MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PHIROZE SETHNA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.06.1975 |
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Com. Reg. No.: |
11-18396 |
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CIN No.: [Company Identification
No.] |
U25209MH1975PTC018396 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP15563C |
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PAN No.: [Permanent Account No.] |
AAACP6098G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Seller of Rollers, C.I. Castings, Plastisol and Organisols
and Plastic Goods (Industrial Moulding). |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 370000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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) |
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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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22821845/ 22821521 |
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Fax No.: |
91-22-22851130 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 101-A, Road No. 16, Wagle Industrial Estate, Thane-400604, |
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Tel. No.: |
91-22-25822220/ 25811408 |
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Fax No.: |
91-22-25820837 |
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E-Mail : |
DIRECTORS
As on 10.07.2010
|
Name : |
Mr. Sharad Kashinath Wagle |
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Designation : |
Whole Time Director |
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Address : |
Paneeriya, Plot No. 286, Road No. 5, Chembur, Mumbai-400071, |
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Date of Birth/Age : |
22.11.1937 |
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Date of Appointment : |
24.06.1975 |
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DIN No.: |
00371023 |
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Name : |
Mr. Burjor Hormusji Reporter |
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Designation : |
Director |
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Address : |
Sunbeam, 24C, Balagangadhar Kher Marg, Mumbai-400006, |
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Date of Birth/Age : |
13.02.1924 |
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Date of Appointment : |
13.01.1981 |
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DIN No.: |
00282711 |
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Name : |
Mr. Aloo Burjor Reporter |
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Designation : |
Director |
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Address : |
Sunbeam, 24C, Balagangadhar Kher Marg, Mumbai-400006, |
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Date of Birth/Age : |
01.04.1924 |
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Date of Appointment : |
01.07.1976 |
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DIN No.: |
02830514 |
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Name : |
Mr. Parviz Jamshed Batilwala |
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Designation : |
Director |
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Address : |
13 West Glenave Port, Chester, New York-10573, United State of |
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Date of Birth/Age : |
26.05.1949 |
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Date of Appointment : |
01.07.1976 |
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DIN No.: |
02875266 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.07.2010
|
Names of Shareholders |
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No. of Shares |
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Burjor Hormsuji Reporter |
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1750 |
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Aloo Burjer Burjorbu |
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1250 |
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Parvez Jamshed Batliwala |
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1000 |
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Total |
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4000 |
Equity Share Breakup (Percentage of Total Equity)
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
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Line of Business : |
Manufacturer and Seller of Rollers, C.I. Castings, Plastisol and
Organisols and Plastic Goods (Industrial Moulding). |
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Products : |
PVC Based
Plastic Goods Automobile OEM Paint Shop Products ·
Phirol 460 HH (PVC Seam Sealer) ·
Phirol PVC Underbody Coating ·
Phirol Thumb Grade Sealer ·
Phirol Box Section Gap Filler Body Shop Products ·
Phirol Spotweld Sealer ·
Phirol Mastic Sealer ·
Phirol SMB Sealer (Hemming) Engine and Trim shop ·
Phirothane ·
Exhaust Pipe Sealer Automobile Ancillary ·
Phirol Dip coating Plastisol ·
Phirol Weather strip sealer ·
Phirol Headlamp Sealer Automobile After market ·
Phirol Air Drying Sealer ·
Phirol Tough coat ·
Phirol Polyester Putty AC and Refrigeration ·
Phirol Thermal Mastic ·
Phirol Duct Sealer Paints and Coatings ·
Phirol Masking Compound ·
Phirol Strippable Coating ·
Phirol Fender Coat ·
Phirol Epoxy Primer ·
Phirol Epoxy intermediate coat ·
Phirol PU Top Coat ·
Phirol PVC Top Coat ·
Phirol Heat Resistant Paint 250 and 600 |
GENERAL INFORMATION
|
Customers : |
Automobile
Industries ·
Ashok Leyland Limited ·
Bajaj Auto Limited ·
Bajaj Tempo Limited ·
Daewoo Motors India Limited ·
Eicher Motors Limited ·
Eicher Tractors Limited ·
Fiat India Limited ·
Hero Honda Motorcycles Limited ·
Hero Honda Motors Limited ·
Hindustan Motors Limited ·
Jaycee Coach Builders Limited ·
Kinetic Motor Company Limited ·
Maharashtra Scooters Limited ·
Mahindra and Mahindra Limited ·
Maruti Udyog Limited ·
New Holland Tractors India Limited ·
Punjab Tractors Limited ·
Sutlej Motors Limited ·
Swaraj Mazda Limited ·
Sita Singh Engineers and Sons ·
Tata Motors Limited ·
TVS Suzuki Limited ·
Piaggio Greaves Vehicle Limited ·
Royal Enfield Motors Limited ·
Yamaha Motors Limited ·
Reva Electric Cars Company Private Limited
·
Anand Nishikawa Company Limited ·
Autolite India Limited ·
ASP Sealing Products ·
Metzeler Automotive Profiles ·
Crompton Greaves Limited ·
Fiem Industries Limited ·
India Japan Lighting Limited ·
India Pistons Limited ·
Lumax Industries ·
Normak Fashion Private Limited ·
Perfect Circle Victor Limited ·
VIP industries Limited ·
VDO ·
Gestetner India Limited ·
Gold Seal-Saar Gummi I Limited ·
Indian Railways ·
Universal Luggage Mfg. Company Limited ·
Wheels India Limited |
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Bankers : |
Central Bank of India, Mumbai Main Office, Documentation Cell, Central
Bank Building, 2nd Floor, Fort, Mumbai-400001, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
ASA and Associates Chartered Accountant |
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Address : |
Navbharat Estate, East Wing, 2nd Floor, |
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Tel. No.: |
91-22-24104000 |
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Fax No.: |
91-22-24106263 |
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Subsidiaries : |
Gramos Chemicals India Private Limited U99999MH1985PTC035486 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
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4950 |
Unclassified Shares |
Rs. 100/- each |
Rs. 0.495 Million |
|
50 |
9.50% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 0.005 Million |
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Total |
|
Rs. 1.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.400
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.472 |
86.964 |
84.701 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.872 |
87.364 |
85.101 |
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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 |
15.297 |
35.797 |
31.882 |
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TOTAL BORROWING |
15.297 |
35.797 |
31.882 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
107.169 |
123.161 |
116.983 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.152 |
3.524 |
4.393 |
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Capital work-in-progress |
0.000 |
1.321 |
0.000 |
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INVESTMENT |
80.218 |
98.918 |
81.795 |
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DEFERREX TAX ASSETS |
1.154 |
1.474 |
1.194 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.591
|
13.126 |
8.230 |
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Sundry Debtors |
29.052
|
27.522 |
30.524 |
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Cash & Bank Balances |
5.283
|
4.331 |
11.937 |
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Other Current Assets |
0.049
|
0.058 |
0.320 |
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Loans & Advances |
12.302
|
10.951 |
38.681 |
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Total
Current Assets |
60.277
|
55.988 |
89.692 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
11.984
|
10.346 |
11.319 |
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Other Current Liabilities |
4.988
|
2.056 |
4.038 |
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Provisions |
24.660
|
25.662 |
44.734 |
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Total
Current Liabilities |
41.632
|
38.064 |
60.091 |
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Net Current Assets |
18.645
|
17.924 |
29.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
107.169 |
123.161 |
116.983 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
199.923 |
138.901 |
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Other Income |
10.870 |
14.634 |
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TOTAL |
210.793 |
153.535 |
180.049 |
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Less |
EXPENSES |
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|
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|
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Manufacturing and Other Expenses |
186.869 |
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TOTAL |
186.869 |
132.746 |
135.481 |
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(Including
Depreciation) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.924 |
20.789 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.735 |
1.197 |
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PROFIT BEFORE
TAX |
22.189 |
19.592 |
44.568 |
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Less |
TAX |
6.021 |
5.630 |
5.732 |
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PROFIT AFTER TAX
|
16.168 |
13.962 |
38.836 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
52.959 |
52.296 |
-- |
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Less |
APPROPRIATIONS |
|
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|
|
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|
Transfer to General Reserve |
1.600 |
1.600 |
-- |
|
|
|
Proposed Dividend |
10.000 |
10.000 |
-- |
|
|
|
Tax on Dividend |
1.661 |
1.699 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
55.866 |
52.959 |
-- |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
|
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Export Earnings |
3.980 |
3.893 |
0.211 |
|
|
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Commission Earnings |
0.000 |
0.000 |
0.007 |
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TOTAL EARNINGS |
3.980 |
3.893 |
0.218 |
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IMPORTS |
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Raw Materials |
13.959 |
9.215 |
5.074 |
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Trading Goods |
26.258 |
10.393 |
4.947 |
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TOTAL IMPORTS |
40.217 |
19.608 |
10.021 |
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Earnings Per
Share (Rs.) |
4042.00 |
3487.00 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.67
|
9.09 |
21.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.10
|
14.11 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.91
|
32.92 |
47.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.22 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.85 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.48 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Review for the
year’s Working:
Sales and Contribution for the first quarter in the manufacturing
division are lower as compared with the corresponding of the current financial year
however trading division showed better results as compared with the
corresponding period of the last year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25209MH1975PTC018396 |
|
Name of the
company |
PHIROZE SETHNA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Central Bank of India, Mumbai Main Office, Documentation Cell, Central
Bank Building, 2nd Floor, Fort, Mumbai-400001, |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation (Goods, Plant and Machineries, book debts and other movable
assets) |
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Date of
instrument Creating the charge |
14.05.2007 |
|
Amount secured by
the charge |
Rs. 9.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
charged at such rates as would be fixed by the Bank from time to time
calculated on the daily balance of such accounts and be debited therto on the
last working day of the month. Terms of
Repayment On Demand Margin As required by
the Bank form time to time Extent and
Operation of the charge The security by way
of first charge on hypothecated assets for payment and discharge on demand
the sum of Rs. 9.000 Millions and all other monies at any time payable by
borrower to bank under or in respect of all or some or any of the aforesaid
facilities granted or to be granted to borrower and also as security for the
payment and discharge of all indebtedness whatsoever of liabilities of
borrower to bank in respect of any liabilities undertaken by bank unde any
L/C opened / Continues in Others Others Gurantee, indemnity issued by bank for borrower or
otherwise in respect of any account at any office of Bank (whether accrued,
accruing or contingent and whether solely or jointly with others) and any BoE, PNs or
instruments drawn, made, accepted or endorsed by borrower solely or jointly which the bank may discount or
become interested in, together with all interest, discount, commission,
charges, costs and expenses, facilities and limits : C/C (Hypothecation) Rs.
4.000 Millions, L/C (Imp/ Inl/ DA/DP) Rs. 5.000 Millions Total Rs. 9.000
Millions |
|
Short particulars
of the property charged |
1) Stocks of RM, such as consumable stores
and spares, packing materials etc. and SIP, and FGs, etc. bother present and
future 2) All present and future book debts
outstanding monies, receivables, claims, bills, rights to or immovable
properties and movable assets 3) All tangible, movable properties and
assets of borrower of whatsoever nature including plants, machineries, tools,
accessories, stores, spares, furniture, articles, office equipments,
computers, electrical installations and this present and future at Mumbai |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipments
·
Computer Equipments
·
Furniture and Fixtures
·
Vehicles
AS PER WEBSITE
Profile:
Milestones :
A humble start was made by establishing Phiroze Sethna and Company in
the year 1902 to serve as insurance agents and cotton dealers for leading
textile companies in
Beginning in the year 1926, in addition to the above, the Company
managed a group of cotton ginning and pressing factories as well as oil mills
at various places in
When the business expanded, the constitution of the Firm was changed to
a private limited company, with a registered office and a separate sales office
in the business area of
In the year 1962, the first factory, Phiroze Sethna Industries, was
established in Thane (Northern suburb of
The Company went on to specialize in liquid plastic products based on
PVC such as,
- PVC
Plastisols
- PVC Sealants
- PVC Underbody
Coatings
- PVC
Organosols
- PVC
Protective Coatings
In the mid eighties there was a spike in the manufacture of automobiles
and two-wheelers in
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.