MIRA
INFORM REPORT
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Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
NARENDRA SURFACTANT AND SPECIALITY CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
543, Sadashiv Peth, Kumthekar, Pune – 411030, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.04.2006 |
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Com. Reg. No.: |
11-128368 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U24249PN2006PTC128368 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN05535F |
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PAN No.: [Permanent Account No.] |
AACCN3139 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Cleaning
material, liquid soap, surfactants, industrial cleaners, general purpose cleaners,
automotive cleaners, industrial machine cleaners, industrial metal cleaners
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000 |
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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 moderate track. There appears
some losses being incurred by the company in the current year i.e. 2009-10.
However, 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.
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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) |
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India |
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 |
INFORMATION DECLINED BY
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Name : |
Mr. Dilip |
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Designation : |
Key Executive |
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Date : |
11.10.2011 |
LOCATIONS
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Registered Office : |
543, Sadashiv Peth, Kumthekar, Pune – 411030, Maharashtra, India |
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Tel. No.: |
91-20-24450441/ 24465532 / 24459506 / 24483833 |
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Mobile No.: |
91-20-24451852 |
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Fax No.: |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Mukund Pandurang Kurhade |
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Designation : |
Director |
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Address : |
S. No. 62/65 PN 453, Mahatma Society, Pune – 411029, Maharashtra,
India |
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Date of Birth/Age : |
30.12.1955 |
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Date of Appointment : |
21.04.2006 |
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Din No : |
1254574 |
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Name : |
Mr. Dilip Pandurang Kurhade |
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Designation : |
Director |
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Address : |
S. No. 62/65 PN 453, Mahatma Society, Pune – 411029, Maharashtra,
India |
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Date of Birth/Age : |
12.07.1953 |
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Date of Appointment : |
21.04.2006 |
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Din No.: |
01254600 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mukund Pandurang Kurhade |
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5000 |
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Dilip Pandurang Kurhade |
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5000 |
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TOTAL |
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10000 |
AS ON 30.09.2010
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Equity Share Breakup |
Percentage |
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Category |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Cleaning
material, liquid soap, surfactants, industrial cleaners, general purpose cleaners,
automotive cleaners, industrial machine cleaners, industrial metal cleaners
etc. |
PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
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Surfactants |
Nos. |
NA |
13634022.41 |
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NOTE : Considering the nature of items manufactured by the company. It
is not possible to give the information about installed capacity.
GENERAL INFORMATION
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Bankers : |
Vidya Sahkari Bank Limited, H.O. 1355, Shukrawar Peth, Natu Baug, Pune
– 411030, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.T. Kitekar and Company Chartered Accountant |
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Address : |
P.M.C. Sevent’s, Co-Operative Urban Bank Building, Phadtare Chowk,
609, New 768, Sadashive Peth, Maharashtra, India |
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Tel. No.: |
91-20-24337987 |
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Fax No.: |
91-20-24476781 |
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Pan No.: |
ACGPK3299A |
CAPITAL STRUCTURE
AS ON : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000
Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.176 |
0.446 |
0.287 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.176 |
1.446 |
1.287 |
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LOAN FUNDS |
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1] Secured Loans |
1.985 |
2.837 |
0.785 |
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2] Unsecured Loans |
1.450 |
3.212 |
5.378 |
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TOTAL BORROWING |
3.435 |
6.049 |
6.163 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.611 |
7.495 |
7.450 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.838 |
3.637 |
1.496 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.012 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.933
|
0.492 |
0.360 |
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Sundry Debtors |
5.552
|
6.406 |
9.498 |
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Cash & Bank Balances |
1.048
|
0.508 |
0.208 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.297
|
0.213 |
0.290 |
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Total
Current Assets |
7.830
|
7.619 |
10.356 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.799
|
3.366 |
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Other Current Liabilities |
0.308
|
0.445 |
4.242 |
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Provisions |
0.000
|
0.000 |
0.172 |
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Total
Current Liabilities |
7.107
|
3.811 |
4.414 |
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Net Current Assets |
0.723
|
3.808 |
5.942 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.611 |
7.495 |
7.450 |
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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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TOTAL INCOME |
15.719 |
17.687 |
18.951 |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
15.989 |
17.376 |
18.566 |
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Interest |
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Depreciation |
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TOTAL |
15.989 |
17.376 |
18.566 |
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PROFIT / (LOSS)
BEFORE TAX |
(0.270) |
0.310 |
0.384 |
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Less |
TAX |
0.000 |
0.152 |
0.172 |
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PROFIT / (LOSS)
AFTER TAX |
(0.270) |
0.158 |
0.212 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.446 |
0.287 |
75.030 |
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BALANCE CARRIED
TO THE B/S |
0.176 |
0.446 |
284.571 |
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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 |
(%) |
(1.71)
|
0.89 |
1.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.31)
|
2.75 |
3.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.22)
|
0.26 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.96
|
6.81 |
8.21 |
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Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.99 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The Performance of the company has been satisfactory
during the year under consideration. The directors hope for better results in
the current year.
FORM : 8
|
Corporate
identity number of the company |
U24249PN2006PTC128368 |
|
Name of the
company |
NARENDRA SURFACTANT
AND SPECIALITY CHEMICALS PRIVATE LIMITE |
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Address of the
registered office or of the principal place of business in |
543 Sadashiv
Peth, Kumthekar Road Pune - 411030, Maharashtra, India |
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This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
Vidya Sahakari
Bank Limited, H.O. 1355 Shukrawar Peth, Natu Baug, Pune – 2, Through Its
Laxmi Road Branch, Pune, - 411030,
Maharashtra, India |
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Nature of
instrument creating charge |
Agreement Of
Hypothecation Of Movable Property Dated 31st March 2009 |
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Date of
instrument Creating the charge |
31/03/2009 |
|
Amount secured by
the charge |
Rs. 1.500
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As Per Agreement Terms of repayment Within 2.5 Months
From The Date Of Disbursement Margin 30% Extent and operation of the charge The Charge On The
Movable Properties Of The Company Other Type Of Facility:
Temporary Overdraft Limit |
|
Short particulars
of the property charged (Including location of the property) |
The Borrower Doth
Do Hereby Hypothecate To And In Favour Of The Bank All The Tangible Movable
Property Including Stocks For The Time Being Whether New Or Manufacture Or In
The Process Of Manufacturing And Every Tangible Movable
Property/Machinery/Plant (Both Present And Future) Belonging To The
Borrower/S And Lying And Being At The Borrower/S Place Of Buiness At 543,
Sadashiv Peth, Kumthekar Road, Pune - 411030 Or Wherever Else The Same May Be
Kept. |
FIXED ASSETS :
·
Land Purchases at Shivane
·
Furniture and Fixture
·
Plant and Machinery
·
Fire Extinguisher
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. 49.17 |
|
|
1 |
Rs. 77.49 |
|
Euro |
1 |
Rs. 67.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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.