MIRA
INFORM REPORT
|
Report Date : |
24.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
RESINOVA
CHEMIE LIMITED |
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Registered Office : |
54 / 38,
Naya Ganj, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.09.1995 |
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Com. Reg. No.: |
20-18135 |
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CIN No.: [Company
Identification No.] |
U24131UP1995PLC018135 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPR01524F |
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PAN No.: [Permanent
Account No.] |
AABCR6406N |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturer,
Exporter and Importer of Resins, Adhesives, Chemicals and Polymers |
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
200000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered / Head Office : |
54/38,
Naya Ganj, |
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Tel. No.: |
91-512-2351023/2363032/2362106 |
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Fax No.: |
91-512-2310630 |
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E-Mail : |
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Website : |
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Area : |
250 sq.
ft. |
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Location : |
Owned |
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Factory
1 : |
Industrial
Area, Panki, |
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Area : |
12000 sq.
mtrs. |
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Location : |
Owned |
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Marketing Office : |
16/81-A, Civil Lines, |
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Tel. No. : |
91-512-2331646, 3951918 |
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Fax No. : |
91-512-2331803 |
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Branches : |
F-39, Okhla Indl. Area, Phase-I, Fax : 91-11-26818811 Telephone : 91-79-26405663 Fax : 91-79-26406243 Telephone : 91-33-22802694 Fax : 91-33-22802158 Telephone : 91-40-27802351 Fax : 91-40-27802351 Telephone : 91-2522-276520, 276510 Fax : 91-2522-276510 |
DIRECTORS
|
Name : |
Mr.
Vijay S Parikh |
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Designation : |
Director
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Address : |
54/38,
Naya Ganj, |
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Date of Birth/Age : |
47
Years |
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Qualification : |
Graduate
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Date of Appointment : |
29.05.1995 |
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Name : |
Mr.
Ramesh Shah |
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Designation : |
Director
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Address : |
26/95,
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Date of Birth/Age : |
45
Years |
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Qualification : |
Graduate
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Date of Appointment : |
18.08.1997 |
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Name : |
Mr.
Manmohan Singhania |
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Designation : |
Director
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Address : |
15-514,
Civil Lines, |
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Date of Birth/Age : |
48
Years |
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Qualification : |
Graduate
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Date of Appointment : |
20.07.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Vijay S Parikh |
435487 |
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Ms.
Usha Shah |
187250 |
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Ms.
Nita V Parikh |
307675 |
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Mr.
Suresh Chandra M. Parikh |
113813 |
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Ms. Vinita
S Savla |
137188 |
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Mr.
Sunil R. Savla |
2031 |
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Mr.
Ramesh Shah |
406 |
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Parikh
Resins Limited |
125000 |
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Shell
Organices Private Limited |
285500 |
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Transcont
India Finvest Private Limited |
237000 |
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TOTAL |
1831350 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Resins, Adhesives, Chemicals and Polymers |
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Products : |
Chemical
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Agencies Held : |
Bondtite
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Exports to : |
Africa,
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Imports from : |
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Terms : |
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Selling : |
L/C
(60 days) |
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Purchasing : |
L/C
(60 days) |
PRODUCTION
STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
Organic Chemical & Adhesives |
1500.000 M.T. |
4465641.527 Kgs |
GENERAL INFORMATION
|
Suppliers : |
Ellen
Patrotech Dhingra
Polychem Industries H. K.
Finechem Limited Melody
Plastic Products Private Limited Mela
Tubex Private Limited Silvassa
Plast Universal Chemical Versatile
Chemicals Private Limited |
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Customers : |
Wholesalers,
Retailers and End Users |
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No. of Employees : |
150 |
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Bankers : |
State
Bank of |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Shailesh
Vishesh & Company Chartered
Accountants, 24/35,
Tel.
No. : 91-512-2312978 E-mail
: svshah_5555@sify.com |
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Associates : |
Parikh
Business Limited Line
of Business – Trading of Chemical and others Shell
Organics Private Limited Line
of Business – Organic Chemical |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1831350 |
Equity
Shares |
Rs. 10/- each |
Rs. 18.313 millions |
|
Add : |
Share
Application Money |
|
Rs. 11.685 millions |
|
|
TOTAL |
|
Rs. 29.998
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 |
29.998 |
28.588 |
25.563 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.971 |
14.174 |
6.855 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.969 |
42.762 |
32.418 |
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LOAN FUNDS |
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1] Secured Loans |
26.123 |
7.773 |
6.733 |
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2] Unsecured Loans |
0.443 |
0.443 |
0.443 |
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TOTAL BORROWING |
26.566 |
8.216 |
7.176 |
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DEFERRED TAX LIABILITIES |
0.408 |
0.224 |
0.706 |
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TOTAL |
78.943 |
51.202 |
40.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.677 |
11.291 |
7.626 |
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Capital work-in-progress |
0.000 |
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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Inventories |
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Sundry Debtors |
107.585
|
70.709
|
61.476 |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
107.585
|
70.709 |
61.476 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
45.325
|
30.810
|
28.819 |
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Total Current Liabilities |
45.325
|
30.810 |
28.819 |
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Net Current Assets |
62.260
|
|
32.657 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.017 |
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TOTAL |
78.943 |
51.202 |
40.300 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
297.260 |
227.617 |
168.175 |
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Profit/(Loss)
Before Tax |
12.282 |
10.421 |
4.900 |
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Provision
for Taxation |
4.344 |
3.128 |
1.971 |
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Profit/(Loss)
After Tax |
7.938 |
7.293 |
2.929 |
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Import
Value |
52.012 |
40.753 |
34.191 |
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Total
Expenditure |
284.258 |
216.424 |
133.174 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.67
|
3.20
|
1.74 |
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Net
Profit Margin (PBT/Sales) |
(%) |
4.13
|
4.57
|
2.91 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
9.88
|
12.70
|
7.09 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.24
|
0.15 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.38
|
0.91
|
1.11 |
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Current
Ratio (Current
Asset/Current Liability) |
|
2.37
|
2.29
|
2.11 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The
company has been engaged in manufacturing chemical products all over country
with Brand Name and having good response from the domestic markets in all over
country and is planning for export also.
Trade
References
v
Local Customers
v
Byer A.G.
v
ICI
v
Mitubishi
v
v
Standaed Chemicals
Fixed Assets
Air-conditioner,
Building, Computer, Cooler, Cycle, Drum Lifter, Electrical Fitting, Fax
Machine, Fire Extinguisher, Furniture & Fixture, Generator, Invertor, Lab
Equipments, Land, Motor Car, Office Equipment, Plant & Machinery,
Refrigerator, Submersible Pump, Tools Emplements, Typewriter, Water Cooler and
Weighing Machine.
|
Name of the company |
RESINOVA CHEMIE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement for Cash Credit created on 12.12.2000 dt. 05.03.2002 Enhanced limit from Rs. 17.500 millions [dt. 05.03.2002] |
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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 |
Stocks of epichlordin, bisphenal a methanol, epoxy resins, dropylenes, glycol polyester resins, phthalic hydroxide, TETA whether row or in process of manufacture |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
0.75% int above SBAR with 11% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Canal Road, |
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6) Date and brief description of instrument modifying the charge |
Agreement & hypothecation of goods
and assets dt. 05.03.2005 already registered in favour of |
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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. |
Credit facility over all limit Rs. 50.000 millions other terms and conditions remain same |
Form 8 Particular for creation or modification of charges
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Corporation
identity number or foreign company registrations number of the company |
U24131UP1995PLC018135 |
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Name of the
company |
RESINOVA CHEMIE LIMITED |
|
Address |
54 /
38, Naya Ganj, |
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This Form is for
|
Modification of
charge |
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Type of Charges |
Hypothecation |
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Particular of
the charge holder |
State Bank of Canal Road
Branch, |
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Nature or
description of the instrument creating charge |
Agreement for
Cash Credit |
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Date of the
instrument creating charge |
05.03.2002 12.12.2000 |
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Amount Secure by
the charge |
Rs. 50.000
millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Int . : 0.75%
above SBAR |
|
Description of
the property charge whether it is a charge on |
Stock in trade |
|
Date of
instrument creating or evidencing the charge |
09.05.2006 |
|
Particulars of
the Property charged |
Stock of
Epicworkyerin, Bisphomal & Methane Eporu Resins, Propylene, Glyeal,
Polyester, Resins, Plethothic, Anyanide, whether raw or in process. |
|
Brief
description of the instrument modifying the charge |
Supplement Agreement
of Loan for increase the overall limit |
|
Particulars of
the present modification |
Increase of
overall limit by Rs. 10.000 millions i.e. from Rs. 50.000 millions to Rs.
60.000 millions |
Website
Details:
Profile
Resinova Chemie Limited manufactures
a highly diversified range of adhesives used in varied applications, their
products range from customized Epoxy based adhesives which give excellent
strength and bonding characteristics for speciality applications to commodity
adhesives based on cyanoacrylates, elastomers, PVA etc.
Resinova Chemie Limited
started in 1987 as a company manufacturing epoxy resins, adhesives were added
to their product range in 1993, based on excellent quality control and R&D
facilities a range of adhesives were developed taking various applications
areas into consideration, in a short span of time they have achieved the
distinction of developing the largest range of epoxy adhesives in the country.
Their manufacturing
facilities are spread over 25000 sq. meters in a prime industrial location near
Resionova Chemie
Limited is committed towards quality of products, manufacturing and management
practices. The company has been following the international quality standards
in these areas and therefore has been accredited with ISO 9001:2000
certification.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
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 |