MIRA INFORM REPORT

 

 

Report No. :

335123

Report Date :

03.08.2015

 

IDENTIFICATION DETAILS

 

Name :

FX PIGMENTS PRIVATE LIMITED

 

 

Registered Office :

Suite No D-710, Neelkanth Business Park, Near Vidyavihar Station, Vidyavihar [West], Mumbai – 400086, Maharashtra

Tel. No.:

91-22-25021414/ 25021515

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.12.2010

 

 

Com. Reg. No.:

11-210601

 

 

Capital Investment / Paid-up Capital :

Rs. 0.450 Million

 

 

CIN No.:

[Company Identification No.]

U24233MH2010PTC210601

 

 

IEC No.:

0310077788

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCF6475C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Pearlescent Pigments, Thermochromic Pigments and Photochromic Pigments.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

FX Pigments Private Limited was incorporated on 3rd December 2010, it is established company having satisfactory track record.

 

The general financial position of the company seems to sound and healthy. The fundamentals of the company are healthy. Rating takes into consideration on long-established track record of the company and experience of its promoter.

 

Trade relations are fair. Business is active. Payments are reported to be usually correct.

 

In view of sound financial and operational backed, the company can be considered 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.

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Sanket Kothari

Designation :

Director

Contact No.:

91-22-25021414

Date :

01.08.2015

 

 

LOCATIONS

 

Registered Office :

Suite No D-710, Neelkanth Business Park, Near Vidyavihar Station, Vidyavihar [West], Mumbai – 400086, Maharashtra, India

Tel. No.:

91-22-25021414/ 25021515

Fax No.:

91-22-25021414/ 25021515

E-Mail :

spectrumimp@gmail.com

info@fxpigments.com

Website :

http://www.fxpigments.com

http://www.fxpigments.in

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Sanket Nagin Kothari

Designation :

Director

Address :

807, Giriraj Neelkanth Valley, 7th Road, Rajawadi, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Appointment :

03.12.2010

DIN No.:

00055086

 

 

Name :

Mr. Aniket Mahendra Tanna

Designation :

Director

Address :

20 Giriraj Society, Gokhle Road, Naupada, Thane - 400602, Maharashtra, India

Date of Appointment :

03.12.2010

DIN No.:

02243386

 

 

Name :

Mr. Amit Mohan Maker

Designation :

Director

Address :

1 Rajnigandha Saraswat Cly, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

30.09.1978

Date of Appointment :

29.09.2011

DIN No.:

03295633

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

 

No. of Shares

 

Aniket Mahendra Tanna

 

1490

Sejal Tanna

 

10

Sanket Nagin Kothari

 

1000

Nagin Kothari

 

100

Khushi Kothari

 

300

Sunita Kothari

 

100

Renu Maker

 

150

Amit Maker

 

1000

Mohan Maker

 

150

Kavita Maker

 

200

 

 

 

Total

 

 

4500

 

 

AS ON 29.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Pearlescent Pigments, Thermochromic Pigments and Photochromic Pigments.

 

 

Products :

·         Pearlescent pigments

·         Thermo chromic Pigments

·         Photo Chromic Pigments

·         Hydro chromic Pigments

·         UV Visible Pigments

·         IR Visible Pigments

·         Glitter Powder Pigments

·         Night Glow Pigments

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Imports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         ASL Global Logistic Services

·         Balaji Shipping Agency

·         Bhavesh Transport

·         R.R. Electricals

·         Swastic Scientific

·         Chirali Enterprises

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         Abhishekh Paints Products

·         AMI Enterprises

·         Arihant Dyechem Industries

·         Hi-Chem Minerals

·         Libra Plast Colours

·         Mahesh Dye Chem

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         The Shamrao Vithal Co-operative Bank Limited

Jayant Arcade, Junction, Of M G Road and Ajawadi Naka, Ghatkopar (East), Mumbai - 400086, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Bank Loan

7.060

7.420

 

 

 

Total

 

7.060

7.420

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N.B. Sachdev and Associates

Chartered Accountants

Address :

2nd Floor Royal Chambers, Near Dagdi School, Old Mumbai Road, Thane – 400602, Maharashtra, India

Tel. No.:

91-22-25391914/ 25423354

Mobile No.:

91-9820476527

E-Mail :

sachdev@kalrasachdev.com

Income-tax PAN of auditor or auditor's firm :

AJXPS1332F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000

Equity Shares

Rs. 100/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,500

Equity Shares

Rs. 100/- each

Rs. 0.450 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.450

0.450

0.450

(b) Reserves & Surplus

8.569

5.188

2.357

(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)

9.019

5.638

2.807

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

34.517

32.480

0.000

(b) Deferred tax liabilities (Net)

0.019

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)

34.536

32.480

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

6.598

0.051

13.500

(c) Other current liabilities

0.000

0.000

0.247

(d) Short-term provisions

4.477

2.938

1.796

Total Current Liabilities (4)

11.075

2.989

15.543

 

 

 

 

TOTAL

54.630

41.107

18.350

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12.566

7.476

0.182

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

12.566

7.476

0.182

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

18.484

11.792

6.836

(c) Trade receivables

17.285

13.674

7.694

(d) Cash and cash equivalents

2.299

5.640

2.713

(e) Short-term loans and advances

0.016

0.000

0.000

(f) Other current assets

3.980

2.525

0.925

Total Current Assets

42.064

33.631

18.168

 

 

 

 

TOTAL

54.630

41.107

18.350

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

SALES

167.941

118.115

76.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(Including Interest and Depreciation Expenses)

6.816

4.679

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

 

2.656

1.448

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

4.160

3.231

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

0.063

0.043

 

 

 

 

 

 

PROFIT BEFORE TAX

4.890

4.097

3.188

 

 

 

 

 

Less

TAX                                                                 

1.509

1.266

1.028

 

 

 

 

 

 

PROFIT AFTER TAX

3.381

2.831

2.160

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5.188

2.357

0.197

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

8.569

5.188

2.357

 

 

 

 

 

 

Earnings Per Share (Rs.)

751.33

629.11

480.00

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net Cash flow from (used in) Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.01

2.40

2.83

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

NA

5.77

6.13

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.95

9.97

17.37

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.54

0.73

1.14

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.83

5.76

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.80

11.25

1.17

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.450

0.450

0.450

Reserves & Surplus

2.357

5.188

8.569

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

2.807

5.638

9.019

 

 

 

 

Long-term borrowings

0.000

32.480

34.517

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

32.480

34.517

Debt/Equity ratio

0.000

5.761

3.827

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

76.300

118.115

167.941

 

 

54.803

42.184

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

76.300

118.115

167.941

Profit

2.160

2.831

3.381

 

2.83%

2.40%

2.01%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10554752

27/01/2015

22,000,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

JAYANT ARCADE, JUNCTION OF M G RD & AJAWADI NAKA, 
GHATKOPAR(EAST), MUMBAI, MAHARASHTRA - 400086, INDIA

C46509550

2

10537179

26/11/2014

15,000,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

JAYANT ARCADE, JUNCTION OF M G RD & AJAWADI NAKA, 
GHATKOPAR(EAST), MUMBAI, MAHARASHTRA - 400086, INDIA

C37290947

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

27.457

25.060

 

 

 

Total

 

27.457

25.060

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from B-115, Gokul Industrial Estate, Plot No. 150, Marol Cooperative Estate Limited, Off Andheri Kurla Road, Andheri, Mumbai – 400059, Maharashtra, India to the present address w.e.f.25.11.2013.

 

 

REVIEW OF OPERATION

 

During the year, the Company has earned of Rs. 167.941 Million. The net profit for the year has been Rs. 4.890 million as against of Rs. 4.097 Million during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.

 

 

FIXED ASSETS:

 

·         Air Conditioner

·         Computer

·         Fax Machine

·         Furniture

·         Office Premises

·         Plant and machinery

·         Printer

·         Telephone Instruments

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 64.01

UK Pound

1

Rs. 99.84

Euro

1

Rs. 70.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

 

42

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.