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MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
PHTHALO COLOURS AND CHEMICALS (INDIA) LIMITED |
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Registered Office : |
Nanavati Mahalaya, 18 Homi Mody Street, Mumbai – 400 023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.09.1991 |
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Com. Reg. No.: |
11-63399 |
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CIN No.: [Company
Identification No.] |
U24110MH1991PTC063399 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP06923A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, dealer, distributor, exporter, importer and indentor |
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 500000 |
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Status : |
Satisfactory |
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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. Directors are reported as experienced, respectable and having satisfactory track records. Trade relations are fair. 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 : |
Nanavati Mahalaya, 18 Homi Mody Street, Mumbai – 400 023, Maharashtra, INDIA. |
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Tel. No.: |
91-22-22043657/22044422 |
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Fax No.: |
91-22-22042769 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory 1 : |
Plot No.808/A-1/143, Phase III, GIDC Estate, Vapi – 396195, District Valsad, Gujarat |
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Tel. No.: |
91-2638-224972/221777 |
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Fax No.: |
91-2638-224093 |
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Location : |
Owned |
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Branches : |
Located at: 63-A, Mittal Court, 6th Floor, Opp Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra |
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Tel. No.: |
91-22-22832040 |
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Fax No.: |
91-22-22851812 |
DIRECTORS
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Name : |
Mr. Amit B. Shah |
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Designation : |
Director |
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Address : |
54/B, Mahant Kripa, 16, Manish Nagar, J. P. Road, Four Bunglows, Andheri (West), Mumbai 400053, Maharashtra, India |
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Date of Birth/Age : |
01.01.1952 |
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Date of Appointment : |
28.02.2000 |
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Name : |
Mr. Ashwin C. Shroff |
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Designation : |
Director |
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Address : |
B – 15, Vasant Theosophical Society, Juhu Road, Juhu, Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
22.01.1945 |
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Date of Appointment : |
23.07.1992 |
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Name : |
Mr. Asit D. Jhaveri |
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Designation : |
Director |
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Address : |
Ratnagar Palace, 37 Chowpatty Seaface, Mumbai 400007, Maharashtra, India |
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Date of Birth/Age : |
25.06.1956 |
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Date of Appointment : |
15.01.1996 |
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Name : |
Mr. Bipin S. Shroff |
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Designation : |
Director |
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Date of Birth/Age : |
12th September, 1943 |
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Name : |
Mr. Pramod D. Shedde |
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Designation : |
Director |
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Date of Birth/Age : |
30th April, 1949 |
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Name : |
Mr. Priyam S. Jhaveri |
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Designation : |
Managing Director |
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Address : |
Printemps 26, B. G. Kher Marg, Mumbai 400006, Maharashtra, India |
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Date of Birth/Age : |
09.03.1955 |
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Date of Appointment : |
27.09.1991 |
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Name : |
Mr. Shantilal B. Jhaveri |
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Designation : |
Director |
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Address : |
Printemps 26, B. G. Kher Marg, Mumbai 400006, Maharashtra, India |
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Date of Birth/Age : |
29.08.1922 |
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Date of Appointment : |
14.04.1992 |
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Name : |
Dr. Abhijit Sen |
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Designation : |
Director |
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Date of Birth/Age : |
29th September, 1945 |
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Name : |
Mr. Ravi G. Lekhrajani |
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Designation : |
Nominee Director |
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Address : |
Flat No. B-605, 6th floor, Sagar Shrot, Juhu Varsova, New Link Road, Andheri (West), Mumbai 400053, Maharashtra, India |
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Date of Birth/Age : |
26.11.1969 |
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Date of Appointment : |
23.07.2007 |
KEY EXECUTIVES
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Name : |
Mr. Kavin D Dave |
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Designation : |
Company Sectary |
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Address : |
B – 204, Saibaba Enclave Building No. 2, C. D. Baug, S. V. Road,
Goregaon (West), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
25.01.1975 |
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Date of Appointment : |
03.07.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Priyam Jhaveri |
|
34035 |
|
Gayatri Jhaveri |
|
25000 |
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Bipin Shroff |
|
380000 |
|
Nanavati Speciality Chemicals Private Limited |
|
824198 |
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Shantilal Jhaveri |
|
829600 |
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Garron Trading Company Private Limited |
|
308167 |
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Gayatri Jhaveri |
|
25000 |
|
Sonera Jhaveri |
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25000 |
|
Sonera Investments Private Limited |
|
657300 |
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Bexim’s Trading and Consultancy India Private Limited |
|
202100 |
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Jyotsnaben Shroff |
|
22933 |
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Total |
|
3333333 |
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Equity Share
Break-up |
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Bodies Corporate |
|
59.75 |
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Directors or relatives of Directors |
|
40.25 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, dealer, distributor, exporter, importer and indentor |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Colours and Chemicals |
|
4500 T.P.A |
4500 T. P. A |
3101128 Kgs. |
GENERAL
INFORMATION
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No. of Employees : |
170 |
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Bankers : |
Canara Bank, Tamarind Lane Branch, Fort, Mumbai – 400 023, Maharashtra |
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Facilities : |
Facilities: Hypothecation of Goods and Book Debts - 10.000 millions dated 21st November, 1995 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
C. C. Chokshi & Company Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai 400018, Maharashtra, India |
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Tel. No.: |
91-22-22854330/31/32 |
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Associates/Subsidiaries : |
v Nanavati Speciality Chemicals Private Limited Nanavati Mahalaya, 18 Homi Mody Street, Mumbai – 400 023, Maharashtra Manufacturers and Exporters of Chemicals v Nanavati Sons Private Limited v Phthalo Impex |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3400000 |
Equity Shares |
Rs. 10/- each |
Rs. 34.000 Millions |
|
5600000 |
Preference Shares |
Rs. 10/- each |
Rs. 56.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3333333 |
Equity Shares |
Rs. 10/- each |
Rs. 33.333 Millions |
|
1750000 |
Preference Shares |
Rs. 10/- each |
Rs. 17.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
69.583 |
78.958 |
88.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.119 |
67.260 |
64.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
125.702 |
146.218 |
152.700 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
307.179 |
138.372 |
161.000 |
|
|
2] Unsecured Loans |
86.671 |
11.655 |
0.000 |
|
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TOTAL BORROWING |
393.850 |
150.027 |
161.000 |
|
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DEFERRED TAX LIABILITIES |
17.155 |
20.014 |
0.000 |
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TOTAL |
536.707 |
316.260 |
313.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
413.322 |
177.193 |
189.800 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
25.661 |
24.390 |
25.600 |
|
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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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|
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Sundry Debtors |
122.217
|
156.858 |
91.200
|
|
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Cash & Bank Balances |
5.354
|
16.819 |
25.700
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
29.707
|
19.550 |
19.000
|
|
Total
Current Assets |
307.647
|
261.150 |
221.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
203.942
|
136.374 |
111.400
|
|
|
Provisions |
5.981
|
10.099 |
11.300
|
|
Total
Current Liabilities |
209.923
|
146.473 |
122.700 |
|
|
Net Current Assets |
97.724
|
114.677 |
98.300
|
|
|
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
536.707 |
316.260 |
313.700 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other
income]
|
|
|
599.800 |
|
|
|
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Profit/(Loss) Before Tax
|
|
|
29.100 |
Provision for Taxation
|
|
|
14.100 |
Profit/(Loss) After Tax
|
|
|
15.000 |
|
|
|
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Export Value
|
|
|
507.940 |
|
|
|
|
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Import Value
|
|
|
NA |
|
|
|
|
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Total Expenditure
|
|
|
530.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
-
|
- |
2.50
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
-
|
- |
4.85
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
-
|
- |
7.08
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
-
|
- |
0.19
|
|
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.80
|
2.02 |
1.85
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.78 |
1.80
|
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the
company |
PHTHALO COLOURS
AND CHEMICALS (INDIA) LIMITED |
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Presented By |
Priyam S. Jhaveri |
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1) Date and description of instrument
creating the change |
Unattested Deed
of Hypothecation dated 16.02.1999 executed by Phthalo Colours and Chemicals
(India) Limited (therein and hereinafter referred to as “the Borrower”) in
favour of Export Import Bank of India
(“Exim Bank”), a certified true copy whereof is attached hereto. |
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2) Amount secured by the charge/amount
owing on the securities of charge |
Loan of Rs.
140.000 Millions together with interest, compound interest, additional
interest by way of liquidated damages
[in case of default] costs, [legal costs on a full indemnity basis], charges,
expenses and all other monies payable by the Borrower to Exim Bank under the
Loan Agreement dated the 21.01.1999 made between the Borrower and Exim Bank. |
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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 |
The whole of the
Borrower’s movable fixed assets, both present and future, briefly described
in Schedule III to the Deed of Hypothecation including its movable plant and
machinery, equipment, appliance, furniture, vehicles, machinery, spares and
stores, tools and accessories whether or not installed. |
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4) Gist of the terms and conditions and
extent and operation of the charge. |
The charge
created by the aforesaid Deed of hypothecation shall operate as a continuing
security by way of a first charge for the due repayment by the Borrower to
Exim Bank of the Loan of Rs. 140 Millions
together with payment of interest, compound interest, additional
interest by way of liquidated damages [in case of default] costs [legal costs
on a full indemnity basis], charges, expenses and all other monies payable by
the Borrower to Exim Bank in terms of the said Loan Agreement. [b] The said charge shall rank in order of
priority set out in Schedule IV to the Deed of hypothecation. |
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5) Name and Address and description of the
person entitled to the charge. |
Export Import Bank
of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai 400 005. |
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6) Date
and brief description of instrument modifying the charge |
Unattested
modifying deed of hypothecation dated 24.12.2002 executed by the borrower in
favour of Exim Bank. |
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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. |
[a] The security
created under the aforesaid Deed of hypothecation dated 16.02.1999 in favour of Exim Bank for the Rupee Loan
mentioned in Column 2 above in respect of the Borrower’s movable fixed
assets, present and future described in Schedule IV of the Principal Deed as
modified by the mortgage by deposit of title deed created on 15.01.2000 as
mentioned in Column 14 above shall stand further modified by virtue of the
modifying Deed of Hypothecation dated 24.12.2002 mentioned in Column 13 above
so as to be available instead for the converted Dollar Loan upto the limit of
USD 2320281.75 being the Dollar equivalent of outstanding amount of 112.000
Millions under the Rupee Loan as of 04.01.2002 in terms of the converted
Dollar Loan Agreement dated 24.12.2002 made between the Borrower and Exim
Bank, together with interest thereon including compound interest, additional
interest by way of liquidated damages [in case of default], service fee,
costs, charges and expenses and all other monies payable by the borrower to
Exim Bank under the said Dollar Loan Agreement. [b] The charge in
favour of Exim Bank created by the Principal Deed as modified by the
modifying deed of hypothecation shall at all times rank in the order of
priority as set out in Schedule II –
B of the modifying Deed of Hypothecation. |
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This Form is for |
Creation of Charge |
|
Charge
identification number of the charge to be modified |
-- |
|
Corporate
identity number of the company |
U24110MH1991PTC063399 |
|
Name of the
company |
PHTHALO COLOURS
AND CHEMICALS (INDIA) LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Nanavati Mahalaya, 18 Homi Mody Street, Mumbai – 400 023, Maharashtra |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
ICICI Bank
Limited Landmarkrace Cource
Circle, Alkapuri, Baroda, Gujarat 390015, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation executed by Phthalo Colours And Chemicals (India) Limited |
|
Date of
instrument Creating the charge |
20.03.2006 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest WCDL : IBAR + 6
month Term Premia 1.4 PCFC : 6 month
LIBOR + 1% EPC : IBAR 3.45 PSCFC/FUBD/FPB :
IBAR – 2.5, Term Loan : IBAR
1.5 [b] WCDL 180 days, PCFC 90 days EPC 90 days
Term Loan quarterly instalment of 6.000 Millions [c] Margin Book Debts :
Cover period : 90 days Margin : 25% Inventory : 25%
against all components of inventory [d] Extent and
operation of the charge Hypothecation of
current assets, movable properties receivables, etc. as mentioned in Deed of
Hypothecation dated 20.03.2006. [e] others As per
annexure. Deed of hypothecation also
includes Rs. 120 Millions Term Loan for which separate form 8 has been filed. |
|
Short particulars
of the property charged |
Hypothecation of
current assets, movable properties receivables, etc. as mentioned in deed of hypothecation dated 20.03.2006 |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
Fixed assets
v Land
v Buildings
v Plant and machinery
v Electrical installation
v Furniture
v Fixture
v Equipment
v Vehicles
The company is in trade terms with:
v Bulbul Packaging
v Buch Plastics
v Ballark Chemicals
v Fine Telecom Private Limited
v Furnova Polymers Limited
v Jyoti Textile & Engineering Company
v G. D. Industries
v Hema Chemical Company
v Machining Centre India Limited
v P. K. Engineering Works
v Prabhat Chemi Dyes Industries
v Rajvi Trading Company
v Roman Weighbridge Private Limited
v Star Precision Electronics Limited
v Soham Trading Company
v Sudish Chemicals Private Limited
v Uma Chemicals Corporation
v U. P. Chemicals
AS PER WEBSITE DETAILS:
And it continuously evokes a sense of challenge. A challenge that demands from men, dedication & foresight. One such man was Mr. R. M. Nanavati, the founder of Nanavati & Co. Private Limited, who visualised the potential of importing and trading in chemicals, dyestuffs and fertilizers.
Soon
enough, the company was providing critical support in enhancing the chemical
and agriculture revolution in India.
Moving ahead dramatically, Nanavati & Co. became one of the largest and most reputed importers of dyestuffs, sulphur and fertilizers.
Soon after India became independent, most industries were nationalised. This put restrictions on the imports of chemicals and dyestuffs.
This disadvantage was suitably countered by Mr. R M Nanavati and the present Chairman Mr. S B Jhaveri. Together they decided to diversify into Manufacturing.
In the past few decades The Nanavati Group has been creating a niche at the top in the manufacture of dyes and pigment intermediates, trading and merchant export of various chemicals. One of the reasons for this success is due to the group’s allegiance to Operational Excellence.
Mr. R M Nanavati, the founder of the group believed, “Operational Excellence is the ability to provide a combination of Quality, Price and Service.”
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. 39.56 |
|
UK Pound |
1 |
Rs. 81.39 |
|
Euro |
1 |
Rs. 58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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. |
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 |
|