MIRA INFORM REPORT
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Report No. : |
305545 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHEM-EDGE INTERNATIONAL PRIVATE LIMITED (w.e.f. 27.01.2011) |
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Formerly Known
As : |
ARDOR ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
‘Ardor House' Mondeal Business Park, Beside
Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.08.2009 |
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Com. Reg. No.: |
04-057712 |
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Capital
Investment / Paid-up Capital : |
Rs. 1000.000 Millions |
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CIN No.: [Company Identification
No.] |
U24100GJ2009PTC057712 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA09116C |
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PAN No.: [Permanent Account No.] |
AAHCA8573G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of detergent raw material, petrochemicals, polymers. |
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No. of Employees
: |
32 (Approximately) |
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 |
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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 satisfactory track record. The management has failed to file its financial with government
department for the year 2014. As per available financial of 2013, a reserve of the company is low.
However, the rating reflects company’s established market position in the
petro-chemical industry, supported by sound operational risk profile and fair
profitability margins of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB |
|
Rating Explanation |
Moderate degree of safety and Moderate Credit Risk |
|
Date |
June 28, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3+ |
|
Rating Explanation |
Moderate degree of safety and High credit risk |
|
Date |
June 28, 2014 |
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. Yogesh Shah |
|
Designation : |
Finance Head |
|
Contact: |
91-79-66219999 |
|
Date : |
28.01.2015 |
LOCATIONS
|
Registered Office : |
‘Ardor House' Mondeal Business Park, Beside
Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat, India |
|
Tel No.: |
91-79-26584511/ 79-66219999 |
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Fax No.: |
91-79-66219988 |
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E-Mail : |
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Website : |
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Marketing Office : |
602, X’trium, Chakla Andheri-Kurla Road, Andheri (East), Mumbai-400093,
Maharashtra, India |
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Tel. No.: |
91-22-67507777 |
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Fax No.: |
91-22-67507788 |
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Sales Office : |
11, Avishkar Building, 1st Floor, Plot No. 204, Ward No.
12/B, Gandhidham, Kutch-370201, Gujarat, India |
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Tel. No.: |
91-2836-226387 |
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Fax No.: |
91-2836-226387 |
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B/1004-4, Primum House, B/H Handloom House, Ashram Road, Ahmedabad –
380009, Gujarat, India |
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|
91-79-26584511 |
DIRECTORS
|
Name : |
Mr. Bharat Shah |
|
Designation : |
Director |
|
Address : |
301- Heritage Crescent, Opposite Shantinketan Bunglows, S.G. Highway,
Prahladnagar, Ahmedabad – 380051,
Gujarat, India |
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Date of Birth/Age : |
13.06.1948 |
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Date of Appointment : |
04.08.2009 |
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DIN No.: |
02438343 |
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|
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|
Name : |
Mr. Fenil Shah |
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Designation : |
Managing Director |
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Address : |
301- Heritage Crescent, Opposite Shantinketan Bunglows, S.G. Highway,
Prahladnagar, Ahmedabad – 380051,
Gujarat, India |
|
Date of Appointment : |
30.08.2009 |
|
DIN No.: |
00044522 |
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|
|
|
Name : |
Mr. Ashish Tawakley |
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Designation : |
Director |
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Address : |
705/706, Indradarshan II, Building No.14, Off Ling road, Oshiwara,
Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Appointment : |
01.04.2011 |
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DIN No.: |
03425619 |
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|
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Name : |
Mr. Gita Shah |
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Designation : |
Director |
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Address : |
A/11, Northview Appartment, Near St. Xaziers Collage, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
00049071 |
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Name : |
Mr. Rajesh Sanghvi |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Druvin Shah |
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Designation : |
Accountant |
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|
|
|
Name : |
Mr. Yogesh Shah |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
No. of Shares |
|
Bharat Shah |
8981300 |
|
Janki Shah |
8976300 |
|
Fenil Shah |
8971300 |
|
Gita Shah |
8976300 |
|
Jinal Shah |
8976400 |
|
Rajesh Sanghvi |
250000 |
|
Ashish Tawakley |
1010000 |
|
Ardor In-Fin Private Limited |
8976400 |
|
Jayco Synthetics Private Limited |
8976400 |
|
Ardor Structure Private Limited |
8976400 |
|
Greenland Infracon Private Limited |
8976400 |
|
Infinium Det-Chem Private Limited |
8976400 |
|
Ardor Chemicals Private Limited |
6363510 |
|
Ardor Overseas Private Limited |
2612890 |
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Total |
100000000 |
As on 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
53.86 |
|
Directors or relatives of Directors |
46.14 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of detergent raw material, petrochemicals, polymers. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Products : |
Petrochemicals |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
32 (Approximately) |
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Bankers : |
· State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan O.P., Ahmedabad-380001, Gujarat, India
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Facilities : |
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Auditors : |
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Name : |
Vipul and Manish Associates Chartered Accountant |
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Address : |
‘True Value House’ Opposite ISRO, Near Sundarvan Bus Stop, Satellite,
Ahmedabad – 380015, Gujarat, India |
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Tel. No.: |
91-79-26730650 / 26730675 |
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Mobile No.: |
91-9727735731 |
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E-Mail : |
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PAN No.: |
AACFV2807J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/-each |
Rs.1000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/-each |
Rs.1000.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
|
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
877.500 |
700.000 |
250.000 |
|
(b) Reserves &
Surplus |
255.743 |
125.772 |
24.869 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
122.500 |
175.000 |
279.500 |
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Total Shareholders’ Funds
(1) + (2) |
1255.743 |
1000.772 |
554.369 |
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(3) Non-Current
Liabilities |
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|
|
|
(a) long-term borrowings |
790.842 |
486.648 |
268.871 |
|
(b) Deferred tax
liabilities (Net) |
1.073 |
0.793 |
0.070 |
|
(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) |
791.915 |
487.441 |
268.941 |
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(4) Current Liabilities |
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(a) Short term borrowings |
676.838 |
426.786 |
129.110 |
|
(b) Trade payables |
1617.699 |
1867.937 |
815.398 |
|
(c) Other current
liabilities |
146.546 |
25.926 |
8.921 |
|
(d) Short-term provisions |
44.645 |
44.138 |
11.782 |
|
Total Current Liabilities
(4) |
2485.728 |
2364.787 |
965.211 |
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TOTAL |
4533.386 |
3853.000 |
1788.521 |
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II.
ASSETS |
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|
(1) Non-current assets |
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|
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(a) Fixed Assets |
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|
|
|
(i) Tangible assets |
10.678 |
11.088 |
0.910 |
|
(ii) Intangible Assets |
0.701 |
0.853 |
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 |
2.905 |
2.906 |
24.899 |
|
(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 |
3.116 |
4.384 |
1.650 |
|
Total Non-Current Assets |
17.400 |
19.231 |
27.459 |
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(2) Current assets |
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|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1012.316 |
515.131 |
402.287 |
|
(c) Trade receivables |
3156.603 |
2421.556 |
1257.668 |
|
(d) Cash and cash
equivalents |
213.529 |
442.132 |
63.845 |
|
(e) Short-term loans and
advances |
133.538 |
454.950 |
37.262 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4515.986 |
3833.769 |
1761.062 |
|
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|
|
|
TOTAL |
4533.386 |
3853.000 |
1788.521 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
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|
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Income From Operations |
10292.158 |
7739.863 |
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Other Income |
NA |
NA |
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TOTAL |
NA |
NA |
2057.820 |
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|
Less |
EXPENSES |
NA |
NA |
2021.938 |
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PROFIT/ (LOSS) BEFORE TAX |
201.250 |
155.625 |
35.882 |
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Less |
TAX |
71.279 |
54.722 |
12.071 |
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PROFIT/ (LOSS) AFTER TAX
|
129.971 |
100.903 |
23.811 |
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|
Earnings / (Loss) Per
Share (Rs.) |
1.30 |
1.89 |
1.97 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.02.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
1.16 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.44 |
4.04 |
2.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.16 |
0.06 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17 |
0.91 |
0.72 |
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82 |
1.62 |
1.82 |
.
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
250.000 |
700.000 |
877.500 |
|
Reserves & Surplus |
24.869 |
125.772 |
255.743 |
|
Net worth |
274.869 |
825.772 |
1133.243 |
|
|
|
|
|
|
long-term borrowings |
268.871 |
486.648 |
790.842 |
|
Short term borrowings |
129.110 |
426.786 |
676.838 |
|
Total borrowings |
397.981 |
913.434 |
1467.680 |
|
Debt/Equity ratio |
1.448 |
1.106 |
1.295 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7739.863 |
10292.158 |
|
|
32.976 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7739.863 |
10292.158 |
|
Profit |
100.903 |
129.971 |
|
|
1.30% |
1.26% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT MATURITY LONG TERM DEBT DETAILS ARE NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
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
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 |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10444141 |
06/08/2013 |
238,400,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
C.G.ROAD BRANCH,
SHOP NO.1 & 2,SHUKAN BUSINESS, C |
B82624032 |
|
2 |
10257362 |
10/09/2013 * |
3,163,400,000.00 |
PNB INVESTMENT
SERVICE LTD - SEC TRUSTEE OF BOI CO |
MOTOR SALES &
SERVICES BUILDING, ASHRAM ROAD, AHM |
B84020841 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
790.842 |
486.648 |
|
|
|
|
|
Total |
790.842 |
486.648 |
FIXED ASSETS
Tangible assets
- Buildings
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Computer software
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 records 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. 61.41 |
|
|
1 |
Rs. 93.18 |
|
Euro |
1 |
Rs. 69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.