MIRA
INFORM REPORT
|
Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TUFF COAT POLYMERS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Gat No.108,
Village Rajne, |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
15.07.1997 |
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|
|
|
Com. Reg. No.: |
11-109423 |
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|
Capital
Investment / Paid-up Capital : |
Rs.0.196
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222MH1997PTC109423 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01747E |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Industrial Paints. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 19000 |
|
|
|
|
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. Profitability
of the company appears to be low. However, 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.
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/ Factory : |
Gat No.108,
Village Rajne, |
|
Tel. No.: |
91-2113-203069, 253441 |
|
Fax No.: |
91-2113-203069, 253441 |
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E-Mail : |
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Website : |
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|
|
|
Office : |
S. No.39, 1133,
Manikbaug, Vadgaon (Bk.), |
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Tel. No.: |
91-20-24351394/
24353137 |
|
Fax No.: |
91-20-24351394 |
DIRECTORS
As on 26.09.2011
|
Name : |
Mr. Prasad Dattatray Purandare |
|
Designation : |
Director |
|
Address : |
A4/5, Saudamini
Co-Operative Housing Society, Bhusari Colony, |
|
Date of Birth/Age : |
21.07.1962 |
|
Date of Appointment : |
15.07.1997 |
|
DIN No.: |
00756730 |
|
|
|
|
Name : |
Mr. Shirish Dattatray Ponkshe |
|
Designation : |
Director |
|
Address : |
"Anshuman",
Varshanand Co-Operative Housing Society, Plot No.48, Anandnagar, Hingne
Khurd, Pune - 411 051, |
|
Date of Birth/Age : |
22.08.1962 |
|
Date of Appointment : |
15.07.1997 |
|
DIN No.: |
00759689 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Prasad Dattatray Purandare (Type A) |
|
979 |
|
Shirish Dattatray Ponkshe (Type A) |
|
979 |
|
Shailaja Shreeram Nandedkar (Type B) |
|
1 |
|
Sadashiv Narayan Kulkarni (Type B) |
|
1 |
|
Total |
|
1960 |
As on 26.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Paints. |
|
|
|
|
Products : |
v Lead and Chrome Free Paints Primers and Thinners v Tuff Coat EP-101 Epoxy Paint v Tuff Coats PU-101 Enamel v Tuff Coat Stoving Enamel v Etch Primer with Hardener v Peelable Clear Lacquer v Tuff Coat Rust Converter v Tuff Coat ST-1 Stove Enamel v Texture / Structure Finish v Tuff Coat PU - 101 Clear Lacquer v Tuff Coats Epoxy Stoving Paint v Epoxy Zinc Rich Primer |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of
India, SMECCC Pune, 3rd Floor, Sharda Chambers, Shankar Sheth
Road, Near Swargate, Pune – 411 037, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Sham B. Bhattad and Company Chartered Accountants |
|
Address : |
1st Floor, Happy Apartment, Opposite Happy House, L.B.
Shastri Road, 56, Sadashiv Peth, Pune – 411 030, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ABGPB3941C |
CAPITAL STRUCTURE
As on 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500 |
Equity Shares (Type A) |
Rs.100/- each |
Rs.0.750 million |
|
7500 |
Equity Shares (Type B) |
Rs.100/- each |
Rs.0.750 million |
|
|
Total |
|
Rs.1.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1958 |
Equity Shares (Type A) |
Rs.100/- each |
Rs.0.196
million |
|
2 |
Equity Shares (Type B) |
Rs.100/- each |
Rs.0.000
million |
|
|
Total |
|
Rs.0.196 million |
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 |
0.196 |
0.196 |
0.196 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.584 |
4.400 |
4.070 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.780 |
4.596 |
4.266 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.031 |
2.714 |
2.281 |
|
|
2] Unsecured Loans |
0.000 |
0.141 |
0.366 |
|
|
TOTAL BORROWING |
3.031 |
2.855 |
2.647 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7.811 |
7.451 |
6.913 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.828 |
1.963 |
2.253 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.130 |
0.120 |
0.270 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.357
|
2.661 |
2.441 |
|
|
Sundry Debtors |
14.120
|
13.660 |
12.811 |
|
|
Cash & Bank Balances |
0.159
|
0.191 |
0.209 |
|
|
Other Current Assets |
0.709
|
0.587 |
0.252 |
|
|
Loans, Advances & Deposits |
0.053
|
0.126 |
0.215 |
|
Total
Current Assets |
18.398
|
17.225 |
15.928 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
8.909 |
8.378 |
|
|
Other Current Liabilities |
|
2.181 |
2.230 |
|
|
Provisions |
|
0.767 |
0.930 |
|
Total
Current Liabilities |
13.545
|
11.857 |
11.538 |
|
|
Net Current Assets |
4.853
|
5.368 |
4.390 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7.811 |
7.451 |
6.913 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.299 |
0.567 |
1.238 |
|
|
|
|
|
|
|
Less |
TAX |
0.114 |
0.237 |
0.481 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.185 |
0.330 |
0.757 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
94.39 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.41
|
2.95 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.12 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
3.20 |
3.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.45 |
1.38 |
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 |
No |
|
9) Name of person
contacted |
No |
|
10) Designation of
contact person |
No |
|
11) Turnover of
firm for last three years |
No |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
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 |
PROFITABILITY:
The company has earned
a net profit of Rs.0.299 million before tax and Rs.0.185 million after tax. It
has earned a cash profit of Rs.0.483 million.
TAXATION:
Provision for Income tax for the F.Y. 2010-11 (A.Y.2011-12) is made for
Rs.0.114 million in the books of accounts.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24222MH1997PTC109423 |
|
Name of the
company |
TUFF COAT POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No.108,
Village Rajne, E-Mail: tufpaint@vsnl.net |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10175368 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others (Stock in
all its elements.) |
|
Particular of
charge holder |
State Bank of
India, SMECCC Pune, 3rd Floor, Sharda Chambers, Shankar Sheth
Road, Near Swargate, Pune – 411 037, Maharashtra, India E-Mail: vinita.huprikar@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan-cum- Hypothecation executed to create a single charge on
all the present and future current assets to secure the enhanced limit
sanctioned by the Bank to the Borrower Company. |
|
Date of
instrument Creating the charge |
22.09.2011 |
|
Amount secured by
the charge |
Rs.5.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: NA. Commission as
per norms as and when accrued. Terms of
Repayment: DCC: On Demand. Margin: As per norms. Extent and
Operation of the charge: To secure the
enhanced limits SBI SMECCC will have first and single charge over all the
present and future current assets of the company and as per the Terms and
Conditions that are being followed in the existing limit, will be also
applicable to the enhanced limit Others: The Company, by
virtue of the Board Resolution passed on 10.09.2011, has given assent to all
the Terms and Conditions, Covenants, as provided in the Bank's Sanction
Letter No. Dated, have executed the related loan document(s)/ Agreement(s)
through the Director(s),who have received
and signed the documents in physical form and who have been authorized
to file eform-8 for modifications in
the existing limits and in the nature and scope of the charge on agreed
terms. |
|
Short particulars
of the property charged |
All the present
and future current assets and the book debts generated through the commercial
transactions and records thereof maintained at the Corporate Office and at
the Works of the Company. Collateral
Security: EM of existing factory land and building at Gat No.108/2 Village
Ranje Taluka Bhor District Pune |
|
Particulars of
the present modification |
By this present
modification, the existing limit of Rs.4.500 millions has been enhanced by
Rs.0.500 million, through the bill discounting facility, extended by the Bank
to the Borrower Company, making the total charge for Rs.5.000 millions. |
FIXED ASSETS:
v
Computer and Printer
v
Furniture
v
Plant and Machinery
v
Telephone/Mobile Instruments
v
Vehicles
v
v
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.53.71 |
|
|
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
4 |
|
--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 |
|
32 |
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.