MIRA
INFORM REPORT
|
Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASHA PENN COLOR PRIVATE LIMITED |
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Registered Office : |
Asha House, Plot No. 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai –
400 014, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.08.2006 |
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Com. Reg. No.: |
163800 |
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CIN No.: [Company
Identification No.] |
U24222MH2006PTC163800 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA29563C |
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PAN No.: [Permanent
Account No.] |
AAFCA9682E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pigment Dispersions and Color concentrates. |
RATING &
COMMENTS
|
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 190000 |
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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 2 years old company and has registered satisfactory
business as per its first financials. Trade relations are fair. Payments are
reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Atish Mehta |
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Designation : |
Commercial Manager |
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Contact No.: |
91-9322665253 |
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Date : |
16.09.2008 |
LOCATIONS
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Registered Office : |
Asha House, Plot No. 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai –
400 014, Maharashtra, India |
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Tel. No.: |
91-22-24140020 / 24137192 / 40641400 |
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Fax No.: |
91-22-24137190 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory: |
Near Water Works, Abrama, P B No. 11, Valsad – 396 001, Gujarat, India
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Tel. No.: |
91-2632-250613 |
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Fax No.: |
91-2632-226741 |
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E-Mail : |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Hirachand Vamalchand Shah |
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Designation : |
Director |
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Address : |
502 Paradise Apartments, 7th Road, TPS III, Santacruz
(East), Mumbai – 400 055, Maharashtra, India |
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Date of Birth/Age : |
31.03.1936 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Champklal Dolatram Mehta |
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Designation : |
Director |
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Address : |
503, Abhishek 65, S V Road, Irla Bridge, Andheri (West), Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
20.03.1937 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. B B Sen |
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Designation : |
Director |
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Qualification : |
Chemical Engineer with Post Graduate in Business Management |
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Experience : |
20 years |
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|
Name : |
Mr. Kevin Putman |
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Designation : |
Director |
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Address : |
5450 Long Lane, Dolyestown, Pennsylvania – 18901, US |
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Date of Birth/Age : |
03.11.1951 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Bharat Parekh |
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Designation : |
Director |
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Address : |
731 Haycock View Drive, Pekasie, Pennsylvania – 18944, US |
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Date of Birth/Age : |
27.01.1948 |
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Date of Appointment : |
01.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr. J K Mehta |
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Designation : |
Incharge of Financial Commercial Aspects of the Group |
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Qualification : |
Chartered Accountant |
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Name : |
Dr. V K V Unni |
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Designation : |
Incharge in Liquid Senior Technical Level in DIC Group Companies both
in India and Overseas |
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Qualification : |
Ph. D from Institute of Science, Bangalore, Karnataka, India |
|
Experience : |
35 years |
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Name : |
Mr. K J Dave |
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Designation : |
Incharge of Group Exports |
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Qualification : |
M A., LLB |
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Name : |
Mr. Srinivasan |
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Designation : |
Incharge of Ethyl Cellulose Plant |
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Qualification : |
Chemical Engineer |
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Name : |
Mr. J B Mehta |
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Designation : |
In charge of Dispersions Plant |
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Qualification : |
MBA |
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Name : |
Mr. A P Mehta |
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Designation : |
Looks after Commercial activities of the Group |
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Qualification : |
MBA |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment (As on 31.01.2007)
|
Names of Shareholders |
No. of Shares |
|
Champklal Dolatram Mehta |
39450 |
|
Jindat Kalidas Mehta |
57000 |
|
Jinesh Babulal Mehta |
53200 |
|
Babulal Bikhalal Mehta |
132050 |
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Atish Mehta |
38000 |
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Hirachand Vamalchand Shah |
67950 |
|
Vasantlal Vamalchand Shah |
71250 |
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Rajendra Hirachand Shah |
85500 |
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Rohit Vasantlal Shah |
85500 |
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Bidyut Baran Sen |
155250 |
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Arijit Bidyut Sen |
77425 |
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Siddharth Bidyut Sen |
77425 |
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Total |
940000 |
List of Allotment (As on 31.01.2007)
|
Names of Shareholders |
No. of Shares |
|
Penn Color Inc. |
950000 |
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Total |
950000 |
BUSINESS DETAILS
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
25 (In Office: 5 and In Factory: 20) |
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Bankers : |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lowe Parel (West), Mumbai – 400
013, Maharashtra, India |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M V Kothari and Company Chartered Accountants |
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Address : |
213/215, Jolly Bhavan No. 2, 10 New Marine Lines, Mumbai – 400 020,
Maharashtra, India |
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Associates/Subsidiaries : |
·
Asha Cellulose (India) Private Limited ·
Asha Celluloid ·
Nitrex Chemicals Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10.00 each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Shares |
Rs.10.00 each |
Rs.19.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
19.000 |
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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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|
18.779 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
37.779 |
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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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|
25.852 |
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TOTAL BORROWING |
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25.852 |
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DEFERRED TAX LIABILITIES |
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0.344 |
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TOTAL |
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63.975 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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19.837 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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25.688 |
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Sundry Debtors |
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28.729 |
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Cash & Bank Balances |
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|
8.865 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
8.876 |
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Total
Current Assets |
|
|
72.158 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.305 |
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Provisions |
|
|
0.077 |
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Total
Current Liabilities |
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|
28.382 |
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Net Current Assets |
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|
43.776 |
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MISCELLANEOUS EXPENSES |
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|
0.362 |
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TOTAL |
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|
63.975 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
|
|
16.754 |
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Other Income |
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|
0.000 |
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Total Income |
|
|
16.754 |
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Profit/(Loss) Before Tax |
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0.783 |
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Provision for Taxation |
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|
0.000 |
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Profit/(Loss) After Tax |
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|
0.783 |
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Expenditures : |
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Interest |
|
|
0.374 |
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Depreciation & Amortization |
|
|
0.463 |
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Other Expenditure |
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|
15.134 |
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Total Expenditure |
|
|
15.971 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
4.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
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|
4.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.44 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
2.54 |
LOCAL AGENCY FURTHER
INFORMATION
Note: The New Joint
Venture Company Asha Penn Color Private Limited has been formed between Asha
Dispersions Private Limited, India and Penn Color, USA w.e.f. 01.02.2007
Form No. 8
|
Corporate
identity number of the company |
U24222MH2006PTC163800 |
|
Name of the
company |
ASHA PENN COLOR PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Asha House, Plot No. 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400
014, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lowe Parel (West), Mumbai – 400
013, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation |
|
Date of
instrument Creating the charge |
03.04.2007 |
|
Amount secured by
the charge |
Rs.5.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest at the rate as may be communicated by the Bank from time to
time. ·
Terms of
repayment On Demand ·
Margin Borrower shall at all times during the continuance of this security
maintain the said debts of a sufficient amount to provide the margin of
security as may from time to time advised by the Bank. ·
Extent and
operation of the charge Hypothecation by way if First Charge on Company’s Stock, Book Debts
etc. to secure as s Continuing Security for repayment of monies due and
payable by the borrower to the Bank. |
|
Particulars of
the property charged |
Hypothecation by
way first charge on : All the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise, fixed assets and
whatsoever being movable properties
now or at any time hereafter belonging to us or at our disposal and now or at
any time and from time to time hereafter stored or to be stored or brought
into or upon or in course of transit. |
Trade References
·
Penn Color Inc., USA
Website details
Subject is a manufacturer of Pigment Dispersions and Color Concentrates is a Joint Venture between Asha Dispersions Private Limited of Mumbai, India and Penn Color Inc. of Doylestown, PA, USA.
The Manufacturing site of subject is located in Valsad, Gujarat about 200 Kms from Mumbai. APC utilizes Technology, Manufacturing and Market Strengths contributed by both partners. The Joint Venture permits product line growth and serve the expanding requirements of customers on a worldwide basis. The new company is supported by an independent Research and Development group in India, working in synergy with Penn Color’s Central Research Laboratories in the US.
Subject has manufacturing facility of
a wide range of standard and customized Pigmented Dispersions / Color
Concentrates in Dry and Liquid forms, in various Resin systems, for Industries
such as Packaging and Jet Inks; Automotive, Wood, Industrial and Specialty
Coatings; PVC Sheet, Film and Compounds; Wall Covering and Flooring; Fibers;
Specialty Thermoplastics (Film/Sheet/Injection and Blow Molded Applications).
The products are marketed under trade name “COLORPLUS”.
Subject dispersions meet standardized, product specifications so that multinational customers with worldwide manufacturing bases are assured of consistent product quality and precise universal specifications on world wide bases.
Subject welcomes the opportunity to provide all of the color requirements, with a singular objective to serve customers with “Color in its best form”.
Through an approach of working closely with multinational manufacturers for their global need of color dispersions with uniform quality, APC aims to become the leading provider of solutions of color dispersions globally.
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 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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|
