MIRA INFORM REPORT
|
Report Date : |
17TH April,
2006. |
IDENTIFICATION DETAILS
|
Name : |
ASCENT FINECHEM PRIVATE
LIMITED |
|
|
|
|
Registered Office : |
505/506,
‘Suryarath’, Panchvati, Ellisbridge, Ahmedabad –380006, Gujarat State, India. |
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Country : |
India |
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Financials (as on) : |
31/03/2003 |
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Date of Incorporation : |
16/04/1993 |
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|
|
|
Com. Reg. No.: |
04
-19297. |
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|
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TAN No.: (Tax Deduction &
Collection Account No.) |
AHMA02994F |
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|
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Legal Form : |
Private
Limited Liability Company |
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|
|
Line of Business : |
Manufacture,
Sale and Export of Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
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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. Trade relations are
fair. Financial position is satisfactory. Payments are correct and as per
commitment. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
505/506,
‘Suryarath’, Panchvati, Ellisbridge, Ahmedabad –380006, Gujarat State, India. |
|
Tel. No.: |
91-79-2644251/
26560367/ 26403930 |
|
Mobile No.: |
91-9324448501 |
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Fax No.: |
91-79-26561119/
26407838 |
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E-Mail : |
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|
Website : |
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|
Area : |
3,000
sq. ft. |
|
Location : |
Rented
|
|
|
|
|
Godown : |
273,
GIDC Phase II, Vatva, Ahmedabad – 382 445. |
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Tel. No.: |
91-79-30915532 |
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Fax No.: |
91-79-25831079 |
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E-Mail : |
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Website: |
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|
Area : |
80,000
sq. ft. |
|
Location : |
Leased |
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|
|
|
Corporate Office : |
508/509,
‘Ship’, C. G. Road, Navrangpura, Ahmedabad- 380 009, Gujarat State, India. |
|
Tel. No.: |
91-79-26468016/26427713/26403212/26403930 |
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Direct: |
91-79-55124800 |
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Fax No.: |
91-79-26407838 |
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E-Mail : |
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Website: |
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Area : |
5,000sq.
ft. |
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Location : |
Rented |
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Factory : |
273,
GIDC Phase II, Vatva, Ahmedabad – 382 445. |
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Tel. No.: |
91-79-30915532 |
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Fax No.: |
91-79-25831079 |
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E-Mail : |
|
|
Website: |
|
|
Area : |
80,000
sq. ft. |
|
Location : |
Leased |
DIRECTORS
|
Name : |
Mr.
Jain Lalitkumar Munnalal |
|
Designation : |
Managing
Director |
|
Address : |
10,
Seema Society, B/h. Memnagar Fire Station, Navrangpura, Ahmedabad – 380 009. |
|
Date of Birth/Age : |
13/10/1950 |
|
Date of Appointment : |
16/04/1993 |
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|
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Name : |
Mr.
Jain Pritviraj Sachraj |
|
Designation : |
Director |
|
Address : |
1-A,
Natraj Society, Gulbhai Tekra, Ambawadi, Ahmedabad – 380 009. |
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Date of Birth/Age : |
04/05/1951 |
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Date of Appointment : |
22/06/1998 |
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|
|
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Name : |
Mr.
Vasunimesh Kalyanbhai |
|
Designation : |
Director |
|
Address : |
Ashokwadi,
panchvati, Ahmedabad – 380 009. |
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Date of Birth/Age : |
05/09/1954 |
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Date of Appointment : |
08/02/2000 |
|
|
|
|
Name : |
Mr.
Jain Munnalal Motilal (Resigned) |
|
Designation : |
Director |
|
Address : |
10,
Seema Society, B/h. Memnagar Fire Station, Navrangpura, Ahmedabad – 380 009. |
|
Date of Appointment : |
16/04/1993
to 22/06/1998 |
|
|
|
|
Name : |
Mr.
Jain Anilkumar Mithalal (resigned) |
|
Designation : |
Managing
Director |
|
Address : |
Navkar,
Rasala Marg, Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009. |
|
Date of Birth/Age : |
31/01/1966 |
|
Date of Appointment : |
19/12/2000
to 15/03/2002 |
KEY EXECUTIVES
|
Name : |
Mr.
Jain lalitkumar Munnalal |
|
Designation : |
Managing
Director |
|
Address : |
10,
Seema Society, B/h. Memnagar Fire Station, Navrangpura, Ahmedabad – 380 009. |
|
Date of Birth/Age : |
13/10/1950 |
|
Date of Appointment : |
16/04/1993 |
|
|
|
|
Name : |
Mr.
Sanat Desai |
|
Designation : |
|
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Jain lalitkumar Munnalal |
100 Shares |
|
Mr. jain M. Motolal |
100 Shares |
|
Mr. Jain Prithviraj Sachraj |
9,800 Shares |
|
TOTAL: |
10,000 Shares |
BUSINESS DETAILS
|
Line of Business : |
Manufacture,
Sale and Export of Chemicals |
|
|
|
|
Products : |
Para
Anisic Aldehyde, para Aniscic Alcchol, Para Cresyl Methylether, para Hydroxy
Benzaldehyde, Para Cresyl Acetate, Para Anisyl Acetate, Para Anisyl Formate,
para Anisyl Acetone, Para Anisic Acid, Manganese Sulphate, Sodium Sulphite,
Aroma Chemicals, Flavors and Fragrance Intermediates. etc. |
|
|
|
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Imports from : |
Europe,
U. S. A. and China |
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Terms : |
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Selling : |
L/C,
Cash & Credit Up to 30- Days Maximum. |
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Purchasing : |
L/C,
Cash & Credit Up to 60- Days Maximum. |
GENERAL INFORMATION
|
No. of Employees : |
40 |
|
|
|
|
Bankers : |
Bank
of India, Ambawadi Branch, Ahmedabad. State
Bank of India, Vatva Industrial Estate Br. Ahmedabad. |
|
|
|
|
Auditors : |
M/s.
J.B. Shah & Company |
|
Qualification: |
Charted
Accountant |
|
Address: |
111,
Nalanda Enclave, opposite Sudama Resort, Pritam Nagar, Ellisbridge, Ahmedabad
– 380 0006. |
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Tel. No.: |
91-79-26586348 |
|
E-Mail : |
jasmine
113@hotmail.com |
|
|
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.300 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
1.200 |
0.200 |
|
|
3] Reserves & Surplus |
6.210 |
2.171 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.809) |
|
NETWORTH
|
6.510 |
3.471 |
(0.509) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
6.510 |
3.471 |
(0.509) |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
0.000 |
0.000 |
0.000 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
0.000 |
0.000 |
|
|
Sundry Debtors
|
|
28.558 |
13.844 |
|
|
Cash & Bank Balances
|
32.360
|
2.476 |
0.227 |
|
|
Other Current Assets
|
|
0.000 |
0.000 |
|
|
Loans & Advances
|
|
5.418 |
0.235 |
Total Current Assets
|
32.360
|
36.452 |
14.306 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
25.864
|
32.868 |
14.835 |
|
|
Provisions
|
0.000
|
0.130 |
0.000 |
Total Current Liabilities
|
25.864
|
32.998 |
14.835 |
|
Net Current
Assets
|
6.496
|
3.454 |
(0.529) |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.014 |
0.017 |
0.020 |
|
|
|
|
|
|
|
TOTAL
|
6.510 |
3.471 |
(0.509) |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
Sales Turnover [including other income]
|
|
104.413 |
23.239 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
3.111 |
(0.073) |
Provision for Taxation
|
|
0.130 |
0.000 |
Profit/(Loss) After Tax
|
|
2.981 |
(0.073) |
|
|
|
|
|
Export Value
|
|
56.109 |
NA |
|
|
|
|
|
Import Value
|
|
0.000 |
0.000 |
|
|
|
|
|
Total Expenditure
|
|
101.302 |
23.312 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2002 |
31.03.2001 |
PAT / Total Income
|
(%)
|
|
2.86 |
(0.31) |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
2.98 |
(0.31) |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
|
8.53 |
(0.51) |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.89 |
0.14 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
|
9.51 |
(29.15) |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
|
1.10 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
Website details are attached
Ascent
Finechem (P) Ltd. is a young, dynamic and growing manufacturer-exporter of Fine
and Specialty chemicals. Our products find applications in Pharma,
Perfumery, Cosmetic, Agro and Electroplating industries. With majority of
production being exported to developed countries, Ascent has been recognized as
a Star Export House by the Govt. of India.
We strive to
be a learning organization, knowledge-based, progressive, innovative and
profitable in the field of chemical products and technology, serving the need
of the society through high quality and cost effective products, services and
processes, with concern for people and environment, by a disciplined and
dedicated work force practicing participative style of leadership and
management, to achieve optimum progress, prosperity and happiness.
|
Anisole
|
|
|
Para Methoxy Phenyl Acetonitrile |
|
|
Para Cresyl Methyl Ether
|
|
|
Para Methoxy Phenyl
Acetic Acid |
|
|
Para Anisic
Aldehyde
|
|
|
Para Methoxy Phenyl
Acetone |
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|
Para Anisic
Alcohol |
|
|
Benzyl
Acetone
|
|
|
Para Anisyl
Acetate |
|
|
Di Hydro
Resorcinol
|
|
|
Para Anisyl
Acetone |
|
|
Anisic
Acid
|
|
|
Anisalacetone
|
|
|
Methyl
Anisate
|
|
|
Para Anisyl
Chloride |
|
|
Ortho Cresyl Methyl Ether
|
|
|
Para Anisoyl
Chloride |
|
|
Ortho Anisic Aldehyde
|
|
|
Benzydrol |
|
|
Ortho Anisic Alcohol |
|
|
Raspberry Ketone |
|
|
Para Bromo Anisole |
|
|
Veratrole |
|
|
Tyramine |
|
|
Manganese Sulphate |
|
|
|
|
|
At ASCENT, we strive to approach things with a
difference. We successfully introduced a Unique Continuous Fractionating
Distillation plant for the first time ever, to manufacture Para Anisic
Aldehyde. We offer our New Multipurpose plant for Contract Manufacturing,
wherein we have established Catalytic Hydrogenation (4KL @ 24 kg/cm2 )
and High Vacuum (0.5mm Hg) Fractionating Distillation facilities. This facility is registered as a 100% Export
Oriented Unit, which permits duty free imports of Raw Materials &
Capital Goods enabling it to remain competitive in the International Market. |
|
Reaction Capabilities:
|
Acetylation Alkali Fusion Amination Ammonolysis Benzoylation Cat.Hydrogenation Condensation |
Cyanation Cyclization Diazotization Esterification Ethoxylation Friedel Craft Halogenation |
Hydrolysis Hydroxylation Methylation Nitration Oxidation |
Quality Control
The labs are equipped with the state-of-art
instrumentation like GC, GC-MS, HPLC, HPTLC, AAS, UV-VIS Spectrophotometer,
Reflectance Spectrophotometer, Auto Titrator and Particle Size Analyzer
Pilot plant facilities include Ultra and
Nanofiltration plants, High pressure Catalytic Hydrogenator, High Vacuum
Distillation and Spray Drier for process scale up and development of new
products for Custom Synthesis.
Product Development
The R&D team is constantly in pursuit of new
product development and process improvement. This has manifested itself in
greater efficiency in production, process optimization, minimizing waste,
reducing delays and eliminating re-work there by reducing cost
Environment,
health, safety standards are at the heart of ASCENT’S business strategy and
market leadership. We integrate these standards into every aspect of
operations-products and process innovation, planning, purchasing,
manufacturing, distribution, customer support and product portfolio management.
We believe in keeping the environment clean and green and observe the best
pollution control practices.
Registered
Office:
505/506,
‘Suryarath’, Panchvati, Ellisbridge,
Ahmedabad-380 006 Gujarat, India.
Phone:
+91-79-2644251, 26560367 Fax: +91-79-26561119
Corporate
Office:
508-509,
‘Shilp’, C.G.Road, Navrangpura, Ahmedabad-380 009 Gujarat, India.
Phone:
+91-79-26468016, 26427713, 26403212
Direct:
+91-79-55124800
Fax:
+91-79-26407838
E-mail:
marketing@ascentfinechem.com
Works:
273,
GIDC Phase II, Vatva, Ahmedabad-382 445 Gujarat, India.
Phone:
+91-79-30915532 Fax: +91-79-25831079
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 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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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
|
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 |