MIRA INFORM REPORT
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Report No. : |
310950 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SYNOPRENE POLYMERS PRIVATE LIMITED |
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Registered Office : |
B/6/9, Apoorva Industrial Complex, Asan Gaon, Shahapur, Thane – 421 601,
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.06.2000 |
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Com. Reg. No.: |
11-127254 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company
Identification No.] |
U24134MH2000PTC127254 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM2227C |
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PAN No.: [Permanent
Account No.] |
AAECS9682D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Polymer Compounds like PVC Polymer
Compounds conducting PVC Polymer Compounds and Thermally Stable PVC Polymer
Compounds. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Under Liquidation |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
Subject is a company which is under process of liquidation as
mentioned in statutory. As a result of which, management has deliberately not filed any financial
after FYE 2010, with the government department. Mr. Jatin Harilal Somaiya, the director provided information and
confirmed that the management has shut down its commercial operations since last
3 years due to losses incurred leading to some management disputes which are
still going on. In view of proposed dissolution of the subject, we would not recommend
any type of business dealings to be carried out with the company. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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. Jatin Harilal Somaiya |
|
Designation : |
Director |
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Contact No.: |
91-9892270073 |
|
Date : |
05.03.2015 |
LOCATIONS
|
Registered Office/ Factory 1: |
B/6/9, Apoorva Industrial Complex, Asan Gaon, Shahapur, Thane –
421601, Maharashtra, India |
|
Tel. No.: |
91-2527-240556 / 91-22-25614393 / 94 |
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Mobile No.: |
91-9892270073 (Mr. Jatin Harilal Somaiya) |
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Fax No.: |
91-22-25614395 |
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E-Mail : |
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Website : |
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Factory 2 : |
Located at: J-79-82, Atgaon Industrial Premises, Shapur, Thane – 421602,
Maharashtra, India |
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Corporate Office : |
201-A, |
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Tel. No.: |
91-22-25614393/ 94 |
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Fax No.: |
91-22-25614395 |
DIRECTORS
|
Name : |
Mr. Rajeev Narayan Nair |
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Designation : |
Director |
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Address : |
A/104, Sai Ganesh Kutir, Vijay Nagar, Kalyan (East), Kalyan – 421306,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
19.06.2000 |
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DIN No. : |
00872227 |
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Other Directorship :
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Name : |
Mr. Jatin Harilal Somaiya |
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Designation : |
Director |
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Address : |
2003, 20th Floor, Tridev Apartments, Bhakti Marg, Opposite
Vardhanar Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
03.03.1973 |
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Qualification : |
MBA |
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Date of Appointment : |
14.02.2007 |
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DIN No. : |
01486690 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2008
|
Names of Shareholders (Equity Shares) |
No. of Shares |
Percentage of
Holding |
|
Jatin Harilal Somaiya |
397700 |
96.83 |
|
Trupti Jatin Somaiya |
10000 |
2.43 |
|
Daksha N Mehta |
600 |
0.15 |
|
Dipsingh H. Jadeja |
600 |
0.15 |
|
Jitendra P. Shiyad |
600 |
0.15 |
|
Lata Vyas |
600 |
0.15 |
|
Sanjay C. Bakrani |
600 |
0.15 |
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Total
|
410700 |
100.00 |
As on 31.03.2009
|
Names of Allottees (Equity Shares) |
No. of Shares |
|
Bubna Stock Broking Private Limited, India |
64000 |
|
Fairmont Venture Private Limited, India |
20000 |
|
Goyal Finance Limited, India |
130000 |
|
Kalpindra Multi Trade Private Limited, India |
75000 |
|
Nimbus Industries Limited, India |
26000 |
|
REL Internationals Limited, India |
95650 |
|
Teri Towel Industries Limited, India |
60000 |
|
Total |
470650 |
As on 06.09.2008
|
Category |
Percentage of Holding |
|
Directors
or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polymer Compounds like PVC Polymer
Compounds conducting PVC Polymer Compounds and Thermally Stable PVC Polymer
Compounds. |
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Products : |
· Cross Linked Polyethylene (XLPE) · Thermoplastic Elastomers (TPE) · Thermoplastic Vulcanizates (TPV) |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
IDBI Bank Limited, 161, 16th Floor,
“C” Wing, Mittal Court, Nariman Point, Mumbai – 400021, · Bank of India, Eros Building, Jamshedji Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India · Indian Overseas Bank, Thane Branch, Arjun Towers, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.H. Nagada and Associates Chartered Accountants |
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Address : |
2, New Laxmi Niwas, |
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Tel. No.: |
91-22-25900870 / 71 |
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E-Mail : |
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PAN No.: |
ABZPN0360J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
4.157 |
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2] Reserves & Surplus |
32.342 |
30.336 |
21.550 |
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3] Share Application Money |
1.384 |
0.484 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.726 |
60.820 |
25.707 |
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LOAN FUNDS |
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1] Secured Loans |
201.592 |
179.316 |
125.090 |
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2] Unsecured Loans |
47.255 |
51.909 |
55.029 |
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TOTAL BORROWING |
248.847 |
231.225 |
180.119 |
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DEFERRED TAX LIABILITIES |
5.099 |
4.832 |
3.507 |
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TOTAL |
317.672 |
296.877 |
209.333 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.117 |
62.507 |
63.839 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
17.748 |
6.278 |
1.827 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
185.602
|
135.467
|
90.341
|
|
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Sundry Debtors |
295.753
|
203.415
|
154.929
|
|
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Cash & Bank Balances |
0.347
|
0.925
|
0.088
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
18.512
|
16.185
|
12.015
|
|
Total
Current Assets |
500.214
|
355.992
|
257.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
|
|
0.929
|
|
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Current Liabilities |
255.101
|
124.060
|
110.934
|
|
|
Provisions |
4.689
|
4.672
|
2.524
|
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Total
Current Liabilities |
259.790
|
128.732
|
114.387
|
|
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Net Current Assets |
240.424
|
227.260
|
142.986
|
|
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|
MISCELLANEOUS EXPENSES |
0.383 |
0.832 |
0.681 |
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TOTAL |
317.672 |
296.877 |
209.333 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income [Sales] |
864.920 |
658.583 |
401.253 |
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Other Income |
0.935 |
0.653 |
0.737 |
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TOTAL (A) |
865.855 |
659.236 |
401.990 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
852.507 |
636.283 |
386.864 |
|
|
|
Administrative and other Expenses |
12.902 |
12.983 |
13.078 |
|
|
|
Increase / Decrease in Stocks |
[50.135] |
[45.125] |
[32.276] |
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|
TOTAL (B) |
815.274 |
604.141 |
367.666 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50.581 |
55.095 |
34.324 |
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|
Less |
FINANCIAL
EXPENSES (D) |
43.376 |
34.228 |
17.357 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.205 |
20.867 |
16.967 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.931 |
5.009 |
3.495 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.274 |
15.858 |
13.472 |
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Less |
TAX (I) |
0.268 |
3.671 |
4.981 |
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PROFIT AFTER TAX
(G-I) (J) |
2.006 |
12.187 |
8.491 |
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Less |
Short Excess
Provision for tax |
0.000 |
0.193 |
0.000 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.180 |
10.186 |
1.695 |
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BALANCE CARRIED
TO THE B/S |
24.186 |
22.180 |
10.186 |
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|
Earnings Per
Share (Rs.) |
4.89 |
29.67 |
20.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.23 |
1.85 |
2.12 |
|
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Operating Profit Margin (PBDIT/Sales) |
(%) |
5.85 |
8.37 |
8.55 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.41
|
3.79 |
4.19
|
|
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|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.26 |
0.52
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.90
|
3.80 |
7.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.77 |
2.25
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4.157 |
30.000 |
30.000 |
|
Reserves & Surplus |
21.550 |
30.336 |
32.342 |
|
Share Application Money |
0.000 |
0.484 |
1.384 |
|
Net worth |
25.707 |
60.820 |
63.726 |
|
|
|
|
|
|
Secured Loans |
125.090 |
179.316 |
201.592 |
|
Unsecured Loans |
55.029 |
51.909 |
47.255 |
|
Total
borrowings |
180.119 |
231.225 |
248.847 |
|
Debt/Equity
ratio |
7.007 |
3.802 |
3.905 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
401.253 |
658.583 |
864.920 |
|
|
|
64.132 |
31.330 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
401.253 |
658.583 |
864.920 |
|
Profit |
8.491 |
12.187 |
2.006 |
|
|
2.12% |
1.85% |
0.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10184105 |
05/01/2010 * |
100,000,000.00 |
IDBI BANK LIMITED |
161, 16TH FLOOR,
"C" WING, MITTAL COURT, NARIMAN |
A75956680 |
|
2 |
10165877 |
13/07/2009 |
12,000,000.00 |
S. E. INVESTMENTS LIMITED |
S-547IIND FLOOR
MAIN ROAD, SHAKAR PUR, NEW DELHI, |
A65279994 |
|
3 |
10050253 |
29/04/2009 * |
228,010,000.00 |
BANK OF INDIA |
EROS BUILDING, JAMSHEDJI TATA ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
A62374541 |
|
4 |
10046034 |
24/02/2007 |
120,500,000.00 |
BANK OF INDIA |
CHURCHGATE BRANCH,
MUMBAI SOUTH ZONE,, JAMSHETJI |
A13665617 |
* Date of charge modification
FIXED ASSETS
· Industrial Gala
· Land and Building
· Plant and Machinery
· Air Conditioner
· Computer
· Water Purifier
· Eureka Forbes
· Printer
· Mobile
· Motor Car
· Fingerprint Attendance System
WEBSITE DETAILS:
Profile
An ISO 9001:2000 certified company, Subject is a leading
manufacturer and exporter of hi-performance, cost effective and import
substitute compounds of PVC, flexible thermoplastic elastomers, thermoplastic
rubber, thermoplastic olefins, thermoplastic urethanes, engineering filled PP
Compounds and masterbatches. Ever since inception in 1994, the company has been
successfully able to create a niche for itself in both the national and
international markets.
Available under the brand name of Synoprene, their products are known for their
superior quality and international standards. The products that they offer are
used in various industrial applications such as Automotive, Wire and Cables,
Footwear, Packaging, Medical and Home Appliance Industries. They make a constant
effort to technologically upgrade their products so that they are able to keep
pace with the global advancements. Their customization capabilities have
enabled them to maintain a commendable position in the international market.
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 records 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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
MRI |
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 |
|
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.