MIRA
INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MIRA ORGANICS AND CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
S. No. 1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.11.1986 |
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Com. Reg. No.: |
013669 |
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Capital
Investment / Paid-up Capital : |
Rs. 30.000 millions |
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CIN No.: [Company Identification
No.] |
U24121TN1986PTC013669 |
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IEC No.: |
0407013491 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM09951E |
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PAN No.: [Permanent Account No.] |
AABCS3610C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of organic chemical and Agricultural Chemicals. |
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No. of Employees
: |
140 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 105436 |
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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 accumulated losses recorded by the company. 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 – April 1, 2010
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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 |
INFORMATION PARTED BY
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Name : |
Ms. Kavita |
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Designation : |
Deputy Manager |
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Date : |
31.08.2011 |
LOCATIONS
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Registered Office/Factory : |
S. No. 1, |
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Tel. No.: |
91-44-22313882 |
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Fax No.: |
91-44-27922194 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Avva Udhayabaskara Rao |
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Designation : |
Director |
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Address : |
23-25-40, |
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Date of Birth/Age : |
11.01.1962 |
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Date of Appointment : |
07.11.1986 |
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DIN No.: |
00101946 |
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Name : |
Mr. Parthasarathi Venkatesan |
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Designation : |
Director |
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Date of Birth/Age : |
01.07.1950 |
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Date of Appointment : |
07.11.1986 |
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DIN No.: |
01114547 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Equity Shareholders |
No. of Shares |
|
P Venkatesan |
6000 |
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Avva Udhayabaskara Rao |
6000 |
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Agri Gold Organics P Limited, Vijayawada, Andhra Pradesh |
188000 |
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Time and Media |
100000 |
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Total |
300000 |
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Names of Preference Shareholders |
No. of Shares |
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P. Venkatesan |
12000 |
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Avva Udaya Venkata Rama Rao |
7850 |
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Sudha Venkatesan |
6000 |
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Agri Gold Farm Estates India P Limited, Vijayawada, Andhra
Pradesh |
58000 |
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Agri Gold Pairwar Welfare Association, Vijayawada, Andhra Pradesh |
216150 |
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Total |
300000 |
AS ON 30.09.2010
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S. No. |
Category |
Percentage |
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1 |
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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2 |
Directors or
relatives of Directors |
4.00 |
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3 |
Bodies corporate |
96.00 |
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4 |
Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Organic Chemicals and Agricultural Chemicals |
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Products: |
·
Fertilizer
Chemicals (Agriculture Grade) ·
Corrosion
Inhibiting Chemicals ·
Industrial
Cleaning And Other Chemicals |
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Exports : |
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Products : |
Organic Chemical and Agricultural Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
140 Approximately |
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M Jayaraman and Associates Chartered Accountant |
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Address : |
No.52, |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 millions |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 millions |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs. 30.000 millions |
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 |
60.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.765 |
20.276 |
20.276 |
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4] (Accumulated Losses) |
(34.406) |
(67.228) |
(35.594) |
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NETWORTH |
26.359 |
3.048 |
34.682 |
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LOAN FUNDS |
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1] Secured Loans |
89.420 |
86.081 |
0.488 |
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2] Unsecured Loans |
134.802 |
35.401 |
72.897 |
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TOTAL BORROWING |
224.222 |
121.482 |
73.385 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
250.581 |
124.530 |
108.067 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
208.246 |
56.392 |
45.069 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000
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Sundry Debtors |
8.231
|
5.744
|
0.000
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Cash & Bank Balances |
1.270
|
1.476
|
0.443
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Other Current Assets |
24.224
|
4.338
|
0.000
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Loans & Advances |
30.263
|
73.602
|
62.632
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Total
Current Assets |
63.988
|
85.160
|
63.075
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.411
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10.085
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0.000
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Other Current Liabilities |
0.000 |
0.000 |
0.000
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Provisions |
0.242
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6.937
|
0.077
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Total
Current Liabilities |
21.653
|
17.022
|
0.077
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Net Current Assets |
42.335
|
68.138
|
62.998
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
250.581 |
124.530 |
108.067 |
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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 |
42.695 |
11.338 |
Nil |
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Other Income |
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TOTAL (A) |
42.695 |
11.338 |
Nil
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
37.604 |
37.748 |
NA |
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Advertising Expenses |
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TOTAL (B) |
37.604 |
37.748 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.091 |
(26.410) |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
2.119 |
0.413 |
0.076 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.972 |
(26.823) |
(9.736) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.156 |
4.978 |
3.272 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.816 |
(31.801) |
(13.008) |
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Less |
TAX (I) |
0.000 |
(0.168) |
(0.440) |
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PROFIT AFTER TAX
(G-I) (J) |
1.816 |
(31.633) |
(13.448) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
4.25
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(278.99)
|
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
4.25
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(280.48)
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-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.66
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(22.46)
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(21.56) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
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(10.43)
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(0.37) |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.32
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45.44
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2.11 |
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Current Ratio (Current Asset/Current Liability) |
|
2.95
|
5.00
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819.15 |
LOCAL AGENCY FURTHER INFORMATION
SALES AND PERFORMANCE
The Company is
making all the efforts for completion of the project i.e factory to start immediately
the production and the Sales. The Company expects to generate an income from
the project from the year of 2011-2012.
FIXED ASSETS :
- Land
- Buildings
- Plant and
Machinery
- Pipes,
Valves, Flanges
- Electrical
Equipments
- Electrical
Installation
- Tools
- Furniture and
Fittings
- Instruments
- Office
Equipments
FORM : 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24121TN1986PTC013669 |
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Name of the
company |
MIRA ORGANICS AND
CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
S. No. 1, |
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Type of charge |
Book Debts Immovable
Property Any Interest in
immovable property Others |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
23.01.2009 |
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Amount secured by
the charge |
Rs. 103.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : Term Loan : BPLR
+ 1% i.e. 14.25% presently OCC : BPLR + 0.5%
presently Terms of Repayment : Term Loan : Term
Loan is to be repayable in 20 quarterly installments of Rs. 4.175 millions
starting from 01.04.2009 OCC : Repayable
on Demand Margin : Term Loan :
45.49% OCC : Stocks 25%,
Receivables 50% Extent and Operation of the charge : Hypothecation of
raw materials, semi finished goods, finished goods of chemicals, derivatives
and otherwise stocks and first charge on fixed assets and equitable mortgage
on land admeasuring Ac. 3.96% and factory site situated at R.S. No. 1/pan 3/
Situated at S. R. Kandigai Road, China Obulapuram, Gummidipundi with the
existing and proposed super structure and plant and machinery existing and
future acquisitions and buildings constructed or to be constructed belongs to
the company. Others : NIL |
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Short particulars
of the property charged |
Hypothecation of raw
material, semi finished goods, finished goods of chemicals, derivatives and
otherwise stocks and first charge on fixed assets and equitable mortgage on
land admeasuring Ac. 3.96% and factory site situated at R. S. No. 1/pan
3/situated at S. R. Kandigai Road, China Obulapuram, Gummidipundi with the
existing and proposed super structure and plant and machinery existing and
future acquisitions and buildings constructed or to be constructed belongs to
the company. |
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. 46.38 |
|
|
1 |
Rs. 74.01 |
|
Euro |
1 |
Rs. 64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.