MIRA INFORM REPORT

 

 

Report Date :

30.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SHINDE CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Nandy Jyot Industrial Estate, Safeed P0ol, Saki Naka, Andheri (E), Mumbai-400069, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

01.04.2005

 

 

Com. Reg. No.:

11-152375

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U24110MH2005PTC152375

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS53126D

 

 

PAN No.:

[Permanent Account No.]

AAICS8753R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of all the chemicals, intermediates and equipments related to electroplating and surface treatment.

 

 

No. of Employees :

Not Available

 

 

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 7000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

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

 

The company can be considered for normal business dealings at usual tradfe 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

 

 

LOCATIONS

 

Registered Office :

Nandy Jyot Industrial Estate, Safeed Pool, Saki Naka, Andheri (E), Mumbai-400069, Maharashtra, India

Tel. No.:

91-22-28510781/66924550

Fax No.:

91-22-66924551

E-Mail :

shindechemicals@vsnl.com

 

 

Factory:

Uchat Shinde Wada Road, Village-Uchat, Dist-Thane-421312, Maharashtra, India

 

 

DIRECTORS

 

As on 29.09.2010

 

Name :

Mr. Mukund Narayan Shinde

Designation :

Director

Address :

6-21, Varma Nagar, Old Nagardas Road, Near Chinai College, Andheri (East), Mumbai-400069, Maharashtra, India

Date of Birth/Age :

27.03.1975

Date of Appointment :

01.04.2005

 

 

Name :

Mr. Narayan Abajirao Shinde

Designation :

Director

Address :

6-21, Varma Nagar, Old Nagardas Road, Near Chinai College, Andheri (East), Mumbai-400069, Maharashtra, India

Date of Birth/Age :

15.06.1932

Date of Appointment :

01.04.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2010

 

Names of Shareholders

 

No. of Shares

Mukund Narayan Shinde

 

5000

Narayan Abajirao Shinde

 

5000

 

 

 

Total

 

10000

 

As on 29.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of all the chemicals, intermediates and equipments related to electroplating and surface treatment.

 

 

 

GENERAL INFORMATION

 

Bankers :
  • Canara Bank, Narayan Building, II Floor, Kurla Andheri Road, Sakinaka, Andheri, Mumbai-400072, Maharashtra, India
  • HDFC Bank Limited

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

HDFC Bank Limited, Motor Car Loan

0.282

0.360

HDB Financial Services Limited

0.000

7.898

Total

0.282

8.258

 

 

 

Unsecured Loan

 

 

Narayan A Shinde

7.712

5.374

Mukund N Shinde

2.532

0.000

Sundaram Finance Limited

0.397

0.000

Total

10.641

5.374

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Devendra Shethia and Company

Chartered Accountant

Address :

17, Balkrishna Niwas, Lakhamshi Napoo Road, Matunga (C.R), Mumbai-400019, Maharashtra, India

Tel. No.:

91-22-24160229/24151571

 

 

CAPITAL STRUCTURE

 

As on 29.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs.0.100 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

0.100

0.100

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.751

1.285

0.980

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1.851

1.385

1.080

LOAN FUNDS

 

 

 

1] Secured Loans

0.282

8.258

0.430

2] Unsecured Loans

10.641

5.374

12.880

TOTAL BORROWING

10.923

13.632

13.310

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

12.774

15.017

14.390

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.507

2.342

2.798

Capital work-in-progress

1.748

1.747

1.748

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
11.980

12.371

10.020

 

Sundry Debtors
6.734

3.219

4.124

 

Cash & Bank Balances
0.132

0.449

1.167

 

Other Current Assets
0.083

0.972

0.698

 

Loans & Advances
0.211

2.438

0.211

Total Current Assets
19.140

19.449

16.220

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
8.122

4.047

4.215

 

Other Current Liabilities
2.096

4.101

1.928

 

Provisions
0.403

0.373

0.233

Total Current Liabilities
10.621

8.521

6.376

Net Current Assets
8.519

10.928

9.844

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

12.774

15.017

14.390

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales

16.840

13.765

20.307

 

 

 

 

 

 

PROFIT BEFORE TAX

0.518

0.504

0.804

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Net Profit Margin

(PBT/Sales)

(%)
3.07

3.66

3.96

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.39

2.31

4.23

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.28

0.36

0.74

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
11.64

15.99

18.23

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.80

2.28

2.54

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FINANCIAL RESULTS:

 

During the year the company made a total sales of Rs.16.840 millions and its gross profit ratio was 72.65%. The company earned a net profit (before tax) of Rs.0.518 million

 

OPERATIONS:

 

The company is a regular manufacturing and trading company and it had impressive total sales of Rs.16.840 millions during the year gross profit were of Rs.4.604 millions. The net profit (before tax) of the company amounted to Rs.0.518 million. The directors are of the company opinion that the future years to come would bring fruitful results.

 

Bankers Charges Report as per Registry

 

Name of the company

SHINDE CHEMICALS PRIVATE LIMITED

Presented By

Canara Bank, Mumbai-400 072

1) Date and description of instrument creating the change

Agreement Re: Collateral security: Machinery Vehicles dated 12.07.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs.1.291 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All that machinery to the aforesaid agreement of the borrower.

4) Gist of the terms and conditions and extent and operation of the charge.

To secure due repayment of various credit facilities granted by the bank to the borrow the details are as under:

 

Nature of Facility

Amount (Rs. in Millions)

OCC

1.000

SDB/CDB

0.150

BE/LHV

0.141

Total

1.291

 

Rate of interest 12.50% p.a.

5) Name and Address and description of the person entitled to the charge.

Canara Bank, Sakinaka, Mumbai-400072, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

NA

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

 

 

Fixed Assets:

 

 

  • Plant and Machinery
  • Furniture and Fixtures
  • Electrical Fitting and Installation
  • Lab Installations
  • Water Connection and Fittings
  • Motor Car
  • Office Equipments
  • Factory Equipments
  • Air Conditioner
  • Grinding Table
  • Weighing Scale
  • Computer / Printer
  • Computer Software

 

 

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]         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.44.94

UK Pound

1

Rs.71.91

Euro

1

Rs.64.60

 

 

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

NO

--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.