|
Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRASOL CHEMICALS LIMITED (w.e.f. 26.03.2007) |
|
|
|
|
Formerly Known
As : |
PRACHI POLY PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.01.1992 |
|
|
|
|
Com. Reg. No.: |
11-065026 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.27.293 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1992PLC065026 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06256F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2389N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Chemicals and
Pharmaceuticals and Lubricant Oil Additives. |
|
|
|
|
No. of Employees
: |
250 (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 1200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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 |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Long Term Loan) |
|
Rating Explanation |
This rating is considered to have moderate
risk of default regarding timely servicing of financial obligation. |
|
Date |
April 2011 |
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/Corporate Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
|
Tel. No.: |
91-22-27782555 / 30907194 /
27782430 |
|
Fax No.: |
91-22-27782430 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
|
|
Location : |
Leased |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Jatin Narendra Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
43, Valentina, N G Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1948 |
|
Date of Appointment : |
10.02.1992 |
|
DIN No.: |
00190587 |
|
|
|
|
Name : |
Mr. Gaurang Natwarlal Parikh |
|
Designation : |
Managing Director |
|
Address : |
Block No. 15, Utkarsha Building, Sicka Nagar, V P Road, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
09.02.1973 |
|
Date of Appointment : |
09.08.2001 |
|
DIN No.: |
00190701 |
|
|
|
|
Name : |
Mr.
Bhisham Kumar Gupta |
|
Designation : |
Managing
Director |
|
Address : |
Plot No. 49, Sector 28, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
|
Date of Birth/Age : |
15.02.1938 |
|
Date of Appointment : |
01.01.1995 |
|
DIN No.: |
00339159 |
|
|
|
|
Name : |
Mr. Nishith
Rajnikant Shah |
|
Designation : |
Whole
– time Director |
|
Address : |
41, Valentina, N G Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
1.06.1959 |
|
Date of Appointment : |
24.01.1992 |
|
DIN No.: |
00381267 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27100MH1989PTC052169 |
FRIENDS
FAB FORM PRIVATE LIMITED |
Whole-time
director |
27/07/2010 |
13/06/1989 |
Active |
NO |
|
2 |
U99999MH1992PLC065026 |
PRASOL
CHEMICALS LIMITED |
Whole-time
director |
01/04/2009 |
24/01/1992 |
Active |
NO |
|
Name : |
Mr. Sharad Dhirajlal Mehta |
|
Designation : |
Director |
|
Address : |
A-3, Vasundhara, Irani Road, Dahanu Road – 401602, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1934 |
|
Date of Appointment : |
10.02.1992 |
|
DIN No.: |
00190959 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U99999MH1992PLC065026 |
PRASOL CHEMICALS
LIMITED |
Director |
10/02/1992 |
10/02/1992 |
Active |
NO |
|
2 |
U24130MH1987PTC045724 |
VASANT POLYMERS
AND CHEMICALS PRIVATE LIMITED |
Director |
01/08/2003 |
01/08/2003 |
Active |
|
Name : |
Mr. Tushar Natverlal Dharia |
|
Designation : |
Director |
|
Address : |
9/34, Dhanvantari Bhavan, August Kranti Marg, Mumbai –
400036, |
|
Date of Birth/Age : |
25.11.1956 |
|
Date of Appointment : |
24.01.1992 |
|
DIN No.: |
00191118 |
|
|
|
|
Name : |
Mr. Suketu Navinchandra Parikh |
|
Designation : |
Director |
|
Address : |
Navjivan Co-operative Housing Society, 7th Floor, Building11, Lamington Road, Mumbai – 400008, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1963 |
|
Date of Appointment : |
19.02.1998 |
|
DIN No.: |
00191390 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27100MH1989PTC052169 |
FRIENDS
FAB FORM PRIVATE LIMITED |
Whole-time
director |
27/07/2010 |
13/06/1989 |
Active |
NO |
|
2 |
U99999MH1992PLC065026 |
PRASOL
CHEMICALS LIMITED |
Director |
19/02/1998 |
19/02/1998 |
Active |
NO |
|
Name : |
Mr. Dhaval Nalin Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
9, Dasheshwar, 118/20, |
|
Date of Birth/Age : |
11.11.1980 |
|
Date of Appointment : |
31.05.2007 |
|
DIN No.: |
01636199 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U99999MH1992PLC065026 |
PRASOL CHEMICALS
LIMITED |
Whole-time
director |
01/06/2007 |
31/05/2007 |
Active |
NO |
|
2 |
U65990MH1984PTC033063 |
DIPNAL
INVESTMENTS PRIVATE LIMITED |
Director |
15/03/2011 |
15/03/2011 |
Active |
NO |
|
Name : |
Mr. Pankil Nishit Dharia |
|
Designation : |
Whole – time Director |
|
Address : |
8/16, Brij Bhuvan, 630, Pedder Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1984 |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
03309485 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
Note: Shareholder
details file attach.
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
|
|
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
1.86 |
|
Bodies corporate |
0.87 |
|
Directors or relatives of Directors |
82.92 |
|
Other top fifty shareholders |
11.92 |
|
Others |
2.43 |
|
|
|
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Chemicals and
Pharmaceuticals and Lubricant Oil Additives. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Phosphorus Compounds |
Tones |
9600 |
3518 |
|
Acetone Compounds |
Tones |
8000 |
6545 |
|
Additive |
Tones |
1200 |
174 |
|
Hexylene Glycol |
Tones |
1200 |
116 |
|
Others (Including Sub activities) |
Tones |
-- |
4728 |
NOTES:
1)
Installed capacity is as certified by the management
is based on estimated production of a product if the entire plant and machinery
working on continuous basis exclusively for the product in a year.
2)
Production includes quantities produced for Captive
Consumption.
3)
Phosphorus Compounds production is including Job
work.
GENERAL INFORMATION
|
No. of Employees : |
250
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Citibank N.A., Trent House, 2nd Floor,
G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400051,
Maharashtra, India ·
The Royal Bank of Scotland N.V., 74, Sahakar
Bhuvan, 7th Floor, Nariman Point, Mumbai-400021, Maharashtra,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Shanbhag and Company Chartered Accountant |
|
Address : |
122/124/125, Vardhaman Market, Plot No.75, Sector-17, Opposite Andhra
Bank, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
PAN No.: |
AKYPS5895F |
|
|
|
|
Concern in which
some individuals referred to in category B is proprietor / Partner : |
·
Dipnal Valves and Tubestos Company ·
Heat Fabs ·
Heatreaters and Engineers ·
Sentinel Electric Company |
|
|
|
|
Companies in which
some individuals referred to in category B is Director : |
·
Consolidated Chemequip (MFR.) Corpn. ·
Friends Fab Form (Private) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2729309 |
Equity Shares |
Rs.10/- each |
Rs.27.293
Millions |
|
|
|
|
|
AS ON 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2911263 |
Equity Shares |
Rs.10/- each |
Rs.29.113
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
27.293 |
27.293 |
21.834 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
283.420 |
235.991 |
163.108 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
310.713 |
263.284 |
184.942 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
230.071 |
86.803 |
105.869 |
|
|
2] Unsecured Loans |
107.839 |
69.228 |
6.330 |
|
|
TOTAL BORROWING |
337.910 |
156.031 |
112.199 |
|
|
DEFERRED TAX LIABILITIES |
31.880 |
31.630 |
26.374 |
|
|
|
|
|
|
|
|
TOTAL |
680.503 |
450.945 |
323.515 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
223.240 |
221.861 |
209.297 |
|
|
Capital work-in-progress |
232.937 |
51.583 |
6.644 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
224.675
|
131.299
|
54.030
|
|
|
Sundry Debtors |
253.078
|
188.845
|
128.179
|
|
|
Cash & Bank Balances |
2.117
|
4.747
|
6.470
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
61.515
|
37.143
|
23.805
|
|
Total
Current Assets |
541.385
|
362.034 |
212.484 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
282.783
|
158.755
|
95.951 |
|
|
Other Current Liabilities |
9.241
|
4.733
|
3.253
|
|
|
Provisions |
25.035
|
21.045
|
5.706
|
|
Total
Current Liabilities |
317.059
|
184.533 |
104.910 |
|
|
Net Current Assets |
224.326
|
177.501
|
107.574
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
680.503 |
450.945 |
323.515 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1283.317 |
1052.049 |
890.423 |
|
|
|
Other Income |
22.736 |
14.224 |
9.417 |
|
|
|
TOTAL (A) |
1306.053 |
1066.273 |
899.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
991.775 |
782.548 |
640.738 |
|
|
|
Manufacturing Expenditure |
101.591 |
94.002 |
84.161 |
|
|
|
Personnel Expenditure |
-- |
-- |
21.704 |
|
|
|
Employees Related Expenses |
29.033 |
22.513 |
-- |
|
|
|
Administrative Expenditure |
66.290 |
57.113 |
13.861 |
|
|
|
Selling and Distribution Expenditure |
-- |
-- |
23.717 |
|
|
|
Exchange Fluctuation Loss |
-- |
-- |
17.504 |
|
|
|
TOTAL (B) |
1188.689 |
956.176 |
801.685 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
117.364 |
110.097 |
98.155 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.419 |
15.795 |
19.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
97.945 |
94.302 |
78.677 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.752 |
12.538 |
11.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
84.193 |
81.764 |
67.183 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.189 |
27.900 |
23.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
57.004 |
53.864 |
43.584 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
163.113 |
123.023 |
90.324 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
3.275 |
|
|
|
Tax on Interim Dividends |
0.000 |
0.000 |
0.557 |
|
|
|
Proposed Final Dividend |
8.188 |
7.096 |
2.183 |
|
|
|
Tax on Proposed Dividend |
1.328 |
1.178 |
0.370 |
|
|
|
Other Reserve |
0.059 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
6.000 |
5.500 |
4.500 |
|
|
BALANCE CARRIED
TO THE B/S |
204.542 |
163.113 |
123.023 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
251.932 |
142.026 |
72.217 |
|
|
|
Commission Earnings |
3.280 |
2.942 |
1.627 |
|
|
TOTAL EARNINGS |
255.212 |
144.968 |
73.844 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
659.252 |
535.547 |
359.171 |
|
|
TOTAL IMPORTS |
659.252 |
535.547 |
359.171 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.89 |
22.77 |
19.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.36
|
5.05 |
4.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.56
|
7.77 |
7.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.01
|
14.00 |
15.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.29 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
1.41 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.96 |
2.03 |
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 |
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 |
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) |
Yes |
|
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 |
NOTE
The registered office
of the company has been shifted from 107, Chawla Warehouse, Sector 18, Mafco
Area, Vashi, Navi Mumbai-400105, Maharashtra, India to the present address
w.e.f. 23.12.2004
BUSINESS OPERATIONS
The Company's turnover
(including Excise Duty and Taxes) for the year amounted to Rs. 1428.749
Millions, an increase of 24.45% over the previous year. Inspite of the
volatility and the increase in raw material costs putting pressure on the
margins the Company's EBIDTA for the year was Rs. 117.365 Millions, an increase
of 6.60% over the previous year. In view of the incremental borrowings and the
increase in interest rates, the Company's interest outgo was higher during the
year. During the year, the Company has commenced the production of Mesityl
Oxide (MO).
OUTLOOK AND FUTURE PLAN
The Company is
setting up a world class Phenol Acetone Plant of 15000 Tonnes per annum
capacity, which is expected to commence production by early 2012. This plant is
expected to contribute significantly to the growth in turnover and
profitability in the coming years. As part of backward integration of the
multipurpose hydrogenation unit, the Company is installing an indigenous
Hydrogen generation plant which is expected to commence production by January,
2012. The company believes in continuous upgradation of its products and
processes to deliver the best quality product at competitive rates. The Company
views its R and D capabilities as a vital component of its business strategy
that will provide the Company with a sustainable, long term competitive
advantage. Over the coming years, the Company is looking to increase its
manufactured portfolio two fold and introduction of several new products are in
the pipeline and thereby intends to exponentially grow from this point and is
actively evaluating various proposals for the same including setting up of
manufacturing facilities at additional geographical locations.
FIXED ASSETS
·
Land
·
·
·
Lab Equipment
·
Air Conditioner
·
Telephone System
·
Office Equipment
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computers
WEBSITE DETAILS
CORPORATE PROFILE
Incorporated in 1992, Subject is ISO 9001:2000
CERTIFIED, by BVQI, London and SME - 1 rated by CRISIL. It is one of the
leading and fastest growing chemical manufacturing companies in Indian Markets,
having double digit growth rate. Subject is well aligned with its Vision 'To become India's
premier supplier of Speciality Chemicals and Technical Services.'
Subject business footprint encompasses various sectors like Paints, Inks,
Thinners & Coatings, Agrochemicals, Surfactant and Lubricant Additives.
Having become a medium scale company, Prasol has set its targets to be a world
leader in its products.
Subject has a dedicated distributor network in 8 cities across India along with
export operations spanning to over 30 countries across the world. More than 30%
of its revenues are generated from outside India.
Subject has a well equipped Research and Development division comprising of
State of the art equipments covering about 5000 sq. ft. where research, product
development, testing and process improvement projects are carried out.
The Subject belief in "Customer first, Reputation first" is one which
emphasizes the importance of customer satisfaction through both product quality
and after sales service.
Subject employs a workforce of over 250 people who work in beautiful
surroundings at the factory in Khopoli, which is 60kms east of the Commercial
Capital of India- Mumbai. The total occupied area of Prasol is 14 Acres with
production plants for Phosphorous Pentasulphide, Diacetone Alcohol, Phosphorous
Pentoxide, Isophorone, Mesityl Oxide, Hydrogenation Products etc. and their own
warehouse for storage and distribution of speciality chemicals.
The people at Subject are dynamic and committed. For them, uploading the
company's reputation is not just part of the job, but a mission. There is an ongoing
quest for excellence and they are amply supported by the management's emphasis
on enhanced communications with clients and staff.
As Prasol reaches out to all the opportunities that beckon, and is aware of the
challenges ahead. It is confident of conquering the challenges through its
determination to succeed.
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.54.83 |
|
|
1 |
Rs.87.99 |
|
Euro |
1 |
Rs.72.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.