MIRA
INFORM REPORT
|
Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
AQUAPHARM CHEMICALS PRIVATE LIMITED (w.e.f. 21.04.1981) |
|
|
|
|
Formerly Known
As : |
VIKRAM ION EXCHANGERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9th and 10ht Floor, Amar Synergy, 12B, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
|
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Date of
Incorporation : |
02.03.1974 |
|
|
|
|
Com. Reg. No.: |
11-017243 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231MH1974PTC017243 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA0885B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA7014R |
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|
Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
The Company
Produces and Sells Chemicals. |
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|
|
|
No. of Employees
: |
170 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5100000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business
dealings at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
26.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
26.09.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ghatpande |
|
Designation : |
General Manager in Finance |
|
Contact No.: |
91-20-66090000 |
LOCATIONS
|
Registered Office : |
9th and 10ht Floor, Amar Synergy, 12B, Sadhu Vaswani Road,
Pune - 411001, Maharashtra, India |
|
Tel. No.: |
91-20-66090000 |
|
Fax No.: |
91-20-26053396 |
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E-Mail : |
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|
Website : |
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|
Area : |
800 sq ft (Approximately) |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
At and Near Village Pirangut Village, Taluka Mulshi, Pune - 412
108, Maharashtra, India |
|
Tel. No.: |
91-2139-22883 / 22792 |
|
Fax No.: |
91-2139-22362 |
|
Area : |
10665 sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
K-3/ 1, 2 and 3, Additional Mahad M.I.D.C. Area, Mahad Raigad – 402
302, Maharashtra, India |
|
Area : |
53547 sq ft |
|
Location : |
Owned |
|
|
|
|
R and D Office : |
S-1, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India |
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|
|
|
Branch Office : |
Located At: ·
Delhi ·
Chennai ·
Baroda ·
Kolkata |
DIRECTORS
As on: 15.07.2013
|
Name : |
Mr. Nitin Raoji Bhai Desai |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
457, Sindh Housing Society, Aundh, Pune – 411 007, |
|
Date of Birth/Age : |
01.11.1943 |
|
Date of Appointment : |
30.08.1980 |
|
PAN NO : |
AAAHD7774E |
|
Din No.: |
00140239 |
|
|
|
|
Name : |
Mr. Vishnu Khushaldas Mangwani |
|
Designation : |
Managing Director |
|
Address : |
242, Sindh Housing Society, Aundh, Pune – 411 007, |
|
Date of Birth/Age : |
01.07.1931 |
|
Date of Appointment : |
02.03.1974 |
|
PAN NO : |
ABAPM6828K |
|
Din No.: |
00352161 |
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|
|
|
Name : |
Mrs. Vimal Vishnu Mangwani |
|
Designation : |
Joint Managing Director |
|
Address : |
303, Sindh Housing Society, Aundh, Pune – 411 007, |
|
Date of Birth/Age : |
13.09.1956 |
|
Date of Appointment : |
01.07.2008 |
|
PAN NO : |
ABAPM6827G |
|
Din No.: |
00352180 |
|
|
|
|
Name : |
Mr. Sanjay Jasubhai Desai |
|
Designation : |
Director |
|
Address : |
14, |
|
Date of Birth/Age : |
18.05.1960 |
|
Date of Appointment : |
28.12.1998 |
|
Din No.: |
00140307 |
|
|
|
|
Name : |
Mr. Dharmesh Vishin Mangwani |
|
Designation : |
Managing Director |
|
Address : |
209, Sindh Housing Society, Aundh, Pune – 411 007, |
|
Date of Birth/Age : |
16.04.1963 |
|
Date of Appointment : |
13.12.2010 |
|
Din No.: |
00467962 |
|
|
|
|
Name : |
Mr. Subramanian Padmanabhan |
|
Designation : |
Director |
|
Address : |
30, Vishrambaug Society, |
|
Date of Birth/Age : |
01.09.1939 |
|
Date of Appointment : |
14.09.2005 |
|
Din No.: |
00001207 |
|
|
|
|
Name : |
Mr. Bimal Natubhai Desai |
|
Designation : |
Director |
|
Address : |
AMI 4, Purna Prasad Extension, Race Course, |
|
Date of Birth/Age : |
13.04.1959 |
|
Date of Appointment : |
02.07.2010 |
|
Din No.: |
00141120 |
KEY EXECUTIVES
|
Name : |
Mr. Ghatpande |
|
Designation : |
General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 15.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vishnu Khushaldas Mangwani |
|
19551 |
|
Kamal V. Mangwani |
|
27180 |
|
Natuhubhai H. Desai |
|
5436 |
|
Bimal N. Desai (HUF) |
|
10869 |
|
Sanjay J. Desai (HUF) |
|
7248 |
|
Nitin R. Desai (HUF) |
|
15219 |
|
Vimal Mangwani |
|
40096 |
|
Desons Holdings Private Limited, India |
|
6522 |
|
Nitin R. Desai |
|
7369 |
|
Dharmesh V. Mangwani |
|
49274 |
|
Sanjana S. Desai |
|
7248 |
|
Meena N. Desai |
|
10993 |
|
Sheetal R. Navani |
|
7248 |
|
Natubhai Desai HUF |
|
2535 |
|
Ameeta Patel |
|
7245 |
|
Parul Desai |
|
7245 |
|
Veena Desai |
|
7248 |
|
Sarojben Desai |
|
7245 |
|
Prisha Desai |
|
7245 |
|
Nirupamaben Desai will Sanjana Prisha Trust, India |
|
7245 |
|
Ranna Desai |
|
7245 |
|
Sanjay Desai |
|
6159 |
|
Divya Vimal Mangwani |
|
7245 |
|
Poonam Mangwani |
|
3269 |
|
Tanya Mangwani |
|
1017 |
|
Kirti Dharmesh Mangwani |
|
726 |
|
J.H. Desai Will Sanjana Prisha Trust, India |
|
5436 |
|
Naman Family Trust, India |
|
3500 |
|
Rudra Family Trust, India |
|
3500 |
|
Minoo Mangwani |
|
1642 |
|
TOTAL
|
|
300000 |
Equity Share Break up (Percentage of Total Equity)
As on: 15.07.2013
|
Category |
Percentage |
|
Bodies corporate |
2.17 |
|
Directors or relatives of Directors |
97.83 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company
Produces and Sells Chemicals. |
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Products : |
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Terms : |
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Selling : |
Cash / Advance Payment / Credit |
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Purchasing : |
Cash / Advance Payment / Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Organophosphonates |
MT |
49280* |
32175.99 |
|
Dispersants and Biocides |
MT |
2600 |
437.34 |
|
Formulation |
MT |
4000 |
1483.62 |
|
Others |
MT |
-- |
20355.40 |
NOTE: (*) Capacity has been increased due to change in Production process
cycle.
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, End Users and Others |
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No. of Employees : |
170 (Approximately) |
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Bankers : |
·
Corporation
Bank, Corporate Banking Branch, 14, Wakdewadi, Mumbai Pune Road, Pune – 411
003, Maharashtra, India ·
The Cosmos Co-operative Bank Limited, 269/270,
Saniwar Peth, Laxmi Road Branch, Pune - 411 030, Maharashtra, India |
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Facilities : |
(Rs in Millions)
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MZSK and
Associates Chartered
Accountants |
|
Address : |
1st
Floor, Alankar Cinema Building, Pune – 411001, Maharashtra, India |
|
PAN No.: |
AACFK3470E |
|
|
|
|
Subsidiary company : |
Aquapharm
Chemicals (Hong Kong) Limited |
|
|
|
|
Associates |
·
Veekay
Infin and Holdings Private Limited, India ·
Desai
Brothers Limited ·
Desons
Holdings and Finance Private Limited, India |
CAPITAL STRUCTURE
As on: 15.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000
Millions |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
1267.724 |
1116.588 |
1066.351 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1297.724 |
1146.588 |
1096.351 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
82.404 |
114.982 |
75.612 |
|
(b) Deferred tax liabilities (Net) |
17.834 |
19.715 |
27.153 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.431 |
5.523 |
5.934 |
|
Total Non-current Liabilities (3) |
104.669 |
140.220 |
108.699 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
882.823 |
830.011 |
720.342 |
|
(b) Trade payables |
360.053 |
243.669 |
270.324 |
|
(c) Other current
liabilities |
196.453 |
215.289 |
185.779 |
|
(d) Short-term provisions |
243.828 |
242.749 |
134.362 |
|
Total Current Liabilities (4) |
1683.157 |
1531.718 |
1310.807 |
|
|
|
|
|
|
TOTAL |
3085.550 |
2818.526 |
2515.857 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
597.718 |
607.852 |
624.261 |
|
(ii) Intangible Assets |
5.969 |
7.152 |
0.000 |
|
(iii) Capital
work-in-progress |
21.473 |
13.126 |
23.898 |
|
(iv)
Intangible assets under development |
0.000 |
1.287 |
0.000 |
|
(b) Non-current Investments |
0.000 |
60.874 |
0.873 |
|
(c) Deferred tax assets (net) |
100.873 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
114.544 |
133.372 |
125.041 |
|
(e) Other Non-current assets |
0.000 |
0.844 |
0.000 |
|
Total Non-Current Assets |
840.577 |
824.507 |
774.073 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
60.000 |
0.000 |
0.000 |
|
(b) Inventories |
529.732 |
446.646 |
385.084 |
|
(c) Trade receivables |
728.376 |
575.031 |
702.722 |
|
(d) Cash and cash
equivalents |
702.130 |
790.206 |
547.314 |
|
(e) Short-term loans
and advances |
213.157 |
176.044 |
103.167 |
|
(f) Other current
assets |
11.578 |
6.092 |
3.497 |
|
Total Current Assets |
2244.973 |
1994.019 |
1741.784 |
|
|
|
|
|
|
TOTAL |
3085.550 |
2818.526 |
2515.857 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3126.342 |
2395.850 |
2356.026 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2746.791 |
2121.916 |
2073.749 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
379.551 |
273.934 |
282.277 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
123.119 |
84.461 |
17.683 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
256.432 |
189.473 |
264.594 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
2270.259 |
1710.425 |
1672.524 |
|
|
TOTAL IMPORTS |
2270.259 |
3980.684 |
3382.949 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
854.77 |
631.58 |
881.98 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
4000.000 (Unaudited) |
|
|
|
|
|
The above information has been parted by Mr. Ghatpande
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.20
|
7.91
|
11.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.81
|
9.99
|
11.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.24
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73
|
0.82
|
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.30
|
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
1066.351 |
1116.588 |
1,267.72 |
|
Net
worth |
1,096.351 |
1,146.588 |
1,297.724 |
|
|
|
|
|
|
long-term borrowings |
75.612 |
114.982 |
82.404 |
|
Short term borrowings |
720.342 |
830.011 |
882.823 |
|
Total
borrowings |
795.954 |
944.993 |
965.227 |
|
Debt/Equity
ratio |
0.726 |
0.824 |
0.744 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
2356.026 |
2395.850 |
3126.342 |
|
|
|
1.690 |
30.490 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
2356.026 |
2395.85 |
3126.342 |
|
Profit |
264.594 |
189.473 |
256.432 |
|
|
11.23% |
7.91% |
8.20% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN:
(Rs in Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales
tax loan (Deferred sales tax loan is interest free and payable in yearly
installments based on respective sales tax assessments.) |
0.000 |
2.642 |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign currency
term loans from banks (Buyers credit loans are repayable on respective due dates. These loans
are supported by letter of undertaking given by Bank) |
580.191 |
432.966 |
|
Loans repayable
on demand from others (Unsecured loans and advances from related parties are repayable on
demand and carries interest @ 12% p.a.) |
234.000 |
222.600 |
|
Total |
814.191 |
658.208 |
OPERATIONS:
Some of the highlights of this year’s operations are as follows-
Total export sales during the year were Rs. 2471.400 Millions. (Last
year Rs. 1844.200 Millions.) and Domestic sales were Rs. 557.400 Millions.
(Last Year 493.000 Millions). Thus there is a increase of 34% increase in
export sales and 13% increase in domestic sales over previous year.
Mahad plant continues to be a major contributor to the company’s
operations. About 83% of the total sales were from Mahad (about Rs. 25.300
Millions.)
CONTINGENT
LIABILITIES AND COMMITMENTS
Contingent
Liabilities
(i) Guarantees issued by the banks on behalf of the Company Rs. 0.025
Millions. (Rs. 2.659 Millions).
(ii) The show cause notice of Rs. 39.074 Millions (Rs. 22.040 Millions) received
from Central Excise/ Service Tax Authority is disputed by the Company and in
respect of which no provision has been made.
(iii) A demand for Rs. 2.495 Millions (Rs. 2.495 Millions) has been
raised by the Sales Tax Authority. The same is disputed by the Company and the
matter is in appeal. [Advance paid Rs. 0.615 Millions (Rs. 0.615 Millions)] and
in respect of which no provision has been made.
(iv) Appeals filed by Income Tax Authorities against orders of
Commissioner of Income Tax (Appeals) in favour of the Company, the quantum of
tax involved is Rs. Nil (Rs.5.483 Millions). and in respect of which no
provision has been made.
(v) The demand of Rs. 46.393 Millions (Rs. Nil) by Income Tax Authority
is disputed by the Company and the matter is in appeal.
(vi) The Income tax assessments of the company have been completed up to
assessment year 2010-11. No additional demand has been raised as the company is
taxed on the basis of book profits. Certain additions were made during the
course of assessment against which company has filed appeals and expecting
relief based on judicial pronouncement and interpretation of provisions of law.
No adjustment has been made on account of disputed addition in respect of MAT
credit available to the company for future set off. Amount involved in respect
of such credit is Rs. 8.347 Millions (Rs. 7.814 Millions).
Commitments
(i) Estimated amounts of contracts remaining to be executed on Capital
account and not provided for is Rs. 91.189 Lakh (Rs. 23.519 Lakh) and in respect
of which no provision has been made.
REGISTERED OFFICE CHANGE:
Registered office of the company has been
shifted from S-1, M.I.D.C.,
Bhosari, Pune – 411 026, Maharashtra, India. To the preset address w.e.f.
10.12.2011
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10377015 |
30/07/2012 |
369,000.00 |
Corporation Bank |
Industrial
Finance Branch,, 14, Pune Mumbai Road, |
B58315623 |
|
2 |
10372728 |
26/07/2012 |
595,000.00 |
Corporation Bank |
Industrial
Finance Branch,, Pune Mumbai Road, Wakdewadi,, Pune, Maharashtra - 411003,
INDIA |
B56442650 |
|
3 |
10372723 |
03/07/2012 |
968,000.00 |
Corporation Bank |
Corporate
Banking Branch,, Pune Mumbai Road, Wakdewadi,, Pune, Maharashtra - 411003,
INDIA |
B56442049 |
|
4 |
10343898 |
07/02/2012 |
338,000.00 |
Corporation Bank |
Industrial
Finance Branch,, 14, Pune Mumbai Road, |
B35706183 |
|
5 |
10337037 |
12/01/2012 |
548,000.00 |
Corporation Bank |
Industrial
Finance Branch, 14,, Pune Mumbai Road, |
B32732646 |
|
6 |
10333085 |
03/01/2012 |
130,000,000.00 |
Corporation Bank |
Industrial
Finance Branch, No 14, Pune-Mumbai Roa d, Wakdewadi, Pune, Maharashtra -
411003, INDIA |
B31037815 |
|
7 |
10322122 |
04/11/2011 |
550,000.00 |
Corporation Bank |
Industrial Finance
Branch, 14, Pune - Mumbai Road, |
B27450352 |
|
8 |
10322614 |
24/10/2011 |
427,000.00 |
Corporation Bank |
Industrial
Finance Branch, 14,, Mumbai-Pune Road, |
B27673854 |
|
9 |
10306384 |
28/07/2011 |
535,000.00 |
Corporation Bank |
Industrial
Finance Branch,, 14, Pune-Mumbai Road, |
B20591848 |
|
10 |
10292554 |
19/05/2011 |
1,160,000.00 |
Corporation Bank |
Industrial
Finance Branch, 14,, Pune Mumbai Road, |
B15127814 |
|
11 |
10271757 |
25/02/2011 |
747,000.00 |
Corporation Bank |
Industrial Finance
Branch, 14,, Pune Mumbai Road, |
B08107047 |
|
12 |
10260769 |
24/12/2010 |
105,000,000.00 |
Corporation Bank |
Industrial
Finance Branch,, 14, Pune Mumbai Road, |
B03536372 |
|
13 |
10264081 |
16/11/2010 |
424,000,000.00 |
CORPORATION BANK |
Industrial
Finance Branch, 14, Mumbai Pune Road,, |
B02948461 |
|
14 |
10250192 |
14/10/2010 |
400,000.00 |
Corporation Bank |
Industrial
Finance Branch,, 14, Pune Mumbai Road, |
A99003352 |
|
15 |
10190739 |
12/12/2009 |
315,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, 14, PUNE MUMBAI ROAD, |
A75287078 |
|
16 |
10187740 |
18/11/2009 |
470,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, PUNE MUMBAI ROAD, |
A74157942 |
|
17 |
10186490 |
13/11/2009 |
532,954.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14 PUNE MUMBAI ROAD, W |
A73744146 |
|
18 |
10169141 |
20/07/2009 |
1,564,000.00 |
CORPORATION BANK |
14, PUNE -
MUMBAI ROAD,, WAKDEWADI,, PUNE, Maharashtra - 411003, INDIA |
A66879016 |
|
19 |
10152411 |
02/04/2009 |
1,200,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14 PUNE MUMBAI ROAD, W |
A60347473 |
|
20 |
10135746 |
24/11/2008 |
210,000,000.00 |
CORPORATION BANK |
Industrial
Finance Branch, 14, Wakdewadi,, Pune Mumbai Road,, PUNE, Maharashtra -
411003, INDIA |
A53770418 |
|
21 |
10115405 |
25/07/2008 |
150,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, 14, PUNE MUMBAI ROAD, |
A43003805 |
|
22 |
10083844 |
03/01/2008 |
97,500,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, PUNE MUMBAI ROAD, |
A30226153 |
|
23 |
90087307 |
31/05/2005 |
50,000,000.00 |
THE COSMOS
CO-OPERATIVE BANK LIMITED |
269/270;
SHANIWAR PETH, PUNE, Maharashtra - 411030 |
- |
|
24 |
90087133 |
31/01/2005 |
40,000,000.00 |
THE COSMIS
CO-OPERATIVE BANK LIMITED |
269/270;
SHANIWAR PETH, PUNE, Maharashtra - 411030 |
- |
|
25 |
90086516 |
08/09/2003 |
7,500,000.00 |
CORPORATION BANK |
PUNE MUMBAI
ROAD, WAKDEWANI, PUNE, Maharashtra - |
- |
|
26 |
90086206 |
16/09/2013 * |
1,800,000,000.00 |
CORPORATION BANK |
CORPORATE
BANKING BRANCH,, 14, WAKDEWADI, MUMBAI |
B87961108 |
|
27 |
90091191 |
06/03/2000 |
5,000,000.00 |
THE COSMOS
CO-OPERATIVE BANK LTD |
269/270 SHANIWAR
PETH, PUNE, Maharashtra - 411030, |
- |
|
28 |
90084184 |
24/10/1994 |
4,000,000.00 |
THE STATE
INDUSTRIAL AND INVESTMENT CORP OF MAHARASH |
NIRMAL; 1ST
FLOOR, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA |
- |
FIXED ASSETS
·
Freehold
land
·
·
Building
·
Plant
and Machinery
·
Technical
Know-How
·
Electrical
Installation
·
Vehicles
·
Furniture
and Fittings
·
Data
Processing Machines
·
Office
Equipments
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.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.