MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
MULTICHEM SPECIALITIES PRIVATE LIMITED |
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Registered Office : |
505, Nain Kripa, 5th Floor, 118/122, Kazi Sayed Street, Mumbai
– 400003, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
03.04.2007 |
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Com. Reg. No.: |
11-169587 |
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CIN No.: [Company
Identification No.] |
U24100MH2007PTC169587 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM31783D |
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PAN No.: [Permanent
Account No.] |
AAFCM0263M |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Importer of Speciality Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 30000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company successor to multichem at the same address. The company is expected to register sales of Rs.90 Millions. It has stared
with respectable paid up capital. Trade relations are fair. Payments are
usually correct and as per commitments. Hence, subject can be considered for small to mediocre business
dealings at usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Manish Karnani |
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Designation : |
Director |
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Contact No.: |
91-9820124053 |
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Date : |
22.11.2008 |
LOCATIONS
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Registered Office : |
505, Nain Kripa, 5th Floor, 118/122, Kazi Sayed Street, Mumbai
– 400003, Maharashtra, India |
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Tel. No.: |
91-22-23421549 / 23447435/ 23436835/ 66313717 |
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Mobile No.: |
91-9820124053 |
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Fax No.: |
91-22-23433176 / 66340911 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Warehouse : |
Located at:
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DIRECTORS
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Name : |
Mr. Manish Karnani |
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Designation : |
Managing Director |
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Address : |
I-13, |
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Date of Birth/Age : |
24.04.1973 |
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Qualification : |
Post Graduate |
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Date of Appointments : |
01.10.2007 |
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Name : |
Mr. Shivdayal Karnani |
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Designation : |
Director |
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Address : |
I-13, |
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Date of Birth/Age : |
05.11.1943 |
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Qualification : |
B. Com |
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Date of Appointments : |
03.04.2007 |
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Name : |
Mr. Sanjay Gupta |
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Designation : |
Director |
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Address : |
H. No. 6, Anand Lok, |
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Date of Birth/Age : |
21.11.1962 |
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Date of Appointments : |
03.04.2007 |
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Date of Ceasing : |
10.09.2007 |
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Name : |
Mrs. Laxmi M. Karnani |
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Designation : |
Director |
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Address : |
I-13, |
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Date of Birth/Age : |
05.11.1972 |
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Qualification : |
B. Com |
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Date of Appointments : |
30.08.2007 |
MAJOR SHAREHOLDERS
(As on 14.05.2008)
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Names of Shareholders |
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No. of Shares |
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Shiv Dayal Karnani |
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4315 |
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Manish Karnani |
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360000 |
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Sanjay Gupta |
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100000 |
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Shiv Dayal Karnani - HUF |
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609 |
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Kamlesh Gupta |
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1000 |
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Laxmi Karnani |
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32500 |
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Total |
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498424 |
(As on 02.10.2008)
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Category |
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Percentage
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Directors or relatives of director |
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79.74 |
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Other top fifty shareholder (other than listed above) |
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20.26 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of Speciality Chemicals. |
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Products : |
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Agencies Held : |
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Imports : |
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Products : |
Chemical |
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Countries : |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
L/C (90 days) T/T, D/A (60 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. B. Gabhawalla and Company Chartered Accountant |
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Address : |
12, “La Bella” |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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498424 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.984
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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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.984 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.660 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.644 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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9.904 |
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TOTAL BORROWING |
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9.904 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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15.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.985 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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1.615 |
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DEFERREX TAX ASSETS |
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0.011 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.047 |
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Sundry Debtors |
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16.832 |
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Cash & Bank Balances |
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0.043 |
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Other Current Assets |
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0.256 |
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Loans & Advances |
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0.223 |
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Total
Current Assets |
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29.401 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.174 |
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Provisions |
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0.388 |
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Total
Current Liabilities |
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16.562 |
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Net Current Assets |
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12.839 |
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MISCELLANEOUS EXPENSES |
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0.098 |
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TOTAL |
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15.548 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.78 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
- Emcure Pharmaceuticals
Limited, Pune
FIXED ASSETS:
- Air Condition
- Mobile
Handset
- Motor Car
- Water
Purifier
- Furniture and
Fixture
- Computers
- Office
Equipment
- Fax Machine
- Electrical
AS PER WEBSITE
PROFILE:
Subject began operations in 1976,
with a clear vision. They wanted to be a partner in growth to national and
multinational organizations as a source of quality bulk and fine chemicals and
pharmaceutical raw materials.
Over the years they have earned respect and recognition from some of the best
known names in the business.
Subject is now a rapidly growing chemical marketing and distribution company
widely networked in
In service to the industry and trade since last three decades, Subject is proud
to be a trusted business partner of customers and principals, offering the best
supply chain management solutions for domestic and overseas trade.
Subject has mastered the ways and means of doing business better with a
farsighted combination of vision, creative thinking, technology, logistics and
management services.
In all that they do, they are guided by their mission statement-The Multichem
Way. Doing business this way has paid rich dividends. Today companies choose
them for their integrity, transparency, their observance for high standards and
their commitment to customer value.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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33 |
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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