MIRA
INFORM REPORT
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Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL PRIME COMMODITIES PRIVATE LIMITED |
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Formerly Known
As : |
PANITA INVESTMENTS AND FINANCE PRIVATE LIMITED |
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Registered
Office : |
304, Mandvi Navjivan Building, 121/127, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.06.1963 |
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Com. Reg. No.: |
11-072454 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U67120MH1993PTC072454 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUME06792C |
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PAN No.: [Permanent Account No.] |
AAACP2897B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Importer of Waxes and Chemicals. |
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No. of Employees
: |
12 (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 41000 |
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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 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.
INFORMATION PARTED BY
|
Name : |
Mr. Madhukar Pandit |
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Designation : |
Director |
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Contact No.: |
91-22-23422497 |
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Date : |
20.04.2012 |
LOCATIONS
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Registered Office : |
304, Mandvi Navjivan Building, 121/127, |
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Tel. No.: |
91-22-23422497/ 66350609/ 23401894 |
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Fax No.: |
91-22-22186595 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Praful Nathalal Vaghani |
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Designation : |
Managing director |
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Address : |
B-5/5, Sealord Apartments, Cuffe
Parade, Mumbai- 400 005, |
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Date of Birth/Age : |
11.07.1951 |
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Date of Appointment : |
14.07.1993 |
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DIN No.: |
01722703 |
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Name : |
Mr. Madhukar Appa Pandit |
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Designation : |
Director |
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Address : |
6/169, Dhruv Tara Chs Ltd,
90 Road, Ghatkopar, Mumbai- 400075, |
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Date of Birth/Age : |
14.08.1965 |
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Date of Appointment : |
24.03.1988 |
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DIN No.: |
01146573 |
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Name : |
Mr. Anand Praful Vaghani |
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Designation : |
Director |
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Address : |
17.12.1978 |
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Date of Birth/Age : |
B/5/5, Cuffe Parade, Sea
Lord Appt., Mumbai-400005, |
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Date of Appointment : |
01.10.2010 |
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DIN No.: |
03281841 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
|
No. of Shares |
|
Praful Vaghani |
|
3651 |
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Rekha Vaghani |
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1751 |
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Anad Vaghani |
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2051 |
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Praful Vaghani |
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1 |
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Seema Vaghani |
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1 |
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Trade Centre, Indai |
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151 |
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Trinkets, |
|
3505 |
|
Vision Holding Inc |
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1971 |
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Praful Vaghani HUF |
|
1750 |
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Vaghani Inc (Trust) |
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1966 |
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Kartik Chemicals |
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1 |
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Shejal Vaghani |
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1601 |
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Anand Praful Vaghani |
|
1600 |
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TOTAL |
|
20000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
54.72 |
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Directors or relatives of Directors |
45.28 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Waxes and Chemicals. |
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Exports : |
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Products : |
Chemicals |
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Countries : |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60 Days) |
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Purchasing : |
L/C, Cash and Credit (30-60 Days) |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
12 (Approximately) |
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Bankers : |
Union Bank of India, Overseas Branch, Union Bhavan, Ground Floor, 239,
Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Jitendra Sanghavi and Company Chartered Accountant |
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Address : |
405, Churchgate Chambers, 5 New Marine Lines, Mumbai – 400020, |
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Tel. No.: |
91-22-22625000 |
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Fax No.: |
91-22-22625010 |
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E-Mail : |
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PAN.: |
AABPS3104N |
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Memberships : |
Vaghani Inc |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100- each |
Rs.2.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.000 |
0.150 |
0.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.280 |
4.724 |
2.292 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.280 |
4.874 |
2.442 |
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LOAN FUNDS |
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1] Secured Loans |
22.167 |
0.000 |
3.240 |
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2] Unsecured Loans |
6.685 |
1.100 |
0.000 |
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TOTAL BORROWING |
28.852 |
1.100 |
3.240 |
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DEFERRED TAX LIABILITIES |
0.002 |
0.004 |
0.003 |
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TOTAL |
39.134 |
5.978 |
5.685 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.228 |
0.240 |
0.158 |
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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 |
23.377
|
16.114 |
1.647 |
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Sundry Debtors |
23.057
|
6.122 |
4.136 |
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Cash & Bank Balances |
3.765
|
0.618 |
1.058 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.733
|
4.071 |
1.478 |
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Total
Current Assets |
59.932
|
26.925 |
8.319 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.239
|
18.681 |
1.551 |
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Other Current Liabilities |
3.292
|
0.741 |
0.000 |
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Provisions |
3.495
|
1.765 |
1.241 |
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Total
Current Liabilities |
21.026
|
21.187 |
2.792 |
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Net Current Assets |
38.906
|
5.738 |
5.527 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39.134 |
5.978 |
5.685 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
117.835 |
68.970 |
56.994 |
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Other Income |
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TOTAL |
117.835 |
68.970 |
56.994 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.333 |
3.608 |
1.603 |
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DEPRECIATION/
AMORTISATION |
0.048 |
0.035 |
0.046 |
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PROFIT BEFORE
TAX |
5.284 |
3.573 |
1.557 |
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TAX |
1.728 |
1.211 |
0.588 |
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PROFIT AFTER TAX
|
3.557 |
2.432 |
0.970 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.723 |
2.291 |
1.321 |
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BALANCE CARRIED
TO THE B/S |
8.280 |
4.723 |
2.291 |
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Earnings Per
Share (Rs.) |
177.85 |
NA |
NA |
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Particulars |
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|
31.03.2012 |
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Sales Turnover (Approximately) |
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|
212.200 |
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Expected Sales (2012 - 2013) : Rs.300.000 Millions
The above information has been parted by Mr. Madhukar Appa Pandit –
Director
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.02
|
3.53 |
1.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
13.15 |
544.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.73 |
0.63 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.85
|
4.57 |
2.47 |
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Current Ratio (Current Asset/Current Liability) |
|
2.85
|
1.27 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2011
|
31.03.2010
|
31.03.2009 |
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Rs. in Millions |
||
|
Sundry Creditors |
14.239
|
18.681 |
1.551 |
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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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 |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
OPERATION
During the year performance of the Company is phenomenal. The Company has achieved the turnover of Rs.117.484 millions and net profit (Before Tax) of Rs.5.284 millions as compared to last years Rs. 67.435 millions and Rs.3.573 millions respectively of the previous financial year.
The domestic market is favorable for Chemical, waxes and other related activities, the Company is looking forward to grab this opportunity and increase the sales and market share of the Company.
FIXED ASSETS
- Air Conditioner
- C C Television
- Computer and Printer
- Furniture and Fixtures
- Telex Machine
- Fax Machine
- Office Equipment
- Telephone Instrument
- Paper Shadders
- Pager
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.51.99 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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.