MIRA INFORM REPORT
|
Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MITTAL PIGMENTS PRIVATE LIMITED |
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Registered
Office : |
217, Gali No. 2, Guru Ram Das Nagar, Laxmi Nagar, East Delhi, Delhi –
110092 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.04.1991 |
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Com. Reg. No.: |
55-220756 |
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Capital
Investment / Paid-up Capital : |
Rs. 23.685 millions |
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CIN No.: [Company Identification
No.] |
U24117DL1991PTC220756 |
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IEC No.: |
1394000189 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHM04580C |
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PAN No.: [Permanent Account No.] |
AABCM1418N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Zinc Oxide, Lead Oxide,
Antimony Trioxide/triacetate, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 804300 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears huge external borrowings recorded by the company which seems to be increasing
over years. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A4+ (Letter of Credit) |
|
Rating Explanation |
Minimal degree of safety it carry very high credit risk. |
|
Date |
August 6th, 2012 |
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Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Cash Credit) |
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Rating Explanation |
Moderate risk of default |
|
Date |
August 6th, 2012 |
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 : |
217, Gali No. 2, Guru Ram Das Nagar, Laxmi Nagar, East Delhi, Delhi –
110092, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Ms. Ladli Prasad Mathur |
|
Designation : |
Director |
|
Address : |
180, Pratap Nagar, Kota – 324 009, Rajasthan, India |
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Date of Birth/Age : |
15.03.1930 |
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Date of Appointment : |
01.12.2006 |
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DIN No.: |
01049409 |
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Name : |
Mr. Ramesh Kumar Agarwal |
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Designation : |
Director |
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Address : |
126, Opposite Traffic Garden, Shakti Nagar, Kota – 324 009, Rajasthan,
India |
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Date of Birth/Age : |
01.07.1957 |
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Date of Appointment : |
24.04.1991 |
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DIN No.: |
00293312 |
KEY EXECUTIVES
|
Name : |
Ms. Alka Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Priyanka Agarwal |
|
100 |
|
Ritika Agarwal |
|
1300 |
|
Ramesh Kr. And Sons (HUF) Karta Ramesh Kumar |
|
10 |
|
Shambhu Traders Private Limited |
|
11980 |
|
Asha Devi Mittal |
|
5100 |
|
Ramesh Kumar Agarwal |
|
73000 |
|
Naseeb Holding Private Limited |
|
11710 |
|
Mahavat Holding Private Limited |
|
16850 |
|
Jammu Pigments Private Limited |
|
116805 |
|
|
|
|
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Total |
|
236855 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
66.43 |
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Directors or relatives of Directors |
33.57 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Zinc Oxide, Lead Oxide,
Antimony Trioxide/triacetate, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. Vishal and Company Chartered Accountants |
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Address : |
15, Raghukul, UIT Plots, B/H Gumanpura Police Station, |
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Tel. No.: |
91-744-2362144/ 4300 |
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Fax No.: |
91-744-2364300 |
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E-Mail : |
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PAN No.: |
AADFV3265D |
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Enterprises
which are owned, or have
significant influence of or
are partners with Key
management personnel and
their relatives : |
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Sister Concern
:
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CAPITAL STRUCTURE
As on 29.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
236855 |
Equity Shares |
Rs. 100/- each |
Rs. 23.685
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
23.685 |
16.363 |
10.808 |
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2] Share Application Money |
0.000 |
0.000 |
50.020 |
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3] Reserves & Surplus |
177.390 |
90.612 |
42.593 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
201.075 |
106.975 |
103.421 |
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LOAN FUNDS |
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1] Secured Loans |
323.542 |
126.441 |
43.453 |
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2] Unsecured Loans |
158.299 |
53.299 |
21.319 |
|
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TOTAL BORROWING |
481.841 |
179.740 |
64.772 |
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DEFERRED TAX LIABILITIES |
1.398 |
1.018 |
0.000 |
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TOTAL |
684.314 |
287.733 |
168.193 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.729 |
21.872 |
19.748 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.993 |
0.993 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
(0.960) |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
197.289
|
155.980 |
162.841 |
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Sundry Debtors |
227.132
|
186.830 |
142.749 |
|
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Cash & Bank Balances |
239.692
|
79.107 |
21.275 |
|
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Other Current Assets |
180.625
|
0.520 |
1.563 |
|
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Loans & Advances |
114.879
|
139.004 |
52.251 |
|
Total
Current Assets |
959.617
|
561.441 |
380.679 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
298.655
|
292.414 |
138.804 |
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Other Current Liabilities |
2.959
|
2.619 |
82.975 |
|
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Provisions |
2.411
|
1.540 |
9.504 |
|
Total
Current Liabilities |
304.025
|
296.573 |
231.283 |
|
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Net Current Assets |
655.592
|
264.868 |
149.396 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
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TOTAL |
684.314 |
287.733 |
168.193 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1694.174 |
1336.127 |
1058.637 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1681.838 |
1328.575 |
1054.566 |
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PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
12.336 |
7.552 |
4.071 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.306 |
2.379 |
2.121 |
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PROFIT/(LOSS) BEFORE TAX |
9.030 |
5.174 |
1.950 |
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Less |
TAX |
2.794 |
1.599 |
0.603 |
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PROFIT/(LOSS) AFTER TAX |
6.236 |
3.575 |
1.347 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export of goods on FOB basis |
727.202 |
NA |
NA |
|
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TOTAL EARNINGS |
727.202 |
NA |
NA |
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IMPORTS |
|
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Raw Materials |
489.492 |
371.541 |
NA |
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Coal and Fuel |
1.187 |
0.000 |
NA |
|
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TOTAL IMPORTS |
490.679 |
371.541 |
NA |
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|
Earnings/(Loss) Per Share (Rs.) |
26.32 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.36
|
0.26 |
0.13 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.91
|
0.88 |
0.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.02 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
2.39
|
1.68 |
0.62 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
1.89 |
1.64 |
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
three years |
Yes |
|
12] |
Profitability for last three
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 |
Yes |
|
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 |
Yes |
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Rupee term loans from banks |
0.231 |
1.336 |
|
Term loans from banks |
158.068 |
51.963 |
|
|
|
|
|
Total |
158.299 |
53.299 |
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
a)
In relation to Income-tax assessment the
liabilities over and above the provision made in any past or this year shall be
provided on completion of assessment / appeal etc. However in relation to A.Y.
2008-09 the Income Tax Department raised demand of Rs. 0.575 million against
that the company is in appeal thus the liability if any shall be provided in
the year of finalisation of appeal whareas in relation to demand raised in
A.Y.2009-2010 Rs. 0.027 million Ward 1(1) Kota is not deposited and appeal is
pending before CIT(A) Kota.
b)
The company has L/C limit of Rs. 100.000 millions
and as explain by management it is secured.
c)
The company has a outstanding Bank Guarantees and
as explain by management are secured
d)
The central excise and custom department has issues
various show cause notice , demands, the company is in dispute on all these
matter of various forums however the total demand notices issued against the
company by excise department are total Rs. 55.197 millions as informed by the
company and the company has not made any provision up to 31.3.2012.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24117DL1991PTC220756 |
|
Name of the
company |
MITTAL PIGMENTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
217, Gali No. 2,
Guru Ram Das Nagar, Laxmi Nagar, East Delhi, Delhi – 110092, India e-mail : priyank4aug@gmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of Bikaner and Jaipur, Aerodrome Circle, Kota – 324 007, Rajasthan, India E-Mail: sbbj10476@sbbj.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Letter of
Arrangement 2. Agreement of
Loan-Cum-Hypothecation 3. Guarantee
Agreement 4. Supplement Agreement
of Loan-Cum-Hypothecation |
|
Date of
instrument Creating the charge |
30.11.2012 |
|
Amount secured by
the charge |
Rs. 55.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.75% for first
year and thereafter at applicable rate as per credit rating calculated on
daily products at monthly rests Terms of Repayment repayment in 20
quarterly installments of Rs. 2.750
millions each with the first installment commencing on/ form 30 June 2013 and
last installment falling due on 30 march 2018 Margin term loan 1. construction /
foundation = 40% 2. plant &
machinery ( including Miscellaneous fixed assets) = 25% Extent and Operation of the charge As per document Others (i) Personal
Guarantee of Shri Ramesh Kumar Agrawal S/O Gulab Chand Mittal (ii) Corporate
Guarantee of M/s Himalayan Sales (India) Private Limited a group company of
the unit. (Shri Ramesh Agrawal and Miss Ritika Agarwal are directors in M/s
Himalayan Sales (India) Private Limited) |
|
Short particulars
of the property charged |
Exclusive first
charge over entire current assets of the company including raw material,
stocks in process, finished goods and Book Debts etc. Hypothecation of entire
plant and machinery, miscellaneous Fixed Assets, Furniture and Fixtures etc.
(present and future). Estimated net
Block as on 31.03.2013 Rs. 104.397 millions. (i)
Equitable
mortgage of land and building of the company having market value Rs. 63.400
Millions, Realisable Value Rs. 60.300 Millions as per valuation report dated
01/10/2010 by chartered Engineer Shri P.K. Taterh, an empanelled valuer of
the Bank. The book value of the property is Rs. 7.429 millions as on
31.03.2011. (ii)
First
charge over company's entire plant and machineries and other fixed assets.
Net Block of 11.188 millions as per audited balance sheet dated 31.03.2011
(excluding book value of land and building mentioned at (i) above). Market
value of plant and machinery is Rs. 24.606 Millions as per valuation dated
01/10/2010 by Chartered Engineer Sh. P.K. Taterh. The Branch to obtain list
of the plant and machinery -and creat our hypothecation charge on them with
ROC. Extension of equitable mortgage of factory's land and building
situated at A-203, Road No. 5 IPIA, Kota-324005 (Rajasthan) on land measuring
13772 Sq. Mtrs. having Realisable value of Rs. 72.555 millions as per
valuation report dated 02.08.2012 by Er. Anand S. Saxena an empanelled
valuer. Additional
Collateral: Extension of charge
over equitable Mortgage of industrial land measuring 40874.50 Sq. Mtrs
situated at 41, Large Industrial Area, Kota owned by one of group company M/s Himalaya
Sales (India) Private Limited having realisable value of Rs.155.000 million
as per valuation report dated 14.11.2010 of the empanelled valuer Er. P. K
Taterh. |
FIXED ASSETS:
- Land and
Buildings
- Plant and
Machinery
- Vehicle
- Furniture and
Fixtures
- Office
Equipments
- Computer
- Capital WIP
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.53.82 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.