MIRA INFORM REPORT
|
Report No. : |
328331 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
EXPANDED POLYMER SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-44/1 and 2, C-45/3, TTC Area, Pawne, MIDC, Vashi, Navi Mumbai – 400705,
|
|
Tel. No.: |
91-22-27670838 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.11.2007 |
|
|
|
|
Com. Reg. No.: |
11-175657 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 120.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24134MH2007PTC175657 |
|
|
|
|
IEC No.: |
388149300388149311 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME00833A MUME07100C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFE0142M AABCE8627R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importers of Polyurethane Chemicals. |
|
|
|
|
No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limited: |
USD 570000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There seems some dip in the turnover and profit of the company during FY
2014. The rating also takes into consideration low reserves level and low
profit margin of the company. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL
AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term: “BB” (Suspended) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term: “A4” (Suspended) |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
February 2014 |
REASON FOR SUSPENDED: Inability to carry out rating
in absence of requisite information from the company.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Rajen Mahesh Mehta |
|
Designation : |
Additional Director |
|
Contact No.: |
91-22-30914300 |
|
Date : |
19.06.2015 |
LOCATIONS
|
Registered Office / Factory 1 : |
C–44/1 and 2, C–45/3, TTC Area, Pawne MIDC, Vashi, Navi Mumbai –
400705, Maharashtra, India |
|
Tel. No.: |
91-22-27670838/ 30914300 / 30914323 / 30914320 |
|
Fax No.: |
91-22-27671065 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Plot - CH-10, GIDC, Taluka Vagra Dahej, District Bharuch, Gujarat,
India |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Mukesh Shantilal Bhuta |
|
Designation : |
Managing Director |
|
Address : |
1101, Alaknanda CHS Limited, 7th Road, Rajawadik, Ghatkopar
(East), Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1953 |
|
Qualification : |
Science Graduate, B.E. Tech London |
|
Date of Appointment : |
01.08.2009 |
|
Experience : |
32 Years |
|
PAN No.: |
AAAPB7437Q |
|
DIN No.: |
00801515 |
|
|
|
|
Name : |
Dr. Vaman Jasvantrai Mehta |
|
Designation : |
Director |
|
Address : |
24, Garodia Palace, Plot No. 198, 90 Feet Road, Garodia Nagar,
Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1934 |
|
Date of Appointment : |
02.11.2007 |
|
PAN No.: |
AAAPM9031F |
|
DIN No.: |
01214512 |
|
|
|
|
Name : |
Mr. Ajit Shantilal Bhuta |
|
Designation : |
Director |
|
Address : |
1102, Alaknanda, Neelkanth Valley, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
Date of Birth/Age : |
12.03.1951 |
|
Date of Appointment : |
02.11.2007 |
|
PAN No.: |
AABPB0541Q |
|
DIN No.: |
00802006 |
|
|
|
|
Name : |
Mr. Chandulal Kalidas Shah |
|
Designation : |
Director |
|
Address : |
64/A, Manju Niketan, Opposite Topiwala Cinema, Topiwala Compound, S.V.
Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India |
|
Date of Birth/Age : |
07.09.1941 |
|
Date of Appointment : |
29.09.2008 |
|
PAN No.: |
AADPS9643Q |
|
DIN No.: |
01977071 |
|
|
|
|
Name : |
Mr.
Rajen Mahesh Mehta |
|
Designation : |
Additional Director |
|
Address : |
101 Gayatri Niwas, Bhagat Singh Road, Vile Parle (West), Mumbai -
400056, Maharashtra, India |
|
Date of Birth/Age : |
09.08.1951 |
|
Date of Appointment : |
01.10.2014 |
|
DIN No.: |
06988706 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mukesh Shantilal Bhuta |
8400000 |
70.00 |
|
Vaman Jasvantrai Mehta |
960000 |
8.00 |
|
Jayshree Ajit Bhuta |
300000 |
2.50 |
|
Ajit Shantilal Bhuta |
300000 |
2.50 |
|
Harsh Vaman Mehta |
120000 |
1.00 |
|
Medha Mukesh Bhuta |
600000 |
5.00 |
|
Hema C Shah and Vaman Jasvantrai Mehta |
120000 |
1.00 |
|
Mikhail Mukesh Bhuta |
1200000 |
10.00 |
|
Total |
12000000 |
100.00 |
AS ON 27.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importers of Polyurethane Chemicals. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
-- |
||||
|
|
|
||||
|
Agencies Held : |
-- |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Polyurethane Chemical |
||||
|
Countries : |
· Middle East · Thailand |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
· Singapore · Japan |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Cheque and Credit (90 days) |
||||
|
|
|
||||
|
Purchasing : |
Cash, Cheque and Credit (90 days) |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
Wholesalers and Retailers
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
110 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Standard Chartered Bank, SME Credit, Crescenzo, 3a/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · Kotak Mahindra Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai - 400021, Maharashtra, India · Bank of India, Andheri MID Corporate Branch, 28, MDI Building, 1st Floor, S. V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India · Bank of India, Ghatkopar (West) Branch,Desai Niwas, M.G. Road, Ghatkopar (West), Mumbai - 400086, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Cash Credit: Rs. 250.000 Million
|
|
Auditors : |
|
|
Name : |
C M Gabhawala and Company Chartered Accountants |
|
Address : |
42, Nanik Nivas, 30, Dr. D. D. Sathe Marg, Girgaum, Mumbai – 400004, Maharashtra, India |
|
PAN
No.: |
AAAFC1255D |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates
Enterprises : |
· Ajit Bhuta and Associates · Shantilal and Company Private Limited |
CAPITAL STRUCTURE
AS ON 27.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
120.000 |
120.000 |
120.000 |
|
(b) Reserves & Surplus |
80.302 |
54.405 |
17.160 |
|
(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) |
200.302 |
174.405 |
137.160 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
155.148 |
179.291 |
190.787 |
|
(b) Deferred tax liabilities (Net) |
23.932 |
11.705 |
2.382 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.288 |
4.557 |
9.048 |
|
Total Non-current
Liabilities (3) |
184.368 |
195.553 |
202.217 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
408.688 |
284.915 |
329.789 |
|
(b) Trade
payables |
501.668 |
517.502 |
487.454 |
|
(c) Other
current liabilities |
147.421 |
165.174 |
142.468 |
|
(d) Short-term
provisions |
9.842 |
11.136 |
0.873 |
|
Total Current
Liabilities (4) |
1067.619 |
978.727 |
960.584 |
|
|
|
|
|
|
TOTAL |
1452.289 |
1348.685 |
1299.961 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
415.006 |
430.239 |
392.583 |
|
(ii)
Intangible Assets |
1.320 |
1.646 |
0.047 |
|
(iii)
Capital work-in-progress |
101.738 |
49.775 |
34.465 |
|
(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 |
2.553 |
2.890 |
6.288 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
520.617 |
484.550 |
433.383 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
343.529 |
270.756 |
250.684 |
|
(c) Trade
receivables |
344.613 |
407.870 |
412.584 |
|
(d) Cash
and cash equivalents |
129.499 |
53.855 |
77.942 |
|
(e)
Short-term loans and advances |
97.789 |
116.232 |
119.326 |
|
(f) Other
current assets |
16.242 |
15.422 |
6.042 |
|
Total Current
Assets |
931.672 |
864.135 |
866.578 |
|
|
|
|
|
|
TOTAL |
1452.289 |
1348.685 |
1299.961 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUE
(A) |
2489.185 |
2563.415 |
2050.268 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.790 |
78.994 |
36.568 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
31.392 |
28.423 |
24.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
38.398 |
50.571 |
12.335 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.418 |
10.518 |
(6.001) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
17.980 |
40.053 |
18.336 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.405 |
13.160 |
(5.176) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
4.000 |
0.000 |
|
|
|
Proposed Dividend (Including Dividend Tax) |
1.404 |
2.808 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
62.981 |
46.405 |
13.160 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Sales |
299.636 |
225.196 |
50.204 |
|
|
|
Commission |
14.059 |
15.327 |
11.076 |
|
|
|
Installation and Commissioning |
2.573 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
316.268 |
240.523 |
61.280 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
1269.271 |
1321.842 |
1099.029 |
|
|
|
Capital Goods |
0.391 |
0.000 |
0.000 |
|
|
|
Spares (Trading) |
12.183 |
13.963 |
13.746 |
|
|
TOTAL IMPORTS |
1281.845 |
1335.805 |
1112.775 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.50 |
3.34 |
1.53 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
2970.000 |
Expected Sales (2015-2016): Rs.3750.000 Million
The above information has been parted by Mr. Rajen Mahesh Mehta (Additional Director).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
39.392 |
45.713 |
44.231 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84 |
3.89 |
0.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.29 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.01 |
2.92 |
4.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.88 |
0.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
120.000 |
120.000 |
120.000 |
|
Reserves & Surplus |
17.160 |
54.405 |
80.302 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
137.160 |
174.405 |
200.302 |
|
|
|
|
|
|
long-term borrowings |
190.787 |
179.291 |
155.148 |
|
Short term borrowings |
329.789 |
284.915 |
408.688 |
|
Current Maturities of
Long Term Debt |
44.231 |
45.713 |
39.392 |
|
Total borrowings |
564.807 |
509.919 |
603.228 |
|
Debt/Equity ratio |
4.118 |
2.924 |
3.012 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Revenue |
2050.268 |
2563.415 |
2489.185 |
|
|
|
25.028 |
(2.896) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Revenue |
2050.268 |
2563.415 |
2489.185 |
|
Profit |
18.336 |
40.053 |
17.980 |
|
|
0.89% |
1.56% |
0.72% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10466706 |
29/10/2013 |
50,000,000.00 |
BANK OF INDIA |
ANDHERI MID CORPORATE BRANCH, 28, MDI BLDG.,, 1ST |
B92174937 |
|
2 |
10417463 |
22/07/2013 * |
200,000,000.00 |
STANDARD CHARTERED BANK |
SME CREDIT, CRESCENZO, 3A/F, PLOT NO. C-38 & 39, |
B80574486 |
|
3 |
10259623 |
11/12/2010 |
341,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH,DESAI NIWAS, M.G.ROAD,GHA |
B02731800 |
|
4 |
10243694 |
06/09/2010 |
580,300.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH,DESAI NIWAS,, M.G.ROAD,GH |
A96189766 |
|
5 |
10238730 |
31/07/2010 |
75,000,000.00 |
BANK OF INDIA |
GHATKOPAR (WES) BRANCH, DESAI NIWAS,, M. G. ROAD, |
A94006111 |
|
6 |
10245424 |
29/11/2009 |
12,050,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB |
A88597224 |
|
7 |
10191623 |
03/11/2009 |
240,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH DESAI NIWAS, M. G. ROAD G |
A74750050 |
|
8 |
10191626 |
03/11/2009 |
345,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH DESAI NIWAS, M. G. ROAD G |
A74750183 |
|
9 |
10192362 |
03/11/2009 |
349,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH DESAI NIWAS, M. G. ROAD G |
A75252403 |
|
10 |
10083710 |
20/11/2008 * |
4,400,000.00 |
BANK OF INDIA |
GHATKOPAR (WEST) BRANCH, DESAI NIWAS,, M.G. ROAD, |
A50964378 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
112.390 |
108.817 |
|
Other loans and advances, others |
4.630 |
6.433 |
|
Total |
117.020 |
115.250 |
BACKGROUND
The company has been converted from partnership firm to a Private Limited Company on 2 November 2007 under chapter IX of the Companies Act, 1956 vide certificate of incorporation issued on 2 November 2007. No.-U24134MH2007PTC175657.
The Company is engaged in the business of manufacturing polyurethane chemicals and trading of chemicals.
OPERATIONS
The company has earned total revenue of Rs. 2489.185 Million (Previous year Rs. 2563.415 Million) thereby registering a decrease 3% over the previous year, during the year under review, and incurred profit after tax of Rs.17.980 Million (Previous year Rs.40.053 Million).
Indian Polyurethane industries performance had been impressive till 2012 but the market become stagnant in 2013 due to various factors like overall economic slow down, impact of global economic crises on Indian manufacturers, inflationary pressures, etc. This had affected the performance of the company during 2013-14.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
(i). Letter of credit issued by banks on behalf of the company Rs. 200.548 Million (Previous year Rs. 321.586 Million)
(ii). Guarantee given by the banks on behalf of the company Rs. NIL (Previous Rs. 0.347 Million)
(iii). Bills drawn on customers and discounted with Banks Rs. 70.113 Million (Previous year Rs.89.660 Million)
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
Intangible Assets
· Computer Software
· Know-How
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.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SAN / DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.