MIRA
INFORM REPORT
|
Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NESHIEL CHEMICAL PRIVATE LIMITED |
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Registered
Office : |
S/3, Navrang, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.08.1994 |
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Com. Reg. No.: |
04-022847 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U24231GJ1994PTC022847 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMN00185D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Minerals and Chemicals. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 208000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per terms and conditions. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Name : |
Mr. Rohit |
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Designation : |
Export Executive |
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Contact No.: |
91-9662537220 |
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Date : |
17.03.2012 |
LOCATIONS
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Registered Office/Factory : |
S/3, Navrang, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, |
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Tel. No.: |
91-79-26568012 / 30000248 / 26309325 |
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Fax No.: |
91-79-26309327 |
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E-Mail : |
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Website : |
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Marketing Office : |
405, The Grand Mall, Opposite SBI Zonal Office, Ambawadi,
Ahmedabad-380015, |
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Factory: |
Located at : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Gautam Shantilal Shah |
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Designation : |
Whole Time Director |
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Address : |
150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi,
Ahmedabad-380015, |
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Date of Appointment : |
24.08.1994 |
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DIN No : |
00011063 |
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Other Directorship :
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Name : |
Mr. Dewang Gauntambhai Shah |
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Designation : |
Managing Director |
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Address : |
150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi,
Ahmedabad-380015, |
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Date of Appointment : |
24.08.1994 |
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DIN No : |
00009984 |
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Other Directorship :
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Name : |
Mr. Mitul Gautambhai Shah |
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Designation : |
Whole Time Director |
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Address : |
150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi,
Ahmedabad-380015, |
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Date of Appointment : |
22.03.1995 |
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DIN No : |
00011148 |
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Other Directorship :
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Name : |
Mrs. Darshikaben Devangbhai Shah |
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Designation : |
Whole Time Director |
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Address : |
150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi,
Ahmedabad-380015, |
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Date of Appointment : |
22.03.1995 |
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DIN No : |
00010078 |
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Name : |
Mrs. Minal Mitulbhai Shah |
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Designation : |
Whole Time Director |
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Address : |
150, Manekbaug Society, B/H Manekbaug Hall, Ambawadi,
Ahmedabad-380015, |
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Date of Appointment : |
01.12.2001 |
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DIN No : |
00011183 |
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KEY EXECUTIVES
|
Name : |
Mr. Rohit |
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Designation : |
Export Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Gautam Shantilal Shah |
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1800 |
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Dewang Gautambhai Shah |
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1400 |
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Gautam Shantilal Shah HUF-2 |
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400 |
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Tarlikaben Gautambhai Shah |
|
1800 |
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Darshikaben Dewangbhai Shah |
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1400 |
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Dewang Gautambhai shah HUF |
|
200 |
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Mitulbhai Gautambhai Shah |
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3000 |
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Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
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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 Exporter of Minerals and Chemicals. |
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Products : |
·
Mineral Products
- Feldspar
-Quartz
-Mica -Edible Oils -Industrial Minerals -Industrial Chemicals ·
Chemical
Products
-Perlite Filter Aid
-Aromatic |
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Exports : |
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Products : |
Minerals and Chemical |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C (Advance) |
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Purchasing : |
L/C (Advance) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacture and Trader
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No. of Employees : |
30 (Approximately) |
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Bankers : |
·
ING Vysya Bank Limited, P.B. No.4038, ·
Citi Bank, C.G. Road Branch, Ahmedabad, ·
The Kalupur Commercial Co-operative Bank Limited,
Kalupur Bank Bhavan, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Ashok Prahladbhai Patel Chartered Accountant |
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Address : |
803/804, Samudra Annexe, Near Classic Gold Hotel, |
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PAN.: |
AAMPP2298K |
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Sister concern : |
Neil Agrotech Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Share |
Rs,10/- each |
Rs.0.500 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 Share |
Rs.10/- each |
Rs.0.100
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.493 |
8.208 |
7.479 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.593 |
8.308 |
7.579 |
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LOAN FUNDS |
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1] Secured Loans |
4.061 |
4.631 |
4.605 |
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2] Unsecured Loans |
6.555 |
5.161 |
4.070 |
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TOTAL BORROWING |
10.616 |
9.792 |
8.675 |
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DEFERRED TAX LIABILITIES |
0.011 |
0.034 |
0.000 |
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TOTAL |
19.220 |
18.134 |
16.254 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.410 |
6.324 |
6.580 |
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Capital work-in-progress |
0.000 |
0.000 |
0.163 |
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INVESTMENT |
3.635 |
3.610 |
3.610 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.070 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
4.065
|
1.475
|
1.124 |
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Sundry Debtors |
11.013
|
5.443
|
3.976 |
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Cash & Bank Balances |
0.938
|
0.425
|
0.833 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
4.582
|
8.083
|
5.491 |
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Total
Current Assets |
20.598
|
15.426 |
11.424 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.949
|
4.137
|
3.222 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
2.474
|
3.089
|
2.371 |
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Total
Current Liabilities |
10.423
|
7.226 |
5.593 |
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Net Current Assets |
10.175
|
8.200
|
5.831 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
19.220 |
18.134 |
16.254 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
46.582 |
27.041 |
21.579 |
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Other Income |
5.559 |
4.438 |
4.733 |
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TOTAL |
52.141 |
31.479 |
26.312 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
50.173 |
28.436 |
23.394 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.968 |
3.043 |
2.918 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.013 |
1.143 |
0.923 |
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PROFIT BEFORE
TAX |
0.955 |
1.901 |
1.995 |
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Less |
TAX |
0.321 |
0.589 |
0.655 |
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PROFIT AFTER TAX
|
0.634 |
1.312 |
1.340 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.806 |
6.377 |
5.588 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
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|
Transfer to General Reserve |
0.096 |
0.300 |
0.200 |
|
|
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Final Dividend |
0.300 |
0.500 |
0.300 |
|
|
|
Corporate tax on Dividend |
0.049 |
0.083 |
0.051 |
|
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BALANCE CARRIED TO
THE B/S |
6.995 |
6.806 |
6.377 |
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Earnings Per
Share (Rs.) |
63.00 |
131.20 |
133.97 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.22
|
4.17 |
5.09 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.05
|
7.03
|
9.24 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
8.74
|
11.08 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.23
|
0.26 |
|
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|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.45
|
2.05
|
1.88 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.13
|
0.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
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3) Constitution
of the Firm |
Yes |
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4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
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7) Promoter’s
Background |
--------- |
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8) No. of
Employees |
Yes |
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9) Name of
person contacted |
Yes |
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10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last one years |
Yes |
|
12)
Profitability for last three years |
--------- |
|
13) Reasons for
variations <> 20% |
--------- |
|
14) Estimation
for coming financial year |
No |
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15) Capital in
the business |
No |
|
16) Details of
Sister concern |
Yes |
|
17) Major
Suppliers |
Yes |
|
18) Major
Customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
Information |
--------- |
|
22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
No |
|
25) Conduct of
the banking account |
--------- |
|
26) Buyer visit
details |
--------- |
|
27) Financials,
if provided |
No |
|
28)
Incorporation details, if applicable |
---------- |
|
29) Last account
field at ROC |
---------- |
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30) Major
Shareholders, if available |
---------- |
TRADE REFERENCE:
- Atul Limited
- Adama Minerals
OPERATIONS:
The company’s performance was also excellent
during the year. The company has received good market response. The sales and income
from operations amounted to Rs.46.582 millions as against Rs.27.040 for the
previous year. The Brokerage income amounted to Rs.5.379 millions as against
Rs.4.336 millions secured during the previous year. The Company has earned a
profit of Rs.0.955 millions as against profit if Rs.1.901 millions earned for
the previous year. The directors are hope better results in future.
FORM 8
|
Corporate
identity number of the company |
U24231GJ1994PTC022847 |
|
Name of the
company |
NESHIEL CHEMICAL PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
S/3, Navrang, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Email Id: info@dewang.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
The Kalupur Commercial Co-operative Bank Limited, Kalupur Bank Bhavan,
Email: mauli@kalupurbank.com |
|
Nature of
instrument creating charge |
Agreement for
Hypothecation of stock & Book Debts dated 19.1.2012 for cash credit
limits of Rs.11.500 millions |
|
Date of instrument
Creating the charge |
19.01.2012 |
|
Amount secured by
the charge |
Rs.11.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% p.a. with
monthly rests. Terms of
Repayment Renewable - 12
months, On Demand and review every year. Margin Goods- 30% Book Debts- 40% Extent and
Operation of the charge The bank has
first and exclusive charge on stock and book debts of the company till
repayment of credit facility extended by bank to the company. Others The Company will
make on turnover in the region of five times of sanctioned limits within
twelve months. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Stock, raw materials, work in process, finished goods, equipments, tools,
stores, spares, consumable articles at S-3, `Navrang', Near Swastik Char
Rasta, Navrangpura, Ahmedabad Company's present
and future book debts, outstanding moneys, receivables, claims, bills,
contracts, engagements, securities, investments, rights and assets etc |
FIXED ASSETS
- Building Renovation
- Computer and Software
- Fax Machine
- Pager
- Mobile Instrument
- Weigh Scale
- Motor Car (Matiz)
- Motor Car ( A Star)
- Motor Car (Swift Desire)
- Tea Machine
- EPBX System
- Water Cooler
- Computer Printer
- Furniture
- Air conditioner
- Air cooler
- Aqua-Guard
- LCD Screen
- Motor Car (Wagon R)
- Office Navarang
- Office Grandmall
- Electrification
- Projector
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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.