MIRA
INFORM REPORT
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Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
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Name : |
INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
A-4, Grater Kailash, No.I, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.1984 |
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Com. Reg. No.: |
55-17752 |
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CIN No.: [Company
Identification No.] |
U29299DL1984PTC017752 |
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IEC No.: |
0588125717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04508A |
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PAN No.: [Permanent
Account No.] |
AAACI0233Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Automobile Parts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The financial
of the company are missing from the government departments after 2007.
However trade relations are reported as fair. Business is active. Payment terms are not known. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Anil Mittal |
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Designation : |
General Manager Finance Department |
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Contact No.: |
91-120-4347550 |
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Date : |
18.02.2011 |
LOCATIONS
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Registered Office : |
A-4, Grater Kailash, No.I, |
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Tel No.: |
91-120-4347550/ 29233593 |
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Fax No.: |
91-120-4347558 |
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E-Mail : |
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Website: |
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Corporate Office : |
C-6, Sector – 63, Noida – 201 301, |
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Tel. No.: |
91-120-4347550 / 51 / 52 / 53 / 54 |
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Fax No.: |
91-120-2404058 / 4347558 |
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E-Mail : |
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Area : |
3 Floor Building including Factory. |
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Factory : |
Located at ·
Kotdwar ·
Noids ·
Pune ·
Chennai |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Sunil Sharma |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-4, Grater Kailash, No.1, |
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Date of Birth/Age : |
14.10.1956 |
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Date of Appointment : |
21.03.1984 |
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DIN No : |
01591189 |
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Name : |
Mrs. Kamla Sharma |
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Designation : |
Director |
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Address : |
A-4, Grater Kailash, No.1, |
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Date of Birth/Age : |
07.11.1925 |
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Date of Appointment : |
03.06.1986 |
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DIN No : |
01591213 |
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Name : |
Mr. Deepak Anand |
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Designation : |
Director |
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Address : |
16, Vasant Vihar, |
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Date of Birth/Age : |
29.08.1949 |
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Date of Appointment : |
20.03.1987 |
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DIN No : |
00011500 |
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Name : |
Dr. Shiva Sharma |
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Designation : |
Director |
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Address : |
535, |
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Date of Birth/Age : |
02.03.1952 |
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Date of Appointment : |
23.05.1987 |
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DIN No : |
01591299 |
KEY EXECUTIVES
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Name : |
Mr. Kamal Chand Shah |
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Designation : |
Company Secretary |
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Address : |
KD-14B, Ashok Vihar, Phase – I, |
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Date of Birth/Age : |
17.10.1936 |
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Date of Appointment : |
19.10.1984 |
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PAN No : |
AANPS1507P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Sunil Sharma |
14350 |
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Jaikrishna Sharma |
510 |
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Kamla Sharma |
430 |
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Vaibhav Sharma |
4000 |
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Dr. Shiva Sharma |
292 |
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Deepak Anand |
150 |
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Sunder Anand |
170 |
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Rajendra Vaid |
5 |
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Sukrit Sharma |
5000 |
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Total |
24907 |
AS ON 30.19.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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99.63 |
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Other top fifty shareholders |
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0.37 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Automobile Parts |
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Products : |
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PRODUCTION STATUS (As On 31.03.2007)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Perlite Filter-aids and Expanded Perlite (At Kotdwar) |
MT |
6000 |
6000 |
2889 |
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Foam Parts and Rubber Products (At Noida) |
Nos. |
11700000 (Aggregate) |
-- |
46580915 |
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Foam Parts and Rubber Products (At Noida- Export Oriented Unit) |
Nos. |
49090000 (Aggreagate) |
-- |
3395576 |
Note:
i)
Raw material cover a large
variety and range of items of varying values.
ii)
Quantities of consumption
include unusable/ leftover small pieces, stripes etc.
GENERAL INFORMATION
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Bankers : |
·
Canara Bank, Overseas Branch, B-39, 1st
Floor, Connaught Circus, New Delhi – 110 001, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H Mitter and Company Chartered Accountants |
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Address : |
A-2/6, Safdarjang Enclave, |
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Tel. No.: |
91-11-26161330 |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24907 |
Equity Shares |
Rs.100/- each |
Rs.2.491
millions |
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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 |
2.491 |
2.491 |
2.491 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
392.883 |
269.688 |
184.782 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
395.374 |
272.179 |
187.273 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
6.441 |
8.437 |
4.272 |
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TOTAL BORROWING |
6.441 |
8.437 |
4.272 |
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DEFERRED TAX LIABILITIES |
2.859 |
2.121 |
2.695 |
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TOTAL |
404.674 |
282.737 |
194.240 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
52.247 |
44.573 |
38.535 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
194.291 |
36.119 |
22.731 |
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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 |
64.782
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63.942
|
61.046 |
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Sundry Debtors |
125.937
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90.358
|
92.083 |
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Cash & Bank Balances |
22.046
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104.398
|
69.913 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
191.727
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120.101
|
74.176 |
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Total
Current Assets |
404.492
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378.799
|
297.218 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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64.062 |
97.041 |
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Other Current Liabilities |
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3.961
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3.203 |
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Provisions |
153.330
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108.731
|
64.000 |
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Total
Current Liabilities |
246.356
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176.754
|
164.244 |
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Net Current Assets |
158.136
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202.045
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132.974 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
404.674 |
282.737 |
194.240 |
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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 |
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Income |
638.800 |
462.150 |
392.322 |
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Other Income |
15.944 |
13.033 |
12.679 |
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TOTAL |
654.744 |
475.183 |
405.001 |
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Less |
EXPENSES |
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Administrative Expenses |
486.033 |
346.121 |
320.621 |
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Advertising Expenses |
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TOTAL |
486.033 |
346.121 |
320.621 |
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PROFIT BEFORE
TAX |
168.711 |
129.062 |
84.380 |
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Less |
TAX |
45.439 |
44.156 |
31.345 |
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PROFIT AFTER TAX
|
123.272 |
84.906 |
53.035 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Earnings |
0.818 |
0.986 |
NA |
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TOTAL EARNINGS |
0.818 |
0.986 |
NA |
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IMPORTS |
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Import Value |
NA |
144.126 |
168.086 |
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TOTAL IMPORTS |
NA |
144.126 |
168.086 |
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Earnings Per
Share (Rs.) |
4949.28 |
3408.91 |
2129.32 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
18.83
|
17.87
|
13.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
26.41
|
30.55
|
21.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
36.94
|
30.48
|
25.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.47
|
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.64
|
0.68
|
0.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.64
|
2.14
|
1.81 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company has achieved a higher turnover at Rs. 638.800 Millions as
compared to Rs. 462.150 Millions in the previous year. The higher turnover has been
achieved by adding new customer and products as well as higher capacity
utilization at all the plants.
CONTINGENT
LIABILITIES:
a)
In respect of the guarantees given by the Bank on
behalf of the company Rs. 5.057 Millions against which Rs. 2.993 Millions held
with the bank as margin money.
b)
No provision has been made for Excise Duty, Customs
and Sales Tax demands aggregating to Rs. 3.027 Millions which are being
disputed in appeal.
FORM 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80036219 |
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Corporate
identity number of the company |
U29299DL1984PTC017752 |
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Name of the
company |
INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
A-4, Grater Kailash, No.1, |
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Type of charge |
Movable Property Floating Charge Others |
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Particular of
charge holder |
Canara Bank, Overseas Branch, B-39, 1st Floor, Connaught
Circus, |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Collateral Security Agreement |
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Date of
instrument Creating the charge |
12.12.2008 |
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Amount secured by
the charge |
Rs. 1.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement Terms of
Repayment Repayable on
demand Margin As per agreement Extent and
Operation of the charge 100% Others The above secure
the BG (APG) Rs. 1.500 Millions granted to the company. |
|
Short particulars
of the property charged |
Hypothecation of
goods and commodities of the company. Collaterally
security all plant and machinery, tools, accessories and motor vehicles,
tools and accessories already purchased to be purchased |
|
Particulars of
the present modification |
Extent of
operation of charge over sub limit on collateral
security of all plant and machinery, tools, accessories and motor vehicles,
already purchased/ to be purchased stand enhanced sub limit of APG within BG
limit from Rs. 1.000 Million to Rs. 1.500 Millions within the overall BG
limit of Rs. 7.000 Millions together with all interest, costs, charges,
expenses etc. other term and conditions remain same. |
FIXED ASSETS:
·
·
·
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixture
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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.