MIRA
INFORM REPORT
|
Report No. : |
305539 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ENGINEERING AND CHEMICAL ( |
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Registered
Office : |
206, Peninsula Centre, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.03.2003 |
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Com. Reg. No.: |
11-139423 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909MH2003PTC139423 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04549G |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Distributor of Chemicals. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to
be usually 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
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Iyer |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66608999 |
|
Date : |
29.01.2015 |
LOCATIONS
|
Registered Office : |
206, Peninsula Centre, S. S. Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Tel. No.: |
91-22-66608999 |
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Fax No.: |
91-22-66603999 |
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E-Mail : |
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Area : |
2300 Sq. ft. |
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Location : |
Owned |
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|
Factory : |
Delhi, India |
DIRECTORS
AS ON 18.09.2014
|
Name : |
Mr. Anantrai Keshavji Kamdar |
|
Designation : |
Director |
|
Address : |
110/2, Shakuntal, Sion (West), Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
10.11.1943 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00239909 |
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|
|
|
Name : |
Mr. Kalpesh Anant Dhami |
|
Designation : |
Director |
|
Address : |
10 Sadhana, 346 Telang Cross Road No. 1, Matunga, Mumbai – 400019,
Maharashtra, India |
|
Date of Birth/Age : |
20.10.1970 |
|
Date of Appointment : |
03.03.2003 |
|
DIN No.: |
00240494 |
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|
Name : |
Mr. Anant Jayantilal Dhami |
|
Designation : |
Director |
|
Address : |
10, Sadhana, 346, Telang Cross Road No.1, Matunga, Mumbai – 400019,
Maharashtra, India |
|
Date of Birth/Age : |
17.07.1942 |
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Date of Appointment : |
03.03.2003 |
|
DIN No.: |
00240553 |
KEY EXECUTIVES
|
Name : |
Mr. Iyer |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
AS ON 18.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Anant Jayantilal Dhami |
|
37780 |
|
Kalpesh Anant Dhami |
|
143600 |
|
Bhardra Anant Dhami |
|
10000 |
|
Anant Jayantilal Dhami (HUF) |
|
1000 |
|
Leena Kalpesh Dhami |
|
5000 |
|
Priyal Kalpesh Dhami |
|
100 |
|
Rasiklal G. Shah (HUF) |
|
10 |
|
K. A. Dhami (HUF) |
|
10 |
|
Anantrai Keshavji Kamdar |
|
2500 |
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Total
|
|
200000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 18.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
%20PRIVATE%20LIMITED%20-%20305539_MIRA%2030-Jan-2015_files/image002.gif)
BUSINESS DETAILS
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Line of Business : |
Trader and Distributor of Chemicals. |
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Products : |
Chemicals |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
Taiwan ·
China ·
USA ·
Germany |
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Terms : |
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Selling : |
Cash, Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash, Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
CITI Bank N. A., Trent House, 2nd Floor,
G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India ·
HDFC Bank Limited |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Kirti H. Doshi and Company Chartered Accountants |
|
Address : |
Nalani Building, 1st Floor No.10, Bhavani Shankar Road,
Dadar (West), Mumbai – 400028, Maharashtra, India |
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Tel. No.: |
91-22-24362894 / 23434211 / 23434138 |
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PAN No.: |
AABOD7084Q |
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Membership : |
-- |
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Sister Concern : |
·
Engineering Chemical Corporation ·
Engichem Specialities Private Limited |
CAPITAL STRUCTURE
AS ON 18.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
2.000 |
2.000 |
2.000 |
|
(b) Reserves & Surplus |
97.884 |
90.718 |
83.495 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
99.884 |
92.718 |
85.495 |
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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) |
6.020 |
6.059 |
6.162 |
|
(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) |
6.020 |
6.059 |
6.162 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
53.747 |
62.779 |
62.734 |
|
(b) Trade payables |
35.636 |
17.825 |
26.027 |
|
(c) Other current
liabilities |
2.028 |
2.879 |
3.726 |
|
(d) Short-term provisions |
3.823 |
4.009 |
4.451 |
|
Total Current Liabilities (4) |
95.234 |
87.492 |
96.938 |
|
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|
|
|
|
TOTAL |
201.138 |
186.269 |
188.595 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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|
|
|
(i) Tangible assets |
50.006 |
53.671 |
58.199 |
|
(ii) Intangible Assets |
0.024 |
0.059 |
0.062 |
|
(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 |
2.738 |
2.379 |
4.474 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
52.768 |
56.109 |
62.735 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
66.705 |
51.497 |
57.634 |
|
(c) Trade receivables |
68.557 |
62.419 |
57.185 |
|
(d) Cash and cash
equivalents |
2.737 |
4.205 |
0.664 |
|
(e) Short-term loans and
advances |
8.876 |
9.696 |
6.119 |
|
(f) Other current assets |
1.495 |
2.343 |
4.258 |
|
Total Current Assets |
148.370 |
130.160 |
125.860 |
|
|
|
|
|
|
TOTAL |
201.138 |
186.269 |
188.595 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
SALES |
421.527 |
354.202 |
365.276 |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
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|
|
|
PROFIT/(LOSS)
BEFORE TAX |
10.950 |
11.183 |
15.758 |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
NA |
Expected Sales (2014-2015): Rs.500.000 Millions
The above information has been parted by Mr. Iyer (Accounts Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44 |
6.00 |
8.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.12 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.68 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.49 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
2.000 |
2.000 |
2.000 |
|
Reserves & Surplus |
83.495 |
90.718 |
97.884 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
85.495 |
92.718 |
99.884 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
62.734 |
62.779 |
53.747 |
|
Total
borrowings |
62.734 |
62.779 |
53.747 |
|
Debt/Equity
ratio |
0.734 |
0.677 |
0.538 |
%20PRIVATE%20LIMITED%20-%20305539_MIRA%2030-Jan-2015_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
365.276 |
354.202 |
421.527 |
|
|
|
(3.032) |
19.008 |
%20PRIVATE%20LIMITED%20-%20305539_MIRA%2030-Jan-2015_files/image006.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
365.276 |
354.202 |
421.527 |
|
Profit
before tax |
15.758 |
11.183 |
10.950 |
|
|
4.31% |
3.16% |
2.60% |
%20PRIVATE%20LIMITED%20-%20305539_MIRA%2030-Jan-2015_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF 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 |
No |
|
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 |
Yes |
|
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 |
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans from
shareholders and relatives |
36.300 |
33.277 |
|
Inter corporate
deposits |
0.000 |
0.166 |
|
|
|
|
|
Total |
36.300 |
33.443 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10286800 |
03/05/2011 |
24,000,000.00 |
CITIBANK N. A. |
TRENT
HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN |
B12756375 |
|
2 |
80009727 |
03/05/2011 * |
64,000,000.00 |
CITIBANK N. A. |
TRENT
HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN |
B12756706 |
|
3 |
80009732 |
30/11/2010 * |
40,000,000.00 |
CITIBANK N. A. |
TRENT
HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN |
B02369817 |
*Date of modification Charges
FIXED ASSETS:
·
Air Conditioner
·
Godown Premises
·
Computer
·
Furniture and Fixtures
·
Motor Car
·
Mobile Instruments
·
Office Premises
·
Office Equipment
·
Telephone System
·
Computer System
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
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.