MIRA INFORM REPORT

 

 

Report No. :

329797

Report Date :

02.07.2015

 

IDENTIFICATION DETAILS

 

Name :

A-ONE PHTHALO COLORS PRIVATE LIMITED

 

 

Registered Office :

F-713, Titanium City Centre, 100ft Shyamal to Prahalladnagar Road, Satellite, Ahmedabad- 380015, Gujarat

Tel. No.:

91- 79-65216501

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.09.2013

 

 

Com. Reg. No.:

04-076979

 

 

Capital Investment / Paid-up Capital :

Rs. 41.200 Million

 

 

CIN No.:

[Company Identification No.]

U24224GJ2013PTC076979

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA13597D

 

 

PAN No.:

[Permanent Account No.]

AAMCA1789K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Pigments.

 

 

No. of Employees :

70 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 118000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Even though the company was incorporated on 26th September 2013, it has commence its business activities from financial year April 2014.

 

Mr. Anil Kapoor, Director has provided the information to us. And also claimed that company has commenced its business operations from April 2014.

 

During the year under review, company has incurred pre-operating expenses due to which company has reported losses marked by its negative reserves.

 

However, trade relation are improving. Business is active. Payments are slow but correct.

 

The company can be considered for the business dealings with some cautions.

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Anil Ravindrakumar Kapoor

Designation :

Director

Contact No.:

91-9824031736

Date :

01.06.2015

 

 

 

LOCATIONS

 

Registered Office :

F-713, Titanium City Centre, 100ft Shyamal to Prahalladnagar Road, Satellite, Ahmedabad- 380015, Gujarat

Tel. No.:

91- 79-65216501

Mobile No.:

91-9824031736 (Mr. Anil Ravindrakumar Kapoor)

Fax No.:

Not Available

E-Mail :

priyank@rddave.com

support@kddave.com

 

 

Factory :

Plot No 808/A/1 and 3, GIDC, Phase III, Vapi-396195, Gujarat, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Ankur Mahendra Maneck

Designation :

Director

Address :

4, Suyog, Gokhale Road (N), Dr. Purandare Wadi, Dadar (West), Mumbai-400028, Maharashtra, India

Date of Birth/Age :

25.03.1957

Date of Appointment :

24.12.2013

DIN No.:

00197283

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U24200MH1988PTC046590

NANAVATI CHEMEX PRIVATE LIMITED

Director

03-03-1994

03-03-1994

Active

NO

2

U74992MH1972PTC015527

NANAVATI SPECIALITY CHEMICALS PRIVATE LIMITED

Director

14-07-2000

14-07-2000

Active

NO

3

L15140MH1956PLC009720

INDIAN EXTRACTIONS LIMITED

Director

27-01-2003

27-01-2003

Active

NO

4

U51900MH1998PTC115085

BEXIM'S TRADING AND CONSULTANCY INDIA PRIVATE LIMITED

Director

31-10-2013

31-10-2013

Active

NO

5

U24224GJ2013PTC076979

A-ONE PHTHALO COLORS PRIVATE LIMITED

Director

24-12-2013

24-12-2013

Active

NO

 

 

Name :

Mr. Ashwinbhai Ghanshyambhai Patel

Designation :

Managing director

Address :

1, Hansvilla Residency, Hebatpur Cross Road,, Thal Tej 100ft Road, Ahmedabad-380059, Gujarat, India

Date of Birth/Age :

12.04.1975

Date of Appointment :

24.12.2013

DIN No.:

06750794

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U24224GJ2013PTC076979

A-ONE PHTHALO COLORS PRIVATE LIMITED

Managing director

10-06-2014

24-12-2013

Active

NO

 

 

Name :

Mr. Ankitkumar Ghanshyambhai Patel

Designation :

Director

Address :

1, Hansvilla Residency, Hebatpur Cross Road,, Thal Tej 100ft Road, Ahmedabad-380059, Gujarat, India

Date of Birth/Age :

09.07.1984

Date of Appointment :

24.12.2013

DIN No.:

06750797

 

 

Name :

Mr. Anil Ravindrakumar Kapoor

Designation :

Director

Address :

C-103 Sanskar Appartments., B/H Shalby Hospital, Prahladnagar, Ahmedabad- 380015, Gujarat, India

Date of Birth/Age :

30.12.1960

Date of Appointment :

24.12.2013

DIN No.:

06761804

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

Pthalo Colours and Chemicals (India) Limited, India

 

2059000

Priyam Shantilal Jhaveri

 

1000

Ghanshyambhai B. Patel and Ashwin G. Patel

 

721000

Ghanshyambhai B. Patel and Ankit G. Patel

 

721000

Ghanshyambhai B. Patel and Vipulkumar G. Patel

 

618000

Total

 

4120000

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

49.98

Directors or relatives of directors

50.00

Other top fifty shareholders

0.02

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Pigments.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Finished goods

Countries :

·         Russia

·         European Countries

·         China

·         Asian Countries

·         Thailand

·         Taiwan

 

 

Imports :

 

Products :

Raw Material

Countries :

USA

 

 

Terms :

 

Selling :

Cash/ L/C and Credit

 

 

Purchasing :

Cash/ L/C and Credit

 

 

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

 

 

Customers :

Wholesalers, Retailers and End Users

 

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

 

 

No. of Employees :

70 (Approximately)

 

 

Bankers :

Bank Name:

Kotak Mahindra Bank Limited

Branch:

C.G. Road, Ahmedabad, Gujarat, India

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):

Cash Credit= Rs. 20.000 Million

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Kotak Mahindra Bank Limited

GIDC, Vapi, Gujarat, India

 

 

Facilities :

--

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Thingna and Contractor

Chartered Accountants

Address :

G-3, T. V. Industrial Estate, 248/A, S. K. Ahire Marg, Worli, Mumbai-400030, Maharashtra, India

Tel. No.:

91-22-61465999

Fax No.:

91-22-24910106

E-Mail :

tnc@tnc.in

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

AAAFT1050D

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Phthalo Colours and Chemicals India Limited (U24110MH1991PTC063399)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Shares

Rs. 10/- each

Rs. 50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4120000

Equity Shares

Rs. 10/- each

Rs. 41.200 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

41.200

(b) Reserves & Surplus

 

 

(0.021)

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

41.179

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

250.328

(b) Deferred tax liabilities (Net)

 

 

0.000

(c) Other long term liabilities

 

 

0.000

(d) long-term provisions

 

 

0.000

Total Non-current Liabilities (3)

 

 

250.328

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

0.549

(c) Other current liabilities

 

 

0.000

(d) Short-term provisions

 

 

0.000

Total Current Liabilities (4)

 

 

0.549

 

 

 

 

TOTAL

 

 

292.056

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

288.183

(ii) Intangible Assets

 

 

0.000

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

0.000

(e) Other Non-current assets

 

 

0.000

Total Non-Current Assets

 

 

288.183

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

0.465

(c) Trade receivables

 

 

0.000

(d) Cash and cash equivalents

 

 

0.010

(e) Short-term loans and advances

 

 

3.398

(f) Other current assets

 

 

0.000

Total Current Assets

 

 

3.873

 

 

 

 

TOTAL

 

 

292.056

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

 

31.03.2014

 

SALES

 

 

 

 

 

Income

 

 

0.000

 

 

Other Income

 

 

0.000

 

 

TOTAL                                    

 

 

0.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

                        Other Expenses

 

 

0.021

 

 

TOTAL                                    

 

 

0.021

 

 

 

 

 

 

PROFIT/ LOSS BEFORE TAX

 

 

(0.021)

 

 

 

 

 

Less

TAX                                                                 

 

 

0.000

 

 

 

 

 

 

PROFIT/ LOSS AFTER TAX

 

 

(0.021)

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

(0.01)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

Current Maturities of Long term debt

NA

 

 

Cash generated from operations

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

 

 

31.03.2014

Net Profit Margin

(PAT / Sales)

(%)
 

 

0.00

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

(0.01)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

6.08

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

7.05

 

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

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

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 one year

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last one year

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

Yes

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

10567697

15/04/2015

210,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA

C52803087

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

(a) 9% Optionally Convertible and Redeemable Debentures of Rs. 100/- each

250.000

(b) unsecured Loan-Phthalo Colours and Chemicals India Limited

0.328

Total

250.328

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land Buiding

·         Machinery

·         Plant, Structure, Utilities and Installations

·         Furniture and Fixtures

·         Capital Cost with VWEMCL, etc

 

 

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. 63.62

UK Pound

1

Rs. 99.89

Euro

1

Rs. 70.77

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRI

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

27

 

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.