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MIRA
INFORM REPORT
|
Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAC - CHEM PRODUCTS ( |
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Registered
Office : |
304, Town Centre, |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
14.08.1991 |
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Com. Reg. No.: |
11 - 062948 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.200 Million |
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CIN No.: [Company Identification
No.] |
U24239MH1991PTC062948 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM31647A |
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PAN No.: [Permanent Account No.] |
AAECM9623L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Pharmaceuticals. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
management of the company has not filed its financial to government
departments after the year 2006-07. Trade relations are fair. Payments are
reported to be slow. The company can be considered for business dealings on a secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Ketan |
|
Designation : |
Accountant |
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Contact No.: |
91-22-40939000/ 01 |
|
Date : |
16.05.2011 |
LOCATIONS
|
Registered Office : |
304, Town Centre, |
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Tel. No.: |
91-22-409390000/ 01 |
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Fax No.: |
91-22-40939060 |
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E-Mail : |
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Website : |
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Factory : |
G- 17/1, MIDC, Tarapur, Boisar, |
DIRECTORS
As on 18.08.2007
|
Name : |
Mr. Prakash B. Wakharkar |
|
Designation : |
Director |
|
Address : |
C-202, Minoo Minar, |
|
Date of Birth/Age : |
11.09.1948 |
|
Date of Appointment : |
14.08.1991 |
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|
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|
Name : |
Mr. Mohan B. Jain |
|
Designation : |
Director |
|
Address : |
B -83, Dattani Towers, Near Kora Kendra, S.V. Road, Borivali (W),
Mumbai – 400092, Maharasahtra, India |
|
Date of Birth/Age : |
24.12.1966 |
|
Date of Appointment : |
05.02.2007 |
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|
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|
Name : |
Mr. Babulal K. Jain |
|
Designation : |
Director |
|
Address : |
B -83, Dattani Towers, Near Kora Kendra, S.V. Road, Borivali (W),
Mumbai – 400092, Maharasahtra, India |
|
Date of Birth/Age : |
29.07.1945 |
|
Date of Appointment : |
05.02.2007 |
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|
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|
Name : |
Mrs. Neela P. Wakharkar |
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Designation : |
Director |
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Address : |
C-202, Minoo Minar, |
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Date of Birth/Age : |
15.05.1956 |
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Date of Appointment : |
14.08.1991 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
|
|
|
As on 18.08.2007 |
|
|
|
Mohan Jain |
|
5000 |
|
Babulal Jain |
|
2000 |
|
Mohan B. Jain - HUF |
|
1450 |
|
Babulal K Jain – HUF |
|
2000 |
|
Manish B. Jain |
|
6000 |
|
Sangeeta M Jain |
|
1550 |
|
Kamala B Jain |
|
2000 |
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Total |
|
20000 |
|
As on 04.08.2008 |
|
|
|
Hindustan Continental Limited, |
|
50000 |
|
Total |
|
50000 |
|
As on 31.03.2009 |
|
|
|
Babulal K Jain |
|
500000 |
|
Babulal K Jain (HUF) |
|
215000 |
|
Kamala B Jain |
|
140000 |
|
Manish B Jain |
|
105000 |
|
Mohan B Jain |
|
395000 |
|
Mohan B Jain (HUF) |
|
100000 |
|
Sangeeta M Jain |
|
125000 |
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Total |
|
1580000 |
|
As on 31.03.2010 |
|
|
|
Singnora finance Private Limited, Mumbai |
|
18125 |
|
Priority Traders Private Limited, Mumbai |
|
15000 |
|
Tac Technosoft Private Limited, Mumbai |
|
25000 |
|
Lilac Medicines Privaye Limited, Mumbai |
|
25000 |
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|
|
35000 |
|
Divyesh H. Shah |
|
10000 |
|
Mohan Jain |
|
28000 |
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Manish Jain |
|
21000 |
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Babulal Jain |
|
57250 |
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Total |
|
234375 |
As on 18.08.2007
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pharmaceuticals. |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
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Bankers : |
Bank of Baroda, Andheri West Branch, “Khajina Mahal”, 189, S.V. Road,
Andheri – West, Mumbai – 400058, Maharasahtra, India |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Sohan S Jain And Company Chartered Accountant |
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Address : |
310, Verma Chamber, |
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PAN.: |
AACPJ4845Q |
CAPITAL STRUCTURE
As on 18.08.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
20000 |
Equity Shares |
Rs.10/- each |
Rs. 0.200
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
|
0.200 |
0.200 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.076) |
(0.063) |
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NETWORTH |
|
0.124 |
0.137 |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
2.535 |
0.275 |
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TOTAL BORROWING |
|
2.535 |
0.275 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
|
2.659 |
0.412 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2.617 |
0.403 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Cash and Bank Balance |
|
0.034 |
0.001 |
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Total
Current Assets |
|
0.034 |
0.001 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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|
Current Liabilities |
|
0.012 |
0.012 |
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Total
Current Liabilities |
|
0.012 |
0.012 |
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|
Net Current Assets |
|
0.022 |
(0.011) |
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MISCELLANEOUS EXPENSES |
|
0.020 |
0.020 |
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TOTAL |
|
2.659 |
0.412 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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SALES |
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TOTAL (A) |
|
NIL |
NIL |
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Less |
EXPENSES |
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Audit fees |
|
0.011 |
0.001 |
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Filing Fees |
|
0.001 |
0.001 |
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Bank Charges |
|
0.001 |
0.000 |
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TOTAL
|
|
0.013 |
0.002 |
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NET LOSS |
|
(0.013) |
(0.002) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.063) |
(0.061) |
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BALANCE CARRIED
TO THE B/S |
|
(0.076) |
(0.063) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.49) |
(0.49) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.10) |
(0.01) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
20.62 |
2.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
2.83 |
0.08 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
Registered office of the company has been shifted from C-208,
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U24239MH1991PTC062948 |
|
Name of the
company |
MAC-CHEM PRODUCTS
( |
|
Address of the
registered office or of the principal place of business in |
304, Town Centre, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda, Andheri West Branch, “Khajina Mahal”, 189, S.V. Road, Andheri
– West, Mumbai – 400058, Maharasahtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Original Documents/Title Deeds. |
|
Date of
instrument Creating the charge |
18.06.2009 |
|
Amount secured by
the charge |
Rs. 87.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged as per sanction/review of the account from time to time. Extent and
Operation of the charge The charge is
created to secure the due repayment of the loan/credit facilities viz. Term
Finance - Rs.75.0 Millions and Cash Credit (Stock-Book-debt) - Rs.12.5
Millions, aggregating to Rs.87.500 Millions together with interest,
additional interest, further interest by way of liquidated damages, compound
interest, penal interest, commitment charges, premium on pre-payment or on
earlier redemption, costs, charges and expenses and other moneys payable by
the Company to the Bank. |
|
Short particulars
of the property charged |
All that piece or
parcel of land knwon as Plot No.N-211/2/10 in Tarapur Industrial Area, within
the village limits of Kolwade, and outside the limits of Municipal Council,
in Rural area, Taluka Palghar, District Thane, admeasuring 3976 sq. metres
together with factory buildings and other structures standing thereon
together with fixtures, fittings, plants and machineries fastened to the
earth. |
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 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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.