MIRA
INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
EMSONS AGENCIES PRIVATE LIMITED |
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Registered
Office : |
4DB Edena, 4th Floor, 97 Maharshi Karve Road, Mumbai –
400020, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.01.1983 |
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Com. Reg. No.: |
029122 |
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Capital
Investment / Paid-up Capital : |
Rs.1.500 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1983PTC029122 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05626F |
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PAN No.: [Permanent Account No.] |
AABFE0830H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealers of Acid Proof Material |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 50540 |
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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 an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business Is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade
terms an 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 |
LOCATIONS
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Registered Office : |
4DB Edena, 4th Floor, 97 Maharshi Karve Road, Mumbai –
400020, Maharashtra, India |
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Tel. No.: |
91-22-22096523/22035231 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Rajnikant Sekhar Shah |
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Designation : |
Director |
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Address : |
20, Girikunj, 5th Floor, 71, Marine Drive, Mumbai – 400020,
Maharashtra, India |
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Date of Birth/Age : |
06.12.1948 |
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Date of Appointment : |
15.08.1983 |
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Name : |
Mr. Rasiklal Niyogi Shah |
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Designation : |
Director |
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Address : |
41, Sahakar, 4th Floor, Churchgate, B Road, Mumbai – 400020,
Maharashtra, India |
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Date of Birth/Age : |
29.07.1955 |
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Date of Appointment : |
14.01.1983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Rina Niyogi Shah |
|
2353 |
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Sekhar Rajnikant Shah |
|
6650 |
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Nauka Sejhar Shah |
|
1245 |
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Jai Shekhar Shah |
|
1480 |
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Rajveer Niyogi Shah |
|
1597 |
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Niyogi Rasiklal Shah |
|
800 |
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Niyogi R Shah (HUF) |
|
475 |
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Rasiklal Niyogi Shah (HUF) |
|
200 |
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Nirmala Rasiklal Shah |
|
200 |
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Total |
|
15000 |
AS ON 30.09.2010
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Category |
Percentage |
|
Directors or relatives of Directors |
96.00 |
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Other top fifty shareholders |
4.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Acid Proof Material |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
The Saraswat Co-Operative Bank Limited, Ghatkopar Branch, Shiv Shanti Industrial
Estate, L. B. S. Marg, Mumbai - 400086,Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V C Shah and Company Chartered Accountant |
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Address : |
3rd Floor, Rajgir Chamber, 12/14, Shahid Bhagat Singh Road,
Old Custom House, Mumbai – 400001, Maharashtra, India |
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Tel No.: |
91-22-43440123 |
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Fax No.: |
91-22-22662667 |
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Email: |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs.100/-
each |
Rs.1.500
Millions |
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(Out of the above
3500 shares were issued as fully paid Bonus shares by capitalization of
reserves)
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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.135 |
11.085 |
11.013 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.635 |
12.585 |
12.513 |
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LOAN FUNDS |
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1] Secured Loans |
12.394 |
16.573 |
23.506 |
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2] Unsecured Loans |
28.938 |
18.132 |
7.606 |
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TOTAL BORROWING |
41.332 |
34.705 |
31.112 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.009 |
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TOTAL |
53.967 |
47.290 |
43.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.756 |
3.497 |
2.693 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.035 |
0.035 |
0.035 |
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DEFERREX TAX ASSETS |
0.000 |
0.055 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.590
|
19.079 |
14.655 |
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Sundry Debtors |
28.585
|
21.625 |
20.897 |
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Cash & Bank Balances |
2.956
|
6.447 |
4.071 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.988
|
12.289 |
17.723 |
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Total
Current Assets |
56.119
|
59.440 |
57.346 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.012
|
5.699 |
12.777 |
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Other Current Liabilities |
1.156
|
8.035 |
2.295 |
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Provisions |
0.775
|
2.003 |
1.368 |
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Total
Current Liabilities |
4.943
|
15.737 |
16.440 |
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Net Current Assets |
51.176
|
43.703 |
40.906 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
53.967 |
47.290 |
43.634 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
NA |
124.281 |
130.161 |
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Other Income |
NA |
1.215 |
0.899 |
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TOTAL |
NA |
125.496 |
131.060 |
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Less |
EXPENSES |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.996 |
1.567 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.777 |
0.926 |
NA |
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PROFIT BEFORE
TAX |
0.219 |
0.640 |
1.199 |
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Less |
TAX |
0.169 |
0.569 |
0.734 |
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PROFIT AFTER TAX
|
0.050 |
0.071 |
0.465 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.335 |
2.264 |
1.798 |
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BALANCE CARRIED
TO THE B/S |
2.385 |
2.335 |
2.264 |
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IMPORTS |
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Resaleable Value |
21.267 |
35.292 |
NA |
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TOTAL IMPORTS |
21.267 |
35.292 |
NA |
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Earnings Per
Share (Rs.) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
0.06 |
0.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.06 |
0.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
1.02 |
1.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.05 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.66
|
4.01 |
3.80 |
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Current Ratio (Current Asset/Current Liability) |
|
11.35
|
3.78 |
3.49 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Modification of charge |
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Charge identification number of the
modified |
10067633 |
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Corporate identity number of the company |
U51900MH1983PTC029122 |
|
Name of the company |
EMSONS AGENCIES PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
4DB EDENA, 4TH Floor, 97 Maharshi Karve
Road, Mumbai – 400020, Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
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Particular of charge holder |
THE SARASWAT CO-OPERATIVE BANK LIMITED. |
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Nature of description of the instrument
creating or modifying the charge |
Supplementary Deed of Hypothecation For
Additional Advances |
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Date of instrument Creating the charge |
26/05/2008 |
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Amount secured by the charge |
Rs.18.000 Millions |
|
Short particulars of the property charged |
Hypothecation of Stock Tangible Movable
Property (Both Present And Future) Belonging To The Borrower And Lying And Being At The
Borrowers Place of Business At 4-Db Edena, 4th Floor Maharshi Karve Road
Mumbai 400020 Or Whereverelse The Same May Be. Hypothecation of All The Book
debts, Outstanding Monies, Receivables, Claims And Bills. |
|
Date of latest modification prior to the
present modification |
15/01/2008 |
|
Particulars of the present
modification |
The Original Charge Was Created On
5.9.2007 For Rs. 15.000 Millions 1stly Modified On 15.1.2008 For Rs. 16.500
Millions (Ad-Hoc Limit). Now By The Present Modification. Dt. 26.5.2008 The
Limit Has Been Increased From Rs. 15.000 Millions To Rs. 18.000 Millions |
FIXED ASSETS:
·
Air Conditioner
·
Computers
·
Computer Software
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Plant and Machinery
·
Electrical Fittings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.