MIRA INFORM REPORT
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Report No. : |
349243 |
|
Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAHA POLY PRODUCTS LIMITED |
|
|
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|
Registered
Office : |
Plot No. 26, Phase III, IDA, Jeedimetla, Hyderabad – 500055, Telangana
|
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Tel. No.: |
91-40-23090293 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.02.1995 |
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Com. Reg. No.: |
01-019565 |
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Capital
Investment / Paid-up Capital : |
Rs.166.916 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209TG1995PLC019565 |
|
|
|
|
IEC No.: |
0995002703 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDR00736B HYDR01213C |
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|
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PAN No.: [Permanent Account No.] |
AABCR0765P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Mattresses and its Accessories. |
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|
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 98000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Poly Product LLC, Oman. It is an
established company incorporated in the year 1995 having moderate track
record. Subject is engaged in the business as manufacturer of mattresses and
its accessories. The rating reflects moderate financial risk profile marked by huge
accumulated losses incurred by the company. Moreover, this rating weakness is partially offset by strong support
received to the subject from its holding company and company’s long track
record of business operation. Their trade relations are reported as fair. Business is active.
Payments terms are reported as 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.
HENKEL RATING
|
HENKEL’s Rating : |
400 (High risk) 450 (Very high risk) |
|
Credit
Rating |
Henkel
Rating (Customer Risk Assesment- CRA) |
||
|
Mira
Inform |
Risk
Category |
Credit
Limit |
Description |
|
Aaa |
100 |
Inter Company, credit limit
not required |
Very low risk (blue ships) |
|
Aa |
200,
201 |
(120% of Gross Annualised
Sales/365)*Credit Term. |
Low risk |
|
A |
300,
301 |
(100% of Gross Annualised
Sales/365)*Credit Term. |
Moderate risk |
|
Ba |
350 |
(90% of Gross Annualised
Sales/365)*Credit Term. |
Significant risk |
|
B |
400 |
(80% of Gross Annualised
Sales/365)*Credit Term. |
High risk |
|
450 |
Very high risk |
||
|
Ca
or C |
500* |
NIL/ Legal/ Bad/No Transaction |
Doubtful accounts |
|
007* |
NIL |
Small unrated customers |
|
|
009* |
NIL |
Inactive customers |
|
|
999* |
Initially First Invoice vales,
CRA will be done and based on report the CL would get revised. |
New customer |
|
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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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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
|
Name : |
Mr. Srinivasan |
|
Designation : |
Account Manager |
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Contact No.: |
91-40-23090293 |
|
Date : |
21.11.2015 |
LOCATIONS
|
Registered Office / Factory / Head Office : |
Plot No. 26, Phase III, IDA, Jeedimetla, Hyderabad – 500055, Telangana
|
|
Tel. No.: |
91-40-23090293 / 23190084 / 23190086 |
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Fax No.: |
91-40-23195725 |
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E-Mail : |
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Website : |
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Area : |
7000 sq. ft. |
|
Location : |
Owned |
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Locality : |
Industrial |
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Branch Office : |
Located at :
|
|
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Factory 2: |
No. 5, Dr. Abdul Kalam Road, Nagalkeni, Chrom Pet, Chennai – 600044,
Tamilnadu, India |
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Tel No.: |
91- 484-3113965 |
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Email Id: |
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Area : |
1500 sq. ft. |
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Location : |
Rented |
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Factory 3: |
Door No 7, Anna Salai, 4th Cross Street, M.G.R Nagar, Pammal, Pammal Post Office, Kanchi Puram - 600075, Tamilnadu, India |
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Tel No.: |
44 22380039, 044 22383440 |
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Email Id: |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Syed Anwar Ahsan |
|
Designation : |
Director |
|
Address : |
APT-603, Alpine Towers, Hyderabad - 500055, Andhra Pradesh, India |
|
Date of Appointment : |
16.08.1995 |
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DIN No.: |
02541272 |
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|
|
|
Name : |
Mr. Syed Azhar Ahsan |
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Designation : |
Director |
|
Address : |
Flat No. 23, Meghna Paradise, Ishaq Cly, Kakaguda, Secunderabad – 500015, Telangana, India |
|
Date of Appointment : |
28.02.1995 |
|
DIN No.: |
02601505 |
|
|
|
|
Name : |
Mr. Said Saleh Mohamed Al Hinai |
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Designation : |
Director |
|
Address : |
P. O. Box 897, Code No 112, Ruwi, 112, Oman |
|
Date of Appointment : |
25.11.1995 |
|
DIN No.: |
02739553 |
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|
|
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Name : |
Mr. Narayana Swamy Natarajan |
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Designation : |
Director |
|
Address : |
B 5, Aishwarya, 21 Srinivasa Avenue Road, R.A. Puram, Chennai - 600028, Tamil Nadu, India |
|
Date of Appointment : |
19.05.2008 |
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DIN No.: |
02527617 |
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|
|
|
Name : |
Mr. Balan Somasundaram |
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Designation : |
Director |
|
Address : |
CE 146 Seet I, Salt Lake City Bidhan Nagar, Calcutta, 700020, West Bengal, India |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
02527688 |
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|
|
|
Name : |
Mr. Veeraraghavan Kuppuswamy Vijayaraghavan |
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Designation : |
Additional Director |
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Address : |
O.No.17, N.No.18, Vinayakam Street, Mandaveli, Chennai, 600028, Tamil Nadu, India |
|
Date of Appointment : |
16.06.2014 |
|
DIN No.: |
06896376 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasan |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Industrial Projects and Development Service
LLC, Sultanate of Omen |
|
500000 |
|
S. Azhar Ahsan |
|
45000 |
|
Shaik Imam |
|
100 |
|
Nooshie Ahsan |
|
100 |
|
D. Sivayya |
|
100 |
|
E. Ravi Keshav |
|
100 |
|
A. Mohan Shyam |
|
100 |
|
Shafaque Ahsan |
|
100 |
|
R. Narayanan |
|
100 |
|
S. Anwar Ahsan |
|
465000 |
|
Poly Products LLC, Sultanate of
Omen |
|
7615542 |
|
Neptune Foam, India |
|
2500 |
|
C. K. Raman |
|
89100 |
|
Anil Gopinath |
|
25000 |
|
Balan Somasundram |
|
10000 |
|
Narayan Swamy Natarajan |
|
10000 |
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Total |
|
8762842 |
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Names of Preference Shareholders |
|
No. of Shares |
|
Industrial Projects and Development Service
LLC, Sultanate of Omen |
|
2938848 |
|
Total |
|
2938848 |
LIST OF ALLOTTEES
As on 25.02.2015
|
Names of Allottees |
|
No. of Shares |
|
Ploy Products LLC |
|
450000 |
|
Total |
|
450000 |
As on 05.06.2014
|
Names of Allottees |
|
No. of Shares |
|
Ploy Products LLC |
|
160078 |
|
Total |
|
160078 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
98.60 |
|
Other top fifty shareholders |
1.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mattresses and its Accessories. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cheque and Credit (30 Days) |
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Purchasing : |
Cheque and Credit (30 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Raju and Prasad Chartered Accountant |
|
Address : |
401, Diamond House, ADJ Amrutha Hills, Punjagutta, Hyderabad,
Telangana, India |
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Tel. No.: |
91-40-23410404 |
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Fax No.: |
91-40-23410403 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFT2404H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
Poly Products LLC, Oman |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs.130.000 Million |
|
3000000 |
Preference Shares |
Rs.10/- each |
Rs.30.000 Million |
|
|
Total |
|
Rs.160.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12790594 |
Equity Shares |
Rs.10/- each |
Rs.127.906
Million |
|
2938848 |
Preference Shares |
Rs.10/- each |
Rs.29.388 Million |
|
|
Total |
|
Rs.157.294
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
FINANCIAL RESULTS
ATTACHED
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 |
104.358 |
133.702 |
157.294 |
|
Reserves & Surplus |
(98.939) |
(110.252) |
(122.788) |
|
Share Application money pending allotment |
4.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Net
worth |
9.419 |
23.450 |
34.506 |
|
|
|
|
|
|
long-term borrowings |
24.411 |
21.973 |
19.767 |
|
Short term borrowings |
20.461 |
27.941 |
31.280 |
|
Current Maturities Of
Long-Term Debts |
0.000 |
2.279 |
2.279 |
|
Total
borrowings |
44.872 |
52.193 |
53.326 |
|
Debt/Equity
ratio |
4.764 |
2.226 |
1.545 |
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) |
|
Sales |
77.554 |
81.974 |
94.287 |
|
|
|
5.699 |
15.021 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
77.554 |
81.974 |
94.287 |
|
Profit |
(3.332) |
(11.314) |
(12.535) |
|
|
(4.30%) |
(13.80%) |
(13.29%) |
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 |
Yes |
|
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) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
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 three 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 |
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 |
OPERATIONS:
For the year ended 31st March 2014, the Company has achieved sales revenue from operations of Rs.94.287 Million and loss for the year of Rs.12.457 Million after charging interest of Rs.4.158 Million and depreciation of Rs. 2.872 Million as against the sales revenue of Rs. 81.974 Million and net loss of Rs. 11.707 Million after charging interest of Rs. 4.084 Million and depreciation of Rs 2.571 Million in the preceding year. The company faced escalations in raw materials and other costs which had resulted in higher losses.
During the year ended 31 March 2014, the Company sold 16,518 Spring Mattresses and 1092 Bases as against 13,459 Mattresses and 730 Bases during the previous year ended March 2013.
FUTURE OUTLOOK:
The company is optimistic about the sales in next fmancial year. The Company foresee an increase in demand for Pocketed Spring Mattresses and to cater to this sector the Company has installed a Pocketed Spring Mattress Machine and a new Coiler machine at Chennai to increase production. The company also sees good potential in Soft furnishings Viz. Pillows. To cater to this demand a new Pillow making machine has been installed at Chennai Factory. The company plans to strengthen the sales and marketing through brand building, opening of new Raha comfort studios and promotions in areas not covered.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from others |
0.800 |
0.800 |
|
Foreign Currency term loans from other |
16.584 |
16.584 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Working Capital loan from Bank |
4.385 |
4.074 |
|
|
|
|
|
Total |
21.769 |
21.458 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10533141 |
20/11/2014 |
4,000,000.00 |
BANK OF BAHRAIN
& KUWAIT B.S.C |
6-3-550, LB
BHAWAN, AKASHGANGA, SOMAJIGUDA, HYDERA |
C34849828 |
|
2 |
10305601 |
07/09/2011 |
5,000,000.00 |
Bank of Bahrain
& Kuwait B.S.C |
6-3-550,
Akashganga, L B Bhawan, Somajiguda, Hyderabad, Andhra Pradesh - 500082, INDIA |
B20232864 |
|
3 |
10236173 |
07/09/2011 * |
10,000,000.00 |
Bank of Bahrain
& Kuwait B.S.C |
6-3-550,
Akashganga, L B Bhawan, Somajiguda, Hyderabad, Andhra Pradesh - 500082, INDIA |
B22754196 |
|
4 |
10230523 |
20/11/2014 * |
32,300,000.00 |
BANK OF BAHRAIN
& KUWAIT B.S.C |
6-3-550, LB BHAWAN,
AKASHGANGA, SOMAJIGUDA, HYDERA |
C34850156 |
|
5 |
10105422 |
23/05/2008 |
23,400,000.00 |
Bank of Bahrain
& Kuwait B.S.C |
6-3-550, Akash
ganga, Somajiguda, Hyderabad, Andhra Pradesh - 500082, INDIA |
A39620877 |
|
6 |
90117367 |
03/07/1998 |
387,108.00 |
ALPIC FINANCE
LTD. |
308; NAVKETAN,
62; S. D. ROAD, SECUNDERABAD, Andhra Pradesh - 500003, INDIA |
- |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
33 |
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.