MIRA INFORM REPORT
|
Report
Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
KANTILAL MANILAL & COMPANY PRIVATE LIMITED |
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Registered
Office : |
Apeejay Chambers, 1st Floor, Wallace
Street, Fort, Mumbai – 400 001, Maharashtra, India |
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Country
: |
India |
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Financial
(as on) ; |
31.03.2005 |
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Date
of Incorporation : |
18.04.1984 |
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Com.
Reg. No.: |
11-32694 |
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CIN
No.: [Company
Identification No.] |
U24110MH1984 PTC 032694 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
MUMK12362A |
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PAN
No.: [Permanent Account No.] |
AAACK5165B |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Traders and dealers of Pharmaceutical Chemicals. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
100000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established and reputed company
engaged in trading of pharmaceutical raw materials and chemicals. The company is controlled by respectable,
resourceful and experienced Shah family. Their trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can be considered good for normal
business dealings at usual trade terms and conditions. It can be regarded as a
promising business partner in a long-run |
LOCATIONS
|
Registered
Office : |
Apeejay Chambers, 1st Floor, Wallace
Street, Fort, Mumbai – 400 001, Maharashtra, India |
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Tel.
No.: |
91-22-22317612 / 22072325 |
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Fax
No.: |
91-22-22317610 / 22070376 |
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E-Mail
: |
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Area : |
500 Sq. ft |
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Branches
: |
Located at: - Plot No. 294/12-B, Room No. 25,
16, Princess Street, Mumbai – 400 002, Maharashtra |
DIRECTORS
|
Name : |
Mr. Anil P. Shah |
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Designation
: |
Director |
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Date
of Birth/Age : |
27-11-1944 |
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Date
of Appointment : |
30-09-1995 |
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Name : |
Mr. Pankaj P. Shah |
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Designation
: |
Director |
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Date
of Birth/Age : |
14-08-1951 |
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Date
of Appointment : |
30-09-1995 |
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Name : |
Mr. Atul V. Shah |
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Designation
: |
Director |
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Date
of Birth/Age : |
28-12-1960 |
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Date
of Appointment : |
30-09-1995 |
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Name : |
Mr. Mukesh K. Shah |
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Designation
: |
Director |
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Date
of Birth/Age : |
01-10-1959 |
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Date
of Appointment : |
30-09-1995 |
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Name : |
Mr. Vinubhai P. Shah |
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Designation
: |
Director |
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Date
of Birth/Age : |
08-10-33 |
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Date
of Appointment : |
30-09-1995 |
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Name : |
Mrs. Nilamben C. Shah |
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Designation
: |
Director |
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Date
of Birth/Age : |
21-08-1932 |
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Date
of Appointment : |
30-08-1995 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mrs.
Charu P Shah Mr. Pankaj P. Shah |
850 |
|
Mr. Pankaj P. Shah Mrs.
Charu P Shah |
849 |
|
Mr. Anil P. Shah (HUF) Mrs. Devyani A. Shah |
750 |
|
Mr. Pankaj P. Shah (HUF) Mrs.
Charu P Shah |
750 |
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Mr. Anil P. Shah Mrs. Devyani A. Shah |
750 |
|
Mr. Vinubhai P. Shah Mrs. Kokilaben Shah |
600 |
|
Mr. Vinubhai P. Shah (HUF) Mrs. Kokilaben Shah |
400 |
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Mrs. Kokilaben Shah Mr. Vinubhai P. Shah |
500 |
|
Mr. Atul V. Shah Mrs. Sheetal A. Shah |
675 |
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Mrs. Sheetal A. Shah Mr. Atul V. Shah |
300 |
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Miss Mansi P Shah. Mr. Pankaj P. Shah |
150 |
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Miss Aditi P Shah Mr. Pankaj P. Shah |
150 |
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Mrs. Devyani A. Shah Mr. Anil P. Shah |
750 |
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Miss Pooja A. Shah Mr. Anil P. Shah |
150 |
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Miss. Reema A. Shah Mr. Anil P. Shah |
150 |
BUSINESS DETAILS
|
Line
of Business : |
Traders and dealers of Pharmaceutical Chemicals. |
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Products
: |
·
Aipic Acid ·
Butyl Cellosove ·
Bisphenol ·
Carbitol ·
Chloroform ·
Cyclohexane ·
Cycloxexanone ·
Cyclohexulamine ·
Dimethyl Carbonate ·
DMDCS ·
Epichlorohydrine ·
Hydrazine Hydrate ·
Hydroquinone ·
Glycerine ·
Maleic Anhydride ·
Methyl Cellosolve ·
Morpholine ·
Neophentyl Glycol ·
Perchloroehtylene ·
Petroleum Ether ·
Potassium Carbonate ·
N-propariol Pure ·
Propionic Acid ·
Propionis Anhydride ·
Propylene Glycol ·
Pyridine Pure ·
Thioglycollic Acid ·
Vinyl Acetane Manomer Generic Name of the Principal Product of the
company is : ·
Trading Pharmaceutical Chemicals |
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Exports
to : |
Europe |
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Imports
from : |
Europe, U.S.A. and China |
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Terms
: |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
|
Suppliers
: |
Ø Diamond Dye Chemical Limited Ø ICI India Limited Ø Letcar Pharma Limited Ø National Organization Chemical
Industrial Limited Ø Gharda Chemical Limited Ø Lumis Biotech Limited |
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Customers
: |
Pharmaceutical & Chemical
Industry Ø Ajine Metro Company Ø Atei Shokai Company Ø Formol Y Derivodos Ø Picadally Sayare Trading Limited Ø Sinobrigut Development Limited Ø Zhejiqug Kangu Pharmaceutical
Company Limited |
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No. of
Employees : |
35 |
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Bankers
: |
˜
The Hongkong & Shanghai Banking Corporation
Limited 52/60, Mahatma Gandhi Road,
Mumbai - 400 001 ˜
Andhra Bank Limited Hyderabad Branch, Hyderabad,
Andhra Pradesh ˜
Bombay Mercantile Co-operative Bank Limited Mahatma Gandhi Road, Mumbai ˜
Bank of Baroda Princess Street, Mumbai - 400 002 |
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Banking Relations : |
Good |
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Auditors
: |
Ramesh C. Shah and Company Chartered Accountants |
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Address
: |
307, Venkatesh Chambers, 3rd
Floor, Prescot Road, Behind Khadi Bhandar, Fort, Mumbai – 400 001 |
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Tel.
No.: |
91-22-22075636 |
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Fax
No.: |
91-22-22070012 |
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Associates/Subsidiaries
: |
Ø Kantilal
Manilal Private Limited Ø Emjey
Enterprise Ø Ascent
Trading Company Ø Alok
Enterprise |
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Membership
: |
Basic Chemicals,
Pharmaceuticals and Cosmetics Export Promotion Council |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Shares |
Rs.100/-
each |
Rs.
2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs.100/-
each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS
FUNDS |
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|
1] Share
Capital |
1.000 |
1.000 |
1.000 |
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|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves
& Surplus |
37.244 |
28.970 |
25.982 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
38.244 |
29.970 |
26.982 |
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LOAN
FUNDS |
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|
1]
Secured Loans |
|
0.000 |
0.000 |
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2]
Unsecured Loans |
77.295 |
68.533 |
65.309 |
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TOTAL BORROWING
|
77.295 |
68.533 |
65.309 |
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DEFERRED
TAX LIABILITIES |
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TOTAL
|
115.539 |
98.503 |
92.291 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
2.052 |
2.719 |
2.174 |
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Capital work-in-progress
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INVESTMENT
|
0.000 |
0.795 |
1.782 |
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DEFERREX TAX ASSETS
|
0.256 |
0.610 |
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
84.472 |
57.012
|
58.483
|
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Sundry Debtors
|
96.697 |
65.410
|
54.169
|
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Cash & Bank Balances
|
10.496 |
16.150
|
19.004
|
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Other Current Assets
|
0.000 |
0.000
|
0.000
|
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Loans & Advances
|
2.514 |
8.098
|
16.966
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Total Current Assets
|
194.179 |
146.670 |
148.622
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
80.913 |
|
61.309
|
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Provisions
|
0.035 |
52.291
|
(0.422)
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Total Current Liabilities
|
80.948 |
52.291 |
60.887
|
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Net
Current Assets
|
113.231 |
94.379 |
87.735
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.600 |
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TOTAL
|
115.539 |
98.503 |
92.291 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
539.149 |
387.067 |
319.850 |
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Profit/(Loss) Before Tax
|
11.504 |
2.988 |
4.887 |
Provision for Taxation
|
3.230 |
0.000 |
1.570 |
Profit/(Loss) After Tax
|
8.274 |
2.988 |
3.317 |
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Import Value
|
199.889 |
272.467 |
139.877 |
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Total Expenditure
|
879.128 |
27.275 |
314.963 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
1.53 |
0.77 |
1.03
|
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Net Profit Margin
(PBT/Sales) |
(%) |
2.13 |
0.77 |
1.52
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.86 |
0.02 |
3.24
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Return on Investment (ROI)
(PBT/Networth) |
|
0.30 |
0.10 |
0.18
|
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Debt Equity Ratio
(Total
Liability/Networth) |
|
4.13 |
4.03 |
4.67
|
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|
Current Ratio
(Current
Asset/Current Liability) |
|
2.40 |
2.80 |
2.44
|
LOCAL AGENCY FURTHER INFORMATION
Company has made a yet profit of Rs. 11.504 millions during
the financial year. After deducting tax of Rs. 3.230 millions the net profit
carried to the Balance Sheet is Rs. 8.274 millions.
The company where following observations were carried on:-
˜
Name Board of the company could be seen and the
visibility of the Name Board is good.
˜
The company’s office is easy to locate.
˜
Subject is located in an up market area.
˜
Subject is situated in a commercial locality.
˜
Items such as Telephone, Fax Machine, Computers,
Xerox Machine and Air Conditioner could be seen at the company’s office.
Fixed Assets:
Ø Godown
Premises
Ø Furniture
& Fixtures
Ø Electrical
Installation
Ø Type
Writers
Ø Air
Conditioner & Fridge
Ø Telephone
Ø Xerox
Machine
Ø Fax
Machine
Ø Computer
& Printers
Ø Voltage
Stabilizer
Ø Weighing
Machine
Ø Fire
Extinguishers
Ø Telephone
System
Ø Motor
Cars
Ø Books
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 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.46.20 |
|
UK Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
68 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |