MIRA
INFORM REPORT
|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
G.M. CHEMIE PRIVATE LIMITED |
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Registered
Office : |
Plot No.C-468, TTC Industrial Area, MIDC, Pawane, Navi Mumbai-400705, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.03.2003 |
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Com. Reg. No.: |
11-139802 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U24230MH2003PTC139802 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Exporter of cellulose, acetate, phthalate and hpmc
phthalate |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 8000 |
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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 a relatively small 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
cautions. |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.C-468, TTC Industrial Area, MIDC, Pawane, Navi Mumbai-400705,
Maharashtra, India |
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Tel. No.: |
91-22-27631692 |
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Fax No.: |
91-22-27621696 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Mohsin Abdulrahim Ghaswala |
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Designation : |
Director |
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Address : |
147/48, Ghaswala Estate, S. V. Road, Jogeshwari, Mumbai-400102, Maharashtra,
India |
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Date of Birth/Age : |
24.05.1985 |
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Date of Appointment : |
19.05.2005 |
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DIN No.: |
01582784 |
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Name : |
Mr. Dhaval Hasmukhbhai Mehta |
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Designation : |
Director |
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Address : |
A-103 Doulars Avenue, Shimpoli Road, Borivali (West), Mumbai-400092,
Maharashtra, India |
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Date of Birth/Age : |
16.11.1977 |
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Date of Appointment : |
22.09.2004 |
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DIN No.: |
01582694 |
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Name : |
Mr. Attiqurrehman Abdulsattar Ghaswala |
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Designation : |
Director |
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Address : |
SBI Building, 142-148, Ghaswaka Estate, Jogeshwari (West),
Mumbai-400102, Maharashtra, India |
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Date of Birth/Age : |
21.04.1983 |
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Date of Appointment : |
19.05.2005 |
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DIN No.: |
01582743 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
No. of Shares |
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Mohsin Abdulrahim Ghaswala |
3000 |
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Dhaval Hasmukhbhai Mehta |
4000 |
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Attiqurrehman Abdulsattar Ghaswala |
3000 |
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Total |
10000 |
AS ON 28.09.2011
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Equity Shares
Break Up |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of cellulose, acetate, phthalate and hpmc
phthalate |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank Limited ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sunil Vankawala and Associates Chartered Accountant |
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Address : |
103, Vrindavan, 1st Floor, Near Shbham Hall, Opposite
Railway Station, Vile Parle (West), Mumbai-400056, Maharashtra, India |
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Tel. No.: |
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Pan No.: |
AADPV7572M |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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
|
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
1.755 |
1.755 |
1.755 |
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3] Reserves & Surplus |
0.183 |
0.078 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.255) |
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NETWORTH |
2.038 |
1.933 |
1.600 |
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LOAN FUNDS |
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1] Secured Loans |
0.239 |
0.434 |
0.000 |
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2] Unsecured Loans |
6.053 |
5.993 |
5.125 |
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TOTAL BORROWING |
6.292 |
6.427 |
5.125 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.330 |
8.360 |
6.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.084 |
5.929 |
4.727 |
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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 |
4.816
|
6.205 |
2.876 |
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Sundry Debtors |
6.352
|
3.341 |
3.088 |
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Cash & Bank Balances |
0.564
|
0.392 |
0.118 |
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Other Current Assets |
0.041
|
0.041 |
0.576 |
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Loans & Advances |
1.533
|
0.765 |
0.033 |
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Total
Current Assets |
13.306
|
10.744 |
6.691 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
10.881
|
8.173 |
4.570 |
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Provisions |
0.179
|
0.152 |
0.146 |
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Total
Current Liabilities |
11.060
|
8.325 |
4.716 |
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Net Current Assets |
2.246
|
2.419 |
1.975 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.012 |
0.023 |
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TOTAL |
8.330 |
8.360 |
6.725 |
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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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Sales |
|
25.779 |
19.698 |
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Real Diff. Export |
|
0.589 |
1.284 |
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VAT Refund |
|
0.365 |
0.180 |
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Interest Received |
|
0.001 |
0.000 |
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TOTAL |
38.594 |
26.734 |
21.162 |
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Less |
EXPENSES |
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Cost of Goods Sold |
|
18.367 |
14.884 |
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Operating Expenses |
|
7.290 |
5.440 |
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TOTAL |
37.616 |
25.657 |
20.324 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.978 |
1.077 |
0.838 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.842 |
0.745 |
0.663 |
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PROFIT BEFORE
TAX |
0.136 |
0.332 |
0.175 |
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Less |
TAX |
(0.047) |
0.000 |
0.038 |
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PROFIT AFTER TAX
|
0.183 |
0.332 |
0.137 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(0.255) |
(0.392) |
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BALANCE CARRIED
TO THE B/S |
NA |
0.077 |
(0.255) |
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Earnings Per
Share (Rs.) |
13.56 |
33.27 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.47
|
1.24 |
0.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.29 |
0.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.70
|
1.99 |
1.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.17 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.51
|
7.63 |
6.15 |
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Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.29 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
No |
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10. Designation of contact person |
No |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------- |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
OPERATION
The Company is likely to improve its performance during the coming year.
FIXED ASSETS
·
Plant and Machinery
·
Computer
·
Constructions
·
Electrical Installations
·
Factory Premises
·
Electrical Motor
·
Air Conditioner
·
Furniture and Fixtures
·
Laboratory Instruments
·
Machinery Tools
·
Bike
WEBSITE DETAILS
PROFILE
Established in 2004, with the technical background of 30 years, a young
team of Subject has since achieved a market leading position in the supply of
Pharmaceutical Excipients on a global scale. Through excellent product quality
and intelligent innovations, they have developed a broad, unparalleled product
portfolio. Subject has always been a Company that conveys the strength of its
past into the future.
Dedicated to provide Pharmaceutical Excipients for the well being of humanity
with a pioneer and innovative approach, Subject is today a well respected and
widely preferred that has rapidly grown into the Global Pharma Market.
When health is at stake, there can be no compromise. They understand that the
valued customers - who trust the products - expect only the best. To retain and
grow the customer base, must affiliate yourself with a company that meets the
requirement and exceeds the expectations.
Subject has been successfully working with many of the theories that have
gained popularity: just-in-time deliveries, team work, continuous improvement,
globalization, etc. But throughout the years, their number one priority has
always been to exceed the expectations of their customers.
Subject works with Total Quality System to assure that only the highest quality
products are delivered to their customers. This concept starts from the receipt
of raw materials through the transformation of the ingredients to finished
products ready for shipping. All these steps are performed with strict
adherence to and compliance with CGMP's (Current Good Manufacturing Practice)
requirements. Their practices has enabled them to become the quality
alternative in the international market, a fact recognized even by their
competitors.
They believe in the importance of empowering our employees to benefit from the
company's success. They believe that a motivated team is the best guarantee for
shaping a successful future. Their Team Work is the ability to work together
towards a common vision; it is a fuel that allows common people to attain
uncommon results. This firm belief is based on a direct financial interest in
the company on the part of their employees. Motivation is further enhanced by
open lines of communication, a continuous improvement program and flexible
working hours for a better work-life balance. Flexibility, innovation and
reliable partnership are values and principles upheld by every subject
employee. All their departments dedicatedly work for their mission: to
continuously improve manufacturing processes in terms of customer requirements,
cost-effectiveness and environmental protection, and to develop new processes
for innovative products and line extensions.
They are committed to achieving world-class standards through continuous
breakthrough improvements in the number of key result areas.
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. 56.28 |
|
|
1 |
Rs. 88.25 |
|
Euro |
1 |
Rs. 70.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.