|
|
|
MIRA INFORM REPORT
|
Report No. : |
489015 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
BOROCHEMIE INDIA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Off No. 803, 8th Floor, Hubtown Solaris, N.S. Phadke Road,
Saiwadi, Near Flyover Bridge, Andheri (East), Mumbai – 400069, Maharashtra |
|
Tel. No.: |
91-22-61509696 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as on)
: |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
06.05.1999 |
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|
|
|
Com. Reg. No.: |
11-119753 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 9.800 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1999PTC119753 |
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|
|
|
IEC No.: |
0399012419 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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GSTIN : |
AAACB8973E |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
|
Line of Business
: |
(Registered activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1999 having satisfactory track
record. It is a trader and importer of borochemie products such as borax
dechydrate and boric acid. For the financial year 2017, the company has reported a sharp marginal
decline in its revenue compared to its previous year and has incurred losses
during the year. However, rating takes into consideration, the fair financial risk
profile marked by sufficient net worth base along with average debt level
balance. Rating continue to derive strength from its long and established track
record of its business operation backed by its well experienced promoters as
well as established relationship with its major supplier “Borochemie
International Pte Limited” which has led the company to maintain its position
in the industry. However, theses rating strength gets partially offset by competitive
industry with presence of other large players and unorganized sector marked
by profit margins exposed to fluctuations in the input prices. Payments seems to be slow but correct. In view of aforesaid the company can 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 29.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE: Tel. No.:
91-22-61509696
LOCATIONS
|
Registered Office : |
Off No. 803, 8th Floor, Hubtown Solaris, N.S. Phadke Road, Saiwadi,
Near Flyover Bridge, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-61509696 |
|
Mobile No.: |
91-9820045122 [Mr. Girish Mehta] |
|
Fax No.: |
91-22-61509600 |
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E-Mail : |
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Website : |
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|
Factory : |
Gala B25, Ground Floor, Gokhivare, Vasai east, Palghar – 401208,
Chichpada |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Alakh Natvarlal Shah |
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|
Designation : |
Director |
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|
Address : |
B/7, Parishram C.H. Society, Flat No. 31, 3rd Floor,, Khira Nagar, S.V. Road, Santacruz - W, Mumbai - 400054, Maharashtra, India |
|||||||||||||
|
Date of Birth/Age : |
25.08.1948 |
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Qualification : |
B. Com, LLB |
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Date of Appointment : |
26.11.2004 |
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PAN No.: |
AEJPS4929R |
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DIN No.: |
00089100 |
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Name : |
Mr. Girish Dinesh Mehta |
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Designation : |
Director |
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Address : |
4, Jai Ghanshyam Krupa C.H.S., 15, Lajpatrai Road, Vile Parle West, Mumbai - 400056, Maharashtra, India |
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Date of Birth/Age : |
28.05.1959 |
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Qualification : |
MSC, PHD |
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Date of Appointment : |
30.09.2000 |
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PAN No.: |
AADPM3942Q |
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DIN No.: |
00093758 |
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|||||||||||||
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Name : |
Mr. Suresh Balchandra Shukla |
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Designation : |
Director |
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|
Address : |
25-A, Besant Street, Santacruz - West, Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
23.05.1932 |
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Qualification : |
BSC |
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Date of Appointment : |
26.09.2008 |
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PAN No.: |
AAGPS9456G |
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DIN No.: |
00093903 |
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Name : |
Mr. Ismail Enes Algan |
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Designation : |
Director |
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Address : |
Korupark Sokak Korupark Sitesi, A Blok Daire 1 Suadiye, Kadikoy Istanbul, 34726, Turkey |
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Date of Birth/Age : |
09.17.1954 |
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Qualification : |
Master of Architect Engineering |
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Date of Appointment : |
30.09.2000 |
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DIN No.: |
00164640 |
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|
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Name : |
Mr. Ahmet Korkut Yakal |
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Designation : |
Director |
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Address : |
Erguvan Sk, Akdag Apt N 4 D 3 K 2, Fenerbahce, Istanbul, 34726, Turkey |
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|
Date of Birth/Age : |
29.04.1951 |
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Qualification : |
MBA |
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Date of Appointment : |
30.09.2000 |
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Voter ID No |
G0600620 |
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DIN No.: |
01321645 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Cermin Minerals and Logistics Limited, Singapore |
249984 |
25.50 |
|
Alakh Natvarlal Shah joint with Raksha Alakh Shah |
244992 |
25.00 |
|
Girish Dinesh Mehta joint with Padmaja Girish Mehta |
244992 |
25.00 |
|
Ismail Enes Algan |
120000 |
12.25 |
|
Ahmet Korkut Yakal |
120000 |
12.25 |
|
Total |
979968 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
50.00 |
|
Promoter – (Individual/ Hindu Undivided
Family – Foreign National (Other than NRI) |
24.49 |
|
Public – (Individual/ Hindu
Undivided Family – Indian) |
25.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Financial Institution: |
Daimler Financial Services India Private Limited, Unit 202, 2nd Floor, Campus 3B, RMZ Millennia, Business Park, No.143, Dr. M.G.R. Road, Perungudi, Chennai-600096, Tamilnadu, India |
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Auditors : |
|
|
|
|
|
Name : |
Ruvala Bhatt and Company Chartered Accountants |
|
Address : |
Anchorage, Ground Floor,, 7, Vachha Gandhi Road, Gamdevi, Mumbai-400007, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAUFR1963P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
U24100MH2007PTC170487
U24110MH1979PTC021038
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
979968 |
Equity Shares |
INR 10/- each |
INR 9.800
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.800 |
9.800 |
9.800 |
|
(b) Reserves and Surplus |
27.049 |
33.852 |
21.681 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
36.849 |
43.652 |
31.481 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
78.318 |
24.234 |
21.000 |
|
(b) Deferred tax liabilities (Net) |
1.949 |
2.094 |
1.304 |
|
(c) Other long-term
liabilities |
0.858 |
0.858 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
81.125 |
27.186 |
22.304 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
76.319 |
92.212 |
175.086 |
|
(b) Trade
payables |
46.253 |
130.969 |
118.035 |
|
(c) Other
current liabilities |
4.001 |
3.569 |
3.828 |
|
(d) Short-term
provisions |
0.000 |
4.367 |
1.769 |
|
Total Current
Liabilities (4) |
126.573 |
231.117 |
298.718 |
|
|
|
|
|
|
TOTAL |
244.547 |
301.955 |
352.503 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
137.759 |
143.806 |
128.433 |
|
(ii)
Intangible Assets |
0.056 |
0.088 |
0.094 |
|
(iii) Tangible assets
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 loans and advances |
0.910 |
0.914 |
1.172 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
138.725 |
144.808 |
129.699 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
25.606 |
59.289 |
114.345 |
|
(c) Trade
receivables |
61.139 |
71.297 |
82.758 |
|
(d) Cash and
bank balances |
17.313 |
19.229 |
21.888 |
|
(e) Short-term
loans and advances |
1.764 |
1.537 |
3.185 |
|
(f) Other
current assets |
0.000 |
5.795 |
0.628 |
|
Total
Current Assets |
105.822 |
157.147 |
222.804 |
|
|
|
|
|
|
TOTAL |
244.547 |
301.955 |
352.503 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
620.832 |
1020.819 |
1037.716 |
|
|
Other Income |
26.754 |
44.566 |
29.629 |
|
|
TOTAL |
647.586 |
1065.385 |
1067.345 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.654 |
0.109 |
0.056 |
|
|
Purchases of
Stock-in-Trade |
538.649 |
859.260 |
1043.149 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
33.504 |
55.061 |
(88.949) |
|
|
Employee benefit expense |
4.593 |
4.280 |
2.542 |
|
|
Other expenses |
62.322 |
108.333 |
91.589 |
|
|
TOTAL |
639.722 |
1027.043 |
1048.387 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
7.864 |
38.342 |
18.958 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
9.661 |
12.917 |
12.635 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.797) |
25.425 |
6.323 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.151 |
4.695 |
1.819 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(6.948) |
20.730 |
4.504 |
|
|
|
|
|
|
|
Less |
TAX |
(0.145) |
6.790 |
2.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(6.803) |
13.940 |
2.004 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
28.728 |
17.957 |
17.922 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.400 |
0.200 |
|
|
Final Dividend |
0.000 |
1.470 |
1.470 |
|
|
Tax on Dividend |
0.000 |
0.299 |
0.299 |
|
|
Total
|
0.000 |
3.169 |
1.969 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
21.925 |
28.728 |
17.957 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
602.687 |
997.996 |
1011.826 |
|
|
TOTAL EARNINGS |
602.687 |
997.996 |
1011.826 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Trading Goods |
538.649 |
859.260 |
1041.323 |
|
|
TOTAL IMPORTS |
538.649 |
859.260 |
1041.323 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(6.94) |
14.22 |
2.04 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
(57.245) |
18.351 |
116.325 |
|
Net cash flows from (used in) operating activities |
(60.792) |
15.638 |
114.474 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
35.94 |
25.49 |
29.11 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
10.15 |
14.32 |
12.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
31.30 |
55.63 |
41.30 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.31 |
0.65 |
0.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.06 |
0.27 |
0.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.84 |
0.85 |
0.91 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.20 |
2.67 |
6.23 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.43 |
5.29 |
9.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
3.74 |
3.30 |
4.08 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.81 |
2.97 |
1.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(1.10) |
1.37 |
0.19 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(2.78) |
4.62 |
0.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(18.46) |
31.93 |
6.37 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.84 |
0.68 |
0.75 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.63 |
0.42 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.15 |
0.14 |
0.09 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
15.78 |
11.88 |
20.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.84 |
0.68 |
0.75 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
9.800 |
9.800 |
9.800 |
|
Reserves & Surplus |
21.681 |
33.852 |
27.049 |
|
Net
worth |
31.481 |
43.652 |
36.849 |
|
|
|
|
|
|
Long-term borrowings |
21.000 |
24.234 |
78.318 |
|
Short term borrowings |
175.086 |
92.212 |
76.319 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
196.086 |
116.446 |
154.637 |
|
Debt/Equity
ratio |
6.229 |
2.668 |
4.197 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1037.716 |
1020.819 |
620.832 |
|
|
0.000 |
(1.628) |
(39.183) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1037.716 |
1020.819 |
620.832 |
|
Profit/ (Loss) |
2.004 |
13.940 |
(6.803) |
|
|
0.19
% |
1.37
% |
(1.10
%) |
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) |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL
INFORMATION
Exporter, supplier and manufacturer of powder (boric acid), granulators, refined boron chemicals and boron minerals, borax decahydrate, borax pentahydrate.
BRIEF DESCRIPTION OF
THE COMPANY WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR:
(a) ACTIVITIES OF THE
COMPANY:
Sales of the Company continue to decreased to INR 620.800 Million in the year 2016-17 compared to INR 1020.800 Million in the year 2015-16. Due to fall in the revenue despite of a reasonable control over expenses the Company has incurred loss of INR 6.802 Million during the financial year as compare the profit (Profit after Tax) of 13.940 Million of the last year 2015-16.
The manufacturing activity is yet not revived due to restrictive Import policies of Government.
The Directors have decided to give better services to the customers. Company needs to keep sufficient stock in FTWZ. This has resulted in requirement of more Working Capital and Insurance. Which has also resulted into increase in interest and Finance expenses.
FTWZ is working very well. Customers are satisfied with services.
FUTURE OUTLOOK:
Boron market is very slow because of end users who use this product, like Ceramic Industries, Glass industries and brass. Demand and off take has been restricted because of slow construction activities.
The Directors have observed the continuous devaluation of Indian Rupees for which the cost of import has increased. The value of stock has also increased. There is no increase in selling price proportionately. Your Director feels that this may also end up in loss in the near future.
Due to demonetization, Ceramic industries were greatly affected. Your Directors feel that this financial turbulence in ceramic industry will continue till March’2018. This has affected the demand and supply and therefore the Company is passing through a very difficult situation in cash flow as well as pressure in profit.
After detailed observation your Directors feel that Ceramic Industry will have great boom starting from 2018 due to certain Government policies like affordable housing, etc.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
21.000 |
21.000 |
|
|
|
|
|
Total |
21.000 |
21.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G23800428 |
100061582 |
KOTAK MAHINDRA BANK LIMITED |
16/09/2016 |
- |
- |
170000000.0 |
27BKC, C 27, G BLOCK BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI – 400051, MAHARASHTRA, INDIA |
|
2 |
G07504376 |
100038528 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
18/03/2016 |
- |
- |
3500000.0 |
UNIT 202, 2ND FLOOR, CAMPUS 3B,RMZ MILLENNIA BUSINESS PARK, NO.143, DR. M.G.R. ROAD, PERUNGUDI, CHENNAI - 600096, TAMILNADU, INDIA |
|
3 |
G37781598 |
90143267 |
BANK OF INDIA |
12/02/2001 |
17/06/2004 |
17/02/2017 |
800000.0 |
SANTACRUZ (WEST) BRANCH, MUMBAI - 400054, MAHARASHTRA, INDIA |
|
4 |
G37781960 |
90140866 |
BANK OF INDIA |
12/02/2001 |
20/05/2014 |
17/02/2017 |
115000000.0 |
SANTACRUZ BRANCH, GREEN BUNGLOW, SOLITAIRE, S.V. ROAD, SANTACRUZ (WEST), MUMBAI – 400054, MAHARASHTRA, INDIA |
|
5 |
A67240549 |
90141441 |
BANK OF INDIA |
10/03/2005 |
- |
20/07/2009 |
1300000.0 |
SANTACRUZ BRANCH, SOLITAIRE; S.V. ROAD; SANTACRUZ (WEST), MUMBAI – 400054, MAHARASHTRA, INDIA |
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.49 |
|
|
1 |
INR 90.91 |
|
Euro |
1 |
INR 79.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
NSR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.