MIRA
INFORM REPORT
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Report Date : |
19.05.2012 |
IDENTIFICATION DETAILS
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Name : |
MONACHEM ADDITIVES PRIVATE LIMITED |
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Registered
Office : |
401/A, 4th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.10.2007 |
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Com. Reg. No.: |
04-052058 |
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Capital Investment
/ Paid-up Capital : |
Rs.12.600 Millions |
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CIN No.: [Company Identification
No.] |
U24100GJ2007PTC052058 |
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IEC No.: |
3407004834 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDM02948B |
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PAN No.: [Permanent Account No.] |
AAFCM2739M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Polymer Additives and Speciality Chemicals |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 150000 |
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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 and as per commitments. 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 PARTED BY
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Name : |
Mr. Anant |
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Designation : |
DGM Finance |
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Contact No.: |
91-265-3028900 |
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Date : |
18.05.2012 |
LOCATIONS
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Registered Office / Head Office
: |
401/A, 4th Floor, |
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Tel. No.: |
91-265-3028999/ 3028900 |
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Mobile No.: |
91-9376236949 (Mr. Shamik Shah) |
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Fax No.: |
91-265-3028990 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on: 20.09.2011
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Name : |
Mr. Dilip Govindlal Shah |
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Designation : |
Director |
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Address : |
9/10, Sarswati Society, B/h Sevashray Society, |
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Date of Birth/Age : |
23.01.1950 |
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Qualification : |
BSC |
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Date of Appointment : |
25.10.2007 |
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DIN No.: |
01843830 |
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Name : |
Mr. Shamik Dilipkumar Shah |
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Designation : |
Director |
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Address : |
9/10, Sarswati Society, B/h Sevashray Society, |
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Date of Birth/Age : |
24.07.1978 |
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Qualification : |
BE, Petro Chemical, MBA from |
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Date of Appointment : |
25.10.2007 |
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DIN No.: |
01843803 |
KEY EXECUTIVES
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Name : |
Mr. Anant |
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Designation : |
DGM Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 20.09.2011
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Names of Shareholders |
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No. of Shares |
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Dilip G. Shah |
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1105000 |
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Shamik D. Shah |
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155000 |
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Total |
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1260000 |
Equity Share Break up (Percentage of Total Equity)
As on: 20.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Polymer Additives and Speciality Chemicals |
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Products : |
·
Adhesives ·
Coated Fabrics ·
Coatings ·
Composites ·
Elastomers ·
Inks ·
Lubricants ·
Optical Lens ·
Petrochemical ·
Plastics (Masterbatch and Compounds) ·
Polyurethane ·
PVC Conveyor Belts ·
PVC Leather Cloth ·
Refinery ·
Rubber ·
Wire and Cable ·
Adsorbent ·
Anti-oxidants ·
Catalysts ·
Catalyst Bed Supports ·
Clarifying Agent |
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Imports : |
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Products : |
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Countries : |
·
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European Countries ·
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
40 (Approximately) |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, West, Mumbai-400013, Maharashtra,
India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
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Auditors : |
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Name : |
Lalpuria Patel and Associates Chartered Accountant |
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Address : |
318/ 319/ 320, |
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Tel. No.: |
91-265-2786759/ 2794070 |
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Fax No.: |
91-265-2794070 |
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E-Mail : |
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PAN.: |
AAAFL5406B |
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Relative Parties : |
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CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1260000 |
Equity Shares |
Rs.10/- each |
Rs.12.600
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.600 |
12.600 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.033 |
11.355 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(3.734) |
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NETWORTH |
37.633 |
23.955 |
(3.634) |
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LOAN FUNDS |
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1] Secured Loans |
38.843 |
32.191 |
0.000 |
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2] Unsecured Loans |
5.212 |
(2.178) |
50.741 |
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TOTAL BORROWING |
44.055 |
30.013 |
50.741 |
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DEFERRED TAX LIABILITIES |
0.185 |
0.207 |
0.019 |
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TOTAL |
81.873 |
54.175 |
47.126 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.578 |
8.909 |
0.212 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.060 |
0.000 |
0.700 |
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DEFERREX TAX ASSETS |
0.034 |
0.051 |
1.643 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
33.058
|
33.573 |
29.052 |
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Sundry Debtors |
49.248
|
56.519 |
38.831 |
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Cash & Bank Balances |
1.426
|
0.846 |
5.848 |
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Other Current Assets |
0.000
|
0.000 |
0.005 |
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Loans & Advances |
11.378
|
6.193 |
6.607 |
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Total
Current Assets |
95.110
|
97.131 |
80.343 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
9.593
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s7.017 |
0.994 |
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Total
Current Liabilities |
24.909
|
51.916 |
35.772 |
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Net Current Assets |
70.201
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45.215 |
44.571 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
81.873 |
54.175 |
47.126 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Other Income |
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TOTAL (A) |
412.581 |
292.478 |
187.358 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
387.368 |
264.644 |
189.323 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.213 |
27.834 |
(1.965) |
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Less |
FINANCIAL
EXPENSES (D) |
3.702 |
4.933 |
3.321 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.551 |
22.901 |
(5.286) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.728 |
0.312 |
0.031 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.783 |
22.589 |
(5.317) |
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Less |
TAX (H) |
7.105 |
7.499 |
1.583 |
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PROFIT AFTER TAX
(G-H) (I) |
13.678 |
15.090 |
(3.734) |
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BALANCE CARRIED
TO THE B/S |
25.033 |
11.355 |
(3.734 |
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EARNINGS IN
FOREIGN CURRENCY |
5.909 |
4.098 |
0.837 |
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IMPORTS |
156.615 |
76.829 |
13.273 |
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Earnings Per
Share (Rs.) |
10.86 |
11.98 |
(373.46) |
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Particulars |
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|
31.03.2012 |
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Sales Turnover (Approximately) |
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|
470.000 |
Expected Sales (2012-2013): Rs.600.000 Millions
The above information has been parted by Mr. Anant
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
3.32
|
5.16
|
(1.99) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.48
|
21.30
|
(6.60) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.94
|
(1.46) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
3.42
|
(23.81) |
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Current Ratio (Current Asset/Current Liability) |
|
3.82
|
1.87
|
2.25 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
15.316
|
44.899 |
34.778 |
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Available
in Report [Yes/No] |
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Construction
of the firm |
Yes |
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Premises
details |
Yes |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
Yes |
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No.
of Employees |
Yes |
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Name
of Person Contacted |
Yes |
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Designation
of contact person |
Yes |
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Turnover
of firm for last three years |
Yes |
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Profitability
for last three years |
Yes |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
Yes |
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Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
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Major
Suppliers |
No |
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Major
Customers |
Yes |
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Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
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Market
Information |
- |
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Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
Yes |
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Banking
Facility Details |
Yes |
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Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
Yes |
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Incorporation
details, if applicable |
Yes |
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Last
accounts filed at ROC |
Yes |
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Major
Shareholders, if applicable |
Yes |
Note:
The registered office of the company has been shifted from 604, A, Galav
Chambers, Near Sardar Patel Statue, Sayajigunj,
Vadodara – 390005, Gujarat, India to the present address w.e.f.
01.03.2011
CONTINGENT LIABILITY:
Company has given guarantee on behalf of its
one of the Director to Kotak Mahindra Bank for availing personal loan by
Director, during the year under Audit.
Gross amount of Loan sanctioned is Rs.3.000
Millions as on 31.09.10 till 10.10.12.
Amount outstanding as at 31.03.11 Rs.2.227
Millions
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U24100GJ2007PTC052058 |
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Name of the
company |
MONACHEM ADDITIVES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
401/A, 4th Floor, E-mail: dilip_shah@monachem.com
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This form is for |
Modification
of charge |
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Charge
identification (ID) number of the charge to be modified |
10177678 |
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Type of charge |
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Particular of
charge holder |
HDFC Bank HDFC Bank House, Senapati Bapat Marg, Lower Parel, West, Mumbai-400013, E-mail: RBBform8@hdfcbank.com
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Nature of
instrument creating charge |
Supplementary Letter
of Hypothecation. |
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Date of
instrument Creating the charge |
10.12.2011 |
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Amount secured by
the charge |
Rs.53.300
Millions |
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Brief 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 form time to time Terms of
Repayment On demand Margins 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 and Book Debts etc, as a continuing
security as mentioned in Column No.15 to secure below for the repayment of Rs.53.300
Millions together with interest, costs, charges, expenses and other moneys
due and payable by the Company to the Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties All the debts,
that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights |
|
Date of
instrument modifying the charge |
25.06.2010 |
|
Particulars of
the present modification |
The Charge shall
now stand increased from Rs.45.250 Millions to Rs.53.300 Millions against the
security of Stocks and Book Debts of
the Company. |
FIXES ASSETS:
- Air Conditioner
- Computer Lan System
- Computer Printer
- Furniture
- Office Equipment
- Hyundai i-10
- Skoda Laura
- Bicycle
- Maruti Swift
- Computer Software
AS PER WEBSITE DETAILS:
PROFILE
They are distinct, all-inclusive providers of polymer
additives and speciality chemicals to Masterbatch, Compounds, PVC,
Thermoset/Composites, Inks, Coatings, Adhesives, Sealants, Refinery,
Petrochemical, Elastomers, Pharma and Cosmetics/Personal Care industries across
CERTIFICATIONS
NSIC CRISIL Performance and Credit Rating for Small Scale
Industries
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.54.88 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
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|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.