MIRA
INFORM REPORT
|
Report Date : |
11.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ARVIND
CHEMI SYNTHETICS PRIVATE LIMITED |
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Registered Office : |
B-7/7,
Safdarjung Enclave, New Delhi-110029 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.02.1984 |
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Com. Reg. No.: |
55-17513 |
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CIN No.: [Company
Identification No.] |
U74899DL1984PTC017513 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA02818E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
and Exporters of High Density Polyethylene Sand Bag, PP Woven Sacks and
Tarpaulin |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
80000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Company’s profitability
is improving. Payments are reported as usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
B-7/7,
Safdarjung Enclave, New Delhi-110029, India |
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Tel. No.: |
91-11-41650427/
26102333 |
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Mobile No.: |
91-9910696136 |
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Fax No.: |
91-11-41650428/51650428 |
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E-Mail : |
info@arvindchemi.com,sales@arvindchemi.com, support@arvindchemi.com, acspl@del6.vsnl.net.in |
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Website : |
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Location : |
Residential |
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Factory
1 : |
139,
Rojka Meo Industrial Area, Sohna, District Gurgaon, Haryana, India |
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Tel.
No.: |
91-124-2362121 |
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Fax
No.: |
91-124-2395009 |
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E-Mail
: |
info@arvindchemi.com,sales@arvindchemi.com, support@arvindchemi.com |
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Location : |
Industrial |
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Factory
2 : |
Haridwar,
Uttaranchal, India |
DIRECTORS
|
Name : |
Mr.
Arvind Gupta |
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Designation : |
Director |
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Address : |
B-7/7,
Safdarjung Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
04.09.1956 |
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Date of Appointment : |
02.05.1985 |
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Name : |
Ms.
Sunita Gupta |
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Designation : |
Director |
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Address : |
B-7/7,
Safdarjung Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
27.03.1960 |
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Date of Appointment : |
18.02.1998 |
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Name : |
Mr.
Meght Raj Gupta |
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Designation : |
Director |
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Address : |
B-7/7,
Safdarjung Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
20.05.1928 |
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Date of Appointment : |
01.01.2005 |
KEY EXECUTIVES
|
Name
: |
Mamta
Jain & Associates |
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Designation
: |
Company
Secretary |
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Address
: |
1/C13,
Rajnigandha, New Rohtak Road, New Delhi-110005, India |
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Tel.
No.: |
91-11-28716329/
28714562 |
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E-Mail
: |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Equity Shares |
|
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Mr.
Arvind Gupta |
333856 |
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Ms.
Sunit Gupta |
5900 |
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Mr.
Meght Raj Gupta |
17000 |
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Mr.
N.M. Vachharajani |
14600 |
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Ms.
Ram Murti Gupta |
4000 |
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Ms.
Arti Sanghi |
162144 |
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Total |
537500 |
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Preference Shares |
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Mr.
Arvind Gupta |
8000 |
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Total |
8000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of High Density Polyethylene Sand Bag, PP Woven Sacks and
Tarpaulin |
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Products : |
Ř
High
Density Ply Ethylene and Poly Propylene Woven Sacks Ř
High
Density Ply Ethylene and Poly Propylene Fabrics Ř
High
Density Ply Ethylene and Poly Propylene Sand Bags Ř
High
Density Ply Ethylene and Poly Propylene Tarpaulins |
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Imports from : |
Europe
and China |
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Terms : |
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Selling : |
Letter
of Credit Basis |
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Purchasing : |
On document against Payment/ Letter of credit
at sight |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Fabrics and Bags |
M.T. |
600 |
600 |
492.748 |
GENERAL
INFORMATION
|
Customers : |
Ř
Ministry
of Defence, India Ř
Ministry
of Defence, Ghana Ř
UN
Peace Keeping Force, USA Ř
Defence
Ministry, Sri Lanka Ř
Sukhjeet
Starch Ř
Kalinga
Cement Ř
Diamond
Cement Ř
Kribhco
Cement Ř
Modi
Cement Ř
Omer
Poly Packs Ř
Durga
Packers Ř
Excel
Industries Limited |
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No. of Employees : |
100 |
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Bankers : |
Ř
HDFC
Bank Limited, Dear Park Branch, New Delhi Ř
Central
Bank of India, Green Park Branch, New Delhi-110016 Ř
United
Bank of India, Connaught Circus Branch, New Delhi-110001 Ř
United
Bank of India, Ranipur Morth, Haridwar-265602, Uttaranchal |
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Facilities : |
Term Loan : Rs.36
millions from United Bank of India as per Hypothecationagreement dated
28.03.20006. It is secured against immovable properties, Plant and machinery,
stock in trade, book debts. Cash Credit Facilities : Rs.10
millions from United Bank of India as per hypothecation agreement dated
28.03.2006. It is secured against mortgage of property by depositing title
deeds situated at Haridwar Factory, Haridwar, Uttaranchal, India and
inventories, book debts, plant and machinery. Term Loan and Cash Credit Facilities : Rs.54.500
millions from United Bank of India, Ranipur Morth, Haridwar-265602,
Uttaranchal as per the details given below :
It is
secured against immovable properties, book debts, inventories. |
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Banking Relations : |
Satisfactory |
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Auditors : |
Jitesh
Jain & Associates, Chartered
Accountants (Mr.
Yogesh Agarwal, Partner) |
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Address : |
101,
Delhi Chamber Building, Delhi Gate, New Delhi-110002, India |
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Tel. No.: |
91-11-23275375/
23266021 |
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Associates/Subsidiaries : |
Alfa
Plast Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
700000 |
Equity
Shares |
Rs.10/- each |
Rs.7.000 millions |
|
8000 |
Preference
Shares |
Rs.1000/- each |
Rs.8.000 millions |
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|
Total |
|
Rs.15.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
537500 |
Equity
Shares |
Rs.10/- each |
Rs.5.375 millions |
|
8000 |
Preference
Shares |
Rs.1000/- each |
Rs.8.000 millions |
|
|
Total |
|
Rs.13.375
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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|
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1] Share Capital |
13.375 |
13.375 |
11.375 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.650 |
7.586 |
5.246 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.025 |
20.961 |
16.621 |
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LOAN FUNDS |
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1] Secured Loans |
0.755 |
0.000 |
2.925 |
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2] Unsecured Loans |
7.154 |
1.960 |
1.200 |
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TOTAL BORROWING |
7.909 |
1.960 |
4.125 |
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DEFERRED TAX LIABILITIES |
0.250 |
0.144 |
0.000 |
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|
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TOTAL |
29.184 |
23.065 |
20.746 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.144 |
5.070 |
5.509 |
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Capital work-in-progress |
6.409 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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Inventories |
6.077 |
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Sundry Debtors |
3.617 |
5.380 |
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Cash & Bank Balances |
15.522 |
17.013 |
17.697 |
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Other Current Assets |
0.000 |
0.000 |
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|
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Loans & Advances |
10.717 |
8.649 |
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Total Current Assets |
35.933 |
34.783 |
17.697 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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|
|
Current Liabilities |
17.302 |
|
2.460 |
|
|
Provisions |
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Total Current Liabilities |
17.302 |
16.788 |
2.460 |
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Net Current Assets |
18.631 |
17.995 |
15.237 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
29.184 |
23.065 |
20.746 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
33.021 |
29.104 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.275 |
(0.509) |
|
Provision
for Taxation |
|
0.020 |
0.000 |
|
Profit/(Loss)
After Tax |
|
0.255 |
(0.509) |
|
|
|
|
|
|
Total
Expenditure |
|
31.956 |
28.697 |
KEY
RATIOS
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.77 |
(1.75) |
NA |
|
|
|
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|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
0.87 |
(1.85) |
NA |
|
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Return on
Total Assets (PBT/Total
Assets} |
(%) |
0.55 |
(1.28) |
NA |
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|
Return
on Investment (ROI) (PBT/Networth) |
|
1.21 |
(2.43) |
NA |
|
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|
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Debt
Equity Ratio (Total
Liability/Networth) |
|
0.82 |
0.80 |
0.15 |
|
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|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.08 |
2.07 |
7.19 |
LOCAL AGENCY
FURTHER INFORMATION
Company’s
fixed assets include Land, Factory Building, Plant and Machinery, Furniture and
Fixtures, Electric Fittings, Fire Extinguishers, Generator, Cooler, Air
Conditioner, Vehicles, Water Purifier, Fridge, Television, Vacuum Cleaner,
Photo Copier, Office Generator, EPABX, Office Safe, Electronics Surveillance
System, Computers, Typewriter and Cell Phone.
Subject
is a New Delhi, India based manufacturers and exporters of High Density Poly
Ethylene and Poly Propylene (HDPE and PP) Woven Sacks, Tarapaulins, Fabrics and
Sand bags.
Established
in 1984, the company has developed leaps and bounds in its area of operation.
The subject is manufacturing and supplying fabrics, tarpaulins, HDPE and PP
woven sacks and sand bags. The subject is supplying their products to
Government Agencies including Armed Forces, Ministry of Defence, India.
Website Details :
They are
endeavoured to serve the export industry with full pride and honesty.
Satisfying the expectations of domestic and international clients, providing
optimum quality and making the latest products available in the market has
always been their prime objective.
Subject is a New Delhi, India based manufacturers and exporters of High Density Poly Ethylene and Poly Propylene (HDPE & PP) Woven Sacks, Tarpaulins, Fabrics and Sand bags.
Established in 1984, the company has developed leaps and bounds in its area of operation. Subject has been a trendsetter in the domestic market and has been producing quality fabrics, tarpaulins, HDPE & PP woven sacks and sand bags.
They are the first company in India to have introduced the concept of sand bags
to Ministry of Defence in the year 1986 and after successful trials got it
introduced for their use.
The plant of the company is situated at Sohna in Haryana state of India
approximately 50 kilometers away from its headquarter in New Delhi.
Their
Clients
They are proud to be associated with their clients all of whom are their most satisfied customers. Their clients are ever increasing and they are regularly receiving export enquiries from International Market for our products
The company hopes for a long lasting mutual relation of trust and faith with its esteemed clients
High
Density Poly Ethylene & Poly Propylene Woven Sacks
Description
HDPE & PP Woven Sacks are made in their factory under rigorous quality and
test standards so that it meets all the expectations of the user.
These woven sacks comes in a wide range of attractive
colours. These sacks can also be customized according to the customers need.
These bags are very light in weight but strong in its
carrying capacity.
Key Benefits
HDPE & PP Woven Sacks can be used to pack Starch, Cement, Fertilizers,
Chemicals, Detergents, Food grains, Sugar, Salt etc.
Major Clients
Kribhco Cement, Sukhjeet Starch, Kalinga Cement.
High
Density Poly Ethylene and Poly Propylene Fabrics
Description
HDPE & PP Fabrics are made in their factory under
rigorous quality and test standards so that it meets all the expectations of
the user.
The high quality fabric manufactured is of width
ranging from 15'' to 48'' and length as per the customers requirement.They also
have their own stiching and printing facilities for the bags and sacks.
These fabrics are very light in weight but strong in
its carrying capacity and lasts much longer.
Key Benefits
HDPE & PP Fabrics can be used to cover Aircrafts,
Trucks, Tempos, Trailer Truck, Railway Wagon, Industrial outside Storage,
Machine, and Agriculture products at Farms.
HDPE fabric not only protects Aircrafts &
helicopters and its canopies from sun and rain but also from ultra violet rays
which is known to damage plastic materials and is more reliable and cost
effective.
High
Density Poly Ethylene & Poly Propylene Sand Bags
Description
HDPE Sand Bags are made in their factory under
rigorous quality and test standards so that it meets all the expectations of
the user.
They also specialize in manufacture of sand bags used
by defence forces and in flood management.
These bags are very light in weight but strong in its carrying capacity.
Key Benefits
HDPE Sand Bags are used by defence forces and paramilitary forces allover the
world for sand bagging and flood management.
These bags are camouflaged and ultra violet stabilized
which give them much more durability than the conventional jute bags.
Major Clients
Ministry Of Defence, India, Ministry Of Defence, Ghana, UN Peace Keeping Force.
High
Density Poly Ethylene & Poly Propylene Tarpaulins
Description
HDPE & PP Tarpaulins are made in their factory
under rigorous quality and test standards so that it meets all the expectations
of the user.
These are water, dust, fungi and other microbes
resistant which generally reduces the life of the tarpaulins by as much as 50%.
These are also very light in weight and comes in
a variety of sizes and colors. They can also produce one according to the
client's requirements.
Key Benefits
HDPE & PP Tarpaulins is used to cover up army trucks, machineries,
perishable food materials.
It can also be used as a shelter in normal or harsh
weather conditions in some of the inhospitable places on earth like Alaska,
Antartica.
Major Clients
Defence Ministry,India, Defence Ministry, Ghana.
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.44.27 |
|
UK
Pound |
1 |
Rs.86.87 |
|
Euro |
1 |
Rs.57.27 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|