MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAS POLYMERS
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.02.1986 |
|
|
|
|
Com. Reg. No.: |
55-023294 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.180
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1986PTC023294 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP04157G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP1681K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in trading of chemical products – industrial
chemicals, petrochemical, plastics and synthetic rubbers. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 236000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears dip in profit and sales turnover of the company during
financial year 2012. However, trade relations are fair. Business is active. Payment terms
are 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BB |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
September 20, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and high credit risk. |
|
Date |
September 20, 2012 |
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
Management non-cooperative
(Tel. No.: 91-11-23714924)
LOCATIONS
|
Registered Office : |
12th
Floor, |
|
Tel. No.: |
91-11-23714924/ 23714651/ 23716767 |
|
Fax No.: |
91-11-23714651 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Ashok Kumar Jain |
|
Designation : |
Director |
|
Address : |
A-237, New Friends Colony, |
|
Date of Birth/Age : |
01.08.1949 |
|
Date of Appointment : |
10.02.1986 |
|
DIN No.: |
00634937 |
|
|
|
|
Name : |
Mr. Saurabh Jain |
|
Designation : |
Director |
|
Address : |
A-237, New Friends Colony, |
|
Date of Birth/Age : |
01.08.1977 |
|
Date of Appointment : |
01.12.2003 |
|
DIN No.: |
00634992 |
|
|
|
|
Name : |
Mr. Siddharth Jain |
|
Designation : |
Director |
|
Address : |
A-237, New Friends Colony, |
|
Date of Birth/Age : |
31.08.1981 |
|
Date of Appointment : |
01.12.2003 |
|
DIN No.: |
00635030 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar Jain |
|
1309910 |
|
Saurabh Jain |
|
120010 |
|
Siddharth Jain |
|
100120 |
|
Paras International Private Limited, |
|
88000 |
|
Total
|
|
1618040 |
AS ON 27.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
5.44 |
|
Directors
or relatives of directors |
|
94.56 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in trading of chemical products – industrial
chemicals, petrochemical, plastics and synthetic rubbers. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ved Jain and Associates Chartered Accountants |
|
Address : |
33, |
|
Tel. No.: |
91-11-23354546/ 23354547 |
|
Fax No.: |
91-11-23354548 |
|
E-Mail : |
|
|
PAN No.: |
AAAFV6040K |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 27.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1618040 |
Equity Shares |
Rs.10/- each
|
Rs.16.180
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16.180 |
16.180 |
|
(b) Reserves & Surplus |
|
42.796 |
38.409 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
58.976 |
54.589 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
12.400 |
12.400 |
|
(b) Deferred tax liabilities (Net) |
|
1.271 |
1.319 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
0.306 |
0.298 |
|
Total
Non-current Liabilities (3) |
|
13.977 |
14.017 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1.591 |
0.000 |
|
(b)
Trade payables |
|
67.037 |
88.235 |
|
(c)
Other current liabilities |
|
8.931 |
7.877 |
|
(d)
Short-term provisions |
|
2.201 |
2.487 |
|
Total
Current Liabilities (4) |
|
79.760 |
98.599 |
|
|
|
|
|
|
TOTAL |
|
152.713 |
167.205 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
10.941 |
11.089 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.750 |
0.750 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.273 |
0.213 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
11.964 |
12.052 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
7.679 |
13.411 |
|
(c)
Trade receivables |
|
114.654 |
121.194 |
|
(d)
Cash and cash equivalents |
|
13.393 |
13.636 |
|
(e)
Short-term loans and advances |
|
4.203 |
6.691 |
|
(f)
Other current assets |
|
0.820 |
0.221 |
|
Total
Current Assets |
|
140.749 |
155.153 |
|
|
|
|
|
|
TOTAL |
|
152.713 |
167.205 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
16.180 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
33.239 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
49.419 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.158 |
|
|
2] Unsecured Loans |
|
|
12.400 |
|
|
TOTAL BORROWING |
|
|
12.558 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.328 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
63.305 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
12.606 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
20.710 |
|
|
Sundry Debtors |
|
|
125.277 |
|
|
Cash & Bank Balances |
|
|
16.415 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
7.882 |
|
Total
Current Assets |
|
|
170.284 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
110.207 |
|
|
Other Current Liabilities |
|
|
7.778 |
|
|
Provisions |
|
|
1.600 |
|
Total
Current Liabilities |
|
|
119.585 |
|
|
Net Current Assets |
|
|
50.699 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
63.305 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
586.432 |
441.293 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
520.972 |
586.432 |
441.293 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
578.337 |
434.180 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
513.977 |
578.337 |
434.180 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.995 |
8.095 |
7.113 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.563 |
0.564 |
0.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6.432 |
7.531 |
6.511 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.044 |
2.362 |
2.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4.388 |
5.169 |
4.416 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
30.488 |
25.319 |
20.903 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34.876 |
30.488 |
25.319 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
60.079 |
67.926 |
43.317 |
|
|
TOTAL IMPORTS |
60.079 |
67.926 |
43.317 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.71 |
3.19 |
2.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.84
|
0.88 |
1.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.23
|
4.88 |
3.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24
|
0.23 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.57 |
1.42 |
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 |
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 |
Yes |
|
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 |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10344825 |
02/05/2012 * |
120,000,000.00 |
BANK OF |
NEW DELHI OVERSEAS
BRANCH, VIJAYA BUILDING, 17-BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B40249963 |
|
2 |
10344826 |
03/03/2012 |
30,000,000.00 |
BANK OF |
NEW DELHI
OVERSEAS BRANCH, VIJAYA BUILDING, 17-BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B35990977 |
* Date of charge modification
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances from Related parties |
12.400 |
12.400 |
|
SHORT TERM
BORROWINGS |
|
|
|
Buyer’s Credit |
1.591 |
0.000 |
|
Total
|
13.991 |
12.400 |
CONTINGENT LIABILITIES (AS ON 31.03.2012):
i) Bank Guarantees
given on behalf of the company Rs.31.000 millions.
iii) Claim of
interest by Supplier against the company not acknowledged as debt Rs.2.308
millions.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Equipment
·
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 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.61.68 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.