1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MGI CHEMICALS
PRIVATE LIMITED |
Principal Name 1 |
Mr. Rahul Ramesh Sonawane |
|
Status |
New Company |
Principal Name 2 |
Mr. Bock Chia Tan |
|
|
|
Registration # |
194178 |
|
Street Address |
407, 4th
Floor, Jaswanti Landmark, LBS Marg, Vikhroli, Mumbai – 400079, Maharashtra |
||
|
Established Date |
17.07.2009 |
SIC Code |
-- |
|
Telephone# |
91-22-40260957 |
Business Style 1 |
Subject is engaged in distribution of chemicals. |
|
Fax # |
91-22-40260907 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
- |
|
|
# of employees |
Not Available |
Product Name 2 |
- |
|
Paid up capital |
Rs.
10,000,000 |
Product Name 3 |
- |
|
Shareholders |
Foreign holdings (100.00%) |
Banking |
- |
|
Public Limited Corp. |
-- |
Business Period |
2 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
B
(26) |
|
Related
Company |
|||
|
Relation
-
Holding Company |
Country
- Singapore |
Company
Name |
Megachem Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
17,590,000 |
Current Liabilities |
18,136,000 |
|
Inventories |
9,560,000 |
Long-term Liabilities |
-- |
|
Fixed Assets |
42,000 |
Other Liabilities |
--- |
|
Deferred Assets |
--- |
Total Liabilities |
18,136,000 |
|
Invest& other Assets |
944,000 |
Retained Earnings |
--- |
|
|
|
Net Worth |
10,000,000 |
|
Total Assets |
28,136,000 |
Total Liab. & Equity |
28,136,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
15,248,000 |
Net Profit |
(945000) |
|
Sales(Previous yr) |
--- |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MGI CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
407, 4th Floor, Jaswanti Landmark, LBS Marg, Vikhroli,
Mumbai – 400079, Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.07.2009 |
|
|
|
|
Com. Reg. No.: |
194178 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2009FTC194178 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM36711D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM1076M |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is engaged in distribution of chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 40000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company establishing itself gradually. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 : |
407, 4th Floor, Jaswanti Landmark, LBS Marg, Vikhroli,
Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-40260957 |
|
Fax No.: |
91-22-40260907 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.10.2010
|
Name : |
Mr. Rahul Ramesh Sonawane |
|
Designation : |
Director |
|
Address : |
301, 3rd Floor, Jasmine Chs. Sundarvan Park, Samta Nagar,
Thane - 400606, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1974 |
|
Date of Appointment : |
17.07.2009 |
|
|
|
|
Name : |
Mr. Bock Chia Tan |
|
Designation : |
Director |
|
Address : |
BLK 628#04-96, Hougang Avenue 8, Singapore 530628 |
|
Date of Birth/Age : |
21.02.1957 |
|
Date of Appointment : |
17.07.2009 |
|
|
|
|
Name : |
Mr. Choon Tee Chew |
|
Designation : |
Director |
|
Address : |
BLK 46B#07-03, Toh Tuck Road, Singapore 596748 |
|
Date of Birth/Age : |
03.10.1960 |
|
Date of Appointment : |
30.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.10.2010
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Megachem Limited, Singapore |
990000 |
|
Megachem Manufacturing Pte Ltd., Singapore |
10000 |
|
|
|
|
Total |
1000000 |
As on 31.12.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in distribution of chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountant |
|
Address : |
13th Floor, Bakhtawar, 229, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
|
|
|
Holding Company : |
·
Megachem Limited, Singapore |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Note – of the above 990,000 equity shares are held by
Megachem Limited, Singapore the Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.042 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
9.560 |
|
|
Sundry Debtors |
|
|
10.388 |
|
|
Cash & Bank Balances |
|
|
4.937 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
2.265 |
|
Total
Current Assets |
|
|
27.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
18.059 |
|
|
Other Current Liabilities |
|
|
0.077 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
18.136 |
|
|
Net Current Assets |
|
|
9.014 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.944 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
15.248 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
15.248 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative & Other Expenses |
|
|
16.197 |
|
|
|
TOTAL |
|
|
16.197 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.949) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(0.945) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
--- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
(0.945) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(0.945) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
(6.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(6.19) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(3.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.49 |
LOCAL AGENCY FURTHER INFORMATION
NOTE – The registered office address of the company has
been shifted from 401 (C) 4th Floor Delta, Hiranandani Gardens
Powai, Mumbai – 400076, Maharashtra, India to present address w.e.f. 26.07.2011
Fixed Assets
·
Computers
·
Office Equipment
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.49.24 |
|
|
1 |
Rs.76.80 |
|
Euro |
1 |
Rs.67.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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.