MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
514, Anand 82-84, Kazi Sayeed Street, Mumbai-400003, Maharashtra. |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.1989 |
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Com. Reg. No.: |
11-050792 |
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Paid-up Capital
: |
Rs. 0.500 million. |
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CIN No.: [Company Identification
No.] |
U74210MH1989PTC050792 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Dealer and Distributor of Chemical. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 96000 |
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Status : |
Satisfactory |
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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 satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vijay Shah |
|
Designation : |
Director |
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Contact No.: |
91-9870658883 |
|
Date : |
05.05.2011 |
LOCATIONS
|
Registered Office : |
514, Anand 82-84, Kazi Sayeed Street, Mumbai-400003, Maharashtra,
India |
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Tel. No.: |
91-22-23443263 |
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Mobile No.: |
91-9870658883 (Mr. Vijay Shah) |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
No.119, B Wing, Gokul Arcade Premises, Garware Chowk, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
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Tel. No.: |
91-22-61599019 / 2261599043 |
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Fax No.: |
91-22-61599082 |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Prakash S. Shah |
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Designation : |
Director |
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Address : |
201, Amrit, 71, Pheroz Shah Road, Santacruz (West) , Mumbai,
Maharashtra, India |
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Date of Appointment : |
01.01.1990 |
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PAN No : |
AABPS9875L |
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DIN No : |
01017705 |
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Name : |
Mr. Nitin S. Shah |
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Designation : |
Director |
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Address : |
Sunderam, Bardoli, Gujarat, India |
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Date of Appointment : |
24.02.1989 |
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PAN No : |
AAPPS5627Q |
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DIN No : |
01018950 |
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Name : |
Mr. Vijay Shah |
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Designation : |
Director |
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Address : |
301, Neelmani-I, 54, Bapubhai, Vashi Road, Vile Parle (West),
Mumbai-400056, Maharashtra, India |
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Date of Appointment : |
24.02.1989 |
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PAN No : |
AAIPS5365C |
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DIN No : |
01017784 |
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Name : |
Mr. Gira V. Shah |
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Designation : |
Director |
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Address : |
301, Neelmani-I, 54, Bapubhai, Vashi Road, Vile Parle (West),
Mumbai-400056, Maharashtra, India |
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Date of Appointment : |
24.02.1989 |
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PAN No : |
AIIPS5662C |
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DIN No : |
01017817 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Vijay S. Shah (HUF) by Vijay Shah |
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25 |
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Pioneer Chemical Industries by Vijay Shah |
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50 |
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Vijay Shah |
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1300 |
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Pioneer Organic Chemical by Prakash Shah |
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50 |
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Shantilal C. Shah (HUF) by Sunderben Shah |
|
50 |
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Girav V. Shah |
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100 |
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Vidhi V. Shah |
|
225 |
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Nitin S. Shah (HUF) by Nitin Shah |
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50 |
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Prakash S. Shah |
|
1300 |
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Daksha P. Shah |
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25 |
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Rachana P. Shah |
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25 |
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Ritesh P. Shah |
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25 |
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Nitin S. Shah |
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850 |
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Pioneer Dye-Chem Corporation by Nitin Shah |
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50 |
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Anjana N. Shah |
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225 |
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Anokhee N. Shah |
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25 |
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Chirag N. Shah |
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25 |
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Prakash S. Shah (HUF), by Prakash Shah |
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25 |
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Suderben S. Shah |
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150 |
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Sonal J Shah |
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25 |
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Gaurav V. Shah |
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25 |
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Aditya P. Shah |
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25 |
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Nirav J Shah |
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325 |
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Karan J. Shah |
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25 |
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Total |
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5000 |
AS ON 30.09.2010
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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 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer and Distributor of Chemical. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
·
The Shamrao Vithal Co-operative Bank Limited,
Anand Building, 82/84, Kazi Syed Street, Mandvi, Mumbai-400003, Maharashtra,
India. ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Meena N. Shetty and Company Chartered Accountant |
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Address : |
4, Navjivan Grih, Ground Floor, S. V. Road, Santacruze (West),
Mumbai-400054, Maharashtra, India |
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Tel. No.: |
91-22-26151743 / 26151633 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
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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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.732 |
20.483 |
18.213 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.232 |
20.983 |
18.713 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
43.629 |
33.671 |
5.197 |
|
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2] Unsecured Loans |
51.197 |
50.385 |
51.175 |
|
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TOTAL BORROWING |
94.826 |
84.056 |
56.372 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
119.058 |
105.039 |
75.085 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
2.325 |
2.585 |
2.706 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.672 |
0.672 |
0.672 |
|
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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 |
9.337
|
6.181 |
7.208 |
|
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Sundry Debtors |
141.289
|
118.176 |
141.776 |
|
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Cash & Bank Balances |
4.286
|
2.592 |
6.131 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
24.012
|
26.844 |
29.567 |
|
Total
Current Assets |
178.924
|
153.793 |
184.682 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
58.015
|
45.308 |
68.998 |
|
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Other Current Liabilities |
1.843
|
1.288 |
40.457 |
|
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Provisions |
3.005
|
5.415 |
3.520 |
|
Total
Current Liabilities |
62.863
|
52.011 |
112.975 |
|
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Net Current Assets |
116.061
|
101.782 |
71.707 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
119.058 |
105.039 |
75.085 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
586.596 |
512.251 |
532.779 |
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.994 |
3.745 |
6.068 |
|
|
|
|
|
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|
Less |
DEPRECIATION/
AMORTISATION |
0.295 |
0.342 |
0.255 |
|
|
|
|
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|
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PROFIT BEFORE
TAX |
4.699 |
3.403 |
5.813 |
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Less |
TAX |
1.450 |
1.475 |
2.000 |
|
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PROFIT AFTER TAX
|
3.249 |
1.928 |
3.813 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.483 |
18.555 |
14.400 |
|
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|
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BALANCE CARRIED
TO THE B/S |
23.732 |
20.483 |
18.213 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
649.80 |
385.60 |
762.60 |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
650.000 |
|
|
|
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|
Expected Sales (2011-2012) : Rs.700.000 millions.
The above information has been parted by Mr. Vijay Shah.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.59
|
2.18 |
3.10 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16 |
0.31 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
6.51
|
6.48 |
9.05 |
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.96 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
SUNDRY CREDITORS |
|
|
|
|
Goods |
53.557 |
38.498 |
67.237 |
|
Expenses |
4.458 |
6.810 |
1.761 |
|
Total |
58.015 |
45.308 |
68.998 |
SUNDRY CREDITORS
PARTIAL DETAILS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
SUNDRY CREDITORS |
|
|
|
|
Ajay Transport Service |
0.038 |
|
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|
Anita Roadlines |
0.010 |
|
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|
AP Logistics |
0.059 |
|
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Asian Bulk Carriers |
0.014 |
|
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|
Bharat Roadlines |
0.087 |
|
|
|
Bombay Roadlines |
0.164 |
45.308 |
68.998 |
|
Countrywide Chem Logistics |
0.219 |
|
|
|
Dev Roadways |
0.012 |
|
|
|
Dhanalaxmi Warehousing Company |
0.020 |
|
|
|
Evergreen Shipping Agency India Private Limited |
0.007 |
|
|
|
Gateway Distriparks Limited |
0.002 |
|
|
|
Golden India Transport Company |
0.078 |
|
|
|
Hundal Transport Company |
0.014 |
|
|
|
Indogulf Enterprises |
0.871 |
|
|
|
Jai Financial Sevices |
0.004 |
|
|
OPERATIONS
The Company's turnover
for the year increased by 158 as compared to the last year and amounted to
Rs.586.569 millions (Previous year Rs.512.251 millions) The net profit during
the year after all provisions was Rs.3.249 millions as compared to Rs.2.210
millions in the previous year, The net profit has increased by 43% as compared
to that in the immediate previous year. Current year's orders booking position
is satisfactory even though the competition is stiff.
During the year
the Transport division of the company has shown profit of Rs. 0.256 million.
FORM 8
|
Corporate
identity number of the company |
U74210MH1989PTC050792 |
|
Name of the
company |
PIONEER
CHEMICAL INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
514, Anand 82-84, Kazi Sayeed Street, Mumbai-400003, Maharashtra,
India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, Anand Building, 82/84,
Kazi Syed Street, Mandvi, Mumbai-400003, Maharashtra, India. |
|
Nature of
instrument creating charge |
Supplementary Deed of Hypothecation |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs. 120.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit: PLR-3.5% p.a. Letter of Credit: PLR-3.5% p.a. Terms of
repayment As maybe decided by the Bank, from time to time. Margin As maybe decided by the Bank, from time to time. Extent and
operation of the charge To
secure due repayment of credit facilities aggregating Rs. 120.000 millions,
together with cost, interest, expenses and charges thereof, granted by the
Bank to the Company. Other Facilities: Cash
Credit: Rs. 40.000 millions (enhanced from 35.000 millions) Letter
of Credit: Rs. 80.000 millions (enhanced from 50.000 millions) ----------------------------- Total:
Rs. 120.000 millions (Interchangeability between CC and L/C to the tune of
Rs. 15.000 millions and ice-versa, CC limit shall not exceed Rs. 55.000
millions and L/C limit shall not exceed Rs. 95.000 millions) |
|
Short particulars
of the property charged (Including location of the property) |
The
whole of the Borrower's present and future stocks of raw materials,
goods-in-process of manufacture and all finished
and manufactured goods and articles All
of the Borrower's present and future book debts, outstanding monies,
receivables, claims, bills, right to or in moveable properties and moveable
assets |
|
Charge
identification number of the charge to be modified |
90212239 |
|
Date of
instrument modifying the charge |
26.04.2010 |
|
Particulars of the
present modification |
By
present modification, the charge shall hold good to secure additional credit
facilities of Rs. 35.000 millions (CC Rs. 5.000 millions and LC Rs. 30.000
millions). Hence the total credit facilities secured by the charge are Rs.
120.000 millions (being CC: Rs. 40.000 millions and L/C: Rs. 80.000 millions
- (Interchangeability between CC and L/C to the tune of Rs. 15.000 millions
and ice-versa, CC limit shall not exceed Rs. 55.000 millions and L/C limit
shall not exceed Rs. 95.000 millions) Therefore the overall charge stands
modified to Rs. 120.000 millions. |
FIXED ASSETS
·
Air Conditions
·
Computer
·
Cooler
·
Fax Machine
·
Feehold Plot
·
Furniture and Fixtures
·
Motor Car
·
Office Equipment
·
Refrigerator
·
Typewriter
TRADE REFERENCE:
·
Actus Pharma Limited
·
Colourtex Industries
Limited
·
Dhanalaxmi Warehousing
Company.
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.65.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.