MIRA INFORM REPORT

 

 

Report No. :

346811

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MGI CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

407, 4th Floor, Jaswanti Landmark, LBS Marg, Vikhroli (West), Mumbai – 400079, Maharashtra

Tel no:

91-22-40260957/58

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.07.2009

 

 

Com. Reg. No.:

11-194178

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U24100MH2009FTC194178

 

 

IEC No.:

0309040027

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM36711D

 

 

PAN No.:

[Permanent Account No.]

AAGCM1076M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of trading in speciality chemicals, additives and other related products.

 

 

No. of Employees :

13 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (14)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behavior :

Slow

 

 

Litigation :

Clear

 

 

Comments :

MGI Chemicals Private Limited was incorporated in the year 2009. It is an established company having a moderate track record.

 

Rating is constrained company’s weak financial risk profile marked by continuous losses from its operations. Further rating is constrained company has recorded accumulated losses over the years due to which it has errored the networth of the company.

 

However, business is active. Payment terms are reported to be slow.

 

In view of aforesaid, the company can be considered for business dealings on safe and secured 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

CRISIL

Rating

Long-term Bank Facilities : B-

Rating Explanation

Risk-prone-credit-quality and carries very high credit risk.

Date

July 07, 2014

 

Rating Agency Name

CRISIL

Rating

Short-term Bank Facilities : A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

July 07, 2014

 

 

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 (GENERAL DETAILS)

 

Name :

Ms. Nandini

Designation :

Account Executive

Contact No.:

91-22-40260957

Date :

23.10.2015

 

 

LOCATIONS

 

Registered Office :

407, 4th Floor, Jaswanti Landmark, LBS Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India

Tel. No.:

91-22-40260957 / 58

Fax No.:

91-22-40260907

E-Mail :

info@in.megachem.com

Website :

http://www.megachem.com

 

 

Warehouse :

Located at:

 

  • Panvel

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Choon Tee Chew

Designation :

Director

Address :

18 Springleaf Height, Singapore - 788112

Date of Birth/Age :

03.10.1960

Date of Appointment :

30.07.2009

DIN No. :

02753132

 

 

Name :

Mr. Bock Chia Tan

Designation :

Director

Address :

18 Lorong Selangat, Singapore - 358711

Date of Birth/Age :

21.02.1957

Date of Appointment :

17.07.2009

DIN No. :

02486115

 

 

Name :

Mr. Kaustubh Arvind Paranjape

Designation :

Additional Director

Address :

E-001, Rail Vihar CHS, Sector - 04, Kharghar, Navi Mumbai - 410210, Maharashtra, India

Date of Appointment :

18.12.2014

DIN No. :

07040993

 

 

KEY EXECUTIVES

 

Name :

Ms. Nandini

Designation :

Account Executive

 

 

 

 

MAJOR SHAREHOLDERS

 

AS ON 29.09.2014

 

Names of Shareholders

No. of Shares

% of holding

Megachem Limited, Singapore

990000

99.00

Megachem Manufacturing Pte Limited, Singapore

10000

1.00

Total

1000000

100.00

 

AS ON 28.10.2015

 

Names of Shareholders

 

No. of Shares

Megachem Limited, Singapore

 

792000

Megachem Manufacturing Pte Limited, Singapore

 

8000

Total

 

800000

 

 

 

AS ON 29.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companies (s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of trading in speciality chemicals, additives and other related products.

 

 

Products and Services :

  • Solid Blending
  • Liquid Blending
  • Auxiliary Services
  • Repacking

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Material

Countries :

  • China
  • Singapore

 

 

Terms :

 

Selling :

Credit and Depend

 

 

Purchasing :

Credit and Depend

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Manufacturer

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

13 (Approximately)

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

Ground Floor, Building No. 4, Prudential Hiranandani, Mumbai Branch, Maharashtra, India 

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

02398630000174 (Not Confirmed)

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)

 

 

Auditors :

 

Name :

Suresh Surana and Associates

Chartered Accountants

Address :

13th Floor, Bakhtawar, 229, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-61214444

Fax No.:

91-22-22875771

E-Mail :

s@ss-associates.com

Website :

www.ss-associates.com

PAN No:

AAQFS7647M

 

 

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Megachem Limited, Singapore

 

 

CAPITAL STRUCTURE

 

AFTER 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000000

Equity Shares

Rs.10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

18000000

Equity Shares

Rs.10/- each

Rs. 18.000 Million

 

 

 

 

 

 

AS ON 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

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

10.000

10.000

10.000

(b) Reserves & Surplus

(45.975)

(27.170)

(17.005)

(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)

(35.975)

(17.170)

(7.005)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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 – Gratuity

0.499

0.000

0.000

Total Non-current Liabilities (3)

0.499

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

140.176

119.410

91.923

(c) Other current liabilities

0.934

1.039

3.093

(d) Short-term provisions

0.001

0.048

0.044

Total Current Liabilities (4)

141.111

120.496

95.060

 

 

 

 

TOTAL

105.635

103.327

88.055

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2.566

3.358

3.048

(ii) Intangible Assets

0.222

0.335

0.025

(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

3.269

1.349

0.876

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6.057

5.042

3.949

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

34.627

42.438

40.842

(c) Trade receivables

30.636

29.035

28.246

(d) Cash and cash equivalents

30.493

25.863

14.042

(e) Short-term loans and advances

3.299

0.717

0.967

(f) Other current assets

0.523

0.232

0.009

Total Current Assets

99.578

98.285

84.106

 

 

 

 

TOTAL

105.635

103.327

88.055

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

118.906

107.454

 

 

Other Income

0.000

0.000

 

 

TOTAL

118.906

107.454

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Administrative and Other Expenses

136.632

116.501

 NA

 

TOTAL

136.632

116.501

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(17.726)

(9.047)

NA

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

1.079

1.118

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(18.805)

(10.165)

NA

 

 

 

 

 

Less

TAX

0.000

0.000

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(18.805)

(10.165)

(11.652)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 0.898

NA  

 NA  

 

TOTAL EARNINGS

 0.898

NA  

 NA  

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(18.80)

(10.16)

(11.65)

 

 

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

Net cash flow from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Total Income)

(%)

(15.81)

(9.46)

0.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(17.80)

(9.84)

0.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.52

0.59

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(0.01)

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.71

0.82

0.88

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

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

10.000

Reserves & Surplus

(17.005)

(27.170)

(45.975)

Net worth

(7.005)

(17.170)

(35.975)

 

 

 

 

long-term borrowings

0.000

0.000

0.499

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.499

Debt/Equity ratio

0.000

0.000

-0.014

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

107.454

118.906

 

10.658

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

107.454

118.906

Profit

(10.164)

(18.804)

 

(9.46%)

(15.81%)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

-------------

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE:

 

The registered office of the company has been shifted  401 (C) 4th Floor Delta, Hiranandani Gardens Powai, Mumbai – 400076, Maharashtra, India to present address w.e.f. 26.07.2011.

 

GENGERAL INFORMATION:

 

SUBJETC was incorporated the companies act, 1956 on 17 July 2009. The company is a subsidiary of Megachem Limited, Singapore. The companies is engaged in the business of trading in speciality chemicals, additives and other related products.  

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

FIXED ASSETS

  • Lease hold Improvement
  • Office Equipment
  • Computers
  • Furniture and fixture
  • Vehicles

 

 

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. 64.96

UK Pound

1

Rs. 99.54

Euro

1

Rs. 71.64

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

SANS


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

0

--BUSINESS SCALE

1~10

2

--PROFITABILITY 

1~10

----

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

---

--CREDIT LINES

1~10

2

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

14

 

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.