MIRA INFORM
REPORT
|
Report
Date : |
23.06.2008 |
IDENTIFICATION DETAILS
|
Name : |
AMON RA – IMPEX PRIVATE LIMITED |
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Registered
Office : |
63, 6th Floor, Atlanta Building, 209, Nariman Point
Road, Mumbai – 400 021, Maharashtra. |
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Country
: |
India. |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
13.07.1995 |
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Com.
Reg. No.: |
11-90543 |
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CIN
No.: [Company
Identification No.] |
U51900MH1995PTC090543 |
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IEC
No.: |
0395050499. |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Importers
of Hanwha Products. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
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 79000 |
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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
: |
This report is based on an interview with Ms Anita Jain (#
9820616480), Business Development Executive. Directors are reported as
experienced, respectable and having satisfactory track. Trade relations are
fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
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INFORMATION PARTED BY
|
Name : |
Ms. Anita
Jain |
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Designation
: |
Business
Development Executive |
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Date : |
20.06.2008 |
LOCATIONS
|
Registered
Office : |
63, 6th Floor, Atlanta Building, 209, Nariman
Point Road, Mumbai – 400 021, Maharashtra, India. |
|
Tel.
No.: |
91-22-2283
6260 / 22817346 /22308518/22837132/22837538 |
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Fax
No.: |
91-22-2283
1179 |
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E-Mail
: |
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Website
: |
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Area : |
660 Sq. ft |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Ashok
Rajgor |
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Designation
: |
Director |
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Address
: |
705, Rajmala
87BB, Napean Sea Road, Mumbai-400006, Maharashtra |
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Date
of Birth/Age : |
01.11.1961 |
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Qualification
: |
B. Com. |
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Experience
: |
27 years |
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Date
of Appointment : |
18.08.1995 |
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Name : |
Mrs.
Kalpana Kirtilal Shah |
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Designation
: |
Director |
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Address
: |
Flat No.
52, 5th Floor, Venus Apartments, Altamount Road, Mumbai 400026,
Maharashtra, India |
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Date
of Birth/Age : |
28.10.1961 |
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Qualification
: |
B. Com. |
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Experience
: |
13 years |
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Date
of Appointment : |
13.07.1995 |
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Name : |
Mr.
Kiritilal V. Shah |
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Designation
: |
Director |
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Address
: |
87-88,
Rajmala, L.J.Mehta, Mumbai – 400006 |
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Date
of Birth/Age : |
70 years |
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Qualification
: |
S.S.C. |
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Experience
: |
51 years |
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Name : |
Mr.
Nithaldas K Shah |
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Designation
: |
Director |
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Address
: |
805,
Rajmala 87BB, Napean Sea Road, Mumbai-400006, Maharashtra |
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Date
of Birth/Age : |
03.06.1935 |
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Date
of Appointment : |
26.04.2004 |
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Name : |
Mrs.
Neeta Utpal Kapadia |
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Designation
: |
Director |
MAJOR SHAREHOLDERS
[As on 30.09.2005]
|
Names of Shareholders |
No. of Shares |
|
Mr. Ashok
Rajgor |
43,200 |
|
Mrs.
Kalpana Shah |
55,000 |
|
Mrs. N.
Kapadia |
1,000 |
|
Mr.
Kirtilal Shah |
50,100 |
|
Mrs. N.
K. Shah |
100 |
|
Mr. Utpal
Kapadia |
500 |
|
Mrs.
Kusum Tushar Bhatt |
10 |
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Mrs.
Kusum Sharad Bhatt |
10 |
|
Mr.
Dharmistha Rajan Bhatt |
10 |
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Mrs.
Nirmala Bhatt |
10 |
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Mr.
Dhiren Kanhiyalal Bhatt |
10 |
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Mr. Rajen
Bhatt |
10 |
|
Ms. Sneha
Bhatt |
10 |
|
Mr. Kanhiyallal
Bhatt |
10 |
|
Mrs.
Lilavanti Bhatt |
10 |
|
Mr. Navin
Amamath |
10 |
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Equity Share Break-up [As on 31.03.2007] |
No. of Shares |
|
Directors
or relatives of the Directors |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Importers
of Hanwha Products. |
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Products
: |
Polymers, Vinayal Floorings, Interior Decorating |
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Agencies
Held : |
Hanwha Corporation (Hanwha Corpn.) |
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Imports
from : |
South Korea and Thailand |
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Terms
: |
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Selling : |
Credit (45 days) terms |
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Purchasing : |
L/C (90 days)
terms |
GENERAL INFORMATION
|
Suppliers
: |
v Kishore Footwear v Hanwha Corporation v Aeroquip Cooling System v Apex Enterprises v Royal Chips Appliances Company v Shree Maat Computers |
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Customers
: |
v Ahar Products v A J Engineers v A R Enterprises v ASSA Marketing Private Limited v Bharat Industrial Agencies v Carpet House v Classic Venetian Blinds v Creative Décor v Doon Polymicrons v Doss Harjee & Company v Gulzar Agencies v Indana Traders v Jasmine Trading Company v Jinendra Marketing v Joshi Bhuddhilal Kanji &
Company v Kids Kemp (Toyskemp) v Kumar Distributors v Loyal Traders v Madhav Agency v Mahavir Decorators v Manohar Textile Mills v Milvin Multinationals Inc. v Multi Ax v Nathani Brothers v Neptune Foam v Orbit Enterprises v Prakash Traders v Prime Textiles Limited v Rexine Enterprises v Raj AGencies |
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No. of
Employees : |
15 |
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Bankers
: |
Dena
Bank, 262, Ganeshwadi, Sheikh Memon Street, Zaveri Bazar Branch, Mumbai,
Maharashtra, India |
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Facilities : |
Secured Loans (As on
31.03.2004) : Ford Credit India : Rs.0.088 millions Unsecured Loans :
Rs.8.544 millions |
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Banking Relations : |
Satisfactory |
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Auditors
: |
V. Kannan
& Associates Chartered
Accountants |
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Address:
|
207, ‘A’
Wing, Kanara Business Centre, Ghatkopar Andheri Link Road, Ghatkopar (East),
Mumbai-400077, Maharashtra, India |
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Tel.
No.: |
91-55974846 |
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Fax
No.: |
91-55974845 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
150000 |
Equity
shares |
Rs. 10
each |
Rs. 1.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
150000 |
Equity
shares |
Rs. 10
each |
Rs. 1.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
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 |
1.500 |
1.500 |
1.500 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
14.374 |
10.818 |
7.218 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
15.874 |
12.318 |
8.718 |
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|
LOAN
FUNDS |
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|
1]
Secured Loans |
0.441 |
0.000 |
0.000 |
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2]
Unsecured Loans |
6.568 |
9.829 |
6.884 |
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TOTAL
BORROWING
|
7.009 |
9.829 |
6.884 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
22.883 |
22.147 |
15.602 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
7.824 |
7.253 |
7.307 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
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Inventories
|
10.363
|
11.494
|
7.466
|
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Sundry Debtors
|
6.857
|
11.874
|
5.113
|
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|
Cash & Bank Balances
|
0.365
|
0.257
|
0.537
|
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Other Current Assets
|
2.972
|
2.780
|
1.767
|
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|
Loans & Advances
|
10.705
|
4.800
|
3.652
|
Total Current Assets
|
31.262
|
31.205
|
18.535 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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Current Liabilities
|
15.903
|
16.011
|
9.940
|
|
|
Provisions
|
0.300
|
0.300
|
0.300
|
Total Current Liabilities
|
16.203
|
16.311
|
10.240 |
|
Net
Current Assets
|
15.059
|
14.894
|
8.295
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
22.883 |
22.147 |
15.602 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (including Other Income) |
100.591 |
106.248 |
90.735 |
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|
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|
Profit/(Loss) Before Tax |
3.556 |
3.599 |
2.189 |
|
|
Provision for Taxation |
-- |
-- |
-- |
|
|
Profit/(Loss) After Tax |
3.556 |
3.599 |
2.189 |
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|
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Expenditures : |
|
|
|
|
|
|
Interest |
0.416 |
0.410 |
0.534 |
|
|
Depreciation |
0.358 |
0.256 |
0.294 |
|
|
Other Expenditure |
96.261 |
101.983 |
87.718 |
|
Total
Expenditure |
97.035 |
102.649 |
88.546 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
3.54 |
3.38 |
2.41
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
3.54 |
3.38 |
2.41
|
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|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
3.99 |
9.36 |
8.47
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.22 |
0.29 |
0.25
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.47 |
2.12 |
1.96
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.92 |
1.91 |
1.80
|
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
v Motor Car
v Air Conditioner
v Mobile Phone
v Computer
v Modem
v Office Equipments
v Fax Machine
v Furniture and Fixtures
v Office Building
Form 8
|
This form
is for |
Modification
of charge |
|
Charge
identification number of the modified
|
90352714 |
|
Corporate
identity number of the company |
U51900MH1995PTC090543 |
|
Name of
the company |
AMON RA – IMPEX PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
63, 6th
Floor, Atlanta Building, 209, Nariman Point Road, Mumbai – 400 021,
Maharashtra, India |
|
Type of
charge |
Book
debts Movable
property |
|
Particular
of charge holder |
Dena Bank Zaveri
Bazar Branch, 262 Ganeshwadi, Mulji Jetha Building, Sheikh Menon Street,
Mumbai 400002, Maharashtra, India E-mail: zaveri@denabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandum of Modification of hypothecation agreement from companies |
|
Date of
instrument Creating the charge |
05.01.2008 |
|
Amount
secured by the charge |
Rs.
27.500 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate of
Interest Cash Credit
Hypothecation : BPLR + 2.50% [Floating] Letter of
Credit DP/DA 90 days : Commission Margin Cash
Credit Hypothecation [Stock cum Book Debts] Stock 30% Book
Debts 50% Letter of
Credit DP/DA 90 days 20% on DA
L/Cs i.e. 10% at the time of opening LC
and 10% at the time of acceptance 10% on DP
L/Cs Extent
and Operation of the charge Security
created by way of first charge and to cover the principal sum together with
interest, charges, costs, expenses etc. Others Security
created in respect of the following facilities: Letter of
Credit DP/DA : Rs. 25.000 Millions Cash
Credit hypothecation Rs. 2.500 Millions Total Rs. 27.500 Millions |
|
Short
particulars of the property charged |
All
present and future : [i] stock of materials, goods in process and finished
goods such as laminate flooring, PVC flooring, PVC tiles etc. [ii]
tangible , movable properties and assets of whatsoever nature including
plant, machinery, tools and accessories etc. [iii]
book debts, outstandings, moneys receivables, claims, bills etc. |
|
Date of
latest modification prior to the present modification |
10.08.2005 |
|
Particulars
of the present modification |
Charge over
movable properties now stands enhanced from Rs. 20.000 Millions to Rs. 27.500
Millions |
As per Website
Details:
Subject was floated in 1995 with a sole view and understanding with
Hanwha Group of companies a fortune 500 co. based in South Korea to help them
source mainly chemicals (Organic and Inorganic), food products etc. At the same
time they were acting as Indenting Agent to sell their vast range of products
including chemicals, petrochemicals and polymers etc.
They continue with these activities even today but since last 4
years their main focus have been to promote Hanwha Pvc processed goods and
create a brand equity of "HANWHA" in Indian market. After being associated
with HANWHA (top ten group) in Korea they understood the style of operation of
the group and got more and more deeply involved in promoting products for India
market. Due to that reason their line of operation changed from merely
indenting and sourcing to importing and selling their products under their
brand name. The reason they are focussing on Pvc processed products is that
their Director " Mr. Ashok Rajgor " had vast experience since 1978 to
manufacture and market the same elite products. Secondly, he had a family
business of Pvc flooring since 1945 and the goods was supplied in railways,
buses and defence on a very large scale.
Today , they have established a very good network all over India
and have appointed distributors to promote the products on a very large scale.
They are in a process of continously importing new items like Gym mats, Hanwha
Doors, Baby flooring, Pvc Tarpaulin, Décor sheets etc.
There are 3 categories
in PVC products:
- PVC Resin
- Paste Resin
- Plasticizer
They deal in the
following products of Polyethylene:
v LDPE
v LLDPE
v
HDPE
v EVA
v Wire & Cable
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. 42.97 |
|
UK Pound |
1 |
Rs. 84.75 |
|
Euro |
1 |
Rs. 66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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%)
SCORE & RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory capability
for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not recommended |