MIRA INFORM REPORT
|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASHA PENN COLOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Asha House, 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-163800 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222MH2006PTC163800 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA29563C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA9682E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Pigment Dispersions and Color
Concentrates. |
|
|
|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 368000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Financially company has performed well during the year 2012. Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 : |
Asha House, 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014,
Maharashtra, India |
|
Tel. No.: |
91-22-46641400/ 24140020/ 24178050 |
|
Mobile No.: |
91-9322665253 (Mr. Atish Mehta) |
|
Fax No.: |
91-22-24137190 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Near Water Works, Abrama, P.B. No. 11, Valsad – 396001, Gujarat, India
|
|
Tel. No.: |
91-2632-250613/ 651210 |
|
Fax No.: |
91-2632-226741 |
|
E-Mail : |
DIRECTORS
(AS ON 31.08.2012)
|
Name : |
Mr. Champaklal Dolatram Mehta |
|
Designation : |
Director |
|
Address : |
503, Abhishek 65, S V Road, Irla Bridge, Andheri (West), Mumbai –
400058, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1937 |
|
Date of Appointment : |
17.08.2006 |
|
DIN No.: |
00020159 |
|
|
|
|
Name : |
Mr. Bidyut Baran Sen |
|
Designation : |
Managing director |
|
Address : |
503/ 504, 5th Floor, Stellar Tower, Lokhandwala Complex,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1948 |
|
Date of Appointment : |
17.08.2006 |
|
DIN No.: |
00036771 |
|
|
|
|
Name : |
Mr. Hirachand Vamalchand Shah |
|
Designation : |
Director |
|
Address : |
502 Paradise Apartment, 7th Road, TPS III, Santacruz (East), Mumbai –
400055, Maharashtra, India |
|
Date of Birth/Age : |
31.03.1936 |
|
Date of Appointment : |
17.08.2006 |
|
DIN No.: |
00479277 |
|
|
|
|
Name : |
Mr. Babulal Bhikhalal Mehta |
|
Designation : |
Director |
|
Address : |
Sheetal Near Avdhut Sty, Tithal Road, Valsad – 396001, Gujarat, India |
|
Date of Birth/Age : |
04.12.1941 |
|
Date of Appointment : |
15.11.2011 |
|
DIN No.: |
00036837 |
|
|
|
|
Name : |
Mr. Bharat Parekh |
|
Designation : |
Director |
|
Address : |
731 Haycock View Drive, Pekasie, Pennsylvania – 18944, United States
of America |
|
Date of Birth/Age : |
27.01.1948 |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
02032633 |
|
|
|
|
Name : |
Mr. David Bernard Hill Iii |
|
Designation : |
Director |
|
Address : |
1, Knoll Drive, Yardley, Pennsylania 19067, United States of America |
|
Date of Birth/Age : |
09.04.1956 |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
02337612 |
|
|
|
|
Name : |
Mr. Kevin Scott Putman |
|
Designation : |
Director |
|
Address : |
5450 Long Lane, Dolyestown, Pennsylvania – 18901, United States of
America |
|
Date of Birth/Age : |
03.11.1951 |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
02391254 |
|
|
|
|
Name : |
Mr. Charles B Rybny |
|
Designation : |
Director |
|
Address : |
5661, Hunters Palace, Doylestown, Pennsylvania 18901, United States of
America |
|
Date of Birth/Age : |
11.03.1948 |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
02391260 |
KEY EXECUTIVES
|
Name : |
Mr. J.K. Mehta |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.08.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Hirachand Vamalchand Shah |
|
123750 |
|
Champklal Dolatram Mehta |
|
42700 |
|
Bidyut Baran Sen |
|
3400 |
|
Babulal Bikhalal Mehta |
|
132050 |
|
Atish Praful Mehta |
|
38000 |
|
Jinesh Babulal Mehta |
|
53200 |
|
Rajendra Hirachand Shah |
|
85500 |
|
Bidyut Baran Sen |
|
155250 |
|
Arijit Bidyut Sen |
|
77425 |
|
Siddharth Bidyut Sen |
|
77425 |
|
Vasantlal Vamalchand Shah |
|
104250 |
|
Pen Color Inc, Doylestown PA |
|
950000 |
|
C D Mehta HUF |
|
50 |
|
Shripal Kalidas Mehta |
|
57000 |
|
|
|
|
|
Total |
|
1900000 |
(AS ON 31.08.2012)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Directors
or relatives of directors |
|
50.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pigment Dispersions and Color
Concentrates. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
|
|
Installed Capacity |
MT/annum |
1200.000 |
|
Actual Production |
MT/annum |
988.966 |
Note:
Licence Capacity not stated in view of the
abolition of industrial licensing policy.
Installed Capacity is certified by the
directors of the company. The same is not verified as being technical in
nature.
GENERAL INFORMATION
|
Suppliers : |
Ø Mahavir
Chemicals Ø Omen
Industrial Company Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
End Users Ø Radiant Coatings
and Inks Limited Ø Arihant
Pigments Private Limited Ø Hindustan
Pencils Private Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
25 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Ø Citibank N.A., Trent House, 2nd
Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra, India (Tel No.: 91-22-67009000) Ø HDFC Bank
Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India Ø Kotak Mahindra
Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.V. Kothari and Company Chartered Accountants |
|
Address : |
213/ 215, Jolly Bhavan No.1, 10 New Marine Lines, Mumbai – 400020,
Maharashtra, India |
|
PAN
No.: |
ADGPK4519H |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1900000 |
Equity Shares |
Rs.10/- each |
Rs.19.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
19.000 |
19.000 |
|
(b) Reserves & Surplus |
|
73.069 |
41.216 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
92.069 |
60.216 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
54.118 |
55.828 |
|
(b) Deferred tax liabilities (Net) |
|
0.034 |
1.153 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
54.152 |
56.981 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
23.584 |
11.622 |
|
(b)
Trade payables |
|
87.059 |
70.970 |
|
(c)
Other current liabilities |
|
0.000 |
0.000 |
|
(d)
Short-term provisions |
|
26.872 |
14.983 |
|
Total
Current Liabilities (4) |
|
137.515 |
97.575 |
|
|
|
|
|
|
TOTAL |
|
283.736 |
214.772 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
43.455 |
46.397 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
3.382 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
1.891 |
1.810 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
48.728 |
48.207 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
85.716 |
64.806 |
|
(c)
Trade receivables |
|
102.833 |
68.986 |
|
(d)
Cash and cash equivalents |
|
15.501 |
6.663 |
|
(e)
Short-term loans and advances |
|
30.958 |
26.041 |
|
(f)
Other current assets |
|
0.000 |
0.069 |
|
Total
Current Assets |
|
235.008 |
166.565 |
|
|
|
|
|
|
TOTAL |
|
283.736 |
214.772 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
19.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
25.458 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
44.458 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
18.625 |
|
|
2] Unsecured Loans |
|
|
28.881 |
|
|
TOTAL BORROWING |
|
|
47.506 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.841 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
92.805 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
45.641 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
57.967
|
|
|
Sundry Debtors |
|
|
68.367
|
|
|
Cash & Bank Balances |
|
|
4.368
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
18.744
|
|
Total
Current Assets |
|
|
149.446
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
58.179
|
|
|
Other Current Liabilities |
|
|
40.659
|
|
|
Provisions |
|
|
3.600
|
|
Total
Current Liabilities |
|
|
102.438
|
|
|
Net Current Assets |
|
|
47.008
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.156 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
92.805 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
513.943 |
382.985 |
308.357 |
|
|
|
Other Income |
1.440 |
2.275 |
0.445 |
|
|
|
TOTAL (A) |
515.383 |
385.260 |
308.802 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
454.664 |
345.889 |
286.832 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
60.719 |
39.371 |
21.970 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.169 |
4.864 |
3.248 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
54.550 |
34.507 |
18.722 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.838 |
8.937 |
7.581 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
45.712 |
25.570 |
11.141 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.859 |
9.812 |
4.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
31.853 |
15.758 |
7.073 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
253.032 |
213.030 |
162.866 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
206.536 |
115.369 |
88.254 |
|
|
|
Equipments |
0.000 |
0.000 |
5.236 |
|
|
TOTAL IMPORTS |
206.536 |
115.369 |
93.490 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.76 |
8.29 |
3.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.18
|
4.09 |
2.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.89
|
6.68 |
3.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.42
|
12.01 |
5.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.42 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.84
|
1.12 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.71 |
1.46 |
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 |
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 |
No |
|
17] |
Major suppliers |
Yes |
|
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 |
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and Advance from Related Parties |
|
|
|
C D Mehta |
4.918 |
4.448 |
|
Hirachand Vamalchand Shah |
1.257 |
1.162 |
|
Bidyut Baran Sen |
0.368 |
0.340 |
|
J K Mehta |
3.575 |
3.224 |
|
Vasantlal Vamalchand Shah |
0.915 |
0.847 |
|
Rajendra Hirachand Shah |
1.377 |
1.266 |
|
Jinesh Babulal Mehta |
0.754 |
0.698 |
|
Rohit V. Shah |
1.873 |
1.733 |
|
B.B. Mehta |
4.336 |
4.011 |
|
C D Mehta HUF |
3.894 |
6.560 |
|
Atish Praful Mehta |
0.913 |
0.844 |
|
Rina B. Sen |
0.169 |
0.157 |
|
Siddharth Bidyut Sen |
0.155 |
0.143 |
|
Arijit Bidyut Sen |
1.005 |
0.929 |
|
Asha Dispensions Private Limited |
2.609 |
2.330 |
|
Pen Color Inc, Doylestown PA |
0.000 |
1.136 |
|
|
|
|
|
Total |
28.118 |
29.828 |
PERFORMANCE AND
OPERATIONS REVIEW
The year 2011-12 saw increased business from packaging customers in
India and export growth to South East Asia / Middle East Countries. The sales
growth in value is 34.19% over 2010-11. There has been a net profit growth of
102.14% over the previous year.
FUTURE PROSPECTS
The company is expected to hold on the current business though there may
be a downturn if tobacco packaging is banned by new legislation as much of
local business growth has come from this Printing Ink sector. Also, the
technology brake for local products for Automotive sector as well as
development of cheaper products for digital sector will continue to boost their
share of business with Paint Industry and Digital Ink Sectors.
TRADE REFERENCES
Ø Radiant Coatings
and Inks Limited
Ø Arihant
Pigments Private Limited
Ø Hindustan
Pencils Private Limited
Ø Mahavir
Chemicals
Ø Omen
Industrial Company Limited
CONTINGENT LIABILITIES: [AS ON 31.03.2012]
Bills Receivable and discounting with Bank of Rs.21.998
Millions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10354881 |
02/04/2012 |
60,000,000.00 |
CITI BANK N.A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BAN |
B39383328 |
FIXED ASSETS
Ø Plant and Machinery
Ø Laboratory Equipment
Ø Office Equipment
Ø Computer and Software
Ø Furniture and Fixtures
WEBSITE DETAILS
PRESS RELEASE:
ASHA PENN COLOR REQUESTS GOVT TO ENSURE
EXPORTS OF PIGMENTED DISPERSION
By
Asha Penn Color Private Limited, a Mumbai-based specialty chemical
producer, has requested the Government to allow it to import raw material
against the export of different types of pigmented dispersion.
Asha Penn, a leading manufacturer and exporter of pigmented chips, recently
developed a new product called pigmented dispensions which is also similar
family to pigmented chips with the difference in its physical existence i.e.
paste form instead of dry chips form.
The norms for export of pigmented chips are already fixed with nominal wastage
of two per cent and allowing the import of relevant resin, relevant pigment,
relevant plasticizer and relevant solvent.
"Therefore, we have requested the Government to allow us to import the
items to cater to our needs so that we can continue manufacturing our products
uninterrupted, thus generating foreign exchange for the country," a
company official said.
Solvent is used as medium for dissolving and homogenous mixing of
various ingredients such as pigment, resin and plasticizer etc. For getting
homogenous mixing, addition of 20 per cent of the weight of chips is inevitable
and it gets evaporated in the drying process. Moreover, the pigment dispersions
are made from pigmented hips by dissolving the same in solvent.
"Our product is pigmented dispersions and hence the additional solvent
remains in the export product. In fact as high as 60 per cent of the finished
product weight is solvent," the official said.
While giving details of the manufacturing process of its product, the company requested
the Government to take note that it had asked for nominal wastage of 2 per cent
which was in realty more than 2 per cent.
"As far as the composition of the resultant product is concerned,
please note that we have already shown the net content and this net content is
worked out as some-total of different types and grades of pigmented dispersion
proposed to be exported under the said heading. And accordingly if percentage
contained is mentioned along with the description of the product then it will
not tally with individual consignment and hence we request you to kindly
mention only the net content. The net content shall be certified by customs or
Central Excise. Hence, we request you to kindly do mention % content," the
company said in a letter.
DESIGNERS, ENGINEERS
SHAVE DAYS OFF NEW PRODUCT LAUNCHES WITH PENN COLOR SYSTEM USING X-RITE COLOR
MEASUREMENT TECHNOLOGY
GRAND RAPIDS, Mich., April 2, 2012 – Product designers and packaging engineers can shave days off the introduction of new plastic products with a system pioneered by Penn Color Inc. using technology from X-Rite Inc. that speeds color selections for plastics.
Penn Color, the Doylestown, Penn.-based supplier of colorants for the plastics
industry, has launched its ChromaSort M system where designers and engineers
can use pocket-sized spectrophotometers at their workstations or remote
locations to measure the color of samples or inspiration items, then accurately
match the results against an internal memory of about 5,000 colors.
Instead of sending samples to Penn Color for measurement or taking guesses on
colors from printed fan decks, customers can use X-Rite's CAPSURE instrument to
accurately measure colors and order plastic sample chips from Penn Color for
delivery in only a day or two. The traditional method takes days longer to
respond to sample requests.
Penn Color and X-Rite representatives will be demonstrating the ChromaSort M
system and CAPSURE at the NPE2012 International Plastics Showcase in Orlando,
Fla. from April 2 to 5. The X-Rite demonstration will take place at booth 26027
in the Orange County Convention Center South Hall.
"Our new system gives designers and engineers a much more powerful way to
approach color selection for plastic products than just using a fan deck or
swatch book," said Jim Walsh, Penn Color's Technical
Director-Thermoplastics at its Hatfield, Penn. facility. "The problem with
using fan decks is that the colors you see represent ink on paper -- it's not
the actual plastic."
Walsh said the ChromaSort M system -- with the "M" honoring color
theory and instrumentation advocate Marge Stanish who died recently -- provides
a precise representation of the color as a plastic item. The CAPSURE can
even show examples of colors similar to the target colors, but where "a
color may look like one unit lighter or darker than the original, or what a
color may look like with a tinge more yellow, blue, red or green," he
said.
In addition to accuracy and flexibility, the Penn Color system reduces the time
it takes to get new products to market. After the desired color has been
determined, the CAPSURE instrument will indicate the product number of the Penn
Color formula of colorants. A designer or engineer can then call Penn
Color to have an email and phone quotes on colorant costs and use rates, which
are ratios of colorants to virgin resins to achieve specific colors. Most
importantly, Penn Color representatives will send actual plastic chips of the
desired colors by express mail to individuals requesting the information.
The system will first offer a selection of about 5,000 colors in polyolefin resins, which are largely used to make bottles, caps, and films. Penn Color plans to add color libraries for PET (polyethylene terephthalate) and other resins as the program evolves, Walsh said.
At the heart of Penn Color's new selection system is a palm-sized
spectrophotometer introduced by X-Rite last year that combines a number of
handy features with an accurate and reliable way of measuring color at a
person's workstation. CAPSURE's small size and lithium battery recharged
through a USB port make it a powerful tool for measuring colors of samples at
the workstation or remote locations.
The CAPSURE instrument can determine colors on a wide range of inspiration
objects -- plastic components, printed materials such as labels and magazine
illustrations, textiles and fabrics -- by illuminating the test surface from
three different directions and recording 27 color-accurate images in less than
2 seconds, a image capture technology that eliminates the shadows and
interference that can degrade measurements.
"We ran an impromptu test of how well the CAPSURE could measure color when
I was sitting in a conference room with my boss and a few other people,"
Walsh said. "Just for the heck of it, we measured a burgundy leather
chair, and it pulled up a match from the 100 plastic color chips that we had
loaded in its memory.
"I pulled the chip out, and held it up to the chair, and we couldn't
believe it. It was a deep burgundy just like the chair. The only
difference was a little gloss because the chip was an acrylic versus a leather
chair, but hue was dead on."
CAPSURE also has the ability to determine up to four colors within a
multi-colored pattern for developing matching or complementary color palettes,
and designers and engineers can record the date and time of measurements and
images, and add text and voice dictation. "You can put a voice tag on a
particular target, so -- after looking at hundreds of colors in the day --
you can easily know what colors are associated with particular projects,"
Walsh said.
Those requesting the plastic samples can change some parameters such as opacity
when they order a small test batch of the formulation, he said. "We
expect that the new system will become a game changer with product designers
and packaging engineers who want to give their customers some value-added
services," Walsh said. "We think they will really be excited
about the possibilities."
Founded in 1964, Penn Color has built a strong reputation in providing
additives and color concentrates at the right particle size suspended in an
appropriate carrier to companies that manufacture film and sheet,
packaging, house wares, compounds, building materials, and synthetic
fibers. With about 600 employees in facilities in the United States, the
Netherlands, and its Asha Penn Color Private Limited. Joint venture in
Valsad, India, Penn Color also sells full lines of inks and coatings to
companies in the Americas, Europe and Asia.
Based in Grand Rapids, Mich., X-Rite (NASDAQ:XRIT) and its Pantone LLC
subsidiary is the leader worldwide in color management and data communication
for automotive, appliance, photographic, graphic arts and other industries.
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.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.