MIRA INFORM REPORT

 

 

Report No. :

329603

Report Date :

29.06.2015

 

IDENTIFICATION DETAILS

 

Name :

NIKHIL ADHESIVES LIMITED

 

 

Registered Office :

Shreeji Industrial Estate, Vadkun Collage Road, Dahanu, District Thane – 401602, Maharashtra

Tel. No.:

91-258-224463

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

29.09.1986

 

 

Com. Reg. No.:

11-041062

 

 

Capital Investment / Paid-up Capital :

Rs. 39.050 Million

 

 

CIN No.:

[Company Identification No.]

L51900MH1986PLC041062

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN04256A

 

 

PAN No.:

[Permanent Account No.]

AAACN1436G

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing of Adhesives and Emulsions and also Trading in Chemicals.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

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

 

 

Comments :

Subject is a Public Limited Company incorporated during the year 1986. It is engaged in the business of manufacturing of adhesives and emulsions and also trading in chemicals. It has a satisfactory track record.

 

For the financial year ended 2015, the company has healthy operational activity and good financial profile along with average increase in profitability margin and sales turnover.

 

Further, rating takes into account the long track record of business along with established distribution network.

 

Trade relations are reported as fair. Business is active. Payments terms are slow but correct.

 

In view of long business record, 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.

 

 

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

ICRA

Rating

Long term fund based limits: BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

January 2015

 

Rating Agency Name

ICRA

Rating

Short term fund based limits: A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

January 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 DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(CONTACT NO.: 91-258-224463)

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Shreeji Industrial Estate, Vadkun, Collage Road, Dahanu, District Thane – 401602, Maharashtra, India

Tel. No.:

91-258-224463/ 223107

Fax No.:

Not Available

E-Mail :

ho@nikhiladhesives.com

ynakre@nikhiladhesives.com

Website :

http://www.nikhiladhesives.com

 

 

Head Office :

39, Gundivali, Off Sir M V Road, Andheri (East), Mumbai - 400069, Maharashtra, India

Tel. No.:

91-22-26837973

 

 

Sales/ Admin. Office :

A, 501/502, Mathuria Apartments, Near Vishal Hall, Sir M.V. Road,  Andheri (East), Mumbai - 400069, Maharashtra

Tel. No.:

91-11-26835864/ 26838030

Fax No.:

91-11-26840854

E-Mail :

bala@nikhiladhesives.com

 

 

Trading Office :

A-405, Mathuria Apartments, Near Vishal Hall, Sir M.V. Road, Andheri (East), Mumbai - 400069, Maharashtra, India

Tel. No.:

91-11-26840750/ 26836550

 

 

Factory 2 :

7, Government Industrial Estate, Phase – I, Behind Euraform Factory, Piparia, Silvassa, India

Tel. No.:

91-260-2640045/ 3292186

Fax No.:

91-260-2640055

 

 

Factory 3 :

Shreeji Industrial Estate, Vadkun, College Road, Dahanu, District Thane – 401602, Maharashtra, India

 

 

Branch Offices :

Located at:

 

·         Ahmedabad

·         Chennai

·         Kolkata

·         Jaipur

·         New Delhi

·         Ghaziabad

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Rajendra Jayantilal Sanghavi

Designation :

Executive Chairman

Address :

Heritage House, Gundavali, Cross Lane 2, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

11.12.1955

Qualification :

Diploma in Engineering

Expertise in specific functional type :

Businessman

Date of Appointment :

01.01.2013

Voter ID No.:

MT/OB/041/0510207

DIN No.:

00245637

 

 

Name :

Mr. Umesh Jayantilal Sanghavi

Designation :

Managing director

Address :

1, Ground Floor, Heritage House, Gundavali, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

26.06.1957

Date of Appointment :

01.01.2013

Voter ID No.:

MT/08/04/0576106

DIN No.:

00491220

 

 

Name :

Mr. Tarak Jayantilal Sanghavi

Designation :

Executive Director

Address :

Flat A/202, 79-B, Heritage House, Gundavali, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

02.10.1962

Qualification :

B. Com

Date of Appointment :

01.01.2013

DIN No.:

00519403

 

 

Name :

Mr. Samaldas Ranchoddas Sanghavi

Designation :

Non-Executive, Independent Director

Address :

Ranchod Bhavan, Satya Narayan Mandir, Malsar, Vadodara – 391115, Gujarat, India

Date of Birth/Age :

04.06.1929

Date of Appointment :

03.02.2003

 

 

Name :

Mr. Hirebettu Sadananda Kamath

Designation :

Non-Executive, Independent Director

Address :

Flat No 21, Deonar House, Deonar Village House, Mumbai – 401601, Maharashtra, India

Date of Birth/Age :

10.06.1942

Qualification :

B.E Mechanical

Date of Appointment :

15.02.2004

DIN No.:

02628018

 

 

Name :

Mr. Madhusudan Manmohandas Vora

Designation :

Non-Executive, Independent Director

Address :

Shree Neelkanth, Parnaka, Dahanu – 401601, Maharashtra, India

Date of Birth/Age :

22.06.1939

Date of Appointment :

03.02.2007

DIN No.:

00245427

 

 

KEY EXECUTIVES

 

Name :

Mr. Yogendra Appanna Nakre

Designation :

Chief Financial Officer

Address :

301, Sheel Jeet CHS, Natwar Nagar, Rd No.5, Jogeshwari East, Mumbai -  400060, Maharashtra, India

Date of Appointment :

14.11.2014

PAN  No.:

AACPN5977B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

2501010

64.22

http://www.bseindia.com/include/images/clear.gifSub Total

2501010

64.22

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

2501010

64.22

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

900

0.02

http://www.bseindia.com/include/images/clear.gifSub Total

900

0.02

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

483984

12.43

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

471377

12.10

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

436904

11.22

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

125

0.00

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

125

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

1392390

35.75

Total Public shareholding (B)

1393290

35.78

Total (A)+(B)

3894300

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

3894300

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Adhesives and Emulsions and also Trading in Chemicals.

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

39051220

Adhesives and Emulsions

29153200

Chemicals

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • Standard Chartered Bank
  • Yes Bank Limited

 

Banker Name

Bank of India

Branch Address

Not Divulged

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 Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

Term loans

From banks

 

54.756

Vehicle Finance

From banks

 

0.602

SHORT TERM BORROWING

 

 

Loans repayable on demand

Cash Credit from Banks

 

227.739

Total

 

283.097

 

NOTE:

 

LONG TERM BORROWING

 

Details of security and terms of repayment for secured long term borrowings:

 

Particulars

Security and terms of repayment as at

31 March 2014

As at 31 March 2014

Bank of India

1) Term Loan III

(a) Secured against hypothecation of the plant and Machineries and equitable mortgage of factory blocks at Dahanu and Silvassa.

 

(b) Principle amount to be repayble in 12 monthly installments, last installment being due in March 2015.

 

(c) The range of rate of Interest is 13.95% p.a

0.000

Standard Chartered Bank :

External Commercial Borrowing (ECB)

(a) Secured against first charge on present and future movable and immovable fixed assets of the plant at Dahej

 

(b) Principle amount to be repayble in 12 quarterly installments, last installment falling due in January 2017

 

(c) Rate of Interest is LIBOR (including premium) + 350 bppa

54.756

 

 

(b) Terms of repayment for the unsecured long term borrowings:

 

Particulars

Security and terms of repayment

As at 31 March 2014

Sales Tax Deferral

Sales tax collected under Package scheme of

Incentives are payable in 5 to 6 yearly installments

after 10 to 12 years from the year of collection.

4.010

Fixed Deposits from Public

(a) Range of rate of interest is 11% to 12% p.a.

(b) Repayment tenure varies from 1-3 years

0.000

 

(c) Secured long term borrowings of Rs.54.756 Million (Previous year Rs.76.223 Million) are personally guaranteed by some of the directors of the Company

 

(d) Current maturities of Term Loans, Vehicle Finance from Bank, Sales Tax Deferral and Public Deposits amounting to Rs.49.298 Million (Previous Year Rs.

33.957 Million) is disclosed under 'Other Current Liabilities`

 

SHORT TERM BORROWING

 

Particulars of security for the secured short-term borrowings:

 

Particulars

Nature of security

As at 31 March 2014

Loans repayable on demand

The facilities from the consortium banks viz.Bank of India and Standard Chartered Bank are secured against hypothecation of stock of raw and

packing materials, finished goods, book debts and plant and machineries of the company on pari

passu basis. Further they are collaterally secured against equitable mortgage of factory blocks at Dahanu.

 

Cash Credit from Banks

 

Bank of India

179.434

Standard Chartered Bank

48.306

Total

 

227.739

 

Secured short term borrowings of Rs.227.739 Million/- (Previous year Rs  158.957 Million) are personally guaranteed by some of the promoter directors and others and are collaterally secured against equitable mortgage of certain residential flats of the promoter directors in favour of the said banks on pari passu basis.

 

Auditors :

 

Name :

PHD and Associates

Chartered Accountants

Address :

B - 204, Anuradha S V Road, Irla Bridge, Andheri (West), Mumbai - 400058 Maharashtra, India

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

AALFP4587E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

A Company Significantly Influenced by relatives of KMP:

Vasant Polymers and Chemicals Private Limited

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 39.050 Million

 

AS on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,950,000

Equity Shares

Rs. 10/- each

Rs. 49.500 Millions

50,000

8% Preference shares

Rs. 10/- each

Rs. 0.500 Million

 

 

 

 

 

Total

 

Rs. 50.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,894,300

Equity Shares

Rs. 10/- each

Rs. 38.943 Millions

 

 

 

 

 

Subscribed & Fully Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,894,300

Equity Shares

Rs. 10/- each

Rs. 38.943 Millions

 

Add: Forfeited Shares account

 

Rs. 0.107 Million

 

 

 

 

 

Total

 

Rs. 39.050 Millions

 

 

(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year:

 

Particulars

31.03.2014

 

No. of Shares

Amount in Millions

At the beginning of the year

3 ,894,300

38.943

Outstanding at the end of the year

3 ,894,300

38.943

 

 

(b) The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

 

(c) Details of shareholders holding more than 5% shares in the company:

 

Name of Shareholders

31.03.2014

Equity shares of Rs.10/- each fully paid :

No. of Shares

% holding

Ashok J. Sanghavi

455180

11.69

Vasantben J. Sanghavi

246960

6.34

V. J. Sanghavi Family Trust (Held by the trustees of the

trust)

253300

6.50

Mrunalini R. Sanghavi

237080

6.08

Anita U. Sanghavi

239740

6.16

Rekha T. Sanghavi

271440

6.97

Vasant Polymers & Chemicals Private Limited

302000

7.76

 

 

(d) Details of forfeited shares:

 

Class of shares

31.03.2014

 

No. of Shares

Amount in Millions

Equity Shares

21,320

0.107

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

39.050

39.050

39.050

(b) Reserves & Surplus

104.262

100.460

97.812

(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)

143.312

139.510

136.862

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

174.792

166.392

90.857

(b) Deferred tax liabilities (Net)

20.463

18.884

17.825

(c) Other long term liabilities

0.000

0.000

0.427

(d) long-term provisions

2.556

1.763

1.835

Total Non-current Liabilities (3)

197.811

187.039

110.944

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

154.599

227.739

198.857

(b) Trade payables

535.117

527.271

385.609

(c) Other current liabilities

84.122

81.138

67.262

(d) Short-term provisions

0.865

1.143

4.472

Total Current Liabilities (4)

774.703

837.291

656.200

 

 

 

 

TOTAL

1115.826

1163.840

904.006

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

254.557

251.629

222.632

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

6.931

26.790

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

0.036

0.136

0.136

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

16.990

12.957

11.679

(e) Other Non-current assets

1.533

14.034

0.000

Total Non-Current Assets

273.116

285.687

261.237

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

252.244

250.540

183.541

(c) Trade receivables

423.411

480.291

317.656

(d) Cash and cash equivalents

40.150

37.776

57.835

(e) Short-term loans and advances

124.969

108.142

81.255

(f) Other current assets

1.936

1.404

2.482

Total Current Assets

842.710

878.153

642.769

 

 

 

 

TOTAL

1115.826

1163.840

904.006

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

2542.448

2341.700

1827.686

 

Other Income

3.308

1.804

0.196

 

TOTAL (A)

2545.756

2343.504

1827.882

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1550.923

1393.589

1027.751

 

Purchases of Stock-in-Trade

665.849

627.794

588.676

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(3.829)

13.979

(23.173)

 

Employees benefits expense

61.505

48.550

43.745

 

Other expenses

187.169

131.107

103.723

 

Exceptional Items

0.000

45.910

17.006

 

TOTAL (B)

2461.617

2260.929

1757.728

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

84.139

82.575

70.154

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

60.604

54.691

37.907

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

23.535

27.884

32.247

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

18.154

24.176

17.481

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

5.381

3.708

14.766

 

 

 

 

 

Less

TAX (H)

1.579

1.059

9.110

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

3.802

2.649

5.656

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

NA

20.324

18.313

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Proposed Dividend Including Dividend Tax

NA

0.000

3.645

 

Balance Carried to the B/S

NA

22.973

20.324

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 

16.238

6.551

 

TOTAL EARNINGS

0.000

16.238

6.551

 

 

 

 

 

 

IMPORTS

 

 

 

 

Materials (for Manufacturing & Trading)

 

985.213

597.864

 

TOTAL IMPORTS

0.000

985.213

597.864

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.98

0.68

1.45

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

49.298

33.957

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.15

0.11

0.31

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

3.31

3.53

3.84

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.48

0.32

1.68

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.03

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.30

3.18

2.36

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.09

1.05

0.98

 

 

STOCK PRICES

 

Face Value

Rs.10/-

Market Value

Rs.32.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

39.050

39.050

39.050

Reserves & Surplus

97.812

100.460

104.262

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

136.862

139.510

143.312

 

 

 

 

long-term borrowings

90.857

166.392

174.792

Short term borrowings

198.857

227.739

154.599

Total borrowings

289.714

394.131

329.391

Debt/Equity ratio

2.117

2.825

2.298

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1827.686

2341.700

2542.448

 

 

28.124

8.573

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1827.686

2341.700

2542.448

Profit

5.656

2.649

3.802

 

0.31%

0.11%

0.15%

 

 

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

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 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

Yes

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

 

UNSECURED LOAN

 

Particulars

31.03.2015

(Rs. in Million)

31.03.201

(Rs. in Million)

LONG TERM BORROWING

 

Deferred payment liabilities

Sales Tax Deferral

 

4.010

Others

Loan from a Related Party

 

107.024

Total

 

111.034

 

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10539820

27/08/2014

672,300,000.00

BANK OF INDIA

ANDHERI MID CORPORATE BRANCH, 28, MDI BUILDING,,
1ST FLOOR, S.V.ROAD, ANDHERI (WEST), MUMBAI, MAHAR
ASHTRA - 400058, INDIA

C38750824

2

10361540

27/04/2012

217,500,000.00

BANK OF INDIA

ANDHERI MID CORPORATE BRANCH, 28 MDI BLDG,, 1ST F
LOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHT
RA - 400058, INDIA

B42006338

3

10331099

05/11/2012 *

98,700,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GRL FLOOR, NEAR MITHAKALI SIX ROADS,
AHMEDABAD, GUJARAT - 380006, INDIA

B64158140

4

10172256

29/06/2009

10,000,000.00

BANK OF INDIA

SSI ANDHERI (EAST) BR. MATHURIA APARTMENT,, SIR M
V ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400
069, INDIA

A67766881

5

10049021

23/08/2013 *

567,000,000.00

BANK OF INDIA

ANDHERI MID CORPORATE BRANCH, 28, MDI BUILDING,,
1ST FLOOR, S.V.ROAD, ANDHERI (WEST), MUMBAI, MAHAR
ASHTRA - 400058, INDIA

B84818327

6

10049022

12/03/2007

17,500,000.00

BANK OF INDIA

SSI ANDHERI (EAST) BRANCH, MATHURIA APARTMENTS ,,
SIR M V ROAD , ANDHERI (EAST), MUMBAI, MAHARASHTR
A - 400069, INDIA

A14544142

7

80010973

22/09/2014 *

900,000,000.00

BANK OF INDIA

ANDHERI MID CORPORATE BRANCH, 28, MDI BLDG.,, 1ST
FLOOR, S.V.ROAD, ANDHERI (WEST), MUMBAI, MAHARASH
TRA - 400058, INDIA

C32137820

8

90223521

27/08/2014 *

900,000,000.00

BANK OF INDIA

ANDHERI MID CORPORATE BR., MDI BUILDING,1ST FLOOR,
, 28, S.V.ROAD, ANDHERI (WEST),, MUMBAI, MAHARASH
TRA - 400058, INDIA

C32137705

9

90223178

12/01/2001 *

3,400,000.00

BANK OF INDIA

SSI BRANCH, ANDHERI (W), MUMBAI, MAHARASHTRA - 40
0069, INDIA

-

10

90220243

13/09/1997 *

16,305,000.00

BANK OF INDIA

SSI BRANCH, ANDHERI (W), MUMBAI, MAHARASHTRA - 40
0069, INDIA

-

 

* Date of charge modification

 

FIXED ASSETS:

 

Tangible Assets

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Computers

 

Intangible Assets

·         Goodwill

·         Trademarks

·         Technical Know How

·         MDC Logo

·         No Compete Agreement


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.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

KVT

 

 

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

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--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

 

42

 

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.