MIRA INFORM REPORT

 

 

Report Date :

09.06.2011

 

IDENTIFICATION DETAILS

 

Name :

AKASH PUROCHEM PRIVATE LIMITED

 

 

Registered Office :

1/3, Kandhari Colony, 2nd Road, Chembur (E), Mumbai-400071, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

06.10.1986

 

 

Com. Reg. No.:

11-041136

 

 

Capital Investment / Paid-up Capital :

Rs. 0.450 Million           

 

 

CIN No.:

[Company Identification No.]

U24200MH1986PTC041136

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA18964B / MUMA13095F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture and Trader Chemicals (Inorganic and Phosphate)

 

 

No. of Employees :

(In Office- 15, Factory-40, Branches- 4)  59 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 19000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Miss Madhuri

Designation :

Tele-Executive

Contact No.:

91-9320231817

Date :

08.06.2011

 

 

LOCATIONS

 

Registered Office :

1 / 3, Kandhari Colony, 2nd Road, Chembur (E), Mumbai-400071, Maharashtra, India.

Tel. No.:

91-22-64564850 / 51/ 52/ 60

Mobile No.:

91-9322231817 (Mr. Vinit Shah)

Fax No.:

91-22-25210934

E-Mail :

vinipul@vsnl.com

sachin@sachinfcs.com

Website :

www.akashpurochem.net

Area :

800 Sq.ft.

Location :

Owned

 

 

Head Office :

Masjid Bunder, Mumbai, Maharashtra, India.

 

 

Factory  :

Located at:

  • Punvel
  • Talkoja

 

 

DIRECTORS

As on 30.09.2009

 

Name :

Mr. Vipul  Premchand Shah

Designation :

Director

Address :

1 /5, Kandhari Colony, 2nd Road, Chembur, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

18.10.1970

Date of Appointment :

22.07.1996

DIN:

01297439

 

 

Name :

Mrs. Harsha Vinit Shah

Designation :

Director

Address :

2/4, Kandhari Colony, 2nd Road, Chembur, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

06.06.1969

Date of Appointment :

24.08.2007

DIN:

01803078

Date of Cessation:

01.10.2009

 

 

Name :

Mrs.Neeta  Vipul Shah

Designation :

Director

Address :

Kandhari Colony, Geeta Bhavan, Room No. 3, First Floor, Chembur, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

30.08.1971

Date of Appointment :

24.08.2007

DIN:

01814784

Date of Cessation:

01.10.2009

 

 

Name :

Mr. shah Mohanlal Premchand

Designation :

Director

Address :

1 /5, Kandhari Colony, 2nd Road, Chembur, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

14.10.1938

Date of Appointment :

22.07.1996

Date of Ceasing:

25.08.2007

 

 

Name :

Mr.Shah Premchand Vinit

Designation :

Director

Address :

1 /5, Kandhari Colony, 2nd Road, Chembur, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

13.07.1969

Date of Appointment :

22.07.1996

Date of Ceasing:

07.05.2007

 

 

Name :

Mr.Pramod Vitthal Pashte

Designation :

Additional Director

DIN:

02902556

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

 

Names of Shareholders

 

No. of Shares

Premchand Shah

 

1,109

Vinit P. Shah

 

1,083

Vipul P. Shah

 

1,131

Urmila P.Shah

 

656

Harsha V. Shah

 

261

Neeta V. Shah

 

260

TOTAL

 

4,500

 

As on 30.09.2009

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

TOTAL

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture and Trader Chemicals (Inorganic and Phosphate)

 

 

Products :
  • Chemicals
  • Ammonium Chloride
  • Calcium Chloride
  • Ferrous Sulphate
  • Ferrous Sulphate
  • Mono Sodium Phosphate
  • Ammonium Sulphate
  • Calcium Nitrate
  • Magnesium Chloride
  • Potassium Suphate
  • Potassium Nitrate
  • Ammonium Carbonate
  • Ferric choride
  • Di Ammonium Chloride
  • Sodium Phosphate
  • Magnesium Chloride
  • Sodium Thiosulphate
  • Potassium Acetate
  • Zinc Sulphate
  • Sodium Chloride
  • Manganese Sulphate
  • Sodium Phosphate
  • Sodium Acetate
  • Potassium Phosphate
  • Zinc Sulphate Heptahydrate, etc.

 

 

Exports :

 

Products :

Inorganic Phosphate Chemicals

Countries :

Asians Country

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Japan
  • Korea

 

 

Terms :

 

Selling :

L/C / Cash / Credit

 

 

Purchasing :

L/C / Cash / Credit

 

 

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

  59  (In Office- 15, Factory-40, Branches- 4) (Approximately)

 

 

Bankers :
  • Cosmos Co-operative Bank Limited, Chembur Branch, Richmond Heights, Central Avenue Road, Gr. Floor, Plot no.239, Chembur, Mumbai- 400071, Maharashtra, India.
  • Bharat Co-operative Bank Limited

 

 

Facilities :

Secured Loans

As on 31.03.2010

(Rs. In Millions)

As on 31.03.2009

(Rs. In Millions)

Cash Credit from Bharat Co-op Bank Limited

(Secured against stock and debtors)

1.486

2.479

TOTAL

1.486

2.479

Unsecured Loans

 

 

Loans From Directors

1.507

3.158

Loans From Share Holders

21.749

4.794

TOTAL

23.256

7.952

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Atul C. Bheda and Company

Chartered Accountant 

Address :

23, Saraswati Sadan, 1st Floor, 113, Keshavji Naik Road, Chinch Bunder, Mumbai-400009, Maharashtra, India.

Pan No.:

AAEFA9530H

 

 

Sister Concerns :

Sri Chemicals, Mumbai, Maharashtra, India.

 

 

Associates:
  • Vinipul Enterprises
  • Shree Chemicals
  • Prime Chemicals
  • Pioneer Industries

 

 

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares

Type

Value

Amount

5,000

Equity Shares

Rs.100/- each

Rs.0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

4,500

Equity Shares

Rs.100/- each

Rs.0.450 Million

 

As on 30.09.2010

Issued, Subscribed & Paid-up Capital : Rs.0.950 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2011

31.03.2010

Sales Turnover

 

220.000

           200.000

 

NOTE:

The above information has been parted by Miss Madhuri.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.450

0.450

0.450

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4.301

3.206

2.043

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4.751

3.656

2.493

LOAN FUNDS

 

 

 

1] Secured Loans

1.487

2.479

0.412

2] Unsecured Loans

23.257

7.952

6.328

TOTAL BORROWING

24.744

10.431

6.740

DEFERRED TAX LIABILITIES

0.139

0.147

0.029

 

 

 

 

TOTAL

29.634

14.234

9.262

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.880

1.518

1.610

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.076

0.076

0.053

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
34.980

26.545

13.520

 

Sundry Debtors
23.529

16.293

9.628

 

Cash & Bank Balances
0.132

0.498

0.052

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
13.320

10.673

3.175

Total Current Assets
71.961

54.009

26.375

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
                     43.259

40.844

18.651

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
1.033

0.525

0.125

Total Current Liabilities
44.292

41.369

18.776

Net Current Assets
27.669

12.640

7.599

 

 

 

 

MISCELLANEOUS EXPENSES

0.009

0.000

0.000

 

 

 

 

TOTAL

29.634

14.234

9.262

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

TURNOVER

136.547

148.804

46.509

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

134.947

156.396

45.635

 

 

 

 

 

 

PROFIT BEFORE TAX               

1.600

1.705

0.874

 

 

 

 

 

Less

TAX                                                                 

0.505

0.543

0.345

 

 

 

 

 

 

PROFIT AFTER TAX

1.095

1.162

0.529

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

7.292

14.932

5.403

 

TOTAL IMPORTS

7.292

14.932

5.403

 

 

 

 

 

 

FOB Value of Exporter

51.764

2.457

0.958

 

 

 

 

 

 

Earnings Per Share (Rs.)

243.37

258.25

117.51

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.16

3.07

3.12

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.33

0.46

0.35

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
14.53

14.16

10.23

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.62

1.30

1.40

 

 

                            

 

LOCAL AGENCY FURTHER INFORMATION

 

 

TRADE REFERENCES:

  • Hetero Drugs Limited
  • Aarti Drugs Limited
  • Apex Drugs Limited

 

 

 

FINCANCIAL RESULTS:

 

During the year the company earned an income of Rs.131.555 Millions as against Rs.158.100 Millions achieved during the corresponding period of previous year. After offsetting the expenses the company incurred a Profit (after tax) Rs.1.095 Millions as against Rs.1.162 Millions achieved during the corresponding period of the previous year. The directors are optimistic about the future of the company.

 

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U24200MH1986PTC041136

Name of the company

AKASH PUROCHEM PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

1 / 3, Kandhari Colony, 2nd Road, Chembur (E), Mumbai-400071, Maharashtra, India.

This form is for

Creation of Charge

Type of charge

Immovable Property

Book Debts

Movable Property (not being pledge)

Floating Charge

Particular of charge holder

Name: Cosmos Co-operative Bank Limited, Address: Chembur Branch, Richmond Heights, Central Avenue Road, Gr. Floor, Plot no.239, Chembur, Mumbai- 400071, Maharashtra, India.

E-Mail: njbhatia@rdiffmail.com

Nature of instrument creating charge

Composite Deed of Mortgage and Hypothecation

Date of instrument Creating the charge

29.09.2010

Amount secured by the charge

Rs. 25.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest: Cash Credit: 11% p.a. or at such rate as maybe fixed by the bank from time to time.

 

Terms of Repayment: Cash Credit: repayable on demand / review within 12 months

L/c: review within 12 months

 

Margin: Cash Credit: 25% in bank’s favour

L/c 15% in bank’s favou

 

Extent and Operation of the charge: Cash Credit: Rs.5.000 Millions

L/C    : Rs.20.000 Millions (DA-90 days)

Short particulars of the property or asset(s) charged (including complete address and location of the property)

 

  • Mortgage of all that piece and parcel of plot no W-67(II) situated in Taloja Industrial Area of MIDC within local limits of village Tondhare outside the limits of the Municipal Council within

 

  • Registration district of Kolaba and sub district of Panvel together with leasehold interest in the land and ownership over the structure standing thereon and being constructed hereinafter

 

  • together with all plant and machinery, fittings, fixtures presently install and to be installed in the said property.

 

  • Hypothecation of stocks, debtors, raw materials to be purchased and plant and machinery belonging to the borrower.

 

 

FIXED ASSETS:

  • Land
  • Building
  • Plant and Machinery
  • Boiler
  • Computer
  • Telephone
  • Air Conditioner
  • Furniture and Fixtures
  • Motor Car

 

 

 

        

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.44.61

UK Pound

1

Rs.65.47

Euro

1

Rs.73.27

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

44

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.