MIRA
INFORM REPORT
|
Report Date : |
20th
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CHEM
RESOURCES TRADING PRIVATE LIMITED |
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Registered Office : |
World Trade
Tower, Ground Floor, Barak Hanba Lane, New Delhi - 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
5th
September, 2000 |
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Com. Reg. No.: |
55-107549 |
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CIN No.: [Company
Identification No.] |
U51109DL2000PTC107549 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC04860C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Company
is in engaged in Trading in Purified Terephthalic Acid |
RATING & COMMENTS
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MIRA’s 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
50000 |
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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 and reputed company and a wholly owned subsidiary of
Itochu Corporation, Japan. Directors are reported as experienced and
respectable businessmen. Trade relations are fair. Business is active.
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 : |
World
Trade Tower, Ground Floor, Barak Hanba Lane, New Delhi - 110001 |
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Tel. No.: |
91-11-23411891/23413852 |
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Fax No.: |
91-11-23413898/23414086 |
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E-Mail.: |
DIRECTORS
|
Name : |
Mr. Om
Prakash Rihani |
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Designation : |
Managing
Director |
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Address : |
3, National
Media Center, Shankar Chowk, Gurgaon – 122002 |
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Date of Appointment : |
25.09.2000 |
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Name : |
Mr.
Hideaki Mizusha |
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Designation : |
Director
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Address : |
3-3-12,
Midori – Cho – Musashino – Shi, Tokyo, Japan |
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Date of Appointment : |
01.11.2001 |
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Name : |
Mr.
Tsutomu Miyazaki |
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Designation : |
Director
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Address : |
7-2-401,
Tsutsujigaoka, Aoba – Ku – Yokohama – Shi, Kanagawa – 2270055, Japan |
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Date of Birth/Age : |
19.11.1951 |
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Date of Appointment : |
28.05.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
|
M/s.
Itochu Corporation |
459998 |
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M/s.
Itochu Chemical Frontier Corporation |
1 |
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|
Mr. Om
Prakash Rihani |
1 |
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BUSINESS DETAILS
|
Line of Business : |
Company
is in engaged in Trading in Purified Terephthalic Acid |
GENERAL
INFORMATION
|
Bankers : |
Mizuho
Corporation Bank Limited |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
Narendra
Singhania & Company Chartered
Accountant |
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Address |
P – 6,
2ND Floor, Green Park Extension, New Delhi - 1100016 |
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Parent Company |
Itochu
Corporation, Japan |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
460000 |
Equity
Shares |
Rs.10/- Each |
Rs. 4.600 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
460000 |
Equity
Shares |
Rs.10/- Each |
Rs. 4.600 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 |
4.600 |
4.600 |
4.600 |
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2] Share Application Money |
0.015 |
0.015 |
0.015 |
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3] Reserves & Surplus |
8.770 |
12.824 |
10.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.385 |
17.439 |
14.845 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.385 |
17.439 |
14.845 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.251 |
0.363 |
0.171 |
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Capital work-in-progress |
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INVESTMENT |
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DEFERREX TAX ASSETS |
0.111 |
0.091 |
0.144 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
17.336 |
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Sundry Debtors |
461.170
|
433.387 |
302.561 |
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Cash & Bank Balances |
48.802
|
32.628 |
15.903 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
38.953
|
16.875 |
11.044 |
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Total Current Assets |
548.925
|
482.890 |
346.844 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
535.902
|
465.905 |
332.314 |
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Total Current Liabilities |
535.902
|
465.905 |
332.314 |
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Net Current Assets |
13.023
|
16.985 |
14.530 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.385 |
17.439 |
14.845 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other
income] |
4002.663 |
2917.760 |
2055.649 |
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Profit/(Loss)
Before Tax |
61.788 |
39.292 |
19.972 |
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Provision
for Taxation |
22.780 |
14.124 |
7.447 |
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Profit/(Loss)
After Tax |
39.008 |
25.168 |
12.525 |
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Export
Value |
304.836 |
383.780 |
NA |
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Total
Expenditure |
3940.875 |
2878.468 |
2035.678 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.97
|
0.86 |
0.60 |
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Net
Profit Margin (PBT/Sales) |
(%) |
1.54
|
1.34 |
0.97 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
11.25
|
8.13 |
5.75 |
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Return
on Investment (ROI) (PBT/Networth) |
|
4.61
|
2.25 |
1.34 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
40.03
|
26.71 |
22.38 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.02
|
1.03 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
Data
During
the year 2004-2005 the company earned a profit before taxation of Rs. 61.787
Millions
Fixed
Assets
v
Computer
v
Vehicles
v
Furniture
& Fixture
v
Office
Equipment
Taxes
on Income
As informed
by the management deduction U/S 80HHC of the income tax act, 1961 is not
claimed by the company as the same is claimable by supporting manufacturer, MCC
PTA India Corporation Private Limited, Kolkata till March 31, 2004. However, no
such deduction would be available from financial year 2004-2005 under section
80 HHC of the income tax act. 1961.
Liabilities
not provided for in respect of:
Bank
Guarantee provided to sales tax authority of Rs. 0.600 Millions
Bills
discounted by Mizuho Corporation Bank Limited amounting to Rs. 53.953 Millions
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.68 |
|
UK
Pound |
1 |
Rs.85.33 |
|
Euro |
1 |
Rs.58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
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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 SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
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 |