MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHAYANI AUXI-CHEM PRIVATE LIMITED |
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Registered
Office : |
A-4, Neelkanth Tirth, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.12.1993 |
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Com. Reg. No.: |
11-75411 |
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Capital
Investment / Paid-up Capital : |
Rs.1.480 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1993PTC075411 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB06588B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Textile Binders, Pigments, Colors, Textile Thickeners,
Textile Fixers, Auxiliaries and Allied Products. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses being recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ajay |
|
Designation : |
Director |
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Contact No.: |
91-9967655220 |
|
Date : |
07.07.2011 |
LOCATIONS
|
Registered Office : |
A-4, Neelkanth Tirth, |
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Tel. No.: |
91-22-25613354 |
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Mobile No.: |
91-9967655220 (Mr. Ajay) |
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E-Mail : |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
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Factory : |
A-703, TTC Industrial Area, MIDC, Thane Belapur Road, Mahape Village, Navi
Mumbai – 400703, Maharashtra, India |
|
Area : |
5000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sanmukhrai Amritlal Bhayani |
|
Designation : |
Director |
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Address : |
A – 7, Neelkanth Tirth, |
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Date of Birth/Age : |
01.02.1930 |
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Date of Appointment : |
02.12.1993 |
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DIN No. : |
01123156 |
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Name : |
Mr. Ajay Sanmukhrai Bhayani |
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Designation : |
Director |
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Address : |
201, Chandanbala, 2nd Floor, Sarvodya Nagar, |
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Date of Birth/Age : |
27.10.1958 |
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Date of Appointment : |
02.12.1993 |
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DIN No. : |
01123106 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bhayani A. Sanmukhrai |
|
3509 |
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Bhayani S. Ajay |
|
3037 |
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Bhayani Ajay Nita |
|
2300 |
|
Bhayani A. Sanmukhrai (HUF) |
|
1351 |
|
Bhayani S. Ajay (HUF) |
|
1351 |
|
Bhayani S. Sarla |
|
3250 |
|
Bhayani A. Kavish |
|
1 |
|
Bhayani A. Ankit |
|
1 |
|
Total |
|
14800 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Textile Binders, Pigments, Colors, Textile Thickeners,
Textile Fixers, Auxiliaries and Allied Products. |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
Union Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kapadia and Gajaria Associates Chartered Accountant |
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Address : |
3, Laxmi Niwas, 1st Floor, |
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Tel. No.: |
91-22-25605536 / 25643844 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14800 |
Equity Shares |
Rs.100/-each |
Rs.1.480
Millions |
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 |
1.480 |
1.480 |
1.480 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.432) |
(0.312) |
(0.391) |
|
|
NETWORTH |
1.048 |
1.168 |
1.089 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
7.610 |
7.583 |
7.190 |
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TOTAL BORROWING |
7.610 |
7.583 |
7.190 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.658 |
8.751 |
8.279 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.198 |
2.677 |
3.224 |
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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 |
0.872
|
0.778 |
0.853 |
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Sundry Debtors |
6.422
|
6.331 |
5.539 |
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Cash & Bank Balances |
0.393
|
0.818 |
0.346 |
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Other Current Assets |
1.293
|
0.169 |
0.108 |
|
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Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
8.980
|
8.096 |
6.846 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
2.106
|
1.615 |
1.403 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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|
Provisions |
0.414
|
0.407 |
0.388 |
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Total
Current Liabilities |
2.520
|
2.022 |
1.791 |
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|
Net Current Assets |
6.460
|
6.074 |
5.055 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.658 |
8.751 |
8.279 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
12.951 |
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Other Income |
|
0.079 |
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TOTAL (A) |
|
13.030 |
11.903 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
|
12.726 |
11.277 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.304 |
0.626 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
|
0.425 |
0.547 |
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PROFIT BEFORE
TAX (C-D) (E) |
|
(0.121) |
0.079 |
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Less |
TAX (F) |
|
0.000 |
0.000 |
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PROFIT AFTER TAX
(E-F) (G) |
|
(0.121) |
0.079 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
20.000 |
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Expected Sales (2011-2012) : Rs.40.000 Millions
The above information has been parted by Mr. Ajay
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.93)
|
0.66 |
-- |
|
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Net Profit Margin (PBT/Sales) |
(%) |
(0.93)
|
-- |
-- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.08)
|
0.73 |
-- |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
0.07 |
-- |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
9.67
|
8.22 |
8.25 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.56
|
4.00 |
3.82 |
LOCAL AGENCY FURTHER INFORMATION
Performance of the
company :
During the year, the company achieved Gross receipt (including other
income) of Rs.13.030 Millions and made a profit before depreciation of Rs.0.304
Million. After providing for depreciation of Rs.0.425 Million the company
posted a loss of Rs.0.121 Million and loss to the tune of Rs.0.121 Million is
being carried forward to the Balance sheet.
Fixed Assets :
- Computer
- Electric Fittings
- Inverter
- Land
- Laptop
- Mobile Phone
- Motor Car
- Plant and Machinery
- Scales
- Scooter
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.