MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
EXODUS CHEMTANK PRIVATE LIMITED |
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Registered
Office : |
30, Madhuban, Ground Floor, Near Dahisar Telephone Exchange, Dahisar,
Mumbai – 400068, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
08.05.2007 |
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Com. Reg. No.: |
11-170676 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U74900MH2007PTC170676 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME06956F |
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PAN No.: [Permanent Account No.] |
AABCE7615B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Logistic Services and Products to Cater Intelligently to
Chemical Industry to Store, Transport, Ship and Deliver all kinds of
Chemicals. |
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No. of Employees
: |
25 (Approximately) |
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 |
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Maximum Credit Limit : |
USD 27000 |
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Status : |
Moderate |
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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 record. The company possesses a moderate financial profile marked by small networth base. Management has reported a minimal net profit during 2013. The ratings also take into consideration the modest scale of
operations along with huge payables which may have a harsh impact on the
liquidity profile of the company. However, trade relations appear to be fair. Business is active.
Payment terms are reported as slow but correct. 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.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were
announced, the government decided to hike interest rates on fixed deposit
schemes offered by post offices up to 0.2 per cent. The new rates will be
effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s
appeal against a ruling over transferring ownership of its local mobile phones
plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into
Hindustan Aeronautics Limited’s contracts from
Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau
of Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 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.
INFORMATION PARTED BY
|
Name : |
Mr. L. V. Mesta |
|
Designation : |
Account Department |
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Contact No.: |
91-22-64557500 |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office : |
30, Madhuban, Ground Floor, Near Dahisar Telephone Exchange, Dahisar,
Mumbai – 400068, Maharashtra, India |
|
Tel. No.: |
91-22-64557500 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Unit # 311, Atlanta Estate, Dr. Ambedkar Chowk, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, india |
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Warehouse : |
Uma Shopping Center, Unit # 4 and 5, Near Kalol Highway Road, At -post / Village - Nandasan, Tal / Dist – Mehsana, India |
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Branches Office: |
Locate at: · Gandhidham ·
Navi Mumbai |
DIRECTORS
As on: 28.09.2013
|
Name : |
Mr. Rajesh Jagadanand Purohit |
|
Designation : |
Director |
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Address : |
F 801 / 802, Ekta Meadows, Siddharth Nagar, Kandivili (East), Mumbai – 400 066, Maharashtra,
India |
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Date of Birth/Age : |
05.07.1972 |
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Date of Appointment : |
08.05.2007 |
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DIN No.: |
00777623 |
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Name : |
Mrs. Basanti Rajesh Purohit |
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Designation : |
Director |
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Address : |
F 801 / 802, Ekta Meadows, Siddharth Nagar, Kandivili (East), Mumbai – 400 066, Maharashtra,
India |
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Date of Birth/Age : |
01.07.1979 |
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Date of Appointment : |
08.05.2007 |
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DIN No.: |
02277429 |
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Name : |
Mr. Gev Behram Bharucha |
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Designation : |
Director |
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Address : |
F-804, Ekta Meadows, Siddharth Nagar, Kandivli (East), Mumbai – 400 066, Maharashtra, India |
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Date of Birth/Age : |
07.07.1958 |
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Date of Appointment : |
01.12.2007 |
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DIN No.: |
01910265 |
KEY EXECUTIVES
|
Name : |
Mr. L. V. Mesta |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Jagadanand Purohit |
|
5000 |
|
Basanti Rajesh Purohit |
|
5000 |
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Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2013
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Logistic Service and Products to Cater Intelligently to
Chemical Industry to Store, Transport, Ship and Deliver all kinds of
Chemicals. |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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No. of Employees : |
25 (Approximately) |
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Bankers : |
· Axis Bank Limited · Kotak Mahindra Bank |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Narendra V. Mehta and Company Chartered Accountants |
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Address : |
11, Kidiwala Building, 2nd
Floor, 62/64, Kazi Saiyad
Street, Masjid Bunder,
Mumbai –
400003, Maharashtra, India |
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PAN No.: |
ABCPM9918J |
CAPITAL STRUCTURE
As on: 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100
Million |
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|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
6.800 |
4.901 |
2.986 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
6.900 |
5.001 |
3.086 |
|
|
|
|
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(3) Non-Current Liabilities |
|
|
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(a) long-term borrowings |
0.102 |
0.453 |
2.311 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.102 |
0.453 |
2.311 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4.068 |
1.151 |
0.000 |
|
(b) Trade payables |
26.726 |
27.872 |
26.673 |
|
(c) Other current liabilities |
0.718 |
0.675 |
0.979 |
|
(d) Short-term provisions |
0.173 |
0.336 |
1.568 |
|
Total
Current Liabilities (4) |
31.685 |
30.034 |
29.220 |
|
|
|
|
|
|
TOTAL |
38.687 |
35.488 |
34.617 |
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II.
ASSETS |
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|
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|
(1) Non-current assets |
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|
(a) Fixed Assets |
|
|
|
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(i)
Tangible assets |
24.093 |
23.252 |
20.120 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
(0.193) |
(0.093) |
0.034 |
|
(d) Long-term Loan and Advances |
0.709 |
1.232 |
2.647 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.008 |
|
Total
Non-Current Assets |
24.609 |
24.391 |
22.809 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
1.733 |
1.633 |
1.560 |
|
(b) Inventories |
0.000 |
0.031 |
0.031 |
|
(c) Trade receivables |
6.496 |
2.891 |
5.636 |
|
(d) Cash and cash equivalents |
4.186 |
3.513 |
1.788 |
|
(e) Short-term loans and
advances |
1.655 |
2.949 |
2.793 |
|
(f) Other current assets |
0.008 |
0.080 |
0.000 |
|
Total
Current Assets |
14.078 |
11.097 |
11.808 |
|
|
|
|
|
|
TOTAL |
38.687 |
35.488 |
34.617 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
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Turnover |
|
125.000
(Approximately) |
NA |
|
|
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Other Income |
|
NA |
NA |
|
|
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TOTAL |
|
NA |
NA |
|
|
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EXPENSES |
|
|
|
|
|
|
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TOTAL |
|
NA |
NA |
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|
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|
PROFIT BEFORE
TAX |
|
2.687 |
2.315 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
NA |
NA |
|
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|
|
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|
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PROFIT AFTER TAX
|
|
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.91 |
6.51 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39 |
0.46 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
0.61 |
0.32 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45 |
0.37 |
0.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
2.986 |
4.901 |
6.800 |
|
Net
worth |
3.086 |
5.001 |
6.900 |
|
|
|
|
|
|
long-term borrowings |
2.311 |
0.453 |
0.102 |
|
Short term borrowings |
0.000 |
1.151 |
4.068 |
|
Total
borrowings |
2.311 |
1.604 |
4.170 |
|
Debt/Equity
ratio |
0.749 |
0.321 |
0.604 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
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 |
Yes |
|
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 LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Gev B Bharucha |
1.100 |
0.000 |
|
|
|
|
|
Total |
1.100 |
0.000 |
FINANCIAL RESULTS:
During the year, the Company has earned a net profit (before Taxation) of Rs. 2.687 millions, (Previous year Rs. 2.315 millions) registering the growth of about 16.09% over the previous year.
Note: The Registered
Office of the company has been shifted from F 801 / 802, Ekta
Meadows, Near Khatau Mills, Siddharth
Nagar, Kandivili (East),
Mumbai – 400 066,
Note: No Charges Exist for Company
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. 59.95 |
|
|
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
|
-- |
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.