MIRA INFORM REPORT
|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
POLYNOVA INDUSTRIES LIMITED (w.e.f. 1988) |
|
|
|
|
Formerly Known
As : |
LUPIN POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
159, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra
|
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
20.10.1986 |
|
|
|
|
Com. Reg. No.: |
11-041294 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.184.800
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1986PLC041294 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16865C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP3071F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Artificial Leather and made ups [Coated Textile Fabric with PVC,
Cellular Sheets (Unsupported), Other Sheets of PVC]. |
|
|
|
|
No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having satisfactory track record. The company possesses a favourable and adequate financial profile with
gradual improvement in its networth position and consistent profitability
track during 2013. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of experienced promoters, the subject can be considered for
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.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loans: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
November 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term loans: A2 |
|
Rating Explanation |
Strong degree of safety and lowest credit risk. |
|
Date |
November 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.
INFORMATION PARTED BY
|
Name : |
Mr. Anand |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-42687878 |
|
Date : |
03.04.2014 |
LOCATIONS
|
Registered Office/ Head Office : |
159, CST Road, Kalina, Santacruz (East), Mumbai – 400 098,
Maharashtra, India |
|
Tel. No.: |
91-22-26528048/ 26526297/ 26528035/ 26526151/ 26526927/ 26523981/
26540915 |
|
Fax No.: |
91-22-26526758 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
92-101, Kundaim Industrial Estate, Off. Panji Ponda Road, Kundaim Ilhas,
Goa - 403 115, India |
|
Tel. No.: |
91-832-2395223/ 2395224 |
|
Fax No.: |
91-832-2395222 |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sunil Makharia |
|
Designation : |
Director |
|
Address : |
C-106, Karan, Off Yari Road, Versova, Andheri (West), Mumbai – 400
061, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1962 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
31.08.2001 |
|
DIN No.: |
00064399 |
|
|
|
|
Name : |
Dr. Deshbhandu Gupta |
|
Designation : |
Director |
|
Address : |
48-49, Hatkesh Co-Operative Housing Society, JVPD Scheme, Juhu, Mumbai
– 400 049, Maharashtra, India |
|
Date of Birth/Age : |
08.02.1938 |
|
Qualification : |
M.Sc. |
|
Date of Appointment : |
29.04.2005 |
|
DIN No.: |
00209378 |
|
PAN No.: |
AABPG2863L |
|
|
|
|
Name : |
Mrs. Manju Deshbhandu Gupta |
|
Designation : |
Director |
|
Address : |
48-49, Hatkesh Co-Operative Housing Society, JVPD Scheme, Juhu, Mumbai
– 400 049, Maharashtra, India |
|
Date of Birth/Age : |
22.09.1943 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
29.04.2005 |
|
DIN No.: |
00209461 |
|
|
|
|
Name : |
Mr. Kushiram Gupta |
|
Designation : |
Director |
|
Address : |
Flat No.1301, 13th Floor, Beachwood Towers Co-Operative
Housing Society, Yari Road, Versova, Mumbai – 400 061, Maharashtra,
India |
|
Date of Birth/Age : |
06.07.1955 |
|
Qualification : |
M.Com. |
|
Date of Appointment : |
31.12.1999 |
|
DIN No.: |
00389736 |
KEY EXECUTIVES
|
Name : |
Mr. Anand |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Pradeep Sanganeria |
|
Designation : |
Secretary |
|
Address : |
12B, |
|
Date of Birth/Age : |
29.03.1964 |
|
Date of Appointment : |
27.06.1994 |
|
PAN No.: |
AMWPS3127J |
|
|
|
|
Name : |
Mr. Padmanabhan Nemmara Sankaranarayanan |
|
Designation : |
Director |
|
Address : |
A9, Saloka Co-operative Housing Society, Nanasankarseth Road, Dombivli
(West), Thane – 421 202, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1959 |
|
Date of Appointment : |
01.04.2009 |
|
PAN No.: |
AAKPP9311P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Deshbhandu Gupta |
100 |
|
Manju Deshbhandu Gupta |
100 |
|
Arunkumar Guruprasad Gupta |
1 |
|
Kamal Kishore Sharma |
1 |
|
Kushi Ram Gupta |
1 |
|
Rahas Investments Private Limited, India |
4620000 |
|
Visiomed (India) Private Limited, India |
4620000 |
|
Lupin Marketing Private Limited, India |
4620000 |
|
Zyma Laboratories Private Limited, India |
4619795 |
|
Sunil Makharia |
2 |
|
Total |
18480000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Artificial Leather and made ups [Coated Textile Fabric with PVC, Cellular
Sheets (Unsupported), Other Sheets of PVC]. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Artificial Leather |
L. Mtrs in
‘000’s per annum |
N.A. |
10000 |
8341* |
* Production includes 168 Thousands L. Mtrs in a Leased Factory
GENERAL INFORMATION
|
Customers : |
Manufacturers |
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No. of Employees
: |
120 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution : |
Sundraram Finance Limited, No.21,Patullos Road, Chennai - 600002, Tamil Nadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deolitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Bapnu Ghar, Opposite Shiv Sagar Estate,
Worli, Mumbai – 400 098, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD2337G |
|
|
|
|
Entities in which the
Key Management Personnel have control or significant influence: |
[U24110MH1991PTC063012]
[U24232MP1988PTC007551]
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18480000 |
Equity Shares |
Rs.10/- each |
Rs.184.800
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
184.800 |
184.800 |
184.800 |
|
(b) Reserves & Surplus |
103.456 |
26.346 |
(26.019) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
288.256 |
211.146 |
158.781 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
116.781 |
90.300 |
93.300 |
|
(b) Deferred tax liabilities
(Net) |
5.848 |
6.002 |
6.835 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.364 |
0.979 |
0.922 |
|
Total
Non-current Liabilities (3) |
123.993 |
97.281 |
101.057 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
109.810 |
92.444 |
81.395 |
|
(b) Trade payables |
210.647 |
189.930 |
165.095 |
|
(c) Other current liabilities |
18.311 |
9.217 |
9.886 |
|
(d) Short-term provisions |
9.520 |
8.235 |
6.062 |
|
Total
Current Liabilities (4) |
348.288 |
299.826 |
262.438 |
|
|
|
|
|
|
TOTAL |
760.537 |
608.253 |
522.276 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
107.790 |
78.717 |
75.155 |
|
(ii) Intangible Assets |
1.549 |
1.550 |
1.853 |
|
(iii) Capital work-in-progress |
61.067 |
15.535 |
7.137 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.596 |
8.023 |
7.913 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
185.003 |
103.826 |
92.059 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
165.518 |
147.741 |
143.700 |
|
(c) Trade receivables |
340.221 |
312.091 |
224.651 |
|
(d) Cash and cash equivalents |
10.617 |
7.158 |
6.332 |
|
(e) Short-term loans and
advances |
59.109 |
37.353 |
55.522 |
|
(f) Other current assets |
0.069 |
0.084 |
0.012 |
|
Total
Current Assets |
575.534 |
504.427 |
430.217 |
|
|
|
|
|
|
TOTAL |
760.537 |
608.253 |
522.276 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1659.367 |
1537.820 |
1044.994 |
|
|
|
Other Income |
4.761 |
2.697 |
8.102 |
|
|
|
TOTAL (A) |
1664.128 |
1540.517 |
1053.096 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1234.535 |
1163.948 |
782.140 |
|
|
|
Purchases of stock-in-trade |
0.076 |
0.051 |
0.981 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(10.828) |
14.053 |
(11.457) |
|
|
|
Employee benefit expense |
90.885 |
75.273 |
57.040 |
|
|
|
Other expenses |
198.602 |
172.789 |
141.148 |
|
|
|
TOTAL (B) |
1513.270 |
1426.114 |
969.852 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
150.858 |
114.403 |
83.244 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.055 |
23.905 |
22.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.803 |
90.498 |
60.626 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.096 |
10.166 |
9.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
115.707 |
80.332 |
51.485 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.597 |
27.967 |
16.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
77.110 |
52.365 |
35.160 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
NA |
(28.519) |
(63.679) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(28.519) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods on FOB basis |
400.341 |
394.759 |
322.092 |
|
|
TOTAL EARNINGS |
400.341 |
394.759 |
322.092 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
212.896 |
228.774 |
196.699 |
|
|
|
Capital Items |
17.037 |
1.789 |
0.428 |
|
|
TOTAL IMPORTS |
229.933 |
230.563 |
197.127 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.17 |
2.83 |
1.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.63
|
3.40 |
3.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.97
|
5.22 |
4.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.54
|
13.55 |
9.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.38 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.79
|
0.87 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.68 |
1.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
184.800 |
184.800 |
184.800 |
|
Reserves & Surplus |
(26.019) |
26.346 |
103.456 |
|
Net
worth |
158.781 |
211.146 |
288.256 |
|
|
|
|
|
|
long-term borrowings |
93.300 |
90.300 |
116.781 |
|
Short term borrowings |
81.395 |
92.444 |
109.810 |
|
Total
borrowings |
174.695 |
182.744 |
226.591 |
|
Debt/Equity
ratio |
1.100 |
0.865 |
0.786 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1044.994 |
1537.820 |
1659.367 |
|
|
|
47.161 |
7.904 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1044.994 |
1537.820 |
1659.367 |
|
Profit |
35.160 |
52.365 |
77.110 |
|
|
3.36% |
3.41% |
4.65% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
6.000 |
0.000 |
NA
|
|
|
|
|
|
|
Total |
6.000 |
0.000 |
NA
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
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% |
-- |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
The Company recorded a top-line growth of 9.59% and a bottom-line growth of 47.25% over the previous year. This has been a stellar performance by the company despite the adverse economic conditions and continued recession in the advanced markets of Europe and USA.
The raw material situation somewhat eased following partial withdrawal of anti-dumping duty on PVC Resin originating from Far East. Due to the weak demand situation, other raw materials also eased out from their peak levels.
The company maintained its leadership position in the Automotive OEM and Export segments.
In order to control and bring down the cost of energy, the company has initiated a shift to Bio-fuels system from the existing petroleum based fuel. There has been substantial reduction in cost of energy and the benefit of this shift will be felt fully in the current year.
There has been a continuous demand for the Quality products manufactured by the company. Due to capacity constraints the company could not meet this ever growing demand. In order to meet this demand supply gap the company has initiated a series of capacity expansion plans enumerated below. In the meanwhile, the company continued to focus on value added products and niche products contributing to better margins.
Cost control measures at all levels were initiated to keep costs under check by developing alternate raw materials and sources.
NEW INITIATIVE
In view of full capacity utilization the company has embarked on a major expansion drive.
a) A 4-station Italian ISO-Tex Coating line is being installed at Goa.
b) A German coating line under installation at Halol Gujarat will be taken on lease during 2013-14.
Both the above facilities would create an additional capacity of 8.400 millions meters per annum. The effect of this capacity expansion will be felt partially in the year 2013-14.
EXPORTS:
The company has achieved Export Turnover of Rs 410.992 Millions on CIF basis. The Company retained its export market; however the growth was marginal due to capacity constraints.
OUTLOOK
The prices of all key raw materials such as Pvc Paste grade resin and Plasticizers have started increasing due to volatile foreign exchange situation. Over and above this there is a move from the Plasticizer manufacturers to get antidumping duty imposed on the Plasticizers imports.
The Pvc manufacturers have also approached the higher courts for reinstatement of anti-dumping duty. The company along with the manufacturers association is taking up the matter with the concerned appellate authorities.
In order to mitigate the impact of the raw materials the company has developed niche products in the footwear segment and the same has been well accepted by the customers The Zimmer coating machine has commenced production. This will result in new products and increase production capacity.
The company is continuing its effort to bring in new products, develop alternative cheaper raw material etc to keep the cost of raw materials in check and also ensure better product mix.
The company continues to maintain its growth targets and better performance during 2013-14.
OVERVIEW:
The Company was incorporated in 1986 as Lupin Polymers Limited subsequently in 1988 the name was changed to Polynova Industries Limited. The Company primarily manufactures Artificial Leather, made ups, which are mainly used in Automobiles, Shoes, General Upholstery, and Bags etc.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
90.300 |
90.300 |
|
Total |
90.300 |
90.300 |
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
a) Bills of exchange discounted with Banks not matured |
62.102 |
72.409 |
|
b) Disputed claim for Provident Fund dues |
0.790 |
0.790 |
|
c) Stamp duty in respect of Import clearance |
0.000 |
0.512 |
|
d) Disputed Central Excise claims |
0.469 |
0.469 |
|
e) Disputed Income Tax claims |
1.543 |
1.419 |
|
Total |
64.904 |
75.599 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Computer software
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.60.12 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.