MIRA
INFORM REPORT
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Report Date : |
08.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
KIRAN
PONDY CHEMS LIMITED |
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Registered Office : |
37,
Nagore Road, Melavanjore, Pondicherry – 611002 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.04.2002 |
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Com. Reg. No.: |
59-000618 |
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CIN No.: [Company
Identification No.] |
U24299PY2002PTC000618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK06405A |
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PAN No.: [Permanent
Account No.] |
AABCK4882E |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing
and Exporter of Sodium Silicate, Sodium Meta Silicate, Potassium Silicate,
Labsa and Quicl Line Trading
and Import of Sodium Bicarbonate, Titanium – DI- Oxide, Sodium Tripoly Phosphate,
Paraffin Wax, Soda Ash, Epichlorohydrin, Sodium Sulphate and Citric 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
375000 |
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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 a well – established and reputed company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
37,
Nagore Road, Melavanjore, Pondicherry – 611002 |
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Corporate
Office : |
# 81,
New Avadi Road, Kilpauk, Chennai – 600010, Tamilnadu |
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Tel.
No.: |
91-44-26445477/26441232/26460350/26460651 |
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Fax
No.: |
91-44-26446303 |
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E-Mail
: |
rufus@kiranindia.com, atul@kiranindia.com, kiranindia@kiranindia.com |
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Website.: |
DIRECTORS
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Name : |
Mr. M
S Jain |
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Designation : |
Chairman
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Name : |
Mr. C
N Rufus |
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Designation : |
Executive
Director |
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Name : |
Mr.
Aatul Jain |
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Designation : |
Director
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Name : |
Ms.
Neha Jain |
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Designation : |
Director
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BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Exporter of Sodium Silicate, Sodium Meta Silicate, Potassium Silicate,
Labsa and Quicl Line Trading
and Import of Sodium Bicarbonate, Titanium – DI- Oxide, Sodium Tripoly
Phosphate, Paraffin Wax, Soda Ash, Epichlorohydrin, Sodium Sulphate and
Citric Acid |
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Products |
v
Sodium
Silicate v
Sodium
Meta Silicate v
Potassium
Silicate v
Labsa
and Quicl Line v
Sodium
Bicarbonate v
Titanium
– DI- Oxide v
Sodium
Tripoly Phosphate v
Paraffin
Wax v
Soda
Ash v
Epichlorohydrin v
Sodium
Sulphate v
Citric
Acid |
GENERAL
INFORMATION
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No. of Employees : |
400 |
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Bankers : |
State
Bank of India, Pondicherry |
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Facilities : |
-- |
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Banking Relations : |
Unknown
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Auditors : |
S P
Associates Chartered
Accountant |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 22.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2200000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 22.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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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 |
22.000 |
22.000 |
22.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
73.600 |
52.900 |
43.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
95.600 |
74.900 |
65.400 |
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LOAN FUNDS |
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1] Secured Loans |
113.000 |
111.600 |
99.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
113.000 |
111.600 |
99.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
208.600 |
186.500 |
164.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.800 |
34.200 |
31.000 |
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Capital work-in-progress |
0.000 |
12.800 |
4.700 |
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INVESTMENT |
1.700 |
1.700 |
1.700 |
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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 |
85.900
|
110.500 |
47.500 |
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Sundry Debtors |
70.300
|
25.100 |
69.500 |
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Cash & Bank Balances |
1.100
|
0.800 |
0.300 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
21.300
|
18.200 |
17.400 |
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Total Current Assets |
178.600
|
154.600 |
134.700 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
12.100
|
11.000 |
5.200 |
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Provisions |
2.400
|
5.800 |
2.500 |
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Total Current Liabilities |
14.500
|
16.800 |
7.700 |
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Net Current Assets |
164.100
|
137.800 |
127.000 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
208.600 |
186.500 |
164.400 |
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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] |
474.100 |
426.900 |
403.300 |
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Profit/(Loss)
Before Tax |
22.700 |
10.700 |
5.400 |
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Provision
for Taxation |
2.000 |
1.200 |
0.600 |
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Profit/(Loss)
After Tax |
20.700 |
9.500 |
4.800 |
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Total
Expenditure |
472.800 |
421.500 |
401.600 |
KEY
RATIOS
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt
Equity Ratio |
1.32 |
1.50 |
1.51 |
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Long
Term Debt Equity Ratio |
0.72 |
0.90 |
0.91 |
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Current
Ratio |
2.49 |
2.67 |
2.84 |
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TURNOVER
RATIOS |
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Fixed
Assets |
7.66 |
8.57 |
9.24 |
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Inventory
|
4.72 |
5.29 |
8.64 |
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Debtors |
9.73 |
8.83 |
5.90 |
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Interest
Cover Ratio |
3.80 |
2.18 |
1.60 |
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Operating
Profit Margin (%) |
8.00 |
6.08 |
4.68 |
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Profit
Before Interest and Tax Margin (%) |
6.64 |
4.74 |
3.51 |
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Cash
Profit Margin (%) |
5.82 |
3.62 |
2.34 |
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Adjusted
Net Profit Margin (%) |
4.46 |
2.27 |
1.17 |
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Return
on Capital Employed (%) |
15.59 |
11.29 |
8.76 |
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Return
on Net Worth (%) |
24.28 |
13.54 |
7.34 |
LOCAL AGENCY
FURTHER INFORMATION
The following companies with their Company with effect from 15.09.2004
v Andavar Silicate Private Limited
v Solar Chemicals Private Limited
v Navodhaya Chemicals Private Limited
v United Silicate Industries Private Limited
v Nannilam Silicates Private Limited
v Kiran silicates Private Limited
v Vallabh Silicates Private Limited
The Directors confirm that the scheme of amalgamation will be filed with the
Court in accordance with the provision of the Companies Act 1956 in due
course.
Directors are also propose to merge the following companies with effect from 1.4.2005:
v Aadhithya Chemicals Private Limited
v Invincible Chemicals Private Limited
v Kiran Chemfarm Private Limited
v Devi Silicates Private Limited
v Pavun Silicates Private Limited
v Kiran Chemicals Private Limited
v Vijay Detergent Products Private Limited
v Aditya Silicates Private Limited
M S Jain Group of Companies, made a humble beginning in the year 1979 manufacturing Sodium Silicate in Chennai.
Kiran Pondy Chems Limited and Pure Trading
Asia Limited , the flaghsip companies of the M
S Jain Group have in a short span of time managed to reach a turnover of USD 30 Million with 60% of the revenue coming from manufactured goods while 40% is
contributed by trading.
The first product to be manufactured was Sodium Silicate, a key ingredient in
the detergent industry. The company has thence grown from strength to strength
and today manufactures an array of products that serve the textile, paper,
construction, welding, ceramics, foundry, drilling, chemical and many more
industries.
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.44.65 |
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UK
Pound |
1 |
Rs.85.03 |
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Euro |
1 |
Rs.56.98 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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