MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHA PENN COLOR PRIVATE LIMITED |
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Registered Office : |
Asha House, Plot No. 808/C, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.08.2006 |
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Com. Reg. No.: |
11-163800 |
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CIN No.: [Company
Identification No.] |
U24222MH2006PTC163800 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA29563C |
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PAN No.: [Permanent
Account No.] |
AAFCA9682E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pigment Dispersions and Color concentrates. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 177832 |
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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 a joint venture between Asha Dispersions Private Limited, It is an established company having moderate track. The company is doing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. Company can be considered for small to mediocre 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 DENIED BY
|
Name : |
Mr. Paramshiv |
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Designation : |
Accounts Department |
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Date : |
26.03.2011 |
LOCATIONS
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Registered Office : |
Asha House, Plot No. 808/C, |
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Tel. No.: |
91-22-24140020 / 24137192 / 40641400 |
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Fax No.: |
91-22-24137190 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Near Water Works, Abrama, P B No. 11, Valsad-396 001, Gujarat, |
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Tel. No.: |
91-2632-250613 |
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Fax No.: |
91-2632-226741 |
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E-Mail : |
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Location : |
Leased |
DIRECTORS
AS ON 20.09.2010
|
Name : |
Mr. Hirachand Vamalchand Shah |
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Designation : |
Director |
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Address : |
502 Paradise Apartments, |
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Date of Birth/Age : |
31.03.1936 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Champaklal Dolatram Mehta |
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Designation : |
Director |
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Address : |
503, Abhishek 65, |
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Date of Birth/Age : |
20.03.1937 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Bidyut Baran Sen |
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Designation : |
Director |
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Address : |
503 504 5th Floor, Stellar |
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Date of Birth/Age : |
25.11.1948 |
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Qualification : |
Chemical Engineer with Post Graduate in Business Management |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Kevin Putman |
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Designation : |
Director |
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Address : |
5450 Long Lane, |
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Date of Birth/Age : |
03.11.1951 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Bharat M. Parekh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
27.01.1948 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Charles C. Rybny |
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Designation : |
Director |
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Address : |
5661, |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. David D Hill |
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Designation : |
Director |
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Address : |
1, |
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Date of Birth/Age : |
09.04.1956 |
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Date of Appointment : |
01.02.2007 |
KEY EXECUTIVE
|
Name : |
Mr. Paramshiv |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hirachand Vamalchand Shah |
|
71250 |
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Champklal Dolatram Mehta |
|
42700 |
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Bidyut Baran Sen |
|
3400 |
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Jindat Kalidas Mehta |
|
57000 |
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Babulal Bikhalal Mehta |
|
132050 |
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Atish Mehta |
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35000 |
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Jinesh Babulal Mehta |
|
53200 |
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Rohit Vasantlal Shah |
|
85500 |
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Rajendra Hirachand Shah |
|
85500 |
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Bidyut Baran Sen |
|
155250 |
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Arijit Bidyut Sen |
|
77425 |
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Siddharth Bidyut Sen |
|
77425 |
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Vasantlal Vamalchand Shah |
|
71250 |
|
Pen Color Inc, Doylestown PA |
|
950000 |
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C D Mehta HUF |
|
50 |
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|
1897000 |
AS ON 20.09.2010
|
Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
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Directors or relatives of directors |
|
50.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Classes of Goods |
MT/annum |
900.000 |
808368 |
Note
Licence Capacity not stated in view of the
abolition of industrial licensing policy.
Installed Capacity is certified by the
directors of the company. The same is not verified as being technical in
nature.
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
25 (In Office: 5 and In Factory: 20) |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M V Kothari and Company Chartered Accountants |
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Address : |
213/215, Jolly Bhavan No.1, 10 New Marine Lines, Mumbai-400020, |
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Associates/Subsidiaries : |
·
Asha Cellulose ( ·
Asha Celluloid ·
Nitrex Chemicals Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Share |
Rs.10/- Each |
Rs.19.000
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.000 |
19.000 |
19.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.458 |
18.354 |
18.714 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.458 |
37.354 |
37.714 |
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LOAN FUNDS |
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1] Secured Loans |
18.625 |
6.722 |
13.969 |
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2] Unsecured Loans |
28.881 |
29.554 |
26.999 |
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TOTAL BORROWING |
47.506 |
36.276 |
40.968 |
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DEFERRED TAX LIABILITIES |
0.841 |
0.173 |
0.013 |
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TOTAL |
92.805 |
73.803 |
78.695 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.641 |
40.866 |
23.442 |
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Capital work-in-progress |
0.000 |
0.000 |
22.297 |
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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 |
57.967
|
48.897
|
41.082 |
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Sundry Debtors |
68.367
|
41.530
|
38.241 |
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Cash & Bank Balances |
4.368
|
5.760
|
1.352 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
18.744
|
13.360
|
16.011 |
|
Total
Current Assets |
149.446
|
109.547
|
96.686 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
58.179
|
40.678
|
34.624 |
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Other Current Liabilities |
40.659
|
35.039
|
28.510 |
|
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Provisions |
3.600
|
1.136
|
1.033 |
|
Total
Current Liabilities |
102.438
|
76.853
|
64.167 |
|
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Net Current Assets |
47.008
|
32.694
|
32.519 |
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MISCELLANEOUS EXPENSES |
0.156 |
0.243 |
0.437 |
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|
|
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TOTAL |
92.805 |
73.803 |
78.695 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
308.357 |
237.126 |
178.439 |
|
|
|
Other Income |
0.445 |
0.058 |
0.157 |
|
|
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TOTAL (A) |
308.802 |
237.184 |
178.596 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.970 |
11.223 |
7.563 |
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|
Less |
FINANCIAL
EXPENSES (D) |
3.248 |
3.163 |
2.746 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.722 |
8.060 |
4.817 |
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.581 |
8.080 |
4.257 |
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
11.141 |
(0.020) |
0.560 |
|
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|
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|
|
|
|
Less |
TAX (H) |
4.068 |
0.340 |
(0.625) |
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|
PROFIT AFTER TAX
(G-H) (I) |
7.073 |
(0.360) |
(0.065) |
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|
|
|
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|
|
|
EARNINGS IN
FOREIGN CURRENCY |
162.866 |
160.510 |
11.578 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
88.254 |
76.448 |
53.799 |
|
|
|
Equipments |
5.236 |
0.000 |
0.455 |
|
|
TOTAL IMPORTS |
93.490 |
76.448 |
54.254 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.72 |
0.19 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.29 |
(0.15) |
(0.31) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.61 |
(0.01) |
0.31 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.71 |
(0.01) |
0.47 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
(0.00) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.37 |
3.03 |
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.43 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAIL:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
58.179
|
40.678
|
34.624 |
|
|
|
|
|
PERFORMANCE AND
OPERATIONS REVIEW
The year 2008-09 saw a growth of 33% in value over 2007-08. However
mainly due to introduction of new products at a competitive rate against customers,
own manufactured products, the margin on the new products are much lower. The
major losses were on account of a Forex coverage (almost 5% of turnover), b)
forex on dues to penn color which has gone up substantially due to INR
depreciation (0.5% of turnover), c) higher inventory cost for import from penn
color INC and d) operational cost mainly for energy.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24222MH2006PTC163800 |
|
Name of the
company |
ASHA PENN COLOR
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Asha House, Plot No. 808/C, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra, India Email ID: RBBform8@hdfcbank.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation. |
|
Date of
instrument Creating the charge |
03.04.2007 |
|
Amount secured by
the charge |
Rs.5.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment On Demand Margin Borrower shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from time to
time advised by the Bank. Extent and
Operation of the charge Hypothecation by
way of First Charge on Company's Stocks, Book Debts etc. to secure as a Continuing Security for repayment of monies due and payable by the
borrower to the Bank. |
|
Short particulars
of the property charged |
Hypothecation by
way first charge on : a) All the stock
in trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise, fixed assets and whatsoever
being movable properties now or at any time hereafter belonging to us or at
our disposal and now or at any time and from time to time hereafter stored or
to be stored or brought into or upon or in course of transit |
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.44.78 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.