MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SWASH NONIONICS PRIVATE LIMITED |
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Registered
Office : |
E-14 G, Priya Pushpa Kunj, Pandit Nehru Road, Santacruz (East), Mumbai
– 400055 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.07.1989 |
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Com. Reg. No.: |
11-052540 |
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Capital Investment
/ Paid-up Capital : |
Rs. 2.500 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1989PTC052540 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36776F |
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PAN No.: [Permanent Account No.] |
AAACS6070P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Nonionic Surfactants / Ethylene
Oxide Condensates and Speciality Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
E-14 G, Priya Pushpa Kunj, Pandit Nehru Road, Santacruz (East), Mumbai
– 400055, India |
|
Tel. No.: |
91-22-26124255 / 26140804 / 24220127 |
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Fax No.: |
91-22-26182609 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. E-11, M.I.D.C. Lote Parshuram Industrial Area, Taluka Khed, District Ratnagiri –
415722, Maharashtra, India |
DIRECTORS
(AS ON 09.09.2010)
|
Name : |
Mr. Anil Thakurdas Munim |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 12, Plot No. 726, Sethi Dham, 3rd Floor, 11th
Road, Khar-West, Mumbai – 400052, Maharashtra, India |
|
PAN No. : |
AAJPM7251L |
|
Date of Birth/Age : |
07.03.1930 |
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Date of Appointment : |
10.07.1989 |
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DIN No. : |
00178714 |
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Name : |
Mr. Kapil Anilkumar Selarka |
|
Designation : |
Director |
|
Address : |
Flat No. 403, 4th Floor, Om Shanti CHS, 16th Road,
Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
PAN No. : |
ABCPS5203N |
|
Date of Birth/Age : |
28.010.1961 |
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Date of Appointment : |
10.07.1989 |
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DIN No. : |
01318818 |
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Name : |
Mr. Nimish Anil Munim |
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Designation : |
Director |
|
Address : |
Flat No. 12, Plot No. 726, Sethi Dham, 3rd Floor, 11th
Road, Khar-West, Mumbai – 400052, Maharashtra, India |
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PAN No. : |
AAEPM3783G |
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Date of Birth/Age : |
18.07.1959 |
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Date of Appointment : |
10.07.1989 |
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DIN No. : |
01391450 |
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Name : |
Mr. Yash Nimish Munim |
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Designation : |
Director |
|
Address : |
Flat No. 12, Sethi Dham, Plot No. 726, 11th Road,
Khar-West, Mumbai – 400052, Maharashtra, India |
|
PAN No. : |
ARRPM7124K |
|
Date of Birth/Age : |
28.10.1984 |
|
Date of Appointment : |
09.09.2010 |
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DIN No. : |
02695208 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2010)
|
Names of Shareholders |
|
No. of Shares |
|
Anil T. Munim |
|
7172 |
|
Nimish A. Munim |
|
8337 |
|
Anil T. Munim (HUF) |
|
150 |
|
Kapil A. Shelarka |
|
2820 |
|
Kapil A. Shelarka (HUF) |
|
5016 |
|
Nalini Kulkarni |
|
1 |
|
Ekta Desai |
|
1 |
|
Chandresh Desai (HUF) |
|
1 |
|
Kush N Munim |
|
500 |
|
Yash N Munim |
|
500 |
|
Pratik K. Shelarka |
|
500 |
|
Shilpa Desai |
|
1 |
|
Neeta Desai |
|
1 |
|
TOTAL |
|
25000 |
(AS ON 30.09.2010)
|
Names of Alotees |
|
No. of Shares |
|
|
|
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|
Anil T. Munim |
|
5000 |
|
Nimish A. Munim |
|
5000 |
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Kapil A. Shelarka |
|
2500 |
|
Chhaya Selarka |
|
2500 |
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Total |
|
15000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Nonionic Surfactants / Ethylene
Oxide Condensates and Speciality Chemicals |
GENERAL INFORMATION
|
Bankers : |
State Bank of India, Commercial Branch Vile Parle, Shyam Kamal, Trade Centre,
Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Facilities : |
Rs in Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A R Sodha and Company Chartered Accountants |
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Address : |
101, Ashiana, 11th Road, T.P.S., III, BMC Hospital, Santacruz
(E), Mumbai – 400055, Maharashtra, India |
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Tel. No.: |
91-22-26102465 / 26116901 |
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Fax No.: |
91-22-26101228 |
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E-Mail : |
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PAN No. : |
AAMFA5312K |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Share |
Rs. 100/- each |
Rs. 2.500 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Share |
Rs. 100/- each |
Rs. 2.500 Millions |
|
|
|
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|
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs. 100/- each |
Rs. 5.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
40000 |
Equity Share |
Rs. 100/- each |
Rs. 4.000
Millions |
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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 |
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|
|
|
|
1] Share Capital |
2.500 |
2.000 |
0.998 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
4.289 |
2.090 |
0.295 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.789 |
4.090 |
1.293 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
13.178 |
6.705 |
5.089 |
|
|
2] Unsecured Loans |
7.377 |
7.838 |
6.321 |
|
|
TOTAL BORROWING |
20.555 |
14.543 |
11.410 |
|
|
DEFERRED TAX LIABILITIES |
0.728 |
1.396 |
2.050 |
|
|
|
|
|
|
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TOTAL |
28.072 |
20.029 |
14.753 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
FIXED ASSETS [Net Block] |
3.208 |
3.731 |
3.703 |
|
|
Capital work-in-progress |
2.726 |
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 |
5.983
|
4.615 |
3.220 |
|
|
Sundry Debtors |
21.615
|
17.575 |
11.138 |
|
|
Cash & Bank Balances |
(0.072)
|
(0.001) |
0.042 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.577
|
1.077 |
1.207 |
|
Total
Current Assets |
29.103
|
23.266 |
15.607 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.247
|
6.931 |
4.526 |
|
|
Other Current Liabilities |
0.000
|
0.037 |
0.031 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
7.247
|
6.968
|
4.557 |
|
|
Net Current Assets |
21.856
|
16.298
|
11.050 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.282 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28.072 |
20.029 |
14.753 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
94.018 |
80.994 |
32.270 |
|
|
|
Other Income |
0.944 |
0.819 |
0.329 |
|
|
|
TOTAL (A) |
94.962 |
81.813 |
32.599 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Material |
80.381 |
70.825 |
27.341 |
|
|
|
Manufacturing Cost |
5.601 |
3.864 |
1.891 |
|
|
|
Employment Cost |
0.683 |
0.664 |
0.660 |
|
|
|
Administrative and General Expenses |
1.854 |
1.674 |
1.339 |
|
|
|
Selling and Distribution Expenses
|
1.501 |
2.047 |
0.533 |
|
|
|
Increase / (Decrease) in Stock |
(0.066) |
(1.016) |
0.324 |
|
|
|
TOTAL (B) |
89.954 |
78.058 |
32.088 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.008 |
3.755 |
0.511 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.117 |
1.423 |
1.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.891 |
2.332 |
(0.825) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.566 |
0.548 |
0.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.325 |
1.784 |
(1.360) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.126 |
(0.011) |
(0.048) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2.199 |
1.794 |
(1.312) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.391 |
(1.403) |
(0.091) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.590 |
0.391 |
(1.403) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
87.96 |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.32
|
2.19 |
(4.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
2.20 |
(4.21) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.20
|
6.61 |
(7.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.44 |
(1.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.10
|
5.26 |
12.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.02
|
3.34 |
3.42 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL REVIEW
There was an increase in turnover in the year by 16% as compared to previous
year whereas, the expenditure increased by 14%.
FUTURE PROSPECTS
The Company explores the possibility of improvement in the efficiency
and scaling greater heights in the years to come. It not only works forward to
retention of clients in the long term but also to provide innovation and
excellence in the products. The Board of Directors is also studying alternative
strategies for improving the operations and Profits of the Company.
FIXED
ASSETS
·
Leasehold Land
·
Factory Building
·
Computers
·
Plant and
Machinery
·
Pollution Control Equipment
·
Electrical Installation
·
Diesel Generator
·
Furniture
·
Testing and Lab Equipment
·
Office / Factory Equipment
AS PER
WEBSITE DETAILS
Subject is a leading
manufacturer of Surfactants and other speciality chemicals since, 1990. Subject
is owned & managed by qualified and experienced technocrats, inducted in to
the management team after rigorous training and international exposure. They
have a professionally managed manufacturing plant in India with sophisticated,
modern machinery.
The Company is a pioneer in manufacturing and export of Surfactants and
Speciality Chemicals which range from formulations for Industrial and household
cleaning, and paint additives, to emulsifiers for various applications.
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.43.94 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.66 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.