MIRA
INFORM REPORT
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Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ARIHANT PIGMENTS PRIVATE LIMITED (w.e.f. 05.05.2008) |
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Formerly Known
As : |
SHREANSH CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
11, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.08.2005 |
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Com. Reg. No.: |
11-155307 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U51490MH2005PTC155307 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS49357A |
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PAN No.: [Permanent Account No.] |
AAJCS2262C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Chemicals. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 1000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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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. The company can be considered for business dealings with some caution.
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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
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Name : |
Mr. Bhaskar |
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Designation : |
Accountant |
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Contact No.: |
91-22-40586777 |
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Date : |
02.08.2011 |
LOCATIONS
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Registered Office : |
11, |
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Tel. No.: |
91-22-40586777/ 40586734 |
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Fax No.: |
91-22-66608077 |
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E-Mail : |
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Godown : |
No.153/14 Gala No.D-8, Survey Munisuvrat Complex, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rupal Nilesh Kumar Mehta |
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Designation : |
Director |
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Address : |
Plot No.24, Block 5, 1st Floor, Krishna Kunj, Behind Arora,
Opposite Sahakari Bhandar, Matunga CR, Mumbai – 400 019, |
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Date of Birth/Age : |
13.12.1971 |
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Date of Appointment : |
11.08.2005 |
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DIN No.: |
01944723 |
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Name : |
Mrs. Shwetal Bhupendra Sakaria |
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Designation : |
Director |
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Address : |
703, Saumitra CHS Limited, Plot No.295, |
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Date of Birth/Age : |
06.06.1980 |
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Date of Appointment : |
11.11.2008 |
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DIN No.: |
00142838 |
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Name : |
Mr. Bhupendra Gopalji Sakaria |
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Designation : |
Director |
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Address : |
701-702, Saumitra CHS Limited, Plot No.295, |
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Date of Birth/Age : |
24.08.1939 |
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Date of Appointment : |
11.11.2008 |
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DIN No.: |
00142682 |
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Name : |
Ms. Dimple Paras Vasa |
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Designation : |
Director |
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Address : |
238, |
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Date of Birth/Age : |
22.05.1973 |
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Date of Ceasing : |
17.12.2008 |
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DIN No.: |
02229269 |
KEY EXECUTIVES
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Name : |
Mr. Bhaskar |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Rupal Mehta |
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5000 |
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Shwetal Sakaria |
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2000 |
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Khushi Sakaria |
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1000 |
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Aruna Sakaria |
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1000 |
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Bhupendra Sakaria |
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1000 |
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Total |
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10000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Chemicals. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
20 (Approximately) |
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Bankers : |
v
HDFC Bank Limited, HDFC Bank, House Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
Union Bank of v
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.M. and Company Chartered Accountants |
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Address : |
C-3/4, |
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Tel. No.: |
91-22-24170265/ 6 |
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Fax No.: |
91-22-24170267 |
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E-Mail: |
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Website : |
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PAN No.: |
AAOFM8095R |
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Associates/Subsidiaries : |
v
Arihant Chemicals and Resins ( v
Cytech Coatings Private Limited v
Tridev Resins ( |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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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 |
0.144 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.125) |
(0.122) |
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NETWORTH |
0.244 |
(0.025) |
(0.022) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.126 |
0.362 |
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2] Unsecured Loans |
0.900 |
0.110 |
0.056 |
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TOTAL BORROWING |
0.900 |
0.236 |
0.418 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.144 |
0.211 |
0.396 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.611 |
0.702 |
0.856 |
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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 |
0.055 |
0.038 |
0.017 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.057
|
0.032 |
0.000 |
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Sundry Debtors |
9.938
|
5.556 |
6.993 |
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Cash & Bank Balances |
1.506
|
1.199 |
0.248 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.806
|
1.114 |
0.603 |
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Total
Current Assets |
12.307
|
7.901 |
7.844 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
11.217 |
8.134 |
8.010 |
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Other Current Liabilities |
0.305
|
0.095 |
0.171 |
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Provisions |
0.307
|
0.201 |
0.140 |
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Total
Current Liabilities |
11.829
|
8.430 |
8.321 |
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Net Current Assets |
0.478
|
(0.529) |
(0.477) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.144 |
0.211 |
0.396 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
49.661 |
33.087 |
37.962 |
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Other Income |
1.873 |
1.942 |
1.640 |
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TOTAL (A) |
51.534 |
35.029 |
39.602 |
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Less |
EXPENSES |
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|
50.954 |
32.769 |
37.018 |
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Personnel Cost |
|
0.404 |
0.393 |
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Administrative & Selling Expenses |
|
1.559 |
1.723 |
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TOTAL (B) |
50.954 (Including
interest and depreciation) |
34.732 |
39.134 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.297 |
0.468 |
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Less |
INTEREST (D) |
|
0.022 |
0.041 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.580 |
0.275 |
0.427 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.190 |
0.239 |
0.264 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
0.390 |
0.036 |
0.163 |
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Less |
TAX (H) |
0.120 |
0.039 |
0.051 |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
0.270 |
(0.003) |
0.112 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.125) |
(0.122) |
(0.234) |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
NA |
-- |
-- |
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BALANCE CARRIED
TO THE B/S |
NA |
(0.125) |
(0.122) |
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Earnings/ (Loss)
Per Share (Rs.) |
26.96 |
(0.28)
|
11.25 |
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Particulars |
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|
31.03.2011 (Approximately) |
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Sales Turnover |
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|
80.000 |
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Expected Sales (2011-2012): Rs.250.000 millions
The above information has been parted by Mr. Bhaskar (Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.52
|
(0.01) |
0.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.79
|
0.11 |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.02
|
0.42 |
1.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.60
|
(1.44) |
(7.41) |
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Debt Equity Ratio (Total Liability/Networth) |
|
52.17
|
(346.64) |
(397.23) |
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Current Ratio (Current Asset/Current Liability) |
|
1.04
|
0.94 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for Goods |
10.944 |
8.030 |
7.856 |
|
Sundry Creditors
for Expenses |
0.273 |
0.104 |
0.154 |
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|
11.217 |
8.134 |
8.010 |
Note:
The registered office of the company has been shifted from 341, Lila Niwas, Ground Floor, Chandravarkar Road, Opposite Dhanlaxmi Bank, Matunga CR, Mumbai – 400 019, Maharashtra to the present address w.e.f. 06.05.2008.
PERFORMANCE:
The company’s performance was satisfactory during the year.
FORM 8:
|
Corporate identity
number of the company |
U51490MH2005PTC155307 |
|
Name of the
company |
ARIHANT PIGMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
11, E-Mail: rupal.mehta@arihantpigments.in |
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10244943 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank, House Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Memorandum
Relating to Hypothecation of Stocks, Book Debts and Machinery. |
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Date of
instrument Creating the charge |
11.03.2011 |
|
Amount secured by
the charge |
Rs.7.500 millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment: On Demand Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: Hypothecation by
way of First Charge on Company's Stocks, Book Debts and Machinery, etc., to
secure as a continuing security for the repayment of Rs.7.500 millions
together with interest, costs, charges, expenses and other moneys due and
payable by the Company to the Bank. |
|
Short particulars
of the property charged |
Hypothecation
first charge over the Stocks, Book Debts and Machinery of the Company. |
|
Particulars of
the present modification |
The Charge shall
now stand increased from Rs.5.000 millions to Rs.7.500 millions, against the
security of Stocks, Book Debts and Machinery of the Company. |
TRADE REFERENCES:
v
Dow Chemical
v
Quality Chemicals
FIXED ASSETS:
v Computer
v Furniture and Fixture
v Motor Car
v Office Equipment
v
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.