MIRA
INFORM REPORT
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Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
AADIVIGHNESH CHEM PRIVATE LIMITED |
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Registered Office : |
7A, Badrinath Apartment, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
08.07.2004 |
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Com. Reg. No.: |
11-147379 |
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CIN No.: [Company
Identification No.] |
U51397MH2004PTC147379 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA23935C |
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PAN No.: [Permanent
Account No.] |
AAECA8478P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Pharma Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 18000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments terms 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) |
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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 |
INFORMATION DECLINED BY
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Name : |
Mr. Shantilal |
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Designation : |
Accounts Department |
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Date : |
18.03.2011 |
LOCATIONS
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Registered Office : |
7A, Badrinath Apartment, |
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Tel. No.: |
91-22-28923618 |
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Fax No.: |
91-22-28920082 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Bipin Chinubhai Shah |
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Designation : |
Director |
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Address : |
802, Radheshyam Apartment, |
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Date of Birth/Age : |
30.08.1945 |
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Date of Appointment : |
08.07.2004 |
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Name : |
Ms. Indira Bipin Shah |
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Designation : |
Director |
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Address : |
802, Radheshyam Apartment, |
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Date of Birth/Age : |
20.08.1947 |
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Date of Appointment : |
08.07.2004 |
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Name : |
Mr. Amish Bipin Shah |
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Designation : |
Director |
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Address : |
802, Radheshyam Apartment, |
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Date of Birth/Age : |
25.04.1971 |
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Date of Appointment : |
08.07.2004 |
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Name : |
Mr. Devang Bipin Shah |
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Designation : |
Director |
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Address : |
802, Radheshyam Apartment, |
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Date of Birth/Age : |
21.11.1977 |
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Date of Appointment : |
22.07.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Shantilal |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Bipin Chinubhai Shah |
|
2500 |
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Indira Bipin Shah |
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2500 |
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Amish Bipin Shah |
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2500 |
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Devang Bipin Shah |
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2500 |
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Total |
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10000 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Pharma Chemicals. |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J.S. Joshi and Company Chartered Accountants |
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Address : |
10/ 11, Star Trade Centre, Sodawala Lane, Borivli (West), Mumbai – 400
092, |
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Tel. No.: |
91-22-28920045/ 28914499 |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.392 |
1.877 |
1.396 |
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4] (Accumulated Losses) |
0.00 |
0.000 |
0.000 |
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NETWORTH |
4.492 |
1.977 |
1.496 |
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LOAN FUNDS |
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1] Secured Loans |
1.005 |
0.492 |
0.000 |
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2] Unsecured Loans |
0.318 |
0.318 |
0.318 |
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TOTAL BORROWING |
1.323 |
0.810 |
0.318 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.815 |
2.787 |
1.813 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.815 |
0.948 |
0.181 |
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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 |
4.228
|
0.146 |
0.600 |
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Sundry Debtors |
13.239
|
15.837 |
9.592 |
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Cash & Bank Balances |
3.356
|
2.220 |
1.529 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
7.790
|
1.046 |
4.022 |
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Total
Current Assets |
28.613
|
19.249 |
15.743 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
22.481
|
16.422 |
13.243 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.145
|
1.003 |
0.885 |
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Total
Current Liabilities |
24.626
|
17.425 |
14.128 |
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Net Current Assets |
3.987
|
1.824 |
1.615 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.015 |
0.017 |
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TOTAL |
5.815 |
2.787 |
1.813 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
92.791 |
64.643 |
63.954 |
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Other Income |
1.367 |
1.135 |
1.375 |
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TOTAL |
94.158 |
65.778 |
65.329 |
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Less |
EXPENSES |
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|
89.865 |
|
56.667 |
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Administrative, Selling & Other Expenses |
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|
7.527 |
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Miscellaneous Expenses Written off |
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|
0.002 |
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TOTAL |
89.865 |
64.795 |
64.196 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.293 |
0.983 |
1.133 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.330 |
0.159 |
0.036 |
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PROFIT BEFORE
TAX |
3.963 |
0.824 |
1.097 |
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Less |
TAX |
1.443 |
0.316 |
0.477 |
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PROFIT AFTER TAX
|
2.520 |
0.508 |
0.620 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.877 |
1.396 |
0.776 |
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Less: Income Tax Adjustment |
0.005 |
0.027 |
-- |
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BALANCE CARRIED
TO THE B/S |
4.392 |
1.877 |
1.396 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
92.791 |
64.643 |
NA |
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Export Goods |
72.749 |
72.749 |
NA |
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Other Earnings |
6.145 |
1.282 |
NA |
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TOTAL EARNINGS |
171.685 |
138.674 |
NA |
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Earnings Per
Share (Rs.) |
252.00 |
48.10 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.67
|
0.78 |
0.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.27
|
1.27 |
1.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.02
|
4.07 |
6.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.88
|
0.41 |
0.73 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.77
|
9.22 |
9.65 |
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Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.10 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: (Partial)
|
Particulars |
31.03.2009 (Rs.
in millions) |
31.03.2008 (Rs.
in millions) |
31.03.2007 (Rs.
in millions) |
|
Sundry Creditors
For Goods |
|
|
|
|
Aarti Drugs Limited |
0.360 |
0.000 |
0.000 |
|
|
1.992 |
0.000 |
0.000 |
|
Apex Health Care Limited |
0.032 |
0.338 |
0.000 |
|
Amri India Private Limited |
0.041 |
0.000 |
0.000 |
|
Anphar Laboratories |
0.914 |
0.145 |
0.008 |
|
Anuh Pharma Limited |
0.868 |
0.000 |
0.000 |
|
Avik Pharmaceuticals Limited |
1.550 |
1.482 |
0.000 |
|
Auctus Pharma Limited |
0.010 |
0.000 |
0.000 |
|
Bal Pharma Limited |
0.057 |
0.000 |
0.000 |
|
Cadila Pharmaceuticals Limited |
0.770 |
0.146 |
0.000 |
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Sundry Creditors
For Other |
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Feromet |
0.100 |
0.000 |
0.000 |
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OH |
0.160 |
0.000 |
0.000 |
|
P.T. Laksanwan Lars |
0.070 |
0.000 |
0.000 |
|
Sandoz Private Limited |
(0.002) |
0.000 |
0.000 |
|
Sica S.A.De Cv |
0.046 |
0.084 |
0.047 |
|
Susanne Wegener |
0.051 |
0.000 |
0.000 |
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Sundry Creditors
For Expenses |
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J. S. Joshi and Company |
0.020 |
0.020 |
0.047 |
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Maya Forwarding Agencies |
0.004 |
0.057 |
0.000 |
|
Ramarao Cargolines Private Limited |
0.030 |
0.031 |
0.000 |
|
Target Logistics Ind Private Limited |
0.028 |
0.000 |
0.000 |
|
The Travel Solutions Company |
0.016 |
0.000 |
0.000 |
|
Worldlink Airfreight Logistics |
0.244 |
0.489 |
0.541 |
|
Yes Pharma Limited |
8.408 |
0.000 |
0.000 |
FIXED ASSETS:
·
Air Conditioner
·
Computer
·
Furniture and Fixture
·
Fax
·
Motor Car
·
Type Writer
·
Motor Car Honda
·
Office Equipment
·
Motor Car Innova
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.45.09 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
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 |
5 |
|
--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 |
|
45 |
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.