MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRAKASH CHEMICALS AGENCIES PRIVATE LIMITED |
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Registered Office : |
Induchacha House, Opp Channi Octroi Naka, Vadodara – 390002, Gujarat |
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Country : |
India |
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Date of Incorporation : |
09.08.2002 |
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Com. Reg. No.: |
04-41095 |
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CIN No.: [Company
Identification No.] |
U51496GJ2002PTC041095 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter, Supplier, Trader and Stockists of all types of
Chemicals, Dyes, Dyes Intermediates, Acids, Alkalies, Chemicals Auxiliaries,
etc. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track records. Directors
are reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Arjun Jadeja |
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Designation : |
Finance Manager |
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Date : |
24.05.2008 |
LOCATIONS
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Registered Office : |
Induchacha House, Opp Channi Octroi Naka, Vadodara – 390002, Gujarat,
India |
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Tel. No.: |
91-265-2771642/ 2772788/ 2773789 |
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Fax No.: |
91-265-2772992/ 2327539 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Warehouse : |
Located at: Ranoli, Baroda, Gujarat, India |
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Area : |
4000 sq. ft. |
DIRECTORS
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Name : |
Mr. Kumarpal Chunilal Shah |
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Designation : |
Director |
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Address : |
78, Sampatrao Colony, R C Dutt Road, Baroda 390 005, Gujarat, India |
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Date of Birth/Age : |
23.01.1929 |
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Date of Appointment : |
28.09.2002 |
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Date of Ceasing : |
08.02.2004 |
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Name : |
Mr. Suryakant Chunilal Shah |
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Designation : |
Director |
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Address : |
5 Sriniketan Soceity, Jetalpur Road, Baroda 390 005, Gujarat, India |
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Date of Birth/Age : |
30.04.1939 |
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Date of Appointment : |
09.08.2002 |
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Name : |
Mr. Prakash Chunilal Shah |
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Designation : |
Director |
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Address : |
57, Shreenagar Society, Shri Dinesh Mill Road, Baroda 390 020,
Gujarat, India |
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Date of Birth/Age : |
03.11.1945 |
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Date of Appointment : |
09.08.2002 |
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Name : |
Mr. Dilip Kumarpal Shah |
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Designation : |
Director |
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Address : |
15, Urmi Society, Baroda Productivity Road, Baroda 380 007, Gujarat,
India |
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Date of Birth/Age : |
21.09.1956 |
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Date of Appointment : |
09.08.2002 |
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Name : |
Mr. Hitesh Chandrakant Shah |
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Designation : |
Director |
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Address : |
9, Gautamnagar Society, Race Course Circle, Baroda 390 007, Gujarat,
India |
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Date of Birth/Age : |
17.07.1958 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Atul Chandrakant Shah |
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Designation : |
Director |
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Address : |
21 Charotar Society, Old Padra Road, Baroda 390 007, Gujarat, India |
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Date of Birth/Age : |
10.11.1959 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Pinakin Kumarpal Shah |
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Designation : |
Director |
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Address : |
7, Nandanvan Colony, Near Akota Stadium, Baroda 390 020, Gujarat,
India |
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Date of Birth/Age : |
18.09.1961 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Manish Kumarpal Shah |
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Designation : |
Director |
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Address : |
78, Sampatrao Colony, R C Dutt Road, Baroda 390 005, Gujarat, India |
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Date of Birth/Age : |
13.12.1968 |
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Date of Appointment : |
09.08.2002 |
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Name : |
Mr. Chirag Prakash Shah |
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Designation : |
Director |
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Address : |
57, Shreenagar Society, Shri Dinesh Mill Road, Baroda 390 020,
Gujarat, India |
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Date of Birth/Age : |
12.10.1973 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Hardik Suryakant Shah |
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Designation : |
Director |
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Address : |
5 Sriniketan Soceity, Jetalpur Road, Baroda 390 005, Gujarat, India |
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Date of Birth/Age : |
02.03.1977 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Sudip Dilip Shah |
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Designation : |
Director |
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Address : |
15, Urmi Society, Baroda Productivity Road, Baroda 380 007, Gujarat,
India |
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Date of Appointment : |
01.05.2004 |
KEY EXECUTIVES
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Name : |
Mr. Arjun Jadeja |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Suryakant Chunilal Shah |
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6250 |
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Mr. Prakash Chunilal Shah |
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6250 |
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Mr. Dilip Kumarpal Shah |
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6249 |
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Mr. Atul Chandrakant Shah |
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6250 |
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Mr. Pinakin Kumarpal Shah |
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6249 |
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Mr. Manish Kumarpal Shah |
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6249 |
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Mr. Chirag Prakash Shah |
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6249 |
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Mr. Hardik Suryakant Shah |
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6253 |
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Mr. Hitesh Chandrakant Shah |
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1 |
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Total |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Importer, Exporter, Supplier, Trader and Stockists of all types of
Chemicals, Dyes, Dyes Intermediates, Acids, Alkalies, Chemicals Auxiliaries,
etc. |
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Products : |
· Chemicals · Dyes and Dyes
Intermediates · Hydrochloric
Acids · Alkalies · Chemicals
Auxiliaries · Castic Soda
Flakes |
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Exports : |
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Products : |
All Products |
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Countries : |
Brazil |
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Imports : |
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Products : |
Chemicals |
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Countries : |
· China · Europe |
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Terms : |
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Selling : |
On L/C and Cash basis |
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Purchasing : |
On L/C basis |
GENERAL
INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
· Bank of Baroda Navayard Branch, Navayard, Vadodara 390002, Gujarat, India · ICICI Bank |
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Facilities : |
The Company enjoys Cash Credit and PCFC facilities from it banker. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
CR Share Dalal and Company Chartered Accountants |
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Associates/Subsidiaries : |
· Prakash
Chemicals · Prakash
Chemicals International Private Limited · Shah
International FZE |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are in Rupees Millions]
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
411.562 |
316.768 |
287.923 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
411.562 |
316.768 |
287.923 |
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Profit/(Loss) Before Tax |
9.484 |
8.948 |
5.950 |
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Provision for Taxation |
3.651 |
3.235 |
2.328 |
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Profit/(Loss) After Tax |
5.833 |
5.713 |
3.622 |
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Expenditures : |
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Financial Charges |
2.012 |
1.540 |
1.679 |
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Depreciation |
2.669 |
2.485 |
2.035 |
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Other Expenditure |
397.397 |
303.795 |
278.259 |
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Total Expenditure |
402.078 |
307.820 |
281.973 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.42
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1.80 |
1.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.30
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2.82 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Gujarat Alkalies and Chemicals Limited
·
Gujart Narmada valley Fertilizers Company Limited
· Narmada chematur Petrochemicals Limited
AS PER WEB:
Profile
In
the three decades since its inception subject Grew exponentially from Agency
business of M/s GACL with small cluster to The 90 Crore “Trading House “with
presence of wide range of versatile chemicals with utmost customer satisfaction
and earn the recognition as “”Market Leader “”in Field of Chloro Alkali
Chemicals In India .
Subject is the pioneer company of Prakash group achieved remarkable
performance satisfaction and growth in chemical field in local and
international market.
The company is Professionally Manage, committed to respond creatively
and competitively to the changing needs and aspirations of their consumers
through relentless pursuit of technological excellence, innovation and quality
management across their businesses by ISO Procedures and state of art ERP
system, Integrated research base Analysis and offer superior quality products
and services that are appropriate to the various price points in the market as
well as to their commitment to building trust wining relation with their
consumers.
Company has deep roots in local cultures and markets in India give
strong relationship with consumers and are the foundation for their future
growth. Company will bring the wealth of knowledge and Business expertise to
the service of local consumers of various types of Chemicals and focused on the
needs of Chemical Industries in India with continuous improvement in customized
Services, Providing Environment friendly safe, efficient & effective
Logistics, and increased products range, Existing boundaries and develop new
Marketing channel network .
As their responsibilities grew, they maintained their tradition of
excellent business relations and high grade services. Their team of
professionals from the field of marketing, materials management, finance, etc.
backed by adequate infrastructure is capable of meeting all challenges.
Today, they have a well-spread clientele of more than a few thousand consumers from private, joint, public and government sectors.
The Company concentrates on the relevant aspects of relation build-up
with their suppliers and customers. The Company has homogeneity, which
permitted miscibility between Customer and Principal. The Company contributes
to the growth of their loyal suppliers, not only by marketing their products in
the assigned territories but also by forcing their suppliers to change the
modus operandi and induce them to focus on the customers. Instead of being a
market driven business organization, base on experiences and best practices,
company remained a customer driven organization.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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