|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
PANAMA POLY PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
R. No. 10, 3576, Netaji Subhash Marg, Darya Ganj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.08.1986 |
|
|
|
|
Com. Reg. No.: |
55-25088 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.6.550 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1986PTC025088 |
|
|
|
|
TIN No.: |
09290800216 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0298E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Polyurethane Foam. |
|
|
|
|
No. of Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The latest financial
of the company are not made available. As per previous year we found that the company has huge external
borrowings. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
R. No. 10, 3576, Netaji Subhash Marg, Darya Ganj, |
|
Tel. No.: |
91-11-27246907 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory: |
B -8, UPSIDC, Industrial Area, Site 1, B.S. Road, Ghaziabad -201002, Uttar Pradesh, India |
|
Tell No.: |
91-120-2700828 |
|
Email: |
|
|
Web Site: |
DIRECTORS
As on 30.09.2011
|
Name : |
Vijaya Jain |
|
Designation : |
Director |
|
Address : |
F-3/19, |
|
Date of Birth/Age : |
15.10.1950 |
|
Date of Appointment : |
13.08.1986 |
|
Din No.: |
00217486 |
|
|
|
|
Name : |
Sanjay Jain |
|
Designation : |
Director |
|
Address : |
F-208, Rashmi Appartments, Harsh Vihar, Pitampura, |
|
Date of Birth/Age : |
26.04.1962 |
|
Date of Appointment : |
28.09.1990 |
|
Din No.: |
00217524 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Poornima Jain |
|
83950 |
|
Vijaya Jain |
|
129000 |
|
Gianchand Jain |
|
75000 |
|
G. C. and Sons HUF |
|
47900 |
|
Rishabh Jain |
|
40400 |
|
P. C. Khana |
|
22000 |
|
Anita Jain |
|
59500 |
|
Hari Sing Jain |
|
9000 |
|
Hari Singh Jain, HUF |
|
16000 |
|
Sumitra Jain |
|
650 |
|
A. K. Jain |
|
12000 |
|
Seema Jain |
|
900 |
|
Sanjay Jain HUF |
|
16300 |
|
A. K. Jain HUF |
|
200 |
|
Taniya Jain |
|
3500 |
|
Vardhan Harsh Jain |
|
13600 |
|
Vardhan Jain and |
|
2700 |
|
Jain Others P. C. |
|
100 |
|
Yogesh Maheshwari |
|
100 |
|
Juhi Jain |
|
100 |
|
Sanjay Jain |
|
116850 |
|
Mangal Chan Lara |
|
2850 |
|
Vijay Bala Jain |
|
100 |
|
Dynamic Weaving Private Limited, |
|
2000 |
|
Sudhansu Kumar Jain |
|
100 |
|
Vinay Jain and Others |
|
100 |
|
Rishabh Jain HUF |
|
100 |
|
|
|
|
|
Total |
|
655000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
0.30 |
|
Directors
or relatives of directors |
|
99.21 |
|
Other
top fifty shareholders |
|
0.49 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Polyurethane Foam. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Polyurethane |
KG |
1486669 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Barclays Bank PLC, Eros Corporate Towers, ·
Allahabad Bank, 28 / 11, East Patel Nagar, · Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Centurion Bank of Punjab Limited, B-11, |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arun Deepak and Company Chartered Accountants |
|
Address : |
207, |
|
Pan No.: |
AAAFA1040C |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.8.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.8.000 Millions
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 |
|
|
|
|
|
|
655000 |
Equity Shares |
Rs.10/- each |
Rs.6.550
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 |
6.550 |
6.550 |
6.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.380 |
31.547 |
27.674 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.930 |
38.097 |
34.224 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
121.673 |
68.952 |
60.602 |
|
|
2] Unsecured Loans |
14.908 |
43.027 |
32.817 |
|
|
TOTAL BORROWING |
136.581 |
111.979 |
93.419 |
|
|
DEFERRED TAX LIABILITIES |
0.167 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
179.678 |
150.076 |
127.643 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.014 |
21.426 |
19.619 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.515 |
0.457 |
0.390 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.692
|
20.096
|
32.135 |
|
|
Sundry Debtors |
145.937
|
104.042
|
82.700 |
|
|
Cash & Bank Balances |
1.044
|
12.497
|
6.285 |
|
|
Other Current Assets |
0.132
|
0.115
|
0.082 |
|
|
Loans & Advances |
19.687
|
32.476
|
22.566 |
|
Total
Current Assets |
209.492
|
169.226
|
143.768 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.354
|
36.902 |
30.493 |
|
|
Other Current Liabilities |
2.112
|
1.240
|
1.779 |
|
|
Provisions |
3.877
|
2.891
|
3.862 |
|
Total
Current Liabilities |
52.343
|
41.033
|
36.134 |
|
|
Net Current Assets |
157.149
|
128.193
|
107.634 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
179.678 |
150.076 |
127.643 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
482.947 |
281.146 |
273.139 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.425 |
6.962 |
5.352 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.965 |
1.488 |
1.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7.460 |
5.474 |
4.079 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.627 |
1.602 |
1.334 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.833 |
3.872 |
2.745 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.37 |
5.91 |
4.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.54
|
1.95 |
1.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
2.87 |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.14 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.40
|
4.02 |
3.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.00
|
4.12 |
3.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
WORKING RESULTS:
During the year
the company has made sales of Rs.482.947 Millions as against the sales of Rs 281.146
Millions in the immediately preceding year. The company made a profit of
Rs.9.425 Millions (Previous Year Rs.6.962 Millions) before depreciation and
provision of Income Tax. After providing for depreciation of Rs 1.965 Millions
(Previous Year Rs.1.488 Millions) and provision for Taxes, of Rs.2.213 Millions
(Previous year Rs1.674 Millions) there is a net profit of Rs 4.833 Millions
(Previous year Rs.3.872 Millions) as profit.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74899DL1986PTC025088 |
|
Name of the
company |
PANAMA POLY PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
R. No. 10, 3576, Netaji Subhash Marg, Darya Ganj, Email: adc4247@gmail.com |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India Email: john.fernandes@kotak.com
|
|
This form is for |
Creation of
charge |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of the Title Deeds. |
|
Date of
instrument Creating the charge |
14.09.2012 |
|
Amount secured by
the charge |
Rs.160.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : CC - To be
decided at the time of disbursement. Terms of Repayment : As may be
specified by the bank from time to time. Margin : LC - Minimum cash
margin of 15% shall be provided upfront in the form of FD. Lien shall be
marked on the FD in favour of the Bank. Extent and Operation of the charge : First and
exclusive charge by way of Mortgage on Immovable Property of the Company, in
favour of Kotak Mahindra bank as security for repayment of financial
facilities granted by the Bank to the Company. |
|
Short particulars
of the property charged |
All that part and
parcel of Industrial P.No.B-8,area adms.10063sq.yrd.,situated at Site No.I, |
FIXED ASSETS:
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 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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.