MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

BROADWAYS CHEMTECH PRIVATE LIMITED

 

 

Registered Office :

A-316/317, Kanara Business Centre (KBC), Behind Everest Garden, Laxmi Nagar, Ghatkopar (East), Mumbai – 400 075, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

18.09.2002

 

 

Com. Reg. No.:

11-137250

 

 

Capital Investment / Paid-up Capital :

Rs.1.000 Million

 

 

CIN No.:

[Company Identification No.]

U51430MH2002PTC137250

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB11015E

 

 

PAN No.:

[Permanent Account No.]

AACCB0635M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Exporter and Importer of Chemicals.

 

 

No. of Employees :

20 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 300000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

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.

 

The Profit and Loss of the Company for the current year is not available. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vaibhav Savant

Designation :

Senior Manager in Account/ Finance

Contact No.:

91-22-25006800

Date :

21.11.2012

 

 

LOCATIONS

 

Registered Office :

A-316/317, Kanara Business Centre (KBC), Behind Everest Garden, Laxmi Nagar, Ghatkopar (East), Mumbai – 400 075, Maharashtra, India

Tel. No.:

91-22-25006800/ 08/ 09

Fax No.:

91-22-25006810

E-Mail :

info@broadwayschemtech.com

chirag@broadwayschemtech.com

jignesh@broadwayschemtech.com

vaibhav@broadwayschemtech.com

Website :

http://www.broadwayschemtech.com

Area :

1500 Sq ft

Location :

Owned

 

 

Warehouse :

Shree Munisuvrat Complex, Gala No. N-1/1, N-1/2, Purna Village, Bhiwandi, Maharashtra, India

 

 

DIRECTORS

 

As on: 27.08.2012

 

Name :

Mr. Jignesh Jaysukhlal Shah

Designation :

Director

Address :

1104-A, 11th Floor, Adinath Tower, Sudha Park, Opposite Shanti Park, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

29.09.1975

Qualification :

GDFT, BSC (Chem)

Date of Appointment :

18.09.2002

DIN No.:

00348890

 

 

Name :

Mr. Jaysukhlal Himatlal Shah

Designation :

Director

Address :

1104-A, 11th Floor, Adinath Tower, Sudha Park, Opposite Shanti Park, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

21.08.1945

Qualification :

Graduate

Date of Appointment :

18.09.2002

DIN No.:

00348926

 

 

Name :

Mr. Chirag Jaysukhlal Shah

Designation :

Director

Address :

1104-A, 11th Floor, Adinath Tower, Sudha Park, Opposite Shanti Park, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

28.06.1978

Qualification :

PGDIM, B.E. (Chem)

Date of Appointment :

01.11.2005

DIN No.:

00348962

 

 

KEY EXECUTIVES

 

Name :

Mr. Vaibhav Savant

Designation :

Senior Manager in Account/ Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 27.08.2012

 

Names of Shareholders

 

No. of Shares

Jignesh Jaysukhlal Shah

 

4550

Jaysukhlal Himatlal Shah

 

1000

Chirag Jaysukhlal Shah

 

4450

 

 

 

Total

 

10000

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 27.08.2012

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

BUSINESS DETAILS

 

Line of Business :

Trader, Exporter and Importer of Chemicals.

 

 

Products :

·         Redispersible Polymer Powders

·         Cellulose Ethers

·         Cellulose Fibers

·         Silane based Hydrophobic Agents

·         Powder Defoamers

·         Powder Shrinkage Reducing Agents

·         Powder Superplasticizers

·         Lignosulfonates

·         Naphthalene Sulfonates

·         Polycarboxylate Ethers (PCEs)

·         Synthetic Iron Oxide Pigments

 

 

Exports :

 

Products :

·         Chemicals

Countries :

·         Nepal

·         Sri Lanka

 

 

Imports :

 

Products :

·         Chemicals

Countries :

·         Europe

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

World Plast Products Private Limited

 

 

Customers :

End Users

·         Ultratech Cement

 

 

No. of Employees :

20 (Approximately)

 

 

Bankers :

·         Bank of Baroda, Ghatkopar (East) Branch, Rajawadi Road, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India

·         HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India.

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

RGD and Company

Chartered Accountants

Address :

35, Nanik Niwas, Kartar Premises Co-operative Society Limited, 30/34, D.D. Sathe Marg, Opera House, Girgaum, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-23786993/ 23686993

Website :

www.dasija.com

PAN No.:

AAAPD9335R

 

 

Associates/Subsidiaries :

Name: Indychem

Address: A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East), Mumbai - 400 075,  Maharashtra, India

Line of Business : Importer of Chemicals

 

Name: Broadways International

Address: A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East), Mumbai - 400 075, Maharashtra, India

Line of Business : Importer of Chemicals

 

 

 

 

CAPITAL STRUCTURE

 

As on: 27.08.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000

Equity Shares

Rs.100/- each

Rs.1.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs.1.000 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.000

1.000

1.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

75.650

60.935

48.088

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

76.650

61.935

49.088

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

76.650

61.935

49.088

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.687

1.000

0.961

Capital work-in-progress

0.000

0.178

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.058

0.150

0.086

OTHER NON-CURRENT ASSETS

0.365

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

26.713
42.566

23.844

 

Sundry Debtors

61.083
41.744

33.678

 

Cash & Bank Balances

19.941
10.623

6.962

 

Other Current Assets

1.803
1.440

0.201

 

Loans & Advances

9.336
6.899

9.461

Total Current Assets
118.876
103.272

74.146

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors

33.000
35.044

16.019

 

Other Current Liabilities

4.186
0.663

0.710

 

Provisions

7.150
6.958

9.376

Total Current Liabilities
44.336
42.665

26.105

Net Current Assets

74.540
60.607

48.041

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

76.650

61.935

49.088

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

 

274.468

198.478

 

 

Other Income

 

NA

NA

 

 

TOTAL                                    

 

NA

NA

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

 

NA

NA

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

20.080

10.081

 

 

 

 

 

 

FINANCIAL EXPENSES                        

 

0.309

0.367

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

19.771

9.714

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

 

0.198

0.269

 

 

 

 

 

 

PROFIT BEFORE TAX

 

19.573

9.444

 

 

 

 

 

 

TAX                                                                 

 

6.800

3.047

 

 

 

 

 

 

PROFIT AFTER TAX

 

12.847

6.397

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Turnover Discount

 

0.000

0.483

 

 

Commission

 

2.715

1.917

 

TOTAL EARNINGS

 

2.715

2.400

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

1285.00

NA

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

360.000

 

 

 

 

 

Expected Sales (2012-2013): Rs.500.000 Millions

 

The above information has been parted by Mr. Vaibhav Savant

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

Net Profit Margin

(PBT/Sales)

(%)

NA

7.13

4.76

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

18.77

12.57

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

0.32

0.19

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.58

0.69

0.53

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.68

2.42

2.84

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

(Rs. In Millions)

Particulars

31.03.2012

31.03.2011

31.03.2010

Sundry Creditor

 

 

 

Micro, Small and Medium Enterprise

--

--

--

Others

33.000
35.044

16.019

 
 

 

 

Total

33.000
35.044

16.019

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last two years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

No

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

TRADE REFERENCES:

 

·         World Plast Products Private Limited, Navi Mumbai

·         Ultratech Cement, Rajasthan

 

 

FIXED ASSETS:

 

·         Furniture and Fixture

·         Plant and Machinery

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.24

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

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

YES

--AFFILIATION

YES/NO

YES

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.