Bank Balances |
4.694
|
9.233 |
0.937 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.870
|
7.208 |
4.553 |
|
Total
Current Assets |
36.808
|
31.775 |
15.608 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.306
|
15.957 |
2.930 |
|
|
Other Current Liabilities |
0.850
|
0.582 |
0.612 |
|
|
Provisions |
0.785
|
0.218 |
0.096 |
|
Total
Current Liabilities |
11.941
|
16.757 |
3.638 |
|
|
Net Current Assets |
24.867
|
15.018 |
11.970 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.207 |
0.247 |
0.288 |
|
|
|
|
|
|
|
|
TOTAL |
47.035 |
37.350 |
25.242 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
92.811 |
41.675 |
22.383 |
|
|
|
Other Income |
0.091 |
0.543 |
0.602 |
|
|
|
TOTAL |
92.902 |
42.218 |
22.985 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increased / (Decreased) In stock |
(3.642) |
1.470 |
0.216 |
|
|
|
Other Expenditure |
90.225 |
38.071 |
20.816 |
|
|
|
TOTAL |
86.583 |
39.541 |
21.032 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.319 |
2.677 |
1.953 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.219 |
1.820 |
1.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.100 |
0.857 |
0.258 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.177 |
0.167 |
0.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.923 |
0.690 |
0.165 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.434) |
(1.007) |
(1.172) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.117 |
0.117 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1.372 |
(0.434) |
(1.007) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.700 |
NA |
NA |
|
|
TOTAL EARNINGS |
0.700 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.07
|
1.63 |
0.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.34
|
2.06 |
1.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.27
|
1.59 |
0.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.07
|
4.57 |
6.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.08
|
1.89 |
4.29 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
10.306
|
15.957 |
2.930 |
FORM 8:
|
Corporate identity number of the company |
U25202MH2006PTC165216 |
|
Name of the company |
PLATINUM POLYMERS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
B-137, Vrindavan, Mukand Society, L.B.S.
Marg, Ghatkopar, West, Mumbai 400086,Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
Bank of Baroda |
|
Nature of instrument creating charge |
Supplemental Composite Agreement of
Hypothecation of Goods, Book-Debts, Moveable Machinery and Vehicles. |
|
Date of instrument Creating the charge |
01/08/2011 |
|
Amount secured by the charge |
Rs.55.300 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest on the cash credit limit at the
rate of 3.50% over Base Rate of the Bank per annum with monthly rests. Terms of Repayment On Demand. Margin 25% on the Stocks. 30% on the Book Debts. 25% margin in the form of FDR in respect
of LC facility. Extent and Operation of the charge The charge is modified to secure Term Loan
I - Rs.1.580 Millions, Term Loan II - Rs.6.120 Millions, Term Loan III
(Fresh) - Rs.12.600 Millions, Cash Credit (Hypn. of Stocks and Book Debts) -
Rs.27.500 Millions and Non Fund Based - LC - Rs.7.500 Millions, aggregating
to Rs.55.300 Millions together with interest, further interest, additional
interest, penal interest, commission fees, cost, charges and expenses. |
|
Short particulars of the property charged |
Stocks, both present & future and all
stocks of RMs, WIP, SFGs & FGs such as Packaging films and pouching etc.,
packing materials and stores etc.. All the present & future book debts,
outstanding moneys, receivables, claims, bills, contracts, engagements and
securities etc.. All the tangible movable machinery and plant & cranes,
boats and crafts and the vehicles of the Borrower together with spares, tools
and accessories and other movables, both present and future, Furniture,
fixtures and fittings and office equipments at F/1/3 MIDC Badlapur (East), Thane
District. |
|
Date of instrument modifying the charge |
19/01/2010 |
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.65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
26 |
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.