MIRA INFORM REPORT

 

 

 

Report Date :

13th May, 2006

 

IDENTIFICATION DETAILS

 

Name :

EMERALD ALCHYMICUS PRIVATE LIMITED

 

 

Registered Office :

14, Uday, 236-B, Opp. Apna Bazar, J. N. Road, Mulund (West), Mumbai – 400 080, Maharashtra

 

 

Country:

India

 

 

Financials as on:

31.03.2005

 

 

Date of Incorporation :

8th January, 2003

 

 

CIN No.:

U24100MH2003PTC138599

 

 

Com. Reg. No.:

11-138599

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Manufacturers, formulators, processors, producers, makers, buyers, sellers, resellers, importers, exporters, distributors, suppliers, fermentors, distillers, refiners, stockiests, agents, merchants, developers, consultants and dealers in all types, forms and of all kind of chemicals, acid, alkalies, tannis, tannis extracts, solvents, dyestuffs, dyes, pigments, colours, speciality chemicals, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

 

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track records. Profit margin is under severe pressure. Payments are reported as slow but correct

 

The company can be considered for small to mediocre business dealings at usual trade terms and conditions

 

LOCATIONS

 

Registered Office :

14, Uday, 236-B, Opp. Apna Bazar, J. N. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Tel. No.:

91-22-25708530/31/32/25613400

Fax No.:

91-22-25708533

E-Mail :

emeraladalchy@vsnl.net

Website :

http://www.emeraldalchymicus.com

Area :

1295 sq.ft

Location :

Rented

 

 

Factory 1 :

07, M-17, M-18, Rajalaxmi Commercial Complex, Kalher Bhiwandi Road, District Thane, Maharashtra

Tel. No.:

91-252-2276167

 

DIRECTORS

 

Name :

Mrs. Shradha K. Karkhanis

Designation :

Director

Address :

B-1106, Kalinga, Nirmal Nagar, Link Road, Mulund (West), Mumbai – 400 080, Maharashtra

Date of Birth/Age :

12th August, 1966

Qualification :

B. Com.

Experience :

16 Years

Date of Appointment :

08th November, 2003

 

 

Name :

Mr. Vijay R. Biwalkar

Designation :

Director

Address :

Flat No. 401/402, 2A Dheeraj Enclave, Ciba Road, Goregoan (East), Mumbai – 400 069, Maharashtra

Date of Birth/Age :

20.04.1963

Qualification :

B. Com.

Date of Appointment :

08th November, 2003

 

 

Name :

Mr. Shantinath V. Jha

Designation :

Director

Address :

2503, Challenger – II, Thakur Village, Kandivali (East), Mumbai – 400 107, Maharashtra

Date of Birth/Age :

03.08.1944

Experience :

20 Years

Date of Appointment :

08th November, 2003

 

 

Name :

Mr. Prashant B. Nachane

Designation :

Director

Address :

708, Kumar Co-operative Housing Society, Mahada layout, Navghar Road, Mumbai – 400 058, Maharashtra

Date of Birth/Age :

26 Years

Qualification :

B. Sc.

Experience :

4 Years

Date of Appointment :

23.02.2004

 

 

Name :

Mrs. Anjali R Mate

Designation :

Director

Address :

102, Harmony Apartments, Khar Danda Road, Mumbai 400052, Maharashtra

Date of Birth/Age :

24.10.1956

Date of Appointment :

08.11.2003

 

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

 

 

Ms. Shradha K. Karkhanis

137,300

Mr. Vijay R. Diwalkar

25,100

Mr. Shantinath V Jha

690,000

Mrs. Pragna R. Motiwala

100

Mr. Vijay T. Jadhav

100

Mr. Ramesh G. Shah

100

Mr. Vasant D. Gangani

100

Mrs. Anjali R. Mate

100,000

Mr. Shantinath Jha - HUF

60,000

Mr. Umesh Rao

40,000

Mr. Vilas J. Deshpande

44,000

Mr. Vilas J. Deshpande - HUF

34,200

Mr. Shyamsunder Karkhanis

34,500

Mr. Shyamsunder Karkhanis - HUF

22,500

Mr. Rajesh Patankar

35,000

Mr. Jayant Deshpande

4,500

Mr. Ketan S Kharkhanis

1,500

Mr. Ketan S Kharkhanis - HUF

16,500

Mr. Jayant Deshpande - HUF

10,000

Mr. Prasant B Nachane

27,000

Mr. Shantinath Jha

630,000

Mr. Ajay Rambhai - HUF

100

Mr. Jagdish P Dudakia - HUF

100

Mrs. Kirti M. Baru

100

Mrs. Shraddha K. Kharkhanis

100

Mr. Kishore N Atha

100

Mr. Mohan L Bhanushali - HUF

100

Mr. Chandrakant S Jha

100

Mrs. Shraddha K. Kharkhanis

100

Mr. Atul R. Katira

100

Mrs. Bharti S Sanghvi

100

Mrs. Hansa P Ratnani

100

Mr. Hitesh S Gandhi

100

Mrs. Kaushalia K Thakkar

100

Mr. Mulji D Majethia - HUF

100

Mrs. Pragna R. Motiwala

100

Mr. Vijay T. Jadhav

100

Mr. Vasant D. Gangani

100

Mr. Ajay Rambhai - HUF

100

Mr. Jagdish P Dudakia - HUF

100

Mr. Jayant Deshpande

100

Mrs. Kirti M. Baru

100

Mr. Kishore N Atha

100

Mr. Mohan L Bhanushali

100

Mrs. Revati Hariharan

100

Mr. Arun Kumar Jha

100

Mr. Chandrakant S Jha

100

Mrs. Vijayaben P Dedhia

100

Mr. Atul R Katira

100

Mrs. Bharti J Sanghavi

100

Mrs. Daksha H Karanai

100

Mrs. Hansa P Ratnani

100

Mr. Girish R Shah

100

Mr. Hitesh S Gandhi

100

Mrs. Kaushalia A Thakkar

100

Mr. Mulji D Majathia - HUF

100

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, formulators, processors, producers, makers, buyers, sellers, resellers, importers, exporters, distributors, suppliers, fermentors, distillers, refiners, stockiests, agents, merchants, developers, consultants and dealers in all types, forms and of all kind of chemicals, acid, alkalies, tannis, tannis extracts, solvents, dyestuffs, dyes, pigments, colours, speciality chemicals, etc.

 

 

Products :

Non-Pharma Products

·         Acrylic Resins – Uracron/Uramex/Uralac – DSM Holland Make

·         Polyisocyanaje Bioret – Tolonate

·         Rhodia – France Make

·         Degussa Speciality Products and other local products

 

Pharma Product

·         Chinese Brand

 

 

Agencies Held :

DSM Coating Resins Europe B. V. Holland

 

 

Exports to :

Sri Lanka

 

 

Imports from :

Holland and China

 

 

Terms :

 

Selling :

Credit (60 to 90 days)

 

 

Purchasing :

L/C or Credit (90 days)

 

 

GENERAL INFORMATION

 

No. of Employees :

12

 

 

Bankers :

·         Cosmos Co-operative Bank Limited

 

·         UTI Bank, Mulund (West), Mumbai, Maharashtra

 

·         NKGSB Co-operative Bank

 

·         State Bank of India

 

 

Facilities :

-

 

 

 

Banking Relations :

Moderate

 

 

Auditors :

Mehta & Parmar

Chartered Accountants

Address:

14, Uday, 236 B. J. N. Road,  Mulund (West), Mumbai – 400 080, Maharashtra

Tel. No.:

91-22-25613400

Fax No.:

91-22-25608350

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

2,100,000

Equity Shares

Rs. 10/-  each

Rs. 21.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

1,284,300

Equity Shares

Rs. 10/- each

Rs. 12.834 million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

12.843

0.100

0.100

2] Share Application Money

0.650

0.000

0.000

3] Reserves & Surplus

(2.814)

7.580

2.100

4] (Accumulated Losses)

0.000

(1.056)

0.000
NETWORTH

10.679

6.624

2.200

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

4.555

0.036

0.036
TOTAL BORROWING

4.555

0.036

0.036

DEFERRED TAX LIABILITIES

0.179

0.080

0.036
 

 

 

 
TOTAL

15.413

6.740

2.272
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

2.259

1.300

0.455
Capital work-in-progress

 

 

 
 

 

 

 
INVESTMENT

0.001

-

-
DEFERREX TAX ASSETS

 

 

 
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories
3.374

2.014

0.000
 
Sundry Debtors
6.484

1.556

0.332
 
Cash & Bank Balances
1.529

0.959

1.087
 
Other Current Assets
0.651

0.389

0.000
 
Loans & Advances
0.577

0.000

0.010
Total Current Assets
12.615

4.918

1.429
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Current Liabilities & Provisions
1.216

0.978

0.037
 
 
 

 

 
Total Current Liabilities
1.216

0.978

0.037
Net Current Assets
11.399

3.940

1.392
 

 

 

 
MISCELLANEOUS EXPENSES

1.755

1.500

0.389
 

 

 

 
TOTAL

15.413

6.740

0.000

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004
Sales Turnover [including other income]

 

21.916

4.349
 

 

 

 
Profit/(Loss) Before Tax

 

(1.658)

(0.976)
Provision for Taxation

 

0.098

0.080
Profit/(Loss) After Tax

 

(1.757)

(1.056)
 

 

 

 
Import Value

 

NA

3.684

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003
PAT / Total Income
(%)
(8.017)

(24.28)

-
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
(8.09)

(22.44)

-
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
(11.15)

(15.69)

-
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
(0.15)

(0.14)

-
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
0.54

0.15

0.66
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
10.37

5.02

38.62

 

LOCAL AGENCY FURTHER INFORMATION

 

It is in trade terms with :-

 

·         Asian Paints Limited

Asian Paint House, 5th Floor, Shantinagar Industrial Estate, Vakola, Mumbai – 400 055, Maharashtra

Contact – Mr. Vaibhav Sawant (Tel. 91-22-26526387)

 

·         Bombay Paints Limited

B. D. Patel Marg, Chembur, Mumbai – 400 074, Maharashtra

Contact – Mr. Rushi Rogistrar (Tel. 91-22-25544016)

 

·         Pidilite Industries Limited

Ramkrishna Mandir Road, Andheri (East), Mumbai – 400 059, Maharashtra

     Contact – Mr. S. N. Thakur (Tel. 91-22-28367085)

 

·         Deuchem Trading Company

 

·         DSM Coating Resing Europe B.V.

 

·         Mengzoo Huaxing Biochemistry Company Limited

 

·         Sinochem Jiangsu Import and Export Company PN

 

 

 

Fixed assets

 

v      Air conditioners

v      Computers

v      Fax machines,

v      Furniture & fixtures

v      Office renovation

v      Office appliances

v      Ceramic board.

 

 

Operations:

 

During the current year the company has achieved Turnover of Rs. 20,498 millions against Turnover of Rs. 4.348 millions of previous year. The company incurred a loss of Rs. 1.757 millions after providing for a depreciation of Rs. 0.112 and Deferred Tax Liability of Rs. 0.098 millions against previous year loss of Rs. 1.056 millions after providing depreciation of Rs. 0.082 millions and Deferred Tax Liability of Rs. 0.080 millions

 

Outlook: Your Directors are optimistic of achieving sales target of Rs. 100.000 millions for the year on account of various tie-up for more products. The Directors are hopeful of wiping out entire losses of earlier years in the current year 2005-06 and end current year with a profit of Rs. 5.000 millions

 

 

 

 

 

 

 

 

 

 

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 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.45.30

UK Pound

1

Rs.78.45

Euro

1

Rs.54.88

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

2

--CREDIT LINES

1~10

4

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

35

 

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

 

 

 

 

 

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