MIRA
INFORM REPORT
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Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PANOLI
INTERMEDIATES [INDIA] PRIVATE LIMITED |
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Registered Office : |
105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi 110 066 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.10.1998 |
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Com. Reg. No.: |
55-96701 |
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CIN No.: [Company
Identification No.] |
U24117DL1998PTC096701 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP06158F /
DELP10068C |
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PAN No.: [Permanent
Account No.] |
AABCD4665W |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers
and Exporters of Drug Intermediates, Dyes Intermediates and Industrial
Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to
meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are fair. General reputation is favorable. Payments are reported as usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi 110 066 |
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Tel. No.: |
91-11-26174227/26196368/ |
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Mobile No.: |
91-9810743221 |
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Fax No.: |
91-11-26193708 |
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E-Mail : |
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Website : |
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Location : |
Owned (Commercial) |
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Corporate
Office/ Factory : |
20-21, Hari Nagar, Gotri Road, Vadodara-390007, Gujarat, India |
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Tel. No.: |
91-265-2397013/2396498/2396751 |
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Fax No.: |
91-265-2397245 |
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Factory 1/
Plant : |
Plot No. 159/5A, 159/5, GIDC, Nandesari Industrial Estate, Taluk Baroda, District Baroda, Gujarat, India |
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Area : |
3323 Sq. Meters |
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Location : |
Owned (Industrial) |
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Factory 2 : |
778/1, GIDC Jhagadia, District Bharuch, Gujarat |
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Area : |
15,540 Sq. Meters |
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Location : |
Owned (Industrial) |
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Factory 2 : |
Plot No. 756/1/A, Jhagadia Industrial Estate, Village Kapalsadi, Taluk Jhagadia, Dist. Bharuch, Gujarat |
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Area : |
6,042.50 Sq. Meters |
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Branches : |
Vadodara 20-21, Sara Niwas, Hari Nagar, Opp Harinagar Water Tank, Gotri Road, Baroda 390 007, Gujarat, India |
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Tel. No.: |
91 265 239 7013, 239 6498, 239 6751 |
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Fax No.: |
91 265 239 7245 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Surinder Goel |
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Designation : |
Director |
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Date of Appointment : |
15th October, 1998 |
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Name : |
Mr. Pirag Chand Goel |
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Designation : |
Director |
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Date of Appointment : |
15th October, 1998 |
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Name : |
Mr Shivlal Goel |
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Designation : |
Director |
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Address : |
27 Aradhana Enclave, New Delhi, India |
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Date of Appointment : |
15/06/2005 |
KEY EXECUTIVES
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Name : |
C S & Associates |
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Designation : |
Company Secretary |
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Address : |
B-25, Basement, Lajpat Nagar – III, New Delhi 110 024 |
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Tel. No.: |
91-11-2983 8383 |
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Mobile No.: |
91-98997 39000, 98681 07744 |
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Fax No.: |
91-11-2983 6171 |
MAJOR SHAREHOLDERS
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Names of
Shareholders |
No. of Shares |
Percentage of Shares |
|
Mr Surinder Goel |
24,010 |
2.15 |
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Mr Pirag Chand
Goel |
26,980 |
2.41 |
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Mr B M Malpani |
2 |
0.00 |
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M/s J K
Enterprises |
2 |
0.00 |
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Mr Kiran Agarwal |
2 |
0.00 |
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Mrs Kiran Bala
Jain |
2 |
0.00 |
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Mrs Rama Devi |
2 |
0.00 |
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Mrs Kanta Devi |
28,700 |
2.57 |
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Mrs Archana Goel |
210,840 |
18.86 |
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Mr Ankur
Shrivastava |
1,000 |
0.09 |
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Mr Dinesh Kumar |
1,500 |
0.13 |
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Mr Gyan Singh |
4,000 |
0.36 |
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Mr Jai Raj |
550 |
0.05 |
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Mr R K Kheriwal |
2,500 |
0.22 |
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M/s Kolmet
Finance (India) Private Limited |
6,000 |
0.54 |
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Mr Puran Mal Ram
Swaroop |
2,500 |
0.22 |
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Mr Rahul
Shrivastav |
1,000 |
0.09 |
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Mr Subhash Chand |
2,500 |
0.22 |
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Mr Suresh
Shrivastava |
2,000 |
0.18 |
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Mrs Urmila Devi |
2,500 |
0.22 |
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Mr V P Gera |
2,100 |
0.19 |
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Mr P C Goel, C/o
P C Goel Family Trust |
21,000 |
1.88 |
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Mrs Sunita Goel |
1,000 |
0.09 |
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Mrs Prabha Goel |
94,100 |
8.42 |
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Mrs Priyanka Goel |
105,650 |
9.45 |
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Mr Kewal Singh |
10,000 |
0.89 |
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Hind Chemical
Industries |
6,290 |
0.56 |
|
Indian Chemical
Industries |
10,930 |
0.98 |
|
Ideal Chemical
Industries, |
18,480 |
1.65 |
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Nandesari
Chemical Industries |
29,580 |
2.65 |
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Pearl Chemical Industries
|
38,320 |
3.43 |
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Rashtriya
Chemical Industries |
27,930 |
2.50 |
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Mr Shiv Lal Goel |
108,000 |
9.66 |
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Mr Azad Singh |
600 |
0.05 |
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Mr Bhushan Gupta |
1,500 |
0.13 |
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Mr Govind Ram |
1,750 |
0.16 |
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Ms Geeta Gera |
1,850 |
0.17 |
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Mr Jogi Ram |
2,000 |
0.18 |
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Mr Jagdish Rai |
1,500 |
0.13 |
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Ms Krishna Devi |
14,500 |
1.30 |
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Mr Narsingh Dass |
1,900 |
0.17 |
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Mr Niranjan Kumar |
16,000 |
1.43 |
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Mr P D Sharma |
1,500 |
0.13 |
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Ms Sarali Devi |
1,000 |
0.09 |
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Mr S S Sharma |
3,000 |
0.27 |
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Mr Amit Kumar |
2,000 |
0.18 |
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Mr Dinesh Kumar
Bothra |
1,500 |
0.13 |
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Mr Dharam Chand |
2,000 |
0.18 |
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Mr Inder Chand
Bothra |
2,500 |
0.22 |
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Ms Kanta S Goyal |
8,400 |
0.75 |
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Mr Krishan Kumar |
1,500 |
0.13 |
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Mr Rai Chand Jain |
2,000 |
0.18 |
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Mr Kailash Goel |
96,000 |
8.59 |
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Mexit India
Private Limited |
30,500 |
2.73 |
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Petrochem
Industries |
30,600 |
2.74 |
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United Chemical
Industries |
28,500 |
2.55 |
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Mr J P Goel |
32,400 |
2.90 |
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Mr Vijender Goel |
16,000 |
1.43 |
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Noida Chemical
Industries |
11,000 |
0.98 |
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Ms Anandi Devi |
16,000 |
1.43 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Drug Intermediates, Dyes Intermediates and Industrial Chemicals |
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Products : |
Ø
Para
Dichloro Benzene (PDCB) Ø
Ortho Nitro
Toluene Ø
Vinyl
Sulphone Ester Ø
Ortho
Dichloro Benzene Ø
2:4 Di Nitro
Chloro Benzene Ø Para Nitro Toluene Ø
Ortho Dichloro
Benzene (ODCB) Ø
Para Nitro
Chloro Benzene (PNCB) Ø
Ortho Nitro
Chloro Benzene (ONCB) Ø
Mono Chloro
Benzene (MCB) Ø
H. Acid Ø
Chlorinated
Paraffin Oil Ø
Acetanilide
Flakes Ø
Hydrochloric
Acid (HCL) Ø
Vinyl
Sulphone Ester (VS) Ø
Vinyl
Sulphone Ester (Ortho Anisidine Base) Ø
Vinyl
Sulphone Ester (Para Cresidine Base) Ø
Vinyl
Sulphone Ester (Acetanilide Base) Ø
Vinyl
Sulphone Ester (2.5 Dimethoxy Aniline Base) |
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Imports
from : |
China, Europe and other parts of the world |
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Terms : |
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Purchasing : |
LC, DP & DA
basis |
GENERAL INFORMATION
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No. of Employees : |
400 |
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Bankers : |
Ø
ICICI Bank
Limited Ø
State Bank
of India, Industrial Finance Branch, Marble Arch, Race Course Circle,
Vadodara 390 007, Gujarat Ø
Bank of Baroda,
International Business Branch, Ground Floor, Suraj Plaza – I, Sayajigunj,
Baroda 390 005, Gujarat |
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Facilities : |
The subject is
enjoying the following facilities from Bank of Baroda
It is secured by
way of Mortgage on the property at 20/21, Sara Niwas, Hari Nagar Society,
Gotri Road, Baroda and hypothecation of fixed assets, book debts and stocks and
corporate guarantee by M/s Gujarat Dyestuff Industries as per bank
hypothecation agreement dated June 20, 2005 The subject is
enjoying Cash Credit facilities of Rs.318.200 Millions from State Bank of
India, Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara
390 007 as per Hypothecation Agreement dated March 31, 2006. It is secured against Hypothecation of all
kinds of stock in trade, Book Debts, Plant & Machinery at GIDC, Nandesari
and Jhagadia. |
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Banking Relations : |
-- |
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Auditors : |
Sunita and Chadha Chartered Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 100/- each |
Rs. 150.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1117970 |
Equity Shares |
Rs. 100/- each |
Rs.111.797 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
111.797 |
111.797 |
4.932 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.174 |
22.270 |
1.467 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
148.971 |
134.067 |
6.399 |
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LOAN FUNDS |
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1] Secured Loans |
335.854 |
240.096 |
12.274 |
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2] Unsecured Loans |
26.217 |
22.684 |
5.295 |
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TOTAL BORROWING |
362.071 |
262.780 |
17.569 |
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DEFERRED TAX LIABILITIES |
20.779 |
9.707 |
0.466 |
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TOTAL |
531.821 |
406.554 |
24.434 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
229.799 |
188.273 |
22.564 |
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Capital work-in-progress |
1.533 |
27.225 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
413.922 |
369.190 |
23.152 |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
413.922 |
369.190 |
23.152 |
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Less : CURRENT LIABILITIES & PROVISIONS |
113.798 |
0.178 |
21.293 |
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Total Current Liabilities |
113.798 |
178.361 |
21.293 |
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Net Current Assets |
300.124 |
190.829 |
1.859 |
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MISCELLANEOUS EXPENSES |
0.365 |
0.227 |
0.011 |
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TOTAL |
531.821 |
406.554 |
24.434 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
1077.751 |
100.107 |
97.115 |
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Profit/(Loss)
Before Tax |
25.364 |
0.674 |
0.690 |
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Provision for
Taxation |
2.553 |
0.294 |
0.447 |
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Profit/(Loss)
After Tax |
22.811 |
0.380 |
0.243 |
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Total Expenditure |
1052.387 |
95.078 |
91.590 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
2.12 |
0.37 |
0.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.35 |
0.67 |
0.01 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
3.94 |
0.12 |
1.50 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.17 |
0.50 |
0.10 |
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Debt Equity Ratio (Total
Liability/Networth) |
|
3.19 |
3.29 |
6.07 |
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Current Ratio (Current
Asset/Current Liability) |
|
3.63 |
2.07 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Panoli Intermediates
(India) Private Limited is a subsidiary of Goyal Group of Industries, engaged
in the manufacture and export of dye intermediates, chemicals, dye chemicals,
chlorobenzene and derivatives plasticizers and industrial chemicals.
Equipped with the
latest technology, the subject is capable of supplying any specifications
required by their customers. Spread over a huge area, their facility at
Vadodara (Gujarat, India) is equipped with state-of-the-art machinery to ensure
quality as well as advanced products to match the modern industry needs.
Their parent
company is Goyal Group of Industries, which was incepted in 1979.
Website
Details
Committed to
quality Panoli Intermediates engages in the manufacturing and exporting of dyes
intermediates, chemicals, dyes chemical, chlorobenzene and derivatives
plasticizers and industrial chemicals. Their holistic approach towards customer
satisfaction and product development has given them a cutting edge over their
competitors, and they strive to maintain the trust vested in them, by their
persistence in the deliverance of quality products.
Driven by the latest technology they are able to cater to any specifications
laid down by their customers. With a dedicate team and a huge infrastructure;
they have been able to consolidate ourselves among the leading names of the
industry.
Their parent company is Goyal Group of Industries, which was incepted in 1979.
Strengths
Quality
Quality is paramount to them and to ensure the same, they adhere to the
international norms of quality. The raw materials are procured from the leading
suppliers of the country and a careful monitoring is done at every level of the
manufacturing process. Their QC (Quality check) engineers maintain a strict
vigil on the quality of the products.
Infrastructure
They have a big infrastructure with the state-of-art machinery to ensure
quality as well as advanced products that are suited for the modern industry.
Spread across a huge area in Vadodara (India), they have an in-built manufacturing
set up that can take care of any bulk orders and requirements from their
customers.
Team
They have a proficient and a energetic team of skilled personals, chemical
engineers, researchers, sales executives and managers who have the in-depth
knowledge of the industrial trends and the customer requirements.
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.44.31 |
|
UK Pound |
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
|
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--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 |
|
37 |
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 |
|