MIRA INFORM REPORT

 

 

Report No. :

327532

Report Date :

18.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ABC CHEMICAL EXPORTS PRIVATE LIMITED

 

 

Registered Office :

105/106 Kshitil (Neelkamal) Building Veera Desai Road, Opposite Andheri Sports Complex, Andheri (West), Mumbai – 400058, Maharashtra

Tel. No.:

91-22-26766643

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.10.1997

 

 

Com. Reg. No.:

11-111407

 

 

Capital Investment / Paid-up Capital :

Rs. 30.000 Million

 

 

CIN No.:

[Company Identification No.]

U24100MH1997PTC111407

 

 

IEC No.:

0397080000

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA11698B

 

 

PAN No.:

[Permanent Account No.]

AAACA8842K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Exporter and Importer of Chemicals.

 

 

No. of Employees :

35 (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 160000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a private limited company incorporated in the year 1997, having satisfactory track record.

 

Company has reported lit decrease in its sales from Rs. 997.600 million in FY13 to Rs. 860.100 million in Fy14.

 

However profit of the company has increased in FY14 as compare to previous year.

 

Rating takes into consideration significant experience of its promoters in chemical exporting.

 

However, Trade relations are fair. Business is active. Payment terms are slow but correct.

 

The company can be considered for business dealings with usual trade terms and conditions.

 

(NOTE : sales and profit figures has been taken from indirect source i.e. CRISIL ratings.)

 

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

 

Rating Agency Name

CRISIL

Rating

Long term rating = “BB”

Rating Explanation

Inadequate credit quality and high credit risk

Date

30.04.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating = “A4+”

Rating Explanation

Minimal degree of safety and very high credit risk

Date

30.04.2015

 

 

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. Santosh Naik

Designation :

Assistant Manager Logistic

Contact No.:

91-22-26734914

Date :

17.06.2015

 

 

LOCATIONS

 

Registered Office :

105/106 Kshitil (Neelkamal) Building Veera Desai Road, Opposite Andheri Sports Complex, Andheri (West), Mumbai – 400058, Maharashtra, India

Tel. No.:

91-22-2676-6643/ 91-22-26734914

Fax No.:

91-22-2673-4896

E-Mail :

india@abcchemical.com

vsk@vsnl.coms

abc@bom3.vsnl.net.in

Website :

www.abcchemical.com

Location :

Owned

Locality :

Commercial

 

 

Warehouse :

Located at :

 

·         Bhiwandi, Maharashtra, India

Location :

Owned

 

 

Overseas Offices :

Located at :

·   U.A.E

·   Thailand

·   China

·   U.S.A

·   Egypt

 

 

 

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Hiroo Jethanand Thadani

Designation :

Director

Address :

601 Ivory Towers II, Juhu Koliwada, Santacruz, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

26.08.1940

Date of Appointment :

20.10.1997

DIN No.:

01282633

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

U24110MH1984PTC032792

ABC CHEMICALS PRIVATE LIMITED

Director

30/04/1984

30/04/1984

Active

NO

2

U24100MH1997PTC111407

ABC CHEMICAL EXPORTS PRIVATE LIMITED

Director

20/10/1997

20/10/1997

Active

NO

 

 

Name :

Mr. Vinay Hiroo Thadani

Designation :

Director

Address :

601 Ivory Towers Ii, Juhu Koliwada Road, Santacruz, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

29.12.1971

Date of Appointment :

20.10.1997

DIN No.:

01285403

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

U24110MH1984PTC032792

ABC CHEMICALS PRIVATE LIMITED

Director

23/07/1990

23/07/1990

Active

NO

2

U24100MH1997PTC111407

ABC CHEMICAL EXPORTS PRIVATE LIMITED

Director

20/10/1997

20/10/1997

Active

NO

 

 

Name :

Mrs. Priya Hiroo Thadani

Designation :

Director

Address :

601 Ivory Towers Ii, Juhu Koliwada Road, Santacruz, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

03.05.1943

Date of Appointment :

02.08.2004

DIN No.:

01282644

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

U24110MH1984PTC032792

ABC CHEMICALS PRIVATE LIMITED

Director

30/04/1984

30/04/1984

Active

NO

2

U24100MH1997PTC111407

ABC CHEMICAL EXPORTS PRIVATE LIMITED

Director

02/08/2004

02/08/2004

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Santosh Naik

Designation :

Assistant Manager Logistic

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Hiroo Jethanand Thadani

849986

31.78

Priya Hiroo Thadani

849986

31.78

Vinay Hiroo Thadani

975028

36.45

Total

 

2675000

100.00

 

 

 

 

ALLOTTEES AS ON 09.03.2015

 

Names of Allottees

No. of Shares

 

Hiroo Jethanand Thadani

103285

Priya Hiroo Thadani

103285

Vinay Hiroo Thadani

118430

Total

325000

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Exporter and Importer of Chemicals.

 

 

Products :

Chemicals

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Chemicals

Countries :

·         Saudi Arabia

·         Nigeria

·         Egypt

·         USA

·         UAE

 

 

Imports :

 

Products :

Chemicals

Countries :

·         China

·         Japan

·         Thailand

·         Korea

·         Taiwan

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

 

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 :

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 :

35 (Approximately)

 

 

Bankers :

Bank Name:

Dena Bank

Branch:

Versova Branch, "Deepavali", S V Road, Andheri (West), Mumbai - 400058, Maharashtra, 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):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Kotak Mahindra Bank Limited, 27BKC, C - 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V. Shiv Kumar and Associates 

Chartered Accountants 

Address :

120, Damji Shamji Udyog Bhavan, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-26734852 / 26734928 / 26734960

E-Mail :

vsk@vsnl.com

shivkumar@vsaca.com

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

AAFPV8381C

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,000,000

Equity Shares

Rs. 10/- each

Rs. 30.000 Million

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

 

 

3,000,000

Equity Shares

Rs. 10/- each

Rs. 30.000 Million

 

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,000,000

Equity Shares

Rs. 10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,675,000

Equity Shares

Rs. 10/- each

Rs. 26.750 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

26.750

10.000

10.000

(b) Reserves & Surplus

29.237

20.021

11.025

(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)

55.987

30.021

21.025

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

13.257

19.078

14.857

(b) Deferred tax liabilities (Net)

-0.273

0.022

0.086

(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)

12.984

19.100

14.943

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1.564

15.130

13.879

(b) Trade payables

296.097

276.481

225.342

(c) Other current liabilities

3.328

3.614

0.186

(d) Short-term provisions

38.329

36.982

5.202

Total Current Liabilities (4)

339.318

332.207

244.609

 

 

 

 

TOTAL

408.289

381.328

280.577

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

106.464

81.683

72.206

(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

0.000

0.000

0.000

(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

0.000

0.000

0.000

Total Non-Current Assets

106.464

81.683

72.206

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

223.200

222.286

113.143

(d) Cash and cash equivalents

62.450

52.823

74.588

(e) Short-term loans and advances

16.175

24.536

20.640

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

301.825

299.645

208.371

 

 

 

 

TOTAL

408.289

381.328

280.577

 

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

Sales Turnover (Approximately)

860.100

997.600

NA

 

 

 

 

Profit/ (Loss) After Tax

9.200

9.000

NA

 

NOTE: sales and profit figures has been taken from indirect source i.e. CRISIL ratings.

 

 

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)

 

1.07

0.90

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.26

1.14

1.37

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.89

0.90

0.85

 

 

 

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

10.000

10.000

26.750

Reserves & Surplus

11.025

20.021

29.237

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

21.025

30.021

55.987

 

 

 

 

Long-term borrowings

14.857

19.078

13.257

Short term borrowings

13.879

15.130

1.564

Total borrowings

28.736

34.208

14.821

Debt/Equity ratio

1.367

1.139

0.265

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales Turnover (Approximately)

997.600

860.100

 

 

-13.783

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales Turnover (Approximately)

997.600

860.100

Profit

9.000

9.200

 

0.90%

1.07%

 

 

 

 

 

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)

Yes

16

No. of employees

Yes

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 two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last two years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

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

10520982

25/04/2014

13,500,000.00

KOTAK MAHINDRA BANK LIMITED

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

C21525233

2

90159821

30/03/2015 *

172,500,000.00

DENA BANK

VERSOVA BRANCH, OPP.APNA BAZAR, J.P.ROAD, DHAKE 
COLONY, ANDHERI WEST, MUMBAI - 400058, MAHARASHTRA, INDIA

C54188958

 

* Date of charge modification

 

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.64.11

UK Pound

1

Rs.100.32

Euro

1

Rs.72.17

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

--

 

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.