MIRA
INFORM REPORT
|
Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDRAS AGENCIES PRIVATE LIMITED |
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Registered
Office : |
No.285, (Old 128), |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
18-032799 |
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Capital Investment
/ Paid-up Capital : |
Rs.80.000 millions |
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CIN No.: [Company Identification
No.] |
U15419TN1995PTC032799 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI02123C |
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PAN No.: [Permanent Account No.] |
AAACI2667J |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufacturing and Trading of Perfumery and Other Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
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 869000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
latest financials are not made available. As per previous year’s, the performance of the company seems to be
good. Trade relations are reported to be fair. Business is active. Payments
are reported to be unknown. The company can be considered for business dealings with slight
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) |
|
|
A1 |
A1 |
|
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 |
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 : |
No.285, (Old 128), |
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Tel. No.: |
91-44-25352648/ 25356643/ 25358209/ 25358216/ 25352045 |
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Fax No.: |
91-44-25352045 |
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E-Mail : |
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Website : |
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Factory : |
128, Chamarajpet, |
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Tel. No.: |
91-80-26608754 |
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Branch Office 1 : |
Ekadkar Estate, Godown No.4, |
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Tel. No.: |
91-22-27102700 |
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Fax No.: |
91-22-27102700 |
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Branch Office : |
Also located at: v
v
v
v
Kolkata v
v
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DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ramadoss Srinivas |
|
Designation : |
Managing Director |
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Address : |
No.28, |
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Date of Birth/Age : |
07.03.1966 |
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Qualification : |
B. Sc, PGDBA |
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Date of Appointment : |
31.07.2008 |
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DIN No.: |
01133214 |
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Name : |
Mr. Kodancha Srikanth Rao |
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Designation : |
Whole-time Director |
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Address : |
Kaivalya, 31/1, 4th Block, 2nd |
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Date of Birth/Age : |
04.12.1952 |
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Qualification : |
B.Com |
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Date of Appointment : |
31.07.2008 |
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DIN No.: |
01067640 |
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Name : |
Mr. Shrikant Jagdishprasad Tibrewala |
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Designation : |
Director |
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Address : |
504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
22.06.1958 |
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Date of Appointment : |
21.04.2006 |
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DIN No.: |
00197891 |
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Name : |
Mr. Anandarao Ramadas Rao |
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Designation : |
Director |
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Address : |
No.28, |
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Date of Birth/Age : |
14.08.1935 |
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Date of Appointment : |
04.09.1995 |
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DIN No.: |
01133254 |
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Name : |
Mr. Ramakant Jagdishprasad Tibrewala |
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Designation : |
Director |
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Address : |
504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
21.09.1956 |
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Date of Appointment : |
24.12.2010 |
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DIN No.: |
01237898 |
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Name : |
Mr. Deepesh Shrikant Tibrewala |
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Designation : |
Director |
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Address : |
504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
13.11.1986 |
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Date of Appointment : |
21.04.2006 |
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DIN No.: |
01342101 |
KEY EXECUTIVES
|
Name : |
R. Jaganathan |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
A. Ramadas Rao |
|
100 |
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K. Srikanth Rao |
|
99900 |
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R. Srinivas |
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199900 |
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K. Jayasheela Rao |
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100000 |
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Ramakant Jagdishprasad Tibrewala |
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32000 |
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Mahesh Ramakant Tiberwala |
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24000 |
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|
56000 |
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Brijesh Ramakant HUF |
|
240000 |
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Deepesh Srikant HUF |
|
48000 |
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Aruna Rao |
|
100 |
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Total |
|
800000 |
As on 31.03.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Perfumery and Other Chemicals. |
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Products : |
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GENERAL INFORMATION
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Customers : |
FOOD AND ALLIED
DIVISION v Auro Food Private Limited v Milka Group of Companies v Elite Foods Private Limited v Parry's (Lotte) India Corporation Limited v Nestle India Limited v Britannia Industries Limited v Joyco India Limited v Hatsun Foods Private Limited v Carborandum Universal Limited v
Kemin Nutritional Technologies ( v M.T.R Foods Limited v I.T.C Limited v Nutrine Confectionery Company Private Limited v Perfetti Van Melle India Private Limited v The Campco Limited v Hindustan Lever Limited v Haldiram Foods v Wrigley India Private Limited v Sri Baidyanath Ayurved Bhawan (Private) Limited
PHARMACEUTICAL
DIVISON v Wardex Pharmaceuticals Limited v Tablets India Limited v Apex Laboratories Limited v Polaris Healthcare Private Limited v T.T.K Health care Limited v Medo Pharm Remedies and Pharmaceuticals v Biocon India Limited v Dr. Reddy's Laboratories Limited v Spic Pharmaceuticals Limited v Anglo French drugs and Industries Limited v Strides Arcolab Limited v Kemwell Private Limited v Medrich Sterilab Limited v Sai Mirra Pharmaceuticals Private Limited v The Himalaya Drug Company v
Raptakos Brett and Company ( v Aurobindo Pharma Limited v ATOZ Pharmaceutical Limited
FRAGRANCE DIVISION v Parimala Mandir v Padmini Products Private Limited v A.C.P Industries v Gogia Chemical Industries v Hem Corporation v
Maschmeizer Aromatics ( v N.Rangarao and Sons v Symrise Limited v
International Flavours and Fragrances ( v Srinivasa Sugandhalaya v Asian Flavours and Fragrance v T.S.R and Company v
Duckworth Flavours ( v Moksh Agarbathi Company v Sachee Aromatics Limited v Food Ingredients Specialties Private Limited v Haridarshan Sevasharam (Private) Limited v Goldfield Fragrances Private Limited v Narmada Chemicals Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
v Citibank N.A.,
Ground Floor, ELC Division, No.2, v
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
No.10, |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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Enterprises over
which KMP have significant influence : |
v
Roha Dyechem Private Limited v Vintop Products
Private Limited v Chemodist
Industries v v v Viveka Agencies v Jaytex Dyes and
Chemicals |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.100/- each |
Rs.80.000 millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.100/- each |
Rs.80.000 millions |
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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 |
80.000 |
80.000 |
80.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
137.167 |
84.393 |
44.855 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
217.167 |
164.393 |
124.855 |
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LOAN FUNDS |
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1] Secured Loans |
202.592 |
184.543 |
191.721 |
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2] Unsecured Loans |
62.500 |
60.000 |
60.000 |
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TOTAL BORROWING |
265.092 |
244.543 |
251.721 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
482.259 |
408.936 |
376.576 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.977 |
3.707 |
4.300 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.117 |
4.799 |
4.240 |
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DEFERRED TAX ASSETS |
13.057 |
5.892 |
1.047 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
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Inventories |
222.018
|
164.060 |
140.348
|
|
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Sundry Debtors |
327.239
|
291.179 |
248.684
|
|
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Cash & Bank Balances |
32.190
|
40.545 |
28.483
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
29.770
|
24.676 |
39.940
|
|
Total
Current Assets |
611.217
|
520.460 |
457.455 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
114.395
|
89.005 |
81.967
|
|
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Other Current Liabilities |
26.136
|
15.567 |
3.999
|
|
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Provisions |
10.578
|
21.350 |
4.500
|
|
Total
Current Liabilities |
151.109
|
125.922 |
90.466 |
|
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Net Current Assets |
460.108
|
394.538 |
366.989
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
482.259 |
408.936 |
376.576 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
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|
|
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Income |
1419.990 |
1249.378 |
1035.456 |
|
|
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Other Income |
26.090 |
34.026 |
26.128 |
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|
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TOTAL (A) |
1446.080 |
1283.404 |
1061.584 |
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
1353.720 |
1133.424 |
925.946 |
|
|
|
Personnel Expenses |
|
22.033 |
18.297 |
|
|
|
Operating Expenses |
|
28.904 |
55.638 |
|
|
|
Selling and Distribution Expenses |
|
14.755 |
15.719 |
|
|
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TOTAL (B) |
1353.720 |
1199.116 |
1015.600 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
92.360 |
84.288 |
45.984 |
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
10.990 |
12.424 |
15.553 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
81.370 |
71.864 |
30.431 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.900 |
1.261 |
1.541 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
80.470 |
70.603 |
28.890 |
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|
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Less |
TAX (H) |
27.700 |
21.736 |
13.945 |
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PROFIT AFTER TAX
(G-H) (I) |
52.770 |
48.867 |
14.945 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
53.390 |
43.855 |
43.910 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
30.000 |
15.000 |
|
|
|
Equity Dividend |
0.000 |
8.000 |
0.000 |
|
|
|
Dividend Distribution Tax |
0.000 |
1.329 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
106.170 |
53.393 |
43.855 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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FOB value of Exports |
NA |
9.214 |
5.321 |
|
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TOTAL EARNINGS |
NA |
9.214 |
5.321 |
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IMPORTS |
|
|
|
|
|
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Traded Goods |
NA |
524.408 |
369.623 |
|
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TOTAL IMPORTS |
NA |
524.408 |
369.623 |
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Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
65.96 |
61.00 |
30.00 |
|
|
|
- Diluted |
NA |
61.00 |
24.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.65
|
3.81 |
1.41
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.67
|
5.65 |
2.79
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.08
|
13.47 |
6.26
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.43 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.22
|
1.49 |
2.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.04
|
4.13 |
5.06
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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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 |
Yes |
|
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 |
No |
|
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 |
|
Unsecured Loans |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
Loans directors unsecured |
60.000 |
60.000 |
|
Other debt unsecured |
2.500 |
0.000 |
|
Total |
62.500 |
60.000 |
OPERATIONS
The company principally
caters to customers among Aromatics, Food and Pharma industries. During the
year, the company continues to be one of the single largest distributor in
The working of the
Company has registered good results during the year as compared to the previous
year. Gross Sales during 2010-11 at Rs.1435.000 millions registered an
impressive growth of 14% over the previous year sales of Rs.1262.000 millions.
Total income during 2010-11 at Rs.1446.000 millions has registered an increase
of 13% as compared to the total income of Rs.1283.000 millions during the
previous year. EBITDA during 2010-11 has registered an increase at Rs.92.000
millions as compared to Rs.84.000 millions during the previous year.
Consequently, the net profit before tax for the year is Rs.80.000 millions as
compared to Rs.71.000 millions during the previous year. Profit after tax for
the year is Rs.53.000 millions as compared to Rs.49.000 millions during the
previous year.
PROSPECTS:
With the larger
range of products and expansion of the distribution network, the company is
expected to register further growth in the coming years.
FIXED ASSETS:
Tangible Assets
v Plant and Machinery
v Furniture and Fittings
v Office Equipment
v Computers
v Vehicles
Intangible Assets
v Software
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 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.53.67 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.