|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
J K PARAS POLYCOATS LIMITED (w.e.f. 02.01.2013) |
|
|
|
|
Formerly Known
As : |
PARAS POLYCOAT LIMITED |
|
|
|
|
Registered
Office : |
WZ-2A, Hind Nagar, Tilak Nagar, New Delhi - 110018 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.10.1995 |
|
|
|
|
Com. Reg. No.: |
55-073400 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.065 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PLC073400 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of White Black Coloured and Additive
Masterbatches. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 297000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is well-established company having satisfactory track record. There seems some continuous dip in the profitability of the company
however, general financial position of the company is acceptable. Trade relations reported as fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered normal 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and January
of 2013/14 which has seen some signs of recovery according to a Care Ratings
report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Davinder Pal Singh |
|
Designation : |
Director |
|
Contact No.: |
91-9310080262 |
LOCATIONS
|
Registered Office : |
WZ-2A, Hind Nagar, Tilak Nagar, New Delhi – 110018, India |
|
Tel. No.: |
91-11-32621455/ 66/ 25991357/ 25998390 |
|
Mobile: |
91-9310080262 |
|
Fax No.: |
91-11-25991886 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Bahadurgarh, Haryana – 123001, India |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Inderjeet Singh |
|
Designation : |
Director |
|
Address : |
WZ – 2A, Hind Nagar, Tilak Nagar, New Delhi – 110059, India |
|
Date of Birth/Age : |
01.04.1962 |
|
Date of Appointment : |
20.10.1995 |
|
DIN No.: |
00251270 |
|
|
|
|
Name : |
Mr. Davinder Pal Singh |
|
Designation : |
Director |
|
Address : |
WZ – 2A, Hind Nagar, Tilak Nagar, New Delhi – 110059, India |
|
Date of Birth/Age : |
19.12.1964 |
|
Date of Appointment : |
20.10.1995 |
|
DIN No.: |
00248775 |
|
|
|
|
Name : |
Mr. Manjeet Singh |
|
Designation : |
Director |
|
Address : |
WZ – 2A, Hind Nagar, Tilak Nagar, New Delhi – 110059, India |
|
Date of Birth/Age : |
07.06.1969 |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
02235154 |
|
|
|
|
Name : |
Ravinder Kaur Chatrath |
|
Designation : |
Director |
|
Address : |
WZ – 2A, Hind Nagar, Tilak Nagar, New Delhi – 110059, India |
|
Date of Birth/Age : |
17.12.1968 |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
01060875 |
|
|
|
|
Name : |
Mr. Amarjeet kaur |
|
Designation : |
Director |
|
Address : |
WZ – 2A, Hind Nagar, Tilak Nagar, New Delhi – 110059, India |
|
Date of Birth/Age : |
05.08.1971 |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
03494037 |
|
|
|
|
Name : |
Tajinder Kaur |
|
Designation : |
Director |
|
Address : |
WZ – 2A, Hind Nagar, Tilak Nagar, New Delhi – 110059, India |
|
Date of Birth/Age : |
12.05.1968 |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
03494038 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Davinder Pal Singh |
|
143800 |
|
Inderjeet Singh |
|
67800 |
|
Ravinder Kaur |
|
187700 |
|
Amarjeet Kaur |
|
182800 |
|
Tajinder Kaur |
|
384800 |
|
Khajan Singh |
|
113800 |
|
Parvinder Kaur |
|
1500 |
|
Jaswant Kaur |
|
81300 |
|
Charanjeet Singh |
|
2500 |
|
Harpreet Kaur |
|
5000 |
|
I.S. Bindra |
|
2500 |
|
Paramjeet Singh |
|
2500 |
|
Davinderpal Singh and Sons (HUF) |
|
120000 |
|
Inderjeet Singh and Sons (HUF) |
|
99000 |
|
Manjeet Singh and Sons (HUF) |
|
111500 |
|
|
|
|
|
Total |
|
1506500 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of White, Black Coloured and Additive
Masterbatches. |
|
|
|
|
Exports : |
|
|
Countries : |
·
Africa ·
Dubai ·
Bangladesh ·
Pakistan |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Saudi Arabia ·
Egypt ·
Malaysia |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit, Depend |
|
|
|
|
Purchasing : |
L/C, Cash and Credit, Depend |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Manufacturer
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
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No. of Employees : |
100 (Approximately) |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Bankers : |
State Bank of India, WZ-167, Uttam Nagar, New Delhi - 110059, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
I. P. Pasricha and Company Chartered Accountants |
|
Address : |
A‐31A, 1st Floor, Ring Road, Rajouri Garden, New Delhi ‐ 110027, India |
|
Tel. No.: |
91-11-25418722/ 25111233 |
|
E-Mail : |
|
|
PAN No.: |
AADFI7432F |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1506500 |
Equity Shares |
Rs.10/- each |
Rs.15.065
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 |
15.065 |
15.065 |
15.065 |
|
(b) Reserves & Surplus |
59.309 |
49.841 |
40.215 |
|
(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) |
74.374 |
64.906 |
55.280 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.631 |
0.926 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.201 |
0.088 |
0.028 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.832 |
1.014 |
0.028 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
12.248 |
23.805 |
15.430 |
|
(b) Trade payables |
18.105 |
6.603 |
5.100 |
|
(c) Other current liabilities |
1.195 |
1.863 |
0.572 |
|
(d) Short-term provisions |
0.427 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
31.975 |
32.271 |
21.102 |
|
|
|
|
|
|
TOTAL |
107.181 |
98.190 |
76.410 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
40.522 |
35.544 |
34.754 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
4.456 |
2.788 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
44.978 |
38.332 |
34.754 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
17.491 |
19.465 |
17.299 |
|
(c) Trade receivables |
16.718 |
17.347 |
11.870 |
|
(d) Cash and cash equivalents |
13.517 |
8.912 |
0.958 |
|
(e) Short-term loans and advances |
3.506 |
5.335 |
1.870 |
|
(f) Other current assets |
10.971 |
8.799 |
9.659 |
|
Total Current Assets |
62.203 |
59.858 |
41.656 |
|
|
|
|
|
|
TOTAL |
107.181 |
98.190 |
76.410 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
181.075 |
146.864 |
89.878 |
|
|
|
Other Income |
3.734 |
0.927 |
2.567 |
|
|
|
TOTAL (A) |
184.809 |
147.791 |
92.445 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
141.431 |
110.430 |
65.476 |
|
|
|
Changes in inventories of finished goods work-in-progress and
stock-in-trade |
0.533 |
(0.412) |
(3.436) |
|
|
|
Employee benefit expenses |
4.660 |
4.811 |
3.090 |
|
|
|
Other expenses |
22.793 |
18.147 |
9.978 |
|
|
|
TOTAL (B) |
169.417 |
132.976 |
75.108 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.392 |
14.815 |
17.337 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.674 |
2.333 |
2.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.718 |
12.482 |
15.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.711 |
1.974 |
2.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.007 |
10.508 |
13.254 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.540 |
0.060 |
(0.094) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.467 |
10.448 |
13.348 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
6.28 |
6.39 |
8.86 |
|
|
|
Diluted |
6.28 |
6.39 |
8.86 |
|
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 |
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from Related
Parties |
|
|
|
D.P Singh and Sons (HUF) Loan |
0.000 |
0.700 |
|
Davinder Pal Singh |
0.000 |
0.050 |
|
Inderjeet Singh and Sons (HUF) Loan |
0.000 |
0.600 |
|
Inderjeet Singh |
0.000 |
2.385 |
|
Jasmine Kaur |
0.000 |
0.330 |
|
Manjeet Singh |
0.000 |
0.050 |
|
Ravinder Kaur |
0.000 |
0.875 |
|
Tajender Kaur |
0.000 |
6.625 |
|
|
|
|
|
Total |
0.000 |
11.615 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10038963 |
29/05/2012 * |
34,200,000.00 |
STATE BANK OF INDIA |
WZ-167, UTTAM NAGAR, NEW DELHI, DELHI - 110059, INDIA |
B42189498 |
* Date of charge modification
PERFORMANCE OF THE
COMPANY
During the year under consideration, the company achieved a turnover of Rs.184.809 Millions as compare to previous year’s turnover of Rs. 147.791 Millions. The company earned a net profit of Rs. 10.007 Millions as compared to previous year’s net profit of Rs. 10.508 Millions.
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.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIV |
|
|
|
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
KVT |
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.