MIRA
INFORM REPORT
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Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
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Name : |
NIVEDITA CHEMICALS PRIVATE LIMITED |
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Registered Office : |
A – 14, MIDC Estate, Street No. 5, Cross Road “B”, Andheri (East),
Mumbai 400 093, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.12.1972 |
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Com. Reg. No.: |
16169 |
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CIN No.: [Company
Identification No.] |
U24110MH1972PTC016169 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09588F |
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PAN No.: [Permanent
Account No.] |
AAACN7199L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer 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 41628 |
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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. 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 / Plant: |
A – 14, MIDC Estate, Street No. 5, Cross Road “B”, Andheri (East),
Mumbai 400 093, Maharashtra, India |
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Tel. No.: |
91-22-28327321 / 28329337 / 28222168 / 56919197 |
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Fax No.: |
91-22-28364256 |
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E-Mail : |
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Plant : |
57 / 2, MIDC Industrial Area, Dhatav Roha, Dist Raigad 402 116, |
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Tel. No.: |
91-2194-263841 |
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Fax No.: |
91-2194-263851 |
DIRECTORS
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Name : |
Mr. Vivek Vasant Palkar |
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Designation : |
Director |
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Address : |
Jay Ria, Plot No. 250A, Opposite Gym, Main Gate, Sher-E-Punjab,
Andheri (East), Mumbai 400 093, |
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Date of Birth/Age : |
28.12.1963 |
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Date of Appointment : |
01.04.1987 |
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Name : |
Mrs. Anagha Sanjay Vazandar |
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Designation : |
Director |
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Address : |
10A, 201 Alica Nagar, |
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Date of Birth/Age : |
23.03.1962 |
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Date of Appointment : |
01.04.1981 |
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Name : |
Mr. Sukhada Vasant Palkar |
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Designation : |
Director |
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Address : |
7 – Abhang, Sahitya Sahawas, Bandra (East), Mumbai 400 051, |
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Date of Birth/Age : |
01.02.1943 |
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Date of Appointment : |
09.01.1990 |
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Name : |
Nivedita Adil Masani |
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Designation : |
Director |
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Address : |
10A, 501 Alica Nagar, |
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Date of Birth/Age : |
28.10.1969 |
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Date of Appointment : |
27.07.1989 |
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Name : |
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Designation : |
Director |
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Address : |
Jay Ria, Plot No. 250A, Opposite Gym, Main Gate, Sher-E-Punjab, Andheri
(East), Mumbai 400 093, |
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Date of Birth/Age : |
30.04.2007 |
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Date of Appointment : |
23.09.2002 |
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Name : |
Mr. Govind Bhaurao Vaidya |
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Designation : |
Director |
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Name : |
Mr. Sharad Purandare |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vivek Vasant Palkar |
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13250 |
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Mrs. Anagha Sanjay Vazandar |
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1550 |
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Mrs. Sukhada Vasant Palkar |
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3000 |
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Nivedita Adil Masani |
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1600 |
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500 |
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Mr. Dinkar VItthal Kembre |
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100 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Ø
State Bank of Ø
Standard Chartered Bank |
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Facilities: |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V D Lagu Chartered Accountants |
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Address : |
8, Durga Bhavan, 1st Floor, |
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Associates/Subsidiaries : |
Anek Prayog Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.407 |
6.851 |
5.969 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.407 |
8.851 |
7.969 |
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LOAN FUNDS |
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1] Secured Loans |
1.549 |
1.093 |
1.493 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.549 |
1.093 |
1.493 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.956 |
9.944 |
9.462 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.944 |
13.245 |
12.963 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.503 |
2.504 |
0.503 |
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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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Stock in Trade |
0.000
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0.000 |
2.393 |
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Sundry Debtors |
8.467
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6.245 |
4.679 |
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Cash & Bank Balances |
0.015
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0.056 |
0.003 |
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Other Current Assets |
3.212
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1.548 |
0.000 |
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Loans & Advances |
3.746
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2.404 |
3.977 |
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Total
Current Assets |
15.440
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10.253 |
11.052 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.434
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13.995 |
13.223 |
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Provisions |
3.497
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2.063 |
1.833 |
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Total
Current Liabilities |
22.931
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16.058 |
15.056 |
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Net Current Assets |
(7.491)
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(5.805) |
(4.004) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.956 |
9.944 |
9.462 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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48.049 |
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Other Income |
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(0.969) |
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Total Income |
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47.080 |
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Profit/(Loss) Before Tax |
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1.624 |
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Provision for Taxation |
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0.400 |
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Profit/(Loss) After Tax |
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1.224 |
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Expenditures : |
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Manufacturing Expenses |
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4.069 |
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Administrative Expenses |
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3.755 |
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Raw Material Consumed |
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31.297 |
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Financial Charges |
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0.327 |
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Selling and Distribution Expenses |
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2.272 |
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Salaries, Wages, Bonus, etc. |
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3.900 |
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Depreciation & Amortization |
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0.683 |
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Total Expenditure |
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48.386 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
3.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
6.76 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.35
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1.93 |
2.07 |
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Current Ratio (Current Asset/Current Liability) |
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0.67
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0.63 |
0.73 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Ø
Factory land
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Factory building
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Plant and machinery
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Effluent treatments
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Motor car
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Office equipments
Ø
Premises
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Name of the company |
NIVEDITA
CHEMICALS PRIVATE LIMITED |
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Presented
By |
JOINTLY
COMPANY AND CHARGEHOLDER |
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1) Date and description of instrument creating the change |
General agreement for the grant of small industrial advances and hypothecation of movables, book debts and other assets dated 16.12.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.800 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 |
All present and future goods, book debts, movable and other assets including documents of title to goods and other assets such as outstanding moneys, receivables, clains, bills, ivoices, documents, contracts, engagements, securities, investments and all future machimnreyr wherever lying, stored and kept including all such goods, machineries, movables and other assets as may be in course of shipment, trasit of delivery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest to be determined by the bank from time to time 2. Margin to be provided as may be decided by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of MIDC
Branch, Andheri (East), Mumbai 400 093, |
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6) Date and brief description of instrument modifying the charge |
Supplemental general agreement for grant of small industrial advances and hypothecation of goods, book debts and other assets dated 26.03.1997 |
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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. |
Past modification On 13.01.1995 total amount secured wa senhanded from Rs. 11.800 millions to Rs. 15.500 millions Present modification Total amount secured enhanced from Rs. 15.500 millions to Rs. 17.500 millions |
As per web details:
Subject went into production in April 1972. Their
motto was to manufacture vital drugs as import substitutes.
The motive force behind their story of
achievement has been their founder chairman and managing director Dr. Vasant S
Palkar, who struggled relentlessly to invent new technologies and to transit
them into commercial realities.
In 1979 he was bestowed with the most coveted
“Republic Day National Award” for import substitution from the President of
India
Anek Praoyg Private Limited has recently
obtained WHO GMP Certificate. This company is an associate of subject
The company has state of the art plant
facilities in the state
Subject has over the years established itself in the
international market with its superior and consistent quality and on-time
delivery. They are exporting to more than 25 countries in North America, South
America,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
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US Dollar |
1 |
Rs.41.18 |
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1 |
Rs.82.41 |
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Euro |
1 |
Rs.55.85 |
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 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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48 |
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 |
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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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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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