MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ALMEX LABORATORIES PRIVATE LIMITED |
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Registered Office : |
G – 1/251, Jawahar Nagar, Goregaon West, Mumbai – 400062, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.04.1990 |
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Com. Reg. No.: |
11-56126 |
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CIN No.: [Company
Identification No.] |
U24230MH1990PTC056126 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of special non-toxic biocide superphor for yeast
manufacturers, dairy industries and food exporters. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 1000 |
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Status : |
Small company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. The company has been accumulated losses but it is expected to be wiped
– off soon. |
LOCATIONS
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Registered Office : |
G – 1/251, Jawahar Nagar, Goregaon West, Mumbai – 400062, |
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Tel. No.: |
91-22-28748635 / 39537873 / 28748924 / 32537873 |
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Mobile No.: |
91-9819160802 |
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Fax No.: |
91-22-28748924 / 28748635 |
DIRECTORS
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Name : |
Mr. Ajit Sadashiv Save |
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Designation : |
Managing Director |
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Address : |
19/42, Silver Sand, off |
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Date of Appointment : |
10.04.1990 |
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Name : |
Mrs. Aparna Ajit Save |
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Designation : |
Director |
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Address : |
19/42, Silver Sand, off |
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Date of Appointment : |
10.04.1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ajit Sadashiv Save |
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815 |
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Aparna Ajit Save |
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1345 |
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Total |
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2160 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of special non-toxic biocide superphor for yeast
manufacturers, dairy industries and food exporters. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Mumbai – 400053,
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
I. B. Sidhvawala and Company Chartered Accountants |
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Address : |
201, Shanti Niketan, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,160 |
Equity Shares |
Rs. 100/- each |
Rs. 0.216
Million |
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 |
0.216 |
0.216 |
0.216 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.396 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.158] |
[0.230] |
[0.266] |
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NETWORTH |
0.454 |
[0.014] |
[0.050] |
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LOAN FUNDS |
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1] Secured Loans |
1.747 |
1.680 |
0.143 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.871 |
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TOTAL BORROWING |
1.747 |
1.680 |
1.014 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.201 |
1.666 |
0.964 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.734 |
0.496 |
0.583 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.154 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.628
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0.207 |
0.104 |
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Sundry Debtors |
0.596
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0.912 |
0.143 |
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Cash & Bank Balances |
0.197
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0.246 |
0.106 |
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Other Current Assets |
0.173
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0.266 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
0.110 |
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Total
Current Assets |
2.594
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1.631 |
0.463 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.083
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0.348 |
0.236 |
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Provisions |
0.044
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0.113 |
0.000 |
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Total
Current Liabilities |
1.127
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0.461 |
0.236 |
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Net Current Assets |
1.467
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1.170 |
0.227 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.201 |
1.666 |
0.964 |
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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 |
3.707 |
2.111 |
0.553 |
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Other Income |
0.090 |
0.231 |
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Total Income |
3.797 |
2.342 |
0.553 |
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Profit/(Loss) Before Tax |
0.128 |
0.062 |
0.026 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.128 |
0.062 |
0.026 |
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Expenditures : |
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Raw Material Consumed |
3.023 |
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Salaries, Wages, Bonus, etc. |
0.151 |
0.150 |
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Managerial Remuneration |
0.084 |
0.084 |
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Payment to Auditors |
0.007 |
0.007 |
0.440 |
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Interest |
0.017 |
0.031 |
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Power & Fuel |
0.057 |
0.023 |
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Other Expenditure |
0.330 |
0.436 |
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Total Expenditure |
3.669 |
2.280 |
0.440 |
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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 |
(%) |
3.37
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2.65 |
4.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.45
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2.94 |
4.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.85
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2.91 |
2.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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[4.43] |
[0.52] |
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Debt Equity Ratio (Total Liability/Networth) |
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6.33
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[152.93] |
[25.00] |
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Current Ratio (Current Asset/Current Liability) |
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2.30
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3.54 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Air Conditioners
- Building and Office Premises
- Computer
- Car
- Electrical Fittings
- Fax Machine
- Mobile Phone
- Machineries
Bankers Charges
Report as per Registry
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Name of the company |
ALMEX
LABORATORIES PRIVATE LIMITED |
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Presented By |
JOINTLY COMPANY
AND CHARGE HOLDER |
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1) Date and description of instrument creating the change |
Agreement for Cash
Credit Agreement of
Hypothecation of book debts and DL – OD against
shares / Government Securities all dated 02.12.2005 and together constituting
single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 Million
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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 |
Stock of the
company including all product, goods and movable property of any kind which now
or hereafter form time to time be brought in stored or be in or about the
premises or Godown transit from one Godown or be in course of transit from
one Godown to another or wherever else the same may be. All present and
future book debts, outstanding decrease, money receivables, claims, bills,
contracts engagements, securities investments, rights and other movable
assets. Pledge of the
stock, share and securities which are now deposited or which have already
been deposited with the bank or which may be in their possession and also all
stock, share and securities which are hereafter deposited with the bank in
addition to or in substitution for the stocks, share and securities already
deposited or which may hereafter come into the possession of the bank on
behalf of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 % on
stock an such other rate as fixed by the bank from time to time. Interest at the
rate of 1 % p.a. over the PLR of Centurion Bank of Punjab Limited with a
minimum of 12.50 % p.a. or at such other rate as may be Security created
in respect of cash credit facility by way of first charge and to cover
principal together with interest, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Centurion Bank of
Punjab Limited Sri Swami Samarth
Nagar, Andheri [West] Mumbai – 400053, |
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6) Date and brief description of instrument modifying the charge |
no Instrument was
executed, charge created on 02.12.2005 by way of equitable mortgage by
deposit of title deeds. |
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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. |
Additional
security is provided of the immovable property of the company viz. Garage No.
1, Ground Floor, Prathik CHS Limited, Road No. 15, Plot No. 25, Jawahar Nagar,
Goregaon [West], Mumbai - 400062 |
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.40.33 |
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1 |
Rs.82.63 |
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Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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34 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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