MIRA
INFORM REPORT
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Report Date : |
08.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
NEUTRON
IMPEX PRIVATE LIMITED |
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Registered Office : |
B-2/11,
Satnam House, 19 Sahar Road, Andheri [East], Mumbai – 400099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.09.1999 |
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Com. Reg. No.: |
11-848 |
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CIN No.: [Company
Identification No.] |
U24110MH2004PTC121848 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Chemicals. |
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
125000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. The company is doing
well. Its trade relations are fair. Financial position is satisfactory.
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 : |
B-2/11,
Satnam House, 19 Sahar Road, Andheri [East], Mumbai – 400099, Maharashtra,
India |
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E-Mail : |
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Factory
1 : |
C /
12-A, First Tax Free Industrial Estate, 532/2, Silvassa Khamvel Road, Saily,
Silvassa, [Union Territory], Silvassa - 396230 |
DIRECTORS
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Name : |
Mr.
Sunil Srinivasan Chari |
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Designation : |
Director
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Address : |
B-902,
Valencia Chs, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
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Date of Birth/Age : |
05.12.1965 |
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Date of Appointment : |
20.09.2002 |
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Name : |
Mr.
Edward Alphonso Menezes |
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Designation : |
Director
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Address : |
601-602,
GEM House, Hirandani Gardens, Powai, Mumbai
– 400076, Maharashtra, India |
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Date of Birth/Age : |
31.10.1960 |
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Date of Appointment : |
20.09.2002 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Sunil Srinivasan Chari |
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10 |
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Mr. Edward Alphonso Menezes |
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10 |
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Rossari
Biotech India Private Limited |
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980 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Chemicals. |
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Products : |
Chemicals
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PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Enzymes and Chemical |
TPA |
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4000 |
1672.704 |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
CITI Bank N. A. Bandra kurla Complex G – Block Bandara [East] Mumbai – 400051 HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel Mumbai – 400013 Bank of india |
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Banking Relations : |
Satisfactory
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Auditors : |
V. I.
Bhatia and Company Chartered
Accountants 103,
Gateway Plaza, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra,
India |
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Tel. No.: |
91-22-25705977 |
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Associates/Subsidiaries : |
Biotech
India Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1000 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.100 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1000 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.100 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
23.08.2004 To 31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Reserves & Surplus |
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30.650 |
30.478 |
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NETWORTH |
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30.750 |
30.578 |
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LOAN FUNDS |
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1] Secured Loans |
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1.512 |
2.611 |
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2] Unsecured Loans |
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8.119 |
15.973 |
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TOTAL BORROWING |
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9.631 |
18.584 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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40.381 |
49.162 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.256 |
5.367 |
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Capital work-in-progress |
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0.051 |
0.000 |
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INVESTMENT |
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6.760 |
6.760 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.207
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8.693 |
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Sundry Debtors |
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30.797
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27.136 |
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Cash & Bank Balances |
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1.459
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2.341 |
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Loans & Advances |
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1.267
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4.943 |
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Total Current Assets |
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35.730
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43.113 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.764
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5.607 |
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Provisions |
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0.652
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0.471 |
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Total Current Liabilities |
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6.416
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6.078 |
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Net Current Assets |
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29.314
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37.035 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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40.381 |
49.162 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
23.08.2004 To 31.03.2005 |
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Sales Turnover [including other income] |
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61.907 |
63.416 |
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Profit/(Loss)
Before Tax |
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0.488 |
1.575 |
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Provision
for Taxation |
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0.255 |
0.471 |
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Profit/(Loss)
After Tax |
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0.233 |
1.104 |
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Export
Value |
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NA |
3.690 |
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Total
Expenditure |
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61.440 |
61.841 |
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
23.08.2004 To 31.03.2005 |
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PAT / Total Income |
(%) |
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0.38
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1.74 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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0.79
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2.48 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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1.22
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3.25 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.02
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0.05 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.52
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0.81 |
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Current
Ratio (Current
Asset/Current Liability) |
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5.57
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7.09 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Plant and Machinery
Furniture and Fixture
Office Equipments
Vehicles
Computers
Computers software
No
amount has been transferred to and Reserve during the year.
In view
of expansion plans the directors do not recommend any dividend.
During
the year no deposits were accepted from public.
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Name of the company |
Neutron Impex Private Limited |
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Presented By |
Mr.
Edward Alphonso Menezes |
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1) Date and description of instrument creating the change |
Composite Hypothecation agreement dated 04.03.2003 executed by Neutron Impex Private Limited in favour of Citibank N. A. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total facilities for Rs. 25.00 millions granted to Rossair Biotech India Private limited of which Rs. 17.5 millions is funded and Rs. 7.5 millions is non funded facilities. |
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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 |
Hypothecation of all the present and future book debts, outstanding monies, receivable claims, bills securities, investments, goodwill, rights, of and assets as security for due repayment to the Bank at any time on demand the total balance outstanding in the various accounts and in instalments as agreed in respect of the loan account along with the interest at the rate hereinafter provided including all costs. And also such other goods. Properties and machinery that may be brought into by the borrowers and stored planted and fitted in the premises aforesaid after executive of this agreement and during its currency. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of the lender having agreement to lend advance to the company, said facility under the said agreement and declaration by the company inter alia as follows : Covenant by the company to repay the facility at above and pay interest and all other monies in the lender and to comply with the terms and conditions of the said agreement. The said assets hypothecated to the lender as and by way of first charge, as security for and be charged with the repayment of the loan with all interest, liquidated, damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the company to the lender in respect thereof. Margin : 36 % on Stock and 52 % on book debts. The companies to keep the said assets in marketable and good condition and also insured as provided therein. Power of entry power to take charge and or possession or seize, recover, receive, appoint and sell contract, dispatch for realisation or otherwise dispose of or deal with all or any part of the said assets etc. as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
CITI Bank N. A. Bandra kurla Complex G – Block Bandara [East] Mumbai – 400051 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Form 8 Particular for creation or modification of
charges
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Corporation identity number or foreign company registrations number of the company |
U24110MH2004PTC121848 |
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Name of the company |
NEUTRON IMPEX PRIVATE LIMITED |
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Address |
B-2/11, Satnam House, 19 Sahar Road,
Andheri [East], Mumbai – 400099, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel Mumbai – 400013 |
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Nature or description of the instrument creating charge |
Letter of Hypothecation |
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Date of the instrument creating charge |
24.04.2006 |
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Amount Secure by the charge |
Rs. 8.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The bank is Entitled to charge interest at Such Other Rate as may be determined by the Bank form time to time. The charge and hypothecation shall continue to subsist till such time all the borrower dues have been repaid in full together with interest, liquidated damages, costs, charges and expenses and all other monies whatsoever dues. |
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Description of the property charge whether it is a charge on |
Stock In trade, Book Debts and other |
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.99 |
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UK
Pound |
1 |
Rs.85.34 |
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Euro |
1 |
Rs.57.63 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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 |
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47 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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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 |
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<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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