MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROGRESSIVE ELECTROPLATING CHEMICALS PRIVATE LIMITED |
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Registered Office : |
3 B Udyog Nagars VRD, Goregaon (West), Mumbai – 400 062, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.2002 |
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Com. Reg. No.: |
11-136469 |
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CIN No.: [Company
Identification No.] |
U24229MH2002PTC136469 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15010C |
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PAN No.: [Permanent
Account No.] |
AACCP9075D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Electroplating Chemicals. |
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 130000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is satisfactory. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Chandrakant Trivedi |
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Designation : |
Senior Manager in Accounts |
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Date : |
01.09.2008 |
LOCATIONS
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Registered Office : |
3 B Udyog Nagars VRD, Goregaon (West), Mumbai – 400 062, Maharashtra,
India |
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Tel. No.: |
91-22-28741701 / 28780665 / 28755170 / 28751525 |
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Fax No.: |
91-22-28751525 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
67-B, Vasai Taluka Co-Op Industrial Estate, Vasai (East), Thane – 401
208, Maharashtra, India |
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Tel. No.: |
91-22-28741701 / 28780665 |
DIRECTORS
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Name : |
Mr. Malav Kumar Shah |
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Designation : |
Director |
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Address : |
Block No. 2, Flat No. 5, Hirak Co Op. Housing Society, Irla, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
07.08.1967 |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mrs. Hasumati Kumar Shah |
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Designation : |
Director |
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Address : |
Block No. 2, Flat No. 5, Hirak Co Op. Housing Society, Irla, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
05.07.1939 |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mr. Kumar Popatlal Shah |
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Designation : |
Director |
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Address : |
Block No. 2, Flat No. 5, Hirak Co Op. Housing Society, Irla, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
23.05.1939 |
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Date of Appointment : |
12.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2004)
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Names of Shareholders |
No. of Shares |
|
Malav Kumar Shah |
2400 |
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Hasumati Kumar Shah |
2300 |
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Nikita M Shah and Malav K Shah |
100 |
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Kumar P Shah and Hasumati K Shah |
100 |
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Kumar P Shah (HUF) |
80 |
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Asha A Jhaveri and Devna S Jhaveri |
10 |
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Siddhi S Jhaveri and Reshma S Jhaveri |
10 |
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Total |
5000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Electroplating Chemicals. |
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Imports : |
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Countries : |
·
Germany ·
UK |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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No. of Employees : |
85 (In Office 25 and In Factory 60) |
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Bankers : |
Union Bank of India Shiv Om Plot No. 152, S V Road, Dahisar (East), Mumbai – 400 068,
Maharashtra, India |
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Facilities : |
CC Rs.15.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemant J Mehta Chartered Accountants |
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Address : |
Shop No. 4, Panchsheel Nath Pai Nagar, Ghatkopar, Mumbai – 400 077,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
Issued, Subscribed & Paid-up Capital :
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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
|
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 |
0.500 |
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2] Share Application Money |
7.500 |
7.500 |
0.000 |
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3] Reserves & Surplus |
14.801 |
9.357 |
10.106 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.801 |
20.357 |
10.606 |
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LOAN FUNDS |
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1] Secured Loans |
14.376 |
6.018 |
0.057 |
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2] Unsecured Loans |
32.527 |
32.026 |
32.323 |
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TOTAL BORROWING |
46.903 |
38.044 |
32.380 |
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DEFERRED TAX LIABILITIES |
0.085 |
0.161 |
0.132 |
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TOTAL |
72.789 |
58.562 |
43.118 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.948 |
21.334 |
12.529 |
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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 |
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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 |
16.422
|
20.405 |
15.617 |
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Sundry Debtors |
28.012
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18.972 |
22.622 |
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Cash & Bank Balances |
2.405
|
2.178 |
0.503 |
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Other Current Assets |
17.805
|
9.964 |
2.594 |
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Loans & Advances |
12.257
|
7.155 |
3.923 |
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Total
Current Assets |
76.901
|
58.674 |
45.259 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.726
|
17.669 |
14.688 |
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Provisions |
12.376
|
3.838 |
0.000 |
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Total
Current Liabilities |
27.102
|
21.507 |
14.688 |
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Net Current Assets |
49.799
|
37.167 |
30.571 |
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MISCELLANEOUS EXPENSES |
0.042 |
0.061 |
0.018 |
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TOTAL |
72.789 |
58.562 |
43.118 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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146.514 |
98.818 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
146.514 |
98.818 |
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Profit/(Loss) Before Tax |
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10.090 |
3.870 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
10.090 |
3.870 |
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Expenditures : |
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Interest |
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5.000 |
4.462 |
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Depreciation & Amortization |
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3.581 |
2.978 |
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Other Expenditure |
|
127.843 |
87.508 |
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Total Expenditure |
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136.424 |
94.948 |
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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 |
(%) |
6.89
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3.92 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
6.89
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3.92 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.11
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4.84 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.19 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.87
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2.93 |
4.44 |
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Current Ratio (Current Asset/Current Liability) |
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2.84
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2.73 |
3.08 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Product Platting Trading Company, Malad (East)
·
Same Agenda, Goregaon (West)
Form No. 8
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Name of the company |
PROGRESSIVE ELECTROPLATING CHEMICALS PRIVATE LIMITED |
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Presented By |
Jointly by the
Company and Union Bank of India |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Deed dated 10th January, 2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible
movable machineries, plant, machinery, fixtures, fittings, other installations,
cranes, furniture, computers and other accessories, vehicles together with
spares tools and accessories and all other articles lying on the premises
66/67/68 Industrial Estate, Vasai (East) Dist. Thane or in the custody of any
person who are Mercantile Agents of the Borrower or in the course of transit
which may hereinafter be brought, stored or be lying in or upon the said
premises of the Borrower. The whole of the
Borrower’s movable goods and assets, both present and future and including but
without prejudice to generality of the foregoing words, all stocks of raw
materials, work in progress, semi finished goods and finished goods such as
chemicals packing materials, consumable stores and spares etc. whatsoever and
wheresoever situate and / or in transit whether now belonging to or that may
at any time during the continuance of this security belong to the Borrower or
that may be held by any party anywhere to the order and disposition of the
borrower. All the present
and future book debts, outstanding, monies receivable, claims, bills
contracts, engagements and securities which are now due and owing or which
may at any time hereafter during the continuance of this security become due
and owing to the Borrower in the course of its business by any person, firm
company or body corporate or by the Government of India or any State
Government or Indian Railways or any Government Department or office or any
Municipal or Local or Public or Semi Government body or authority whatsoever
including those relating to the assets leased out and /or given on hire
purchase basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 12.75%
p.a. and Margin 25% Security to cover
principal amount together with interest, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Shiv Om Plot No. 152, S V Road, Dahisar (East), Mumbai – 400 068,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number of the company |
U24229MH2002PTC136469 |
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Name of the
company |
PROGRESSIVE ELECTROPLATING CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
3 B Udyog Nagars VRD, Goregaon (West), Mumbai – 400 062, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Union Bank of India Shiv Om Plot No. 152, S V Road, Dahisar (East), Mumbai – 400 068,
Maharashtra, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement of Goods and Debts |
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Date of
instrument Creating the charge |
14.05.2008 |
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Amount secured by
the charge |
Rs.15.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest @ 12.75% p.a. monthly rest. ·
Terms of
repayment On demand ·
Margin Margin @ 25% ·
Extent and operation
of the charge To secure revised cash credit hypothecation facilities to the extent
of Rs.15.000 millions |
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Particulars of
the property charged |
Hypothecation by
way of first charge on stock i.e. chemicals, packaging material, consumables
stores etc. raw material, semi finished good, Finished goods stored at
factory Building at 66/67/68 Industrial Estate Vasai (East) Dist. Thane or in
the godowns of the Borrowers and entire Book Debt. |
|
Particulars of
the present modification |
The original charge
dated 10.01.2006 for Rs.10.000 millions hereby modified by granting
additional sum of Rs.5.000 millions increased in cash credit hypothecation
limits to rs15.000 millions |
Web Details
Subject was established in 1972
founded by Mr. Kumar Shah. Like the rolling stone that gathers no moss, they've
been on the move for the past 30 years, staying in touch with global trends,
updating technologies, developing newer applications. Leaving no stone unturned
to put the Indian metal finishing industry on par with the world's best.
In fact, Subject was set up over 30 years ago with this very objective, but
technology was in its infancy. So they manufactured metal finishing chemicals,
focused on decorative finishes, and waited for the revolution.
It followed soon after. The manufacturing industry started growing and the
Indian metal finishing industry had to cater to demands for functional and
industrial applications. Armed with an expanded product line and a renewed
vision, PCC emerged into Subject. Transforming itself from a company that
offered solutions to one who set standards in metal finishing.
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 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.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
|
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 |
|