%20PRIVATE%20LIMITED%20-%20155276%2029-Sep-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
29.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
PETROCHEM MIDDLE EAST ( |
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Registered Office : |
201, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.08.2006 |
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Com. Reg. No.: |
11-163485 |
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Paid up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company
Identification No.] |
U23209MH2006FTC163485 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP22565E |
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PAN No.: [Permanent
Account No.] |
AADCP9811G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Company is engaged in distribution and trading of classified and
non-classified chemicals |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 265892 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company has been successful in wiping off accumulated losses of the previous
years. However, trade relations are reported as fair. Business is active.
Payments are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and 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 – 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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
201, Business Square, B Wing, Andheri Kurla Road, Andheri East, Mumbai
– 400093, Maharashtra, India |
|
Tel. No.: |
91-22-670 29922/67714000 |
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Fax No.: |
91-22-670 29911 |
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E-Mail : |
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Website : |
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Overseas Office : |
Sales and Marketing Logistics and Operations Finance and
General Administration SINGAPORE 8 Eu Tong Sen
Street, #14-98 The Central, Singapore
059818 CHINA 2207, Eton Building, 69
Dong Fang Road, Shanghai, China – 200120 |
DIRECTORS
AS ON 18.04.2011
|
Name : |
Mr. Yogesh R. Mehta |
|
Designation : |
Director |
|
Address : |
A-32, Highrise Apartment, L M Road, Borivali (West), Mumbai – 400103 |
|
Date of Birth/Age : |
24.09.1959 |
|
Date of Appointment : |
02.08.2006 |
|
|
|
|
Name : |
Mr. Manish B Sanghvi |
|
Designation : |
Director |
|
Address: |
Lat No. 503, A Wing, Bhanu Apartment, G B Jukar Marg, Off Gandhigram
Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
02.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.04.2011
|
Names of Shareholders |
No. of Shares |
|
Equity Shares |
|
|
Petrochem Middle |
299999 |
|
Petrochem Middle |
200000 |
|
Petrochem Asia PTE Limited, |
1 |
|
Total
: |
500000 |
AS ON 30.06.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in distribution and trading of classified and
non-classified chemicals |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Hongkong and Shanghai Banking Corporation Limited Address: 52/60, M |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Mumbai –
400013, |
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Tel No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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Associates Offices : |
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Holding Company: |
Petrochem Middle |
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Ultimate Holding Company: |
Petrochem Gulf Holding Limited, |
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Fellow Subsidiaries : |
Petrochem Asia Pte Limited, Singapore |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 millions |
|
200,000 |
0% Redeemable Preference Shares
|
Rs. 10/- each |
Rs. 2.000 millions |
|
|
Total |
|
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000
millions |
|
200,000 |
0% Redeemable Preference Shares
|
Rs. 10/- each |
Rs. 2.000
millions |
|
|
Total |
|
Rs. 5.000
Millions |
Note :
- Of the above 299999 equity shares of Rs.10/- each are held by Petrochem
Middle East FZE, the holding company and 1 equity shares is held by
Petrochem Asia Pte Limited.
The ultimate holding company
is Petrochem Gulf Holdings Limited, Bermuda
- Of the above 200000,0% Preference Shares of Rs. 10/- each are held by Petrochem Middle East
FZE, the holding company, these shares are redeemable within a period of
20 years from the date of allotment.
- The company
had received share application money of Rs.3.000 millions from petrochem
middle East FZE, Dubai, Holding Company on 16th November
2006vide foreign inward Remittance (FIRC) no. 2006320070. Subsequently on
30th may 2008 the company has allotted 200,000 equity share of
Rs.10 each and 100,000 preference shares of Rs.10 to Petrochem Middle East
FZE, Dubai has been filed with Reserve bank of India on 24th
March, 2009
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
61.473 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(85.552) |
(396.687) |
|
|
NETWORTH |
66.473 |
(80.552) |
(391.687) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
81.529 |
|
|
2] Unsecured Loans |
3.848 |
39.001 |
9.969 |
|
|
TOTAL BORROWING |
3.848 |
39.001 |
91.498 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.321 |
(41.551) |
(300.189) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
170.964 |
9.457 |
15.374 |
|
|
Capital work-in-progress |
0.000 |
0.763 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
17.100 |
58.434 |
4.948 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1277.481
|
1184.672 |
298.604 |
|
|
Sundry Debtors |
3113.908
|
1892.555 |
951.231 |
|
|
Cash & Bank Balances |
22.700
|
10.947 |
0.174 |
|
|
Other Current Assets |
0.418
|
0.000 |
0.000 |
|
|
Loans & Advances |
188.103
|
43.016 |
40.191 |
|
Total
Current Assets |
4602.610
|
3131.190 |
1290.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4652.665
|
3141.835 |
1544.254 |
|
|
Other Current Liabilities |
64.192
|
59.248 |
65.432 |
|
|
Provisions |
3.496
|
40.314 |
1.027 |
|
Total
Current Liabilities |
4720.353
|
3241.397 |
1610.713 |
|
|
Net Current Assets |
(117.743)
|
(110.207) |
(320.513) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.321 |
(41.551) |
(300.189) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10468.481 |
7456.654 |
|
|
|
|
Other Income |
20.415 |
12.443 |
|
|
|
|
TOTAL (A) |
10488.896 |
7469.097 |
6645.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
10024.264 |
6924.200 |
NA |
|
|
|
Personnel costs |
32.231 |
21.332 |
NA |
|
|
|
Administrative, selling and distribution expenses |
273.285 |
202.304 |
NA |
|
|
|
TOTAL (B) |
10329.780 |
7147.836 |
NA
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
159.116 |
321.261 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.451 |
6.974 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
150.665 |
314.287 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.829 |
7.129 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
138.836 |
307.158 |
(487.913) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(8.189) |
(3.977) |
(10.507) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
147.025 |
311.135 |
(477.406) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(85.552) |
(396.687) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
61.473 |
(85.552) |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
490.09 |
1037.12 |
-- |
|
%20PRIVATE%20LIMITED%20-%20155276%2029-Sep-2011_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
1.40
|
4.16 |
(7.18) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.32
|
4.11 |
(7.34) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.90
|
9.78 |
(37.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.08
|
(3.81) |
1.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
71.06
|
(40.72) |
(4.34) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.96 |
0.80 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of
the company has been shifted from
OPERATIONS REVIEW AND
FUTURE YEAR PROSPECTS
The Profit after tax is Rs. 147.000 millions for the year ended 31.12.2010
against profit of Rs. 311.300 millions for the previous year ended 31.12.2009.
They were able to secure good business and were able to penetrate in both trade
as well as end-user markets.
Background
Petrochem Middle East (India) Private Limited (Petrochem or the Company)
incorporated on 2 August 2006, is a subsidiary of Petrochem Middle East FZE
(the holding company) which holds 99.9% of the share capital. The ultimate
holding company is Petrochem Gulf Holding Limited, Bermuda.
The company is engaged in distribution and trading of classified and non
classified chemicals. It is also engaged
in the business of storage and stocking of industrial chemicals, solvents and
other allied products at specialised facilities such as warehouse and storage tanks
for imports, exports and wholesale distribution.
FIXED ASSETS
Intangible
- Software
Tangible
- Office Equipments
- Computers
- Vehicle
- Furniture
- And Fixtures
- Lease Hold Improvement
Form 8
|
Corporate
identity number of the company |
U23209MH2006FTC163485 |
|
Name of the
company |
PETROCHEM MIDDLE EAST ( |
|
Address of the
registered office or of the principal place of business in |
201, Business Square, B Wing, Andheri Kurla Road, Andheri East, Mumbai
– 400093, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
The Hongkong and Shanghai Banking Corporation Limited Address : 52/60, M Email: shobhakrishnan@hsbc.co.in |
|
Nature of
instrument creating charge |
Agreement for Overdraft/Loan/Factoring/Import and/or any other Banking
Facilities against hypothecation of revolving stocks and other, movable
assets and also present and future book debts Date. 19.10.2007 |
|
Date of
instrument Creating the charge |
19.10.2007 |
|
Amount secured by
the charge |
Rs. 85.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be payable by the company on the banking facilities as
per bank's tariff, subject however that the bank shall have the right to
change the rate of interest after giving notice to the company. Terms of
repayment In consideration of banking facilities sanctioned by the bank to the
company, the company has hypothecated and charged to the bank by way of first
exclusive charge as a continuing security, the assets mentioned in the deed
of hypothecation to secure the repayments of the advances together with
interest cost and all other charges Margin The company shall maintain such margin as may be specified by the bank
from time to time Extent and
operation of the charge Hypothecated goods are hypothecated as security by way of first
exclusive charge for the repayment by the company to the bank. |
|
Short particulars
of the property charged (Including location of the property) |
All the
stocks-in-trade both present and future, including stocks of raw material,
work in progress, spares and stores and finished goods book debts both
present and future |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U23209MH2006FTC163485 |
|
Name of the
company |
PETROCHEM MIDDLE
EAST ( |
|
Address of the
registered office or of the principal place of business in |
'201', |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
The Hongkong and
Shanghai Banking Corporation Limited |
|
Nature of description
of the instrument creating or modifying the charge |
Agreement For
Overdraft/Loan/Factoring/Import And/Or Any Other Banking Facilities Against
Hypothecation Of Revolving Stocks And Other, Movebale Assets And Also Present
And Future Book Debts Dt. 19.10.2007 |
|
Date of
instrument Creating the charge |
19/10/2007 |
|
Amount secured by
the charge |
Rs.85.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest Shall Be
Payable By The Company On The Banking Facilities As Per Bank's Tariff,
Subject However That The Bank Shall Have The Right To Change The Rate Of
Interest After Giving Notice To The Company. Terms of
Repayment In Consideration
Of Banking Facilities Sanctioned By The Bank To The Company, The Company Has
Hypothecated And Charged To The Bank By Way Of First exclusive Charge As A
Continuing Security, The Assets Mentioned In The Deed Of Hypothecation To
Secure The Repayments Of The Advances Together With Interest Cost And All
Other Charges Margin The Company Shall
Maintain Such Margin As May Be Specified By The Bank From Time To Time Extent and
Operation of the charge Hypothecated
Goods Are Hypothecated As Security By Way Of First Exclusive Charge For The
Repayment By The Company To The Bank. |
|
Short particulars
of the property charged |
All The
Stocks-In-Trade Both Present And Future, Including Stocks Of Raw Material,
Work in progress, Spares And Stores And Finished Goods Book Debts Both Present
And Future More Particularly Described In Schedule Part I Of The Enclosed
Agreement |
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.48.91 |
|
|
1 |
Rs.76.53 |
|
Euro |
1 |
Rs.66.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.