MIRA
INFORM REPORT
|
Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GRAND POLYCOATS COMPANY PRIVATE LIMITED |
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Registered
Office : |
Padra-Jaspur Road, Padra, Vadodara – 391440, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.02.1988 |
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Com. Reg. No.: |
04-010350 |
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Capital
Investment/ Paid-up Capital: |
Rs. 62.883 Millions |
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CIN No.: [Company Identification
No.] |
U74999GJ1988PTC010350 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00568B |
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PAN No.: [Permanent Account No.] |
AAACG8439N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Coating Paints compounds, blends and alloys of Engineering Polymers. |
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No. of
Employees: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1090000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is established company having a satisfactory track record. The
financial for the year 2012 is not available. As per the previous year’s, the performance seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal 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.
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. R.G. Bhavsar |
|
Designation : |
Finance Head |
|
Contact No.: |
91-265-3064200 |
|
|
11.07.2013 |
LOCATIONS
|
Registered Office / Factory : |
Padra-Jaspur Road, Padra, Vadodara – 391440, Gujarat, India |
|
Tel. No.: |
91-2662-304200 / 304201 / 221345 / 222462 / 222935 |
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Fax No.: |
91-2662-223462 / 2337022 |
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E-Mail : |
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Head Office : |
204, Siddharth Complex, R C Dutt Road 5, Vadodara – 390007, Gujarat,
India |
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Tel. No.: |
91-2662-304200 / 304201 |
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Fax No.: |
91-2662-2337022 / 223462 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
E-2/12, 1st Floor, Malviya Nagar, New Delhi – 110017, India |
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Tel. No.: |
91-11-6599116 / 26676136 |
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Branch Office 2 : |
10, 2nd Floor, Cison Complex, 150, Montieth Road, Egmore,
Chennai – 600008, Tamilnadu, India |
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Tel. No.: |
91-44-28585881 |
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Fax No.: |
91-44-28547898 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Maulik Chandraketu Mehta |
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Designation : |
Director |
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Address : |
604-A, Indraprasta, Oppostie Ellorapark Market, Vadodara – 390007,
Gujarat, India |
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Date of Birth/Age : |
04.07.1965 |
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Date of Appointment : |
10.10.2003 |
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DIN No.: |
00010848 |
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Name : |
Mr. Bharat Punjalal Chokshi |
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Designation : |
Managing Director |
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Address : |
22, Shanti Nagar Society,
Dinesh Mill, Vadodara – 390007, Gujarat, India |
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Date of Birth/Age : |
08.08.1958 |
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Qualification : |
B.Sc. (Chem.) |
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Date of Appointment : |
10.02.1988 |
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DIN No.: |
00111725 |
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Name : |
Ms. Anita Bharat Chokshi |
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Designation : |
Director |
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Address : |
22, Shanti Nagar Society,
Dinesh Mill, Vadodara – 390007, Gujarat, India |
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Date of Birth/Age : |
20.11.1961 |
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Date of Appointment : |
10.02.1988 |
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DIN No.: |
01654486 |
KEY EXECUTIVES
|
Name : |
Mr. R.G. Bhavsar |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Aditi B Chokshi |
314400 |
|
Amishi B Chokshi |
314400 |
|
Ankur B Chokshi |
115500 |
|
Pravin P Chokshi |
5544000 |
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Total |
6288300 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Coating Paints compounds, blends and alloys of Engineering Polymers. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Industrial Paints |
Liters |
NA |
NA |
7200000 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· Bank of Baroda, Sayajigunj, Vadodara – 390005, Gujarat, India Bank of India,
University Branch, Fatehgunj, Vadodara - 390002, Gujarat, India Indian Overseas Bank,
Mumbai, Maharashtra, India Small Industries Development Bank of India, Vikas Deep 22,
Station Road, Lucknow – 226019, Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Bhandari Chartered Accountants |
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Address : |
38/101, Gautam Nagar, Race Course, Vadodara – 390007, Gujarat, India |
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PAN No.: |
AANFS8293E |
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Associates: |
Infinity Consultant Private Limited |
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Other Related Party : |
Bharat Chokshi and Family Trust |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
6288300 |
Equity Shares |
Rs. 10/- each |
Rs. 62.883
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 |
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|
|
|
|
1] Share Capital |
62.883 |
62.883 |
62.883 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
210.306 |
166.843 |
122.758 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
273.189 |
229.726 |
185.641 |
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LOAN FUNDS |
|
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1] Secured Loans |
40.932 |
32.893 |
9.526 |
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2] Unsecured Loans |
14.500 |
14.500 |
24.500 |
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TOTAL BORROWING |
55.432 |
47.393 |
34.026 |
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DEFERRED TAX LIABILITIES |
1.610 |
1.701 |
2.414 |
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TOTAL |
330.231 |
278.820 |
222.081 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
61.258 |
60.458 |
64.201 |
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|
Capital work-in-progress |
0.433 |
1.068 |
0.000 |
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|
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INVESTMENT |
0.008 |
0.008 |
0.007 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
56.957
|
49.753
|
51.651 |
|
|
Sundry Debtors |
284.033
|
219.228
|
184.223 |
|
|
Cash & Bank Balances |
38.757
|
41.826
|
8.240 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
39.126
|
20.511
|
14.632 |
|
Total
Current Assets |
418.873
|
331.318 |
258.746
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
118.308
|
85.098
|
75.710 |
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Other Current Liabilities |
24.847
|
22.763
|
19.072 |
|
|
Provisions |
7.186
|
6.171
|
6.091 |
|
Total
Current Liabilities |
150.341
|
114.032 |
100.873 |
|
|
Net Current Assets |
268.532
|
218.286 |
157.873 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
330.231 |
278.820 |
222.081 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
|
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|
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Income |
|
624.158 |
590.000 |
|
|
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Other Income |
|
0.929 |
0.147 |
|
|
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TOTAL (A) |
|
625.087 |
590.147 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
412.458 |
398.357 |
|
|
|
Manufacturing Expenses |
|
14.046 |
14.722 |
|
|
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Employee Costs |
|
41.324 |
40.200 |
|
|
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Administrative Expenses |
|
21.205 |
20.188 |
|
|
|
Selling and Distribution Expenses |
|
52.743 |
42.803 |
|
|
|
Increase /Decrease in Stocks |
|
3.261 |
(0.178) |
|
|
|
TOTAL (B) |
NA |
545.037 |
516.092 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
80.050 |
74.055 |
|
|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
4.427 |
7.308 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
75.623 |
66.747 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
9.314 |
9.746 |
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
66.309 |
57.001 |
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Less |
TAX (H) |
|
22.224 |
21.064 |
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PROFIT AFTER TAX
(G-H) (I) |
43.462 |
44.085 |
35.937 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
63.050 |
38.965 |
33.028 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
20.000 |
30.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
63.050 |
38.665 |
|
|
|
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|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
64.581 |
54.275 |
55.318 |
|
|
|
Others |
0.119 |
0.403 |
0.000 |
|
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TOTAL IMPORTS |
64.700 |
54.678 |
55.318 |
|
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|
|
|
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|
Earnings Per
Share (Rs.) |
6.98 |
7.01 |
5.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
7.05
|
6.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.62
|
9.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
16.93
|
17.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.29
|
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.20
|
0.21
|
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.91
|
2.57 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors (Creditors due others) |
118.308 |
85.098 |
75.710 |
|
|
|
|
|
|
Total |
118.308
|
85.098
|
75.710 |
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
Registered of the company has been shifted
from 204,
Siddhartha Complex, R C Dutt Road 5, Vadodara – 390 007, Gujarat, India to the
present address w.e.f 24.08.2009
FINANCIAL RESULTS:
The company has earned net profit of Rs.43.462
Millions the year ended on 31st March 2011
UNSECURED LOANS
|
Particulars |
31.03.2011 (Rs. In
millions) |
31.03.2010 (Rs. In
millions) |
|
Other debt
unsecured |
14.500 |
14.500 |
|
Total |
14.500 |
14.500 |
CONTINGENT
LIABILITIES
|
Consumption of Raw
Materials |
31.03.2011 (Rs. In
millions) |
31.03.2010 (Rs. In
millions) |
|
Guarantees and counter Guarantees Outstanding |
2.241 |
2.807 |
|
Letters of Credits Issued by the Bank |
16.317 |
9.228 |
|
Matter Pending with ITAT |
0.538 |
0.538 |
FIXED ASSETS:
- Land
- Plant and
Machinery
- Laboratory
Equipment
- Other
Equipment
- Computers
- Furniture and
Fixture
- Vehicles
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.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.