MIRA
INFORM REPORT
|
Report Date : |
23RD
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ABC
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
104/105, Damji Shamji Udyog Bhavan, Veera Desai Road, Andheri (West), Mumbai 400 053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.04.1984 |
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Com. Reg. No.: |
11-32792 |
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CIN No.: [Company
Identification No.] |
U24110MH1984PTC032792 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
and Trading in Chemicals. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
22500 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Directors are
reported as experienced, respectable and having satisfactory means of their
own. Their
trade relations are fair. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Organic and inorganic pigments 104/105, Damji Shamji Udyog Bhavan, Veera Desai Road, Andheri (West), Mumbai 400 053, Maharashtra |
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Tel. No.: |
91-22-26734914/4915/4935/4972/5070/5071 |
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Fax No.: |
91-22-26734993/4896 |
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E-Mail : |
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Factory
1 : |
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Branches
: |
Located
at :- Advance
House, Plot A, Makwana Road, ARK
Industrial compound, Marol Naka,
Andheri (East), Mumbai 400 059, Maharasthra |
DIRECTORS
|
Name : |
Mr.
Hiroo Jethanand Thadani |
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Designation : |
Director
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Address : |
601,
Ivory Towers, II Juhu Tara Road, Santacruz (West), Mumbai 400049 |
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Date of Birth/Age : |
28.08.1941 |
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Date of Appointment : |
30.04.1984 |
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Name : |
Ms.
Priya Hiroo Thadani |
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Designation : |
Director
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Address : |
601,
Ivory Towers, II Juhu Tara Road, Santacruz (West), Mumbai 400049 |
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Date of Birth/Age : |
26.05.1944 |
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Date of Appointment : |
30.04.1984 |
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Name : |
Mr.
Vinay Hiroo Thadani |
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Designation : |
Director
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Address : |
601,
Ivory Towers, II Juhu Tara Road, Santacruz (West), Mumbai 400049 |
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Date of Birth/Age : |
29.12.1973 |
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Date of Appointment : |
23.07.1990 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Hiroo Jethanand Thadani |
17300 |
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Ms.
Priya Hiroo Thadani |
15300 |
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Ms.
Reshma Jung |
2000 |
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Mr.
Vinay Hiroo Thadani |
15300 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Trading in Chemicals. |
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Products : |
Trading
in Chemicals |
GENERAL
INFORMATION
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No. of Employees : |
15 |
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Bankers : |
v
Dena
Bank, Share Bazar Branch, Mumbai 400 023, Maharashtra v
Citibank
N.A. Mumbai, Maharashtra v
Bank
of Maharashtra, Fort Branch, Mumbai, Maharashtra v
The
Shamrao Vithal Cooperative Bank Limited, Versova, Andheri (West), Mumbai
400061 |
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Facilities : |
Secured
Loan The
Shamrao Vithal Cooperative Bank Limited (Overdraft) Rs. 2.400 Millions Unsecured
Loan ABC
Chemicals Exports Private Limited Rs. 0.015 Millions ABC
Corporation Rs. 1.215 Millions Total
Rs. 1.231 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
V.
Shivkumar & Associates Chartered
Accountants |
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Address: |
120,
Damji Shamji Udyog, Bhavan, 1st Floor, Veera Desai Road, Andheri
(West), Mumbai 400 053 |
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Tel. No.: |
91-22-26734852/26734960 |
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Fax No.: |
91-22-26734928 |
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E-Mail : |
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Associates/Subsidiaries : |
Advance House, Plot A, Makwana Road, ARK Industrial compound, Marol Naka, Andheri (East), Mumbai 400 023,
Maharashtra (The companys registered office at 125,
Nagindas Master Road, Fort, Mumbai 400 023, Maharashtra has been shifted to
the above address.) Operations :- The company had recorded a higher sales
income at Rs. 157.744 millions for the year ended 31st March, 2004
as compared to Rs. 126.420 millions in the previous year. The company has recorded a higher profit
before tax of Rs. 3.020 millions in the year under report as compared to Rs.
3.013 millions in the previous year. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
49,900 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.499 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.499 |
0.499 |
0.499 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.182 |
4.804 |
4.366 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.681 |
5.303 |
4.865 |
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LOAN FUNDS |
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1] Secured Loans |
2.400 |
2.647 |
2.085 |
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2] Unsecured Loans |
1.231 |
0.000 |
1.892 |
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TOTAL BORROWING |
3.631 |
2.647 |
3.977 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.312 |
7.950 |
8.842 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.198 |
0.227 |
0.272 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.288 |
6.127 |
2.081 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.655 |
2.658 |
2.157 |
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Sundry Debtors |
8.095 |
8.104 |
12.682 |
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Cash & Bank Balances |
0.138 |
0.093 |
0.172 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
3.807 |
0.647 |
4.414 |
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Total Current Assets |
15.695 |
11.502 |
19.425
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
9.566 |
9.648 |
12.483 |
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Provisions |
0.303 |
0.258 |
0.453 |
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Total Current Liabilities |
9.869 |
9.906 |
12.936
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Net Current Assets |
5.826 |
1.596 |
6.489
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.312 |
7.950 |
8.842 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
56.211 |
58.919 |
52.055 |
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Profit/(Loss)
Before Tax |
0.827 |
0.717 |
0.711 |
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Provision
for Taxation |
0.448 |
0.279 |
0.262 |
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Profit/(Loss)
After Tax |
0.379 |
0.438 |
0.449 |
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Total
Expenditure |
55.384 |
58.201 |
51.345 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.67 |
0.74 |
0.86
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Net
Profit Margin (PBT/Sales) |
(%) |
1.47 |
1.21 |
1.36
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.20 |
6.11 |
3.60
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Return
on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.13 |
0.14
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Debt
Equity Ratio (Total
Liability/Networth) |
|
2.37 |
2.36 |
3.47
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Current
Ratio (Current
Asset/Current Liability) |
|
1.59 |
1.16 |
1.50
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LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Air
Conditioners
v
Furniture
& Fixture
v
Motor
Vehicles
v
Refrigerators
v
Typewriters
v
Warehouse
v
Fax
Machines
v
Telephone
Systems
v
Pager
v
Xerox
Machines
v
Computers
v
Office
Equipments
v
Plant
& machinery
Operation
The
company had made a net profit of Rs. 0.827 during the financial year under
review
The
company had achieved a turnover of Rs. 56.211 during the financial year under
review
|
Name of the company |
ABC
CHEMICALS PRIVATE LIMITED |
|
Presented By |
The
Shamrao Vithal Cooperative Bank Limited, Versova, Andheri (West), Mumbai
400061 |
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1) Date and description of instrument creating the change |
Agreement of charge and hypothecation book debts dated 12.10.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future book debts, outstanding, money receivable, claims and bills, due to the borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure cash credit facility granted by the Bank of Borrower Rate of Interest 16.50% |
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5) Name and Address and description of the person entitled to the charge. |
The Shamrao Vithal Cooperative Bank Limited, Versova, Andheri (West),
Mumbai 400061 |
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6) Date and brief description of instrument modifying the charge |
Supplementary deed of hypothecation dated 20.10.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By 1st Modification dated 25.06.2001, the charge had been enhanced from Rs. 0.500 to Rs. 1.500 By 2nd Modification dated 1.07.2002 the charge had been enhanced UPTO Rs. 2.500 By 3rd Modification dated 10.02.2003, the charge had been enhanced from Rs. 2.500 to Rs. 4.000 By 4th Modification dated 14.12.2003, the charge had been enhanced from Rs. 4.000 to Rs. 5.000 By this modification the security as mentioned in the column No. 3 hereinabove as well as the security of process and all finished goods and articles now offered vide this supplemental agreement shall now hold good to secure the due repayment of aggregate credit facilities of Rs. 7.500 & cash credit facility Rs. 2.500 granted by the bank to the borrower. Hence the charge has been enhanced from Rs. 5.000 to Rs. 7.500 Rate of Interest has also been modified to 13% Therefore the overall charge now stands at Rs. 7.500 |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No 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 Intl 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
companys management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.34 |
|
UK
Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.57.96 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |