1. Summary Information
|
|
|
Country |
|
|
Company Name |
MULTICHEM SPECIALITIES PRIVATE LIMITED |
Principal Name 1 |
Mr. Manish Shivdyal Karnani |
|
Status |
Moderate |
Principal Name 2 |
Mrs. Laxmi M. Karnani |
|
|
|
Registration # |
11-169587 |
|
Street Address |
1215, |
||
|
Established Date |
03.04.2007 |
SIC Code |
-- |
|
Telephone# |
91-22-43432121 |
Business Style 1 |
Importer |
|
Fax # |
91-22-43432122 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Speciality Chemicals |
|
|
# of employees |
20 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
13,984,240/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate (35.75%) Directors or relatives of director
(64.25%) |
Banking |
Oriental Bank of
Commerce |
|
Public Limited Corp. |
NO |
Business Period |
5 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
87,090,000 |
Current Liabilities |
113,439,000 |
|
Inventories |
53,380,000 |
Long-term Liabilities |
12,198,000 |
|
Fixed Assets |
3,065,000 |
Other Liabilities |
38,000 |
|
Deferred Assets |
48,000 |
Total Liabilities |
125,675,000 |
|
Invest& other Assets |
25,000 |
Retained Earnings |
3,949,000 |
|
|
|
Net Worth |
17,933,000 |
|
Total Assets |
143,608,000 |
Total Liab. & Equity |
143,608,000 |
|
Total Assets (Previous Year) |
92,773,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Total Income |
302,864,000 |
Net Profit |
1,691,000 |
|
Total Income (Previous yr) |
246,718,000 |
Net Profit(Prev.yr) |
964,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
MULTICHEM SPECIALITIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
1215, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
03.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-169587 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.984 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24100MH2007PTC169587 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM31783D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCM0263M |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Importer of Specialty Chemicals. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 72000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
1215, |
|
Tel. No.: |
91-22-43432121 |
|
Mobile No.: |
91-9867808926 (Mr. Deepak D Dethe) |
|
Fax No.: |
91-22-43432122 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Warehouse : |
Located at:
|
DIRECTORS
As on 03.08.2011
|
Name : |
Mr. Manish Shivdyal Karnani |
|
Designation : |
Managing Director |
|
Address : |
I-13, Maker Tower, 1st Floor, Cuffe Parade, Colaba, Mumbai
– 400005, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1973 |
|
Qualification : |
B.Com |
|
Date of Appointments : |
03.04.2007 |
|
DIN No.: |
01252027 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U24100MH2007PTC169587 |
Multichem
Specialities Private Limited |
Managing
director |
01-10-07 |
03-04-07 |
Active |
NO |
|
2 |
U74900WB2009PTC135147 |
Manish
Tradelink Private Limited |
Director |
18-05-09 |
18-05-09 |
Active |
NO |
|
Name : |
Mrs. Laxmi M. Karnani |
|
Designation : |
Director |
|
Address : |
I-13, |
|
Date of Birth/Age : |
05.11.1972 |
|
Qualification : |
B. Com |
|
Date of Appointments : |
30.08.2007 |
|
DIN No.: |
01744979 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U70101MH1994PTC083798 |
ASL
Organics Private Limited |
Director |
16-12-94 |
16-12-94 |
Active |
NO |
|
2 |
U45202MH1994PTC083803 |
ASL Realties
Private Limited |
Director |
16-12-94 |
16-12-94 |
Active |
NO |
|
3 |
U70101MH1994PTC083797 |
Asha
Rani Gupta Properties Private Limited |
Director |
16-12-94 |
16-12-94 |
Active |
NO |
|
4 |
U24100MH2007PTC169587 |
Multichem
Specialities Private Limited |
Director |
14-05-08 |
30-08-07 |
Active |
NO |
|
5 |
U67120MH1994PTC081465 |
SVA
Securities Private Limited |
Director |
28-09-07 |
28-09-07 |
Active |
NO |
|
6 |
U74900WB2009PTC135147 |
Manish
Tradelink Private Limited |
Director |
18-05-09 |
18-05-09 |
Active |
NO |
MAJOR SHAREHOLDERS
As on 03.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Shivdayal Karnani |
|
4315 |
|
Manish Shivdayal Karnani |
|
360000 |
|
Sanjay Lalaram Gupta |
|
500000 |
|
Shivdayal Karnani - HUF |
|
609 |
|
Kamlesh Gupta |
|
1000 |
|
Laxmi Karnani |
|
32500 |
|
Infinite Holdings Private Limited, |
|
500000 |
|
Total |
|
1398424 |
Equity Share Breakup (Percentage of Total Equity)
As on 03.08.2011
|
Category |
|
Percentage
|
|
Bodies Corporate (not mentioned above) |
|
35.75 |
|
Directors or relatives of director |
|
64.25 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer of Speciality Chemicals. |
|
|
|
|
Products : |
|
|
|
|
|
Agencies Held : |
|
GENERAL INFORMATION
|
No. of Employees : |
20 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
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||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. B. Gabhawalla and Company Chartered Accountant |
|
Address : |
12, “La Bella” |
|
Tel. No. : |
91-22-26825100/01/02 |
|
Fax No. : |
91-22-26825103 |
|
Email : |
|
|
Website: |
|
|
PAN No.: |
AABPG3257L |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
1398424 |
Equity Shares |
Rs. 10/- each |
Rs.13.984 Millions |
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.984 |
13.984 |
4.984 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.949 |
2.258 |
1.294 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.933 |
16.242 |
6.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.859 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
10.339 |
16.599 |
16.713 |
|
|
TOTAL BORROWING |
12.198 |
16.599 |
16.713 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.131 |
32.841 |
22.991 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.065 |
0.998 |
0.762 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.972 |
|
|
DEFERREX TAX ASSETS |
0.048 |
0.021 |
0.030 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
53.380
|
34.908
|
13.870 |
|
|
Sundry Debtors |
85.858
|
52.306
|
29.168 |
|
|
Cash & Bank Balances |
0.092
|
0.076
|
0.064 |
|
|
Other Current Assets |
0.000
|
3.916
|
0.318 |
|
|
Loans & Advances |
1.140
|
0.499
|
0.274 |
|
Total
Current Assets |
140.470
|
91.705
|
43.694 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
84.694
|
41.435
|
14.375 |
|
|
Other Current Liabilities |
28.745
|
18.472
|
7.770 |
|
|
Provisions |
0.038
|
0.025
|
0.396 |
|
Total
Current Liabilities |
113.477
|
59.932
|
22.541 |
|
|
Net Current Assets |
26.993
|
31.773
|
21.153 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.025 |
0.049 |
0.074 |
|
|
|
|
|
|
|
|
TOTAL |
30.131 |
32.841 |
22.991 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
302.864 |
246.718 |
164.713 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
299.840 |
245.093 |
163.428 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
299.840 |
245.093 |
163.428 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.024 |
1.625 |
1.285 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.563 |
0.211 |
0.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.461 |
1.414 |
1.048 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.770 |
0.450 |
0.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.691 |
0.964 |
1.029 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.21 |
0.69 |
2.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.56
|
0.39
|
0.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.71
|
1.53
|
2.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.09
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.01
|
4.71
|
6.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.53
|
1.93 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 505, Nainkripa, 5th Floor, 118/122,
Financial Results:
During the year the company has earned net income of Rs. 1.691 Millions
after providing depreciation of Rs.0.563 Million provision for taxation of
Rs.0.797 Million and deferred tax adjustment of Rs.0.027 Million
Form 8:
|
Corporate
identity number of the company |
U24100MH2007PTC169587 |
|
Name of the
company |
Multichem
Specialities Private Limited |
|
Address of the registered
office or of the principal place of
business in |
1215, E-mail : manish@multichemindia.com
|
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10064983 |
|
Type of charge |
|
|
Particular of
charge holder |
Oriental Bank of Commerce, Fort Branch, Jash Chambers, Ground Floor,
Sir P. M. Road, Mumbai – 400001, Maharashtra, India E-Mail : emailroc@rediffmail.com |
|
Nature of
instrument creating charge |
Supplemental
Agreement to Secure Credit/ Loan Facilities |
|
Date of
instrument Creating the charge |
16.07.2011 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 16%
p.a or such other rate as agreed between the borrower company and the bank
from time to time. Penal int@ 2% p.a over & above the normal int. rate in
case of default. Terms of
Repayment Repayment as
agreed between the borrower company and the bank form time to time Margin Margin Rate, as
agreed between the borrower company and the bank from time to time Extent and
Operation of the charge At the request of
the borrower company, the bank has enhanced Letter of Credit (Import/Inland)
limit upto Rs. 150.000 Millions [Sub-limit Cash Credit Rs. 40.000 Millions]
against Hypothecation of Stocks of all types of chemicals and entire
receivables. The charge stands
modified upto Rs. 150.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
Stocks of all types of chemicals etc and entire receivables. |
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced Letter of Credit (Import/Inland) limit
upto Rs. 150.000 Millions [Sub-limit Cash Credit Rs. 40.000 Millions] against
Hypothecation of Stocks of all types of chemicals and entire receivables. The charge stands
modified upto Rs. 150.000 Millions |
FIXED ASSETS:
- Air Condition
- Mobile
Handset
- Motor Car
- Water
Purifier
- Furniture and
Fixture
- Computers
- Office
Equipment
- Fax Machine
- Electrical
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
|
|
1 |
Rs.77.94 |
|
Euro |
1 |
Rs.64.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
|
- |
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.