MIRA INFORM REPORT
|
Report No. : |
345309 |
|
Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
VISEN INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
VISEN CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501, Stanford, Plot No. 554, Junction of S V Road, and Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra |
|
Tel. No.: |
91-22-66443333 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
03.09.1985 |
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|
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Com. Reg. No.: |
11-037350 |
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Capital
Investment / Paid-up Capital : |
Rs. 348.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1985PLC037350 |
|
|
|
|
IEC No.: |
0389023442 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV10076D |
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|
|
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PAN No.: [Permanent Account No.] |
AAACV1768K |
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|
|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers. |
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|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 3rd September, 1985 as Visen
Chemicals Private Limited, was converted into a public limited company in
January 1993. The company by Mr. Vijay Nair who has an industry experience of
over 25 years. It is engaged in manufacturing
and sale of emulsion polymers used in many industries and trading of
industrial chemicals. It has satisfactory track record. The company possesses a decent profile marked by adequate networth
base along with fair liquidity and profitability. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of established track of the promoter, the company can be
considered normal for business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH Rating |
|
Rating |
Long term issuer rating = “ÏND BBB+” |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk |
|
Date |
25.08.2015 |
|
Rating Agency Name |
FITCH Rating |
|
Rating |
Non fund based limit = “IND A2+” |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk |
|
Date |
25.08.2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Sudarshan Gopinath Kamath |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-22-66443333 |
|
Date : |
16.10.2015 |
LOCATIONS
|
Registered/ Corporate/ Head Office : |
501, Stanford, Plot No.554, Junction of S V Road, and Juhu
Lane, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-66443333 |
|
Fax No.: |
91-22-66443344 |
|
E-Mail : |
|
|
Website : |
|
|
Ares : |
1500 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
Plot No. 68, 69, 88, B-Nanji Industrial Estate, Village Kharadpada, Silvassa -396230, Dadra and Nagar Haveli, (U.T.), India |
|
Tel. No.: |
91-260-2651154/ 55/ 56 |
|
Telefax No.: |
91-260-2650463 |
DIRECTORS
AS ON 29.06.2015
|
Name : |
Mr. Vijayasankaran Sivaraman Nair |
|
Designation : |
Managing Director |
|
Address : |
E7/9, Jaitaramani Co-Operative Housing Society, Bangur Nagar, Goregaon (West), Mumbai - 400090, Maharashtra, India |
|
Date of Birth/Age : |
28.11.1955 |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AABPN2385G |
|
DIN No.: |
00028395 |
|
|
|
|
Name : |
Mr. Ramachandran Theruvara Pandalonda |
|
Designation : |
Whole-Time Director |
|
Address : |
B-1202, Runwal Heights, L.B.S. Marg, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
01.04.2015 |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ADWPR3710M |
|
DIN No.: |
00030529 |
|
|
|
|
Name : |
Mr. Ashok Rao |
|
Designation : |
Director |
|
Address : |
3, Ishwar Bhavan, A Road, Churchgate, Mumbai - 400020, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1945 |
|
Qualification : |
B.Com. (Hons.), FCA, ACMA (Lond.) |
|
Date of Appointment : |
29.06.2015 |
|
DIN No.: |
00091222 |
|
|
|
|
Name : |
Mr. Nikhil Mohta |
|
Designation : |
Nominee director |
|
Address : |
A/406 Oberoi Springs, Off Link Road, Near Monginis Factory, Andheri (West), Azad Nagar, Mumbai - 400053, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1977 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
00932030 |
|
|
|
|
Name : |
Mr. Cherry Vijay Nair |
|
Designation : |
Whole-Time Director |
|
Address : |
Oberoi Crest, Plot No. 474, 16th Road, Near Khar Gymkhana, Khar, Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
07.08.2015 |
|
DIN No.: |
07211022 |
KEY EXECUTIVES
|
Name : |
Mr. Sudarshan Gopinath Kamath |
|
Designation : |
Chief Finance Officer |
|
Address : |
6, Radha, Jaikrishna Co-Operative Housing Society, Chedda Nagar, Chembur, Mumbai - 400089, Maharashtra, India |
|
PAN No.: |
AAGPK7431B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.06.2015
|
Names of Equity Shareholders |
No. of Shares |
|
Vijay S. Nair |
7278340 |
|
Geeta V. Nair |
1573620 |
|
Visen Marketing Private Limited |
1455600 |
|
Ruchirag Investment Private Limited |
206480 |
|
Sumitomo Corporation Asia Pte Limited |
230000 |
|
S. Kodapully |
225000 |
|
Arun Methta |
70424 |
|
Badaryan Nair |
223600 |
|
Cherry Nair |
7316 |
|
Anish Nair |
86800 |
|
Maya Nair (Raji Nair) |
4000 |
|
Ragesh Nair |
8000 |
|
Rajeshwari Nair |
368240 |
|
Rajkumari Mehta |
75200 |
|
Ruchi Nair |
71316 |
|
Suprabha Nair |
196000 |
|
Thankappan Nair |
255232 |
|
First Carlyle Ventures III |
100 |
|
Madhava Menon Shankar Narayanan |
1 |
|
Mahesh Parasuraman |
1 |
|
Nikhil Mohta |
1 |
|
Manish Gaur |
1 |
|
Kapil Modi |
1 |
|
|
|
|
Total |
12335273 |
|
Names of Preference Shareholders |
No. of Shares |
|
First Carlyle Ventures III |
22448980 |
|
Madhava Menon Shankar Narayanan |
56123 |
|
Mahesh Parasuraman |
5613 |
|
Nikhil Mohta |
5613 |
|
Manish Gaur |
5613 |
|
Kapil Modi |
2807 |
|
|
|
|
Total |
22524749 |
AS ON 29.06.2015
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· USA · Singapore · Japan · Indonesia |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90/ Days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90/ Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· Standard Chartered Bank Narain Manzil, 23, Barakhamba Road, Delhi – 110001, India · DBS Bank Limited · Axis Bank Limited 2nd Floor, Axis House, Wadia International Centre, P. B. Marg, Worli, Mumbai - 400025 , Maharashtra, India · State Bank of Patiala Commercial Branch II, Towr 3, 2nd Floor, Equinox, Business Park Private Limited, Off BKC, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
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Facilities : |
|
|
Banking
Relations : |
-- |
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|
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|
Financial Institution : |
Axis Trustee Services Limited |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
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Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
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Memberships : |
-- |
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|
|
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Collaborators : |
-- |
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Associate : |
Visen Overseas Private Limited |
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|
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Subsidiaries : |
Visen Polymer FZE |
CAPITAL STRUCTURE
AFTER 29.06.2015
Authorised Capital : Rs. 600.002 Million
Issued, Subscribed & Paid-up Capital : Rs. 213.533 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37,000,200 |
Equity Shares |
Rs. 10/- each |
Rs. 370.002 Million |
|
23,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 230.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 600.002
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,335,273 |
Equity Shares |
Rs. 10/- each |
Rs. 123.353
Million |
|
22,524,749 |
Preference Shares |
Rs. 10/- each |
Rs. 225.247
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 348.600 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 |
348.600 |
348.600 |
348.600 |
|
(b) Reserves & Surplus |
2165.232 |
1945.157 |
1746.598 |
|
(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) |
2513.832 |
2293.757 |
2095.198 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
342.371 |
465.375 |
512.310 |
|
(b) Deferred tax liabilities (Net) |
30.385 |
22.155 |
19.836 |
|
(c)
Other long term liabilities |
0.530 |
0.680 |
3.030 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
373.286 |
488.210 |
535.176 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1513.520 |
1168.084 |
1280.661 |
|
(b)
Trade payables |
1616.049 |
1627.036 |
1087.264 |
|
(c)
Other current liabilities |
259.722 |
140.642 |
43.089 |
|
(d)
Short-term provisions |
47.365 |
41.401 |
5.275 |
|
Total
Current Liabilities (4) |
3436.656 |
2977.163 |
2416.289 |
|
|
|
|
|
|
TOTAL |
6323.774 |
5759.130 |
5046.663 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
693.652 |
717.565 |
749.664 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
521.422 |
208.885 |
77.731 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
916.398 |
477.317 |
477.831 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
186.385 |
784.987 |
688.575 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2317.857 |
2188.754 |
1993.801 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1351.398 |
1212.506 |
982.884 |
|
(c)
Trade receivables |
2097.398 |
1660.883 |
1264.273 |
|
(d)
Cash and cash equivalents |
147.184 |
308.544 |
473.698 |
|
(e)
Short-term loans and advances |
404.803 |
351.006 |
318.733 |
|
(f)
Other current assets |
5.134 |
37.437 |
13.274 |
|
Total
Current Assets |
4005.917 |
3570.376 |
3052.862 |
|
|
|
|
|
|
TOTAL |
6323.774 |
5759.130 |
5046.663 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10918.014 |
8250.779 |
6280.806 |
|
|
|
Other Income |
36.899 |
66.701 |
17.175 |
|
|
|
TOTAL (A) |
10954.913 |
8317.480 |
6297.981 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4858.368 |
4581.799 |
3915.483 |
|
|
|
Purchases of Stock-in-Trade |
4523.515 |
2363.309 |
1419.521 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
18.859 |
(75.195) |
(51.741) |
|
|
|
Employees benefits expense |
147.131 |
108.210 |
93.859 |
|
|
|
Other expenses |
797.148 |
722.967 |
579.523 |
|
|
|
TOTAL (B) |
10345.021 |
7701.090 |
5956.645 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
609.892 |
616.390 |
341.336 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
170.505 |
204.232 |
211.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
439.387 |
412.158 |
129.946 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.581 |
78.577 |
78.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
355.806 |
333.581 |
51.293 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
140.230 |
115.088 |
6.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
215.576 |
218.493 |
45.179 |
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
EARNINGS |
1764.800 |
1150.900 |
781.834 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
16.94 |
17.18 |
3.16 |
|
|
|
Diluted
|
10.10 |
11.27 |
2.46 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
15000.000 |
|
|
|
|
|
The above information has been parted by Mr. Sudarshan Gopinath Kamath
(Account Head).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
171.261 |
81.035 |
3.739 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
(112.633) |
411.539 |
(224.403) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.97 |
2.65 |
0.72 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.59 |
7.47 |
5.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.28 |
6.58 |
1.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81 |
0.75 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.20 |
1.26 |
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 |
348.600 |
348.600 |
348.600 |
|
Reserves & Surplus |
1746.598 |
1945.157 |
2165.232 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2095.198 |
2293.757 |
2513.832 |
|
|
|
|
|
|
Long-term borrowings |
512.310 |
465.375 |
342.371 |
|
Short term borrowings |
1280.661 |
1168.084 |
1513.520 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
3.739 |
81.035 |
171.261 |
|
Total
borrowings |
1796.710 |
1714.494 |
2027.152 |
|
Debt/Equity
ratio |
0.858 |
0.747 |
0.806 |
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) |
|
Revenue from Operations |
6280.806 |
8250.779 |
10918.014 |
|
|
|
31.365 |
32.327 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
6280.806 |
8250.779 |
10918.014 |
|
Profit |
45.179 |
218.493 |
215.576 |
|
|
0.72% |
2.65% |
1.97% |
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 |
Yes |
|
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 |
INDEX OF
CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10588153 |
20/08/2015 |
4,250,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
AXIS HOUSE,
2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI
- 400025, MAHARASHTRA, INDIA |
C62613476 |
|
2 |
10471354 |
25/02/2014
* |
615,000,000.00 |
AXIS
BANK LIMITED |
2ND FLOOR,
AXIS HOUSE, WADIA INTERNATIONAL CENTRE, P. B. MARG, WORLI, MUMBAI -
400025 , MAHARASHTRA, INDIA |
C09419979 |
|
3 |
10361515 |
16/05/2012 |
500,000,000.00 |
ICICI
BANK LIMITED |
ICICI
BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
B41992595 |
|
4 |
10345321 |
26/04/2013
* |
3,250,000,000.00 |
BANK OF
INDIA |
NEW
DELHI LARGE CORPORATE BRANCH, PTI BUILDING, 4 PARLIAMENT STREET, NEW
DELHI - 110001, INDIA |
B75543710 |
|
5 |
10306276 |
22/03/2014
* |
900,000,000.00 |
AXIS
BANK LIMITED |
AXIS
BANK LIMITED, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
C03047222 |
|
6 |
10130059 |
30/04/2012
* |
300,000,000.00 |
DBS
BANK LIMITED |
UPPER
GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBHA ROAD, NEW DELHI - 110001, INDIA |
B39935879 |
|
7 |
10105070 |
15/11/2011
* |
350,000,000.00 |
STANDARD
CHARTERED BANK |
NARAIN
MANZIL, 23, BARAKHAMBA ROAD, DELHI - 110001, INDIA |
B27052943 |
|
8 |
10049807 |
01/01/2015
* |
600,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH II, TOWR 3, 2ND FLR, EQUINOX, BUSINESS PARK (P) LIMITED, OFF BKC , LBS
MARG, KURLA (WEST), |
C41541152 |
|
9 |
90216309 |
06/03/2002 |
78,000,000.00 |
BANK OF
INDIA |
M.D.I. BUILDING;
1ST FLOOR, 28; S.V. ROAD; ANDHERI, MUMBAI - 400058, MAHARASHTRA, INDIA |
- |
|
10 |
90219817 |
19/04/2014
* |
1,300,000,000.00 |
BANK OF
INDIA |
ANDHERI
LARGE CORPORATE BRANCH, 28, S.V.ROAD M.D .I. BLDG.1STFLOOR.,
ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA |
C03697463 |
|
11 |
90219804 |
06/01/2003
* |
70,000,000.00 |
BANK OF
INDIA |
M.D.I.
BUILDING; 1ST FLOOR, 28; S.V. ROAD; ANDHERI, MUMBAI - 400058, MAHARASHTRA,
INDIA |
- |
* Date of charge modification
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from Premier
House, 6th Floor, 38, Central Road, MIDC, Andheri (East), Mumbai –
400093, Maharashtra, India to the present address w.e.f. 01.04.2012
COMPANY BACKGROUND
Subject a leading manufacturer of polymer emulsions, centers its efforts
on delivering premium products to paint, textile, adhesive and construction
industries. With a clear vision of becoming the largest supplier of water based
polymer emulsions, the Company has been making a persistent effort in improving
its products, manufacturing sales and marketing, and supply / logistic.
OPERATIONS
During the year the plants of the Company were working at a capacity of 91%.
FIXED ASSETS:
·
Land
·
Buildings
·
Residential Building
·
Office Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.