MIRA
INFORM REPORT
|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
POLYPET FLEXIBLE
PACKAGING PRIVATE LIMITED |
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Registered
Office : |
Plot No.M-4,
M.I.D.C. Industrial Area Hingna, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.04.2005 |
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Com. Reg. No.: |
11-152894 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 millions |
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CIN No.: [Company Identification
No.] |
U25200MH2005PTC152894 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPP02013E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of multi layers lamination film, stretch film, 5 layers
oil and barrier films. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 82000 |
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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 record. There
appears dip in the profitability and profit margin remains low. However, performance in the year 2010-2011 has improved. Trade
relations are reported to be fair. Business is active. Payments are reported
to be slow but correct. 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.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Nikhil Arun Amidwar |
|
Designation : |
Director |
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Contact No.: |
91-9922913740 |
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Date : |
03.01.2013 |
LOCATIONS
|
Registered Office : |
Plot No.M-4,
M.I.D.C. Industrial Area Hingna, |
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Tel. No.: |
91-7104-645048/ 321771/ 234534/ 235931/ 236093/ 236108/ 396929/ 646180-195 |
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Mobile No.: |
91-9561095000 (Mr. Omprakash Trivedi) 91-9922913740 (Mr. Nikhil Arun Amidwar) 91-9822566792 (Mr. Ritesh Arun Amidwar) |
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Fax No.: |
91-7104-321771/ 236108 |
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E-Mail : |
DIRECTORS
As on 20.07.2011
|
Name : |
Mr. Ritesh Arun Amidwar |
|
Designation : |
Director |
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Address : |
205, Himalayan Meridian Apartment, Shivaji Nagar, |
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Date of Birth/Age : |
23.07.1978 |
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Date of Appointment : |
29.05.2005 |
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DIN No.: |
00798978 |
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Name : |
Mr. Nikhil Arun Amidwar |
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Designation : |
Director |
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Address : |
205, Himalayan Meridian Apartment, Shivaji Nagar, |
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Date of Birth/Age : |
18.07.1981 |
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Date of Appointment : |
29.05.2005 |
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DIN No.: |
00798955 |
KEY EXECUTIVES
|
Name : |
Mr. Omprakash Trivedi |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.07.2011
|
Names of Shareholders |
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No. of Shares |
|
Ritesh Arun Amidwar |
|
75000 |
|
Nikhil Arun Amidwar |
|
75000 |
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Total |
|
150000 |
As on 20.07.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of multi layers lamination film, stretch film, 5 layers
oil and barrier films. |
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Products : |
Co - Extruded Poly Film / Lay Flat Tubing |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
31.03.2011 |
|
Installed Capacity |
M.T. * |
5.0 M.T. / DAY (as certified by the management and relied upon
by auditors being technical matter) |
|
Licensed Capacity |
M.T. * |
N.A. |
|
Production |
M.T. * |
5.0 M.T. / DAY |
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Particulars |
Unit |
31.03.2011 |
|
Production |
M.T. |
2303.41 |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
v The Cosmos
Co-operative Bank Limited, 27, Midas Heights, Central Bazar Road, Ramdaspeth,
Opposite Tarun Bharat Office, Nagpur – 440 010, Maharashtra, India v
HDFC Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajiv Uttarwar Chartered Accountant |
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Address : |
Mandakini Apartment, Near |
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Tel. No.: |
91-712-5611932 |
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Income-tax
PAN of auditor or auditor's firm : |
AAGPU3605D |
CAPITAL STRUCTURE
As on 20.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
3.000 |
3.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.517 |
4.580 |
2.980 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.517 |
7.580 |
5.980 |
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LOAN FUNDS |
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1] Secured Loans |
78.818 |
74.642 |
24.713 |
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2] Unsecured Loans |
12.152 |
7.023 |
5.950 |
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TOTAL BORROWING |
90.970 |
81.665 |
30.663 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
111.487 |
89.245 |
36.643 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.828 |
51.816 |
14.991 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.631 |
2.631 |
0.745 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
44.702
|
32.661 |
10.152 |
|
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Sundry Debtors |
60.794
|
48.728 |
38.782 |
|
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Cash & Bank Balances |
0.572
|
0.598 |
0.525 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
11.635
|
14.026 |
11.501 |
|
Total
Current Assets |
117.703
|
96.013 |
60.960 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
53.034 |
42.052 |
19.148 |
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Other Current Liabilities |
1.809
|
18.936 |
19.991 |
|
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Provisions |
0.944
|
0.227 |
0.914 |
|
Total
Current Liabilities |
55.787
|
61.215 |
40.053 |
|
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Net Current Assets |
61.916
|
34.798 |
20.907 |
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MISCELLANEOUS EXPENSES |
0.112 |
0.000 |
0.000 |
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TOTAL |
111.487 |
89.245 |
36.643 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
233.799 |
178.582 |
130.729 |
|
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Other Income |
3.250 |
4.837 |
NA |
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TOTAL (A) |
237.049 |
183.419 |
NA |
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Less |
EXPENSES |
|
|
|
|
|
|
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|
218.097 |
166.600 |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
218.097 |
166.600 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.952 |
16.819 |
8.155 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
10.682 |
9.068 |
3.318 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.270 |
7.751 |
4.837 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.370 |
6.038 |
2.538 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.900 |
1.713 |
2.299 |
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Less |
TAX (H) |
0.963 |
0.113 |
0.914 |
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PROFIT AFTER TAX
(G-H) (I) |
0.937 |
1.600 |
1.385 |
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|
|
|
Earnings Per
Share (Rs.) |
6.25 |
53.34 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.40
|
0.87 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
0.96 |
1.76 |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.15
|
1.16 |
3.03 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.23 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.15
|
18.85 |
11.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
1.57 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
53.034 |
42.052 |
19.148 |
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
OPERATING /
FINANCIAL RESULTS:
The company had made an investment of Rs.1.382 millions
towards purchase of assets during the year. During the year Debtors and Creditors
management is done very effectively.
The company had done commendable business by exploring new
markets and setting inroads for future growth. The company expects substantial
growth in subsequent years.
The Chairman gratefully acknowledges the assistance and
co-operation received from various departments of Central / State Governments,
their bankers and all other concerned.
The management
wishes to place on record their deep sense of appreciation for the devoted
services of the Executives, Staff and Workers and their continued commitment to
the company for its success.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25200MH2005PTC152894 |
|
Name of the
company |
POLYPET FLEXIBLE
PACKAGING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.M-4,
M.I.D.C. Industrial Area Hingna, E-Mail: nbplnagpur@hotmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10084494 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
The Cosmos
Co-operative Bank Limited, 27, Midas Heights, Central Bazar Road, Ramdaspeth,
Opposite Tarun Bharat Office, Nagpur – 440 010, Maharashtra, India E-Mail: info@cosmosbank.in |
|
Nature of
description of the instrument creating or modifying the charge |
1) Confirmation
of the extension of equitable mortgage. 2) Extension of
equitable mortgage for creation of further charge. 3) Deed of
guarantee 4) Third supplemental
deed of hypothecation of stocks, book debts and machinery |
|
Date of
instrument Creating the charge |
12.03.2012 |
|
Amount secured by
the charge |
Rs.133.181
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit -
14.50% p.a. as per credit rating Bills Discounting
- 14.50% p.a. as per credit rating Terms of
Repayment: Cash Credit -
repayable on demand / review within 12 months Bills Discounting
- repayable on demand / review within 12 months Letter of Credit
- as per terms of letter of credit / review within 12 months Bank
Guarantee as per the term of bank
guarantee / review within 12 months Margin: Cash Credit - 25%
in Bank favour. Bills Discounting
- 25% in Bank favour. Letter of Credit
- 15 % in Banks favour Bank Guarantee -
25% in Bank favour Extent and
Operation of the charge: Charge is created
on moveable and immoveable property mentioned to secure repayment of
principal, interest and other outstanding of the Company. |
|
Short particulars
of the property charged |
All the piece and
parcel of the lease hold rights in the industrial Plot No.M-4 area adm about
2100 sq. mtrs. situated in MIDC Nagpur area together with structure standing
thereon and facilities appurtenant to
the said sheds and together with all fittings, fixtures, amenities. Piece and parcel
of the Apartment No.205 area adm about 49.054 sq. mtrs on 2nd and
3rd Floor in the building known as Himalaya Meridian constructed
on the land bearing Plot No.5 city Survey No.524 Sheet (33) 52/11 situated at
Civil Station Expansion Scheme of Nagpur Improvement Trust Dharmpeth Lay Out
Circle No.20 Division No.8 Mouza Ambazari, Taluka Nagpur piece and parcel of
the property bearing Bungalow No.002 on Ground Floor of the building known as
Platina enclave area adm about 357.905
sq. mtrs constructed on the land Bearing Nagpur Improvement Trust Plot No.13
of Mouza Ambazari bearing Corporation House No.16 together with 19.224%
undivided share of the said Plot No. CTS No.515 and Sheet No.32 of Mouza
Ambazari Situated at Dharampeth Extension Layout Precinct, Shivaji Nagar
within the limits Nagpur Municipal Corporation Ward No.73 in Tahsil and
District Nagpur All its stock in
trade, raw material, good in process, semi-manufactured and manufactured
goods, semi-finished product, including those mentioned in the schedule
hereunder written All the present
and future book debts, outstanding moneys receivable, claims, bills choses in
action, contracts, engagements and securities which are now due and owing or
which may at any All the
borrower/s moveable machinery plant and equipment with their accessories and spare
parts now belong to the borrower and which are now installed hereafter belong
to the borrower |
|
Whether any of the property or interest therein under reference is not
registered in the name of the company If yes, in whose name it is registered |
Yes Property
mentioned is registered in name Arun Amidwar and Varsha Amidwar |
|
Particulars of
the present modification |
Total financial
facility is increased from Rs.108.181 millions to Rs.133.181 millions by
granting additional cash credit limit of Rs.7.500 millions and new bill
discounting facility of Rs.7.500 millions and bank guarantee of Rs.10.000
millions. Other term loan remaining the same and moveable and immoveable
assets are given to secure total limit. |
FIXED ASSETS:
v
v
v
Plant and Machinery
v
Electrical Equipments, Transformer and
Installations
v
Printing Roller
v
Air-conditioner
v
Office Equipments
v
Furniture and Fixtures
v
Vehicle
v
Computer
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 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.54.41 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
36 |
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.