|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROSE SOLVENTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
as: |
PADMAVATI MERCHANDISE PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
105, Bharuch Sadan 84-A, Devji Ratanhi Marg, Mumbai – 400009,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.06.2004 |
|
|
|
|
Com. Reg. No.: |
146747 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51490MH2004PTC146747 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Importers and Suppliers of Chemicals and Pharmaceutical
Products |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 23568 |
|
|
|
|
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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
105, Bharuch Sadan, 84-A, Devji Ratanhi Marg, Mumbai – 400009,
Maharashtra, India |
|
Tel. No.: |
91-22-66312440 |
|
|
|
|
Admin Office : |
1864, Tungareshwar
House, Opp. Saraswati Building, Tungareshwar Estate, Sativali, Vasai (East), Dist. Thane - 401208. India |
|
Tel. No.: |
91-250-2480 027 / 2480 028 /23482063 |
|
Fax No.: |
91-250-2480 544 / 66313460 |
|
E-Mail : |
|
|
|
|
|
Branches : |
Located at: ·
Gandhidham, Kutch, Gjarat, India ·
Hyderabad, India |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Rajeev Lalji Shah |
|
Designation : |
Director |
|
Address : |
704- Kent Garden Factory Lane, Jambligali, Borivali West, Mumbai –
400092, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1952 |
|
Date of Appointment : |
04.06.2004 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U51490MH2004PTC146747 |
ROSE SOLVENTS PRIVATE
LIMITED |
Director |
04/06/2004 |
04/06/2004 |
- |
Active |
NO |
|
Name : |
Mr. Dinesh Lalji Shah |
|
Designation : |
Director |
|
Address : |
100-Kent Garden Factory Lane, Jambligali, Borivali West, Mumbai –
400092, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1952 |
|
Date of Appointment : |
04.06.2004 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U51490MH2004PTC146747 |
ROSE SOLVENTS PRIVATE
LIMITED |
Director |
04/06/2004 |
04/06/2004 |
- |
Active |
NO |
|
Name : |
Mr. Lalit Dinesh Shah |
|
Designation : |
Director |
|
Address : |
100- Kent Garden Factory Lane, Jambligali, Borivali West, Mumbai –
400092, Maharashtra, India |
|
Date of Appointment : |
01.04.2010 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U51490MH2004PTC146747 |
ROSE SOLVENTS PRIVATE
LIMITED |
Director |
28/09/2010 |
01/04/2010 |
- |
Active |
NO |
|
Name : |
Mr. Morarji Lalji Shah |
|
Designation : |
Director |
|
Address : |
B-2/68, Karmakshetra, S S Nagar, Sionkoliwada, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
12.05.1954 |
|
Date of Appointment : |
04.06.2004 |
|
Date of Ceasing: |
01.04.2010 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U51490MH2004PTC146747 |
ROSE SOLVENTS PRIVATE
LIMITED |
Director |
04/06/2004 |
04/06/2004 |
01/04/2010 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Lalji Shah |
|
85000 |
|
Rajeev Lalji Shah |
|
82500 |
|
Lalit Dinesh Shah |
|
82500 |
|
Total |
|
250000 |
AS ON 28.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Suppliers of Chemicals and Pharmaceutical
Products |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Union Bank of India, Bhat Bazar Branch,Anant Deep Chambers,
273/277,Narsi Natha Street, Mumbai – 400009, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anil H Haria and Company Chartered Accountant |
|
Address : |
11/12 Prem Bhavan, 234/36, Narsi Natha Street, Masjid Bunder, Mumbai –
400009, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.392 |
2.691 |
1.584 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.892 |
5.191 |
4.084 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.644 |
30.020 |
12.374 |
|
|
2] Unsecured Loans |
17.547 |
14.055 |
17.582 |
|
|
TOTAL BORROWING |
55.191 |
44.075 |
29.956 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.083 |
49.266 |
34.040 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.512 |
0.009 |
0.021 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.313
|
0.030 |
3.441 |
|
|
Sundry Debtors |
116.775
|
90.564 |
89.456 |
|
|
Cash & Bank Balances |
0.712
|
0.019 |
0.502 |
|
|
Other Current Assets |
3.466 |
1.040 |
0.519 |
|
|
Loans & Advances |
1.113
|
0.867 |
0.616 |
|
Total
Current Assets |
138.379
|
92.520 |
94.534 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
77.824
|
42.284 |
59.627 |
|
|
Other Current Liabilities |
0.060
|
0.376 |
0.361 |
|
|
Provisions |
0.924
|
0.603 |
0.527 |
|
Total
Current Liabilities |
78.808
|
43.263 |
60.515 |
|
|
Net Current Assets |
59.571
|
49.257 |
34.019 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.083 |
49.266 |
34.040 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
290.313 |
257.115 |
218.542 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
289.290 |
255.425 |
217.008 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.023 |
1.690 |
1.534 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.321 |
0.583 |
0.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.702 |
1.107 |
0.994 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.24
|
0.43 |
0.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
|
1.82 |
1.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.32 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
22.74
|
16.82 |
22.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
2.14 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U51490MH2004PTC146747 |
|
Name of the company |
PADMAVATI MERCHANDISE PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
105
Bharuch Sadan 84-A, Devji Ratanhi Marg, Mumbai 400009, Maharashtra,
India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
UNION BANK OF INDIA |
|
Nature of instrument creating charge |
1.Supplementary Agreement to Hypothecation
Agreement of Goods & Debts 2.Supplementary Agreement to Hypothecation
(Book-Debts) Agreement (Both the above documents constitute a
single charge) |
|
Date of instrument Creating the charge |
18/08/2010 |
|
Amount secured by the charge |
Rs.43.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 15.25% per annum with monthly rests Terms of Repayment On Demand Extent and Operation of the charge To secure Revised Cash Credit
(Hypothecation) facility of Rs.43.000 Millions W/W LC facility of (Rs.5.000
Millions) granted by the Bank to the Company |
|
Short particulars of the property charged |
That the Hypothecated Goods, Book-Debts
and Movable Property covered by the Principal Hypothecation Agreement shall
continue to be security for the enhanced Cash Credit (Hypothecation)
(cont) facility of Rs.43.000 Millions
W/W LC facility of (Rs.5.000 Millions) granted by the Bank to the Company |
|
Date of instrument modifying the charge |
16/01/2010 |
|
Particulars of the present modification |
Vide this modification an additional sum of
Rs.3.000 Millions has been granted by the Bank thereby enhancing Cash Credit
(Hypothecation) facility from Rs.40.000 Millions to Rs.43.000 Millions and
That the Hypothecated Goods, Book-Debts and Movable Property covered by the
Principal Hypothecation Agreement shall continue to be security for the
enhanced Cash Credit (Hypothecation) facility of Rs.43.000 Millions W/W LC
facility of (Rs.5.000 Millions) granted by the Bank to the Company |
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.50.57 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.66.49 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
29 |
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.