MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PATANWALA PRIVATE LIMITED |
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Registered Office : |
182-184, Abdul Rehman Street, Mumbai – 400003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.10.1936 |
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Com. Reg. No.: |
11-2557 |
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CIN No.: [Company
Identification No.] |
U51900MH1936PTC002557 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15850C |
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PAN No.: [Permanent
Account No.] |
AAACP6185 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter
and Trading Company of Herbal and Botanical Products |
RATING &
COMMENTS
|
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 : |
USD 2000 |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Sameer Patanwala declined business details. Hence this report is based of indirect sources of information.
Although, subject is an old company, it has not made progress over the years.
In fact, it has a huge accumulated losses. Its net worth has been eroded. Its
payments are unknown. It appears that company never charged with time and remained
non-progressive. Its financials position is poor with a huge losses. The company can be considered for any business dealings on safe and
secured trade terms and conditions, only. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Sameer Patanwala |
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Date : |
22.08.2008 |
LOCATIONS
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Registered Office : |
182-184, Abdul Rehman Street, Mumbai – 400003, Maharashtra, India |
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Tel. No.: |
91-22-23422899 |
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Mobile No.: |
91-9820074317 |
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Fax No.: |
91-22-23413089 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Firoz F. Patanwala |
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Designation : |
Director |
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Address : |
Zetia Bunglow Altamount Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
29.09.1940 |
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Date of Appointment : |
08.11.1980 |
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Name : |
Mr. Ebrahim F. Patanwala |
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Designation : |
Director |
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Address : |
Zetia Bunglow Altamount Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
23.05.1946 |
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Date of Appointment : |
02.03.1998 |
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Name : |
Mr. Azmina E. Patanwala |
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Designation : |
Director |
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Address : |
Zetia Bunglow Altamount Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
16.09.1956 |
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Date of Appointment : |
25.06.1979 |
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Name : |
Mr. Saifuddin SK Khanali |
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Designation : |
Director |
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Address : |
Mohammedi Manzil, 4th Floor, Mohammedali Road, Mumbai –
400003, Maharashtra, India |
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Date of Birth/Age : |
10.09.1949 |
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Date of Appointment : |
26.09.1972 |
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Name : |
Mr. Shabbir SK. Khanali |
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Designation : |
Director |
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Address : |
Mohammedi Manzil, 4th Floor, Mohammedali Road, Mumbai –
400003, Maharashtra, India |
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Date of Birth/Age : |
04.05.1955 |
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Date of Appointment : |
02.03.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Fakhruddin Patanwala |
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46 |
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Fatemabai |
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42 |
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Alimohmad Khanali |
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30 |
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Husaini Patanwala |
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39 |
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Ajayabhai Patanwala |
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18 |
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Khanali and Saifuddin |
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60 |
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Firoz Patanwala |
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21 |
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Kaurb Ankhusain |
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12 |
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Roshanali |
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48 |
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Abde Abiturab |
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40 |
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Azminabai E. Patanwala |
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20 |
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Shaikn Abdu Hamid |
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20 |
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Firoz F. Patanwala |
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26 |
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Asmabai F. Patanwala |
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40 |
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Adityabhai F. |
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22 |
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S K Khanali |
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23 |
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Shabirbhai Khanali |
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25 |
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Ebrahim Patanwala |
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30 |
(As on 31.03.2006)
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Category |
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Percentage
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter
and Trading Company of Herbal and Botanical Products |
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Products : |
Products
Description
Item Code No. Cosmetics Cos 59
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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Bankers : |
Central Bank of India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
H. I. Vadharia Chartered Accountant |
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Address : |
17, Sutar Chawl, Ismail Building, 1st Floor, Mumbai –
400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.500/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
838 |
Equity Shares |
Rs.500/- each |
Rs.0.419
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.419 |
0.419 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.028 |
0.033 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.447 |
0.452 |
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LOAN FUNDS |
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1] Secured Loans |
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0.001 |
0.001 |
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2] Unsecured Loans |
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0.669 |
0.674 |
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TOTAL BORROWING |
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0.670 |
0.675 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.117 |
1.127 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.129 |
0.121 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.016 |
0.016 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.193 |
0.172 |
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Sundry Debtors |
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0.475 |
1.496 |
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Cash & Bank Balances |
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0.079 |
0.118 |
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Other Current Assets |
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0.005 |
0.000 |
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Loans & Advances |
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0.393 |
0.356 |
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Total
Current Assets |
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1.145 |
2.142 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.348 |
6.558 |
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Provisions |
|
0.062 |
0.062 |
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Total
Current Liabilities |
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6.410 |
6.620 |
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Net Current Assets |
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(5.265) |
(4.478) |
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MISCELLANEOUS EXPENSES |
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6.237 |
5.468 |
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TOTAL |
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1.117 |
1.127 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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4.853 |
7.461 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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4.853 |
7.461 |
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Profit/(Loss) Before Tax |
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(0.769) |
(0.397) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(0.769) |
(0.397) |
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Expenditures : |
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Depreciation & Amortization |
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0.005 |
0.007 |
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Other Expenditure |
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5.617 |
7.851 |
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Total Expenditure |
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5.622 |
7.858 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(15.85) |
(5.32) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(15.85) |
(5.32) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(60.36) |
(17.54) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.72) |
(0.88) |
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Debt Equity Ratio (Total Liability/Networth) |
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15.84 |
16.14 |
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Current Ratio (Current Asset/Current Liability) |
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0.18 |
0.32 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
A young man by the name of E. S. Patanwala set foot in Bombay
in the early 20th century leaving his humble home in Jhalra Patan, a small
principality in Rajputana (currently the state of Rajasthan). He found a job
with a perfumer and picked up the rudiments of blending perfumes. Astute work,
sincerity, honesty, diligence and good fortune paved the way for the start of a
new business. He started manufacturing Hair
Oils under the name of “Otto
Duniya”, which, over a period of became quite
successful. Very soon he started his own laboratory and office in Bombay. He
established Subject in
1909 and started selling Oils and Perfumes,
some of which were imported. With growing expertise, his perfumes and oils grew
in popularity and its recognition as a legend manufacturer, exporter and trader by then became quite
popular. His creations gradually drew patronage from the English gentry and
princes of India.
Maharaja Jhalawar, Maharaja Patiala, Maharaja Gwalior and Maharaja Kota became
a part of his choice patrons. Ambitions for greater success led him through
Europe and in spite of a rudimentary knowledge of English; he established
contacts with the largest maker of aromatic chemicals in the world, Leon Givaudan of Switzerland. With
their training and guidance, he developed a face cream ideally suited for the
Indian climatic conditions. This sweet smelling Cream was to become a household word for skin care in
India. So how was the name inspired? His Majesty King Zahir of Afghanistan
convened an audience with Mr. E. S. Patanwala along with a few other select
entrepreneurs on his visit to India. The king was presented a hamper with all
E. S. Patanwala's products; in it was a jar of pearly white cream without any
name. His Majesty was impressed and commented that it reminded him of the snow
in Afghanistan. This cream was then named “Afghan Snow” in honor of the king of Afghanistan, and
was introduced in 1919.
“Afghan Snow”, thus,
became India's first beauty cream and is now the first beauty cream to be
awarded the ISI mark by the Bureau of Indian standards (BIS), which is recognition
of its impeccable quality standards. Even its new products like “Classic Afghan Snow” and “Afghan Herbal Winter
Cream” have been awarded the prestigious ISI mark. With an ever
expanding global market, their products have reached the shores of South East Asia, Europe, USA, South Africa and the
Middle East.
Today, the fourth generation in the family runs the firm.
With its more than 90 year old tradition and innovation, they have developed
unparalleled expertise in the manufacture of Bathing Soaps, Face and Body Creams, Shaving Creams, Non-Alcoholic
Fragrances, etc. It is also one of the few companies in India
that specializes in the making of transparent glycerin based bathing soaps
which is an arduous and highly specialized art.
Key
Strengths
- They own a
well developed manufacturing unit where every machinery and equipment is
highly sophisticated and advanced
- The manpower
of the company comprises of professionals who are highly talented and
qualified in their respective areas
- Some of the
key personnel at their concern are chemical engineers, quality personnel,
R&D staff, amongst others, who are highly experienced and well
qualified
- They pay keen
attention to cleanliness and make sure that every production work is
performed in a hygienic environment
- They do not
process such chemicals and input materials that may cause damage to the
skin or to the environment
- They possess
a modern packaging unit where latest packing machines are used to pack
every cosmetic item in the most dynamic way to keep them fresh and
effective for a longer period
- Their
warehouse is large and spacious enough to store products in bulk quite
comfortably.
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 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.43.58 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
12 |
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 |
|