MIRA
INFORM REPORT
|
Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHEMOCID IMPEX PRIVATE LIMITED |
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Registered
Office : |
801 A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.01.1992 |
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Com. Reg. No.: |
11-064826 |
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CIN No.: [Company Identification
No.] |
U99999MH1992PTC064826 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC04629C |
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PAN No.: [Permanent Account No.] |
AAACC2243C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Traders of Acids and Speciality Chemicals Dyes. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 540000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
positions of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
801 A, Eureka Towers, 8th Floor, Mind Space, Goregaon Malad
Link Road, Mumbai-400064, Maharashtra, India |
|
Tel. No.: |
91-22-28801999 |
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Fax No.: |
91-22-28445597 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramesh Chunilal Shah |
|
Designation : |
Director |
|
Address : |
10 B, Siddhkruti Apartment, Sarelawadi, Ghoddod Road, Surat-395007, |
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Date of Birth/Age : |
27.06.1937 |
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Date of Appointment : |
13.01.1992 |
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Name : |
Mr. Jagdeep Gunvanj Shah |
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Designation : |
Director |
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Address : |
Nish-Nita, 15 |
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Date of Birth/Age : |
02.04.1959 |
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Date of Appointment : |
13.01.1992 |
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|
Name : |
Mr. Binish Gunvanj Shah |
|
Designation : |
Managing Director |
|
Address : |
Nish-Nita, 15 |
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Date of Birth/Age : |
08.02.1968 |
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Date of Appointment : |
01.03.1992 |
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Name : |
Sanyukta Gunvanj Shah |
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Designation : |
Director |
|
Address : |
Nish-Nita, 15 |
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Date of Birth/Age : |
05.06.1935 |
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Date of Appointment : |
05.10.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Chunilal Shah |
|
100 |
|
Binish Gunvanj Shah |
|
3000 |
|
Ramesh Chunilal Shah |
|
3400 |
|
Sanyukta Gunvanj Shah |
|
18500 |
|
Binish Gunvanj Shah |
|
12000 |
|
Sanyukta Gunvanj Shah |
|
1500 |
|
Sanyukta Gunvanj Shah |
|
11500 |
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|
|
|
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Total |
|
50000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Traders of Acids and Speciality Chemicals Dyes. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Gandhi and Shroff Chartered Accountant |
|
Address : |
2 Ground Floor, Shanti Sadan, 45, Telli Galli, Andheri (East),
Mumbai-400069, |
|
Tel. No.: |
91-22-26827001/26827002 |
|
Fax No.: |
91-22-26827004 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
136.074 |
105.938 |
81.102 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
136.574 |
106.438 |
81.602 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.530 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.530 |
|
|
DEFERRED TAX LIABILITIES |
0.608 |
0.434 |
0.314 |
|
|
|
|
|
|
|
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TOTAL |
137.182 |
106.872 |
82.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.960 |
8.089 |
7.915 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
33.788 |
59.613 |
45.913 |
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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 |
38.051
|
19.881 |
9.499 |
|
|
Sundry Debtors |
23.197
|
12.048 |
8.440 |
|
|
Cash & Bank Balances |
49.511
|
12.957 |
9.516 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
32.766
|
21.626 |
24.016 |
|
Total
Current Assets |
143.525
|
66.512 |
51.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
22.377
|
8.285 |
8.803 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
27.714
|
19.057 |
14.050 |
|
Total
Current Liabilities |
50.091
|
27.342 |
22.853 |
|
|
Net Current Assets |
93.434
|
39.170 |
28.618 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
137.182 |
106.872 |
82.446 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
251.352 |
181.938 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
207.161 |
145.811 |
NA |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
207.161 |
145.811 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.191 |
36.127 |
4.851 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.834 |
0.774 |
0.918 |
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PROFIT BEFORE
TAX |
43.357 |
35.353 |
3.933 |
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Less |
TAX |
13.181 |
10.702 |
0.960 |
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PROFIT AFTER TAX
|
30.176 |
24.651 |
4.893 |
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EARNINGS IN
FOREIGN CURRENCY |
241.891 |
17.003 |
82.658 |
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IMPORTS |
91.739 |
82.784 |
43.340 |
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Earnings Per
Share (Rs.) |
603.51 |
493.01 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.00
|
13.55 |
NA |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.25
|
47.39 |
6.62 |
|
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.33 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.26 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
2.43 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The working results of the company for the year under report show a net
profit of Rs.30.176 millions after providing for taxation of Rs.13.181 millions
(including current tax, wealth tax and deferred tax) and depreciation of
Rs.0.834 millions after transferring Rs.0.500 millions to general reserve and
adjusting Rs.0.039 million being short provision of income tax in respect of
earlier years, the balance profit of Rs.124.568 millions is carried to balance
sheet.
Fixed Assets:
- Air
Conditioner
- Motor Cars
- Motor Bike
- Office
Equipment
- Computer
- Office
Premises
- Furniture and
Fixtures
- Electrical
Fittings
- Xerox Machine
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 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.44.45 |
|
|
1 |
Rs.71.58 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.