MIRA
INFORM REPORT
|
Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
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Name : |
AEROCHEM IMPEX PRIVATE LIMITED |
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Registered
Office : |
8-2-293/82/2/76 – A, Plot No.76, MLA’s Colony, Road No.12, Banjara
Hills, Hyderabad-500034, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.08.2007 |
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Com. Reg. No.: |
01-055259 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909AP2007PTC055259 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer, Exporters and Wholesalers in Industrial Solvents and
Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 226000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has recorded an increase in its sales turnover during 2011. Profitability
appears to be very 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 caution.
|
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
SME 3 |
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Rating Explanation |
Above Average |
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Date |
February, 2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered / Admin Office : |
8-2-293/82/2/76 – A, Plot No.76, MLA’a Colony, Road No.12, Banjara
Hills, |
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Tel. No.: |
91-40-23327354 / 23327327 / 64630659 / 64630645 |
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Fax No.: |
91-40-23396880 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Mukesh Kumar |
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Designation : |
Director |
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Address : |
8-2-293/82/2/76-A, Plot No-76, Road No. 12, M. L. A. Colony, Banjara
Hills, Hyderabad – 500034, Andhra Pradesh, India 500034 |
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Date of Birth/Age : |
30.01.1964 |
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Date of Appointment : |
27.08.2007 |
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Din No.: |
01387500 |
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Other Directorship:
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Name : |
Mr. Rajesh Kumar Vijayawargia |
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Designation : |
Director |
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Address : |
8-2-293/82/2/76-A, Plot No-76, Road No. 12, M. L. A. Colony, Banjara
Hills, Hyderabad – 500034, Andhra Pradesh, India 500034 |
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Date of Birth/Age : |
05.09.1963 |
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Date of Appointment : |
27.08.2007 |
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Din No.: |
01387496 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
V. Mukesh Kumar |
|
1200000 |
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V. Rajesh Kumar |
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1200000 |
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V. Madhu |
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300000 |
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V. Snehalatha |
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300000 |
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Total |
|
3000000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer, Exporters and Wholesalers in Industrial Solvents and
Chemicals. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
PRV Associates Chartered Accountant |
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Address : |
3-6-203,Ground Floor, Himayat Nagar, |
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Tel. No.: |
91-40-23227651 / 23223289 |
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Pan No.: |
AACFP6810F |
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Related Parties : |
·
Milico International Limited ·
Fine Chem |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 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 |
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|
|
|
|
1] Share Capital |
50.000 |
30.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
6.738 |
2.069 |
0.344 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.738 |
32.069 |
1.344 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
99.991 |
14.461 |
1.505 |
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2] Unsecured Loans |
80.451 |
85.053 |
4.186 |
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TOTAL BORROWING |
180.442 |
99.514 |
5.691 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.031 |
0.036 |
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TOTAL |
237.180 |
131.614 |
7.071 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.902 |
3.897 |
3.440 |
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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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|
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Inventories |
37.092
|
52.705 |
0.000 |
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Sundry Debtors |
245.029
|
209.881
|
10.457 |
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|
Cash & Bank Balances |
3.522
|
3.345
|
0.050 |
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Other Current Assets |
0.000
|
0.000
|
5.199 |
|
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Loans & Advances |
48.885
|
44.057
|
0.677 |
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Total
Current Assets |
334.528
|
309.988
|
16.383 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111.541
|
177.923
|
12.275 |
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Other Current Liabilities |
6.699
|
3.776
|
0.428 |
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Provisions |
2.251
|
0.919
|
0.195 |
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Total
Current Liabilities |
120.491
|
182.618
|
12.898 |
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Net Current Assets |
214.037
|
127.370
|
3.485 |
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MISCELLANEOUS EXPENSES |
0.241 |
0.347 |
0.146 |
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TOTAL |
237.180 |
131.614 |
7.071 |
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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 |
|
340.922 |
42.016 |
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Other Income |
|
4.807 |
0.475 |
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TOTAL (A) |
915.099 |
345.729 |
42.491 |
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Less |
EXPENSES |
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|
|
|
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|
|
|
|
320.595 |
40.171 |
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|
Sales and Return of Chemicals |
|
0.000 |
1.720 |
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Direct and indirect Expenses |
908.199 |
13.871 |
3.259 |
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|
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Preliminary expenses written off |
|
0.080 |
0.024 |
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Increase decrease in stock |
|
7.148 |
(3.410) |
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TOTAL (B) |
908.199 |
341.694 |
41.764 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
4.035 |
0.727 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
0.378 |
0.239 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
NA |
3.657 |
0.488 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
1.022 |
0.150 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6.900 |
2.635 |
0.338 |
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Less |
TAX (H) |
2.218 |
0.910 |
0.134 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4.682 |
1.725 |
0.204 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.069 |
0.344 |
NA |
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BALANCE CARRIED
TO THE B/S |
6.751 |
2.069 |
NA |
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|
Earnings /
(Loss) Per Share (Rs.) |
0.94 |
0.57 |
2.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.51
|
0.50
|
0.48 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.77
|
0.80 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.93
|
0.84
|
1.70 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08
|
0.25 |
|
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.30
|
8.80
|
13.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
1.70
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
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 |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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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 |
No |
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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 |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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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 |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
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32) Passport
No of Proprietor/Partner/Director, if available |
No |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
OPERATIONS AND
FUTURE OPERATIONS:
The company has
achieved a profit after tax of Rs.4.682 Millions on a turnover of Rs.915.099
Millions. The company is confident of achieving better results in the coming
years.
BANKERS CHARGES REPORT
AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10235164 |
|
Corporate
identity number of the company |
U51909AP2007PTC055259 |
|
Name of the
company |
AEROCHEM IMPEX
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
8-2-293/82/2/76 – A, Plot No.76, MLA’a Colony, Road No.12, Banjara
Hills, |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, 4th Floor, Ashoka Bhopal Chambers,
S.P. Road, Secunderabad-500003, Andhra Pradesh, India Email: sme.form8@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement – Supplemental |
|
Date of
instrument Creating the charge |
24.03.2012 |
|
Amount secured by
the charge |
Rs.214.140
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and
Operation of the charge The Bank is
having first and exclusive charge on the security given by the Company. |
|
Short particulars
of the property charged |
Hypothecation by way
of first and exclusive charge on: a) all the stock in trade both present and
future consisting of raw materials, finished goods, goods in process of
manufacturing And other
merchandise b) all the present and future book debts, outstanding moneys
receivable, claims and bills. |
|
Particulars of
the present modification |
By present
modification, the existing charge amt of Rs.169.104 Millions enhanced to
Rs.214.140 Millions against the security of Hypothecation by way of first and
exclusive charge on: a) all the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise b) all the present and future book debts,
outstanding moneys receivable, claims and bills. |
FIXED ASSETS:
· Furniture and Fittings
· Computer
· Vehicles
· Inverter
·
Air
Conditioner
·
EPABX
·
Xerox
Machine
·
UPS
Batteries
·
Refrigerator
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.55.95 |
|
|
1 |
Rs.86.55 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.