1. Summary Information
|
|
|
Country |
|
|
Company Name |
DAMAN POLYMER
INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Ashok Rao |
|
Status |
Moderate |
Principal Name 2 |
Mrs. Nikita Mehta |
|
|
|
Registration # |
11-161518 |
|
Street Address |
C – 2, Satellite
Classic Building 703, 7th Floor, Caves Road, Jogeshwari (E ),
Mumbai – 400 060, Maharashtra, India |
||
|
Established Date |
01.05.2006 |
SIC Code |
-- |
|
Telephone# |
91-22-28216946/ 28313201 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28225119 |
Business Style 2 |
- |
|
Homepage |
- |
Product Name 1 |
Plastics |
|
# of employees |
60 (Approximately) |
Product Name 2 |
- |
|
Paid up capital |
Rs.8,000,000/- |
Product Name 3 |
- |
|
Shareholders |
Directors or relatives of directors- 100% |
Banking |
Canara Bank |
|
Public Limited Corp. |
NO |
Business Period |
Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
34,011,000 |
Current Liabilities |
18,875,000 |
|
Inventories |
23,209,000 |
Long-term Liabilities |
51,109,000 |
|
Fixed Assets |
24,110,000 |
Other Liabilities |
-- |
|
Deferred Assets |
19,000 |
Total Liabilities |
69,984,000 |
|
Invest& other Assets |
136,000 |
Retained Earnings |
3,501,000 |
|
|
|
Net Worth |
11,501,000 |
|
Total Assets |
81,485,000 |
Total Liab. & Equity |
81,485,000 |
|
Total Assets (Previous Year) |
82,512,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
155,435,000 |
Net Profit |
1,902,000 |
|
Sales(Previous yr) |
142,166,000 |
Net Profit(Prev.yr) |
1,320,000 |
MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAMAN POLYMER INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C – 2, Satellite Classic Building 703, 7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.05.2006 |
|
|
|
|
Com. Reg. No.: |
11-161518 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24130 MH2006PTC161518 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTD01880E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD3752H |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Specialty Packaging Products of Plastics |
|
|
|
|
No. of Employees
: |
60 (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 46000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
C – 2, Satellite Classic Building 703, 7th Floor, |
|
Tel. No.: |
91-22-28216946/ 28313201 |
|
Fax No.: |
91-22-28225119 |
|
E-Mail : |
|
|
Area : |
500 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office / Factory : |
Plot No. 16, Silver Industrial Estate, Bhimpore, Daman- 396 210, |
|
Tel. No.: |
91-260-2221756 |
|
Fax No.: |
91-260-2221756 |
|
Area : |
800 Sq. Mtrs. (3 Storyed Building
) |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ashok Rao |
|
Designation : |
Managing Director |
|
Address : |
703, 7th Floor, C-2, Satellite Classic, Near Railway
Station, Jogeshwari (East), Mumbai-400 060, |
|
Date of Birth/Age : |
11.06.1949 |
|
Date of Appointment : |
01.05.2006 |
|
DIN No.: |
01033041 |
|
|
|
|
Name : |
Mrs. Nikita Mehta |
|
Designation : |
Director |
|
Address : |
F-72, Yashodhan, Irla Bridge, S. V. Road, Opposite Fire Station,
Andheri (West), Mumbai-400 060, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1967 |
|
Date of Appointment : |
01.05.2006 |
|
DIN No.: |
01792249 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Rao |
|
615600 |
|
Nikita Mehta |
|
184400 |
|
Total |
|
800000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Packaging Products of Plastics |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (As On 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Polymer Products |
M.T. |
1656 |
1216 |
GENERAL INFORMATION
|
Customers : |
|
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No. of Employees : |
60 (Approximately) |
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Bankers : |
Canara Bank, Khar (W) Branch, P. D. Hinduja Marg, Khar
(W), Mumbai - 400052, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hitesh Patel and Associates Chartered Accountants |
|
Address : |
417, Seven Jewels, Vapi-396 191, |
|
PAN.: |
AKJPP0714H |
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 |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000
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 |
8.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.501 |
1.584 |
0.279 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.501 |
6.584 |
5.279 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.065 |
43.341 |
41.120 |
|
|
2] Unsecured Loans |
14.044 |
13.977 |
17.238 |
|
|
TOTAL BORROWING |
51.109 |
57.318 |
58.358 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.136 |
0.278 |
|
|
|
|
|
|
|
|
TOTAL |
62.610 |
64.038 |
63.915 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.110 |
23.512 |
21.767 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.115 |
0.034 |
0.034 |
|
|
DEFERREX TAX ASSETS |
0.019 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.209
|
25.397 |
23.513 |
|
|
Sundry Debtors |
21.956
|
24.359 |
19.968 |
|
|
Cash & Bank Balances |
2.502
|
1.134 |
3.801 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.553
|
8.035
|
5.917 |
|
Total
Current Assets |
57.220
|
58.925 |
53.199 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.553
|
17.470
|
9.720 |
|
|
Other Current Liabilities |
10.309
|
0.751 |
0.940 |
|
|
Provisions |
1.013
|
0.253
|
0.488 |
|
Total
Current Liabilities |
18.875
|
18.474 |
11.148 |
|
|
Net Current Assets |
38.345
|
40.451
|
42.051 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.021 |
0.041 |
0.063 |
|
|
|
|
|
|
|
|
TOTAL |
62.610 |
64.038 |
63.915 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
155.435 |
140.645 |
97.744 |
|
|
|
Other Income |
|
1.521 |
5.090 |
|
|
|
TOTAL |
155.435 |
142.166 |
102.834 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
150.315 |
|
(109.367
Including Finance and Depreciation Expenses) |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.120 |
4.251 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.373 |
3.073 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.747 |
1.178 |
(6.533) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.155) |
(0.142) |
0.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.902 |
1.320 |
(6.670) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3.832) |
(5.152) |
1.518 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1.930) |
(3.832) |
(5.152) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.38 |
26.09 |
N.A. |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.22
|
0.93 |
(0.06) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.84 |
(6.68) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
1.43 |
(8.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
15.19
|
17.89 |
(123.75) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.09
|
11.51 |
13.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
3.19 |
4.77 |
LOCAL AGENCY FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U24130MH2006PTC161518 |
|
Name of the
company |
DAMAN POLYMERS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C – 2, Satellite Classic Building 703, 7th Floor, Caves
Road, Jogeshwari (E ), Mumbai – 400 060, Maharashtra, India |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10090085 |
|
Type of charge |
Immovable |
|
Particular of
charge holder |
Canara Bank, Goreagaon (West) Brach, 89, Jawahar Nagar, Goregaon
(West), Mumbai-400 062, |
|
Nature of
instrument creating charge |
No Instrument executed equitable mortgage created by Deposit of Title Deeds vide Supplemental Letter Evidencing Deposit of Title Deeds |
|
Date of instrument
Creating the charge |
14.10.2011 |
|
Amount secured by
the charge |
Rs.56.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest@4.75% p.a.
above Base Rate i.e. presently 15.50% p.a. shall be charged at Monthly rests.
and commission as Applicable Terms of Repayment OCC- On Demand and other limits
as existing guidelines Margin OCC- Stocks-25%
& Book Debts-30% ILC/ FLC-15% Bank Guarantee
& APG-20% Extent and Operation of the charge Exclusive charge
by way of equitable Mortgage on Company’s immovable assets. Others Limit enhanced
from Rs.50.700 Millions to Rs.56.700 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
Mortgage on Company's immovable properties situated at Plot No.16 admeasuring
807 sq. mtrs. at Silver Industrial Estate and Structures standing thereon
situated at village Bhimpore, Taluka, Sub District and District of Daman. |
|
Date of
instrument modifying the charge |
25.03.2009 |
|
Particulars of
the present modification |
Equitable Mortgage
on Company’s immovable properties situated at Plot No.16 at Silver Industrial
Estate and Structures standing thereon situated at village Bhimpore, Taluka,
Sub District and District of Daman has now increased from Rs.50.700 Millions
to Rs.56.700 Millions. |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixture
·
Computer
·
Electric Installation
·
Vehicle
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.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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.