MIRA
INFORM REPORT
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
AQUACHEM
INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
60, Gujarat
Vepari Mahamandal Sahakari Audhyogik, Vasahat, Odhav, Ahmedabad – 382 415, |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
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|
Date of
Incorporation : |
05.08.2010 |
|
|
|
|
Com. Reg. No.: |
04-061880 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.000
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25191GJ2010PTC061880 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing and Exporting of uPVC Pipes, Valves and Fittings. |
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|
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4000 |
|
|
|
|
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 moderate track record. Management of the
company has failed to file its financials of 2012 with Government Department.
Mr. Nilesh Jivani, Director has denied to provide any information. As per previous,
company has recorded minimal sales turnover in its first year of operation. However, trade
relations are reported to be fair. Business is active. Payment terms are
reported to be unknown. The company can
be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 DECLINED BY
|
Name : |
Mr. Nilesh Jivani |
|
Designation : |
Director |
|
Contact No.: |
91-79-22902990 |
|
Date : |
22.10.2013 |
LOCATIONS
|
Registered Office : |
60, Gujarat Vepari
Mahamandal Sahakari Audhyogik, Vasahat, Odhav, Ahmedabad – 382 415, Gujarat,
India |
|
Tel. No.: |
91-79-22902990 |
|
Fax No.: |
91-79-22877127 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Nileshkumar Jivani |
|
Designation : |
Director |
|
Address : |
B-103, Radha Raman Complex, Near Bharat Petrol Pump, NH 8, Khodiyar Nagar,
Bapunagar Ahmedabad – 382 352, Gujarat, India
|
|
Date of Birth/Age : |
02.04.1983 |
|
Date of Appointment : |
05.08.2010 |
|
DIN No.: |
03164315 |
|
|
|
|
Name : |
Mr. Kantilal Laljibhai Jivani |
|
Designation : |
Director |
|
Address : |
B-104, Radha Raman Complex, Near Bharat Petrol Pump, NH 8, Khodiyar
Nagar, Bapunagar Ahmedabad – 382 352, Gujarat, India |
|
Date of Birth/Age : |
02.01.1968 |
|
Date of Appointment : |
05.08.2010 |
|
DIN No.: |
03156807 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nileshkumar Jivani |
|
5000 |
|
Kantilal Laljibhai Jivani |
|
5000 |
|
Total
|
|
10000 |
AS ON 27.03.2012
|
Names of Allottees |
|
No. of Shares |
|
Nileshkumar Jivani |
|
150000 |
|
Kantilal Laljibhai Jivani |
|
150000 |
|
Total
|
|
300000 |
AS ON 25.11.2010
|
Names of Allottees |
|
No. of Shares |
|
Nileshkumar Jivani |
|
70000 |
|
Kantilal Laljibhai Jivani |
|
20000 |
|
Total
|
|
90000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of uPVC Pipes, Valves and Fittings. |
|
|
|
|
Products : |
· uPVC Pipes · uPVC Pipes and Fittings · uPVC Pipe Fitting · uPVC Valve · uPVC Solvent · uPVC Ball Valve · uPVC Long Handle Ball Valve · uPVC Solid Ball Valves · uPVC Conceal Ball Valve · uPVC Plumbing Fittings · cPVC Pipe · cPVC Pipe Fitting · cPVC Ball Valve · cPVC Solvent · Plumbing Products · UPVC Tee · UPVC Elbow · UPVC Coupler · UPVC MTA · UPVC FTA · UPVC Union · UPVC Four Way · UPVC Reducer Coupler · UPVC Reducer Bush · UPVC Red. Brass Elbow · UPVC Red. Brass Tee · UPVC Solvent Cement |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of India,
Odhav SME Branch, Ground Floor Siddhi Vinayak Arcade, 200 Ft Odhav Ring Road
Circle, Ahmedabad – 382 415, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Vaibhav N. Shah and Company Chartered Accountants |
|
Address : |
36-38, Empire Tower, Near Associated Petrol Pump, C.G. Road, Ahmedabad
– 380 006, Gujarat, India |
|
PAN No.: |
APFPS2781G |
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each
|
Rs.4.000
millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each
|
Rs.1.000
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.013 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1.013 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5.843 |
|
|
2] Unsecured Loans |
|
|
4.086 |
|
|
TOTAL BORROWING |
|
|
9.929 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10.942 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7.175 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1.004 |
|
|
Sundry Debtors |
|
|
1.303 |
|
|
Cash & Bank Balances |
|
|
0.240 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.977 |
|
Total
Current Assets |
|
|
3.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.920 |
|
|
Other Current Liabilities |
|
|
0.071 |
|
|
Provisions |
|
|
0.021 |
|
Total
Current Liabilities |
|
|
1.012 |
|
|
Net Current Assets |
|
|
2.512 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.255 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10.942 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
|
3.043 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
3.023 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
0.020 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST CHARGES
(D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
|
|
0.020 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
0.019 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
0.013 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
0.013 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
0.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
9.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
3.48 |
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 |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last one year |
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 |
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 Loan |
31.03.2011 (Rs.
in Millions) |
|
From Directors |
4.086 |
|
Total
|
4.086 |
FINANCIAL RESULTS
The company was incorporated on 5th August, 2010 as a
manufacturer for all types of plastic items for agriculture irrigation process.
Company has not started its manufacturing operations during the year under
review. However, the trading business has yielded meager profit for the year
OPERATIONAL REVIEW
During the year, the Company is in the process of technical know-how and tie up process for
manufacture of irrigation products. The
directors are optimistic in getting the know-how and very soon be in manufacture
of products from the immediately, financial year.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Factory Building
·
Plant and Machinery
·
Furniture and Fixtures
Intangible Assets
·
Patterns and Trade-marks
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.61.53 |
|
|
1 |
Rs.99.75 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
26 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.