MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIHIR CHEMICAL
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
316/ 318, Himalaya House, 79 Palton Road, Mumbai – 400
001, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.05.1981 |
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Com. Reg. No.: |
11-24369 |
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CIN No.: [Company
Identification No.] |
U24110MH1981PTC024369 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19248F |
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PAN No.: [Permanent
Account No.] |
AAACM7505R |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of Optical Whitening Agent. |
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 100000 |
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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. It’s profit margin is under sever pressure. However payment commitments are met in time. Directors are reported experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
316/ 318, Himalaya House, 79 Palton Road, Mumbai – 400 001, Maharashtra, India. |
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Tel. No.: |
91-22-2617367 / 2447 / 23450124 |
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Fax No.: |
91-22-22622085 / 23429054 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory 1 : |
Plot No. C-143, T.T.C. Area, MIDC Road No. 7, Pawne Village, Thane – 400 705, District – Thane, Maharashtra. India. |
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Location: |
Owned |
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Factory 2 : |
Plot No. C- 60/1, MIDC, Village Khaire, Taluka Mahad,
District – Raigad |
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Location: |
Owned |
DIRECTORS
|
Name |
Mr. Mahendra M. Vasa |
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Designation |
Whole Time Director |
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Address |
111/3, Gita Building, Near SIES College, Sion (W), Mumbai – 400 022 |
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Date of Birth |
26.05.1947 |
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Date of Appointment |
06.05.1981 |
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Name |
Mr. Pratap M. Vasa |
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Designation |
Director |
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Address |
111/3, Gita Building, Near SIES College, Sion (w), Mumbai – 400 022 |
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Date of Birth |
22.06.1944 |
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Date of Appointment |
20.06.1981 |
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Name |
Mr. Narendra M. Vasa |
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Designation |
Director |
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Address |
111/3, Gita Building, Near SIES College, Sion (w), Mumbai – 400 022 |
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Date of Birth |
23.07.1953 |
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Date of Appointment |
20.06.1981 |
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Name |
Mr. Rajesh M. Vasa |
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Designation |
Director |
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Address |
111/3, Gita Building, Near SIES College, Sion (w), Mumbai – 400 022 |
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Date of Birth |
17.06.1956 |
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Date of Appointment |
12.08.1994 |
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Name |
Mr. Dhananjay M. Parekh |
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Designation |
Director |
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Address |
Shanti Kunj, 99 Sewree Wadala Road No. 7, Mumbai – 400 031 |
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Date of Birth |
26.10.1924 |
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Date of Appointment |
20.06.1981 |
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Name |
Mr. Bipeen Y. Valame |
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Designation |
Director (Nominee of Sicom Limited) |
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Date of Birth |
03.03.1969 |
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Date of Appointment |
08.07.1999 |
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Ceasing Date |
29.01.2002 |
KEY EXECUTIVES
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Name : |
Ashish Bhatt & Associates |
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Designation : |
Company Secretary |
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Address : |
Thane, Maharashtra, India |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mahendra M. Vasa |
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3678 |
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Surekha M. Vasa |
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3678 |
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Pratap M. Vasa |
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3690 |
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Sudha P. Vasa |
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3690 |
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Narendra M. Vasa |
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3690 |
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Priti N. Vasa |
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3690 |
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Smt. Sudha M. Vasa |
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2450 |
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Pratap M. Vasa |
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2450 |
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Rajesh M. Vasa |
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3690 |
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Manisha M. Vasa |
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3690 |
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Smt. Surekha M. Vasa |
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2450 |
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Mahendra M. Vasa |
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2450 |
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Smt. Priti M. Vasa |
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2450 |
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Narendra M. Vasa |
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2450 |
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Manisha R. Vasa |
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2450 |
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Rajesh M. Vasa |
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2450 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Optical Whitening Agent. |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
· Canara Bank, A. R. Street, Mumbai – 400 003
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. M. Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mention , B - Wing, 3rd Floor, 81,
Dr. A. B. Road, Worli, Mumbai – 400 018. |
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Associates/Subsidiaries : |
Indchem Distributors Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000 |
Equity Shares |
Rs.100/- each |
Rs. 3.500 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 |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.818 |
22.773 |
22.331 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.318 |
26.273 |
25.831 |
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LOAN FUNDS |
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1] Secured Loans |
6.440 |
8.806 |
5.183 |
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2] Unsecured Loans |
11.714 |
8.914 |
15.635 |
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TOTAL BORROWING |
18.154 |
17.720 |
20.818 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.472 |
43.993 |
46.649 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.777 |
15.505 |
17.270 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.225 |
1.138 |
1.420 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.651 |
13.816 |
10.678 |
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Sundry Debtors |
11.860 |
14.634 |
20.482 |
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Cash & Bank Balances |
7.242 |
1.610 |
2.891 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
8.200 |
7.621 |
4.190 |
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Total Current Assets |
39.953
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37.681 |
38.240 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
10.829
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9.155 |
9.427 |
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Provisions |
0.654 |
1.176 |
0.853 |
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Total Current Liabilities |
11.483
|
10.331 |
10.280 |
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Net Current Assets |
28.470
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27.350 |
27.960 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.472 |
43.993 |
46.650 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
41.529 |
47.586 |
69.601 |
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Other Income |
0.657 |
0.730 |
0.000 |
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Total Income |
42.186 |
48.316 |
69.601 |
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Profit/(Loss) Before Tax |
[0.642] |
0.765 |
10.427 |
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Provision for Taxation |
0.297 |
0.323 |
0.820 |
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Profit/(Loss) After Tax |
[0.939] |
0.442 |
9.607 |
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Expenditures : |
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Cost of Goods Sold |
23.802 |
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Manufacturing and other Expenses |
12.860 |
13.407 |
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Financial Expenses |
2.754 |
3.160 |
59.174 |
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Depreciation |
1.752 |
1.827 |
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Increase/(Decrease) in Finished Goods |
1.662 |
[5.100] |
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Total Expenditure |
42.830 |
47.551 |
59.174 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[2.23]
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0.91 |
13.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
[1.55]
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1.62 |
14.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[1.13]
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1.97 |
26.29 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.03]
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0.02 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.17
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1.06 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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3.48
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3.64 |
3.71 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject was incorporated with the main object to carry on the
business of manufacturing, buying, selling, importing, exporting, dealing in
chemical compounds, chemical products, acids, alkalies, essences, solvents,
pigment dyes, dyestuff, paints, varnishes, intermediates, polyvinyl chloride,
calcium carbide, liquid chlorine, trichloro ethylene, perchlorethylene,
polythylene and other thermoplasts and thermosetting resins, insecticides and
pesticides and polyvinyl chloride based products.
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.42.84 |
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UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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 |
|
42 |
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 |
|
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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