MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
J.MAHESHKUMAR PETROCHEMICALS 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 : |
18.11.1985 |
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Com. Reg. No.: |
11-038081 |
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Paid-up Capital
: |
Rs. 4.801 Millions |
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CIN No.: [Company Identification
No.] |
U74999MH1985PTC038081 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09856A |
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PAN No.: [Permanent Account No.] |
AAACJ1687K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading and Stockist for Indian petrochemicals and plastic
powder |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 870000 |
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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 fair. Business is active. Payments 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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.: |
91-22-28501827 (4 Lines) / 28590725 / 28503782 / 28590701 / 28590703 /
28590702 / 28590704 |
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Fax No.: |
91-22-8503781/28508534 |
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E-Mail : |
DIRECTORS
As On 29.09.2010
|
Name : |
Mr. Mahesh Ramdas Thakker |
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Designation : |
Chairman cum Managing Director |
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Address : |
Antariksha 1201/02, |
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Date of Birth/Age : |
14.03.1957 |
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Date of Appointment : |
18.11.1985 |
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DIN No.: |
00001739 |
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Name : |
Mr. Virsen Ramdas Thakkar |
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Designation : |
Director |
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Address : |
17B C Wing Konark, Indraprasthan, Mulund West, Mumbai – 400080, |
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Date of Birth/Age : |
07.09.1939 |
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Date of Appointment : |
31.08.1998 |
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DIN No.: |
00001700 |
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Name : |
Ms. Perina Ankit Sheth |
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Designation : |
Director |
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Address : |
3101 ERA4 Marathon Next Gen Ground Kadam Marg, Lower Parel, Mumbai –
400013, |
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Date of Birth/Age : |
05.07.1984 |
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Date of Appointment : |
05.07.2003 |
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DIN No.: |
00001705 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Thakker Ramdas Mahesh |
|
19200 |
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Tahkker Mahesh Anjani |
|
9600 |
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Sheth Ankit Perina |
|
9600 |
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Mahesh R Thakker HUF |
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5 |
|
Virsen R Thakker HUF |
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5 |
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Kothari Sanjay Meeta |
|
4800 |
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Tahkker Amit Purvi |
|
4800 |
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Total |
|
48010 |
As On 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Stockist for Indian petrochemicals and plastic
powder |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
Dipak Kapadia and Associates Chartered Accountant |
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Address : |
B/3, Anubhav, Fist Floor, |
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Tel. No.: |
91-25643531/25618328 |
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Pan No.: |
AABPK5645K |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
48010 |
Equity Shares |
Rs. 100/- each |
Rs. 4.801
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 |
4.801 |
4.801 |
4.801 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
213.814 |
179.302 |
156.709 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
218.615 |
184.103 |
161.510 |
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LOAN FUNDS |
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1] Secured Loans |
9.731 |
0.215 |
19.481 |
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2] Unsecured Loans |
132.300 |
103.010 |
96.890 |
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TOTAL BORROWING |
142.031 |
103.225 |
116.371 |
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DEFERRED TAX LIABILITIES |
0.038 |
0.038 |
0.038 |
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TOTAL |
360.684 |
287.366 |
277.919 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.490 |
2.950 |
3.544 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.172 |
0.172 |
0.171 |
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DEFERREX TAX ASSETS |
1.074 |
0.827 |
0.664 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
727.521
|
819.292 |
878.115 |
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Cash & Bank Balances |
12.374
|
7.521 |
10.962 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
101.677
|
109.768 |
96.089 |
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Total
Current Assets |
841.572
|
936.581 |
985.166 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
160.009
|
76.958 |
197.801 |
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Other Current Liabilities |
280.370
|
507.092 |
457.790 |
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Provisions |
45.245
|
69.114 |
56.035 |
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Total
Current Liabilities |
485.624
|
653.164 |
711.626 |
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Net Current Assets |
355.948
|
283.417 |
273.540 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
360.684 |
287.366 |
277.919 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
52.118 |
37.221 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.748 |
0.687 |
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PROFIT BEFORE
TAX |
|
51.370 |
36.534 |
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Less |
TAX |
|
18.200 |
12.747 |
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PROFIT AFTER TAX
|
|
33.170 |
23.787 |
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Earnings Per
Share (Rs.) |
|
690.90 |
495.46 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.08
|
3.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.87
|
4.11 |
5.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.43 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year the company’s profit after tax has increased by Rs.
9.384 millions.
Form 8:
|
This form is for |
Creation of
charge Modification of
charge |
||||||
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Charge
identification number of the modified |
80050426 |
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Corporate
identity number of the company |
U74999MH1985PTC038081 |
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Name of the
company |
J.MAHESHKUMAR
PETROCHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
Book Debts Current
Assets |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement |
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Date of
instrument Creating the charge |
02.12.2008 |
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Amount secured by
the charge |
Rs. 500.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As stipulated by bank from time to time Terms of
Repayment - As stipulated by bank from time to time Margin - As
stipulated by bank from time to time Extent and
Operation of the charge - First charge (present and future) = BD (LC) limit
of Rs.500.000 millions Others - As
stipualted by bank from time to time and as per agreement attached and as per
sanction letter of the bank |
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|
Short particulars
of the property charged |
First charge
(present and future) = hypothecation of documentary usance bills drawn on
reputed companies arising out of genuine trade transactions accepted by the
drawees strictly drawn in terms of l/cs issued by prime banks in favour of
the company. |
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|
Particulars of
the present modification |
By this modification
total limit enhanced from Rs.200.000 millions to Rs.500.000 millions,
continued security as given by original charge as well as by modifications.
terms and conditions as per agreement attached and as per sanction letter of
the bank |
Fixed Assets:
- Land
- Buildings
- Machinery
equipment
- Furniture and
fixtures
- Vehicles
COMPANY PROFILE:
Subject was incorporated in the year 1978 as a consignee stockist for Indian Petrochemicals Corporation Limited, GE Plastics (I) Limited and distributors for Supreme Petrochem Limited, conducting selling activities in plastics (Commodities and Engg.) since last 2 decades to increase end users and vendors of Telco, Bajaj, Videocon, Godrej, Whirlpool, Hindustan Lever Limited, Pidilite, Manco Industries, Indian Aluminium, Essel Packaging, Maruti Industries Limited for applications like Automobiles, Telecommunications, Household, Packaging, Electrical Industries etc. It is a company that operates with a truly Global perspective. It brings Global benchmarks in terms of operations, quantity of products, financial and human resources and more important product value/ customer satisfaction.
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.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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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 |
|
47 |
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.