|
|
|
MIRA INFORM REPORT
|
Report No. : |
494426 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
DEMOSHA CHEMICALS PRIVATE LIMITED (w.e.f 15.06.2001) |
|
|
|
|
Formerly Known
As : |
DEMOSHA CHEMICALS LIMITED (w.e.f 23.01.1989) DEMOSHA CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
105-A, Mittal Towers, 210, Nariman Point, Mumbai – 400021,
Maharashtra |
|
Tel. No.: |
91-22-22823558/22823588/22872218 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
27.10.1970 |
|
|
|
|
Com. Reg. No.: |
11-014859 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 19.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1970PTC014859 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
|
TIN No: |
27560014287 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
24AAACD3822A1ZH |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD3822A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is into the manufacturing and export of a range of chemicals servicing the requirements
of customers from a diverse range of industries – Textiles, Jaggery, Tyre,
Pharmaceuticals, etc. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
Information denied 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 |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1970 having fine track record. Management has failed to file its financials for the year 2017 with
Registrar of Companies. As per available financials of 2016, the company has registered
marginal decline in its revenue as compared to its previous year but has
achieved fair profit margin during the year. Rating takes into consideration, the satisfactory financial risk
profile marked by adequate net worth base and comfortable cash accruals. Rating continue to derive strength from its long and established track
record of its business operation backed by its well-experienced promoters
along with their strong clientele base. However, these rating strengths gets partially offset by exposure of
the company in highly competitive and fragmented industry along with
unfavourable changes in the government policies which can strain its
profitability. Payments seems to be usually correct. In view of aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
CRISIL |
|
Rating |
Long term rating: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
24.08.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
24.08.2017 |
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 01.03.2018
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 (91-22-22823558/91-2632-237271)
LOCATIONS
|
Registered Office : |
105-A, Mittal Towers, 210, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22823558/22823588/22872218 |
|
Fax No.: |
91-22-22045997 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant : |
82, GIDC Industrial Area, Gundlav, Valsad-396035, Gujarat, India |
|
Tel. No.: |
91-2632-237271/237272 |
|
Fax No.: |
91-2632-237277 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Chinubhai Shantilal Shah |
||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||
|
Address : |
903, Chandanbala R. R. T. Marg, Mumbai-400006, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
13.12.1937 |
||||||||||||||||||||
|
Date of Appointment : |
01.05.1997 |
||||||||||||||||||||
|
DIN No.: |
00209638 |
||||||||||||||||||||
|
PAN No.: |
AAQPS6109L |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Gautam Shah |
||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||
|
Address : |
19, 7th Floor, Panchsar Building 76, N Subhash Road, Marine Drive, Mumbai-400020, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
08.01.1946 |
||||||||||||||||||||
|
Date of Appointment : |
01.03.1995 |
||||||||||||||||||||
|
DIN No.: |
00665651 |
||||||||||||||||||||
|
PAN No.: |
AAOPS2532D |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Vijay Monish Parikh |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
10/C, 5th FL, Ishwardas Mansion, Nana Chowk, Mumbai-400007, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
09.09.1955 |
||||||||||||||||||||
|
Date of Appointment : |
01.03.1995 |
||||||||||||||||||||
|
DIN No.: |
01556958 |
||||||||||||||||||||
|
PAN No.: |
AAFPP6546F |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Ajay Monish Parikh |
||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||
|
Address : |
47, Prem Court Building, 4th Floor, 5, Pedder Road, G. Deshmukh Marg, Mumbai-400026, Maharashtra, India |
||||||||||||||||||||
|
Date of Appointment : |
01.08.2015 |
||||||||||||||||||||
|
DIN No.: |
01557037 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Nilay Gautam Shah |
||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||
|
Address : |
Panchasar Building, Block No.19-20 76, N. S. Road, Mumbai-400020, Maharashtra, India |
||||||||||||||||||||
|
Date of Appointment : |
01.08.2015 |
||||||||||||||||||||
|
DIN No.: |
03507841 |
||||||||||||||||||||
|
PAN No.: |
AMIPS7970F |
||||||||||||||||||||
MAJOR SHAREHOLDERS
AS ON 31.03.2017
SHAREHOLDERS LIST ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
94.62 |
|
Promoters- Others |
5.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is into the manufacturing and export of a range of chemicals servicing the requirements
of customers from a diverse range of industries – Textiles, Jaggery, Tyre,
Pharmaceuticals, etc. [Registered
Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
R. P. Shah and Company Chartered Accountants |
|
Address : |
Office No. 35, 3rd Floor, Tardev AC Market, Mumbai-400034,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AALPS7669C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate firm (AS
ON 31.03.2016): |
|
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
INR 100/- each |
INR 60.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199000 |
Equity Shares |
INR 100/- each |
INR 19.900 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.900 |
19.900 |
19.900 |
|
(b) Reserves and Surplus |
353.665 |
285.459 |
208.533 |
|
(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) |
373.565 |
305.359 |
228.433 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
212.871 |
201.509 |
196.160 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
2.946 |
5.290 |
|
(c) Other long-term
liabilities |
3.963 |
3.966 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
216.834 |
208.421 |
201.450 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
12.384 |
32.802 |
58.366 |
|
(b) Trade
payables |
69.215 |
92.406 |
123.124 |
|
(c) Other
current liabilities |
51.950 |
68.640 |
33.090 |
|
(d) Short-term
provisions |
10.133 |
9.565 |
9.069 |
|
Total Current
Liabilities (4) |
143.682 |
203.413 |
223.649 |
|
|
|
|
|
|
TOTAL |
734.081 |
717.193 |
653.532 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
89.803 |
99.661 |
97.780 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
109.195 |
9.573 |
10.552 |
|
(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) |
2.345 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
0.605 |
0.333 |
0.275 |
|
(e) Other
Non-current assets |
0.050 |
0.050 |
0.081 |
|
Total Non-Current
Assets |
201.998 |
109.617 |
108.688 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
185.618 |
265.941 |
200.235 |
|
(c) Trade
receivables |
301.413 |
262.508 |
278.070 |
|
(d) Cash and
bank balances |
6.365 |
47.694 |
31.956 |
|
(e) Short-term
loans and advances |
29.081 |
25.478 |
25.814 |
|
(f) Other
current assets |
9.606 |
5.955 |
8.769 |
|
Total
Current Assets |
532.083 |
607.576 |
544.844 |
|
|
|
|
|
|
TOTAL |
734.081 |
717.193 |
653.532 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
1655.265 |
1800.640 |
1649.847 |
|
|
Other Income |
5.282 |
3.498 |
8.637 |
|
|
TOTAL |
1660.547 |
1804.138 |
1658.484 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1058.269 |
1263.035 |
1066.034 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.235 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
59.981 |
(54.055) |
39.268 |
|
|
Employee benefit expense |
85.202 |
68.113 |
63.057 |
|
|
CSR expenditure |
0.025 |
1.500 |
0.000 |
|
|
Other expenses |
305.016 |
355.318 |
338.782 |
|
|
TOTAL |
1508.493 |
1634.146 |
1507.141 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
152.054 |
169.992 |
151.343 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
28.767 |
27.495 |
29.699 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
123.287 |
142.497 |
121.644 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.502 |
14.919 |
10.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
109.785 |
127.578 |
111.244 |
|
|
|
|
|
|
|
Less |
TAX |
34.393 |
43.467 |
39.714 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
75.392 |
84.111 |
71.530 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
206.959 |
139.033 |
81.989 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend |
5.970 |
5.970 |
5.970 |
|
|
Tax on Proposed dividend |
1.215 |
1.215 |
1.015 |
|
|
Transfer to General Reserve |
8.000 |
9.000 |
7.500 |
|
|
Balance
Carried to the B/S |
267.165 |
206.959 |
139.034 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
267.618 |
216.710 |
|
|
TOTAL
EARNINGS |
NA |
267.618 |
216.710 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Material (Excluding high seas purchases) |
NA |
30.711 |
28.800 |
|
|
Stores and Spares |
NA |
0.316 |
0.057 |
|
|
TOTAL
IMPORTS |
NA |
31.027 |
28.857 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
378.85 |
422.67 |
359.45 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
147.816 |
126.422 |
132.387 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
104.030 |
80.939 |
93.574 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
66.46 |
53.21 |
61.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.49 |
6.86 |
5.93 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
23.87 |
26.70 |
42.16 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.82 |
0.64 |
0.76 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.76 |
1.56 |
1.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.49 |
0.56 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.60 |
0.77 |
1.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.38 |
0.67 |
0.98 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.53 |
0.36 |
0.47 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.29 |
6.18 |
5.10 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.55 |
4.67 |
4.34 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.27 |
11.73 |
10.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
20.18 |
27.54 |
31.31 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
3.70 |
2.99 |
2.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.41 |
1.68 |
1.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.51 |
0.43 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.32 |
11.77 |
12.79 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
3.70 |
2.99 |
2.44 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
19.900 |
19.900 |
19.900 |
|
Reserves & Surplus |
208.533 |
285.459 |
353.665 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
228.433 |
305.359 |
373.565 |
|
|
|
|
|
|
Long-term borrowings |
196.160 |
201.509 |
212.871 |
|
Short term borrowings |
58.366 |
32.802 |
12.384 |
|
Total
borrowings |
254.526 |
234.311 |
225.255 |
|
Debt/Equity
ratio |
1.114 |
0.767 |
0.603 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1649.847 |
1800.640 |
1655.265 |
|
|
|
9.140 |
(8.074) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1649.847 |
1800.640 |
1655.265 |
|
Profit/ (Loss) |
71.530 |
84.111 |
75.392 |
|
|
4.34
% |
4.67
% |
4.55
% |
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 |
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 |
No |
|
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 |
BACKGROUND (AS
ON 31.03.2016)
Subject is into the manufacturing and export of a range of chemicals servicing the requirements of customers from a diverse range of industries – Textiles, Jaggery, Tyre, Pharmaceuticals, etc.
PERFORMANCE OF THE COMPANY (AS ON
31.03.2016)
Sales and other
income for the financial year under report amounted to INR 1655.265 Million as
compared with INR 1800.640 Million for the previous year, a decrease of 8.07%.
Exports registered INR 167.129 Million as compared to INR 267.618 Million, a
decrease of 37. 55%. During the financial year under report, the company
registered net profit of INR 75.392 Million as against net profit of INR 84.110
Million in the previous year, a decrease of 10.33%.
The decrease in
volume is attributed to lower Export of one of the product Sodium
Hydrosulphite. India’s overall export has decreased during the year under
consideration because of unfavourable economic conditions prevailing in the
world. This has affected the performance of the company. During the year, the company
entered into labour agreements with the Unions after a long peaceful
discussion, effective for past 3 years and effect of such increase in labour
cost has also affected the profitability of the company.
CURRENT YEAR OUTLOOK (AS ON 31.03.2016)
Outlook for the
current year is also under strain as prices are under pressure because of
fierce competition and sluggishness in the world economy. However good monsoon
in this season is likely to revive demand especially in rural market and this
may help the company to increase the volume of some of the products of the
company. The company is hopeful to commence its power generation plant in the
last quarter of the current financial year and this may help in reducing the
cost of manufacturing. However its real effect will be from the next financial
year.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
LONG TERM
BORROWING |
|
|
|
Deposits from directors |
212.871 |
201.509 |
|
Total |
212.871 |
201.509 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
Y10335059 |
90232268 |
BANK OF BARODA |
23/02/2004 |
- |
12000000.0 |
BULSAR
BRANCHBULSARMHIN |
|
2 |
A33820242 |
90232198 |
BANK OF BARODA |
27/09/2001 |
08/11/2006 |
52000000.0 |
BULSAR MAIN
BRANCH,NANI KHATRIWAD,BULSARGJ396001IN |
|
3 |
G75144758 |
90226992 |
BANK OF BARODA |
25/10/1999 |
15/12/2017 |
185000000.0 |
BULSAR MAIN
BRANCHNANA KHATRIWADVALSADGJ396001IN |
|
4 |
Y10332296 |
90229505 |
BANK OF BARODA |
21/09/1999 |
- |
18500000.0 |
BULSAR MAIN
BRANCHNANI KHATRIWADBULSARGJIN |
|
5 |
Y10332054 |
90229263 |
BANK OF BARODA |
26/09/1997 |
- |
102500000.0 |
BULSARNANI
KHATRIWADBULSARMHIN |
|
6 |
Y10331923 |
90229132 |
BANK OF BARODA |
15/11/1996 |
- |
200000.0 |
MOTA
BAZARBULSARGJIN |
|
7 |
Y10331630 |
90228839 |
BANK OF BARODA |
12/10/1994 |
- |
7500000.0 |
BULSAR MAIN
BRANCHNANI KHATRIVADBULSARMH396001IN |
|
8 |
Y10334693 |
90231902 |
BANK OF BARODA |
12/10/1994 |
12/10/1994 |
11000000.0 |
BULSAR MAIN
BRANCHNANI KHATRIVADBULSARMH396001IN |
|
9 |
Y10331601 |
90228810 |
INDUSTRAL
DEVELOPMENT BANK OF INDIA |
02/08/1994 |
25/07/1996 |
18000000.0 |
NEPTUNE TOWERNEHRU
BRIDGE; ASHRAM ROADAHMEDABADMH380009IN |
|
10 |
Y10334574 |
90231783 |
BANK OF BARODA |
30/03/1992 |
30/03/1992 |
10000000.0 |
NANI
KHATRIWADBULSARGJ396001IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Computer equipments
- Vehicles
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 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KVT |
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.