MIRA INFORM REPORT
|
Report No. : |
326719 |
|
Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMBICA
CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
A/16, Patel Shopping Centre, Chandavarkar Road, Borivali (West), Mumbai-400092,
Maharashtra |
|
Tel. No.: |
91-22-66689999 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.05.1999 |
|
|
|
|
Com. Reg. No.: |
11-119790 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.419 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1999PLC119790 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Plastic raw material. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well-established company incorporated in the year 1999,
having satisfactory track. Subject company is a trader and importer of plastic raw material. There seems a significant increase in sales turnover in FY 2014 as
compared to previous year. Profit of the firm has increased from Rs.0.651 Million in FY 2013 to Rs.3.702
Million in FY 2014 that shows significant increase. Profitability of the firm
is satisfactory. However, rating also takes into consideration, the below average risk
profile of the company backed by minimal net worth and no cash on hand. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In a view of long standing existence, the company can be considered
for business dealings with some caution. |
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 DENIED
Management non co-operative (91-22-66689999)
LOCATIONS
|
Registered Office : |
A/16, Patel Shopping Centre, Chandavarkar Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
|
Tel. No.: |
91-22-66689999 |
|
Fax No.: |
91-22-66689998 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Kuntal Mahesh Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
A/33, Sardar Smruti, Near Shanti Nagar, S.V.P. Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
|
Date of Birth/Age : |
19.04.1983 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00039831 |
|
|
|
|
Name : |
Mrs. Dhara Kuntal Sanghvi |
|
Designation : |
Whole Time Director |
|
Address : |
A/33, Sardar Smruti, Near Shanti Nagar, S.V.P. Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
|
Date of Birth/Age : |
14.01.1983 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
02166835 |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Mahesh B. Sanghvi |
69800 |
28.85 |
|
Uma Mahesh Sanghvi |
80800 |
33.40 |
|
Savita B Sanghvi |
100 |
0.04 |
|
Manisha B Sanghvi |
100 |
0.04 |
|
Hiralaxmi M Mehta |
100 |
0.04 |
|
Mukesh Mehta |
100 |
0.04 |
|
Kuntal Mahesh Sanghvi |
90900 |
37.58 |
|
Total |
241900 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Plastic raw material. |
|
|
|
|
Products : |
Plastic Raw Material |
|
|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S.B. Vora and Company Chartered Accountants |
|
Address : |
A-301, Rajeshri Accord, Telli Galli Cross Lane, Andheri (East),
Mumbai-400069, Maharashtra, India |
|
Tel No.: |
91-22-26830200 / 300 |
|
Mobile No.: |
91-9769684213 |
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Email: |
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PAN No: |
AFBPV9303D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
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 |
|
|
|
|
|
|
241900 |
Equity Shares |
Rs.10/- each |
Rs.2.419
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 |
2.419 |
2.419 |
2.419 |
|
(b) Reserves &
Surplus |
5.806 |
2.104 |
1.452 |
|
(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) |
8.225 |
4.523 |
3.871 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.255 |
0.792 |
4.680 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.255 |
0.792 |
4.680 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.400 |
0.569 |
0.000 |
|
(b) Trade payables |
0.013 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
3.514 |
0.333 |
0.657 |
|
(d) Short-term provisions |
3.570 |
0.747 |
0.392 |
|
Total Current Liabilities
(4) |
7.497 |
1.649 |
1.049 |
|
|
|
|
|
|
TOTAL |
15.977 |
6.964 |
9.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.849 |
1.112 |
1.477 |
|
(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 |
0.499 |
0.050 |
0.192 |
|
(c) Deferred tax assets
(net) |
0.080 |
0.071 |
0.047 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
1.215 |
0.325 |
0.366 |
|
Total Non-Current Assets |
2.643 |
1.558 |
2.082 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4.981 |
0.580 |
1.923 |
|
(c) Trade receivables |
0.415 |
0.000 |
0.290 |
|
(d) Cash and cash
equivalents |
-2.010 |
2.655 |
2.810 |
|
(e) Short-term loans and
advances |
7.573 |
1.387 |
2.132 |
|
(f) Other current assets |
2.375 |
0.784 |
0.363 |
|
Total Current Assets |
13.334 |
5.406 |
7.518 |
|
|
|
|
|
|
TOTAL |
15.977 |
6.964 |
9.600 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
62.406 |
28.116 |
15.598 |
|
|
Other Income |
2.749 |
1.131 |
0.262 |
|
|
TOTAL |
65.155 |
29.247 |
15.860 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
56.126 |
22.963 |
15.542 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4.401) |
1.344 |
(1.923) |
|
|
Employees benefits
expense |
2.865 |
0.666 |
0.782 |
|
|
Other expenses |
4.372 |
2.598 |
1.718 |
|
|
TOTAL |
58.962 |
27.571 |
16.119 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
6.193 |
1.676 |
(0.259) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.413 |
0.472 |
0.068 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5.780 |
1.204 |
(0.327) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.277 |
0.372 |
0.493 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
5.503 |
0.832 |
(0.820) |
|
|
|
|
|
|
|
Less |
TAX |
1.801 |
0.181 |
(0.047) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3.702 |
0.651 |
(0.773) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2.103 |
1.452 |
2.225 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
5.805 |
2.103 |
1.452 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
15.30 |
2.69 |
(3.19) |
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.93 |
2.32 |
-4.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.92 |
5.96 |
-1.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.74 |
12.16 |
-8.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.67 |
0.18 |
-0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.30 |
1.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78 |
3.28 |
7.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
2.419 |
2.419 |
2.419 |
|
Reserves & Surplus |
1.452 |
2.104 |
5.806 |
|
Net worth |
3.871 |
4.523 |
8.225 |
|
|
|
|
|
|
long-term borrowings |
4.680 |
0.792 |
0.255 |
|
Short term borrowings |
0.000 |
0.569 |
0.400 |
|
Total borrowings |
4.680 |
1.361 |
0.655 |
|
Debt/Equity ratio |
1.209 |
0.301 |
0.080 |
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 |
15.598 |
28.116 |
62.406 |
|
|
|
80.254 |
121.959 |
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 |
15.598 |
28.116 |
62.406 |
|
Profit |
(0.773) |
0.651 |
3.702 |
|
|
(4.96%) |
2.32% |
5.93% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
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 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 |
REVIEW OF OPERATION
During the year, the Company has made a profit of Rs. 3.050 Million. The net profit for the year has been Rs.3.702 Million as against Rs.0.651 Million during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related |
0.000 |
0.136 |
|
Total |
0.000 |
0.136 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10551077 |
27/11/2014 |
10,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C44578193 |
* Date of charge modification
FIXED ASSETS
- Vehicles
- Office
Equipment
- Computer
- Furniture and
Fixture
- Air
Conditioner
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 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.63.93 |
|
|
1 |
Rs.98.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
41 |
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.