MIRA INFORM REPORT
|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMI RIDDHI CHEM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 3, Gokul Apartment, Haridas Nagar, Shimpoli Road, Borivali
West, Mumbai – 400092, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.12.2007 |
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Com. Reg. No.: |
11-176931 |
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Capital Investment
/ Paid-up Capital : |
Rs.12.150 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2007PTC176931 |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Dealer of Pharmaceutical Chemical |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 60980 |
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|
|
Status : |
Moderate |
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|
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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. The
profitability of the company appears to be low. The external borrowing seems
to be huge. 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
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Vijay Sheth |
|
Designation : |
Director |
|
Contact No.: |
91-22-28992241 |
|
Date : |
26.03.2013 |
LOCATIONS
|
Registered Office : |
Office No. 3, Gokul Apartment, Haridas Nagar, Shimpoli Road, Borivali
West, Mumbai – 400092, Maharashtra, India |
|
Tel. No.: |
91-22-28992241/ 28991423 |
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Fax No.: |
91-22-28981316 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Vijay Chunilal Sheth |
|
Designation : |
Director |
|
Address : |
203, Setu Apartment , Saibaba Nagar, Sagar Complex Borivali (West),
Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
05.08.1961 |
|
Date of Appointment : |
19.12.2007 |
|
DIN No.: |
01909556 |
|
|
|
|
Name : |
Mrs. Bhavna Vijay Sheth |
|
Designation : |
Director |
|
Address : |
203, Setu Apartment , Saibaba Nagar, Sagar Complex Borivali (West),
Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1963 |
|
Date of Appointment : |
19.12.2007 |
|
DIN No.: |
01909587 |
|
|
|
|
Name : |
Mrs. Darshana Pradip Sheth |
|
Designation : |
Director |
|
Date of Appointment : |
05.08.2011 |
|
DIN No.: |
03597396 |
KEY EXECUTIVES
|
Name : |
Ms. Prachi |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Chunilal Sheth |
|
911250 |
|
Bhavna Vijay Sheth |
|
303750 |
|
Total |
|
1215000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Dealer of Pharmaceutical Chemical |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, BFS Branch. Mathru Ashish Building, S.V. Road, Kandivili (West), Mumbai – 400067,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Joshi Nair and Associates Chartered Accountants |
|
Address : |
201-A, Mangal Arambh, Off S. V Road, Near Kora Kendra, Borivali West,
Mumbai – 400092, Maharashtra, India |
|
Tel. No.: |
91-22-28339292/ 42469292 |
|
Fax No.: |
91-22-28339293/ 42469293 |
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E-Mail : |
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|
Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AACFJ8750C |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,250,000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,215,000 |
Equity Share |
Rs.10/- each |
Rs.12.150
Millions |
|
|
|
|
|
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 |
12.150 |
6.150 |
6.150 |
|
|
2] Share Application Money |
0.000 |
6.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.095 |
2.234 |
1.103 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.245 |
14.384 |
7.253 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.679 |
30.740 |
31.326 |
|
|
2] Unsecured Loans |
4.092 |
0.138 |
1.823 |
|
|
TOTAL BORROWING |
51.771 |
30.878 |
33.149 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
67.016 |
45.262 |
40.412 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.302 |
1.659 |
1.158 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.061 |
0.023 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.346
|
50.555
|
38.322 |
|
|
Sundry Debtors |
76.786
|
52.073
|
52.480 |
|
|
Cash & Bank Balances |
2.146
|
2.044
|
0.838 |
|
|
Other Current Assets |
0.136
|
0.761
|
0.000 |
|
|
Loans & Advances |
8.028
|
3.248
|
2.089 |
|
Total
Current Assets |
120.442
|
108.681
|
93.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
54.110
|
63.523
|
53.831 |
|
|
Other Current Liabilities |
0.739
|
0.741
|
0.000 |
|
|
Provisions |
0.440
|
1.337
|
0.661 |
|
Total
Current Liabilities |
55.289
|
65.601
|
54.492 |
|
|
Net Current Assets |
651.153
|
43.080
|
39.237 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.017 |
|
|
|
|
|
|
|
|
TOTAL |
67.016 |
45.262 |
40.412 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
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|
|
|
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|
Income |
|
|
|
|
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|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
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|
Administrative Expenses |
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|
|
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|
Advertising Expenses |
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|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.652 |
2.037 |
1.188 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.393 |
0.364 |
0.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.259 |
1.673 |
1.044 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.403 |
0.542 |
0.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.856 |
1.131 |
0.495 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.03 |
1.52 |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.12 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total D/Networth) |
|
3.39 |
2.15 |
4.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18 |
1.66 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Sundry Creditors for Goods |
54.110 |
63.523 |
|
Particulars |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
Sundry Creditors for Goods |
53.270 |
|
Sundry Creditors for Expenses |
0.561 |
|
Sundry Creditors |
53.831 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
U24100MH2007PTC176931 |
|
Name of the
company |
AMI RIDDHI CHEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Office No. 3, Gokul
Apartment Haridas Nagar, Shimpoli Road, Borivali West, Mumbai – 400092,
Maharashtra, India Email ID: bhavesh@joshinair.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10106195 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda,
Ibb Branch, Mathru Ashish Building, S.V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India Email ID: intmum@bankofbaroda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
composite agreement of hypothecation of goods, book debts, movable machinery
and vehicles. |
|
Date of
instrument Creating the charge |
04.06.2012 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest To pay interest
on the cash credit limit at the rate of 6.25% over base Rate of the Bank per
annum with monthly rests. Terms of Repayment As Per Agreement Margin Stocks,
book-debts and moveable machinery - 25% Letter of credit
facility - 25% Extent and Operation of the charge As per agreement Others N.A |
|
Short particulars
of the property charged |
Borrower's stocks
of raw materials, stock in process, finished goods, consumable spares and
packing materials, all the book - debts, movable machinery, vehicles, stocks
and all the stores and spare
parts both present and future. |
|
Date of latest
modification prior to the present modification |
23.09.2010 |
|
Particulars of
the present modification |
Enhancement of Cash
Credit Cum Letter of Credit Limit from Rs. 45.000 Millions To Rs. 50.000
Millions |
FIXED ASSETS:
Ø Furniture and Fixture
Ø Electrical Installation
Ø Motor Car
Ø Computers and Software
Ø Printer
Ø Mobile Phones
Ø Air Conditioner
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.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.