MIRA INFORM REPORT
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Report
Date : |
02.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
AQUAPHARM CHEMICALS COMPANY PRIVATE LIMITED |
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Registered
Office : |
S-113/2, MIDC, Bhosari, Pune-411026, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
02.03.1974 |
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Com.
Reg. No.: |
11-17243 |
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CIN
No.: [Company
Identification No.] |
U24231MH2002PTC017243 |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturing of and dealers in ion exchange resins,
designers, fabricators, manufacturers, contractors and dealers in water treatment
machinery equipments and plants, chemicals, electricals, photographical and
textile machinery equipments and plants, industrial and scientific apparatus
and materials, process and design engineers and without limiting the
generality of the foregoing in particular as process and design
engineers for softening, purification
or other treatment of water for
industrial, domestic and other purposes and prevention of scale in boilers,
based on ion exchange resins |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
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
850000 |
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Status
: |
Good |
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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 fine track. Trade relations are fair. Financial position is good. Payments are correct and as per
commitments. The company is doing
well. It can be
considered for good for any normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered
Office/Factory : |
S-113-2, MIDC, Bhosari, Pune-411026, Maharashtra, India |
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Tel.
No.: |
91-20-27122401/2 |
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Fax
No.: |
91-20-27121395 |
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E-Mail
: |
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Website
: |
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Area : |
800 sq.fts (Owned) |
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Factory
1 : |
At &
Near Village Pirangut Village, Taluka Mulshi, Pune - 412 108, Maharashtra |
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Tel.
No.: |
91-2139-22883 / 22792 |
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Fax
No.: |
91-2139-22362 |
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Area : |
10665 sq.fts (owned) |
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Factory
2 : |
K-3 / 1
& 2, Additional Mahad MIDC Area, Mahad Raigad – 402 302, Maharashtra |
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Area : |
53547 sq.fts (Owned) |
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R
& D Office : |
5-1, MIDC, Bhosari, Pune – 411020, Maharashtra, India |
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Branches
: |
Located
at Delhi,
Chennai, Baroda and Kolkata |
DIRECTORS
|
Name : |
Mr. Desai
Raoji Bhai Nitin |
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Designation
: |
Chairman |
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Address
: |
457, Sindh
Housing Society, Aundh, Pune – 411 007, Maharashtra |
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Date
of Birth/Age : |
01st
November, 1943 |
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Date
of Appointment : |
30th
August, 1980 |
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Name : |
Mr.
Vishnu K. Mangwani |
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Designation
: |
Managing
Director |
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Address
: |
242, Sindh
Housing Society, Aundh, Pune – 411 007, Maharashtra |
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Date
of Birth/Age : |
01st
July, 1933 |
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Date
of Appointment : |
02nd
March, 1974 |
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Name : |
Mr.
Nathubhai H. Desai |
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Designation
: |
Director |
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Address
: |
Ami 4, Purnaprasad
Extension, Race Course, Bangalore – 560 001, Karnataka |
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Date
of Birth/Age : |
13th
July, 1925 |
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Date
of Appointment : |
30th
August, 1980 |
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Name : |
Mrs.
Vimal V. Mangwani |
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Designation
: |
Director |
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Address
: |
303, Sindh
Housing Society, Aundh, Pune – 411 007, Maharashtra |
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Date
of Birth/Age : |
13th
September, 1956 |
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Date
of Appointment : |
11th
November, 1991 |
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Name : |
Mr.
Dharmesh V. Mangwani |
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Designation
: |
Director |
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Address
: |
303, Sindh
Housing Society, Aundh, Pune – 411 007, Maharashtra |
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Date
of Birth/Age : |
16th
April, 1963 |
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Date
of Appointment : |
28th
October, 1999 |
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Name : |
Mr.
Sanjay J. Desai |
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Designation
: |
Director |
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Address
: |
14, Dr. Koyaji
Road, Pune –411 001, Maharashtra |
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Date
of Birth/Age : |
08th
May, 1960 |
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Date
of Appointment : |
28th
December, 1998 |
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Name : |
Desai
Jasubhai Sanjay |
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Designation
: |
Director |
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Address
: |
14 DR
Koyaji Road Pune-411001 |
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Date of
Birth/Age : |
8th
May, 1956 |
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Date
of Appointment : |
28th
December, 1998 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing of and dealers in ion exchange resins, designers,
fabricators, manufacturers, contractors and dealers in water treatment
machinery equipments and plants, chemicals, electricals, photographical and
textile machinery equipments and plants, industrial and scientific apparatus
and materials, process and design engineers and without limiting the
generality of the foregoing in particular as process and design
engineers for softening, purification
or other treatment of water for
industrial, domestic and other purposes and prevention of scale in boilers,
based on ion exchange resins |
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Products
: |
·
Aminotrimethykne
Phosphonic Acid ·
Diclacium
Phosphate ·
Diethylenetriamine
– Pentamethylene ·
Phosphonic
Acid ·
Dilauryl
Thiodipropionate ·
Distearyl
Thiodipropionate Acid ·
Hydroxethylidenediphosphonic
Acis ·
2-Mercaptoben
20 thiazole ·
Sodium
Bromide ·
Water
Treatment Chemicals ·
Formulations ·
Organophosponates ·
Biocides |
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Exports
to : |
Mexico, Japan and USA |
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Imports
from : |
U.S.A., Germany, Korea and France |
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Terms
: |
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Purchasing : |
L/C |
PRODUCTION STATUS
|
Products |
Units |
Installed Capacity |
Actual Production |
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Organophosphonates |
MT |
22370 |
8063.947 |
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Formulation |
MT |
3000 |
9.472 |
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Dispersants
& Biocides |
MT |
3740 |
1351.048 |
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Desalting
Kits |
Nos. |
-- |
1.00 |
GENERAL INFORMATION
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No. of
Employees : |
About 400 |
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Bankers
: |
v The Cosmos Co-operative Urban Bank
Limited, 269/270, Saniwar Peth, Laxmi Road Branch, Pune - 411 030,
Maharashtra, India v
Corpration
Bank, No. 14, Mumbai – Pune Road, Pune - 411003 |
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Banking Relations : |
Good |
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Auditors
: |
v Khandelwal Jain & Associates Chartered Accountants |
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Address
: |
1st Floor, Alankar
Cinema Building, Pune – 411 001, Maharashtra |
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Associates/Subsidiaries
: |
Micro India
Services Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
10.000 |
10.000 |
4.140 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
211.457 |
178.476 |
177.076 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
221.457 |
188.476 |
181.216 |
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LOAN
FUNDS |
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1]
Secured Loans |
167.563 |
189.584 |
153.932 |
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2]
Unsecured Loans |
146.469 |
69.072 |
56.805 |
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TOTAL
BORROWING
|
314.032 |
258.656 |
210.737 |
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DEFERRED
TAX LIABILITIES |
13.479 |
9.434 |
15.495 |
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TOTAL
|
548.968 |
456.566 |
407.448 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
311.640 |
308.168 |
285.695 |
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Capital work-in-progress
|
10.625 |
3.094 |
8.005 |
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INVESTMENT
|
23.066 |
38.659 |
47.528 |
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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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Inventories
|
115.669 |
72.830 |
33.358 |
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Sundry Debtors
|
191.886 |
110.848 |
63.048 |
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Cash & Bank Balances
|
12.539 |
8.526 |
15.388 |
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Loans & Advances
|
30.144 |
20.938 |
38.449 |
Total Current Assets
|
350.238 |
213.142 |
150.243 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
|
101.901 |
74.549 |
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Provisions
|
|
5.665 |
9.474 |
Total Current Liabilities
|
146.601 |
107.566 |
84.023 |
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Net
Current Assets
|
203.637 |
105.576 |
66.220 |
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MISCELLANEOUS EXPENSES
|
0.000 |
1.069 |
0.000 |
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TOTAL
|
548.968 |
456.566 |
407.448 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
636.404 |
435.535 |
245.443 |
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|
|
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Profit/(Loss) Before Tax
|
48.785 |
(6.273) |
14.495 |
Provision for Taxation
|
4.498 |
6.035 |
6.341 |
Profit/(Loss) After Tax
|
44.287 |
(12.308) |
8.154 |
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Export Value
|
468.982 |
311.590 |
138.338 |
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Import Value
|
289.816 |
193.004 |
70.436 |
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Total Expenditure
|
607.711 |
429.181 |
231.223 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
6.95 |
(2.82) |
3.32
|
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Net Profit Margin
(PBT/Sales) |
(%) |
7.66 |
(1.44) |
5.90
|
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.37 |
(1.20) |
3.32
|
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|
Return on Investment (ROI)
(PBT/Networth) |
|
0.22 |
(0.03) |
0.08
|
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|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.08 |
1.94 |
1.63
|
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Current Ratio
(Current
Asset/Current Liability) |
|
2.38 |
1.98 |
1.79
|
LOCAL AGENCY FURTHER INFORMATION
History:
The company was incorporated on 2nd March 1974 at
Pune in Maharashtra having Company Registration Number 17243.
It was subsequently converted into a Private Limited
Company.
In 1977, the company was incorporated with the primary
objective of manufacturing ‘Desalting Kits’ for the Indian Armed Forces.
Sales turnover increased from Rs. 423.200 millions to Rs.
630 millions representing an increase of about 54%. This shows that the company
has maintained a good growth on year on year basis.
Export sales have also grown considerably and have touched a
figure of Rs. 500 millions [previous year Rs. 310 millions]. The export sales
constitute about 77% of the total sales, which is on improvement over last
year. This shows the confidence,
International customers have in the company’s product quality and delivery.
BUSINESS
Subject acts as manufacturer, trader, dealer, importer and
exporter.
It is engaged to carry on the business of manufacturing of
and dealers in ion exchange resins, designers, fabricators, manufacturers,
contractors and dealers in water treatment machinery equipments and plants,
chemicals, electricals, photographical and textile machinery equipments and
plants, industrial and scientific apparatus and materials, process and design
engineers and without limiting the generality of the foregoing in particular as
process and design engineers for
softening, purification or other
treatment of water for industrial, domestic and other purposes and
prevention of scale in boilers, based on ion exchange resins.
The company expanded product range to include
Organophosphonates, Formulation, Dispersants, Biocides and Desalting Kits.
The company has awarded ISO 9002 certification.
Generic names of principal products / services are :-
·
Organo
Phosphates
·
Dispersants
and Biocides
Fixed Assets
Freehold & Leasehold Land, Building, Plant &
Machinery, Vehicles, Furniture and Fixtures and Office Equipments.
Product
Application :-
1.
Cooling
Water Treatment Formulations
2.
Boiler
Water Treatment
3.
Textile
Auxiliaries
4.
Ceramic
Processing
5.
Detergent
Soap Additives
6.
Sugar
Industry
7.
Construction
Industry
8.
Pulp
and Paper Industry
9.
Leather
Auxiliaries
10.
Oil
Field Treatment
11.
Paint
Industry
12.
Reverse
Osmosis / Desalination
Production
Facilities :-
The company’s manufacturing facility is located at Pirangi,
which is about 40 Km. from Pune. It admeasures 15000 square meters an expanse
of 40000 square meters.
The plants have state of art manufacturing facilities and
also have ISO 9002 accreditation.
The facilities includes :-
v Various capacities of glasslined and
stainless steel reactors.
v Graphite, PP, FRP absorbers
v Graphite, glasslined and stainless
steel condensers
v Dryners of various configurations
v Automated process control
instrumentation
v Automated packaging systems
v Generators for backup in case of
power failure
Laboratory
Facilities :-
Research and Development Laboratory which is recognized by
Department of Scientific and Industrial Research, Government of India, as
“In House R & D Unit”.
The
basic facilities include two technical laboratories, microbiological laboratory
and an instruments section. Latest analytical instruments like G.C.,
H.P.L.C.A.A.S. & Spectrophotometers support the process development work.
All the company’s products have been developed in-house and
there is an on going process of improvement in the existing products.
The company is in trade terms with :
v Albemark International Corporation
451, Florida Street, Baten Ronge,
USA
Tel. 001 65 7396311 / 7374155
v Elf Ato Chem
La
Defence, 10 Cedex 42, 92091 Paris La Defences, France
v L. G. International
Corporation
L. G. Twin Towers 20, Yoido – Dona,
Younqdunqpo – GU, Seoul, Korea
Tel. 011 6959484 / 6959037
v Carbotech
Aktive Kohleh GmbH, Ellsenstrasse,
119, Post Fach 13014, O.D. 45139, Essen – Germany
v Buckman Laboratories S.A. de C.V. Mexico
Carr. Prd. Cnau Ha Km. Col.
Progresso, Jiutepec, Morels, CP 62550, RFC BLA 630829 D 27, Mexico
Contract Person: Mr. Junn Mannas
Garlia Phrdo
Tel. 0052 73 213131
Fax . 0052 73 213130
v Buckman Laboratories K. K.
7-16, Ninanbashi – Kodenma – Cho,
Chu-Kn., Tokyo, 103, Japan
Contract Person: Mr. Tojiro Isono
Tel. 0081 33808 1199
Fax. 0081 33808 1590
v Verichem
3499, Grand Avesine, Pittsburgh, P.
A. 15225, USA
Contract Person: Mr. Pnul Merioye
Tel. 001 412331 7299
Fax. 001 412331 7884
Mahad
Project
The company has decided to expand
its Hydroxy Ehylene Director Phosphonic Acid (HEDP) manufacturing capacities
and has undertaken integration by producing phosphorous Tri Chloride (PCL3
) at its Mahad Project. The company
has planned to set up additional manufacturing capacities of 3500 MT per annum
for HEDP and 2500 MT p.a. for PCL3 .
Project cost for this expansion is estimated at Rs. 160.000 and
the company proposes to avail Foreign Currency Term Loan to part finance this
project Proposed date of commencement of commercial production if 15th
October, 2002.
The company has been marketing
Methylene Bis Thiocyanate (MBT) in Europe & U.S.A. In order to place the products in European
Markets, the company has undertaken to carry out the test for MBT and has
awarded the assignment to M/s. Huntingdon Life Sciences, U.K. &
M/s. Rallies Research Centre, Bangalore. During the year under report the company has incurred Rs. 7.953
millions for this purpose.
Memberships
·
Fertiliser
Association of India
·
Mahratta
Chamber of Commerce and Industry
·
Basic
Chemicals, Pharmaceuticals and Cosmetics Export promotion Council.
|
Name of the company |
AQUAPHARM CHEMICALS COMPANY PRIVATE LIMITED |
|
Presented By |
CORPORATION BANK, NO.
14, PUNE – MUMBAI ROAD, WAKDEWADI, PUNE - 411003 |
|
1) Date and description
of instrument creating the change |
Common Deed of
hypothecation of movables/assets/debts dated 28.08.2002 Memorandum of deposit
of title deeds dated 28.08.2002 Both the above
documents constitute a single charge dated 28.08.2002 |
|
2) Amount secured by
the charge/amount owing on the securities of charge |
Foreign currency term
loan [FCTL] USD 2200000.00 [equivalent to Indian
Rupees 110000000/-] Sub Limit under FCTL [Import LC [DA/DP] –
Rs. 20 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 |
First charge in favour of
Corporation Bank No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 by way
of hypothecation of both present and future movables such as plant and
machinery, equipment, accessories/ancillary, machines, spares, ACL
distillation piping and other installations, furniture, fixtures and
fittings, appliances, generators and other electrical installations, office
equipment, etc procured / to be procured and stores situated at plot no.
K-3/1 K-3/2 and OS -4, at MIDC Mahad, Pune or at any other place [s] to be intimated
by the company to the bank from time to time Equitable mortgage by
means of first charge on the following properties : a. all other piece and
parcel of land bearing no. K-3/1 and K-3/2 and building constructed / to be
constructed thereon in additional mahad industrial area within the limits of
village – kalij outside the limits of municipal council, taluka mahad
district raigad admeasuring 53547 square meters and bounded by Towards North : by MIDC
Road Towards South : by Plot
no. K – 5 Towards West : by plot
no. K – 3/3 Towards East : by open
space no. 4 b. All that piece and
parcel of land bearing no. OS – 4 additional mahad industrial areas, within
the limits of village kalij taluka mahad, district raigad bounded by Towards North : by MIDC
Road Towards South : by MIDC
Boundry Towards West : by plot
no. K – 3/1 and K – 3/2 Towards East : by MIDC
Boundry |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
Rate
of interest : Floating
rate of 1.25% p.a. over and above London Inter Bank Offered Rate [LIBOR] for
US dollars compounded with monthly/quarterly rests for value receipt or at
such lending rate that the bank may determine to charge from time to time in
terms of the directives of RBI or otherwise at its discretion and also so
long as the principal or part thereof remains unpaid For
Import LC : commission of banks prescribed rates Repayment
: repayable in 16 quarterly installments of $ 0.1375 million each [equivalent
to Indian Rupees 6.875 millions] commencing 30.06.2003 and ending 31.03.2007.
Interest to be paid as and when debited |
|
5) Name and Address and
description of the person entitled to the charge. |
Corporation
Bank, No. 14, Pune Mumbai Road, Wakdewadi, Pune – 411003 |
|
6) Date and brief description of instrument
modifying the charge |
Second Supplemental
Common Deed of Hypothecation of Movables/Assets/Debts dated 16.05.2005 |
|
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 By the first
modification dated 25.08.2003 the charge was modified as under
rate of interest :
12.75% p.a. being 50% over and banks prime lending rate which is 12.25% p.a.
as at present, raising or falling with the banks PLR or at such lending rate
that the bank may determine to charge from time to time and also so long as
the principal or part thereof remains unpaid. Interest shall be paid as and when debited Present modification By the present
modification, being second modification dated 16.05.2005, the charge has been
modified as under : i.
the term loand limit
has been increased from Rs. 130 millions to Rs. 165 millions against
continuation and extension of charge on moveable assets as detailed in the
original deed of hypothecation dated 28.08.2002 and as specifically described
in the present supplemental deed dated 16.05.2005 as under continuing first charge
by way of hypothecation of movables such as plant and machinery, equipments,
accessories, ancillary machines, spares, ACL distillation piping and other
installations, spray driers, incinerators, lab R&D equipments, furniture,
fixtures and fittings, appliances, generators, and other electrical
installtions, office equipment etc already procured / to be procured and stored/situated/lying
at plot no. K-3/1, K-3/2 and OS -4 at MIDC Mahad, Pune or at any other place
[s] to be intimated by the company to the bank from time to time and charge
on immoveable property created on 28.08.2002 shall cover the enhanced limit
of Rs. 165 millions the rate of interest
has been revised as under : Rate of interest : 11%
p.a. [i.e. COBAR 10.50% + 0.50% of term premium p.a.] at present, rising or
falling with the Bank’s PLR or at such Lending rate that the bank may
determine to charge from time to time and also so long as the principal or
part thereof remains unpaid. |
|
Name of the company |
AQUAPHARM CHEMICALS COMPANY PRIVATE LIMITED |
|
Presented By |
The Cosmos Co-operative
Bank Limited 269/270, Shaniwar Peth,
Pune – 411030 |
|
1) Date and description
of instrument creating the change |
Date 31.01.2005 Description :
Hypothecation of Tangible Goods / Movable Property |
|
2) Amount secured by
the charge/amount owing on the securities of charge |
Rs. 40 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 |
Imported raw material |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
Commission
as per Fedal rules |
|
5) Name and Address and
description of the person entitled to the charge. |
The Cosmos Co-operative
Bank Limited 269/270,
Shaniwar Peth, Pune – 411030, Laxmi Road Branch |
|
6) Date and brief description of instrument modifying
the charge |
N.A. |
|
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. |
N.A. |
|
Name of the company |
AQUAPHARM CHEMICALS COMPANY PRIVATE LIMITED |
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|
Presented By |
CORPORATION BANK, NO.
14, PUNE – MUMBAI ROAD, WAKDEWADI, PUNE – 411003 |
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|
1) Date and description
of instrument creating the change |
i. Joint Deed of
hypothecation of dated 23.10.2002 ii. Deed of Simple
Mortgage dated 23.10.2002 both the above
documents constitute a single charge dated 23.10.2002 |
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|
2) Amount secured by
the charge/amount owing on the securities of charge |
Joint Deed of
Hypothecation – Rs. 107 millions Deed of Simple Mortgage
– Rs. 214 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 |
First charge in favour
of Corporation Bank, and Cosmos Co-operative Bank Limited on company’s assets
mentioned below : 1. SIMPLE MORTGAGE OF : a. all that piece and
parcel of land at plot no. S – 1 in the Pimpri Industrial area, within the
village limits of Bhosari and within the limits of Pimpri Chinchwad Municipal
Corporation, Taluka and registration sub district Haveli and Registration
District Pune, Admeasuring 800 sq. mtrs. Bounded by : Towards North : by plot
no. 2 Towards South : by Road Towards East : by plot
no. 34 Towards West : by Road b. all that piece and
parcel of land at plot no. 113/2 in the Pimpri Industrial area, within the
village limits of Bhosari and within the limits of Pimpri Chinchwadi
Municipal Corporation, Taluka and registration sub district Haveli and
registration district pune, admeasuring 1499 sq. mtrs bounded by : Towards North : by
estate Road Towards South : plot
no. 113 part Towards East : by MIDC
Road 15 M Towards West : by Plot
no. 113/1 c. all that piece and
parcel of land admeasuring 17 ares at gat no. 386 of revenue village Pirangut,
Taluka – Maval, registration sub district paud and registration district and
district pune and included in the Pune Municipal Corporation and bounded by : Towards North : Gat No.
384 Towards South : Gat No.
389 Towards East : Gat No.
387 Towards West : Gat No.
387 2. all that piece and
parcel of land admeasuring 31 ares at Gat No. 387 of revenue village
Pirangul, Taluka – Maval, registration sub district Paud and registration
district and district – pune and included in the Pune Municipal Corporation
and bounded by: Towards North : Gat No.
384 and 387 Towards South : Gat No.
389 Towards East : Gat No.
386 Towards West : Gat No.
388 3. all that piece and
parcel of land bearing plot no. 1, admeasuring 10655 sq. mtrs. Out of the
sanctioned lay out of Gat No. 349-351, 357, 359-363 and 365AB to 367 bounded Towards North : Pune –
Paud Highway Towards South : Gat No.
388 Towards East : Gat No.
384 Towards West : Plot no.
364 and 40 colony road II. Hypothecation of :
|
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|
4) Gist of the terms
and conditions and extent and operation of the charge. |
The borrower
has been sanctioned credit facilities by the charge holders as under :
[Rupees in Millions]
2.
Particulars of Interest and Commission
Plus
service charges as are applicable to the said credit facilities from time to
time.
Amount
secured by charge by way of hypothecation of company’s assets described in
item 3 [II] above in favour of Corporation Bank and Cosmos Co-operative Bank
is Rs. 107 millions |
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|
5) Name and Address and
description of the person entitled to the charge. |
Corporation
Bank, No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 Cosmos
Co-operative Bank Limited, Laxmi Road Branch, Pune – 411030 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
i. First supplemental
joint deed of hypothecation dated 29.08.2003 ii. continuity letter
dated 29.08.2003 |
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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. |
By the present
modification being the first modification by way of first supplemental joint deed
of hypothecation dated 29.08.2003 and continuity letter dated 29.08.2003 the
charge has been modified as under :
ii. The rate of
interest has been revised as under :
Plus service charges as
are applicable to the said credit facilities from time to time. Iii] all the following properties
charged in favour of chargeholder as evidenced by Deed of Simple mortgage
dated 23.10.2002 will be held as continuing security for the enhanced credit
facilities of Rs. 128 millions
2.
all that piece and parcel of land admeasuring 31 ares at Gat No. 387 of revenue
village – pirangut, taluka maval, registration sub
district paud and registration district
and district pune and included in the pune municipal corporation
|
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|
Name of the company |
AQUAPHARM CHEMICALS COMPANY PRIVATE LIMITED |
|
Presented By |
CORPORATION BANK, NO. 14,
PUNE – MUMBAI ROAD, WAKDEWADI, PUNE – 411003 |
|
1) Date and description
of instrument creating the change |
Common deed of
hypothecation of movables/assets/debts dated 31.12.2003 in favour of Corporation
Bank, No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 |
|
2) Amount secured by
the charge/amount owing on the securities of charge |
Rs. 5 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 |
Hypothecation of raw
materials, stock in process, semi finished and finished goods, stores and
spares, bill receivables and book debts and all other movables both present
and future kept / to be kept at company’s premises / any other premises
pertaining to company |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
1.
the company has been sanctioned Adhoc Packing Credit of Rs. 5 millions
against security of the property described in item 3 2.
Repayment : On demand 3.
Rate of Interest : 8% p.a. being 5.5% below Bank’s prime lending rate PLR
which is 11.5% p.a. as at present, raising or falling with the banks PLR or
at such lending rate that the bank may determine to charge from time to time
and also so long as the principal or part thereof remains unpaid |
|
5) Name and Address and
description of the person entitled to the charge. |
Corporation
Bank, No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 |
|
6) Date and brief description of instrument
modifying the charge |
N.A. |
|
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. |
N.A. |
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.44.20 |
|
UK Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.58.53 |
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 |
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 |