MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PERMA CONSTRUCTION AIDS PRIVATE LIMITED |
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Registered Office : |
Shed No.C1/2301/2, GIDC, Sarigam – 396155, District – Valsad, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.04.1997 |
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Com. Reg. No.: |
032104 |
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CIN No.: [Company
Identification No.] |
U45201GJ1997PTC032104 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTP01569B |
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PAN No.: [Permanent
Account No.] |
AABCP4353K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Construction 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 55230 |
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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. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Shed No.C1/2301/2, GIDC, Sarigam – 396155, Gujarat, India |
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Tel. No.: |
91-260-2783019 |
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E-Mail : |
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Website : |
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Factory : |
611/612, Nirmal Corporate Centre, LBS Marg, Mulund (West), Mumbai –
400080, Maharashtra, India |
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Tel. No.: |
91-22-25918911/ 25674690 |
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Fax No.: |
91-22-25674690/ 25903008 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Charles A. Jeyasingh |
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Designation : |
Director |
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Address : |
5/A, Dattani Apartment, Flat No.46, B Wing, Kandivali, Mumbai,
Maharashtra, India |
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Date of Birth: |
02.01.1961 |
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Date of Appointment : |
11.04.1997 |
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Name : |
Mr. Abdul Mohamad Waheed |
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Designation : |
Chairman cum Managing Director |
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Address : |
6/B 702 Meelam Nagar, Mulund (East), Mumbai – 400081, Maharashtra,
India |
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Date of Birth: |
15.12.1951 |
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Date of Appointment : |
11.04.1997 |
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Name : |
Mr. Safia M. Waheed |
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Designation : |
Director |
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Address : |
6/B 702 Meelam Nagar, Mulund (East), Mumbai – 400081, Maharashtra,
India |
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Date of Birth: |
12.10.1954 |
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Date of Appointment : |
11.04.1997 |
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. Charles Jeya Singh |
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200000 |
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Mr. Safia Waheed |
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20000 |
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Mr. Abdul Mohamad Waheed |
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180000 |
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Total |
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400000 |
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Equity Share
Breakup |
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Percentage |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Construction Chemicals |
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Products : |
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manoj Shah and Company Chartered Accountant |
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Address : |
6, Rajhans, 1st Floor, Near Char Rasta, GIDC, Vapi –
396195, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- Each |
Rs.7.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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368000 |
Equity Shares |
Rs. 10/- Each |
Rs.3.680 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.680 |
3.430 |
3.230 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.366 |
5.273 |
3.363 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.046 |
8.703 |
6.593 |
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LOAN FUNDS |
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1] Secured Loans |
4.555 |
5.091 |
3.316 |
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2] Unsecured Loans |
1.831 |
1.831 |
1.846 |
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TOTAL BORROWING |
6.386 |
6.922 |
5.162 |
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DEFERRED TAX LIABILITIES |
1.088 |
0.963 |
0.932 |
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TOTAL |
18.520 |
16.588 |
12.687 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.634 |
9.326 |
7.345 |
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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 |
4.468
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4.578 |
3.439 |
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Sundry Debtors |
8.593
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6.080 |
5.064 |
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Cash & Bank Balances |
0.724
|
0.469 |
0.370 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.413
|
1.117 |
0.908 |
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Total
Current Assets |
15.198
|
12.244 |
9.781 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.412
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4.052 |
4.075 |
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Provisions |
0.900
|
0.933 |
0.372 |
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Total
Current Liabilities |
6.312
|
4.985 |
4.447 |
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Net Current Assets |
8.886
|
7.259 |
5.334 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Preliminary Expenses |
0.000 |
0.003 |
0.008 |
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TOTAL |
18.520 |
16.588 |
12.687 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
63.302 |
44.611 |
39.290 |
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Other Income |
0.168 |
0.035 |
0.046 |
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Total Income |
63.470 |
44.646 |
39.336 |
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Profit/(Loss) Before Tax |
2.987 |
2.704 |
1.216 |
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Provision for Taxation |
0.895 |
0.794 |
0.374 |
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Profit/(Loss) After Tax |
2.092 |
1.910 |
0.842 |
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Export Value |
1.851 |
1.893 |
NA |
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Import Value |
1.128 |
0.650 |
NA |
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Expenditures : |
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Financial Charges |
0.369 |
0.363 |
0.319 |
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Depreciation & Amortization |
0.710 |
0.592 |
0.518 |
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Other Expenditure |
59.404 |
40.987 |
37.283 |
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Total Expenditure |
60.483 |
41.942 |
38.120 |
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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 |
(%) |
3.30
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4.29 |
2.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.72
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6.06 |
3.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.03
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12.53 |
7.10 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.31 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.15
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1.38 |
1.46 |
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Current Ratio (Current Asset/Current Liability) |
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2.41
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2.46 |
2.20 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
PERMA CONSTRUCTION AIDS PRIVATE LIMITED |
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Presented
By |
Director/ Bank of
Baroda, Mulund (West), Mumbai |
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1) Date and description of instrument creating the change |
Memorandum of
Deposit of Title Deeds Dated 9th May, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
GIDC Plot of Land
Bearing CI Type of Shed No.230/2 (Built-up) with Building, Plant and Machinery
thereon, admeasuring 942 sq. mtrs, Plot No,2301/2 in the Sangam Notified
Industrial Area/ Estate, considting on revenue Survey No.46/P, within the
village limits of sarigam, Taluka Umbergaon, District Valsad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is
created to secure the due repayment
of Cash Credit (Hypothecation of Stock and Book Debts) limit of Rs.3.000
Millions sanctioned and granted by Bank of Baroda, Mumlund (West) Branch,
Mumbai to the company with interests, costs, charges etc. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Mumlund (West)
Branch, Mumbai – 400080, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
No instrument was
executed but on the 16th February, 2005 an extension of equitable
mortgage was created vide supplemental memorandum of deposit of tile deeds
dated 16.02.2005 by the company in favour of Bank of Baroda Mumlund (West)
Branch, Mumbai – 400080, by way of further Equitable Mortgage by deposit of
Title Deeds by way constructive delivery in respect of the aforesaid
immovable properties so as to be continuance security for the due repayment
of interests in CC facility of the extent of Rs.5.000 Millions granted along
with other existing facilities thereby aggregating total reviewed facilities,
thereon and all costs, charges and expenses incurred by Bank and payable to
Bank as under:- CC (Stock/ Book Debts) Rs.5.000 Millions Sublimit
(FLC)
(Rs.1.000 Million) Term Loan Rs.0.119
Million
-------------------------------- Total Rs.5.119 Millions |
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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. |
1st Modification:- The original
equitable mortgage and the present charges created hereunder by way of
extension of equitable mortgage on dated 16.02.2005 by the company shall
hence forth be a countenancing security to the Bank for the repayment,
discharge and redemption by the company to the Bank for its total reviewed
facilities aggregating Rs.5.119 Millions as stated hereinafter together with
interests, thereon and all costs, charges and expenses incurred by Bank and
payable to Bank under its heads of agreements/ Loan agreement, sanctions and
terms and conditions as unchanged from time to time. |
AS PER WEB SIDE
DETAILS
The beginning of the 21st century, considered a
veritable "CHEMICAL CENTURY", has seen phenomenal industrial and
infrastructural growth, having far reaching effects on the Construction
Industry and materials for Construction. The Chemical Industry is, in a sense,
a great creative dynamo, using its energies to devise new processes and
techniques. The Construction Chemical Industry too has not been lagging behind.
Changes in the manufacturing techniques have affected the building industry
too. The highest standards of performance have been demanded from main building
products such as concrete and mortars. Developments in materials and techniques
have prompted Construction chemical manufacturers to strive hard and achieve
higher levels of performance. however, in spite of the best efforts put
together, lacunae seems to remain between the performance standards at site and
the satisfaction level of engineers who are using these products.
The growth factor and performance criteria for building products is expected to
increase multi-fold in the 21st century. To bridge these gaps between
performance expectation and the availability of quality construction chemicals,
professionals with decades of experience in this field have joined hands to
take up this challenge under the banner of "PERMA".
PERMA offers the most modern construction chemicals to cater
to all critical applications in the civil engineering industry. They, at PERMA,
hope that their untiring efforts will bind them with the construction industry
in a permanent bond.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.32 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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