MIRA
INFORM REPORT
|
Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BODAL CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Plot No. 123-124, Phase-I, GIDC,
Vatva, Ahmedabad-382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
31.12.1993 |
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Com. Reg. No.: |
04-20988 |
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CIN No.: [Company
Identification No.] |
U24231GJ1993PTC020988 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB00692G |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturers and Seller of Dyes and 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
250000 |
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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 company having satisfactory track.
Directors are reported as experienced, respectable and resourceful businessmen.
Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory
: |
Plot No. 123-124, Phase-I, GIDC,
Vatva, Ahmedabad-382445, Gujarat, India |
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Tel. No.: |
91-79-25831684/25834223/25835437 |
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Fax No.: |
91-79-25835245 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Patel Jayanti Suresh |
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Designation : |
Director |
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Address : |
32, Basant Bahar, Bopal Near
Sterling Club, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
15th
April, 1956 |
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Date of Appointment : |
31st December, 1993 |
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Name : |
Mr. Patel Prabhodh Ramesh |
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Designation : |
Director |
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Address : |
14, Khushman Society, Gurukul
Road, Memnagar, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
23rd October, 1956 |
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Date of Appointment : |
31st December, 1993 |
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Name : |
Mr. Patel Suresh Bhavin |
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Designation : |
Director |
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Address : |
32, Basant Bahar, Bopal Near
Sterling Club, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
5th January, 1981 |
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Date of Appointment : |
12th July, 2002 |
KEY EXECUTIVES
|
Name
: |
Mr. Tapan Shah |
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Designation
: |
Company Secretary |
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Address
: |
814, Anand Mangal-3, Rajmarg
Club Lane, Opp. Doctor House, Ellis Bridge, Ahmedabad-380006, Gujarat, India |
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Tel No : |
91-79-26438114 |
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Resident No. : |
91-79-26633870 |
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Fax No.: |
91-79-26438114 |
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E-mail : |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Patel Suresh Jayantibhai |
|
419501 |
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Mr. Patel Ramesh Prabhodhchandra |
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88159 |
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Mrs. Patel Meenaben Sureshbhai |
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65362 |
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Mr. Patel Ramesh Dahyabhai |
|
61712 |
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Mr. Patel Jayantilal Dahyabhai |
|
79342 |
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Mr. Patel Bansibhai Nagjibhai |
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52896 |
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Mr. Patel Ramesh Prabhodhchandra Jointly With Patel Dipti R. |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Patel Rakesh R. and
Shah Mahesh Nandlal |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Shah Varshaben
Bharatbhai and Patel Rasikbhai M. |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Shah Jalpesh
Bharatbhai and Shah Janmesh Bharatbhai |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Patel Hemlataben S.
and Gandhi Paras Natvarlal |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Mehta Kanubhai J. |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Shah Dipti M. and Shah
Jagruti V. |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Shah Rasiklal P. and
Shah Rupal S. |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Shah Shweta F. and
Surendra S. Shah [HUF] |
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1 |
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Mr. Patel Suresh Jayantibhai Jointly With Patel Rakesh R. |
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1 |
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Mr. Patel Rakesh Ravjibhai |
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52896 |
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Mr.
Patel Bhavin Sureshbhai |
|
61710 |
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Total |
|
881588 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Seller of Dyes and Chemicals. |
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Products : |
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Imports from : |
Raw materials, stores and spares from Europe |
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Terms : |
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Purchasing : |
L/C terms |
PRODUCTION
STATUS
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Particulars |
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Installed Capacity |
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D.A.S.A. |
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F.C. Acid |
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7800 MT P.A. |
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Acetanilide |
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GAMM Acid |
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Others |
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GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Ø
Union Bank of India, Industrial Finance Branch, Near Income Tax Four
Road, Ahmedabad-380014, Gujarat, India Ø
Standard Chartered Grindlays Bank Limited Ø
ICICI Bank |
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Banking Relations : |
Satisfactory
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Auditors : |
Mayank Shah and Associates Chartered Accountants 706, Mahakant, Opposite V. S. Hospital, Ellisbridge,
Ahmedabad-380006, Gujarat, India |
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Associates/Subsidiaries : |
Ø
Laxmi International Ø
Shanti Industries |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1,000,0000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
881,588 |
Equity shares |
Rs. 10/- each |
Rs. 8.816 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
8.815 |
8.815 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
54.270 |
26.058 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
63.085 |
34.873 |
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LOAN FUNDS |
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1] Secured Loans |
|
22.447 |
30.657 |
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2] Unsecured Loans |
|
15.404 |
5.967 |
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TOTAL BORROWING |
|
37.851 |
36.624 |
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DEFERRED TAX LIABILITIES |
|
19.680 |
14.200 |
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TOTAL |
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120.616
|
85.697 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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81.031 |
84.638 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.317 |
0.317 |
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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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51.147 |
26.510 |
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Sundry Debtors |
|
107.874 |
79.064 |
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Cash & Bank Balances |
|
1.962 |
3.517 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
22.858 |
12.345 |
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Total Current Assets |
|
183.841 |
121.436 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
144.599 |
120.739 |
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Provisions |
|
0.000 |
0.000 |
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Total Current Liabilities |
|
144.599 |
120.739 |
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Net Current Assets |
|
39.242 |
0.697 |
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MISCELLANEOUS EXPENSES |
|
0.026 |
0.045 |
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TOTAL |
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120.616
|
85.697 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other
income] |
|
633.033 |
491.205 |
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Profit/(Loss)
Before Tax |
|
37.755 |
8.465 |
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Provision
for Taxation |
|
8.449 |
3.701 |
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Profit/(Loss)
After Tax |
|
29.306 |
4.764 |
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Export
Value |
|
179.478 |
21.561 |
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Total
Expenditure |
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605.677 |
482.740 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
|
4.63 |
0.97 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
5.96 |
1.72 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
14.25 |
4.11 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.60 |
0.24 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
2.89 |
4.51 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.27 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry
on business as manufacturers, formulators, processors, makers, buyers, sellers,
re-sellers, importers, exporters, distributors, suppliers, distillers,
refiners, stockists, agents, merchants, developers, consultants and dealers, in
all types, forms [solid liquid and gaseous] and of all kinds of chemicals such
as acetyl chloride, benzo triochloride, benzoil chloride, phenothirine and
chemical compounds heavy chemicals, acids, alkalies, tannis, tannis extracts,
solvents, dyestuffs, dyes, pigments, colours, resins, chemicals auxiliaries,
bio chemicals, and colloidal chemicals, carbon and intermediates, derivatives
suspensions, gets, powders, formulations, downstream, ingredients and
by-products and their related preparations articles and products.
division
J K Pharma
amalgamation
Ø Laxmi
Intermediates Private Limited
Ø R. K.
Intermediates Private Limited
Ø Shree
Thionates Chemie Private Limited
Subject operates from caption owned office cum factory
premises. Its area admeasuring are as under :
Plot No. 123 –1905 sq. mtrs
Plot No. 124 –944 sq. mtrs.
Plot No. C1-B/111 – 740 sq. mtrs
Plot No. C1-B/113 – 740 sq. mtrs
Plot No. C1-b/114 – 717 sq. mtrs
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Name of the company |
BODAL
CHEMICALS PRIVATE LIMITED |
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Presented By |
Mr. Ramesh P. Patel, Director |
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1) Date and description of instrument creating the change |
Memorandum
of Entry dated 17.05.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
50.000 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 |
Creation
of first charge by way of hypothecation of all the company’s tangible
moveable plant and machinery, both present and future, whether installed or
not and whether lying loose situated at company’s factory premises at Plot
No. 123-124, Phase – I, GIDC, Vatva, Ahmedabad. Equitable
mortgage of Land, Building and industrial shed of the company situated at Plot
No. 123, 124 and C-I-B / 111 to 114 Phase – I, GIDC, Vatva, Ahmedabad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
rate of interest 1.00 % over Bank’s Prime Lending Rate Cash credit
[Hypothecation] Limited. The
rate of interest for EPC and FDBP/FUDBP facility is as determined by the
rules of the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
The
Union Bank of India, Industrial Finance Branch, Near Income Tax Four Road, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Name of the company |
BODAL
CHEMICALS PRIVATE LIMITED |
||||||||||
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Presented By |
Mr. Ramesh P. Patel, Director |
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1) Date and description of instrument creating the change |
Composite
Hypothecation deed dated 21.01.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
25.000 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 |
Hypothecation
of Stock of Chemicals, Raw Materials, semi finished and finished goods,
consumables, spares, book dents, bills etc. Hypothecation deed |
||||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
rate of Interest 3.50 % over Bank’s Prime Lending Rate subject to minimum
14.75 % p.a. with monthly rest for Cash credit Limit - Margin 25 % on paid Stock and 50 % on Book debts upto 90 days - Further terms as mentioned in detail in said composite hypothecation deed. |
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5) Name and Address and description of the person entitled to the charge. |
The
Union Bank of India, Industrial Finance Branch, Near Income Tax Four Road,
Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Supplementary
deed to composite hypothecation deed dated 15.05.2004. |
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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. |
The
original composite Hypothecation deed executed on 21.01.2003 was for Rs.
25.000 Millions The
Supplementary deed to composite hypothecation deed is to increase the limit
of various cash credit facilities by Rs. 25.000 Millions. The
credit facilities, therefore, now amount to Rs. 50.000 Millions as below :
Interchangeability
of Rs. 10.000 Millions from CC [Hypo]
/ EPC to FDBP/FUDBP is permitted. The
rate of interest is 1 % over Bank’s
Prime Lending Rate for Cash Credit Limit [Hypo] The rate
of interest for EPC to FDBP/FUDBP facility is as determined by the rules of
the Bank. |
|
Name of the company |
BODAL
CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr. Ramesh P. Patel, Director |
|
1) Date and description of instrument creating the change |
Composite
Hypothecation deed dated 21.01.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
25.000 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 |
Rate
of Interest 3.50 % over Bank’s Prime |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Lending
the rate of Interest minimum 14.75 % p.a. with monthly rest for Cash credit
Limit and 8.50 % for EPC and FDBP/FUDBP Limit - Margin 25 % on paid Stock and 50 % on Book debts upto 90 days - Further terms as mentioned in detail in said composite hypothecation deed. |
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5) Name and Address and description of the person entitled to the charge. |
The
Union Bank of India, Industrial Finance Branch, Near Income Tax Four Road,
Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.44.11 |
|
UK
Pound |
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.57.04 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|