MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADDITOL LUBRICANTS PRIVATE LIMITED |
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Registered Office : |
Plot No. 494, GIDC, Kathwada, Ahmedabad, Gujarat-382430 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.09.2004 |
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Com. Reg. No.: |
44799 |
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CIN No.: [Company
Identification No.] |
U23201GJ2004PTC044799 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA06126B |
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PAN No.: [Permanent
Account No.] |
AAECA9116A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Lubricants Oil |
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 26000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors
are experienced, respectable and responsible businessmen. Their trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajni |
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Designation : |
Coordinator |
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Date : |
16.07.2008 |
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Name : |
Mr. Arvind Gandhi |
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Contact No.: |
9328088033 |
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Date : |
16.07.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 494, GIDC, Kathwada, Ahmedabad, Gujarat-382430, India |
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Tel No.: |
91-79-22900496 |
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E-Mail : |
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Area : |
Leased |
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Corporate Office : |
405, Windsor Plazza, R C Dutt Road, Vadodara-390007, Gujarat, India |
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Tel. No.: |
91-265-2356438 |
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Fax No.: |
91-265-2340232 |
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Area : |
Rented |
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Branch Office : |
2/3 Chitra Am Apartment Opposite old Reserve Bank of India, Ahmedabad,
Gujarat, India |
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Tel. No.: |
91-79-32998562 |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Vijay K Vora |
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Designation : |
Managing Director |
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Mobile No.: |
91-9327243611 |
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Address : |
201, Srushti Flats, Opposite GEB sub Station, Gotri Road,
Baroda-390021, Gujarat, India |
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Date of Birth/Age : |
07.02.1959 |
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Qualification : |
Chemical Engineer |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Maheshkumar C Shanghvi |
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Designation : |
Director |
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Address : |
Santvihar Bunglow, Ground Floor, Opposite Shetrunjay- Tower,k Behind
Medlink Hospital, Satellite Road, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
23.11.1961 |
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Date of Appointment : |
01.03.2006 |
KEY EXECUTIVES
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Name : |
Mr. Rajni |
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Designation : |
Coordinator |
SHAREHOLDING
PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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95.00 |
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Other top fifty (50) shareholders (other than listed above) |
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5.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Lubricants Oil |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Cash and Credit ( 1 week of 15 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
33 (Office 15, Factory 15, Branches 3) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehta Sheth and Associates Chartered Accountant |
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Address : |
304, Paritosgh, Near Darpan Academy, Usmanpur, Ahmedabad-380013,
Gujarat, India |
CAPITAL STRUCTURE
As on 20.08.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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3.851 |
0.000 |
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3] Reserves & Surplus |
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0.535 |
0.239 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.386 |
1.239 |
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LOAN FUNDS |
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1] Secured Loans |
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5.207 |
3.493 |
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2] Unsecured Loans |
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4.187 |
2.818 |
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TOTAL BORROWING |
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9.394 |
6.311 |
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DEFERRED TAX LIABILITIES |
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0.017 |
0.027 |
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TOTAL |
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14.797 |
7.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.571 |
0.609 |
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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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0.010 |
0.010 |
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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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7.833 |
5.285 |
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Sundry Debtors |
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12.041 |
6.056 |
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Cash & Bank Balances |
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1.133 |
0.634 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.046 |
0.256 |
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Total
Current Assets |
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22.053 |
12.231 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.328 |
4.932 |
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Provisions |
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0.533 |
0.368 |
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Total
Current Liabilities |
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7.861 |
5.300 |
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Net Current Assets |
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14.192 |
6.931 |
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MISCELLANEOUS EXPENSES |
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0.024 |
0.027 |
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TOTAL |
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14.797 |
7.577 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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36.403 |
25.783 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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36.403 |
25.783 |
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Profit/(Loss) Before Tax |
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0.514 |
0.359 |
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Provision for Taxation |
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0.218 |
0.125 |
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Profit/(Loss) After Tax |
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0.296 |
0.234 |
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Expenditures : |
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Selling Expenses |
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2.389 |
1.315 |
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Administrative Expenses |
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1.702 |
1.296 |
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Raw Material Consumed |
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26.425 |
17.519 |
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Packaging Material Consumed |
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4.084 |
2.566 |
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Factory Rent |
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0.180 |
0.180 |
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Increase/(Decrease) in Finished Goods |
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[1.608] |
0.338 |
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Stores Consumed |
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0.037 |
0.103 |
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Wages and Salary expenses |
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1.687 |
1.492 |
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Other Manufacturing Expenses |
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0.074 |
0.205 |
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Interest and Bank Charges |
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0.785 |
0.301 |
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Depreciation & Amortization |
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0.134 |
0.109 |
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Total Expenditure |
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35.889 |
25.424 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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8.69 |
0.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.41 |
1.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.27 |
2.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.20 |
9.37 |
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Current Ratio (Current Asset/Current Liability) |
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2.81 |
2.31 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the Company has been shifted from Devkunj
Apartments, Near Snehkunj Bus Stop, S. < road, Ambawadi, Ahmedabad-380015,
Gujarat, India to present address w.e.f.
Trade References:
- Force Motor
Bajaj, Pune
- Rajdhani,
Bhuvneshwar
- Daksn,
Gaziabad
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Charge
identification number of the modified
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Corporate
identity number of the company |
U23201GJ2004PTC044799 |
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Name of the company
|
ADDITOL LUBRICANTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 494, GIDC, Kathwada, Ahmedabad, Gujarat-382430, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Dena Bank, Ambawadi (Nehrunagar) Branch, Arbuda Apartments, Nehru
Nagar Circle, Ahmedabad-380015, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Hypothecation
(Goods, Book Debts and Other Movable Assets to Secure Multiple Facilities)
Dated 27th December, 2006- Copy Attached. |
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Date of
instrument Creating the charge |
27.12.2006 |
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Amount secured by
the charge |
Rs. 5.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 0.75%,
Payable Monthly Subject to change as per RBI/ HO Guidelines in Respect of
Cash Credit Facilities Terms of
Repayment Not Applicable Margin 25% on Stock and
50% on Book Debts for Cash Credit Facilities and 20% Cash / TDR Margin in
Respect of Letter of Credit Facility Extent and
Operation of the charge All the Securities
as described in Column No. 14 ARE Hypothecation and charged to Bank for (i)
Cash Credit
Facilities of Rs. 4.500 Millions and (ii)
Letter of
Credit Facilities of Rs. 1.000 Million Agreement to Rs. 5.500 Millions Plus
Interest, Commission, costs, charges Expenses and other monies payable
thereon |
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Short particulars
of the property charged |
Hypothecation of
Stocks of Raw Materials, stock in Process, Finished Goods, Book Debts, All
Other Movables including stores and spares, plant and machinery, tools and
accessories of the Company wherever situated, present and future. |
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.42.78 |
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UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
52 |
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 |
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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 |
|
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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