MIRA INFORM REPORT
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KONKAN SPECIALITY POLY PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B–129, Baikampady Industrial Estate, Mangalore– 575011, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.10.1987 |
|
|
|
|
Com. Reg. No.: |
08-008643 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 21.420 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U02520KA1987PTC008643 |
|
|
|
|
IEC No.: |
0791011267 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACK8396A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Master Batches. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 260000 |
|
|
|
|
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. The
profitability of the company appears to be low. The external borrowing seems
to be huge which may effect the liquidity position of the company. However, 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 slight
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) |
|
India |
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating
Agency Name |
ICRA |
|
Rating |
A4
(Short term rating) |
|
Rating
Explanation |
Having
minimal degree of safety regarding timely payment of financial obligation it
carry very high credit risk. |
|
Date |
February,
2013 |
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 : |
B–129, Baikampady Industrial Estate, Mangalore – 575011, Karnataka,
India |
|
Tel. No.: |
91-824-2409274 / 2408129 |
|
Fax No.: |
91-824-2408657 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Plot No.37, KIADB Industrial Area, Baikampady, Mangalore-575011,
Karnataka, India |
|
Tel. No.: |
91-824-2408129 / 2409274 |
|
Fax No.: |
91-824-2408657 |
|
|
|
|
Braches : |
Located at
|
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Vinod Chandrashekar Bondal |
|
Designation : |
Managing Director |
|
Address : |
No.A-601, Crest Apartments, Anegundi Road, Bejaikapikad, Mangalore –
575004, Karnataka, India |
|
Date of Birth/Age : |
29.04.1967 |
|
Date of Appointment : |
07.10.1987 |
|
DIN No.: |
00556091 |
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|
|
|
Name : |
Mr. Vivek Chandrashekar Bondal |
|
Designation : |
Whole-time Director |
|
Address : |
No.602, Crest Apartments, Anegundi Road, Bejaikapikad, Mangalore –
575004, Karnataka, India |
|
Date of Birth/Age : |
31.10.1968 |
|
Date of Appointment : |
02.05.2001 |
|
DIN No.: |
00949035 |
|
|
|
|
Name : |
Mr. Rajanish R. Nayak |
|
Designation : |
General Manager |
|
Address : |
No.604, Preethi Apartments, Kodial Guthu, Mangalore – 575003, Karnataka,
India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Vinod Chandrashekar Bondal |
|
65493 |
|
Vivek Chandrashekar Bondal |
|
63263 |
|
Anand G. Pai |
|
6600 |
|
Wilfred Coutinho |
|
500 |
|
B. Ganapathi Pai |
|
6600 |
|
Sri Dharmastala Manjunatha |
|
2 |
|
Mahesh Bondal |
|
470 |
|
Madan Bondal |
|
778 |
|
Madhumitha Bondal |
|
300 |
|
Malavika Bondal |
|
300 |
|
Vikram Bondal |
|
300 |
|
Aruna M. Bondal |
|
400 |
|
T. Shanta Kumari |
|
150 |
|
Vasanthi Bondal |
|
100 |
|
R.R. Nayak |
|
600 |
|
Raghavendra Prabhu |
|
400 |
|
Sudhir M. Pai |
|
300 |
|
Shafakat Zaveri |
|
90 |
|
Salim Zaveri |
|
90 |
|
Iqbal Zaveri |
|
90 |
|
Vasudev Pai |
|
30 |
|
Aroona V. Bondal |
|
3000 |
|
Rishon V. Bondal |
|
204 |
|
Shivananda Pai B |
|
40 |
|
Laxmi Vivek Bondal |
|
300 |
|
Ananya Vivek Bondal |
|
200 |
|
Shantanu Vivek Bondal |
|
200 |
|
Trisha Vinod Bondal |
|
200 |
|
Total |
|
151000 |
|
Name of
Preference Shareholders |
|
No. of Shares |
|
Vikram Bondal |
|
1000 |
|
Sudhir Pai M. |
|
600 |
|
Vasudev Pai |
|
60 |
|
Shafakat K. Zaveri |
|
180 |
|
Salim K. Zaveri |
|
180 |
|
Iqbal K. Zaveri |
|
180 |
|
B. Ganpathi Pai |
|
13200 |
|
Anand G. Pai |
|
13200 |
|
Vinod C. Bondal |
|
17300 |
|
Vivek Bondal |
|
17300 |
|
Total |
|
63200 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
68.28 |
|
Other top fifty shareholders |
31.72 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Master Batches. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
State Bank of India, SME Branch, Near PVS Kalakunj, Kudroli Sri Bhagavathi Kshetra Road, Kodialbail, Mangalore - 575003, Karnataka, India |
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Banking
Relations : |
-- |
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|
Financial Institution : |
SBI Factors and Commercial Services Private Limited Bangalore Branch Barton Center, No 708, Do No 84, 7th Floor M G Road, Bangalore - 560001, Karnataka, India |
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|
|
|
Auditors : |
|
|
Name : |
N Keshava Ballakuraya Chartered Accountant |
|
Address : |
Ground Floor, Rajmahal Apartment, Ballal Bagh, Mangalore-575001,
Karnataka, India |
|
PAN No.: |
ACCPB6354J |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
|
75000 |
Preference Shares |
Rs.100/- each |
Rs. 7.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 37.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151000 |
Equity Shares |
Rs.100/- each |
Rs. 15.100 Millions |
|
63200 |
Preference Shares |
Rs.100/- each |
Rs. 6.320 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 21.420
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.420 |
21.420 |
13.820 |
|
|
2] Share Application Money |
8.250 |
0.000 |
7.600 |
|
|
3] Reserves & Surplus |
34.525 |
29.806 |
22.653 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
64.195 |
51.226 |
44.073 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
159.666 |
156.940 |
158.858 |
|
|
2] Unsecured Loans |
|
|
5.401 |
|
|
TOTAL BORROWING |
159.666 |
156.940 |
164.259 |
|
|
DEFERRED TAX LIABILITIES |
7.935 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
231.796 |
208.166 |
208.332 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
86.014 |
77.634 |
80.084 |
|
|
Capital work-in-progress |
1.074 |
1.074 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.024 |
0.024 |
0.024 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
93.877
|
76.513 |
56.658 |
|
|
Sundry Debtors |
142.915
|
110.166 |
80.484 |
|
|
Cash & Bank Balances |
18.944
|
10.304 |
10.292 |
|
|
Other Current Assets |
4.021
|
6.744 |
2.182 |
|
|
Loans & Advances |
29.749
|
16.675 |
10.984 |
|
Total
Current Assets |
289.506
|
220.402 |
160.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
120.232
|
74.752 |
|
|
|
Other Current Liabilities |
22.390
|
15.381 |
|
|
|
Provisions |
2.200
|
0.835 |
0.000 |
|
Total
Current Liabilities |
144.822
|
90.968 |
36.938 |
|
|
Net Current Assets |
144.684
|
129.434 |
123.662 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.562 |
|
|
|
|
|
|
|
|
TOTAL |
231.796 |
208.166 |
208.332 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
567.269 |
529.694 |
405.854 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
567.269 |
529.694 |
405.854 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
541.447 |
509.632 |
390.149 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
541.447 |
509.632 |
390.149 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
25.822 |
20.062 |
15.705 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
11.803 |
12.909 |
10.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
14.018 |
7.153 |
5.378 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.299 |
0.000 |
0.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
4.719 |
7.153 |
4.543 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.212 |
0.059 |
0.024 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
2.350 |
|
|
|
Dividend and Dividend distribution Tax |
0.000 |
0.000 |
2.158 |
|
|
BALANCE CARRIED
TO THE B/S |
11.931 |
7.212 |
0.059 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
22.03 |
33.39 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.83
|
1.35 |
1.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.73
|
2.40 |
2.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.14 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.49
|
3.06 |
3.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
2.42 |
4.35 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three 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 |
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
RESULTS OF OPERATIONS:
For the year ended
31st March 2012, the Company has reported a net profit before tax of
Rs 14.018 millions on the total income aggregating to Rs 567.269 millions.
Compared with last year, total profits before tax and total income are higher
by 98% and 7% respectively
PRODUCTION
MARKET
In the year, the
Company continued to adopt the planned marketing strategy by focusing on
product lines and industry specific products. Due to this the Company was able
to broad base the market substantially. The Companies products command good
acceptance in newer industry segments where the Company did not have a presence
earlier.
Newer products were
developed as a part of the continuous development effort and large market
shares were obtained for one specific product, which replaced basic polymers
used mainly by the blow film industry.
The broad basing of
the industry groups has ensured that the fortunes of the Company are not
dependent on any specific industry.
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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.