MIRA
INFORM REPORT
|
Report Date : |
17.07.2014 |
Note: Registered office of the concern has been
shifted from W-180, MIDC, T.T.C. Industrial Area, Pawane,
IDENTIFICATION DETAILS
|
Name : |
ESTERS AND SOLVENTS LLP |
|
|
|
|
Formerly Known
As : |
ESTERS AND SOLVENTS |
|
|
|
|
Registered
Office : |
W-180, Khairne MIDC, Post M B P, Navi Mumbai – 400710, |
|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.10.2011 (ESTERS AND SOLVENTS LLP) 1979 (ESTERS AND SOLVENTS) |
|
|
|
|
Total Obligation
of Contribution: |
Rs.28.410 Millions |
|
|
|
|
LLPIN: |
AAA-6643 |
|
|
|
|
IEC No.: |
0312012641 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADFE6756E |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business
: |
Manufacture and exporters of acetates, polymers, fat liquors, lacquers
and their emulsions. |
|
|
|
|
No. of Employees
: |
32 (Approximately) (In Office : 7) + (In Factory : 32) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 114000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established limited liability partnership concern. It is
having a satisfactory track record. Financial position of the concern seems to be decent. Trade relations are fair. Business is active. Payment terms are
usually correct. The concern can be considered normal for 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
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
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in gold imports due to
restrictions on overseas purchases and muted import of capital goods helped
shrink the current account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
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. Irfan Khan |
|
Designation : |
Partner |
|
Contact No.: |
91-22-27672712 |
LOCATIONS
|
Registered Office/ Factory: |
W-180, Khairne MIDC, Post M B P, Navi Mumbai – 400710,
Maharashtra, India |
|
Tel. No.: |
91-22-27672712 / 27680193 |
|
Mobile No.: |
91-9320067810 (Mr. Irfan Khan) |
|
Fax No.: |
91-22-27672712 / 27680193 |
|
E-Mail : |
PARTNERS
|
Name : |
Mr. Irfan Yusuf Khan |
|
Designation : |
Designated Partner |
|
Address : |
10 Devdutt Bandstand, Bandra, Mumbai – 400050, |
|
Date of Birth/Age : |
06.03.1954 |
|
Qualification : |
M. Sc Organics Chemistry |
|
Date of Appointment : |
20.10.2011 |
|
PAN No.: |
AAKPK3790P |
|
DPIN No.: |
05018918 |
|
|
|
|
Name : |
Mrs. Saman Ali Khan |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.11.1957 |
|
Qualification : |
B.A. (Hons) |
|
Date of Appointment : |
20.10.2011 |
|
PAN No.: |
AGPPK7713B |
|
DPIN No.: |
05018921 |
KEY EXECUTIVES
|
Name : |
Madam Geeta |
|
Designation : |
Accounts Executive |
OBLIGATION DETAILS
As on 31.03.2014
|
Names of Partners |
|
Rs. In Millions |
|
Irfan Yusuf Khan |
|
15.166 |
|
Saman Ali Khan |
|
13.244 |
|
Total |
|
28.410 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and exporters of acetates, polymers, fat liquors, lacquers
and their emulsions. |
|
|
|
|
Exports : |
|
|
Products : |
Intermediates |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Chemicals |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit (30 Days and 60 Days) |
|
|
|
|
Purchasing : |
L/C (30 Days and 60 Days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Acetates, Polymers, Fat Liquors, Lacquers |
Tons |
500 tons per
month |
450 tons per
month |
GENERAL INFORMATION
|
No. of Employees : |
32 (Approximately) (In Office : 7) + (In Factory : 32) |
|||||||||
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|
|
|||||||||
|
Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
|||||||||
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|
|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ketkar and Company Chartered Accountants |
|
Address : |
53/57, Laxmi Insurance Company, |
|
Tel No.: |
91-22-22660578 |
|
Email ID : |
CAPITAL STRUCTURE
As on 31.03.2014
Total Obligation of Contribution: Rs.28.410
Millions
|
Names of Partners |
|
Rs. In Millions |
|
Irfan Yusuf Khan |
|
15.166 |
|
Saman Ali Khan |
|
13.244 |
|
Total |
|
28.410 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
|
28.410 |
23.700 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
28.410 |
23.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
34.927 |
48.699 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
34.927 |
48.699 |
|
|
DEFERRED TAX LIABILITIES |
|
1.306 |
1.347 |
|
|
|
|
|
|
|
|
TOTAL |
|
64.643 |
73.746 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
26.462 |
27.694 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
11.331 |
10.001 |
|
|
Sundry Debtors |
|
63.855 |
54.861 |
|
|
Cash & Bank Balances |
|
3.274 |
3.136 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
10.310 |
4.377 |
|
Total
Current Assets |
|
88.770 |
72.375 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
45.950 |
23.284 |
|
|
Provisions |
|
4.639 |
3.039 |
|
Total
Current Liabilities |
|
50.589 |
26.323 |
|
|
Net Current Assets |
|
38.181 |
46.052 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
64.643 |
73.746 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
268.952 |
210.341 |
|
|
|
Other Income |
|
2.588 |
3.417 |
|
|
|
TOTAL |
|
271.540 |
213.758 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Payments and benefits to employees |
|
6.882 |
6.379 |
|
|
|
Manufacturing expenses |
|
231.486 |
181.593 |
|
|
|
Administrative, selling and distribution expenses |
|
16.350 |
12.431 |
|
|
|
Increase / decrease in stock |
|
(1.330) |
(1.897) |
|
|
|
TOTAL |
|
253.388 |
198.506 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
18.152 |
15.252 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
4.301 |
5.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
13.851 |
9.605 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
1.501 |
1.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE REMUNERATION TO PARTNERS AND TAX
|
|
12.350 |
7.946 |
|
|
|
|
|
|
|
|
|
|
REMUNERATION TO
PARTNERS |
|
7.640 |
3.200 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE TAX |
|
4.710 |
4.746 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
1.558 |
1.669 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
AFTER TAX |
|
3.152 |
3.077 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
PAT / Total
Income |
(%) |
|
1.16 |
1.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.75 |
2.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.09 |
4.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.17 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
1.23 |
2.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.75 |
2.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Partner’s Capital |
|
23.700 |
28.410 |
|
Reserves & Surplus |
|
0.000 |
0.000 |
|
Net
worth |
|
23.700 |
28.410 |
|
|
|
|
|
|
Secured Loans |
|
48.699 |
34.927 |
|
Unsecured Loans |
|
0.000 |
0.000 |
|
Total
borrowings |
|
48.699 |
34.927 |
|
Debt/Equity
ratio |
|
2.055 |
1.229 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
|
210.341 |
268.952 |
|
|
|
|
27.865 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
|
210.341 |
268.952 |
|
Profit |
|
3.077 |
3.152 |
|
|
|
1.46% |
1.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
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) |
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 |
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 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10400050 |
30/12/2013 * |
66,300,000.00 |
HDFC BANK LIMITED |
HDFC Bank
Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, |
L01105113 |
*Date of modification Charges
TRADE REFERENCES:
·
BSF India Limited
Contact No.: 91-22-67917417
·
Indofil Industries Limited
Contact No.: 91-9833374202 (Mr. Sunil Kadam)
·
Petchem Products
Contact No.: 91-9820516157 (Mr. S.P. Das)
·
TFL Quinn Limited
Contact No.: 91-9652771305 (Mr. B. Mohan)
·
Stahi Asia Pacific Pte. Limited
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.60.19 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.