MIRA
INFORM REPORT
|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MULTICHEM SPECIALITIES PRIVATE LIMITED |
|
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Registered
Office : |
1215, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-169587 |
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Capital Investment
/ Paid-up Capital : |
Rs.13.984 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2007PTC169587 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM31783D |
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PAN No.: [Permanent Account No.] |
AEVPK7809J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Chemical Intermediates for Agro
Chemicals and Pharmaceutical Intermediates. |
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|
|
|
No. of Employees
: |
8 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 89000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Profitability and reserves of the company appears to be low. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealing 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 narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction, according
the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = B+ |
|
Rating Explanation |
Risk prone credit quality and very high credit risk. |
|
Date |
17.05.2013 |
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Manish Shivdayal Karnani |
|
Designation : |
Director |
|
Contact No.: |
91-9820124053 |
|
Date : |
20.01.2014 |
LOCATIONS
|
Registered Office : |
1215, Dalamal Towers, 211, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-43432121 |
|
Mobile No.: |
91-9820124053 (Mr. Manish Shivdayal Karnani) |
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Fax No.: |
91-22-43432122 |
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E-Mail : |
|
|
Website : |
|
|
Area : |
550 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Manish Shivdayal Karnani |
|
Designation : |
Managing director |
|
Address : |
I-13, Maker Tower, 1st Floor, Cuffe Parade, Colaba, Mumbai
– 400005, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1973 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
03.04.2007 |
|
DIN No. : |
01252027 |
|
|
|
|
Name : |
Mrs. Laxmi Manish Karnani |
|
Designation : |
Director |
|
Address : |
I-13, Maker Tower, 1st Floor, Cuffe Parade, Colaba, Mumbai
– 400005, Maharashtra, India |
|
Date of Birth/Age : |
05.11.1972 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
14.05.2008 |
|
DIN No. : |
01744979 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Manish Shivdayal Karnani |
|
1184924 |
|
Kamlesh Gupta |
|
1000 |
|
Laxmi Karnani |
|
212500 |
|
Total |
|
1398424 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.93 |
|
Other top fifty shareholders |
0.07 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Chemical Intermediates for Agro
Chemicals and Pharmaceutical Intermediates. |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
USA ·
China |
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Terms : |
|
|
Selling : |
Credit (30 Days and 60 Days) |
|
|
|
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Purchasing : |
DA and DP |
GENERAL INFORMATION
|
Suppliers : |
· Gold trading Industries, China · K.K. Enterprise · Naveen and Sons · Sweta Pharma Private Limited · Choice Organics Private Limited · FMC Corporation · Forecast · PNR Impex · R.R. Enterprises · R. Nandlal and Sons · Jaykem Enterprises · Venki Chem |
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Customers : |
End Users · Aurobindo Pharmaceutical · Anil Mehta and Company · Atul Limited · B.R. International · Casil Industries Limited · Indian Aqua Traders · Kiran Traders · Live Pharma · National Tek Paints · Powder Pack Chem · Pravin Corporation · Quiver Technologies |
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No. of Employees : |
8 (Approximately) |
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Bankers : |
· Oriental Bank of Commerce, Fort Branch, Jash Chambers, Ground Floor, Sir P. M Road, Fort, Mumbai - 400001, Maharashtra, India ·
Union Bank of India ·
Standard Chartered Bank, Standard Chartered Tower,
201, B/1, Western Express Highway, Goregaon (East), Mumbai - 400063,
Maharashtra, India |
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Facilities : |
Total Facility Enjoyed Rs.150.000 Millions (From Oriental Bank
of Commerce) (Rs.
In Millions)
|
|
|
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
S.B. Gabhawalla and Company Chartered Accountants |
|
Address : |
12 La Bella, Azad Lane, Andheri (East), Mumbai – 400069, Maharashtra,
India |
|
Tel. No.: |
91-22-26825100 / 01 / 02 |
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Fax No.: |
91-22-26825103 |
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Email : |
|
|
Website : |
|
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PAN No.: |
AABPG3657L |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1398424 |
Equity Shares |
Rs.10/- each |
Rs.13.984 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 |
13.984 |
13.984 |
13.984 |
|
(b) Reserves & Surplus |
8.412 |
6.292 |
3.949 |
|
(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) |
22.396 |
20.276 |
17.933 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
26.112 |
25.885 |
12.198 |
|
(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) |
26.112 |
25.885 |
12.198 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.110 |
42.890 |
26.894 |
|
(b) Trade payables |
34.415 |
115.502 |
84.694 |
|
(c) Other current
liabilities |
0.343 |
0.041 |
0.084 |
|
(d) Short-term provisions |
0.794 |
1.150 |
1.767 |
|
Total Current Liabilities (4) |
35.662 |
159.583 |
113.439 |
|
|
|
|
|
|
TOTAL |
84.170 |
205.744 |
143.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.717 |
2.295 |
3.065 |
|
(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) |
0.176 |
0.146 |
0.048 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.063 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1.893 |
2.441 |
3.176 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
29.757 |
86.286 |
53.380 |
|
(c) Trade receivables |
49.319 |
104.398 |
85.858 |
|
(d) Cash and cash
equivalents |
0.570 |
10.481 |
0.092 |
|
(e) Short-term loans and
advances |
1.790 |
0.509 |
0.183 |
|
(f) Other current assets |
0.841 |
1.629 |
0.881 |
|
Total Current Assets |
82.277 |
203.303 |
140.394 |
|
|
|
|
|
|
TOTAL |
84.170 |
205.744 |
143.570 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
386.915 |
|
302.864 |
|
|
|
Other Income |
NA |
NA |
|
|
|
|
TOTAL |
NA |
NA |
302.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
299.841 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.683 |
4.229 |
3.023 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.577 |
0.781 |
0.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.106 |
3.448 |
2.461 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.986 |
1.104 |
0.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.120 |
2.344 |
1.691 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.52 |
1.68 |
1.21 |
|
Expected Sales (2013-14) : Rs. 450.000 Millions
The above information has been parted by Mr. Manish Shivdayal Karnani
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.80
|
0.83 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.70
|
1.68 |
1.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.17 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.17
|
3.39 |
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
1.27 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
S D Karnani |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
Yes |
Note:
The registered office of the company has been shifted from 505, Nainkripa, 5th Floor, 118/122, Kazi Sayed Street, Mumbai – 400003, Maharashtra, India to the present address w.e.f. 12.11.2009
FINANCIAL RESULTS:-
During the year your Company has earned Rs. 386.915 Millions as revenue from operations and earned profit of Rs. 2.119 Millions after providing depreciation of Rs. 0.577 Million, provision for current year tax of Rs. 1.016 Millions and deferred tax credit Rs. 0.030 Million.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Others |
|
|
|
Evergreen Trader Private Limited |
2.914 |
2.500 |
|
Chemtex Speciality Limited |
0.000 |
20.000 |
|
ABM Finlease Private Limited |
9.371 |
0.000 |
|
Ashutosh Advisory Services |
1.042 |
0.000 |
|
Related Parties |
|
|
|
Manish Trade Link Private Limited |
2.200 |
2.247 |
|
Lakshmi Karnani |
6.200 |
0.000 |
|
Manish Karnani |
4.035 |
0.000 |
|
Total |
25.762 |
24.747 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10064983 |
16/07/2011 * |
150,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH, JASH CHAMBERS, GROUND FLOOR, SIR P. M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B18244095 |
* Date of charge modification
FIXED ASSETS
· Fax Machine
· EPABX Machine
· Office Equipments
· Electrical Installation
· Air Condition
· Computer
· Other Equipments
· Water Purifier
· Mobile Handset
· Furniture and Fixtures
· Car
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.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
4 |
|
--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 |
|
28 |
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.