MIRA INFORM REPORT

 

 

Report No. :

348280

Report Date :

03.11.2015

 

IDENTIFICATION DETAILS

 

Name :

RAVAGO SHAH POLYMERS PRIVATE LIMITED (w.e.f 23.05.2015)

 

 

Formerly Known As :

I.K POLYMERS (SOUTH) PRIVATE LIMITED

 

 

Registered Office :

No: 53, Pozhichalur Main Road, Pammal, Chennai – 600075, Tamilnadu

Tel. No.:

91-44-22485460

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.12.2010

 

 

Com. Reg. No.:

18-078592

 

 

Capital Investment / Paid-up Capital :

Rs.12.600 Million

 

 

CIN No.:

[Company Identification No.]

U25190TN2010PTC078592

 

 

IEC No.:

0410048381

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACC15198J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer and Trader of Plastic Raw material like plastic resins and additives and speciality compounds, commodity engineering plastics to finished products.

 

 

No. of Employees :

50  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2010 and it is a trader, exporter and importer of plastic raw material.

 

Rating is constrained on account of company’s moderate financial profile marked by low reserves with modest net worth base and moderately leverage balance sheet profile of the company.

 

Rating further constrained on account of company’s trading nature of business operations marked by its susceptibility to intense competition in plastic industry and volatility in foreign exchange fluctuations led to adverse movement in raw material prices.

 

Trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing with some caution.

 

Note: Profit and loss account for the year 2014 are not available from any sources.

 

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2015.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Rama Swamy

Designation :

Accountant

Contact No.:

91-44-22485460

Date :

03.11.2015

 

 

LOCATIONS

 

Registered Office :

No: 53, Pozhichalur Main Road, Pammal, Chennai – 600075, Tamilnadu, India

Tel. No.:

91-44-22485460/61/62

Fax No.:

91-44-22641103

E-Mail :

contact@ikpolymers.in

finchn1@ravagosp.com

Website :

www.ravagosp.com

Location:

Owned

Locality:

Commercial

 

 

Head Office :

114/C, 1st Cross, 5th Main, Opposite Ctmi, Yeshwanthpur Suburb, Bangalore – 560022, Karnataka, India

 

 

Warehouse :

No. B, Thiruneermalai Road, Nagalkeni, Chrompet, Chennai – 600044, Tamilnadu, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mrs. Divya Deepak Shah

Designation :

Additional director

Address :

H. No. 1, Ashirwad, 1st Block, 1st Main, R M V 2nd Stage, Bangalore - 560094, Karnataka, India

Date of Appointment :

01.01.2011

DIN No.:

01318458

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U25200KA1998PLC023272

TUFLITE POLYMERS LIMITED

Director

9/30/2000

9/30/2000

5/31/2011

Active

NO

2

U25190TN2010PTC078592

RAVAGO SHAH POLYMERS PRIVATE LIMITED

Additional director

1/1/2011

1/1/2011

-

Active

NO

 

 

Name :

Mr. Shashikant Hargobindas Shah

Designation :

Additional director

Address :

H. No. 1, Ashirwad, 1st Block, 1st Main, R M V 2nd Stage, Bangalore - 560094, Karnataka, India

Date of Appointment :

09.05.2011

DIN No.:

00403048

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U25200KA1998PLC023272

TUFLITE POLYMERS LIMITED

Director

1/15/1998

1/15/1998

-

Active

NO

2

U25190TN2010PTC078592

RAVAGO SHAH POLYMERS PRIVATE LIMITED

Additional director

5/9/2011

5/9/2011

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Rama Swamy

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Shashikant Hargobindas Shah

630000

50.00

Divya Deepak Shah

630000

50.00

Total

1260000

100.00

 

 

AS ON 20.07.2015

 

Names of Allottees

 

No. of Shares

Shah Polymers; Existing Registered Partnership Firm

 

9900232

Total

 

9900232

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Importer and Trader of Plastic Raw material like plastic resins and additives and speciality compounds, commodity engineering plastics to finished products.

 

 

Products :

--

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Sri Lanka
  • Korea
  • USA

 

 

Imports :

 

Products :

Plastic Raw Material

Countries :
  • Korea
  • Malaysia
  • Singapore
  • China

 

 

Terms :

 

Selling :

L/C, Cheque and Credit

 

 

Purchasing :

L/C, Cheque and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Retailers ,End users

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

50  (Approximately)

 

 

Bankers :

Banker Name

Standard Chartered Bank

Branch Address

Vaishnavi Serenity, 112,

5th Block, Koramangala, Bangalore - 560095, Karnataka, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Patel Mohan Ramesh and Company

Chartered Accountants

Address :

35/4, A R K Colony Eldams Road, Alwarpet, Chennai – 600018m Tamilnadu, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFP5408N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs. 130.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 125.745 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1260000

Equity Shares

Rs.10/- each

Rs. 12.600 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

12.600

0.100

0.100

(b) Reserves & Surplus

3.781

2.117

0.660

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

19.800

12.500

2.500

Total Shareholders’ Funds (1) + (2)

36.181

14.717

3.260

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.002

0.007

(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)

0.000

0.002

0.007

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.021

(b) Trade payables

22.508

42.941

42.621

(c) Other current liabilities

0.000

0.000

0.145

(d) Short-term provisions

0.865

0.707

0.350

Total Current Liabilities (4)

23.373

43.648

43.137

 

 

 

 

TOTAL

59.554

58.367

46.404

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.384

0.486

0.500

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

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)

0.006

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

0.390

0.486

0.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

24.082

12.984

11.050

(c) Trade receivables

26.127

26.548

33.487

(d) Cash and cash equivalents

1.825

14.173

0.325

(e) Short-term loans and advances

7.030

4.176

1.042

(f) Other current assets

0.100

0.000

0.000

Total Current Assets

59.164

57.881

45.904

 

 

 

 

TOTAL

59.554

58.367

46.404

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

175.418

70.079

 

Other Income

 

0.254

0.200

 

TOTAL (A)

 

175.672

70.279

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases

 

143.185

66.930

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(1.934)

(11.050)

 

Employees benefits expense

 

2.154

0.838

 

Other expenses

 

29.629

12.496

 

TOTAL (B)

 

173.034

69.214

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

 

2.638

1.065

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

 

0.406

0.027

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

 

2.232

1.038

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

 

0.123

0.006

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

 

2.109

1.032

 

 

 

 

 

Less

TAX (H)

 

0.651

0.357

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

 

1.458

0.675

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

145.71

67.52

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

NA

0.83

0.96

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

NA

1.50

1.52

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

3.61

2.22

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

0.14

0.32

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.01

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.53

1.33

1.06

 

 

 

 

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

0.100

0.100

12.600

Reserves & Surplus

0.660

2.117

3.781

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

2.500

12.500

19.800

Net worth

3.260

14.717

36.181

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.021

0.000

0.000

Total borrowings

0.021

0.000

0.000

Debt/Equity ratio

0.006

0.000

0.000

 

 

 

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

No

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

No

18

Major suppliers

No

19

Major customers

No

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 two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last two years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

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

10390679

26/11/2012

20,000,000.00

STANDARD CHARTERED BANK

VAISHNAVI SERENITY, 112,, 5TH BLOCK, KORAMANGALA,
BANGALORE, KARNATAKA - 560095, INDIA

B63612329

 

 

FIXED ASSETS

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.48

UK Pound

1

Rs.101.06

Euro

1

Rs.72.21

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.