MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARS PETROCHEM PRIVATE LIMITED |
|
|
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Registered
Office : |
25, Jakharia Bunder Road, Besides Rajdoot Hotel, Cotton Green (West), Mumbai – 400033, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
31.07.2007 |
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Com. Reg. No.: |
11-172733 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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|
CIN No.: [Company Identification
No.] |
U23209MH2007PTC172733 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Trader of Lubricating Oils and Greases. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300000 |
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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 a satisfactory track record.
There appears slight dip in profitability during 2011-2012. However, general financial position seems to be strong. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office/ Head Office : |
25, Jakharia Bunder Road, Besides Rajdoot Hotel, Cotton
Green (West), Mumbai – 400033, Maharashtra, India |
|
Tel. No.: |
91-22-23773408/ 23723836/ 65505613/ 65505615/ 65505616/ 23772758/
23732563 |
|
Fax No.: |
91-22-23778095 |
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E-Mail : |
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|
Website : |
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Branch Office |
Located At: Vapi 1/A/B/C Bass Shopping Centre, GIDC, Char Rasta, Vapi – 396195, India Tel. No.: 91-260-2401799 Baroda 422 Siddharth Complex, 4Th Floor, R C Dutt Road, Alkapuri, Baroda- 390007, India |
DIRECTORS
As on: 25.09.2012
|
Name : |
Mr. Darshan Shashikant Shah |
|
Designation : |
Director |
|
Address : |
102/1, Shreyas, Sewri, Wadala Road No. 7, P. B. Sule Marg, Wadala,
Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1959 |
|
Date of Appointment : |
31.07.2007 |
|
DIN No.: |
01555950 |
|
|
|
|
Name : |
Mr. Heman Harish Adani |
|
Designation : |
Director |
|
Address : |
99, Shanti Kunj, 1st Floor, Sewri, Wadala Road No. 7, Wadala, Mumbai, 400031, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1970 |
|
Date of Appointment : |
31.07.2007 |
|
DIN No.: |
01555955 |
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|
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|
Name : |
Mr. Minesh Rohit Adani |
|
Designation : |
Director |
|
Address : |
99, Shanti Kunj, 1st Floor, Sewri, Wadala Road No. 7, Wadala, Mumbai,
400031, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1981 |
|
Date of Appointment : |
31.07.2007 |
|
DIN No.: |
01555961 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Heman Harish Adani |
|
10000 |
|
Minesh Rohit Adani |
|
10000 |
|
Kruti Rohit Adani |
|
10000 |
|
Manisha Heman Adani |
|
10000 |
|
Darshan Shashikant Shah |
|
5000 |
|
Bhava Darshan Shah |
|
5000 |
|
Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Lubricating Oils and Greases. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Alok Chaturvedi and Associates Chartered Accountant |
|
Address : |
602, Samarpan Complex, New Link Road, Chakala, Andheri (East), Mumbai – 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-28261123 |
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Mobile No.: |
91-9370643311 |
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E-Mail : |
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PAN.: |
ADLPC8157G |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
Million |
|
|
|
|
|
Shares Reconciliation
|
Particular |
Number |
Amount in
Millions |
|
Shares outstanding at the beginning of the year |
50000 |
0.500 |
|
Shares issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares outstanding
at the end of the year |
50000 |
0.500 |
Details of shares
held by each shareholder holding more than 5% shares
|
Shareholders holding more than 5 % shares |
Number |
% of holding |
|
Manisha Heman Adani |
10000 |
20 |
|
Kruti Mlnesh Adani |
10000 |
20 |
|
Minesh Rohit Adani |
10000 |
20 |
|
Bhavna Darshan Shah |
5000 |
10 |
|
Heman Harish Adani |
10000 |
20 |
|
Darshan Sashikant Shah |
5000 |
10 |
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
90.529 |
72.472 |
52.155 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
91.029 |
72.972 |
52.655 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.186 |
0.312 |
0.000 |
|
|
2] Unsecured Loans |
117.581 |
106.593 |
112.435 |
|
|
TOTAL BORROWING |
117.767 |
106.905 |
112.435 |
|
|
DEFERRED TAX LIABILITIES |
0.496 |
0.471 |
0.346 |
|
|
|
|
|
|
|
|
TOTAL |
209.292 |
180.348 |
165.436 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.172 |
5.344 |
5.125 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
67.240 |
65.671 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
56.481
|
56.806 |
38.553 |
|
|
Sundry Debtors |
149.072
|
132.492 |
124.003 |
|
|
Cash & Bank Balances |
8.552
|
14.352 |
12.800 |
|
|
Other Current Assets |
0.000
|
0.028 |
0.000 |
|
|
Loans & Advances |
44.012
|
42.539 |
91.653 |
|
Total
Current Assets |
258.117
|
246.217 |
267.009 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96.037
|
92.185 |
72.585 |
|
|
Other Current Liabilities |
4.401
|
3.339 |
0.000 |
|
|
Provisions |
20.799
|
41.360 |
34.169 |
|
Total
Current Liabilities |
121.237
|
136.884 |
106.754 |
|
|
Net Current Assets |
136.880
|
109.333 |
160.255 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.056 |
|
|
|
|
|
|
|
|
TOTAL |
209.292 |
180.348 |
165.436 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Other Income |
|
|
|
|
|
|
TOTAL |
|
640.771 |
659.288 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
609.783 |
621.018 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
609.783 |
621.018 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
30.988 |
38.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
10.671 |
13.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
20.317 |
24.506 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
406.00 |
490.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
3.17 |
3.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
12.32 |
14.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.43 |
0.73 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.29
|
1.46 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.79 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U23209MH2007PTC172733 |
|
Name of the
company |
MARS PETROCHEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
25, Jakharia Bunder Road, Besides Rajdoot Hotel, Cotton Green (West), Mumbai – 400033, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10111376 |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Napati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
Letter of Hypothecation. |
|
Date of instrument
Creating the charge |
21.12.2012 |
|
Amount secured by
the charge |
Rs. 60.000
Millions |
|
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 from time to time. Terms of Repayment On demand. Margin 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, Book Debts to secure as a continuing
security as mentioned in Column No.15 below for the repayment of Rs. 60.000
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) |
|
|
Particulars of
the present modification |
The Charge shall
now stand increased from Rs. 50.000 Millions to Rs. 60.000 Millions against
the security of Stocks, Book Debts of the Company. |
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loans from
Directors |
|
|
|
Bhavna D. Shah (Terms of Repayment: 60 Months) |
4.300 |
4.300 |
|
Heman Harish Adani (Terms of Repayment; 60 Months) |
14.200 |
6.818 |
|
Kruti M. Adani (Terms of Repayment: 60 Months) |
12.472 |
11.800 |
|
Manisha Heman Adani (Terms of Repayment: 60 Months) |
12.041 |
10.900 |
|
Minesh Rohit Adani (Terms of Repayment: 60 Months) |
19.748 |
16.837 |
|
Darshan Shah (Terms of Repayment: 60 Months) |
0.000 |
0.188 |
|
Neha S. Adani (Terms of Repayment: 60 Months) |
0.100 |
0.000 |
|
Nirali Chintan Shah (Terms of Repayment: 60 Months) |
0.300 |
0.000 |
|
Satis P. Adani (Terms of Repayment: 60 Months) |
0.250 |
0.000 |
|
Other Loans and Advances |
|
|
|
Alka Adani (Terms of Repayment: 60 Months) |
7.900 |
6.300 |
|
Harish Adani (Terms of Repayment: 60 Months) |
10.300 |
17.600 |
|
Krupa Adani (Terms of Repayment: 60 Months) |
3.600 |
2.200 |
|
Rohit Adani (Terms of Repayment: 60 Months) |
20.270 |
14.700 |
|
Saroj S Adani (Terms of Repayment: 60 Months) |
0.000 |
2.450 |
|
Shaila Adani (Terms of Repayment: 60 Months) |
11.500 |
10.000 |
|
Surekha S. Adani (Terms of Repayment: 60 Months) |
0.600 |
2.500 |
|
Total |
117.581 |
106.593 |
FIXED ASSETS
- Office Premises
- Air Conditioners
- Electronic scale
- Laboratory/ Office System
- Mobile /Telephone
- Furniture and Fixtures
- Motor Car
- Computer Systems
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 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 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. 54.28 |
|
|
1 |
Rs. 84.23 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
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 |
6 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.