MIRA
INFORM REPORT
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Report Date : |
25.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHEMSPEC
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
9, Commercial Union House, 2nd Floor, Wallace Street, Fort,
Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.11.1975 |
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Com. Reg. No.: |
11-18665 |
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CIN No.: [Company
Identification No.] |
U24114MH1975PTC018665 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10588E |
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PAN No.: [Permanent
Account No.] |
AAACC3620K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of bulk drugs and
chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
275000 |
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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 company having satisfactory track. Financial position
is good. Payments are usually correct and as per commitments. Trade relations
are fir. The company is doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
9, Commercial Union House, 2nd Floor, Wallace Street, Fort,
Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22072482/22070869/22089645 |
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Fax No.: |
91-22-22073204 |
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E-Mail : |
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Factory
1 : |
Ø
Anand Chemicals
Compound, Powai Point, Mumbai Agra Road, Vikhroli, Mumbai – 400083,
Maharashtra Ø Parekh Compound, 107-CST Road, Kalina, Mumbai –400808, Maharashtra Ø Plot No. 3-C, MIDC Taloja, Tal. Panvel, Dist Raigad – 410218, Maharashtra Tel. No. 91-22-27401932/27401935/27410570/2741247 |
DIRECTORS
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Name : |
Mr. Jayant C. Vora |
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Designation : |
Chairman and Managing Director |
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Address : |
71A, Paradise Apartment, Napean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
17.06.1942 |
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Date of Appointment : |
15.11.1975 |
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Name : |
Mrs. Gitanjali Jayant Vora |
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Designation : |
Director |
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Address : |
71A, Paradise Apartment, Napean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
30.05.1940 |
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Date of Appointment : |
03.07.1981 |
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Name : |
Mr. Mitul Jayant Vora |
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Designation : |
Director |
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Address : |
71A, Paradise Apartment, Napean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
26.10.1970 |
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Date of Appointment : |
01.08.1992 |
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Name : |
Mr. Rushabh Jayant Vora |
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Designation : |
Director |
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Address : |
71A, Paradise Apartment, Napean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
23.05.1973 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Purshotham P. Agarwal |
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Designation : |
Director |
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Address : |
KL
5/42/13, Sector 3E, Cidco Colony, Navi Mumbai, P.O. Kalamboli-410218 |
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Date of Birth/Age : |
06.01.1964 |
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Date of Appointment : |
01.07.1999 |
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Name : |
Mr.
Vilas M. More |
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Designation : |
Director |
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Address : |
2/A,
Balaji Cop. Housing Society, Pandurang Wadi, Dombivali (East)-421201 |
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Date of Birth/Age : |
15.05.1955 |
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Date of Appointment : |
15.03.2004 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Jayant C. Vora |
1876 |
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Mr.
Mitul J. Vora |
3298 |
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Mr.
Rushabh J. Vora |
3605 |
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Mrs.
Gitanjali J. Vora |
5535 |
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Bhaichand
Amoluk |
12344 |
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Mr.
Jayant C. Vora (HUF) |
3629 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of bulk drugs and
chemicals. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Ø
Bank of India,
Mumbau Corporate Banking Branch, 4th Floor, 70/80, M.G.Road,
Mumbai-400023, Maharashtra, India Ø
ICICI
Bank Limited Ø
HDFC
Bank Limited |
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Facilities : |
Secured Loans :
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Banking Relations : |
Satisfactory |
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Auditors : |
U. G. Devi and
Company Chartered
Accountants 7/10, Botawala
Building, 2nd Floor, Horniman Circle, Fort, Mumbai – 400001,
Maharashtra Tel. No.
91-22-22662807/22653503 Res. No. 91-22-24936880/24931013 |
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Associates/Subsidiaries : |
Ø
Bhaichand
Amoluk Consultancy Services Private Limited Ø
Bhaichand
Amoluk Insurance Services Private Limited Ø
Bhaichand
Amoluk and Company Ø
Vora Oxides
Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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95000 |
Equity Shares |
Rs.100/- each |
Rs. 9.500 millions |
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5000 |
14% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 0.500 million |
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Total |
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Rs.
10.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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30300 |
Equity Shares |
Rs.100/- each |
Rs. 3.030 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.030 |
3.030 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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69.003 |
65.830 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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72.033 |
68.860 |
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LOAN FUNDS |
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1] Secured Loans |
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66.702 |
72.265 |
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2] Unsecured Loans |
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7.912 |
9.415 |
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TOTAL BORROWING |
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74.614 |
81.680 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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146.647 |
150.540 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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79.141 |
78.311 |
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Capital work-in-progress |
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3.255 |
4.450 |
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INVESTMENT |
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9.103 |
9.103 |
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DEFERREX TAX ASSETS |
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0.412 |
5.441 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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46.585 |
41.331 |
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Sundry Debtors |
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44.838 |
27.400 |
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Cash & Bank Balances |
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4.174 |
2.023 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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22.738 |
20.998 |
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Total Current Assets |
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118.335 |
91.752 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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60.181 |
38.517 |
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Provisions |
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3.418 |
0.000 |
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Total Current Liabilities |
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63.599 |
38.517 |
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Net Current Assets |
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54.736 |
53.235 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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146.647 |
150.540 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
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271.669 |
156.695 |
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Profit/(Loss)
Before Tax |
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12.905 |
(12.122) |
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Provision
for Taxation |
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6.314 |
18.804 |
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Profit/(Loss)
After Tax |
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6.591 |
(6.682) |
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Total
Expenditure |
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258.764 |
168.818 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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2.43 |
(4.26) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.75 |
(7.74) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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6.53 |
7.12 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.18 |
(0.18) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.92 |
1.56 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.86 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
Company’s
fixed assets include land, building, plant and machinery, electrical
installations, calculating machines, tools and equipments, airconditioner,
laboratory equipments, office equipments, computers, vehicles, furniture and
fixtures, computer software and capital work in porogress.
Generic Names of Principal Products/Services of the company are as under :
Form 8 Particular for creation or modification of
charges
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Name of the company |
CHEMPEC CHEMICALS PRIVATE LIMITED |
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Presented By |
BANK OF INDIA AND CHEMSPEC CHEMICALS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated 18.06.1990 Principal agreement of hypothecation of tangibole movable property. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.100 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 |
All thE book debts. Outstanding, moneys, receivables claims And bills which are now due and owing or which may at any tie hereafter during the continuance of the security become due and owing to the company in course of its business by any person, company or by the government or any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation by way of first charge over all the tangible movable property of the company mentioned in item no.3 above as are or may be at any time be in the possession or power of the company with power to the bank to seize and realize such assets as security for the due repayment by the company to the Bank on demand of the balances due from time to time in a Cash credit a/c with a limit of Rs.1.2 millions Inland bills purchase/Discount D/P cheque (Maximum Rs.0.1 million), clean usance (90 days) limit of Foreign/ Inland Letter of credit Limit of Rs.2.5 millions together with interest/commission in the cash credit and inland bills purchased / discounted limit at 5.5% O.B.R. , Minimum 15.5%pa.a and in the foreign / Inland Letters of credit as per FEDAI Rules and overdue interest at 7.50 % OBR Minimum 17.5%p.a. woth quarterly rests or at such other rates as may be fixed by the Bank and notified to the company from time to time |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Mumbai Corporate Banking Branch, Bank of India Building, 4th Floor, 70/80, M.G. Road, Fort, Mumbai-400023 |
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6) Date and brief description of instrument modifying the charge |
Dated 08.08.2005 Supplemental Deed o f Hypothecation |
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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. |
Past Modification : The original charge dated 18.06.1990 for Rs.4.1 million wa s further modified on 25.04.1991, 18.01.1992, 13.05.1992, 07.01.1994, 13.01.1996 and 21.10.1997 for Rs.7.1 millions, Rs.7.9 millions Rs.10.8 millions, Rs.11.5 millions, Rs.16.4 millions and Rs.20.4 millions respectively Present Modification
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Corporation identity number or foreign company registrations number of the company |
U24114MH1975PTC018665 |
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Name of the company |
CHEMSPEC
CHEMICALS PRIVATE LIMITED |
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Address |
9, Commercial Union House, 2nd Floor, Wallace Street, Fort,
Mumbai – 400001, Maharashtra, India |
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This Form is for |
Movable
Property (not being pledge) |
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Type of Charges |
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Particular of the charge holder |
Bank of India,
Mumbau Corporate Banking Branch, 4th Floor, 70/80, M.G.Road,
Mumbai-400023, Maharashtra, India |
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Nature or description of the instrument creating charge |
Agreement of Hypothecation of Plant and Machinery, stocks and book debts |
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Date of the instrument creating charge |
16.10.2006 |
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Amount Secure by the charge |
Rs.15.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest @0.50% over BPLR presently 12%pa.a Terms of repayment Quarterly installments or Rs.1.0 millions each after moratorium of 3 months form the date of disbursement Margin As notified by the bank form time to time Extent of operation of the charge By way of first charge |
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Particulars of the Property charged |
All tangible movable machineries and plant both present and future ewhether installed or not and whether lying loose or in cases at site or in transit or being installed or lying loose or in cases or being in or upon or about the Borrower’s premises/godown at MIDC TalojaRaigad-410218 or whether else the same may be held. |
The company’s production status for the year ended 31st March, 2002 was as under :
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Class of Goods |
Unit |
Installed
Capacity |
Actual
Production |
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Fine Chemicals |
Kgs. |
362 MT |
230 MT |
Operations and Outlook :
During
the year under review the company has registered a turnover of Rs.303.733
millions as against Rs.158.534 millions in the previous year and has earned a
net profit of Rs.11.620 millions (loss of Rs.12.123 millions in the previous
year)
The
production of all the products has been established and the products of the
company have been well received in the market. With focus on the export market
the directors hope that the company will do better in future.
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 |
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UK
Pound |
1 |
Rs.86.71 |
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Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|