MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VERTEX CHEM PRIVATE LIMITED |
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Registered Office : |
10, 2nd Floor, Ritesh Apartments, Birla College Road, Near Prem
Auto, Kalyan [West], Thane – 421301, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.08.1994 |
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Com. Reg. No.: |
11-80227 |
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CIN No.: [Company
Identification No.] |
U24110MH1994PTC080227 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04243B |
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PAN No.: [Permanent
Account No.] |
AABCV0773H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, traders, suppliers, importers and exporters of specialty
chemicals for paper and textile industry. |
RATING &
COMMENTS
|
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 20000 |
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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
|
Registered Office : |
10, 2nd Floor, Ritesh Apartments, Birla College Road, Near Prem
Auto, Kalyan [West], Thane – 421301, Maharashtra, India |
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Tel. No.: |
91-251-2320581 / 2320580 |
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Mobile No.: |
91-9324670641 / 9821129200 |
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Fax No.: |
91-251-2320581 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Kailash Chandra Kabra |
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Designation : |
Director |
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Address : |
10, 2nd Floor, Ritesh Apartments, Birla College Road, Near
Prem Auto, Kalyan [West], Thane – 421301, Maharashtra, India |
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Date of Birth/Age : |
23.05.1972 |
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Date of Appointment : |
09.08.1994 |
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Name : |
Mr. Sunil C. Jagetia |
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Designation : |
Chairman cum Managing Director |
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Address : |
10, 2nd Floor, Ritesh Apartments, Birla College Road, Near
Prem Auto, Kalyan [West], Thane – 421301, Maharashtra, India |
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Date of Birth/Age : |
15.06.1967 |
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Date of Appointment : |
09.08.1994 |
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Name : |
Ms. Renu Sunil Jagetia |
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Designation : |
Director |
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Address : |
10, 2nd Floor, Ritesh Apartments, Birla College Road, Near Prem
Auto, Kalyan [West], Thane – 421301, Maharashtra, India |
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Date of Birth/Age : |
20.01.1968 |
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Date of Appointment : |
09.08.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As On 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Sunil C. Jagetia |
|
62000 |
|
Renu Jagetia |
|
32500 |
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Kailash C. Kabra |
|
5000 |
|
Sushila Kabra |
|
2000 |
|
Shiv Ratan Kabra |
|
2000 |
|
Amit Kabra |
|
2000 |
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Sunita Kabra |
|
1500 |
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Ratan Laddha |
|
500 |
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Shilpa Laddha |
|
1500 |
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Aparna Laddha |
|
1500 |
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Kapil Laddha |
|
1500 |
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Ranjana Inani |
|
1500 |
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Rahul Inani |
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1500 |
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Kanta Inani |
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1500 |
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J. P. Inani |
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1500 |
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Anil Jagetia |
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1500 |
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B. L. Jagetia |
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5000 |
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Mena Jagetia |
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5700 |
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C. M. Jagetia |
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2500 |
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C. M. Jagetia |
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17600 |
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Prakash Jagetia |
|
9500 |
|
Online Information Technologies Limited |
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5000 |
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Pooja Equiresearch Private Limited |
|
4000 |
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Kamal Overseas Limited |
|
6000 |
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Hemakuta Industrial Investments Company Limited |
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5000 |
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Rahul Kumar Kabra |
|
100 |
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Pawan Kumar Kabra |
|
100 |
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Subhash Kabra |
|
100 |
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Chitragandha Investment Consultant |
|
10000 |
|
Invesh Finvest Private Limited |
|
10000 |
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Total |
|
200100 |
As on 31.03.2006
|
Names of Shareholders |
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Percentage of
Holding |
|
Directors and relatives of directors |
|
80.00 % |
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Other top fifty shareholders |
|
20.00 % |
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Total |
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, traders, suppliers, importers and exporters of specialty
chemicals for paper and textile industry. |
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Products : |
Ø
Vapco-LR-50 (Wax Emulsion) Ø
Feltex-LD (Felt Cleaning Agent) Ø
Verfin-SF-300 (Gloss Agent) Ø
Versize-SS-150 (Surface Sizing Agent) Ø
Verpap-FDI (Deinking Agent) Ø
Verpap-DI (Dying Agent Solvent Base) Ø
Verpap-DWP (Dying Agent)
Ø
Vershine-DRA-333 (Finishing Agent) Ø
Verdet-SDF (Defoamer for Pulp Mill) Ø
Verdet-MDF (Defoamer Paper Machine) Ø
Verpap-SDI Ø
Vercoat-CS-235 Ø
Verpap-AZC Ø
Vercoat-SSP (Surface Sizing for Paper) Ø
Vercoat-ABP (Acratic Binder for Paper). |
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Exports : |
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Countries : |
Nepal, Sri Lanka and Saudi Arabia |
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Import : |
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Countries : |
China |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Punjab National Bank Murbad Road, Kalyan [West], Thane, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lalit Kumar Dangi and Company Chartered Accountants |
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Address : |
77, Muliji Jetha Building, 185/187, Princess Street, Marine Lines,
Mumbai – 400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,100 |
Equity Shares |
Rs. 10/- each |
Rs. 2.001
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.001 |
2.001 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
4.088 |
3.895 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.089 |
5.896 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.228 |
1.273 |
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2] Unsecured Loans |
|
2.443 |
2.209 |
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TOTAL BORROWING |
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3.671 |
3.482 |
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DEFERRED TAX LIABILITIES |
|
0.032 |
0.037 |
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TOTAL |
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9.792 |
9.415 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.759 |
0.847 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
2.300 |
2.300 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.487 |
2.472 |
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Sundry Debtors |
|
7.339 |
5.830 |
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Cash & Bank Balances |
|
0.237 |
0.518 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.529 |
0.834 |
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Total
Current Assets |
|
11.592 |
9.654 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
4.675 |
3.207 |
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Provisions |
|
0.184 |
0.181 |
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Total
Current Liabilities |
|
4.859 |
3.388 |
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Net Current Assets |
|
6.733 |
6.266 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.002 |
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TOTAL |
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9.792 |
9.415 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
25.300 |
16.766 |
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Other Income |
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Total Income |
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25.300 |
16.766 |
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Profit/(Loss) Before Tax |
|
0.386 |
0.321 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
0.386 |
0.321 |
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Expenditures : |
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Interest |
|
0.398 |
0.375 |
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Depreciation & Amortization |
|
0.108 |
0.124 |
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Other Expenditure |
|
24.914 |
16.445 |
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Total Expenditure |
|
25.420 |
16.944 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.53 |
1.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.53 |
1.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.13 |
3.06 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.06 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.40 |
1.17 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.39 |
2.85 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
VERTEX CHEM
PRIVATE LIMITED |
|
Presented By |
Kailash Kabra |
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1) Date and description of instrument creating the change |
09.01.1998
Equitable Mortgage [Mortgage by deposit of Title deeds] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
[Hypothecation] Rs. 1.000 Millions Cash Credit [Book
Debts] Rs. 1.000
Millions Clean D D/doc Rs. 0.300
Millions Ceiling Rs. 2.000
Millions Total amount
secured Rs. 2.000 Millions |
|
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 |
Factory Land
admeasuring 4300 sq. ft. Building and Machinery at survey No. 25-Hissa No.
2/2, Village Goveli Tal Kalian, Thane Valued at about Rs. 1.000 Millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25 % on
stock 40 % on Book
debts Rate of Interest
16.25 % + interest tax subject to revision from time to time Monthly statement
of Hypothecated stock and Book debts to be submitted to Bank All securities
insured with agreed Bank Clause at Borrower cost Maximum
outstanding under all the facilities at any one time not to exceed Rs. 2.000
Millions Change to be
extent of 100 % during the tenure of the all value. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank Murbad Road, kalian [West], Thane, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
21.02.2005 Hypothecation of goods
and book dents to secure cash credit facility. |
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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. |
Hypothecation of
stock and book dents Rs. 2.000 Millions Clean D.D.
Documents Rs. 0.300 Millions Ceiling Rs. 2.000
Millions Total amount
secured Rs. 2.000 Millions Rate of Interest
10.75 % Subject to
revision from time to time. |
AS PER WEBSITE
Vertex Chem Private Limited was
incorporated in the year 1995 to produce various types of industrial chemicals.
With consistent quality products, they are one of the most accomplished manufacturers, traders, suppliers, importers and exporters of specialty chemicals for paper and
textile industry. They have designed a wide range of products for paper industry like sizing chemicals, defoamer,
deinking chemicals (for washing and floatation), finishing agents, coating
additives, etc. Their products exhibit quality, durability and
environmental friendly solutions; besides having other desired essential
features. They are constantly engaged in research activities, and their
research and development team churns innovative ideas to produce effective
solutions. Following the highest quality standards in procurement,
manufacturing and storage process help us to cope up with the global market
pressures.
Their high performance and advanced machines are also backed by the
excellent after sales service, which ensures the customers of hassle free
products. They also have a wide spread distribution and logistics network
spread across the length and breadth of the globe, enabling us to fulfill
specific requirements of the customers in the requested time. Today, they are
exporting their products to almost every corner of the world centered around
Nepal, Sri Lanka and Saudi Arabia.
Ø
Their profound infrastructure is empowered with a well equipped
laboratory, capacious warehouse, cutting edge technology, gamut of ultra modern
machineries and superb working environment
Ø
With their ethical and transparent business policies, they have carved a
valuable niche in the domestic as well as the international market
Ø
They have a team of skilled and qualified personnel, prudently using their
resources to achieve satisfactory results
Ø
Over the years of experience in this industry, they have developed a
strong and effective distribution network system for their selves
Ø
They continually upgrade their technology to introduce new and innovative
products
Ø
With their streamlined business operations, they cut down the production
cost and supply goods at marketable and reasonable price.
Quality
With adherence to uncompromising standards of quality, they have consolidated
an honorable place in both the national as well as the international market. To
uphold this, they deliver premium quality products under the strict vigilance
of experienced quality control inspectors. Their quality control department
also supervises each stage of their production process and monitors the
functioning of their products. They also lay special emphasis upon the
procurement of the raw material, ensuring that they are sourced from the
reputed and well established suppliers and distributors of these products.
Patrons
Today, they are catering to the varied requirements of a wide spectrum of
customers. Some of their esteemed customers include:
Ø
Bilt
Ø
The West Coast Paper Mills
Ø
Rainbow Papers
Ø
N.R. Group of Company
Ø
Cheema Paper
Ø
Saraswati Udyog
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 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|