MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ACE GUM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
51-B, Maker Chambers IV, 5th Floor, Nariman
Point, Mumbai-400021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.11.1998 |
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Com. Reg. No.: |
11-117031 |
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CIN No.: [Company
Identification No.] |
U02004MH1998PTC117031 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA12637C |
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PAN No.: [Permanent
Account No.] |
AABCA8650J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers, Exporters, Buyers, Sellers, Distributors, Conveyers, Traders, Dealers in all types of Gum including Edible Gum and Gum Bearing Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Financial position of the company is poor. Ways and means position is difficult. Payments are slow and delayed, as gathered from the market. The company can be considered for any business dealings on
safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
51-B, Maker Chambers IV, 5th Floor, Nariman
Point, Mumbai-400021, |
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Tel. No.: |
91-22-22852075/22852076/22852077 |
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Fax No.: |
91-22-22826182 |
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E-Mail : |
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Website : |
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Factory 1 : |
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DIRECTORS
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Name : |
Mr. Pankaj P. Thakkar |
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Designation : |
Director |
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Address : |
30-B, |
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Date of Birth/Age : |
24th December, 1959 |
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Date of Appointment : |
6th November, 1998 |
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Name : |
Mr. Dhirendra K. Merchant |
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Designation : |
Director |
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Address : |
Suvas, 6B, 68F |
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Date of Birth/Age : |
17th November, 1936 |
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Date of Appointment : |
6th November, 1998 |
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Name : |
Mr. Kishore K. Merchant |
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Designation : |
Director |
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Address : |
Suvas, 6B, 68F |
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Date of Birth/Age : |
28th June, 1938 |
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Date of Appointment : |
6th November, 1998 |
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Name : |
Mr. Anil K. Merchant |
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Designation : |
Director |
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Address : |
Suvas, 6B, 68F |
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Date of Birth/Age : |
7th August, 1939 |
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Date of Appointment : |
6th November, 1998 |
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Name : |
Mr. Jayant K. Merchant |
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Designation : |
Director |
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Address : |
Suvas, 6B, 68F |
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Date of Birth/Age : |
12th October, 1943 |
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Date of Appointment : |
6th November, 1998 |
KEY EXECUTIVES
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Name : |
Mr. G. M. Talpode |
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Designation : |
Company Secretary |
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Address : |
Mumbai-400002, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pankaj P. Thakkar |
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75,000 |
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Mr. Dhirendra K. Merchant |
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49,998 |
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Mr. Kishore K. Merchant |
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99,998 |
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Mr. Anil K. Merchant |
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29,998 |
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Mr. Jayant K. Merchant |
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99,998 |
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Mrs. Sheela D. Thakkar |
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25,000 |
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Mr. Balu D. Merchant |
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20,000 |
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Mr. Atul D. Merchant |
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30,000 |
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Mrs. Shakuntala A. Merchant |
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20,000 |
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Mr. Piyush A. Merchant |
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20,000 |
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Anil K. Merchant (HUF) |
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30,000 |
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Fathon Trading Company Private Limited |
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4 |
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Damos Trading Company Private Limited |
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4 |
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Total |
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500,000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers, Exporters, Buyers, Sellers, Distributors, Conveyers, Traders, Dealers in all types of Gum including Edible Gum and Gum Bearing Products. |
GENERAL INFORMATION
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No. of Employees : |
30 |
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Bankers : |
Corporation Bank, Industrial Finance Branch, Fort,
Mumbai-400001, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Phirodia and Associates Chartered Accountants |
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Address : |
701, Maker Chamber V, Nariman Point, Mumbai – 400021, |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2850000 |
Equity Shares |
Rs. 10/- each |
Rs. 28.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[10.264] |
[10.757] |
(9.577) |
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NETWORTH |
[5.264] |
[5.757] |
(4.577) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
29.386 |
29.686 |
27.686 |
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TOTAL BORROWING |
29.386 |
29.686 |
27.686 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.122 |
23.929 |
23.109 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.627 |
14.560 |
15.341 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.724 |
0.460 |
0.624 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.596
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1.269 |
2.205
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Sundry Debtors |
4.382
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6.517 |
2.861
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Cash & Bank Balances |
2.368
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1.600 |
2.310
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Other Current Assets |
0.016
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0.011 |
0.000 |
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Loans & Advances |
0.559
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0.429 |
0.548
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Total
Current Assets |
10.921
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9.826 |
7.924 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.139
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0.917 |
0.796
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Provisions |
0.011
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0.000 |
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Total
Current Liabilities |
1.150
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0.917 |
0.796
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Net Current Assets |
9.771
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8.909 |
7.128
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.016 |
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TOTAL |
24.122 |
23.929 |
23.109 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
39.185 |
29.665 |
22.247 |
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Profit/(Loss) Before Tax |
0.503 |
(1.180) |
(0.832) |
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Provision for Taxation |
0.000 |
0.000 |
-- |
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Profit/(Loss) After Tax |
0.503 |
(1.180) |
(0.832) |
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Total Earnings |
NA |
9.159 |
7.657 |
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Expenditures : |
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Interest |
0.259 |
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Depreciation |
0.813 |
0.817 |
23.079 |
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Other Expenses |
37.610 |
29.875 |
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Total Expenditure |
38.682 |
30.845 |
23.079 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.28
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(3.98) |
(3.75)
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Net Profit Margin (PBT/Sales) |
(%) |
1.28
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(3.98) |
(3.75)
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.05
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(4.84) |
(3.58)
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Return on Investment (ROI) (PBT/Networth) |
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(0.09)
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(0.20) |
(0.18)
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Debt Equity Ratio (Total Liability/Networth) |
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[5.80]
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[5.32] |
(6.22)
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Current Ratio (Current Asset/Current Liability) |
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9.50
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10.72 |
9.95
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LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
ACE GUM INDUSTRIES
PRIVATE LIMITED |
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Presented
By |
CORPORATION BANK,
INDUSTRIAL FINANCE BRANCH, FORT, MUMBAI - 400001, |
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1) Date and description of instrument creating the change |
Common Deed of Hypothecation
of Movable / Assets / Debts dated 22.06.1999.
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2) Amount secured by the charge/amount owing on the securities of charge |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
the present and future stocks of Raw materials, Stock in Process, finished
goods viz. Refined Guar Splits and Gaur Gum on exclusive first charge basis. Hypothecation of
present and future Book Debts / Receivables of the company and Exclusive
First charge basis. First charge on
the existing and future movable fixed assets of the company viz. Plant and
Machinery, Furniture and Fixture and Machinery, and electrical installations etc.
which now belonging to and may hereafter during the subsistence of the
borrower’s are / shall / may be brought into or stored or be in or upon the
borrower’s premises situated at Himalaya Industrial Estate, Amli, Silvassa
and any other place wherever or in course of transit or delivery to the
borrower on exclusive first charge basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Industrial Finance Branch No -104, Bharat House, Fort, Mumbai - 400001, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Common Deed of hypothecate dated 03.03.2000 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this
modification, the total aggregate limit is Modified from Rs. 24.000 Millions
to Rs. 24.800 Millions which is given as under : Rs in Millions
The rate of
interest for Term Loan 16 % Packing Credit 10 % and for FDBP etc. 16 % or as rates
prescribed by H. O. form time to time. Other terms and
conditions remain unaltered. |
The company’s fixed assets of important values includes land and building, plant and machinery, electrical fittings, lab equipments, computer, water cooler and fax machine.
Related Parties:
- Gordhandas Jamnadas and Company
- National Paints and Industrial Works
Website Details Attached:
Ace
Gum is promoted
by the members of Indian Gum Industries Limited, which is active in this field since
1957. Indian Gum Industries Limited was a joint venture with Cesalpinia s.p.a.,
which pioneered fundamental and applied research on mannogalactan bearing gums
Ace Gum
Industries is a manufacturer, supplier and exporter of guar gum, guar gum
powder, natural guar gum in
About 'guar'
Natural
'guar' (Cyamopsis Tetragonoloba) belongs to the leguminous family. It is a vertical
stalked plant, from 3 to 6 feet high, with large leaves and clusters of
bean-like pods, each containing six to nine pea-shaped seeds.
The 'guar' seeds
The guar
seed is dicotyledonous with a diameter of approximately 3 mm.The outer hull is
a fibrous material, composed of different types of tissue distributed in very
thin layers. The seed contains a large embryo, rich in proteins, which splits
the endosperm into halves. These three constituents are different in physical
behavior, so that it is possible to process guar seeds through mechanical
milling.
With our long experience in the field of manufacturing of vegetable gum we have
developed a special process for guar seed milling, which makes it possible to
produce high grade 'guar gum' representing the very best of what is being
offered today in the world market.
Product
Guar Gum - We manufacture high quality guar gum which being used by
these industries :
- Food industry
- Sauces for fish canning
- Fruit nectars and juices
- Tomato ketchup
- Frozen desserts
- Noodles
- Meat products and canned meat
- Canned gravy Baked foods
- Improved baking aid
- Pharmaceutical industry
- Paper industry
- Mining & drilling industry
- Explosive industry
- Dressings
- Icings
Quality
Guar gum is manufactured in a completely automated plant which uses stringent
quality control thus ensuring that the product adheres to perfect hygiene and
GMP guidelines. The plant also incorporates state-of-the-art technology in the
field of safety, manufacturing, packaging, processing, analysis and testing.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.75 |
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|
1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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19 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|