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MIRA INFORM REPORT
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Report No. : |
500311 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PRASOL CHEMICALS PRIVATE LIMITED (w.e.f. 05.06.2017) |
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Formerly Known
As : |
PRASOL CHEMICALS LIMITED (w.e.f. 26.03.2007) PRACHI POLY PRODUCTS LIMITED |
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Registered
Office : |
Prasol House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400710, Maharashtra |
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Tel. No.: |
91-22-27782555/ 27782430 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
24.01.1992 |
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Com. Reg. No.: |
11-065026 |
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Capital
Investment / Paid-up Capital : |
INR 31.000 Million |
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CIN No.: [Company Identification
No.] |
U99999MH1992PTC065026 |
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IEC No.: [Import-Export Code No.] |
0393076873 |
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TIN No.: |
27500001031 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACP2389N1ZW |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACP2389N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of other chemical products such as organic and inorganic chemicals. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1992 and it is having good track records. The company manufactures acetone and phosphorous-based compounds used in solvent-based paints, agro chemicals, coatings, perfumeries, pesticides and lube oil additives. For the financial year 2017, the company has increased its revenue from operations as compared to previous year and maintained decent profitability margin of 5.48%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its established track record of business operations along with experienced of management and decent improvement in the revenue as well as profitability profile. However, rating strength is partially offset by susceptibility to volatility in raw material prices, forex rates and changes in government regulations. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of the 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
SMERA |
|
Rating |
Long term rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
22.09.2017 |
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Rating Agency Name |
SMERA |
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Rating |
Short term rating = A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
22.09.2017 |
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 28.03.2018.
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 BY
|
Name : |
Mr. Padmakar |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-61952500 |
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Date : |
26.03.2017 |
MANAGEMENT NON-COOPERATIVE (Tel. No.:
91-22-30907194 / 27782430)
LOCATIONS
|
Registered/ Corporate Office / Factory 1 : |
Prasol House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC, Mumbai
– 400710, Maharashtra, India |
|
Tel. No.: |
91-22-27782555 / 30907194 /
27782430/ 61952500 |
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Fax No.: |
91-22-27782430 |
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E-Mail : |
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Website : |
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Factory 2: |
Takai Adoshi Road, Thel. Khalapur, Honad Village, Khopoli, District Raigad - 402106, Maharashtra, India |
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Factory 3: |
102, Kanchan Apartment, Opposite LBS College, Tilak Nagar, Jaipur- 302004, Rajasthan, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Gaurang Natwarlal Parikh |
|
Designation : |
Managing Director |
|
Address : |
23, Floor 7, Plot No. 755 / 3, Blue Gardenia, Dr. G. D. Marg, Cumballa Hill, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
09.02.1973 |
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Qualification : |
M.S. Chemical Engineering USA |
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Date of Appointment : |
08.08.2011 |
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PAN No.: |
AGKPP1804B |
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DIN No.: |
00190701 |
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Name : |
Mr. Nishith Rajnikant Shah |
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Designation : |
Whole-time director |
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Address : |
41, Valentina N.G. Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
21.06.1959 |
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Qualification : |
M.S. Metallurgical Engineering USA |
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Date of Appointment : |
30.07.2015 |
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PAN No.: |
AAFPS2657C |
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DIN No.: |
00381267 |
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Name : |
Mr. Dhaval Nalin Parikh |
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Designation : |
Whole Time Director |
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Address : |
9, Dasheshwar, 118/20, Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
11.11.1980 |
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Qualification : |
M.S. Plastics Engineering USA |
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Date of Appointment : |
31.05.2007 |
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Din No.: |
01636199 |
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PAN No.: |
ADQPP3083R |
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|
|
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Name : |
Mr. Pankil Nishit Dharia |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 16, 8th Floor, Plot No. 65/630, Brij Bhuvan, Peddar Road, Mumbai- 400026, Maharashtra, India |
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Date of Birth/Age : |
14.04.1984 |
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Qualification : |
B.E. Electrical Engineering |
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Date of Appointment : |
15.11.2010 |
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PAN No.: |
AIUPD4610K |
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DIN No.: |
03309485 |
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|
|
|
Name : |
Mr. Bhisham Kumar Gupta |
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Designation : |
Director |
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Address : |
Plot No. 49, Sector 28, Vashi, Navi Mumbai-400703, Maharashtra, India |
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Date of Birth/Age : |
15.02.1938 |
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Qualification : |
B. Eng. Mechanical Engineering, Chartered Engineer |
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Date of Appointment : |
01.01.1995 |
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PAN No.: |
AAGPG7815B |
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DIN No.: |
00339159 |
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|
Name : |
Mr. Jatin Narendra Parikh |
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Designation : |
Director |
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Address : |
43, Valentina, N G Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
04.04.1948 |
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Qualification : |
Bcom |
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Date of Appointment : |
01.04.2013 |
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PAN No.: |
AABPP8368H |
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DIN No.: |
00190587 |
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|
Name : |
Mr. Tushar Natverlal Dharia |
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Designation : |
Director |
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Address : |
9/34, Dhanvantari Bhavan, August Kranti Marg, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
25.11.1956 |
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Qualification : |
Engineer |
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Date of Appointment : |
24.01.1992 |
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PAN No.: |
AABPD2315C |
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DIN No.: |
00191118 |
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Name : |
Mr. Suketu Navinchandra Parikh |
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Designation : |
Director |
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Address : |
Navjivan Co-operative Housing Society, 7th Floor, Building11, Lamington Road, Mumbai – 400008, Maharashtra, India |
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Date of Birth/Age : |
27.09.1963 |
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Qualification : |
Engineer |
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Date of Appointment : |
19.02.1998 |
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PAN No.: |
AABPP9784D |
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DIN No.: |
00191390 |
KEY EXECUTIVES
|
Name : |
Dipika Biyani |
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Designation : |
Company secretary in practice |
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Address : |
C-214, Kailash Esplande Premises Co-Operative Society Limited, Opposite
Shreyas Cinema, Ghatkopar (West), Mumbai-400086, Maharashtra, India |
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Tel. No.: |
91-22-40127132 |
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Mobile No.: |
91-9821174908 |
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E-Mail : |
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Name : |
Mr. Padmakar |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
NOTE: LIST OF SHAREHOLDERS DETAILS FILE ATTACHED
AS ON 29.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
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Promoters - Individual/Hindu Undivided Family – Indian |
23.55 |
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Public/Other than promoters - Individual/Hindu Undivided Family – Indian |
76.45 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of other chemical products such as organic and inorganic chemicals. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Rajeev Shah and Company Chartered Accountants |
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Address : |
3 and 4, Behramji Mansion, 1st Floor, 18, Homji Street, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India |
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PAN No.: |
AAAFR0196C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Companies
: |
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Other related party
: |
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CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
4000000 |
Equity Shares |
INR 10/- each |
INR 40.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
3100000 |
Equity Shares |
INR 10/- each |
INR 31.000 Million |
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
31.000 |
30.932 |
30.932 |
|
(b) Reserves and Surplus |
827.217 |
637.357 |
526.514 |
|
(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) |
858.217 |
668.289 |
557.446 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
179.471 |
194.272 |
111.952 |
|
(b) Deferred tax liabilities (Net) |
126.919 |
117.509 |
91.612 |
|
(c) Other long-term
liabilities |
0.840 |
1.182 |
3.020 |
|
(d) long-term
provisions |
1.239 |
1.239 |
1.238 |
|
Total Non-current
Liabilities (3) |
308.469 |
314.202 |
207.822 |
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
252.092 |
268.976 |
353.487 |
|
(b) Trade
payables |
541.979 |
494.302 |
382.507 |
|
(c) Other
current liabilities |
142.110 |
101.320 |
119.543 |
|
(d) Short-term provisions |
34.168 |
13.900 |
19.247 |
|
Total Current
Liabilities (4) |
970.349 |
878.498 |
874.784 |
|
|
|
|
|
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TOTAL |
2137.035 |
1860.989 |
1640.052 |
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
853.663 |
787.360 |
771.570 |
|
(ii)
Intangible Assets |
2.107 |
2.805 |
0.495 |
|
(iii) Tangible assets
capital work-in-progress |
76.571 |
55.657 |
4.743 |
|
(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 |
15.869 |
13.090 |
12.263 |
|
(e) Other
Non-current assets |
0.024 |
0.024 |
0.024 |
|
Total Non-Current
Assets |
948.234 |
858.936 |
789.095 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
291.079 |
234.741 |
249.236 |
|
(c) Trade
receivables |
727.300 |
652.085 |
541.822 |
|
(d) Cash and bank balances |
73.407 |
37.128 |
0.593 |
|
(e) Short-term loans and advances |
90.957 |
67.065 |
54.099 |
|
(f) Other
current assets |
6.058 |
11.034 |
5.207 |
|
Total
Current Assets |
1188.801 |
1002.053 |
850.957 |
|
|
|
|
|
|
TOTAL |
2137.035 |
1860.989 |
1640.052 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3417.026 |
2747.309 |
2460.756 |
|
|
Other Income |
5.358 |
2.746 |
2.305 |
|
|
TOTAL |
3422.384 |
2750.055 |
2463.061 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2118.399 |
1677.935 |
1628.583 |
|
|
Purchases of
Stock-in-Trade |
447.765 |
289.657 |
261.637 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(30.871) |
3.135 |
34.727 |
|
|
Employee benefit expense |
108.916 |
94.239 |
65.283 |
|
|
CSR expenditure |
1.073 |
2.300 |
2.300 |
|
|
Exceptional items before tax |
3.296 |
10.106 |
0.000 |
|
|
Other expenses |
400.735 |
354.882 |
247.752 |
|
|
TOTAL |
3049.313 |
2432.254 |
2240.282 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
373.071 |
317.801 |
222.779 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
42.669 |
60.646 |
51.350 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
330.402 |
257.155 |
171.429 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
61.801 |
58.217 |
38.794 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
268.601 |
198.938 |
132.635 |
|
|
|
|
|
|
|
Less |
TAX |
81.386 |
69.481 |
59.046 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
187.215 |
129.457 |
73.589 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
497.129 |
386.287 |
330.641 |
|
|
|
|
|
|
|
Add |
Carrying
Cost of Assets beyond Useful Life |
0.000 |
0.000 |
(3.037) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
0.000 |
15.466 |
12.373 |
|
|
Tax on Proposed Dividend |
0.000 |
3.149 |
2.533 |
|
|
Total
|
0.000 |
18.615 |
14.906 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
684.344 |
497.129 |
386.287 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
682.550 |
584.082 |
357.076 |
|
|
TOTAL EARNINGS |
682.550 |
584.082 |
357.076 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1742.332 |
1310.042 |
1256.047 |
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1742.332 |
1310.042 |
1256.047 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
60.46 |
41.85 |
41.85 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
31.177 |
10.646 |
55.003 |
|
Net cash flows from (used in) operations |
266.730 |
275.759 |
189.218 |
|
Net cash flows from (used in) operating activities |
216.041 |
237.789 |
163.279 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
77.69 |
86.63 |
80.37 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
4.70 |
4.21 |
4.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
77.09 |
91.70 |
73.86 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.28 |
1.35 |
0.89 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.40 |
0.38 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.55 |
0.58 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.54 |
0.71 |
0.93 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.13 |
1.31 |
1.57 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.09 |
1.27 |
1.39 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.74 |
5.24 |
4.34 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
5.48 |
4.71 |
2.99 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.76 |
6.96 |
4.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
21.81 |
19.37 |
13.20 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.23 |
1.14 |
0.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.93 |
0.87 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.36 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
14.93 |
15.32 |
16.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.23 |
1.14 |
0.97 |
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 |
30.932 |
30.932 |
31.000 |
|
Reserves & Surplus |
526.514 |
637.357 |
827.217 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
557.446 |
668.289 |
858.217 |
|
|
|
|
|
|
Long-term borrowings |
111.952 |
194.272 |
179.471 |
|
Short term borrowings |
353.487 |
268.976 |
252.092 |
|
Current maturities of
long-term debts |
55.003 |
10.646 |
31.177 |
|
Total
borrowings |
520.442 |
473.894 |
462.740 |
|
Debt/Equity
ratio |
0.934 |
0.709 |
0.539 |
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 |
2460.756 |
2747.309 |
3417.026 |
|
|
|
11.645 |
24.377 |
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 |
2460.756 |
2747.309 |
3417.026 |
|
Profit/ (Loss) |
73.589 |
129.457 |
187.215 |
|
|
2.99% |
4.71% |
5.48% |
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 |
ACHIEVEMENTS:
The company is spreading its global footprint and now exports to over 50 countries worldwide. This in turn has enabled the company to earn the status of ‘Star Export House from the ministry of commerce and industry. The company is also working towards obtaining the status of ‘Star Trading House by further increasing its international presence. The exports for the year were INR 650.072 million.
The Company has obtained status of Recognised In-House R&D Unit by Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India vide their Letter No. TU/IV-RD/4043/2016 dated 22nd September, 2016 for the period starting from 31.08.2016 to 31.03.2019.
The Credit Rating Agency SMERA vide their communication dated 19th September, 2017 has upgraded a long-term rating of ‘SMERA A from ‘SMERA A-‘, this indicates Adequate Safety with a positive outlook regarding timely repayment of financial obligations with Low Credit Risk.
SMERA has also assign short-term rating of ‘SMERA A1 in respect of the credit facilities availed by the Company, this indicates Very Strong Safety with a positive outlook regarding timely repayment of financial obligations with Lowest Credit Risk.
The Company has been awarded ISO 9001:2008 certification for Standards, ISO 14001:2004 Certification for Environmental Management System and OSHAS 18001: Certification for Occupational Health and Safety Management System.
OUTLOOK AND FUTURE
PLAN:
The Company is projecting huge capital expenditure in next 2 years at various areas such as setting up of its own Co-Power generation plant, which is expected to generate continuous supply power and steam required for smooth running of Plants. Also, Company is intends to spent for doubling the capacity of Isophorone (IPH), Hydrogenated Products and Phosphorus Pentasulphide (P2S5) by considering growing demand for such products. Company also intends to complete Phase I of Bibsa plant to be set up at MIDC Mahad, Dist. Raigarh, the said plant is expected to have production capacity of 8000 MT p.a. in its Phase I.
The Company is continuously upgrading its products and processes to deliver the best quality product at competitive rates. Along these lines, the company has increased the capacity of manufacturing Acetone based products by 80% and is increasing the range of products in the Phosphorus based product portfolio as well.
Over the coming years, the Company is looking to increase its manufacturing portfolio two folds by Collaborations or tie ups with MNCs from Europe and USA. It is also reviewing possibility of demerger of existing profit making units for ease of tie up.
The company intends to grow exponentially from this point and is actively evaluating various proposals including setting up of manufacturing facilities at additional geographical locations such as Gujarat; buying stakes in active units for a wider product range and also further integrate the side streams of the existing plants to make high value products.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
Other loans and advances, others |
(31.177) |
(10.646) |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Deposits from directors |
15.280 |
22.750 |
|
Total |
(15.897) |
12.104 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G74410713 |
100148886 |
26/12/2017 |
- |
200000000.0 |
52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India |
|
2 |
G49156482 |
100112049 |
06/07/2017 |
- |
280000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
3 |
G29540317 |
100065451 |
14/09/2016 |
- |
50000000.0 |
First International Financial Centre, 9th Floor, Plot No. C-54 and 55, BKC, Bandra (East), Mumbai-400051, Maharashtra, India |
|
4 |
G48171482 |
10614850 |
21/12/2015 |
31/03/2017 |
60000000.0 |
52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India |
|
5 |
C53334553 |
10568786 |
21/04/2015 |
- |
200000000.0 |
4th Floor, Peninsula Business Park, Tower B, Lower Parel, Mumbai-400013, Maharashtra, India |
|
6 |
C53483087 |
10569090 |
21/04/2015 |
- |
50000000.0 |
4th Floor, Peninsula Business Park, Tower B, Lower Parel, Mumbai-400013, Maharashtra, India |
|
7 |
C58592221 |
10513563 |
28/07/2014 |
29/05/2015 |
50000000.0 |
3rd Floor, Fort House 221 Dr. D.N. Road, Fort, Mumbai-400001, Maharashtra, India |
|
8 |
C32830002 |
10486695 |
11/03/2014 |
10/10/2014 |
190000000.0 |
M G Road, Fort, Mumbai-400001, Maharashtra, India |
|
9 |
C65206591 |
10383836 |
07/09/2012 |
28/08/2015 |
150000000.0 |
Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India |
|
10 |
B57360851 |
10374685 |
16/08/2012 |
- |
237500000.0 |
Ground Floor, C-7, G-Block, Opposite Nse Building, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Office equipment
- Furniture and Fixture
- Computer
- Vehicles
Intangible Asset:
- Computer software
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 records 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 64.80 |
|
|
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
INFORMATION DETAILS
|
Information Gathered
by : |
SHW |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
BHG |
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.