MIRA INFORM REPORT

 

 

Report Date :

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

REGENT PAINTS PRIVATE LIMITED

 

 

Registered Office :

53A, Tijala Road, Mescab Centre, 4th Floor, Kolkata – 700046, West Bangal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

22.05.2003

 

 

Com. Reg. No.:

21-140971

 

 

Capital Investment / Paid-up Capital :

Rs. 1.000 Million

 

 

CIN No.:

[Company Identification No.]

U24222WB2003PTC140971

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer  of industrial paints

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 13000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The company has incurred some losses in the current year i.e 2010-11. 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 with some cautions.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

LOCATIONS

 

Registered Office :

53A, Tijala Road, MESCAB Centre, 4th Floor, Kolkata – 700046, West Bengal, India

Tel. No.:

91-33-22851103

Fax No.:

91-33-22851104

E-Mail :

Binay_more@piyanshu.com

 

 

DIRECTORS

 

As on 05.09.2011

 

Name :

Mr. Satyabodh Bhagat

Designation :

Director

Address :

10, N.N Dutta Road, Flat K-4, Regent Park, Kolkata- 700040, West Bangal, India

Date of Birth/Age :

04.12.1974

Date of Appointment :

07.01.2010

DIN No.:

00461655

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24231WB1992PTC055683

PIYANSHU CHEMICALS PRIVATE LTD

Director

15-04-96

15-04-96

-

Active

NO

2

U24222WB2003PTC140971

REGENT PAINTS PRIVATE LIMITED

Director

07-01-10

07-01-10

-

Active

NO

3

U24297WB2010PTC155065

PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED

Director

26-11-10

26-11-10

-

Active

NO

 

 

Name :

Mr. Piyush Kejriwal

Designation :

Director

Address :

R.N- 2A, 2nd Floor, 8/2, Loudon Street, Kolkata – 700017, West Bangal, India

Date of Birth/Age :

27.07.1965

Date of Appointment :

25.07.2007

DIN No.:

00461691

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24231WB1992PTC055683

PIYANSHU CHEMICALS PRIVATE LTD

Director

26-06-10

01-06-96

-

Active

NO

2

U24222WB2003PTC140971

REGENT PAINTS PRIVATE LIMITED

Director

25-07-05

25-07-05

-

Active

NO

3

U24297WB2010PTC155065

PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED

Director

10-01-11

10-01-11

-

Active

NO

 

 

Name :

Mr. Kulkarni R.R Anil

Designation :

Director

Address :

292, Plot No.46, Lalita Nagar, Adikmet , Jamia Osmania, Hyderabad- 500044. District – R.R, Andhra Pradesh

Date of Birth/Age :

06.015.1957

Date of Appointment :

22.05.2003

DIN No.:

00649939

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 05.09.2011

 

Names of Shareholders

 

No. of Shares

Anil Ragendra Rao Kulkarni

 

100

Piyush Ramkrishna Kejriwala

 

24600

Shailja Ramkrishna Kejriwala

 

100

Padmanabh Hanuman Prasad Bhagat

 

3700

Ramkrishna Jhabarmal Kejriwala

 

24100

Hanuman Prasad Late Phool Kejriwala

 

8200

Sneha Lata Hanuman Prasad Bhagat

 

100

Satyabodh Hanuman Bhagat

 

100

Divya Satyabodh Bhagat

 

100

Manjari Padmanabh Bhagat

 

100

Sanjaykumar Rajkumar Lodha

 

100

Sulbha Sanjay Lodha

 

100

Kanaklata Ramkrishna Kejriwala

 

12500

Piyush Subhra Kejriwala

 

100

Seema Piyush Kejriwala

 

100

Subhra Piyush Kejriwala

 

100

Aayush Piyush Kejriwala

 

100

Anshu Ram Krishna Kejriwala

 

24700

Anshu Ishan Kejriwala

 

100

Ishan  Anshu Kejriwala

 

100

Deepa Anshu Kejriwala

 

100

Ram Krishna Kejriwala

 

100

Binay Kumar Late Bhagwan Das More

 

100

Sabitri Devi late Bhagwan das Nore

 

100

Ajay Kumar More

 

100

Anirudha Ramkumar Bagla

 

100

Shrutkriti Ramkumar Bagla

 

100

Gyana Devi Vijay Kumar Sarogi

 

100

TOTAL

 

100000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 31.03.2011

 

Category

Percentage

Directors or relatives of Directors

99.20

Other top fifty shareholders

0.80

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Products Manufacturing of industrial paints

 

 

Products :
  • Plant Fertilizers
  • Granular Fertilizer
  • Cystim Biostimulant
  • Potassium Sulphate Fertilizer
  • Ferrous Sulphate Heptahydrate
  • Rock Phosphate

 

 

                         

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

ICICI Bank Limited, 3A, Gurusaday Road, 2nd Floor, Kolkata – 700019, West Bengal, India

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Bank of India

-          Balanagar Branch (Hyderabad)

-          Kolkata Corporate Banking Branch

 

3.018

4.364

 

2.890

2.034

Total

7.382

4.924

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

-  From Body Corporate

-  From Share Holder

17.785

28.301

5.629

15.203

Total

46.086

20.832

 

 

 

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

P.VENKATESHWAR RAO AND ASSOCIATES

Chartered Accountant

Address :

6-3-850/1, 2nd Floor, Sirisha Plaza, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

PAN.:

ACJPP6287B

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs. 2.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/- each

Rs. 1.000 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.000

1.000

1.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2.336

3.979

1.715

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3.336

4.979

2.715

LOAN FUNDS

 

 

 

1] Secured Loans

7.381

4.924

0.307

2] Unsecured Loans

46.086

20.832

9.520

TOTAL BORROWING

53.467

25.756

9.827

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

56.803

30.735

12.542

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

23.061

8.420

6.920

FIXED ASSETS [Net Block]

19.478

0.000

0.534

Capital work-in-progress

 

 

 

 

1.023

0.000

0.000

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
9.806

8.216

7.643

 

Sundry Debtors
13.331

23.199

18.801

 

Cash & Bank Balances
10.795

10.176

0.502

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
1.384

5.299

1.918

Total Current Assets
35.316

46.890

28.864

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
21.933

23.154

20.154

 

Other Current Liabilities
0.632

0.270

0.223

 

Provisions
0.520

1.254

0.504

Total Current Liabilities
23.085

24.678

20.881

Net Current Assets
12.231

22.212

7.985

 

 

 

 

MISCELLANEOUS EXPENSES

0.005

0.007

0.105

Pre-Operative expenses

1.005

0.096

0.000

 

 

 

 

TOTAL

56.803

30.735

12.542

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

 

143.160

130.590

 

 

Other Income

 

NA

NA

 

 

TOTAL                                    

 

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

 

142.717

126.224

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

0.599

4.366

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

2.115

1.111

 

 

 

 

 

 

PROFIT/LOSS  BEFORE TAX

 

(1.516)

3.255

 

 

 

 

 

 

TAX                                                                 

 

0.142

1.013

 

 

 

 

 

 

PROFIT/LOSS  AFTER TAX

 

(1.643) 

2.264

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

(16.43)

22.64

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Net Profit Margin

(PBT/Sales)

(%)
(1.06)

2.49

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(2.60)

5.89

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(45.44)

65.37

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
23.04

10.13

11.31

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.53

1.90

1.38

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTES:

 

The company changed its registered office from Survey No. 180/15, Kazipally Village, Jinnaram Mandal, Andhara Pradesh – 502319, India To 2A, Loudon Manor,8/2, Loudon Street, Kolkata – 700017, West Bengal, India w.e.f 16.12.2009. The Registered office has again been shifted to Present address w.e.f 09.05.2011

 

OPERATIONS

 

During the year the company besides manufacturing paints also did business in trading of vegetables oils to increase the Turnover and reduce the overheads.

 

Corporate identity number of the company

U24222WB2003PTC140971

Name of the company

REGENT PAINTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

53A, TILJALA  ROAD, MESCAB CENTRE, 4TH FLOOR, KOLKATA- 700046, West Bengalm, INDIA  Email Id: binay_more@piyanshu.com

This form is for

Creation of charge

Type of charge

·          Immovable property

  • Book Debts
  • Movable Property ( not being pledge)

Particular of charge holder

Private Sector Bank

ICICI Bank Limited, 3A, Gurusaday Road, 2nd Floor, Kolkata – 700019, West Bengal, India, Email Id: nikhil.jhunjhunwala@icicibank.com

Nature of instrument creating charge

DEED OF HYPOTHECATION

Declaration of Equitable Mortgage

Date of instrument Creating the charge

03.09.2011

Amount secured by the charge

Rs. 40.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

The interest rate shall be sum of I-Base and 'spread' p.a. plus applicable interest tax or other statutory levy, if any, As on date the I-Base is 10.00% and spread is 3.00%. Applicable rate 13.00% p.a

 

Terms of Repayment :

On demand or as per bank's guidelines.

 

Margin:

Uniform margin of 25% against all components of inventory.

25% on Book Debts

Cover Period - 90 days

 

Extent and operation of the charge:

First & Exclusive Charge

Short particulars of the property or asset(s) charged (including complete address and location of the property)
  • First and Exclusive charge by way of hypothecation of the company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank.

 

  • First and Exclusive charge by way of hypothecation of the company's entire Plant and Machinery, both present and future in a form and manner satisfactory to the Bank.

 

  • Exclusive Charge by way of equitable Mortgage on the equitable mortgage of industrial property in a form and manner satisfactory to the Bank, at survey No. 180/1 to 180/15, Kazipally village,Jinnaram Mandal, Medak Dist- 502319 in the name of the Company together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.

 

FIXED ASSETS:

 

  • Factory Land
  • Plant and Machinery
  • Electrical Installation
  • Furniture and Fixture
  • Laboratory Equipment
  • Fire extinguisher
  • Factory Building
  • Computer
  • Refrigerator
  • Scooter
  • Telephone Equipment
  • Generator
  • Office Equipment
  • Motor Car

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

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

NO

--AFFILIATION

YES/NO

NO

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.