MIRA
INFORM REPORT
|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASHA PENN COLOR PRIVATE LIMITED |
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Registered
Office : |
Asha House, 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.08.2006 |
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Com. Reg. No.: |
11-163800 |
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Capital
Investment / Paid-up Capital : |
Rs.19.000 Millions |
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CIN No.: [Company Identification
No.] |
U24222MH2006PTC163800 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA29563C |
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PAN No.: [Permanent Account No.] |
AAFCA9682E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Pigment Dispersions and Color concentrates. |
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No. of Employees
: |
25 (Approximately) (In Office: 5 and In Factory: 20) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
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 240000 |
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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. 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 DECLINED BY
Management Non Co-operative
LOCATIONS
|
Registered Office : |
Asha House, 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014,
Maharashtra, India |
|
Tel. No.: |
91-22-46641400/ 24140020 |
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Mobile No.: |
91-9322665253 (Mr. Atish Mehta) |
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Fax No.: |
91-22-24137190 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Near Water Works, Abrama, P.B.No. 11, Valsad – 396001, Gujarat, India |
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Tel. No.: |
91-2632-250613 |
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Fax No.: |
91-2632-226741 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Champaklal Dolatram Mehta |
|
Designation : |
Director |
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Address : |
503, Abhishek 65, S V Road, Irla Bridge, Andheri (West), Mumbai –
400058, Maharashtra, India |
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Date of Birth/Age : |
20.03.1937 |
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Date of Appointment : |
17.08.2006 |
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DIN No.: |
00020159 |
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Name : |
Mr. Bidyut Baran Sen |
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Designation : |
Managing director |
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Address : |
503/ 504 5th Floor, Stellar Tower, Lokhandwala, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
25.11.1948 |
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Date of Appointment : |
17.08.2006 |
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DIN No.: |
00036771 |
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Name : |
Mr. Hirachand Vamalchand Shah |
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Designation : |
Director |
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Address : |
502 Paradise Apartment, 7th Road, TPS III, Santacruz (East), Mumbai –
400055, Maharashtra, India |
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Date of Birth/Age : |
31.03.1936 |
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Date of Appointment : |
17.08.2006 |
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DIN No.: |
00479277 |
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Name : |
Mr. Bharat Parekh |
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Designation : |
Director |
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Address : |
731 Haycock View Drive, Pekasie, Pennsylvania – 18944, United States
of America |
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Date of Birth/Age : |
27.01.1948 |
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Date of Appointment : |
01.02.2007 |
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DIN No.: |
02032633 |
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Name : |
Mr. David Bernard Hill III |
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Designation : |
Director |
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Address : |
1, Knoll Drive, Yardley, Pennsylania 19067, United States of America |
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Date of Birth/Age : |
09.04.1956 |
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Date of Appointment : |
01.02.2007 |
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DIN No.: |
02337612 |
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Name : |
Mr. Kevin Scott Putman |
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Designation : |
Director |
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Address : |
5450 Long Lane, Dolyestown, Pennsylvania – 18901, United States of
America |
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Date of Birth/Age : |
03.11.1951 |
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Date of Appointment : |
01.02.2007 |
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DIN No.: |
02391254 |
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Name : |
Mr. Charles B Rybny |
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Designation : |
Director |
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Address : |
5661, Hunters Place, Doylestown, Pennsylvania 18901, United States of
America |
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Date of Birth/Age : |
11.03.1948 |
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Date of Appointment : |
01.02.2007 |
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DIN No.: |
02391260 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hirachand Vamalchand Shah |
|
71250 |
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Champklal Dolatram Mehta |
|
42700 |
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Bidyut Baran Sen |
|
3400 |
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Jindat Kalidas Mehta |
|
57000 |
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Babulal Bikhalal Mehta |
|
132050 |
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Atish Praful Mehta |
|
35000 |
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Jinesh Babulal Mehta |
|
53200 |
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Rohit Vasantlal Shah |
|
85500 |
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Rajendra Hirachand Shah |
|
85500 |
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Bidyut Baran Sen |
|
155250 |
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Arijit Bidyut Sen |
|
77425 |
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Siddharth Bidyut Sen |
|
77425 |
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Vasantlal Vamalchand Shah |
|
71250 |
|
Pen Color Inc, Doylestown PA |
|
950000 |
|
C D Mehta HUF |
|
50 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Directors or relatives of Directors |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Pigment Dispersions and Color concentrates. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
|
Installed Capacity |
MT/annum |
1200.000 |
|
Actual Production |
MT/annum |
988.966 |
Note:
Licence Capacity not stated in view of the
abolition of industrial licensing policy.
Installed Capacity is certified by the
directors of the company. The same is not verified as being technical in
nature.
GENERAL INFORMATION
|
No. of Employees : |
25 (Approximately) (In Office: 5 and In Factory: 20) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank Houses, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India ·
Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. V. Kothari and Company Chartered Accountants |
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Address : |
213/215, Jolly Bhavan No.1, 10 New Marine Lines, Mumbai-400020, |
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PAN.: |
ADGPK4519H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Shares |
Rs.10/- each |
Rs.19.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
19.000 |
19.000 |
19.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.216 |
25.458 |
18.354 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
60.216 |
44.458 |
37.354 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
11.622 |
18.625 |
6.722 |
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2] Unsecured Loans |
54.692 |
28.881 |
29.554 |
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TOTAL BORROWING |
66.314 |
47.506 |
36.276 |
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DEFERRED TAX LIABILITIES |
1.153 |
0.841 |
0.173 |
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TOTAL |
127.683 |
92.805 |
73.803 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.397 |
45.641 |
40.866 |
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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 |
64.806
|
57.967
|
48.897
|
|
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Sundry Debtors |
68.986
|
68.367
|
41.530
|
|
|
Cash & Bank Balances |
6.540
|
4.368
|
5.760
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
27.974
|
18.744
|
13.360
|
|
Total
Current Assets |
168.306
|
149.446
|
109.547
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
64.139
|
58.179
|
40.678
|
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Other Current Liabilities |
9.850
|
40.659
|
35.039
|
|
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Provisions |
13.100
|
3.600
|
1.136
|
|
Total
Current Liabilities |
87.089
|
102.438
|
76.853
|
|
|
Net Current Assets |
81.217
|
47.008
|
32.694
|
|
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MISCELLANEOUS EXPENSES |
0.069 |
0.156 |
0.243 |
|
|
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|
|
|
|
TOTAL |
127.683 |
92.805 |
73.803 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
382.985 |
308.357 |
237.126 |
|
|
|
Other Income |
2.275 |
0.445 |
0.058 |
|
|
|
TOTAL (A) |
385.260 |
308.802 |
237.184 |
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
Administrative Expenses |
|
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|
|
Advertising Expenses |
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|
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|
|
TOTAL (B) |
345.889 |
286.832 |
225.961 |
|
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|
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|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.371 |
21.970 |
11.223 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
4.864 |
3.248 |
3.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
34.507 |
18.722 |
8.060 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.937 |
7.581 |
8.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
25.570 |
11.141 |
(0.020) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.812 |
4.068 |
0.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
15.758 |
7.073 |
(0.360) |
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
213.030 |
162.866 |
160.510 |
|
|
TOTAL EARNINGS |
213.030 |
162.866 |
160.510 |
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
115.369 |
88.254 |
76.448 |
|
|
|
Equipments |
0.000 |
5.236 |
0.000 |
|
|
TOTAL IMPORTS |
115.369 |
93.490 |
76.448 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
8.00 |
3.72 |
0.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.09 |
2.29 |
(0.15) |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.68 |
3.61 |
(0.01) |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.91 |
5.71 |
(0.01) |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.25 |
(0.00) |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55 |
3.37 |
3.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93 |
1.46 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars
|
As
on 31.03.2011 (Rs.
in Millions) |
As
on 31.03.2010 (Rs.
in Millions) |
As
on 31.03.2009 (Rs.
in Millions) |
|
Sundry Creditors |
64.139
|
58.179
|
40.678
|
|
Total |
64.139
|
58.179
|
40.678
|
Performance and Operation
review:
The year 2010-11 saw a growth
of 24.20% in value over 2009-10. The sales growth is mainly due to refocusing
of the market as well as the product group. There has been a net profit growth
of 122.79% over the previous year which is partly on account of reduction of
losses on foreign exchange, besides sales growth and operational efficiency.
Future Prospects:
While SBU 1 has shown
strong growth, the margins are under pressure, However, the Company has been
able to expand business to new overseas customers in Asia compensating loss of
business in Europe as well as new product lines have shown higher growth in
India, Refocusing has been done on some key products for Europe now, which is
likely to increase business in Europe. The focus in Domestic market has been to
get large packaging converters to manufacture inks using chips which giving us
better dividends.
As regards SBU-2, the focus
has been Digital Inks besides Acrylic Polyol on which R and D has been working
hard for cheaper product range to expand market share. The performance from IV
partner for China business as well as other business has been below projected
level like past years. However, PPG and few key US players’ entry in
Indian market in a big way may see a rise in domestic business for new
technology.
Contingent Liabilities:
Bills Receivable and discounting with bank of
Rs.10.171 Millions
FIXED ASSETS
·
Plant and Machinery
·
Laboratory Equipment
·
Office Equipment
·
Computer and Software
·
Furniture and Fixtures
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.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.