MIRA
INFORM REPORT
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Report Date : |
05.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITSU PRIVATE LIMITED |
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Formerly Known As : |
MITSU PESTICIDES LIMITED |
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Registered Office : |
304/2, Phase – 11, GIDC, Vapi, 396195, DIST, VALSAD, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1993 |
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Com. Reg. No.: |
038905 |
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CIN No.: [Company
Identification No.] |
U24231GJ1993PTC038905 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures of Pesticides, drugs, including Pharmaceuticals,
Fertilizers and Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3686260 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed Company having fine track.
Trade relations are fair. Available information indicates high financial
responsibility of the company. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitment. The Company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
304/2, Phase – 11, GIDC, Vapi, 396195, DIST, VALSAD, Gujarat, India. |
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Tel. No.: |
91-260-2462811 |
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Fax No.: |
91-260-2463733 |
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Corporate Office : |
Bilakhia House, Mutkanand Marg, Chala, Vapi, 396191, Gujarat, India. |
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Tel. No.: |
91-260-2462811 |
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Fax No.: |
91-260-2463042 |
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E-Mail : |
Himmat.lodha@m3investment.co.in |
DIRECTORS
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Name : |
Mr. Snehal Champaklal Shah |
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Designation : |
Wholetime Director |
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Address : |
504, West View Apartment, 224, Sir Bhalchandra Road, Matunga – Cr.
Mumbai, 400019, Maharashtra, India. |
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Date of Birth/Age : |
15/10/1967 |
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Date of Appointment : |
12.10.2007 |
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Name : |
Mr. Nanubhai Premjibhai Bambharolia |
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Designation : |
Wholetime Director |
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Address : |
304/H2, Kaladeep, Chanod, GIDC, Vapi, 396195, Dist, Valsad, Gujarat,
India. |
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Date of Birth/Age : |
01/06/1955 |
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Date of Appointment : |
18.06.1999 |
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Name : |
Mr. Pramodkumar Mangalsaid Minocha |
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Designation : |
Director |
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Address : |
108, Bhagyaoday Society, Daman Road, Chala, Vapi, 396 191, Dist,
Valsad, Gujarat, India. |
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Date of Birth/Age : |
20/10/1953 |
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Date of Appointment : |
18.06.1999 |
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KEY EXECUTIVES
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Name : |
Mr. Vinay Navnitrai Pandya |
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Designation : |
Company Secretary |
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Address : |
401/402, Royal Enclave, Gurukul Road, Vapi, 396 191, Dist, Valsad,
Gujarat, India. |
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Date of Birth/Age : |
08/12/1965 |
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Date of Appointment : |
10.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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National Securities Depository Limited (Beneficial Owner Bilakhia
Holdings Private Limited as per information provided by the National
Securities Depository Limited, the Depository Participant.) |
99,99,994 |
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Bilakhia Holdings Private Limited joint with Mr. N. P. Bambharolia |
1 |
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Bilakhia Holdings Private Limited joint with Mr. Sanjay P. Shah |
1 |
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Bilakhia Holdings Private Limited joint with Mr. C. J. Benjamin |
1 |
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Bilakhia Holdings Private Limited joint with Mr. G. Ekambaram |
1 |
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Bilakhia Holdings Private Limited joint with Mr. Navin P. Patel |
1 |
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Bilakhia Holdings Private Limited joint with Mr. Dhansukhbhai P. Patel
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1 |
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Total |
1,00,00,000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies Corporate (not mentioned above) |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures of Pesticides, drugs, including Pharmaceuticals,
Fertilizers and Chemicals. |
GENERAL
INFORMATION
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Bankers : |
Axis Bank Limited |
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Commercial Plot No. C/67/P., N.H.No.8., Nr. Koparli Road, G.I.D.C.,
Vapi, 396191, Gujarat, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Neeraj Gupta |
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Address : |
Price Water House, 252, Veer Savarkar Marg, Shivaji Park, Dadar,
Mumbai, 400028, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 millions |
|
25,00,000 |
Preference Shares |
Rs. 100/- Each |
Rs. 250.000 millions |
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Total |
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Rs. 350.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,00,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
821.565 |
764.925 |
726.161 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
921.565 |
864.925 |
826.161 |
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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 |
0.000 |
0.000 |
55.000 |
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TOTAL BORROWING |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
921.565 |
864.925 |
881.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.901 |
77.305 |
63.826 |
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Capital work-in-progress |
62.866 |
0.220 |
3.315 |
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INVESTMENT |
179.157 |
370.939 |
405.628 |
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DEFERREX TAX ASSETS |
1.076 |
0.215 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.959
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42.212 |
62.264 |
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Sundry Debtors |
77.060
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115.622 |
143.996 |
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Cash & Bank Balances |
5.305
|
1.443 |
31.149 |
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Other Current Assets |
0.001
|
7.896 |
12.975 |
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Loans & Advances |
515.779
|
322.145 |
267.218 |
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Total
Current Assets |
618.103
|
489.318 |
517.602 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
13.234
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71..977 |
100.426 |
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Provisions |
1.305
|
1.095 |
8.784 |
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Total
Current Liabilities |
14.539
|
73.072 |
109.210 |
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Net Current Assets |
603.564
|
416.246 |
408.392 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
921.565 |
864.925 |
881.161 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
375.356 |
398.879 |
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Other Income |
172.105 |
168.941 |
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Total Income |
547.461 |
567.820 |
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Profit/(Loss) Before Tax |
60.745 |
98.702 |
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Provision for Taxation |
21.981 |
34.106 |
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Profit/(Loss) After Tax |
38.764 |
64.596 |
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Earnings in Foreign Currency : |
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Other Earnings |
332.754 |
350.507 |
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Total Earnings |
332.754 |
350.507 |
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Expenditures : |
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Raw Material Consumed |
338.647 |
335.079 |
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Purchases made for re-sale |
22.168 |
8.841 |
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Salaries, Wages, Bonus, etc. |
15.430 |
18.409 |
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Managerial Remuneration |
3.192 |
3.075 |
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Payment to Auditors |
0.566 |
0.511 |
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Interest |
1.494 |
0.147 |
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Insurance Expenses |
1.318 |
1.140 |
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Power & Fuel |
40.788 |
30.732 |
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Other Expenditure |
63.113 |
71.184 |
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Total Expenditure |
486.716 |
469.118 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
--
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7.08 |
11.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
--
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16.18 |
24.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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11.09 |
17.38 |
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Return on Investment (ROI) (PBT/Networth) |
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--
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0.07 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.02
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0.08 |
0.13 |
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Current Ratio (Current Asset/Current Liability) |
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1.02
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1.18 |
4.74 |
LOCAL AGENCY
FURTHER INFORMATION
(Form 8)
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Name of the company |
MITUS LIMITED |
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Presented By |
MITUS LIMITED |
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1) Date and description of instrument creating the change |
Composite Hypothecation Deed executed on June 07, 2003 between Axis Bank Limited. And MITSU Limited. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Fund Based : 105.000 millions Non Fund Based : 3.000 millions Total : 135.000
millions |
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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 |
A first charge by way of hypothecation of the Company’s movable properties, entire stocks and book debts both present and future, of such form satisfactory to the Bank for the due repayment and payment on demand of all monies including the principal sums, interests, additional interests, interest in case of default, commission, costs, charges, expenses and other monies whatsoever and howsoever due, owing and payable by the Company to the Bank in respect of or in any way concerning or relating to the banking facility/facilities and accomodation granted/agreed to be granted by the Bank to the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Nature of Limit Cash Credit and WCDL – Rs. 35.000 millions EPC / PSC – Rs. 7.000 millions (sub limit for EPC) – (Rs. 2.000 millions) (sub limit for local bills under L/Cs) – (Rs. 5.000 millions) (sub limit for clean bill – domestic) – (Rs. 1.000 millions) Total Fund Based – Rs. 105.000 millions FLC / ILC – Rs. 25.000 millions Bank Guarantees – Rs. 5.000 millions Total Limits – Rs. 135.000 millions Interest to be charged for – · On Cash Credit and WCDL : PLR (Presently 12.00%) p.a. payable monthly. · Export – Post Shipment Credit : 8.5% for bills upto 90 days and 10.5% for bills beyond 90 days. Margin for – · On Cash Credit and WCDL : 25% on stock and 40% on book debts · Export – Post Shipment Credit : NIL |
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5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited Commercial Plot No. C7/67/p. N.H.No.8, Near Koparli Road, G.I.D.C. Hotel Fortune Galaxy, Vapi, 396 191, Gujarat, India. |
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. 39.97 |
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UK Pound |
1 |
Rs. 79.78 |
|
Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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68 |
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. |
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 |
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