MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHEMCRUX ENTERPRISES LIMITED |
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Registered Office : |
T- 7 National Plaza, R. C. Dutt Road, Baroda – 390007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.04.1996 |
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Com. Reg. No.: |
04-29329 |
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CIN No.: [Company
Identification No.] |
U01110GJ1996PLC029329 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDC00331C |
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PAN No.: [Permanent
Account No.] |
AABCC1803D |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of intermediates for bulk drugs and dyes such
as ortho chloro benzoic acid, para chloro benzoic acid, 3-nitro 4-chloro
benzoic acid, 2,4-dichlorobenzoic acid, etc. |
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 95000 |
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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 having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are
reported as 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
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Registered Office : |
T- 7 National Plaza, R. C. Dutt Road, Vadodara 390007 Baroda – 390007, Gujarat, India |
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Tel. No.: |
91-265-2344803/2358903 / 2344803 |
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Mobile No.: |
91-9825207955 |
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Fax No.: |
91-265-2332910 |
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E-Mail : |
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Website : |
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Area : |
500sq fit |
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Location : |
Owned |
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Factory 1 : |
4712-14,
GIDC, Road South 10, Ankleshwar - 393002, Gujarat, India
Contact Person : Mr. Sanjay Marathe |
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Tel. No.: |
91-2646-221427
/ 239737 |
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Fax No.: |
91-2646-251469 |
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E-Mail : |
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Area : |
66000 sq. Fit |
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Location : |
leased |
DIRECTORS
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Name : |
Mr. Sanjay Y. Marathe |
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Designation : |
Managing Director |
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Address : |
Alkapuri, GIDC Colony, Ankleshwar – 393002, Bharuch, Gujarat |
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Date of Birth/Age : |
05.01.1956 |
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Experience : |
18 Yrs. |
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Date of Appointment : |
15.04.1996 |
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Name : |
Ms. Neelam Sanjay Marathe |
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Designation : |
Director |
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Address : |
Alkapuri, GIDC Colony, Ankleshwar – 393002, Bharuch, Gujarat |
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Date of Birth/Age : |
30.11.1961 |
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Date of Appointment : |
31.12.1999 |
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Name : |
Ms. Siddhi Girish Shah |
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Designation : |
Director |
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Address : |
12 Parijatak Society, Tandalja Road, Baroda – 390020, Gujarat |
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Date of Birth/Age : |
18.01.1961 |
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Experience : |
19 |
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Date of Appointment : |
31.12.1999 |
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Name : |
Mr. Shailesh Hashmukh Patel |
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Designation : |
Director |
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Address : |
A 15 Shrinathdam Society, Near Urmi Char Rasta, Dinesh Mill Road,
Baroda – 390021, Gujarat |
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Date of Birth/Age : |
12.01.1958 |
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Date of Appointment : |
30.11.2004 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Girish Champaklal Shah |
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800040 |
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Mr. Sanjay Yashwant Marathe |
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800040 |
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Mrs. Neela Sanjay Marathe |
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10 |
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Mrs. Siddhi Girish Shah |
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10 |
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Girish Champaklal Shah [HUF] |
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10 |
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Sanjay Yashwant Marathe [HUF] |
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20 |
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Mr. Alkesh Champaklal Shah |
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10 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of intermediates for bulk drugs and dyes
such as ortho chloro benzoic acid, para chloro benzoic acid, 3-nitro 4-chloro
benzoic acid, 2,4-dichlorobenzoic acid, etc. |
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Exports : |
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Countries : |
Middle East, Europe and East Africa |
GENERAL
INFORMATION
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Suppliers : |
v Aerochem
Industries v Ankita Tax Chem
Industries Private Limited v Arihant Traders v Benzo Petro
International Limited v Bharat Rasayan
Limited v Bindra Chemicals v Divine Carbon
& Chemicals v Dutt – Chem
Enterprise v Jakson & Sons v K. M. C. Ice
Factory v Mangalam
Enterprises v M. B. Sales
Corporation v Modi Chemical
Industries v Oscar Chemical
Private Limited v Perfect Acid
& Chemicals v Perfect Ice
& Coldstorage v Sanjay Agencies v Shiva Mandeal
Private Limited v Shivam Products v Shree Chemopharma
Ank Private Limited v Shreeji
Lubricants v Skau Enterprises v Surat Ammonia
& Chemical Company v Swastik
Industries v Uma Bio Tech
Private Limited v Uma Enterprises v Uma Trading
Company |
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Customers : |
v Amarnath
Industries v Ambar Chemicals
Private Limited v Brooks
Corporation v Chem Innova
Remedies Private Limited v Chemocid [India]
Private Limited v Dr. Reddy’s
Laboratories Limited v Hem-Deep
Organics Private Limited v Hikal Limited v Indo Amines
Limited v Ipca
Laboratories Limited v Kamadhenu
Nutrients Private Limited v Mesha Acid &
Chemicals v Narayan
Industries v Navdurga Dyes
& Chemicals v Neon Antibiotics
Private Limited v Om
Intercontinental v Orchem
Industries Private Limited v Prime Organic v Rakshit Drugs
Private Limited v Sarna Chemicals
Private Limited v Saumya
Enterprises v Shree Tripura
Enterprises v Siddhivinayak
Dye-Chem v S.M.S.
Pharmaceuticals Limited v Souvenier
Chemical v Sumilon
Industries Limited v Supreet
Chemicals Private Limited v Technichem
Organics Private Limited v United Products |
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No. of Employees : |
63 |
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Bankers : |
v Bank of Baroda, Baroda v HDFC Bank, Baroda v Nvsarjan Industrial Co-operative Bank v State Bank of Saurashtra, Ankleshwar v State Bank of Saurashtra, Mumbai v State Bank of Saurashtra, Raopura, Baroda v State Bank of India v Vardhman Bank, Vadodara v State
Bank of Saurashtra, Station Road, Bharuch - 393 002, Gujarat v State
Bank Of Saurasgtra , SSI Branch Manjalpur v Vardodara
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Facilities : |
Credit Limit : Rs. 9.000 Million. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Naresh & Company Chartered Accountants |
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Address : |
201, City Enclave, Near Baroda High School, Opposite Polo Ground,
Vadodara – 390001, Gujarat, India |
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PAN No.: |
AACPM7575C |
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Associates/Subsidiaries : |
Ř R. S. Developers - Engaged in real estate business Ř S. N. Chemicals - Engaged in manufacturing of chemicals Ř Sanjay Agencies - Acts as a
trader |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
|
1600140 |
Equity Shares |
Rs. 10/-
each |
Rs.16.001
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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16.000 |
16.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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7.900 |
6.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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23.900 |
22.000 |
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LOAN FUNDS |
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1] Secured Loans |
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17.400 |
9.900 |
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2] Unsecured Loans |
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4.200 |
4.700 |
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TOTAL BORROWING |
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21.600 |
14.600 |
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DEFERRED TAX LIABILITIES |
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1.000 |
0.700 |
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TOTAL |
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46.500 |
37.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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32.700 |
33.500 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.400 |
0.300 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.300 |
8.300 |
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Sundry Debtors |
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16.800 |
8.300 |
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Cash & Bank Balances |
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1.500 |
1.700 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.100 |
3.500 |
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Total
Current Assets |
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25.700 |
21.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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12.300 |
18.300 |
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Total
Current Liabilities |
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12.300 |
18.300 |
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Net Current Assets |
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13.400 |
3.500 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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46.500 |
37.300 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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64.500 |
68.700 |
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Other Income |
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4.000 |
4.000 |
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Total Income |
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68.500 |
72.700 |
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Profit/(Loss) Before Tax |
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3.600 |
2.700 |
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Provision for Taxation |
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1.300 |
1.100 |
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Profit/(Loss) After Tax |
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2.300 |
1.600 |
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Imports : |
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Raw Materials |
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9.700 |
17.400 |
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Total Imports |
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9.700 |
17.400 |
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Expenditures : |
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Cost of Goods Sold |
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53.500 |
58.700 |
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Interest |
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2.100 |
1.600 |
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Depreciation & Amortization |
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2.200 |
1.600 |
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Total Expenditure |
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57.800 |
61.900 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.35 |
2.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.58 |
3.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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26.86 |
77.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.51 |
0.83 |
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Current Ratio (Current Asset/Current Liability) |
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2.08 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
Ř Hoechst Marion Roussel Limited, India
Fixed Assets :
Land
GIDC Quarter
Factory Building
Office Equipment
Plant & Machinery
Electrical Installation
Motor Car
Vehicles
Furniture & Fixtures
Office Premises
Computer
Pollution Control Plant
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Name of the company |
CHEMCRUX ENTERPRISES LIMITED |
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Presented By |
State
Bank of Saurashtra, SSI Branch, Manjalpur, Baroda and Chemcrux Enterprises
Limited |
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1) Date and description of instrument creating the change |
Memorandum of deposit of title deeds dated 16.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 17.250 millions Charge to cover the following facilities aggregating to Rs. 17.250 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 |
Equitable mortgage by way of deposit of title deeds in respect of immovable properties being land situated at GIDC, Ankleshwar bearing Plot No. 4712, 4713-A, 4713-B, 4714 admeasuring about 5130 sq. mtrs. and construction thereon. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Term Loan : Margin : 25% Interest : 12.5% p.a. monthly rests Repayable in 60 monthly installments For working capital – as per the sanction advice and documents executed and attached herewith |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of Saurashtra SSI Branch, Manjalpur, Vadodara |
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
WEBSITE DETAILS
CHEMCRUX was established in 1983 by young technocrats at Asia's largest Industrial Estate - Ankleshwar, Gujarat. Soon after, CHEMCRUX have achieved 20% growth rate per year consistently with high level of QUALITY CONTROL and without loss of single man-hour on account of SAFETY measure. It has fully equipped chemicals testing laboratory and TREATMENT PLANT FOR EFFLUENT LIQUIDS & GASES. The unit has been honored with safety awards for many years.
Thanks to its small and efficient organization, CHEMCRUX is in a position to address customer requirements individually and dependably, and to solve customer problems creatively and efficiently.
They apply their significant degree of know-how and experience to supply their business partners with the desired top-quality products, with services they can really depend on and, whenever necessary, with complete solutions to extensive problems. Open structure of their organization helps them in always looking out for new ways & means to enhance their performance even further.
CHEMCRUX excels in High Pressure Oxidation, Nitration, Acetylation and Chlorosulfonation - manufacturing intermediates for bulk Drugs and Dyes. Many of them are import substitutes manufactured for the FIRST TIME IN INDIA.
Mr. GIRISH C. SHAH
B.E.(Chem),
D.I.I.Sc.(IM)
A chemical engineer with post-graduation in Industrial Management from Indian Institute of Science, Bangalore. Experience of 19 yrs in large & medium scales Chemical Plants in research, management system development, corporate management, project planning & development.
Associated Member with Indian Institute of Chemical Engineers & Life Member of All India Textile Association.
Mr. SANJAY Y. MARATHE
B.E. (Chem), M. Tech(IIT)
A Chemical Engineer with Masters Degree from Indian Institute of
Technology, Powai.
Experience of 18 yrs in Chemical plants Operations & product
development, scaling up & designing of Chemical plants.
Associated with Indian Institute of Chemical Engineers.
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.42.88 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|