MIRA
INFORM REPORT
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Report No. : |
305672 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PETROCHEM MIDDLE EAST ( |
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Registered
Office : |
201, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
02.08.2006 |
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Com. Reg. No.: |
11-163485 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U23209MH2006FTC163485 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP22565E |
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PAN No.: [Permanent Account No.] |
AADCP9811G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in distribution and trading of classified and non classified chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net
worth of the company. Liquidity position of the company is under pressure. Business is active. Payment are reported to be slow. The company can be considered for business dealings on safe and
secured 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
201, Business Square, B Wing, Andheri Kurla Road, Andheri (East),
Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67029922 |
|
Fax No.: |
91-22-67029911 |
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E-Mail : |
DIRECTORS
AS ON 25.06.2014
|
Name : |
Mr. Yogesh R. Mehta |
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Designation : |
Director |
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Address : |
Emirates Hills Road, Phase 1(L.L.C.) Willa-E147. MDB-2, Emrates Hill
Third, Post Box-17028, Dubai, United Arab Emirates |
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Date of Birth/Age : |
24.09.1959 |
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Date of Appointment : |
02.08.2006 |
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DIN No.: |
00475701
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Name : |
Mr. Manish B Sanghvi |
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Designation : |
Director |
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Address : |
Flat No. 503, A-Wing, Bhanu Apartments, G.B. Jukar Marg, Off
Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Appointment : |
25.06.2014 |
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DIN No.: |
00476113
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Other
Directorship :
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Name : |
Mr. Satish Mahalingam |
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Designation : |
Director |
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Address : |
Abdul Rahman Saeed Ghahims Building, Water Sub Meter, Flat 707,
317-12, Twai Saigh Area, DM. 13, Dubai – 23910 |
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Date of Appointment : |
21.10.2011 |
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DIN No.: |
05128083 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Petrochem Middle East FZE, UAE |
|
299999 |
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Petrochem Asia Pte Limited, Singapore |
|
1 |
|
Petrochem Middle East FZE, UAE |
|
200000 |
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Total |
|
500000 |
AS ON 25.06.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20305672%2029-Jan-2015_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in distribution and trading of
classified and non classified chemicals. |
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Products : |
Not Available |
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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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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India ·
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, M G Road, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M.
Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
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PAN No.: |
AAIFB0630K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Parties : |
· Petrochem Middle East FZE, Dubai · Petrochem Asia Pte Limited, · Solventis Limited |
CAPITAL STRUCTURE
AS ON 25.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
|
200000 |
Preference Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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|
|
|
|
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|
Total |
|
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.000
Millions |
|
200000 |
Preference Shares |
Rs. 10/-
each |
Rs. 2.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.11.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.000 |
5.000 |
5.000 |
|
(b) Reserves & Surplus |
(801.188) |
(534.876) |
65.432 |
|
(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) |
(796.188) |
(529.876) |
70.432 |
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|
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|
(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
1.138 |
1.478 |
1.114 |
|
Total Non-current Liabilities (3) |
1.138 |
1.478 |
1.114 |
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(4) Current Liabilities |
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|
|
|
(a) Short term borrowings |
35.254 |
163.500 |
0.000 |
|
(b) Trade payables |
1646.597 |
2410.857 |
3254.496 |
|
(c) Other current
liabilities |
70.020 |
57.854 |
73.335 |
|
(d) Short-term provisions |
0.103 |
0.164 |
0.549 |
|
Total Current Liabilities (4) |
1751.974 |
2632.375 |
3328.380 |
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|
|
|
|
|
TOTAL |
956.924 |
2103.977 |
3399.926 |
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|
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II.
ASSETS |
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|
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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 |
129.556 |
143.750 |
157.985 |
|
(ii) Intangible Assets |
2.752 |
6.874 |
10.565 |
|
(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 |
0.060 |
0.060 |
0.060 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
4.217 |
|
(d) Long-term Loan and Advances |
102.701 |
141.249 |
169.775 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
235.069 |
291.933 |
342.602 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
317.096 |
684.374 |
586.791 |
|
(c) Trade receivables |
326.347 |
1116.040 |
2417.448 |
|
(d) Cash and cash
equivalents |
74.710 |
4.842 |
45.088 |
|
(e) Short-term loans and
advances |
3.536 |
4.909 |
7.564 |
|
(f) Other current assets |
0.166 |
1.879 |
0.433 |
|
Total Current Assets |
721.855 |
1812.044 |
3057.324 |
|
|
|
|
|
|
TOTAL |
956.924 |
2103.977 |
3399.926 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.11.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
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|
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|
Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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|
PROFIT/
(LOSS) BEFORE TAX |
(220.611) |
(588.990) |
(17.042) |
|
|
|
|
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|
|
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|
Less |
TAX |
45.700 |
11.317 |
(13.084) |
|
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|
|
PROFIT/ (LOSS) AFTER TAX |
(266.311) |
(600.307) |
(3.958) |
|
|
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|
|
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|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(532.62) |
(1200.61) |
(7.92) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.11.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.06) |
(27.99) |
(0.50) |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
1.11 |
(0.24) |
|
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|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.04) |
(0.31) |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.41 |
0.69 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
65.432 |
(534.876) |
(801.188) |
|
Net
worth |
70.432 |
(529.876) |
(796.188) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
163.500 |
35.254 |
|
Total
borrowings |
0.000 |
163.500 |
35.254 |
|
Debt/Equity
ratio |
0.000 |
(0.309) |
(0.044) |
%20PRIVATE%20LIMITED%20-%20305672%2029-Jan-2015_files/image004.gif)
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 |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
No |
|
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 |
No |
|
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 |
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 CHARGES
NO CHARGES EXIST FOR THE COMPANY.
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances |
35.254 |
0.000 |
|
Loans repayable on demand from banks |
0.000 |
163.500 |
|
Total |
35.254 |
163.500 |
FIXED ASSETS
·
Furniture and Fixture
·
Vehicles
·
Office Equipments
·
Leasehold Improvement
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. 61.41 |
|
|
1 |
Rs. 93.18 |
|
Euro |
1 |
Rs. 69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.