MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHA PENN COLOR PRIVATE LIMITED |
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Registered Office : |
Asha House, Plot No. 808/C, Dr. B A Road, Dadar T T, Mumbai – 400 014,
Maharashtra |
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Country : |
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Date of Incorporation : |
17.08.2006 |
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Com. Reg. No.: |
163800 |
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CIN No.: [Company
Identification No.] |
U24222MH2006PTC163800 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA29563C |
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PAN No.: [Permanent
Account No.] |
AAFCA9682E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pigment Dispersions and Color concentrates. |
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. |
Small |
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Maximum Credit Limit : |
- |
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Status : |
New Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture of Asha Group, a medium sized group constructed
by Mr. H V Shah and others and Penn Color, USA. Trade relations are fair.
Payments are slow but correct. Subject is a relatively new company and slight caution is suggested
while dealing with the company at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Asha House, Plot No. 808/C, Dr. B A Road, Dadar T T, Mumbai – 400 014,
Maharashtra, India |
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Tel. No.: |
91-22-24140020 / 24137192 |
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Fax No.: |
91-22-24137190 |
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Location : |
Owned by Group |
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Factory: |
Near Water Works, Abrama, P B No. 11, Valsad – 396 001, |
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Tel. No.: |
91-2632-250613 |
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Fax No.: |
91-2632-226741 |
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E-Mail : |
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Website: |
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Area : |
Medium sized |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. H V Shah |
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Designation : |
Director / Chairman |
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Name : |
Mr. C D Mehta |
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Designation : |
Director |
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Qualification : |
Chartered Accountant |
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Name : |
Mr. B B Sen |
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Designation : |
Director |
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Qualification : |
Chemical Engineer with Post Graduate in Business Management |
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Experience : |
20 years |
KEY EXECUTIVES
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Name : |
Mr. J K Mehta |
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Designation : |
Incharge of Financial Commercial Aspects of the Group |
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Qualification : |
Chartered Accountant |
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Name : |
Dr. V K V Unni |
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Designation : |
Incharge in Liquid Senior Technical Level in DIC Group Companies both
in |
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Qualification : |
Ph. D from |
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Experience : |
35 years |
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Name : |
Mr. K J Dave |
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Designation : |
Incharge of Group Exports |
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Qualification : |
M A., LLB |
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Name : |
Mr. Srinivasan |
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Designation : |
Incharge of Ethyl Cellulose Plant |
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Qualification : |
Chemical Engineer |
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Name : |
Mr. J B Mehta |
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Designation : |
In charge of Dispersions Plant |
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Qualification : |
MBA |
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Name : |
Mr. A P Mehta |
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Designation : |
Looks after Commercial activities of the Group |
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Qualification : |
MBA |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pigment Dispersions and Color concentrates. |
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Products : |
Inks &
Coatings • Nitrocellulose Adhesives Plastics • Polyvinyl Chloride (PVC) |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C, Cash or Credit |
GENERAL INFORMATION
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No. of Employees : |
14 (Office: 4; Factory: 10) |
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Bankers : |
Not Available |
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Facilities : |
- |
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Banking
Relations : |
- |
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Associates/Subsidiaries : |
v
Asha Cellulose ( v
Asha Celluloid v
Nitrex Chemicals Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10.00 each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
As the Subject is a new Company, no financials
are available. Management (Directors and Mr. Asit Mehta) remained
non-co-operative and declined business and financial details.
LOCAL AGENCY FURTHER INFORMATION
Note: The New Joint
Venture Company Asha Penn Color Private Limited has been formed between Asha
Dispersions Private Limited,
Trade References
Penn Color Inc.,
Website details attached:
Subject is a manufacturer
of Pigment Dispersions and Color Concentrates is a Joint Venture between Asha Dispersions Private Limited of
The Manufacturing site of subject is located in Valsad,
Subject has
manufacturing facility of a wide range of standard and customized Pigmented
Dispersions / Color Concentrates in Dry and Liquid forms, in various Resin
systems, for Industries such as Packaging and Jet Inks; Automotive, Wood,
Industrial and Specialty Coatings; PVC Sheet, Film and Compounds; Wall Covering
and Flooring; Fibers; Specialty Thermoplastics (Film/Sheet/Injection and Blow
Molded Applications). The products are marketed under trade name “COLORPLUS”.
Subject dispersions meet standardized, product specifications so that multinational customers with worldwide manufacturing bases are assured of consistent product quality and precise universal specifications on world wide bases.
Subject welcomes the opportunity to provide all of your color requirements, with a singular objective to serve customers with “Color in its best form”.
Through an approach of working closely with multinational manufacturers for their global need of color dispersions with uniform quality, APC aims to become the leading provider of solutions of color dispersions globally.
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 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. 39.87 |
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1 |
Rs. 80.11 |
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Euro |
1 |
Rs. 56.19 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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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 |
6 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
4 |
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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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29 |
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. |
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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